WARRANT TO PURCHASE COMMON STOCK OF INTRAOP MEDICAL CORPORATION WARRANT #CC-[__]
Exhibit 10.54
NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
FOR VALUE RECEIVED, subject to the terms and conditions herein set forth, [ ] (“Holder”)
is entitled to purchase from Intraop Medical Corporation, a Nevada corporation (the “Company”), at
any time after the date hereof and prior to the Expiration Date (as defined below), at a price per
share as set forth in Section 1 hereof, the number of fully paid and non-assessable shares of
Common Stock of the Company as set forth in Section 2 hereof (the “Shares”).
1. Warrant Price. The Warrant Price for each of the Shares purchasable hereunder
shall be two cents and eight tenths of a cent ($0.028) (the “Warrant Price”), subject to adjustment
as provided in Section 10.
2. Number of Shares. The number of Shares issuable upon exercise of this Warrant
shall be [ ] ([ ]), subject to adjustment as provided in Section 10.
3. Expiration of Warrant. Subject to earlier termination in accordance with Section 8
below, this Warrant shall expire and shall no longer be exercisable after April 8, 2014 (the
“Expiration Date”).
4. No Fractional Shares. This Warrant may not be exercised as to fractional Shares.
5. No Stockholder Rights. This Warrant shall not entitle Holder to any of the rights
of a stockholder of the Company.
6. Reservation of Shares. The Company covenants that during the period this Warrant
is exercisable it will reserve from its authorized and unissued shares of Common Stock a sufficient
number of shares to provide for the issuance of the maximum number of shares of Common Stock
issuable upon the exercise of this Warrant. The Company agrees that its issuance of this Warrant
shall constitute full authority to its officers to instruct the Company’s
transfer agent to issue the necessary certificates for shares of Common Stock upon the
exercise of this Warrant.
1.
7. Exercise of Warrant.
(a) This Warrant may be exercised by ▇▇▇▇▇▇, in whole or in part, at any time after the date
hereof and prior to the Expiration Date by the surrender of this Warrant at the principal office of
the Company, together with the Subscription Form attached hereto duly completed and executed,
accompanied by payment in full of the aggregate Warrant Price for the Shares being purchased upon
such exercise. In the event of exercise of this Warrant in compliance with the provisions hereof,
certificates for the Shares so purchased shall be delivered to Holder promptly and, unless this
Warrant has been fully exercised or expired, a new Warrant representing that portion of the Shares,
if any, with respect to which this Warrant will not then have been exercised, shall be issued to
Holder. The Warrant shall be deemed to have been exercised immediately prior to the close of
business on the date of its surrender for exercise as provided above, and Holder shall be treated
for all purposes as the holder of record of such shares as of the close of business on such date.
In lieu of exercising this Warrant pursuant to the first paragraph of this Section 7(a),
Holder may elect to receive Shares equal to the value of this Warrant (or any portion thereof
remaining unexercised) by surrender of this Warrant at the principal office of the Company together
with the Subscription Form, in which event the Company shall issue to Holder a number of Shares
computed using the following formula:
X =
|
Y (A-B) | |
| A |
Where X= the number of Shares to be issued to Holder.
| Y= | the number of Shares for which this Warrant is then being exercised (at the date of such exercise). | ||
| A= | the fair market value of one Share (at the date of such exercise). | ||
| B= | the Warrant Price (as adjusted to the date of such exercise). |
For purposes of this subsection fair market value of one Share shall mean:
(i) The average of the closing bid and asked prices of the Common Stock quoted in
the NASDAQ National Market System or the Over-the-Counter market or the closing
price quoted on any exchange on which the Common Stock is listed, whichever is
applicable, as published in the Western Edition of The Wall Street Journal for the
five (5) trading days prior to the date of determination of the fair market value;
or
(ii) If the Common Stock is not publicly traded, the per share fair market value of
the Common Stock shall be determined in good faith by the Company’s Board of
Directors. If ▇▇▇▇▇▇ disagrees with the determination by the Board of
2.
Directors of the fair market value of the Common Stock then such fair market value
shall be determined by an independent appraiser selected jointly by the Company and
Holder. The cost of such appraisal shall be paid equally by the Company and Holder.
(b) As promptly as practicable on or after such date, the Company shall cause to be issued and
delivered to Holder a certificate or certificates for the number of full Shares issuable upon such
exercise.
(c) Issuance of certificates for the Shares upon the exercise of this Warrant shall be made
without charge to the registered holder hereof for any issue or transfer tax or other incidental
expense with respect to the issuance of such certificates, all of which taxes and expenses shall be
paid by the Company, and such certificates shall be issued in the name of the registered holder of
this Warrant or in such name or names as may be directed by the registered holder of this Warrant;
provided, however, that in the event certificates for the Shares are to be issued in a name other
than the name of the registered holder of this Warrant, this Warrant, when surrendered for
exercise, shall be accompanied by the Assignment Form attached hereto duly executed by Holder
hereof, and provided further, that any such transfer shall comply with Section 9 hereof.
8. Automatic Termination. In the event of the sale of all or substantially all the
capital stock, or substantially all the assets, of the Company in a merger, business combination,
or other form of business transaction with or into a third party in which the Company’s
stockholders do not own at least a majority of the outstanding voting securities of the surviving
corporation or business entity after such transaction, then the Company shall give Holder of this
Warrant at least thirty (30) days written notice of the proposed effective date and terms of such
offering, transaction or agreements, and if the Warrant has not been exercised before the effective
date of such transaction, then this Warrant and the rights hereunder shall be automatically
terminated.
9. Transfer or Assignment of Warrant.
(a) This Warrant, and any rights hereunder, may not be assigned or transferred, except as
provided herein and in accordance with and subject to the provisions of (i) applicable state
securities laws, and (ii) the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder (such Act and such rules and regulations being hereinafter collectively
referred to as the “Securities Act”). Any purported transfer or assignment made other than in
accordance with this Section 9 shall be null and void and of no force and effect.
(b) This Warrant, and any rights hereunder, may be transferred or assigned only with the prior
written consent of the Company, which shall be granted only upon receipt by the Company of an
opinion of counsel satisfactory to the Company that (i) the transferee is a person to whom this
Warrant may be legally transferred without registration under the Securities Act, and (ii) such
transfer will not violate any applicable law or governmental rule or regulation, including, without
limitation, any applicable federal or state securities law.
3.
(c) Any assignment permitted hereunder shall be made by surrender of this Warrant to the
Company at its principal office with the Assignment Form annexed hereto duly executed and funds
sufficient to pay any transfer tax, if any. In such event, the Company shall, without charge,
execute and deliver a new Warrant in the name of the assignee named in such instrument of
assignment and this Warrant shall be promptly canceled.
10. Adjustments to Shares.
(a) If the outstanding shares of the Company’s Common Stock shall be subdivided into a greater
number of shares or a dividend in Common Stock shall be paid in respect of Common Stock, the
Warrant Price in effect immediately prior to such subdivision or at the record date of such
dividend shall simultaneously with the effectiveness of such subdivision or immediately after the
record date of such dividend be proportionately reduced. If outstanding shares of Common Stock
shall be combined into a smaller number of shares, the Warrant Price in effect immediately prior to
such combination shall, simultaneously with the effectiveness of such combination, be
proportionately increased. When any adjustment is required to be made in the Warrant Price, the
number of shares of Common Stock purchasable upon the exercise of this Warrant shall be changed to
the number determined by dividing (i) an amount equal to the number of shares issuable upon the
exercise of this Warrant immediately prior to such adjustment, multiplied by the Warrant Price in
effect immediately prior to such adjustment, by (ii) the Warrant Price in effect immediately after
such adjustment.
(b) In case of any reclassification or change of the outstanding securities of the Company or
of any reorganization of the Company (or any other corporation the stock or securities of which are
at the time receivable upon the exercise of this Warrant) or any similar corporate reorganization
on or after the date hereof, then and in each such case the holder of this Warrant, upon the
exercise hereof at any time after the consummation of such reclassification, change,
reorganization, merger or conveyance, shall be entitled to receive, in lieu of the stock or other
securities and property receivable upon the exercise hereof prior to such consummation, the stock
or other securities or property to which such holder would have been entitled upon such
consummation if such holder had exercised this Warrant immediately prior thereto, all subject to
further adjustment as provided in Section 10(a); and in each such case, the terms of this Section
10 shall be applicable to the shares of stock or other securities properly receivable upon the
exercise of this Warrant after such consummation.
(c) When any adjustment is required to be made in the number of shares of Common Stock
purchasable hereunder or the Warrant Price pursuant to this Section 10, the Company shall promptly
mail to the Holder a certificate setting forth (i) a brief statement of the facts requiring such
adjustment, (ii) the Warrant Price after such adjustment and (iii) the kind and amount of stock or
other securities or property into which this Warrant shall be exercisable after such adjustment.
11. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of
evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and in case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to it, and upon reimbursement to the Company of all reasonable expenses incidental
thereto, and
4.
upon surrender and cancellation of this Warrant, if mutilated, the Company will make and
deliver a new warrant identical in tenor and date in lieu of this Warrant.
12. General. This Warrant shall be governed by and interpreted in accordance with the
laws of the State of Delaware, except for its principles of conflicts of laws. The headings in
this Warrant are for purposes of convenience and reference only and shall not be deemed to
constitute a part hereof. Neither this Warrant nor any term hereof may be changed, waived,
discharged or terminated orally but rather only by an instrument in writing signed by the Company
and Holder. All notices and other communications from the Company to Holder shall be mailed by
prepaid courier or first-class registered or certified mail, postage pre-paid, to the address
furnished to the Company in writing by the last holder who shall have furnished an address to the
Company in writing.
13. Amendment and Waiver. Any provisions of this Warrant (including, without
limitation, termination of exercisability) may be amended or waived, and any and all such
amendments or waivers shall be binding upon Holder, only if approved in writing by the Company and
Holder.
Issued this 9th day of April, 2009.
| INTRAOP MEDICAL CORPORATION |
||||
| By: | ||||
| Name: | ||||
| Title: | ||||
5.
SUBSCRIPTION FORM
The undersigned registered owner of the Warrant which accompanies this Subscription Form
hereby irrevocably (a) exercises such warrant for, and purchases shares of Common Stock (the
"Shares”) of Intraop Medical Corporation, a Nevada corporation (the “Company”), purchasable upon
the exercise of such Warrant, and herewith makes payment therefor, or (b) exercises such Warrant
for shares of Intraop Medical Corporation Common Stock purchasable under the Warrant
pursuant to the net exercise provisions of the second paragraph of Section 7(a) of such Warrant,
all at the price and on the terms and conditions specified in such Warrant.
1.01 Authorization. This exercise constitutes a valid and legally binding obligation
of the undersigned, enforceable in accordance with its terms.
1.02 Investment Representation. The undersigned acknowledges, represents, and
warrants that it (a) has a preexisting personal or business relationship with the Company, and/or
by reason of its business or financial experience has the capacity to protect its own interests in
connection with the transaction, and (b) is an “accredited investor” under Regulation D of the
Securities Act of 1933, as amended (the “Act”). The undersigned further acknowledges that it is
aware that the Shares have not been registered under the Act, or qualified under any state’s
securities laws. The Shares are being acquired for investment purposes only and not for sale or
with a view to distribution of all or any part thereof.
1.03 Access to Information. The undersigned represents that it has or will have had
upon exercise of the Warrant an opportunity to ask questions of and receive answers from the
Company regarding the terms and conditions of its purchase of the Shares concerning the business,
financial affairs and other aspects of the Company, and it has further had the opportunity to
obtain any information (to the extent the Company possesses or can acquire such information without
unreasonable effort or expense) which it deems necessary to evaluate its investment or to verify
the accuracy of information otherwise provided to it. The undersigned acknowledges that it is not
relying upon any person, firm or corporation (other than the Company and its officers and
directors) in making its investment or decision to invest in the Company, and the undersigned
represents that it has been solely responsible for its own “due diligence” investigation of the
Company and its management and business, for its own analysis of the merits and risks of this
investment.
1.04 Investment Experience. The undersigned represents and warrants that by reason of
its financial and business experience, it has the capacity to protect its interests in connection
with these transactions.
1.05 Restricted Securities. The undersigned understands that the Shares will be
characterized as “restricted securities” under the federal securities laws inasmuch as they are
being acquired from the Company in a transaction not involving a public offering, and that under
such laws and applicable regulations such securities may be resold without registration under the
Act only in certain limited circumstances and that otherwise such securities must be held
indefinitely. In this connection, the undersigned represents that it is familiar with SEC Rule
144,
1
as presently in effect, and the conditions which must be met in order for that Rule to be
available for resale of “restricted securities,” and understands the resale limitations imposed by
the Act.
1.06 Further Limitations on Disposition. Without in any way limiting the
representations set forth above, the undersigned further agrees not to make any disposition of all
or any portion of the Shares unless and until:
(a) There is then in effect a “Registration Statement” under the Act covering such proposed
disposition and such disposition is made in accordance with such Registration Statement and any
applicable requirements of state securities laws; or
(b) (i) the undersigned shall have notified the Company of the proposed disposition and shall
have furnished the Company with a detailed statement of the circumstances surrounding the proposed
disposition, and (ii) if reasonably requested by the Company, shall have furnished the Company with
an opinion of counsel at undersigned’s expense (except for dispositions pursuant to Rule 144 of the
Rules and Regulations under the Act which dispositions shall not so require an opinion of counsel)
reasonably satisfactory to the Company, that such disposition will not require registration of the
Shares under the Act or the consent of or permit from appropriate authorities under any applicable
state securities law.
(c) Notwithstanding the provisions of paragraphs (a) and (b) above, no such Registration
Statement or opinion of counsel shall be necessary for a transfer by the undersigned to a
constituent stockholder or constituent partner (including any constituent of a constituent) of the
undersigned, if the transferee or transferees agree in writing to be subject to the terms hereof to
the same extent as if they were the undersigned hereunder.
2. RESTRICTIONS ON THE TRANSFER OF SECURITIES.
2.01 Corporate Securities Law. The Shares shall be transferred only in compliance
with the conditions specified in Section 1.06, which conditions are intended to ensure compliance
with the provisions of the Act and state securities laws with respect to the transfer of any such
securities. Each certificate representing the Shares shall bear at least a legend substantially in
the following form until such time as the conditions of such legend have been met:
THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (“ACT”), NOR HAVE THEY BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE.
NO TRANSFER OF SUCH SECURITIES WILL BE PERMITTED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS
IN EFFECT AS TO SUCH TRANSFER, THE TRANSFER IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT OR AS
OTHERWISE PERMITTED BY THE COMPANY, OR IN THE OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND AT
HOLDER’S EXPENSE, REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY
WITH THE ACT AND WITH APPLICABLE STATE SECURITIES LAWS.
2
The Company shall, within ten (10) days of the request of any holder of a certificate bearing the
foregoing legend and the surrender of such certificate, issue a new stock certificate in the name
of the transferee provided that there has been compliance with the provisions of subsection 1.06
above.
2.02 Additional Legends. The Company may also impose any additional legend required
under applicable federal or state securities laws or permitted under its bylaws and shall be
entitled to issue stop transfer notices on its books with respect to any securities purchased
hereunder until the conditions set forth in the applicable legends have been met.
Dated:
| (Signature of Registered Owner) | ||
| (Name) | ||
| (Street Address) | ||
| (City, State, Zip Code) | ||
| Social Security or Tax Identification Number |
If the number of Shares issuable upon this exercise shall not be all of the Shares which the
undersigned is entitled to purchase in accordance with the enclosed Warrant, the undersigned
requests that a new warrant evidencing the right to purchase the Shares not issuable pursuant to
the exercise evidenced hereby be issued in the name of and delivered to:
| Date: | Name of Holder: | |||
| (Print) | ||||
| (By) | ||||
| (Name:) | ||||
| (Title:) | ||||
| (Signature must conform in all respects to name of holder as specified on the face of the Warrant) | ||||
3
FORM OF ASSIGNMENT
(To be signed only upon assignment of Warrant)
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
(Name and address of assignee must be printed or typewritten)
shares of Intraop Medical Corporation Common Stock purchasable under the within
Warrant, hereby irrevocably constituting and appointing Attorney to transfer
said Warrant on the books of the Company, with full power of substitution in the premises.
Dated:
| (Signature of Registered Owner) |
4