Exhibit 10.14

 

 

 

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON
EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS
WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO INCENTRA SOLUTIONS, INC. THAT SUCH
REGISTRATION IS NOT REQUIRED.

Right to Purchase up to 3,750,000 Shares of Common Stock of
Incentra Solutions, Inc.
(subject to adjustment as provided herein)

COMMON STOCK PURCHASE WARRANT

 

 

 

No. ____________________________

 

Issue Date: July 31, 2007

          INCENTRA SOLUTIONS, INC., a corporation organized under the laws of
the State of Nevada (“ICNS”), hereby certifies that, for value received,
CALLIOPE CAPITAL CORPORATION, or assigns (the “Holder”), is entitled, subject to
the terms set forth below, to purchase from the Company (as defined herein) from
and after the Issue Date of this Warrant and at any time or from time to time
before 5:00 p.m., New York time, through the close of business July 31, 2027
(the “Expiration Date”), up to 3,750,000 fully paid and nonassessable shares of
Common Stock (as hereinafter defined), at the applicable Exercise Price (as
defined below) per share. The number and character of such shares of Common
Stock and the applicable Exercise Price per share are subject to adjustment as
provided herein.

          As used herein the following terms, unless the context otherwise
requires, have the following respective meanings:

 

 

 

          (a) The term “Company” shall include ICNS and any corporation which
shall succeed, or assume the obligations of, ICNS hereunder.

 

 

 

          (b) The term “Common Stock” includes (i) the Company’s Common Stock,
par value $0.001 per share; and (ii) any other securities into which or for
which the Common Stock may be converted or exchanged pursuant to a plan of
recapitalization, reorganization, merger, sale of assets or otherwise.

 

 

 

          (c) The term “Note” means that certain Secured Term Note issued by the
Company as of the date hereof to the Holder in the original principal amount of
twelve million dollars ($12,000,000).

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          (d) The term “Other Securities” refers to any stock (other than Common
Stock) and other securities of the Company or any other person (corporate or
otherwise) which the Holder of this Warrant at any time shall be entitled to
receive, or shall have received, on the exercise of the Warrant, in lieu of or
in addition to Common Stock, or which at any time shall be issuable or shall
have been issued in exchange for or in replacement of Common Stock or Other
Securities pursuant to Section 4 or otherwise.

 

 

 

 

 

(e) The “Exercise Price” applicable under this Warrant shall be $0. 01.

1. Exercise of Warrant.

 

 

 

 

1.1

Number of Shares Issuable upon Exercise. From and after the date hereof, the
Holder shall be entitled to receive, upon exercise of this Warrant in whole or
in part, by delivery of an original or fax copy of an exercise notice in the
form attached hereto as Exhibit A (the “Exercise Notice”) up to 3,750,000 shares
of Common Stock of the Company, subject to adjustment pursuant to Section 4.

 

 

 

 

1.2

Fair Market Value. For purposes hereof, the “Fair Market Value” of a share of
Common Stock as of a particular date (the “Determination Date”) shall mean:

 

 

 

          (a) If the Company’s Common Stock is traded on the American Stock
Exchange or another national exchange or is quoted on the National or Capital
Market of The Nasdaq Stock Market, Inc. (“Nasdaq”), then the closing or last
sale price, respectively, reported for the last business day immediately
preceding the Determination Date.

 

 

 

          (b) If the Company’s Common Stock is not traded on the American Stock
Exchange or another national exchange or on the Nasdaq but is traded on the
National Association of Securities Dealers, Inc. Over-the-Counter Bulletin
Board, then the mean of the average of the closing bid and asked prices reported
for the last business day immediately preceding the Determination Date.

 

 

 

          (c) Except as provided in clause (d) below, if the Company’s Common
Stock is not publicly traded, then as the Holder and the Company agree 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) If the Determination Date is the date of a liquidation,
dissolution or winding up, or any event deemed to be a liquidation, dissolution
or winding up pursuant to the Company’s charter, then all amounts to be payable
per share to holders of the Common Stock pursuant to the charter in the event of
such liquidation, dissolution or winding up, plus all other amounts to be
payable per share in respect of the Common Stock in liquidation under the
charter, assuming for the purposes of this clause (d) that all of the shares of
Common Stock then issuable upon exercise of the Warrant are outstanding at the
Determination Date.

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1.3

Company Acknowledgment. The Company will, at the time of the exercise of this
Warrant, upon the request of the Holder hereof, acknowledge in writing its
continuing obligation to afford to such Holder any rights to which such Holder
shall continue to be entitled after such exercise in accordance with the
provisions of this Warrant. If the Holder shall fail to make any such request,
such failure shall not affect the continuing obligation of the Company to afford
to such Holder any such rights.

 

 

 

 

1.4

Trustee for Warrant Holders. In the event that a bank or trust company shall
have been appointed as trustee for the Holder of this Warrant pursuant to
Subsection 3.2, such bank or trust company shall have all the powers and duties
of a Warrant agent (as hereinafter described) and shall accept, in its own name
for the account of the Company or such successor person as may be entitled
thereto, all amounts otherwise payable to the Company or such successor, as the
case may be, on exercise of this Warrant pursuant to this Section 1.

2. Procedure for Exercise.

 

 

 

 

2.1

Delivery of Stock Certificates, Etc., on Exercise. The Company agrees that the
shares of Common Stock purchased upon exercise of this Warrant shall be deemed
to be issued to the Holder as the record owner of such shares as of the close of
business on the date on which this Warrant shall have been surrendered and
payment made for such shares in accordance herewith. As soon as practicable
after the exercise of this Warrant in full or in part, and in any event within
three (3) business days thereafter, the Company at its expense (including the
payment by it of any applicable issue taxes) will cause to be issued in the name
of and delivered to the Holder, or as such Holder (upon payment by such Holder
of any applicable transfer taxes) may direct in compliance with applicable
securities laws, a certificate or certificates for the number of duly and
validly issued, fully paid and nonassessable shares of Common Stock (or Other
Securities) to which such Holder shall be entitled on such exercise, plus, in
lieu of any fractional share to which such Holder would otherwise be entitled,
cash equal to such fraction multiplied by the then Fair Market Value of one full
share, together with any other stock or other securities and property (including
cash, where applicable) to which such Holder is entitled upon such exercise
pursuant to Section 1 or otherwise.

 

 

 

 

2.2

Exercise. (a) Payment may be made either (i) in cash or by certified or official
bank check payable to the order of the Company equal to the applicable aggregate
Exercise Price, (ii) by delivery of this Warrant, or shares of Common Stock
and/or Common Stock receivable upon exercise of this Warrant in accordance with
Section (b) below, or (iii) by a combination of any of the foregoing methods,
for the number of Common Shares specified in such Exercise Notice (as such
exercise number shall be adjusted to reflect any adjustment in the total number
of shares of Common Stock issuable to the Holder per the terms of this Warrant);
provided, however, that if at the time of delivery of an Exercise Notice the
shares of Common Stock to be issued upon payment of the Exercise Price have been

3

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registered under the Securities Act of 1933, as amended (the “Securities Act”),
and are covered by an effective registration statement under the Securities Act,
payment of the Exercise Price may only be made pursuant to clause (i) above and
may not be made pursuant to clause (ii) or (iii) above. Upon receipt by the
Company of an Exercise Notice and proper payment of the aggregate Exercise
Price, the Holder shall thereupon be entitled to receive the number of duly
authorized, validly issued, fully-paid and non-assessable shares of Common Stock
(or Other Securities) determined as provided herein.

          (b) Notwithstanding any provisions herein to the contrary, if the Fair
Market Value of one share of Common Stock is greater than the Exercise Price (at
the date of calculation as set forth below), in lieu of exercising this Warrant
for cash, the Holder may elect to receive shares equal to the value (as
determined below) of this Warrant (or the portion thereof being exercised) by
surrender of this Warrant at the principal office of the Company together with
the properly endorsed Exercise Notice, in which event the Company shall issue to
the Holder a number of shares of Common Stock computed using the following
formula:

 

 

 

 

 

X=Y

 

(A-B)

 

 

 

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A

 

 

 

 

 

Where X =

 

the number of shares of Common Stock to be issued to the Holder

 

 

 

 

 

Y =

 

the number of shares of Common Stock purchasable under this Warrant or, if only
a portion of this Warrant is being exercised, the portion of this Warrant being
exercised (at the date of such calculation)

 

 

 

 

 

A =

 

the Fair Market Value of one share of the Company’s Common Stock (at the date of
such calculation)

 

 

 

 

 

B =

 

the Exercise Price (as adjusted to the date of such calculation)

3. Effect of Reorganization, Etc.; Adjustment of Exercise Price.

 

 

 

 

3.1

Reorganization, Consolidation, Merger, Etc. In case at any time or from time to
time, the Company shall (a) effect a reorganization, (b) consolidate with or
merge into any other person, or (c) transfer all or substantially all of its
properties or assets to any other person under any plan or arrangement
contemplating the dissolution of the Company, then, in each such case, as a
condition to the consummation of such a transaction, proper and adequate
provision shall be made by the Company whereby the Holder of this Warrant, on
the exercise hereof as provided in Section 1 at any time after the consummation
of such reorganization, consolidation or merger or the effective date of such
dissolution, as the case may be, shall receive, in lieu of the Common Stock (or
Other Securities) issuable on such exercise prior to such consummation or such
effective date, the stock and other securities and property (including cash) to
which such Holder would have been entitled upon such consummation or in
connection with such dissolution, as

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the case may be, if such Holder had so exercised this Warrant, immediately prior
thereto, all subject to further adjustment thereafter as provided in Section 4.

 

 

 

 

3.2

Dissolution. In the event of any dissolution of the Company following the
transfer of all or substantially all of its properties or assets, the Company,
concurrently with any distributions made to holders of its Common Stock, shall
at its expense deliver or cause to be delivered to the Holder the stock and
other securities and property (including cash, where applicable) receivable by
the Holder of this Warrant pursuant to Section 3.1, or, if the Holder shall so
instruct the Company, to a bank or trust company specified by the Holder and
having its principal office in New York, NY as trustee for the Holder of this
Warrant (the “Trustee”).

 

 

 

 

3.3

Continuation of Terms. Upon any reorganization, consolidation, merger or
transfer (and any dissolution following any transfer) referred to in this
Section 3, this Warrant shall continue in full force and effect and the terms
hereof shall be applicable to the shares of stock and other securities and
property receivable on the exercise of this Warrant after the consummation of
such reorganization, consolidation or merger or the effective date of
dissolution following any such transfer, as the case may be, and shall be
binding upon the issuer of any such stock or other securities, including, in the
case of any such transfer, the person acquiring all or substantially all of the
properties or assets of the Company, whether or not such person shall have
expressly assumed the terms of this Warrant as provided in Section 4. In the
event this Warrant does not continue in full force and effect after the
consummation of the transactions described in this Section 3, then the Company’s
securities and property (including cash, where applicable) receivable by the
Holders of the Warrant will be delivered to Holder or the Trustee as
contemplated by Section 3.2.

4. Extraordinary Events Regarding Common Stock. In the event that the Company
shall (a) issue additional shares of the
Common Stock as a dividend or other distribution on outstanding Common Stock or
any preferred stock issued by the Company, (b) subdivide its outstanding shares
of Common Stock, or (c) combine its outstanding shares of the Common Stock into
a smaller number of shares of the Common Stock (each of the preceding clauses
(a) through (c), inclusive, an “Event”), then, in each such event, the number of
shares of Common Stock that the Holder shall thereafter, on the exercise hereof
as provided in Section 1, be entitled to receive shall be increased or decreased
to a number determined by multiplying the number of shares of Common Stock that
would, immediately prior to such Event, be issuable upon the exercise of this
Warrant by a fraction of which (a) the numerator is the number of issued and
outstanding shares of Common Stock immediately after such Event, and (b) the
denominator is the number of issued and outstanding shares of Common Stock
immediately prior to such Event.

5. Certificate as to Adjustments. In each case of any adjustment or readjustment
in the shares of Common Stock (or
Other Securities) issuable on the exercise of this Warrant, the Company at its
expense will promptly cause its Chief Financial Officer or other appropriate
designee to compute such adjustment or readjustment in accordance with the

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terms of this Warrant and prepare a certificate setting forth such adjustment or
readjustment and showing in detail the facts upon which such adjustment or
readjustment is based, including a statement of (a) the consideration received
or receivable by the Company for any additional shares of Common Stock (or Other
Securities) issued or sold or deemed to have been issued or sold, (b) the number
of shares of Common Stock (or Other Securities) outstanding or deemed to be
outstanding, and (c) the Exercise Price and the number of shares of Common Stock
to be received upon exercise of this Warrant, in effect immediately prior to
such adjustment or readjustment and as adjusted or readjusted as provided in
this Warrant. The Company will forthwith mail a copy of each such certificate to
the Holder of this Warrant and any Warrant agent of the Company (appointed
pursuant to Section 11 hereof).

6. Reservation of Stock, Etc., Issuable on Exercise of Warrant. The Company will
at all times reserve and keep available,
solely for issuance and delivery on the exercise of this Warrant, shares of
Common Stock (or Other Securities) from time to time issuable on the exercise of
this Warrant.

7. Assignment; Exchange of Warrant. Subject to compliance with applicable
securities laws, this Warrant, and the rights
evidenced hereby, may be transferred by any registered holder hereof (a
“Transferor”) in whole or in part. On the surrender for exchange of this
Warrant, with the Transferor’s endorsement in the form of Exhibit B attached
hereto (the “Transferor Endorsement Form”) and together with evidence reasonably
satisfactory to the Company demonstrating compliance with applicable securities
laws, which shall include, without limitation, the provision of a legal opinion
from the Transferor’s counsel that such transfer is exempt from the registration
requirements of applicable securities laws, and with payment by the Transferor
of any applicable transfer taxes, will issue and deliver to or on the order of
the Transferor thereof a new Warrant of like tenor, in the name of the
Transferor and/or the transferee(s) specified in such Transferor Endorsement
Form (each a “Transferee”), calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock called for on the face or faces
of the Warrant so surrendered by the Transferor.

8. Replacement of Warrant. On receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction
or mutilation of this Warrant and, in the case of any such loss, theft or
destruction of this Warrant, on delivery of an indemnity agreement or security
reasonably satisfactory in form and amount to the Company or, in the case of any
such mutilation, on surrender and cancellation of this Warrant, the Company at
its expense will execute and deliver, in lieu thereof, a new Warrant of like
tenor.

9. Registration Rights. The Holder of this Warrant has been granted certain
registration rights by the Company. These
registration rights are set forth in the Registration Rights Agreement dated as
of July 31, 2007 entered into by the Company and the initial Holder of this
Warrant, as amended, modified or supplemented from time to time.

10. Maximum Exercise. Notwithstanding anything herein to the contrary, in no
event shall the Holder be entitled to
exercise any portion of this Warrant in excess of that portion of this Warrant
upon exercise of which the sum of (1) the number of shares of Common Stock

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beneficially owned by the Holder and its Affiliates (other than shares of Common
Stock which may be deemed beneficially owned through the ownership of the
unexercised portion of the Warrant or the unexercised or unconverted portion of
any other security of the Holder subject to a limitation on conversion analogous
to the limitations contained herein) and (2) the number of shares of Common
Stock issuable upon the exercise of the portion of this Warrant with respect to
which the determination of this proviso is being made, would result in
beneficial ownership by the Holder and its Affiliates of any amount greater than
9.99% of the then outstanding shares of Common Stock (whether or not, at the
time of such exercise, the Holder and its Affiliates beneficially own more than
9.99% of the then outstanding shares of Common Stock). As used herein, the term
“Affiliate” means any person or entity that, directly or indirectly through one
or more intermediaries, controls or is controlled by or is under common control
with a person or entity, as such terms are used in and construed under Rule 144
under the Securities Act. For purposes of the second preceding sentence,
beneficial ownership shall be determined in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended, and Regulations 13D-G thereunder,
except as otherwise provided in clause (1) of such sentence. For any reason at
any time, upon written or oral request of the Holder, the Company shall within
one (1) business day confirm orally and in writing to the Holder the number of
shares of Common Stock outstanding as of any given date. The limitations set
forth herein (x) shall automatically become null and void following notice to
the Company upon the occurrence and during the continuance of an Event of
Default (as defined in the Note) and (y) may be waived by the Holder upon
provision of no less than sixty-one (61) days prior written notice to the
Company; provided, however, that, such written notice of waiver shall only be
effective if delivered at a time when no indebtedness (including, without
limitation, principal, interest, fees and charges) of the Company of which the
Holder or any of its Affiliates was, at any time, the owner, directly or
indirectly is outstanding.

11. Restriction. Notwithstanding anything to the contrary contained herein, the
Holder hereby agrees that during the
period on and after the Issue Date and prior to the date that is the one year
anniversary of the Issue Date, it shall not sell any Common Stock acquired upon
exercise of this Warrant. After the one year anniversary of the Issue Date, the
Holder hereby agrees not to sell on any trading day such number of shares of
Common Stock acquired upon exercise of this Warrant that is in excess of
twenty-five percent (25%) of the aggregate dollar trading volume of the Common
Stock for the twenty-two (22) day trading period (the “Period”) immediately
preceding each such sale by Holder; provided, however, that the volume of the
day of any sale up to, but not including, the volume as to any sale by Holder
and any volume thereafter, shall be included in any Period. Notwithstanding
anything contained herein to the contrary, the foregoing restrictions (a) shall
not be applicable and shall have no further force or effect following the
occurrence and during the continuance of an Event of Default under and as
defined in the Securities Purchase Agreement dated as of the date hereof by and
among the Company and Laurus (as amended, restated modified and/or supplemented
from time to time) and (b) shall not apply to transfers in a private transaction
including, without limitation, as a bona fide gift or gifts, provided that the
transferee thereof agrees to be bound in writing by the restrictions set forth
herein.

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12. Warrant Agent. The Company may, by written notice to the Holder of this
Warrant, appoint an agent for the purpose
of issuing Common Stock (or Other Securities) on the exercise of this Warrant
pursuant to Section 1, exchanging this Warrant pursuant to Section 7, and
replacing this Warrant pursuant to Section 8, or any of the foregoing, and
thereafter any such issuance, exchange or replacement, as the case may be, shall
be made at such office by such agent.

13. Transfer on the Company’s Books. Until this Warrant is transferred on the
books of the Company, the Company may
treat the registered Holder hereof as the absolute owner hereof for all
purposes, notwithstanding any notice to the contrary.

14. Notices, Etc. All notices and other communications from the Company to the
Holder of this Warrant shall be mailed
by first class registered or certified mail, postage prepaid, at such address as
may have been furnished to the Company in writing by such Holder or, until any
such Holder furnishes to the Company an address, then to, and at the address of,
the last Holder of this Warrant who has so furnished an address to the Company.

15. Miscellaneous. This Warrant and any term hereof may be changed, waived,
discharged or terminated only by an
instrument in writing signed by the party against which enforcement of such
change, waiver, discharge or termination is sought. This Warrant shall be
governed by and construed in accordance with the laws of State of New York
without regard to principles of conflicts of laws. Any action brought concerning
the transactions contemplated by this Warrant shall be brought only in the state
courts of New York or in the federal courts located in the state of New York;
provided, however, that the Holder may choose to waive this provision and bring
an action outside the State of New York. The individuals executing this Warrant
on behalf of the Company agree to submit to the jurisdiction of such courts and
waive trial by jury. In the event that any provision of this Warrant is invalid
or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of
law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of this
Warrant. The headings in this Warrant are for purposes of reference only, and
shall not limit or otherwise affect any of the terms hereof. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or
enforceability of any other provision hereof. The Company acknowledges that
legal counsel participated in the preparation of this Warrant and, therefore,
stipulates that the rule of construction that ambiguities are to be resolved
against the drafting party shall not be applied in the interpretation of this
Warrant to favor any party against the other party.

[BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGE FOLLOWS.]

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          IN WITNESS WHEREOF, the Company has executed this Warrant as of the
date first written above.

 

 

 

 

 

 

INCENTRA SOLUTIONS, INC.

 

WITNESS:

 

 

 

 

 

By:

 

 

 

 

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Name:

Matthew G. Richman

 

 

Title:

Senior Vice President, Chief Corporate Development Officer & Treasurer

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EXHIBIT A

FORM OF SUBSCRIPTION
(To Be Signed Only On Exercise Of Warrant)

 

 

TO:

INCENTRA SOLUTIONS, INC.

 

1140 Pearl Street

 

Boulder, CO 80302

 

Attention: Chief Financial Officer

          The undersigned, pursuant to the provisions set forth in the attached
Warrant (No.____), hereby irrevocably elects to purchase (check applicable box):

 

 

________

________ shares of the Common Stock covered by such Warrant; or

 

 

________

the maximum number of shares of Common Stock covered by such Warrant pursuant to
the cashless exercise procedure set forth in Section 2.

          The undersigned herewith makes payment of the full Exercise Price for
such shares at the price per share provided for in such Warrant, which is
$___________. Such payment takes the form of (check applicable box or boxes):

 

 

________

$__________ in lawful money of the United States; and/or

 

 

________

the cancellation of such portion of the attached Warrant as is exercisable for a
total of _______ shares of Common Stock (using a Fair Market Value of $_______
per share for purposes of this calculation); and/or

 

 

________

the cancellation of such number of shares of Common Stock as is necessary, in
accordance with the formula set forth in Section 2.2, to exercise this Warrant
with respect to the maximum number of shares of Common Stock purchasable
pursuant to the cashless exercise procedure set forth in Section 2.

          The undersigned requests that the certificates for such shares be
issued in the name of, and delivered to ______________________________________
whose address is
___________________________________________________________________________.

          The undersigned represents and Warrants that all offers and sales by
the undersigned of the securities issuable upon exercise of the within Warrant
shall be made pursuant to registration of the Common Stock under the Securities
Act of 1933, as amended (the “Securities Act”) or pursuant to an exemption from
registration under the Securities Act.

 

 

 

 

Dated:

 

 

 

 

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(Signature must conform to name of holder as specified on the face of the
Warrant)

 

 

 

 

 

 

 

 

Address:

 

 

 

 

 

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EXHIBIT B

FORM OF TRANSFEROR ENDORSEMENT
(To Be Signed Only On Transfer Of Warrant)

          For value received, the undersigned hereby sells, assigns, and
transfers unto the person(s) named below under the heading “Transferees” the
right represented by the within Warrant to purchase the percentage and number of
shares of Common Stock of INCENTRA SOLUTIONS, INC. into which the within Warrant
relates specified under the headings “Percentage Transferred” and “Number
Transferred,” respectively, opposite the name(s) of such person(s) and appoints
each such person Attorney to transfer its respective right on the books of
INCENTRA SOLUTIONS, INC. with full power of substitution in the premises.

 

 

 

 

 

 

 

Transferees

 

Address

 

Percentage
Transferred

 

Number
Transferred

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Dated:

 

 

 

 

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(Signature must conform to name of holder as specified on the

 

 

 

face of the Warrant)

 

 

 

 

 

 

 

Address:

 

 

 

 

 

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SIGNED IN THE PRESENCE OF:

 

 

 

 

 

 

 

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(Name)

ACCEPTED AND AGREED:

 

 

[TRANSFEREE]

 

 

 

 

 

 

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(Name)

 

 

 

 

 

 

B-1

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