Document:

Exhibit
      4.1

    

    THIS
      NOTE
      AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT
      BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT
      BE
      SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
      REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF
      COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT
      REQUIRED.

    

    CONVERTIBLE
      PROMISSORY NOTE

     

    
      	$100,000 	
              February
                7,
                2007

            

    

     

    FOR
      VALUE
      RECEIVED, CaminoSoft Corp., a California corporation (the “Company”),
      promises to pay to the order of The Frost National Bank FBO Renaissance US
      Growth Investment Trust PLC, a public limited company registered in England
      and
      Wales, Trust No. W00740100 (“Holder”),
      or
      its registered assigns, on or before May 7, 2007 (unless this Note shall have
      been sooner presented for conversion as herein provided), in lawful money of
      the
      United States, the principal sum of one hundred thousand dollars ($100,000),
      together with interest at the rate of eight percent (8%) per annum from the
      date
      of this Note until paid.

    

    1.    Priority.
      This
      Note, and the obligations and liabilities represented hereby, shall be senior
      to
      all other obligations and liabilities of the Company; provided, however, that
      this Note, and the obligations and liabilities represented hereby, (i) shall
      be
      subordinated only to secured senior indebtedness of the Company which, by its
      express terms, is secured and is senior to all other indebtedness of the Company
      and which has been previously committed in writing or funded, and (ii) shall
      rank pari
      passu
      in all
      respects to all indebtedness of the Company to the “Lenders” named in that
      certain Borrower’s Security Agreement, dated as of July 19, 2004, among the
      Company, Renaissance Capital Growth & Income Fund III, Inc., a Texas
      corporation, Renaissance US Growth Investment Trust PLC, a public limited
      company registered in England and Wales, US Special Opportunities Trust PLC
      (formerly BFS US Special Opportunities Trust PLC), a public limited company
      registered in England and Wales, and Renaissance Capital Group, Inc., a Texas
      corporation, as Agent, as amended from time to time (the “Security
      Agreement”).

    

    2.    Interest.
      Accrued
      and unpaid interest on this Note shall be payable in monthly installments,
      commencing March 1, 2007.

    

    3.    Conversion
      Right.
      Holder
      shall have the right, at Holder’s option, at any time, to convert all, or any
      part of the outstanding principal amount of this Note into such number of fully
      paid and nonassessable shares of common stock, without par value (the
“Common
      Stock”),
      as
      provided herein. Holder may exercise the conversion right by giving written
      notice (the “Conversion
      Notice”)
      to the
      Company of the exercise of such right and stating the name or names in which
      the
      stock certificate or stock certificates for the shares of Common Stock are
      to be
      issued and the address to which such certificates shall be delivered. The
      Conversion Notice shall be accompanied by this Note. The number of shares of
      Common Stock that shall be issuable upon conversion of this Note shall equal
      the
      outstanding principal amount of the Note being converted, divided by the
      Conversion Price (as defined below) in effect on the date the Conversion Notice
      is given. Conversion shall be deemed to have been effected on the date the
      Conversion Notice is delivered (the “Conversion
      Date”).
      Within ten (10) business days after receipt of the Conversion Notice, the
      Company shall issue and deliver by hand against a signed receipt therefor or
      by
      United States registered mail, return receipt requested, to the address
      designated in the Conversion Notice, a stock certificate or stock certificates
      of the Company representing the number of shares of Common Stock to which Holder
      is entitled and a check or cash in payment of all interest accrued and unpaid
      on
      this Note up to and including the Conversion Date. The conversion rights will
      be
      governed by the following provisions:

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (a)    Conversion
      Price.
      On the
      issue date hereof and until such time as an event requiring an adjustment
      pursuant to this Section
      3
      shall
      occur, the initial Conversion Price shall be $0.30. 

     

    (b)    Adjustment
      for Issuance of Shares at Less Than the Conversion Price.
      If and
      whenever any Additional Common Stock shall be issued by the Company (the date
      upon which such Additional Common Stock is issued is referred to herein as
      the
“Stock
      Issue Date”)
      for a
      consideration per share less than the then-current Conversion Price, then in
      each such case such Conversion Price shall be reduced to a new Conversion Price
      equal to the price per share for the Additional Common Stock then issued, if
      issued in connection with a sale of shares, or the value of the Additional
      Common Stock then issued, as determined in accordance with generally accepted
      accounting principles, if issued other than for cash, and the number of shares
      issuable to Holder upon conversion shall be proportionately increased; and,
      in
      the case of Additional Common Stock issued without consideration, the then
      current Conversion Price shall be reduced to an amount, and the number of shares
      issued upon conversion shall be increased to an amount, so as to maintain for
      Holder the right to convert this Note into shares equal in amount to the same
      percentage interest in the Common Stock of the Company as existed for Holder
      immediately preceding the Stock Issue Date. 

     

    (c)    Sale
      of Shares.
      In case
      of the issuance of Additional Common Stock for a consideration part or all
      of
      which shall be cash, the amount of the cash consideration therefor shall be
      deemed to be the gross amount of the cash paid to the Company for such shares,
      before deducting any underwriting compensation or discount in the sale,
      underwriting or purchase thereof by underwriters or dealers or others performing
      similar services or for any expenses incurred in connection therewith. In case
      of the issuance of any shares of Additional Common Stock for a consideration
      part or all of which shall be other than cash, the amount of the consideration
      therefor, other than cash, shall be deemed to be the then fair market value
      of
      the property received, as determined by mutual agreement of Holder and the
      Company, or in the absence of agreement, by arbitration in accordance with
      the
      rules then in effect of the American Arbitration Association, before a single
      arbitrator to be chosen from a panel of persons qualified by education and
      training to pass on the matter to be decided.

     

    (d)    Stock
      Splits, Subdivisions or Combinations.
      In the
      event of a stock split or subdivision of the Common Stock into a greater number
      of shares, the Conversion Price shall be proportionately decreased, and in
      the
      event of a combination of the Common Stock into a smaller number of shares,
      the
      Conversion Price shall be proportionately increased, such increase or decrease,
      as the case may be, becoming effective at the record date thereof.

     

    (e)    Stock
      Dividends.
      Shares
      of Common Stock issued as a dividend or other distribution on any class of
      capital stock (other than in connection with a stock split or subdivision of
      shares) of The Company shall be deemed to have been issued without
      consideration, and the Conversion Price shall be adjusted pursuant to
Section
      3(b).

     

    (f)    Exceptions.
      The
      term “Additional
      Common Stock”
herein
      shall mean all shares of Common Stock or securities convertible into or
      exercisable for shares of Common Stock hereafter issued by the Company
      (including Common Stock held in the treasury of the Company), except (A) Common
      Stock issued upon the conversion of any presently outstanding convertible
      securities; (B) Common Stock awards or Common Stock issued upon exercise of
      any
      presently outstanding stock options or Common Stock awards or stock options
      issued in the future pursuant to an equity incentive plan duly approved by
      the
      Company’s Board of Directors or a Compensation Committee of the Board of
      Directors, which approval shall include the approval of a majority of any
      nonemployee directors; (C) securities issued pursuant to acquisitions or
      strategic transactions duly approved by the Company’s Board of Directors,
      provided any such issuance shall only be to an entity (or its security holders)
      which is, itself or through its subsidiaries, an operating company in a business
      synergistic with the business of the Company and in which the Company receives
      benefits in addition to the investment of funds, but shall not include a
      transaction in which the Company is issuing securities primarily for the purpose
      of raising capital or to an entity whose primary business is investing in
      securities; and (D) Common Stock issued for other purposes approved in writing
      by Holder.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (g)    Adjustments
      for Mergers and Consolidations.
      In the
      event of any consolidation or merger of the Company with or into, or the sale
      of
      all or substantially all of the properties and assets of the Company, to any
      person, and in connection therewith, consideration is payable to holders of
      Common Stock in cash, securities or other property, then as a condition of
      such
      consolidation, merger or sale, lawful provision shall be made, and duly executed
      documents evidencing the same shall be delivered to Holder, so that Holder
      shall
      have the right at any time prior to the maturity of this Note to purchase,
      at a
      total price equal to the Conversion Price immediately prior to such event,
      the
      kind and amount of cash, securities or other property receivable in connection
      with such consolidation, merger or sale, by a holder of the same number of
      shares of Common Stock as were convertible by Holder immediately prior to such
      consolidation, merger or sale. In any such case, appropriate provisions shall
      be
      made with respect to the rights and interest of Holder so that the provisions
      hereof shall thereafter be applicable with respect to any cash, securities
      or
      property deliverable upon exercise hereof. Notwithstanding the foregoing, (i)
      if
      the Company merges or consolidates with, or sells all or substantially all
      of
      its property and assets to, any other person, and consideration is payable
      to
      holders of Common Stock in exchange for their Common Stock in connection with
      such merger, consolidation or sale which consists solely of cash, or (ii) in
      the
      event of the dissolution, liquidation or winding up of the Company, then Holder
      shall be entitled to receive distributions on the date of such event on the
      same
      basis with holders of Common Stock as if this Note had been converted
      immediately prior to such event, less the Conversion Price. Upon receipt of
      such
      payment, if any, the rights of Holder shall terminate and cease and this Note
      shall expire. In case of any such merger, consolidation or sale of assets,
      the
      surviving or acquiring person and, in the event of any dissolution, liquidation
      or winding up of the Company, the Company shall promptly, after receipt of
      this
      surrendered Note, make payment by delivering a check in such amount as is
      appropriate (or, in the case of consideration other than cash, such other
      consideration as is appropriate) to such person as it may be directed in writing
      by Holder surrendering this Note.

     

    (h)    Distributions.
      In the
      event of distribution to all holders of Common Stock of any securities, cash
      or
      properties or assets or other rights to purchase securities or assets, then,
      after such event, this Note will also be convertible into the kind and amount
      of
      securities, cash and other property which Holder would have been entitled to
      receive if Holder owned the Common Stock issuable upon conversion of this Note
      immediately prior to the occurrence of such event.

     

    (i)    Capital
      Reorganization or Reclassification.
      In case
      of any capital reorganization or reclassification of the Common Stock (other
      than a change in par value or as a result of a stock dividend, subdivision,
      split up or combination of shares), this Note shall be convertible into the
      kind
      and number of shares of stock or other securities or property of the Company
      to
      which Holder would have been entitled to receive if Holder owned the Common
      Stock issuable upon conversion of this Note immediately prior to the occurrence
      of such event. The provisions of the immediately foregoing sentence shall
      similarly apply to successive reorganizations, reclassifications,
      consolidations, exchanges, leases, transfers or other dispositions or other
      share exchanges.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (j)    Notice.
      In the
      event the Company shall propose to take any action which shall result in an
      adjustment in the Conversion Price, or any action referred to in Section
      3(g),
      (h)
      or
(i),
      the
      Company shall give notice to Holder of this Note, which notice shall specify
      the
      record date, if any, with respect to such action and the date on which such
      action is to take place. Such notice shall be given on or before the earlier
      of
      ten (10) days before the record date or the date which such action shall be
      taken. Such notice shall also set forth all facts (to the extent known) material
      to the effect of such action on the Conversion Price and the number, kind or
      class of shares or other securities or property which shall be deliverable
      or
      purchasable upon the occurrence of such action or deliverable upon conversion
      of
      this Note. 

     

    (k)    Certificate.
      Following completion of an event which results in an adjustment to the
      Conversion Price, the Company shall furnish to Holder a statement, signed by
      the
      Chief Executive Officer and the Secretary of the Company, of the facts creating
      such adjustment and specifying the resultant adjusted Conversion Price then
      in
      effect, which statement, upon acceptance thereof in writing by Holder, shall
      constitute an amendment to this Note.

     

    4.    Reservation
      of Shares.
      The
      Company covenants and agrees that it shall at all times reserve and keep
      available, free from preemptive rights, sufficient authorized and unissued
      shares of Common Stock necessary to effect conversion of this Note.

    

    5.    Events
      of Default.
      The
      occurrence of any of the following shall constitute an Event of
      Default:

    

    (a)    Failure
      to Pay Principal or Interest.
      The
      Company shall fail to pay (or shall state in writing an intention not to pay
      or
      its inability to pay) any principal or interest payment when due
      hereunder;

     

    (b)    Breach
      of Security Agreement.
      The
      Company shall breach any covenant, obligation or other provision contained
      in
      the Security Agreement and such breach continues for a period of ten (10) days
      after written notice thereof to the Company from Holder.

     

    (c)    Voluntary
      Bankruptcy or Insolvency Proceedings.
      The
      Company shall (i) apply for or consent to the appointment of a receiver,
      trustee, liquidator or custodian of itself or of all or a substantial part
      of
      its property, (ii) be unable, or admit in writing its inability, to pay its
      debts generally as they mature, (iii) make a general assignment for the benefit
      of its or any of its creditors, (iv) be dissolved or liquidated in full or
      in
      part, (v) become insolvent (as such term may be defined or interpreted pursuant
      to any applicable statute), (vi) commence a voluntary case or other proceeding
      seeking liquidation, reorganization or other relief with respect to itself
      or
      its debts pursuant to any bankruptcy, insolvency, or similar law now or
      hereafter in effect or consent to any such relief or to the appointment of
      or
      taking possession of its property by any official in any involuntary case or
      other proceeding commenced against it, or (vii) take any action for the purpose
      of effecting any of the foregoing; or

     

    (d)    Involuntary
      Bankruptcy or Insolvency Proceedings.
      Proceedings for the appointment of a receiver, trustee, liquidator or custodian
      of the Company or of all or a substantial part of the property thereof, or
      an
      involuntary case or other proceedings seeking liquidation, reorganization or
      other relief with respect to the Company or the debts thereof pursuant to any
      bankruptcy, insolvency or other similar law now or hereafter in effect shall
      be
      commenced and an order for relief entered or such proceeding shall not be
      dismissed or discharged within thirty (30) days of commencement.

     

    6.    Rights
      of Holder Upon Default.
      Upon
      the occurrence or existence of any Event of Default, all outstanding obligations
      payable by the Company hereunder shall automatically become immediately due
      and
      payable, without presentment, demand, protest or any other notice of any kind,
      all of which are hereby expressly waived.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    7.    Assignment
      by the Company.
      Neither
      this Note nor any of the rights, interests or obligations hereunder may be
      assigned by the Company, without the prior written consent of
      Holder.

    

    8.    Prepayment.
      The
      Company shall have the right to prepare at any time, without penalty, in whole
      or in part, the unpaid principal and interest due on this Note.

    

    9.    Failure
      to Act and Waiver.
      No
      failure or delay by Holder hereof to require the performance of any term or
      terms of this Note or not to exercise any right or any remedy shall constitute
      a
      waiver of any such term or of any right or of any default, nor shall such delay
      or failure preclude Holder hereof from exercising any such right, power or
      remedy at any later time or times. By accepting payment after the due date
      of
      any amount payable under this Note, Holder shall not be deemed to waive the
      right either to require payment when due of all other amounts payable, or to
      later declare a default for failure to effect such payment of any such other
      amount. The failure of the Holder of this Note to give notice of any failure
      or
      breach of the Company under this Note shall not constitute a waiver of any
      right
      or remedy in respect of such continuing failure or breach or any subsequent
      failure or breach. Except as otherwise expressly provided herein, the Company
      waives demand, presentment for payment, notice of intent to accelerate, notice
      of acceleration, notice of nonpayment or dishonor, grace, protest, notice of
      protest, all other notices, and any and all diligence or delay in collection
      or
      the filing of suit hereon.

    

    10.    Security
      Agreement.
      The
      Company hereby agrees and acknowledges that (i) this Note is secured by and
      subject to the Security Agreement, (ii) all of the Company’s obligations,
      liabilities and indebtedness represented by this Note shall constitute part
      of
      the “Obligations,” as such term is defined in the Security Agreement, and (iii)
      Holder is entitled to all the rights and benefits under the Security Agreement
      with respect hereto.

    

    11.    Collection.
      In the
      event this Note is collected by legal proceeding or through a bankruptcy court,
      or is placed in the hands of an attorney for collection after default (whether
      or not suit is filed), the Company shall pay all costs of collection, including
      reasonable attorneys’ fees and expenses.

    

    12.    Fees
      and Expenses.
      On the
      date hereof, the Company shall pay to Holder, by wire transfer of immediately
      available funds to an account designated by Holder, all of Holder’s reasonable
      out-of-pocket fees and expenses incurred in connection with the transactions
      contemplated hereby (including without limitation attorneys’ fees of Holder’s
      counsel, document preparation fees and closing costs).

    

    13.    Miscellaneous.

    

    (a)    This
      Note
      shall bind and inure to the benefit of the parties and their respective
      permitted successors and assigns.

     

    (b)    Any
      provision hereof which is prohibited or unenforceable in any jurisdiction shall,
      as to such jurisdiction, be ineffective to the extent of such prohibition or
      unenforceability without affecting the validity or enforceability of the
      remainder of this Agreement or the validity or enforceability of such provision
      in any other jurisdiction.

     

    (c)    The
      Company hereby consents to the jurisdiction of the courts of the State of Texas
      in any action or proceeding which may be brought against it under or in
      connection with this Agreement or any transaction contemplated hereby or to
      enforce any agreement contained herein and, in the event any such action or
      proceeding shall be brought against it, The Company agrees not to raise any
      objection to such jurisdiction or to the laying of venue in Dallas County,
      Texas
      or, if applicable, any other county in any state in which collateral is
      located.

    
 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (d)    This
      Note
      and all actions arising out of or in connection with this Note shall be governed
      by and construed in accordance with the laws of the State of Texas, without
      regard to the conflicts of law provisions of the State of Texas or of any other
      state.

     

    

     

    [Remainder
      of Page Intentionally Blank]

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Company has duly executed this Note as of the day and
      year
      first above written.

     

     

    
      	 	 	 
	 	CaminoSoft
              Corp.
	 
 	 
 	 
 
	 	By:  	 
              
	 	
              
Michael
              Skelton, Chief Executive OfficerExhibit
      4.2

    

    THIS
      NOTE
      AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT
      BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT
      BE
      SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
      REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF
      COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT
      REQUIRED.

    

    CONVERTIBLE
      PROMISSORY NOTE

     

    
      	
              $100,000 

            	
              February
                7,
                2007

            

    

     

    FOR
      VALUE
      RECEIVED, CaminoSoft Corp., a California corporation (the “Company”),
      promises to pay to the order of The Frost National Bank, FBO US Special
      Opportunities Trust PLC, a public limited company registered in England and
      Wales, Trust No. W00118000 (“Holder”),
      or
      its registered assigns, on or before May 7, 2007 (unless this Note shall have
      been sooner presented for conversion as herein provided), in lawful money of
      the
      United States, the principal sum of one hundred thousand dollars ($100,000),
      together with interest at the rate of eight percent (8%) per annum from the
      date
      of this Note until paid.

    

    1.    Priority.
      This
      Note, and the obligations and liabilities represented hereby, shall be senior
      to
      all other obligations and liabilities of the Company; provided, however, that
      this Note, and the obligations and liabilities represented hereby, (i) shall
      be
      subordinated only to secured senior indebtedness of the Company which, by its
      express terms, is secured and is senior to all other indebtedness of the Company
      and which has been previously committed in writing or funded, and (ii) shall
      rank pari
      passu
      in all
      respects to all indebtedness of the Company to the “Lenders” named in that
      certain Borrower’s Security Agreement, dated as of July 19, 2004, among the
      Company, Renaissance Capital Growth & Income Fund III, Inc., a Texas
      corporation, Renaissance US Growth Investment Trust PLC, a public limited
      company registered in England and Wales, US Special Opportunities Trust PLC
      (formerly BFS US Special Opportunities Trust PLC), a public limited company
      registered in England and Wales, and Renaissance Capital Group, Inc., a Texas
      corporation, as Agent, as amended from time to time (the “Security
      Agreement”).

    

    2.    Interest.
      Accrued
      and unpaid interest on this Note shall be payable in monthly installments,
      commencing March 1, 2007.

    

    3.    Conversion
      Right.
      Holder
      shall have the right, at Holder’s option, at any time, to convert all, or any
      part of the outstanding principal amount of this Note into such number of fully
      paid and nonassessable shares of common stock, without par value (the
“Common
      Stock”),
      as
      provided herein. Holder may exercise the conversion right by giving written
      notice (the “Conversion
      Notice”)
      to the
      Company of the exercise of such right and stating the name or names in which
      the
      stock certificate or stock certificates for the shares of Common Stock are
      to be
      issued and the address to which such certificates shall be delivered. The
      Conversion Notice shall be accompanied by this Note. The number of shares of
      Common Stock that shall be issuable upon conversion of this Note shall equal
      the
      outstanding principal amount of the Note being converted, divided by the
      Conversion Price (as defined below) in effect on the date the Conversion Notice
      is given. Conversion shall be deemed to have been effected on the date the
      Conversion Notice is delivered (the “Conversion
      Date”).
      Within ten (10) business days after receipt of the Conversion Notice, the
      Company shall issue and deliver by hand against a signed receipt therefor or
      by
      United States registered mail, return receipt requested, to the address
      designated in the Conversion Notice, a stock certificate or stock certificates
      of the Company representing the number of shares of Common Stock to which Holder
      is entitled and a check or cash in payment of all interest accrued and unpaid
      on
      this Note up to and including the Conversion Date. The conversion rights will
      be
      governed by the following provisions:

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (a)    Conversion
      Price.
      On the
      issue date hereof and until such time as an event requiring an adjustment
      pursuant to this Section
      3
      shall
      occur, the initial Conversion Price shall be $0.30. 

     

    (b)    Adjustment
      for Issuance of Shares at Less Than the Conversion Price.
      If and
      whenever any Additional Common Stock shall be issued by the Company (the date
      upon which such Additional Common Stock is issued is referred to herein as
      the
“Stock
      Issue Date”)
      for a
      consideration per share less than the then-current Conversion Price, then in
      each such case such Conversion Price shall be reduced to a new Conversion Price
      equal to the price per share for the Additional Common Stock then issued, if
      issued in connection with a sale of shares, or the value of the Additional
      Common Stock then issued, as determined in accordance with generally accepted
      accounting principles, if issued other than for cash, and the number of shares
      issuable to Holder upon conversion shall be proportionately increased; and,
      in
      the case of Additional Common Stock issued without consideration, the then
      current Conversion Price shall be reduced to an amount, and the number of shares
      issued upon conversion shall be increased to an amount, so as to maintain for
      Holder the right to convert this Note into shares equal in amount to the same
      percentage interest in the Common Stock of the Company as existed for Holder
      immediately preceding the Stock Issue Date. 

     

    (c)    Sale
      of Shares.
      In case
      of the issuance of Additional Common Stock for a consideration part or all
      of
      which shall be cash, the amount of the cash consideration therefor shall be
      deemed to be the gross amount of the cash paid to the Company for such shares,
      before deducting any underwriting compensation or discount in the sale,
      underwriting or purchase thereof by underwriters or dealers or others performing
      similar services or for any expenses incurred in connection therewith. In case
      of the issuance of any shares of Additional Common Stock for a consideration
      part or all of which shall be other than cash, the amount of the consideration
      therefor, other than cash, shall be deemed to be the then fair market value
      of
      the property received, as determined by mutual agreement of Holder and the
      Company, or in the absence of agreement, by arbitration in accordance with
      the
      rules then in effect of the American Arbitration Association, before a single
      arbitrator to be chosen from a panel of persons qualified by education and
      training to pass on the matter to be decided.

     

    (d)    Stock
      Splits, Subdivisions or Combinations.
      In the
      event of a stock split or subdivision of the Common Stock into a greater number
      of shares, the Conversion Price shall be proportionately decreased, and in
      the
      event of a combination of the Common Stock into a smaller number of shares,
      the
      Conversion Price shall be proportionately increased, such increase or decrease,
      as the case may be, becoming effective at the record date thereof.

     

    (e)    Stock
      Dividends.
      Shares
      of Common Stock issued as a dividend or other distribution on any class of
      capital stock (other than in connection with a stock split or subdivision of
      shares) of The Company shall be deemed to have been issued without
      consideration, and the Conversion Price shall be adjusted pursuant to
Section
      3(b).

     

    (f)    Exceptions.
      The
      term “Additional
      Common Stock”
herein
      shall mean all shares of Common Stock or securities convertible into or
      exercisable for shares of Common Stock hereafter issued by the Company
      (including Common Stock held in the treasury of the Company), except (A) Common
      Stock issued upon the conversion of any presently outstanding convertible
      securities; (B) Common Stock awards or Common Stock issued upon exercise of
      any
      presently outstanding stock options or Common Stock awards or stock options
      issued in the future pursuant to an equity incentive plan duly approved by
      the
      Company’s Board of Directors or a Compensation Committee of the Board of
      Directors, which approval shall include the approval of a majority of any
      nonemployee directors; (C) securities issued pursuant to acquisitions or
      strategic transactions duly approved by the Company’s Board of Directors,
      provided any such issuance shall only be to an entity (or its security holders)
      which is, itself or through its subsidiaries, an operating company in a business
      synergistic with the business of the Company and in which the Company receives
      benefits in addition to the investment of funds, but shall not include a
      transaction in which the Company is issuing securities primarily for the purpose
      of raising capital or to an entity whose primary business is investing in
      securities; and (D) Common Stock issued for other purposes approved in writing
      by Holder.

     

    
      
        
        

      

      
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    (g)    Adjustments
      for Mergers and Consolidations.
      In the
      event of any consolidation or merger of the Company with or into, or the sale
      of
      all or substantially all of the properties and assets of the Company, to any
      person, and in connection therewith, consideration is payable to holders of
      Common Stock in cash, securities or other property, then as a condition of
      such
      consolidation, merger or sale, lawful provision shall be made, and duly executed
      documents evidencing the same shall be delivered to Holder, so that Holder
      shall
      have the right at any time prior to the maturity of this Note to purchase,
      at a
      total price equal to the Conversion Price immediately prior to such event,
      the
      kind and amount of cash, securities or other property receivable in connection
      with such consolidation, merger or sale, by a holder of the same number of
      shares of Common Stock as were convertible by Holder immediately prior to such
      consolidation, merger or sale. In any such case, appropriate provisions shall
      be
      made with respect to the rights and interest of Holder so that the provisions
      hereof shall thereafter be applicable with respect to any cash, securities
      or
      property deliverable upon exercise hereof. Notwithstanding the foregoing, (i)
      if
      the Company merges or consolidates with, or sells all or substantially all
      of
      its property and assets to, any other person, and consideration is payable
      to
      holders of Common Stock in exchange for their Common Stock in connection with
      such merger, consolidation or sale which consists solely of cash, or (ii) in
      the
      event of the dissolution, liquidation or winding up of the Company, then Holder
      shall be entitled to receive distributions on the date of such event on the
      same
      basis with holders of Common Stock as if this Note had been converted
      immediately prior to such event, less the Conversion Price. Upon receipt of
      such
      payment, if any, the rights of Holder shall terminate and cease and this Note
      shall expire. In case of any such merger, consolidation or sale of assets,
      the
      surviving or acquiring person and, in the event of any dissolution, liquidation
      or winding up of the Company, the Company shall promptly, after receipt of
      this
      surrendered Note, make payment by delivering a check in such amount as is
      appropriate (or, in the case of consideration other than cash, such other
      consideration as is appropriate) to such person as it may be directed in writing
      by Holder surrendering this Note.

     

    (h)    Distributions.
      In the
      event of distribution to all holders of Common Stock of any securities, cash
      or
      properties or assets or other rights to purchase securities or assets, then,
      after such event, this Note will also be convertible into the kind and amount
      of
      securities, cash and other property which Holder would have been entitled to
      receive if Holder owned the Common Stock issuable upon conversion of this Note
      immediately prior to the occurrence of such event.

     

    (i)    Capital
      Reorganization or Reclassification.
      In case
      of any capital reorganization or reclassification of the Common Stock (other
      than a change in par value or as a result of a stock dividend, subdivision,
      split up or combination of shares), this Note shall be convertible into the
      kind
      and number of shares of stock or other securities or property of the Company
      to
      which Holder would have been entitled to receive if Holder owned the Common
      Stock issuable upon conversion of this Note immediately prior to the occurrence
      of such event. The provisions of the immediately foregoing sentence shall
      similarly apply to successive reorganizations, reclassifications,
      consolidations, exchanges, leases, transfers or other dispositions or other
      share exchanges.

     

    
      
        
        

      

      
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    (j)    Notice.
      In the
      event the Company shall propose to take any action which shall result in an
      adjustment in the Conversion Price, or any action referred to in Section
      3(g),
      (h)
      or
(i),
      the
      Company shall give notice to Holder of this Note, which notice shall specify
      the
      record date, if any, with respect to such action and the date on which such
      action is to take place. Such notice shall be given on or before the earlier
      of
      ten (10) days before the record date or the date which such action shall be
      taken. Such notice shall also set forth all facts (to the extent known) material
      to the effect of such action on the Conversion Price and the number, kind or
      class of shares or other securities or property which shall be deliverable
      or
      purchasable upon the occurrence of such action or deliverable upon conversion
      of
      this Note. 

     

    (k)    Certificate.
      Following completion of an event which results in an adjustment to the
      Conversion Price, the Company shall furnish to Holder a statement, signed by
      the
      Chief Executive Officer and the Secretary of the Company, of the facts creating
      such adjustment and specifying the resultant adjusted Conversion Price then
      in
      effect, which statement, upon acceptance thereof in writing by Holder, shall
      constitute an amendment to this Note.

     

    4.    Reservation
      of Shares.
      The
      Company covenants and agrees that it shall at all times reserve and keep
      available, free from preemptive rights, sufficient authorized and unissued
      shares of Common Stock necessary to effect conversion of this Note.

    

    5.    Events
      of Default.
      The
      occurrence of any of the following shall constitute an Event of
      Default:

    

    (a)    Failure
      to Pay Principal or Interest.
      The
      Company shall fail to pay (or shall state in writing an intention not to pay
      or
      its inability to pay) any principal or interest payment when due
      hereunder;

     

    (b)    Breach
      of Security Agreement.
      The
      Company shall breach any covenant, obligation or other provision contained
      in
      the Security Agreement and such breach continues for a period of ten (10) days
      after written notice thereof to the Company from Holder.

     

    (c)    Voluntary
      Bankruptcy or Insolvency Proceedings.
      The
      Company shall (i) apply for or consent to the appointment of a receiver,
      trustee, liquidator or custodian of itself or of all or a substantial part
      of
      its property, (ii) be unable, or admit in writing its inability, to pay its
      debts generally as they mature, (iii) make a general assignment for the benefit
      of its or any of its creditors, (iv) be dissolved or liquidated in full or
      in
      part, (v) become insolvent (as such term may be defined or interpreted pursuant
      to any applicable statute), (vi) commence a voluntary case or other proceeding
      seeking liquidation, reorganization or other relief with respect to itself
      or
      its debts pursuant to any bankruptcy, insolvency, or similar law now or
      hereafter in effect or consent to any such relief or to the appointment of
      or
      taking possession of its property by any official in any involuntary case or
      other proceeding commenced against it, or (vii) take any action for the purpose
      of effecting any of the foregoing; or

     

    (d)    Involuntary
      Bankruptcy or Insolvency Proceedings.
      Proceedings for the appointment of a receiver, trustee, liquidator or custodian
      of the Company or of all or a substantial part of the property thereof, or
      an
      involuntary case or other proceedings seeking liquidation, reorganization or
      other relief with respect to the Company or the debts thereof pursuant to any
      bankruptcy, insolvency or other similar law now or hereafter in effect shall
      be
      commenced and an order for relief entered or such proceeding shall not be
      dismissed or discharged within thirty (30) days of commencement.

     

    6.    Rights
      of Holder Upon Default.
      Upon
      the occurrence or existence of any Event of Default, all outstanding obligations
      payable by the Company hereunder shall automatically become immediately due
      and
      payable, without presentment, demand, protest or any other notice of any kind,
      all of which are hereby expressly waived.

     

    
      
        
        

      

      
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    7.    Assignment
      by the Company.
      Neither
      this Note nor any of the rights, interests or obligations hereunder may be
      assigned by the Company, without the prior written consent of
      Holder.

    

    8.    Prepayment.
      The
      Company shall have the right to prepare at any time, without penalty, in whole
      or in part, the unpaid principal and interest due on this Note.

    

    9.    Failure
      to Act and Waiver.
      No
      failure or delay by Holder hereof to require the performance of any term or
      terms of this Note or not to exercise any right or any remedy shall constitute
      a
      waiver of any such term or of any right or of any default, nor shall such delay
      or failure preclude Holder hereof from exercising any such right, power or
      remedy at any later time or times. By accepting payment after the due date
      of
      any amount payable under this Note, Holder shall not be deemed to waive the
      right either to require payment when due of all other amounts payable, or to
      later declare a default for failure to effect such payment of any such other
      amount. The failure of the Holder of this Note to give notice of any failure
      or
      breach of the Company under this Note shall not constitute a waiver of any
      right
      or remedy in respect of such continuing failure or breach or any subsequent
      failure or breach. Except as otherwise expressly provided herein, the Company
      waives demand, presentment for payment, notice of intent to accelerate, notice
      of acceleration, notice of nonpayment or dishonor, grace, protest, notice of
      protest, all other notices, and any and all diligence or delay in collection
      or
      the filing of suit hereon.

    

    10.    Security
      Agreement.
      The
      Company hereby agrees and acknowledges that (i) this Note is secured by and
      subject to the Security Agreement, (ii) all of the Company’s obligations,
      liabilities and indebtedness represented by this Note shall constitute part
      of
      the “Obligations,” as such term is defined in the Security Agreement, and (iii)
      Holder is entitled to all the rights and benefits under the Security Agreement
      with respect hereto.

    

    11.    Collection.
      In the
      event this Note is collected by legal proceeding or through a bankruptcy court,
      or is placed in the hands of an attorney for collection after default (whether
      or not suit is filed), the Company shall pay all costs of collection, including
      reasonable attorneys’ fees and expenses.

    

    12.    Fees
      and Expenses.
      On the
      date hereof, the Company shall pay to Holder, by wire transfer of immediately
      available funds to an account designated by Holder, all of Holder’s reasonable
      out-of-pocket fees and expenses incurred in connection with the transactions
      contemplated hereby (including without limitation attorneys’ fees of Holder’s
      counsel, document preparation fees and closing costs).

    

    13.    Miscellaneous.

    

    (a)    This
      Note
      shall bind and inure to the benefit of the parties and their respective
      permitted successors and assigns.

     

    (b)    Any
      provision hereof which is prohibited or unenforceable in any jurisdiction shall,
      as to such jurisdiction, be ineffective to the extent of such prohibition or
      unenforceability without affecting the validity or enforceability of the
      remainder of this Agreement or the validity or enforceability of such provision
      in any other jurisdiction.

     

    (c)    The
      Company hereby consents to the jurisdiction of the courts of the State of Texas
      in any action or proceeding which may be brought against it under or in
      connection with this Agreement or any transaction contemplated hereby or to
      enforce any agreement contained herein and, in the event any such action or
      proceeding shall be brought against it, The Company agrees not to raise any
      objection to such jurisdiction or to the laying of venue in Dallas County,
      Texas
      or, if applicable, any other county in any state in which collateral is
      located.

     

    
      
        
        

      

      
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    (d)    This
      Note
      and all actions arising out of or in connection with this Note shall be governed
      by and construed in accordance with the laws of the State of Texas, without
      regard to the conflicts of law provisions of the State of Texas or of any other
      state.

     

    

     

    [Remainder
      of Page Intentionally Blank]

     

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the Company has duly executed this Note as of the day and
      year
      first above written.

     

     

    
      	 	 	 
	 	CaminoSoft
              Corp.
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              
Michael
              Skelton, Chief Executive Officer

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