EXHIBIT 10.13
CLASS B WARRANT AGREEMENT
CLASS B WARRANT AGREEMENT ("Agreement"), dated as of _____, 2005, by
and between ▇▇▇▇▇▇▇.▇▇▇, Inc., a Utah corporation (the "Company"), and ________
("Warrantholder"). Certain capitalized terms used herein are defined in Section
14 hereof.
In consideration of the mutual terms, conditions, representations,
warranties and agreements herein set forth, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows:
Section 1. Issuance of Warrants.
The Company hereby issues and grants to Warrantholder ____ Class B
Warrants ("Warrants") to purchase one share of common stock of the Company (the
"Common Stock") per Warrant. Commencing on the date hereof (the "Warrant
Commencement Date"), and terminating three years thereafter (the "Warrant
Expiration Date"), the holder shall have the right, subject to the satisfaction
of the conditions to exercise set forth in Section 7 of this Agreement, to
purchase one (1) share of Common Stock (the shares of Common Stock issuable upon
exercise of the Warrants being collectively referred to herein as the "Warrant
Shares") at an exercise price of $0.75 per Warrant Share (the "Exercise Price").
The number of Warrant Shares issuable on exercise of each Warrant and the
Exercise Price are all subject to adjustment pursuant to Section 8 of this
Agreement. Notwithstanding, the Company may, in its sole and absolute
discretion, reduce the Exercise Price.
Section 2. Form of Warrant Certificates.
Promptly after the execution and delivery of this Agreement by the
parties hereto, the Company shall cause to be executed and delivered to
Warrantholder one or more certificates evidencing the Warrants (the "Warrant
Certificates"). Each Warrant Certificate delivered hereunder shall be
substantially in the form set forth in Exhibit A attached hereto and may have
such letters, numbers or other identification marks and legends, summaries or
endorsements printed thereon as the Company may deem appropriate and that are
not inconsistent with the terms of this Agreement or as may be required by
applicable law, rule or regulation. Each Warrant Certificate shall be dated the
date of execution by the Company.
Section 3. Execution of Warrant Certificates.
Each Warrant Certificate delivered hereunder shall be signed on
behalf of the Company by its Chief Executive Officer, President or a Vice
President, and by its Secretary or an Assistant Secretary. Each such signature
may be in the form of a facsimile thereof and may be imprinted or otherwise
reproduced on the Warrant Certificates.
If any officer of the Company who signed any Warrant Certificate
ceases to be an officer of the Company before the Warrant Certificate so signed
shall have been delivered by the Company, such Warrant Certificate nevertheless
may be delivered as though such person had not ceased to be such officer of the
Company.
1
Section 4. Registration.
Warrant Certificates shall be issued in registered form only. The
Company will keep or cause to be kept books for registration of ownership and
transfer of each Warrant Certificate issued pursuant to this Agreement. Each
Warrant Certificate issued pursuant to this Agreement shall be numbered by the
Company and shall be registered by the Company in the name of the holder thereof
(initially the Warrantholder). The Company may deem and treat the registered
holder of any Warrant Certificate as the absolute owner thereof (notwithstanding
any notation of ownership or other writing thereon made by anyone) for the
purpose of any exercise thereof and for all other purposes, and the Company
shall not be affected by any notice to the contrary.
Section 5. No Transfers.
A. Restrictions on Transfer. No Warrant may be sold, pledged, hypothecated,
assigned, conveyed, transferred or otherwise disposed of (each a "transfer")
unless (i) the transfer complies with all applicable securities laws and (ii)
the transferee agrees in writing to be bound by the terms of this Agreement.
B. Cancellation. Warrant Certificates surrendered for transfer or exchange shall
be canceled by the Company.
Section 6. Mutilated or Missing Warrant Certificates.
If any Warrant Certificate is mutilated, lost, stolen or destroyed,
the Company shall issue, upon surrender and cancellation of any mutilated
Warrant Certificate, or in lieu of and substitution for any lost, stolen or
destroyed Warrant Certificate, a new Warrant Certificate of like tenor and
representing an equal number of Warrants. In the case of a lost, stolen or
destroyed Warrant Certificate, a new Warrant Certificate shall be issued by the
Company only upon the Company's receipt of reasonably satisfactory evidence of
such loss, theft or destruction and, if requested, an indemnity or bond
reasonably satisfactory to the Company.
Section 7. Exercise of Warrants.
A. Exercise. Subject to the terms and conditions set forth in this Section 7,
Warrants may be exercised, in whole or in part (but not as to any fractional
part of a Warrant), at any time or from time to time on and after the Warrant
Commencement Date and on or prior to 5:00 p.m., Eastern time, on the Warrant
Expiration Date.
In order to exercise any Warrant, Warrantholder shall deliver to the
Company at its office referred to in Section 16 the following: (i) a written
notice in the form of the Election to Purchase appearing at the end of the form
of Warrant Certificate attached as Exhibit A hereto of such Warrantholder's
election to exercise the Warrants, which notice shall specify the number of such
Warrantholder's Warrants being exercised; (ii) the Warrant Certificate or
Warrant Certificates evidencing the Warrants being exercised; and (iii) payment
of the aggregate Exercise Price.
All rights of Warrantholder with respect to any Warrant that has not
been exercised, on or prior to 5:00 p.m., Eastern time, on the Warrant
Expiration Date shall immediately cease and such Warrants shall be automatically
cancelled and void, unless the Company shall have extended the Warrant
Expiration Date (as provided in Section 16 below).
B. Payment of Exercise Price. Payment of the Exercise Price with
respect to Warrants being exercised hereunder shall be made by the payment to
the Company, in cash, by check or wire transfer, of an amount equal to the
Exercise Price multiplied by the number of Warrants then being exercised
2
C. Payment of Taxes. The Company shall be responsible for paying any
and all issue, documentary, stamp or other taxes that may be payable in respect
of any issuance or delivery of Warrant Shares on exercise of a Warrant.
D. Delivery of Warrant Shares. Upon receipt of the items referred to
in Section 7A, the Company shall, as promptly as practicable, execute and
deliver or cause to be executed and delivered, to or upon the written order of
Warrantholder, and in the name of Warrantholder or Warrantholder's designee, a
stock certificate or stock certificates representing the number of Warrant
Shares to be issued on exercise of the Warrant(s). If the Warrant Shares shall
in accordance with the terms thereof have become automatically convertible into
shares of the Company's Common Stock prior to the time a Warrant is exercised,
the Company shall in lieu of issuing shares of Common Stock, issue to the
Warrantholder or its designee on exercise of such Warrant, a stock certificate
or stock certificates representing the number of shares of Common Stock into
which the Warrant Shares issuable on exercise of such Warrant are convertible.
The certificates issued to Warrantholder or its designee shall bear any
restrictive legend required under applicable law, rule or regulation. The stock
certificate or certificates so delivered shall be registered in the name of
Warrantholder or such other name as shall be designated in said notice. A
Warrant shall be deemed to have been exercised and such stock certificate or
stock certificates shall be deemed to have been issued, and such holder or any
other Person so designated to be named therein shall be deemed to have become a
holder of record of such shares for all purposes, as of the date that such
notice, together with payment of the aggregate Exercise Price and the Warrant
Certificate or Warrant Certificates evidencing the Warrants to be exercised, is
received by the Company as aforesaid. If the Warrants evidenced by any Warrant
Certificate are exercised in part, the Company shall, at the time of delivery of
the stock certificates, deliver to the holder thereof a new Warrant Certificate
evidencing the Warrants that were not exercised or surrendered, which shall in
all respects (other than as to the number of Warrants evidenced thereby) be
identical to the Warrant Certificate being exercised. Any Warrant Certificates
surrendered upon exercise of Warrants shall be canceled by the Company.
Section 8. Adjustment of Number of Warrant Shares Issuable Upon
Exercise of a Warrant and Adjustment of Exercise Price.
A. Adjustment for Stock Splits, Stock Dividends, Recapitalizations.
The number of Warrant Shares issuable upon exercise of each Warrant and the
Exercise Price shall each be proportionately adjusted to reflect any stock
dividend, stock split, reverse stock split, recapitalization or the like
affecting the number of outstanding shares of Common Stock that occurs after the
date hereof.
B. Adjustments for Reorganization, Consolidation, Merger. If after
the date hereof, the Company (or any other entity, the stock or other securities
of which are at the time receivable on the exercise of the Warrants),
consolidates with or merges into another entity or conveys all or substantially
all of its assets to another entity, then, in each such case, Warrantholder,
upon any permitted exercise of a Warrant (as provided in Section 7), at any time
after the consummation of such reorganization, consolidation, merger or
conveyance, shall be entitled to receive, in lieu of the stock or other
securities and property receivable upon the exercise of the Warrant prior to
such consummation, the stock or other securities or property to which such
Warrantholder would have been entitled upon the consummation of such
reorganization, consolidation, merger or conveyance if such Warrantholder had
exercised the Warrant immediately prior thereto, all subject to further
adjustment as provided in this Section 8. The successor or purchasing entity in
any such reorganization, consolidation, merger or conveyance (if other than the
Company) shall duly execute and deliver to Warrantholder a written
acknowledgment of such entity's obligations under the Warrants and this
Agreement.
3
C. Notice of Certain Events.
Upon the occurrence of any event resulting in an adjustment in the
number of Warrant Shares (or other stock or securities or property) receivable
upon the exercise of the Warrants or the Exercise Price, the Company shall
promptly thereafter (i) compute such adjustment in accordance with the terms of
the Warrants, (ii) prepare a certificate setting forth such adjustment and
showing in detail the facts upon which such adjustment is based, and (iii) mail
copies of such certificate to Warrantholder.
D. Adjustment to the Exercise Price.
The Company has the right, in its sole and absolute discretion, to
reduce the Exercise Price. Upon any such determination, the Company shall
provide notice to the Warrantholder thereof.
Section 9. Reservation of Shares.
The Company shall at all times reserve and keep available, free from
preemptive rights, out of the aggregate of its authorized but unissued Common
Stock, or its authorized and issued Common Stock held in its treasury, the
aggregate number of the Warrant Shares deliverable upon the exercise of all
outstanding Warrants, for the purpose of enabling it to satisfy any obligation
to issue the Warrant Shares upon the due and punctual exercise of the Warrants,
through 5:00 p.m., Eastern time, on the Warrant Expiration Date.
Section 10. No Impairment.
The Company shall not, by amendment of its certificate of
incorporation or bylaws, or through reorganization, consolidation, merger,
dissolution, issuance or sale of securities, sale of assets or any other
voluntary action, willfully avoid or seek to avoid the observance or performance
of any of the terms of the Warrants or this Agreement, and shall at all times in
good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate in order to protect the rights
of Warrantholder under the Warrants and this Agreement against wrongful
impairment. Without limiting the generality of the foregoing, the Company: (i)
shall not set or increase the par value of any Warrant Shares above the amount
payable therefor upon exercise, and (ii) shall take all actions that are
necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable Warrant Shares upon the exercise of the Warrants.
Section 11. Representations and Warranties of Warrantholder.
Warrantholder represents and warrants to the Company that, on the
date hereof and on the date the Warrantholder exercises the Warrant pursuant to
the terms of this Agreement:
(i) Warrantholder is an "accredited investor", as such term is
defined in Rule 501(a) of Regulation D promulgated under the Securities Act.
(ii) Warrantholder understands that the Warrants and the
Warrant Shares have not been registered under the Securities Act and
acknowledges that the Warrants and the Warrant Shares must be held indefinitely
unless they are subsequently registered under the Securities Act or an exemption
from such registration becomes available.
4
(iii) Warrantholder is acquiring the Warrants for
Warrantholder's own account for investment and not with a view to, or for sale
in connection with, any distribution thereof.
(iv) All the representations made by the Warrantholder on the
date hereof in the Subscription Agreement between the Company and the
Warrantholder shall be true and correct as of the date the Warrantholder
exercises the Warrant.
Section 12. No Rights or Liabilities as Stockholder.
No holder, as such, of any Warrant Certificate shall be entitled to
vote, receive dividends or be deemed the holder of Common Stock which may at any
time be issuable on the exercise of the Warrants represented thereby for any
purpose whatever, nor shall anything contained herein or in any Warrant
Certificate be construed to confer upon the holder of any Warrant Certificate,
as such, any of the rights of a stockholder of the Company or any right to vote
for the election of directors or upon any matter submitted to stockholders at
any meeting thereof, or to give or withhold consent to any corporate action
(whether upon any recapitalization, issuance of stock, reclassification of
stock, change of par value or change of stock to no par value, consolidation,
merger, conveyance or otherwise), or to receive notice of meetings or other
actions affecting stockholders or to receive dividend or subscription rights, or
otherwise, until such Warrant Certificate shall have been exercised in
accordance with the provisions hereof and the receipt and collection of the
Exercise Price and any other amounts payable upon such exercise by the Company.
No provision hereof, in the absence of affirmative action by Warrantholder to
purchase Warrant Shares shall give rise to any liability of such holder for the
Exercise Price or as a stockholder of the Company, whether such liability is
asserted by the Company or by creditors of the Company.
Section 13. Fractional Interests.
The Company shall not be required to issue fractional shares of
Common Stock upon exercise of the Warrants or to distribute certificates that
evidence fractional shares of Common Stock. If any fraction of a Warrant Share
would, except for the provisions of this Section 13, be issuable on the exercise
of a Warrant, the number of Warrant Shares to be issued by the Company shall be
rounded to the nearest whole number, with one-half or greater being rounded up.
Section 14. Definitions.
Unless the context otherwise requires, the terms defined in this
Section 14, whenever used in this Agreement shall have the respective meanings
hereinafter specified and words in the singular or in the plural shall each
include the singular and the plural and the use of any gender shall include all
genders.
"Business Day" shall mean any day on which banking institutions are
generally open for business in Nevada.
"Common Stock" means the common stock, without par value, of the
Company.
"Exercise Price" shall be the price per Warrant Share at which
Warrantholder is entitled to purchase Warrant Shares upon exercise of any
Warrant determined in accordance with Section 7 and subject to adjustment as
provided in Sections 8 and 16 hereof.
"Person" shall mean any corporation, association, partnership, joint
venture, trust, organization, business, individual, government or political
subdivision thereof or governmental body.
5
"Securities Act" shall mean the Securities Act of 1933, as amended,
or any similar federal statute as at the time in effect, and any reference to a
particular section of such Act shall include a reference to the comparable
section, if any, of such successor federal statute.
Section 15. Notices.
--------
All notices, consents, requests, waivers or other communications
required or permitted under this Agreement (each a "Notice") shall be in writing
and shall be sufficiently given (a) if hand delivered, (b) if sent by nationally
recognized overnight courier, or (c) if sent by registered or certified mail,
postage prepaid, return receipt requested, addressed as follows:
if to the Company:
▇▇▇▇▇▇▇.▇▇▇, Inc.
--------------------
--------------------
Attn: President
if to Warrantholder:
--------------------
--------------------
--------------------
or such other address as shall be furnished by any of the parties hereto in a
Notice. Any Notice shall be deemed given upon receipt.
Section 16. Supplements, Amendments and Waivers.
This Agreement may be supplemented or amended only by a subsequent
writing signed by each of the parties hereto (or their successors or permitted
assigns), and any provision hereof may be waived only by a written instrument
signed by the party charged therewith.
Section 17. Successors and Assigns.
Except as otherwise provided herein, the provisions of this
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the successors and permitted assigns of the parties hereto. Warrants issued
under this Agreement may be assigned by Warrantholder only to the extent such
assignment satisfies the restrictions on transfer set forth in this Agreement;
any attempted assignment of Warrants in violation of the terms hereof shall be
void ab initio.
Section 18. Termination.
This Agreement (other than Sections 7C, 11, and Sections 15 through
26, inclusive, and all related definitions, all of which shall survive such
termination) shall terminate on the earlier of (i) the Warrant Expiration Date
and (ii) the date on which all Warrants have been exercised.
6
Section 19. Governing Law; Jurisdiction.
A. Governing Law. This Agreement and each Warrant Certificate issued
hereunder shall be governed by and construed in accordance with the laws of the
Nevada and the federal laws of the United States applicable herein.
B. Submission to Jurisdiction. Each party to this Agreement hereby
irrevocably and unconditionally submits, for itself and its property, to the
jurisdiction of the state of Nevada, and any appellate court from any thereof,
in respect of actions brought against it as a defendant, in any action, suit or
proceeding arising out of or relating to this Agreement or the Warrant
Certificates and Warrants to be issued pursuant hereto, or for recognition or
enforcement of any judgment, and each of the parties hereto hereby irrevocably
and unconditionally agrees that all claims in respect of any such action, suit
or proceeding may be heard and determined in such courts. Each of the parties
hereto agrees that a final judgment in any such action, suit or proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law.
C. Venue. Each party hereto irrevocably and unconditionally waives,
to the fullest extent it may legally and effectively do so, any objection which
it may now or hereafter have to the laying of venue of any action, suit or
proceeding arising out of or relating to this Agreement, or the Warrant
Certificates and Warrants to be issued pursuant hereto, in any court referred to
in this Subsection B. Each of the parties hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action, suit proceeding in any such court and waives any
other right to which it may be entitled on account of its place of residence or
domicile.
Section 20. Third Party Beneficiaries.
Each party intends that this Agreement shall not benefit or create
any right or cause of action in or on behalf of any Person other than the
parties hereto and their successors and permitted assigns.
Section 21. Headings.
The headings in this Agreement are for convenience only and shall
not affect the construction or interpretation of this Agreement.
Section 22. Entire Agreement.
This Agreement, together with the Warrant Certificates and Exhibits,
and the Subscription Agreement, dated of even date herewith, by and between the
Company and Warrantholder, constitute the entire agreement and understanding
between the parties hereto with respect to the subject matter hereof and shall
supersede any prior agreements and understandings between the parties hereto
with respect to such subject matter.
Section 23. Expenses.
Each of the parties hereto shall pay its own expenses and costs
incurred or to be incurred in negotiating, closing and carrying out this
Agreement and in consummating the transactions contemplated herein, except as
otherwise expressly provided for herein.
7
Section 24. Neutral Construction.
The parties to this Agreement agree that this Agreement was
negotiated fairly between them at arm's length and that the final terms of this
Agreement are the product of the parties' negotiations. Each party represents
and warrants that it has sought and received legal counsel of its own choosing
with regard to the contents of this Agreement and the rights and obligations
affected hereby. The parties agree that this Agreement shall be deemed to have
been jointly and equally drafting by them, and that the provisions of this
Agreement therefore should not be construed against a party or parties on the
grounds that such party or parties drafted or was more responsible for the
drafting of any such provision(s).
Section 25. Representations and Warranties.
The Company hereby represents and warrants to the Warrantholder
that:
(a) the Company has all requisite corporate power and authority to
(i) execute and deliver this Agreement and (ii) issue and sell the Common Stock
upon the conversion thereof and carry out provisions of this Agreement. All
corporate action on the part of the Company, its officers, directors and
stockholders necessary for the authorization, execution and delivery of this
Agreement, the performance of all obligations of the Company hereunder, and the
authorization (or reservation for issuance), sale and issuance of the Common
Stock to be sold hereunder has been taken or will be taken prior to the date
hereof;
(b) this Agreement constitutes a valid and legally binding
obligation of the Company, enforceable in accordance with its terms, except (i)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium and
other laws relating to application affecting enforcement of creditor's rights
generally and (ii) as limited by laws relating to the availability of specific
performance, injunctive relief of other equitable remedies;
(c) the Common Stock issuable upon the conversion thereof that is
being purchased hereunder, when issued, sold and delivered in accordance with
the terms of this Agreement for the consideration expressed herein, will be duly
and validly issued, fully paid and nonassessable and will be free of
restrictions on transfer, other than restrictions on transfer under applicable
state and federal securities laws;
(d) subject in part to the truth and accuracy of Warrantholder's
representations set forth in Section 11 of this Agreement, the offer, sale and
issuance of the Common Stock issuable upon the conversion thereof as
contemplated by this Agreement are exempt from the registration requirements of
the Securities Act and the qualification or registration requirements of any
state securities or other applicable blue sky laws; and
(e) the execution, delivery and performance of this Agreement and
the consummation of the transactions contemplated hereby will not result in any
such violation, or be in conflict with or constitute, with or without the
passage of time and giving of notice, either a default under any such provision
or an event that results in creation of any lien, charge or encumbrance upon any
assets of the Company or the suspension, revocation, impairment, forfeiture or
nonremoval of any material permit, license, authorization or approval applicable
to the Company, its business or operations or any of its assets or properties.
Section 26. Counterparts.
This Agreement may be executed in counterparts and by facsimile and
each such counterpart shall for all purposes be deemed to be an original, and
all such counterparts shall together constitute but one and the same instrument.
8
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the day and year first above written.
▇▇▇▇▇▇▇.▇▇▇, INC.
By:
--------------------------------------
Name:
Title:
By:
--------------------------------------
Name:
Title:
9
ARTICLE I
EXHIBIT A
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE. THE SECURITIES HAVE BEEN ACQUIRED FOR
INVESTMENT AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED OR OTHERWISE
DISPOSED OF EXCEPT IN COMPLIANCE WITH SUCH ACT AND LAWS. THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS
AND CONDITIONS OF, AND MAY ONLY BE TRANSFERRED IN ACCORDANCE WITH, A
CLASS B WARRANT AGREEMENT BETWEEN ▇▇▇▇▇▇▇.▇▇▇, INC. AND THE HOLDER
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE. COPIES OF SUCH
AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE COMPANY.
NO.____ _______ CLASS B WARRANTS
FORM OF
Class B Warrant Certificate
▇▇▇▇▇▇▇.▇▇▇, INC.
This Warrant Certificate certifies that _____________, a
____________________, is the registered holder of _______ Class B Warrants (the
"Warrantholder") to purchase shares (the "Warrant Shares") of Common Stock of
▇▇▇▇▇▇▇.▇▇▇, Inc. (the "Company"). Each Warrant entitles the holder, subject to
the satisfaction of the conditions to exercise set forth in Section 7 of the
Warrant Agreement referred to below, to purchase from the Company at any time or
from time to time on and after the date hereof, or such earlier date as
determined by the Company in its sole and absolute discretion (the "Warrant
Commencement Date") and terminate on or prior to 5:00 p.m., Eastern time, three
years thereafter (the "Warrant Expiration Date") one fully paid and
nonassessable Warrant Share at the Exercise Price set forth in the Warrant
Agreement. The number of Warrant Shares for which each Warrant is exercisable
and the Exercise Price are subject to adjustment as provided in the Warrant
Agreement.
The Warrants evidenced by this Warrant Certificate are part of a
duly authorized issue of Warrants to purchase Warrant Shares and are issued
pursuant to a Class B Warrant Agreement, dated as of ____, 2005 (the "Warrant
Agreement"), between the Company and ___________, which Warrant Agreement is
hereby incorporated by reference in and made a part of this instrument and is
hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities thereunder of the Company and Warrantholder.
Warrantholder may exercise vested Warrants by surrendering this
Warrant Certificate, with the Election to Purchase attached hereto properly
completed and executed, together with payment of the aggregate Exercise Price,
at the offices of the Company specified in Section 15 of the Warrant Agreement.
If upon any exercise of Warrants evidenced hereby the number of Warrants
exercised shall be less than the total number of Warrants evidenced hereby,
there shall be issued to the holder hereof or its assignee a new Warrant
Certificate evidencing the number of Warrants not exercised.
10
This Warrant Certificate, when surrendered at the offices of the
Company specified in Section 15 of the Warrant Agreement, by the registered
holder thereof in person, by legal representative or by attorney duly authorized
in writing, may be exchanged, in the manner and subject to the limitations
provided in the Warrant Agreement, for one or more other Warrant Certificates of
like tenor evidencing in the aggregate a like number of Warrants.
Warrantholder may transfer the Warrants evidenced by this Warrant
Certificate, in whole or in part, only in accordance with Section 5 of the
Warrant Agreement.
The Company may deem and treat the registered holder hereof as the
absolute owner of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof and for all other purposes, and the Company shall not be
affected by any notice to the contrary.
WITNESS the signatures of the duly authorized officers of the Company.
Dated: ___________ ___, 2005
▇▇▇▇▇▇▇.▇▇▇, INC.
By:
------------------------------------------
Name:
Title:
By:
------------------------------------------
Name:
Title:
1-ii
FORM OF
Election to Purchase
The undersigned hereby irrevocably elects to exercise _________ of
the Class B Warrants evidenced by the attached Warrant Certificate to purchase
Warrant Shares, and herewith tenders (or is concurrently tendering) payment for
such Warrant Shares in an amount determined in accordance with the terms of the
Warrant Agreement. The undersigned requests that a certificate representing such
Warrant Shares be registered in the name of ________________, whose address is
___________________________________________________ and that such certificate be
delivered to ___________________________________________________, whose address
is ___________________________________________________. If said number of
Warrants is less than the number of Warrants evidenced by the Warrant
Certificate (as calculated pursuant to the Warrant Agreement), the undersigned
requests that a new Warrant Certificate evidencing the number of Warrants
evidenced by this Warrant Certificate that are not being exercised be registered
in the name of ________________, whose address is
___________________________________________________ and that such Warrant
Certificate be delivered to ________________, whose address is
___________________________________________________.
Dated: ___________, ___
Name of holder of Warrant Certificate:
___________________________________
___________________________________
(Please Print)
Address:___________________________
___________________________
Federal Tax ID No.: ______________
Signature: _______________________
Note: The above signature must correspond with the name as
written in the first sentence of the attached Warrant
Certificate in every particular, without alteration or
enlargement or any change whatever, and if the
certificate evidencing the Warrant Shares or any Warrant
Certificate representing Warrants not exercised is to be
registered in a name other than that in which this
Warrant Certificate is registered, the signature above
must be guaranteed.
Signature Guaranteed: _________________________
Dated: ___________, ___
-iii-
