Exhibit 10.15


 


 


THE SECURITIES EVIDENCED OR
CONSTITUTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  SUCH SECURITIES MAY NOT BE SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE REGISTRATION PROVISIONS OF SAID
ACT HAVE BEEN COMPLIED WITH OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED.


 


EXERCISABLE ON OR BEFORE AUGUST 9, 2004


 


	
  No. 3

  	
  25,000 Warrants

  



 


Warrant Certificate


 


PHOTOGEN TECHNOLOGIES, INC.


 


This Warrant
Certificate certifies that FARCAP GROUP, LLC, or registered assigns, is the
registered holder of Warrants expiring August 9, 2004 (the “Warrants”) to
purchase Common Stock, par value $0.001 per share (the “Common Stock”), of
PHOTOGEN TECHNOLOGIES, INC., a Nevada corporation (the “Company”).  Each Warrant entitles the holder upon
exercise to receive from the Company at any time after the earlier of (1) the
consummation of a Value-added Transaction (as defined in that certain
Consulting Agreement dated August 9, 1999 by and between the Company and Farcap
Group, LLC, (the “Consulting Agreement”) or (2) August 9, 2000, and on or
before 5:00 p.m. Pacific Time on August 9, 2004, one fully paid and nonassessable
share of Common Stock (a “Warrant Share”) at the initial exercise price (the
“Exercise Price”) of $1.08 payable in lawful money of the United States of
America upon surrender of this Warrant Certificate and payment of the Exercise
Price at the office of the Company, but only subject to the conditions set
forth herein and in the Warrant Agreement referred to herein.  The Exercise Price and number of Warrant
Shares issuable upon exercise of the Warrants are subject to adjustment upon
the occurrence of certain events set forth in the Warrant Agreement.  Notwithstanding anything herein to the
contrary, the right to exercise these Warrants shall terminate and be of no
further force and effect if either Farcap or the Company shall terminate the
Consulting Agreement effective on August 9, 2000 in accordance with the
provisions of Section 2 of the Consulting Agreement.  This Warrant Certificate is issued and effective upon the
surrender and cancellation of Warrant Certificate No. 1 of which Farcap Group,
LLC is the registered holder, with respect to 500,000 Warrant Shares at an
Exercise Price of $9.45 per share.


 


No Warrant may
be exercised after 5:00 p.m., Pacific Time on August 9, 2004, and to the extent
not exercised by such time such Warrants shall become void.


 


This Warrant
Certificate shall be governed and construed in accordance with the internal
laws of the State of Tennessee, provided,
however, that if, as a result of the Company’s incorporation in the
State of Nevada the laws of that State should govern a particular issue, the
internal laws of the State of Nevada shall govern that issue.


 


Any
controversy or claim arising out of or relating to this Agreement, or the
alleged breach thereof, shall be settled by binding arbitration in Chicago,
Illinois in accordance with the


 

















 


applicable rules of the
American Arbitration Association, and judgment on the award rendered by the
arbitrator(s) shall be binding on the parties and may be entered in any court
having jurisdiction thereof.


 


The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of
Warrants expiring August 9, 2004 entitling the holder on exercise to receive
shares of Common Stock, par value $0.001 per share, of the Company (the “Common
Stock”), and are issued or to be issued pursuant to a Warrant Agreement dated
as of August 9, 1999 (the “Warrant Agreement”), duly executed and delivered by
the Company to Farcap Group, LLC (the “Holder”), 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, the Holder and
the holders (the words “holders” or “holder” meaning the registered holders or
registered holder and any transferee of the registered Holder) of the
Warrants.  A copy of the Warrant
Agreement may be obtained by the holder hereof upon written request to the
Company.


 


Warrants may
be exercised at any time on or before August 9, 2004.  The holder of Warrants evidenced by this Warrant Certificate may
exercise them by surrendering this Warrant Certificate, with the form of
election to purchase set forth hereon properly completed and executed, together
with payment of the Exercise Price in cash at the office of the Company.  In the event that 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.  No
adjustment shall be made for any dividends on any Common Stock issuable upon
exercise of this Warrant.


 


The Warrant
Agreement provides that upon the occurrence of certain events the Exercise
Price set forth on the face hereof may, subject to certain conditions, be
adjusted.  If the Exercise Price is
adjusted, the Warrant Agreement provides that the number of shares of Common
Stock issuable upon the exercise of each Warrant shall be adjusted.  No fractions of a share of Common Stock will
be issued upon the exercise of any Warrant, but the Company will pay the cash
value thereof determined as provided in the Warrant Agreement.


 


Warrant
Certificates, when surrendered at the office of the Company by the registered
holder thereof may be exchanged, in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge,
for another Warrant Certificate or Warrant Certificates of like tenor
evidencing in the aggregate a like number of Warrants.


 


Upon due
presentation for registration of transfer of this Warrant Certificate at the
office of the Company a new Warrant Certificate or Warrant Certificates of like
tenor and evidencing in the aggregate a like number of Warrants shall be issued
to the transferee(s) in exchange for this Warrant Certificate, subject to the
limitations provided in the Warrant Agreement, without charge except for any
tax or other governmental charge imposed in connection therewith.


 


The Company
may deem and treat the registered holder(s) thereof as the absolute owner(s) of
this Warrant Certificate (notwithstanding any notation of ownership or other
writing hereon made by anyone), for the purpose of any exercise hereof, of any
distribution to the


 


2

















 


holder(s) hereof, and for all
other purposes, and the Company shall not be affected by any notice to the
contrary.  Neither the Warrants nor this
Warrant Certificate entitles any holder hereof to any rights of a stockholder
of the Company.


 


3

















 


IN WITNESS
WHEREOF, PHOTOGEN TECHNOLOGIES, INC. has caused this Warrant Certificate to be
signed by its President and by its Secretary.


 


 


	
  Dated:
  January 31, 2003

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  PHOTOGEN
  TECHNOLOGIES, INC.

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
    /s/
  Taffy J. Williams

  	
   

  	 

	
   

  	
  Name: Taffy
  J. Williams

  	 

	
   

  	
  Title:
  President

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By :

  	
    /s/
  Brooks Boveroux

  	
   

  
	
   

  	
  Name: Brooks
  Boveroux

  	 

	
   

  	
  Title:  Secretary

  	 

							



 


4

















 


[Form of Election to Purchase]


 


(To Be Executed Upon Exercise of Warrant)


 


The
undersigned hereby irrevocably elects to exercise the right, represented by
this Warrant Certificate, to receive
         shares of Common Stock and
herewith tenders payment for such shares to the order of PHOTOGEN TECHNOLOGIES,
INC. in the amount of $        in accordance
with the terms hereof. The undersigned requests that a certificate for such
shares be registered in the name of
               ,
whose address is
                                                                            and that such shares be delivered to
                                    whose address is
                                                                               .  If said number of shares is less than all of
the shares of Common Stock purchasable hereunder, the undersigned requests that
a new Warrant Certificate representing the remaining balance of such shares be
registered in the name of
                                    ,
whose address is
                                                               
and that such Warrant Certificate be delivered to
                                
, whose address is                                     
..


 


 


	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  
	
   

  	
   

  	
   

  
	
   

  	
  (Signature
  must confirm in all respects to name of holder as specified on the face of
  the Warrant Certificate.)

  



 


5

















 


THE SECURITIES EVIDENCED OR
CONSTITUTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  SUCH SECURITIES MAY NOT BE SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE REGISTRATION PROVISIONS OF SAID
ACT HAVE BEEN COMPLIED WITH OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED.


 


EXERCISABLE ON OR BEFORE AUGUST 9, 2004


 


	
  No. 4

  	
  25,000 Warrants

  



 


Warrant Certificate


 


PHOTOGEN TECHNOLOGIES, INC.


 


This Warrant
Certificate certifies that FARCAP GROUP, LLC, or registered assigns, is the
registered holder of Warrants expiring August 9, 2004 (the “Warrants”) to
purchase Common Stock, par value $0.001 per share (the “Common Stock”), of
PHOTOGEN TECHNOLOGIES, INC., a Nevada corporation (the “Company”).  Each Warrant entitles the holder upon
exercise to receive from the Company at any time after August 9, 1999 and on or
before 5:00 p.m. Pacific Time on August 9, 2004, one fully paid and
nonassessable share of Common Stock (a “Warrant Share”) at the initial exercise
price (the “Exercise Price”) of $1.08 payable in lawful money of the United
States of America upon surrender of this Warrant Certificate and payment of the
Exercise Price at the office of the Company, but only subject to the conditions
set forth herein and in the Warrant Agreement referred to herein.  The Exercise Price and number of Warrant
Shares issuable upon exercise of the Warrants are subject to adjustment upon
the occurrence of certain events set forth in the Warrant Agreement.  This Warrant Certificate is issued and
effective upon the surrender and cancellation of Warrant Certificate No. 2 of
which Farcap Group, LLC is the registered holder, with respect to 500,000
Warrant Shares at an Exercise Price of $9.45 per share.


 


No Warrant may
be exercised after 5:00 p.m., Pacific Time on August 9, 2004, and to the extent
not exercised by such time such Warrants shall become void.


 


This Warrant
Certificate shall be governed and construed in accordance with the internal
laws of the State of Tennessee, provided,
however, that if, as a result of the Company’s incorporation in the
State of Nevada the laws of that State should govern a particular issue, the
internal laws of the State of Nevada shall govern that issue.


 


Any
controversy or claim arising out of or relating to this Agreement, or the
alleged breach thereof, shall be settled by binding arbitration in Chicago,
Illinois in accordance with the applicable rules of the American Arbitration
Association, and judgment on the award rendered by the arbitrator(s) shall be
binding on the parties and may be entered in any court having jurisdiction
thereof.


 


The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of
Warrants expiring August 9, 2004 entitling the holder on exercise to receive
shares of Common


 


6

















 


Stock, par value $0.001 per
share, of the Company (the “Common Stock”), and are issued or to be issued
pursuant to a Warrant Agreement dated as of August 9, 1999 (the “Warrant
Agreement”), duly executed and delivered by the Company to Farcap Group, LLC
(the “Holder”), 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, the Holder and the holders (the words “holders” or
“holder” meaning the registered holders or registered holder and any transferee
of the registered Holder) of the Warrants. 
A copy of the Warrant Agreement may be obtained by the holder hereof
upon written request to the Company.


 


Warrants may
be exercised at any time on or before August 9, 2004.  The holder of Warrants evidenced by this Warrant Certificate may
exercise them by surrendering this Warrant Certificate, with the form of
election to purchase set forth hereon properly completed and executed, together
with payment of the Exercise Price in cash at the office of the Company.  In the event that 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.  No
adjustment shall be made for any dividends on any Common Stock issuable upon
exercise of this Warrant.


 


The Warrant
Agreement provides that upon the occurrence of certain events the Exercise
Price set forth on the face hereof may, subject to certain conditions, be
adjusted.  If the Exercise Price is
adjusted, the Warrant Agreement provides that the number of shares of Common
Stock issuable upon the exercise of each Warrant shall be adjusted.  No fractions of a share of Common Stock will
be issued upon the exercise of any Warrant, but the Company will pay the cash
value thereof determined as provided in the Warrant Agreement.


 


Warrant
Certificates, when surrendered at the office of the Company by the registered
holder thereof may be exchanged, in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge,
for another Warrant Certificate or Warrant Certificates of like tenor
evidencing in the aggregate a like number of Warrants.


 


Upon due presentation
for registration of transfer of this Warrant Certificate at the office of the
Company a new Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants shall be issued to the
transferee(s) in exchange for this Warrant Certificate, subject to the
limitations provided in the Warrant Agreement, without charge except for any
tax or other governmental charge imposed in connection therewith.


 


The Company
may deem and treat the registered holder(s) thereof as the absolute owner(s) of
this Warrant Certificate (notwithstanding any notation of ownership or other
writing hereon made by anyone), for the purpose of any exercise hereof, of any
distribution to the holder(s) hereof, and for all other purposes, and the
Company shall not be affected by any notice to the contrary.  Neither the Warrants nor this Warrant
Certificate entitles any holder hereof to any rights of a stockholder of the
Company.


 


7

















 


IN WITNESS
WHEREOF, PHOTOGEN TECHNOLOGIES, INC. has caused this Warrant Certificate to be
signed by its President and by its Secretary.


 


 


	
  Dated:
  January 31, 2003

  	
   

  
	
   

  	
   

  
	
   

  	
  PHOTOGEN
  TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Taffy J. Williams

  	
   

  
	
   

  	
  Name: Taffy
  J. Williams

  
	
   

  	
  Title:
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By :

  	
    /s/
  Brooks Boveroux

  	
   

  
	
   

  	
  Name: Brooks
  Boveroux

  
	
   

  	
  Title:  Secretary

  
					



 


8

















 


[Form of Election to Purchase]


 


(To Be Executed Upon Exercise of Warrant)


 


The
undersigned hereby irrevocably elects to exercise the right, represented by
this Warrant Certificate, to receive
         shares of Common Stock and
herewith tenders payment for such shares to the order of PHOTOGEN TECHNOLOGIES,
INC. in the amount of $        in accordance
with the terms hereof. The undersigned requests that a certificate for such
shares be registered in the name of
               ,
whose address is                                                                             and that such shares be delivered to
                                    whose address is                                                                                .  If said number of shares is less than all of
the shares of Common Stock purchasable hereunder, the undersigned requests that
a new Warrant Certificate representing the remaining balance of such shares be
registered in the name of
                                    ,
whose address is
                                                               
and that such Warrant Certificate be delivered to
                                
, whose address is                                     
..


 


 


	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  
	
   

  	
   

  	
   

  
	
   

  	
  (Signature
  must confirm in all respects to name of holder as specified on the face of
  the Warrant Certificate.)

  



 


9