Document:

ex10-3.htm

     

    
 

    
      

      

    

    EXHIBIT
      10.3

     

    THESE
      SECURITIES HAVE NOT 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”), OR ANY APPLICABLE STATE SECURITIES LAWS AND,
      ACCORDINGLY, MAY NOT BE OFFERED OR SOLD (I) IN THE ABSENCE OF (A) AN EFFECTIVE
      REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT, OR (B)
      AN
      OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
      REQUIRED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR (II) UNLESS
      SOLD
      PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  THESE SECURITIES
      MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED
      BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED
      INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN
      SECURED BY SUCH SECURITIES.

     

    EMCORE
      CORPORATION

     

    WARRANT
      TO PURCHASE COMMON STOCK

     

    To
      Purchase [_______] Shares of Common Stock

     

    Date
      of
      Issuance: February 19, 2008

     

    VOID
      AFTER FEBRUARY 15, 2013

     

    THIS
      CERTIFIES THAT, for value received, [_________], or permitted registered assigns
      (the “Holder”), is entitled to subscribe for and purchase at
      the Exercise Price (defined below) from Emcore Corporation, a New Jersey
      corporation (the “Company”) up to [_____] shares of the Common
      Stock (as defined in Section 1 below), as adjusted pursuant to the terms
      hereof.  This warrant (the “Warrant”) is one of a
      series of warrants issued by the Company as of the date hereof (collectively,
      the “Company Warrants”) pursuant to that certain Stock Purchase
      Agreement between the Company and the Holder, dated as of February 15, 2008
      (the
“Stock Purchase Agreement”).

     

    1.  DEFINITIONS.  Capitalized
      terms used herein but not otherwise defined herein shall have their respective
      meanings as set forth in the Stock Purchase Agreement.  As used
      herein, the following terms shall have the following respective
      meanings:

     

    “Black
      Scholes Value” means the value of this Warrant based on the Black and
      Scholes Option Pricing Model obtained from the “OV” function on Bloomberg
      determined as of the day immediately following the public announcement of the
      applicable Fundamental Transaction and reflecting (i) a risk-free interest
      rate
      corresponding to the U.S. Treasury rate for a period equal to the remaining
      term
      of this Warrant as of such date of request and (ii) an expected volatility
      equal
      to the lesser of 50% and the 100 day volatility obtained from the HVT function
      on Bloomberg.

     

    “Bloomberg”
      means Bloomberg Financial Markets.

     

    “Business
      Day” means any day other than Saturday, Sunday or other day on which
      commercial banks in The City of New York are authorized or required by law
      to
      remain closed.

     

    “Cash
      Percentage” means, in a Partial Cash Transaction, the percentage of the
      fair market value (determined in the manner described in the definition of
      “Closing Bid Price”) of the consideration for which this Warrant is exercisable
      immediately following such Partial Cash Transaction that is comprised of
      property (including cash) other than the publicly traded Common Stock of such
      Successor Entity.

     

    “Closing
      Bid Price” and “Closing Sale Price” means, for any
      security as of any date, the last closing bid price and last closing trade
      price, respectively, for such security on The Nasdaq Global Market (the
“Principal Market”), as reported by Bloomberg, or, if the
      Principal Market begins to operate on an extended hours basis and does not
      designate the closing bid price or the closing trade price, as the case may
      be,
      then the last bid price or last trade price, respectively, of such security
      prior to 4:00:00 p.m., New York Time, as reported by Bloomberg, or, if the
      Principal Market is not the principal securities exchange or trading market
      for
      such security, the last closing bid price or last trade price, respectively,
      of
      such security on the principal securities exchange or trading market where
      such
      security is listed or traded as reported by Bloomberg, or if the foregoing
      do
      not apply, the last closing bid price or last trade price, respectively, of
      such
      security in the over-the-counter market on the electronic bulletin board for
      such security as reported by Bloomberg, or, if no closing bid price or last
      trade price, respectively, is reported for such security by Bloomberg, the
      average of the bid prices, or the ask prices, respectively, of any market makers
      for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly
      the National Quotation Bureau, Inc.).  If the Closing Bid Price or the
      Closing Sale Price cannot be calculated for a security on a particular date
      on
      any of the foregoing bases, the Closing Bid Price or the Closing Sale Price,
      as
      the case may be, of such security on such date shall be the fair market value
      as
      mutually determined by the Company and the Holder.  If the Company and
      the Holder are unable to agree upon the fair market value of such security,
      then
      such dispute shall be resolved pursuant to Section 12.  All
      such determinations shall be appropriately adjusted for any stock dividend,
      stock split, stock combination or other similar transaction during the
      applicable calculation period.

     

    “Common
      Stock” means (i) the Company’s shares of Common Stock, no par
      value per share, and (ii) any share capital into which such Common Stock
      shall have been changed or any share capital resulting from a reclassification
      of such Common Stock.

     

    “Eligible
      Market” means The New York Stock Exchange, Inc., The NASDAQ Global
      Market, The NASDAQ Capital Market, The American Stock Exchange, or The NASDAQ
      Global Select Market.

     

    “Equity
      Conditions” means:  (i) on each day during the period
      beginning sixty (60) days prior to the applicable date of determination and
      ending on and including the applicable date of determination (the
“Equity Conditions Measuring Period”), all shares of Common
      Stock issued and issuable upon exercise of the Warrants shall be eligible for
      sale pursuant to Rule 144 without restriction or limitation including without
      the requirement to be subject to Rule 144(c)(1) and without the need for
      registration under any applicable federal or state securities laws; (ii) on
      each
      day during the Equity Conditions Measuring Period, the Common Stock are
      designated for quotation on an Eligible Market and shall not have been suspended
      from trading on such Eligible Market (other than suspensions of not more than
      two (2) days and occurring prior to the applicable date of determination due
      to
      business announcements by the Company) nor shall proceedings for such delisting
      or suspension by such Eligible Market have been commenced, threatened or pending
      either (A) in writing by such Eligible Market or (B) by falling below the
      minimum listing maintenance requirements of such Eligible Market; (iii) on
      each
      day during the Equity Conditions Measuring Period, the Company shall have
      delivered Common Stock upon any exercise of the Warrants to the Holders on
      a
      timely basis as set forth in Section 2 hereof; (iv) any applicable Common
      Stock to be issued in connection with the event requiring determination may
      be
      issued in full without violating the rules or regulations of the applicable
      Eligible Market; (v) during the Equity Conditions Measuring Period, the Company
      shall not have failed to timely make any payments within five (5) Business
      Days
      of when such payment is due pursuant to any Transaction Document (as defined
      in
      the Stock Purchase Agreement); (vi) during the period beginning thirty (30)
      days
      prior to the applicable date of determination and ending on and including the
      applicable date of determination, there shall not have occurred the public
      announcement of a pending, proposed or intended Fundamental Transaction which
      has not been abandoned, terminated or consummated; (vii) the Company shall
      have
      no knowledge of any fact that would cause all shares of Common Stock issued
      and
      issuable upon exercise of the Warrants not to be eligible for sale pursuant
      to
      Rule 144 without restriction or limitation including without the requirement
      to
      be subject to Rule 144(c)(1) and without the need for registration under any
      applicable federal or state securities laws; and (viii) during the Equity
      Conditions Measuring Period, the Company otherwise shall have been in compliance
      with and shall not have breached any provision, covenant, representation or
      warranty of any Transaction Document.

     

    “Equity
      Conditions
      Failure” means that during the period commencing on the first Trading
      Day of the Optional Exercise Measuring Period through the Optional Exercise
      Date, the Equity Conditions have not been satisfied.

     

    “Exercise
      Period” shall mean the period commencing with the date hereof and
      ending on the Initial Termination Date, unless terminated earlier pursuant
      to
Section 2.6 hereof.

     

    “Exercise
      Price” shall mean $15.06 per share, subject to adjustment pursuant to
Section 4 below.

     

    “Exercise
      Shares” shall mean the shares of Common Stock issuable upon exercise of
      this Warrant.

     

    "Fundamental
      Transaction" means that the Company shall directly or indirectly, in
      one or more related transactions, (i) consolidate or merge with or into (whether
      or not the Company is the surviving corporation) another Person, or (ii) sell,
      assign, transfer, convey or otherwise dispose of all or substantially all of
      the
      properties or assets of the Company to another Person, or (iii) allow another
      Person to make a purchase, tender or exchange offer that is accepted by the
      holders of more than the 50% of either the outstanding shares of Common Stock
      (not including any shares of Common Stock held by the Person or Persons making
      or party to, or associated or affiliated with the Persons making or party to,
      such purchase, tender or exchange offer), or (iv) consummate a stock purchase
      agreement or other business combination (including, without limitation, a
      reorganization, recapitalization, spin-off or scheme of arrangement) with
      another Person whereby such other Person acquires more than the 50% of the
      outstanding shares of Common Stock (not including any shares of Common Stock
      held by the other Person or other Persons making or party to, or associated
      or
      affiliated with the other Persons making or party to, such stock purchase
      agreement or other business combination), or (v) reorganize, recapitalize or
      reclassify its Common Stock, or (vi) any "person" or "group" (as these terms
      are
      used for purposes of Sections 13(d) and 14(d) of the Exchange Act), become
      the
      "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly
      or indirectly, of 50% of the aggregate ordinary voting power represented by
      issued and outstanding Common Stock.  For the avoidance of doubt, and
      notwithstanding the foregoing, the term “Fundamental Transaction” shall not
      include any Spin Off.

     

    “Initial
      Termination Date” shall mean 5:00 P.M. New York City time on February
      15, 2013.

     

    “Public
      Stock Transaction” means a Fundamental Transaction in which (i) a
      Successor Entity that is a publicly traded corporation whose stock is quoted
      or
      listed for trading on an Eligible Market assumes this Warrant such that the
      Warrant shall be exercisable for the publicly traded Common Stock of such
      Successor Entity, or (ii) a Successor Entity that is a publicly traded
      corporation whose stock is quoted or listed for trading on an Eligible Market
      assumes this Warrant such that the Warrant shall be exercisable for
      consideration of which at least 90% of the fair market value (determined in
      the
      manner described in the definition of “Closing Bid Price”) is comprised of the
      publicly traded Common Stock of such Successor Entity (any transaction described
      in this clause (ii), a “Partial Cash
      Transaction”).

     

    “Spin
      Off” means (i) the contribution or transfer of assets by the Company to
      an affiliated entity in anticipation of a distribution to the Company’s
      stockholders of shares or assets such affiliated entity, (ii) any distribution
      referred to in clause (i) of this definition, or (iii) any other transaction,
      however structured, which results in one or more of the lines of business or
      divisions of the Company being transferred to another entity which, immediately
      following such transaction or a related distribution, is owned by the same
      stockholders as the Company, provided, that in the case of any such
      transaction referred to in clause (i), (ii) or (iii), the holders of the Company
      Warrants would receive an adjustment pursuant to Section 4 on account of
      the property distributed or otherwise transferred to the Company’s stockholders
      in such transaction.

     

    "Successor
      Entity" means the Person formed by, resulting from or surviving any
      Fundamental Transaction or the Person with which such Fundamental Transaction
      shall have been entered into.

     

    “Trading
      Day” shall mean (a) any day on which the Common Stock is listed or
      quoted and traded on its primary trading market, (b) if the Common Stock is
      not
      then listed or quoted and traded on any Eligible Market, then a day on which
      trading occurs on the OTC Bulletin Board (or any successor thereto), or (c)
      if
      trading does not occur on the OTC Bulletin Board (or any successor thereto),
      any
      Business Day.

     

    “Weighted
      Average Price” means, for any security as of any date, the dollar
      volume-weighted average price for such security on the Principal Market during
      the period beginning at 9:30:01 a.m., New York Time (or such other time as
      the
      Principal Market publicly announces is the official open of trading), and ending
      at 4:00:00 p.m., New York Time (or such other time as the Principal Market
      publicly announces is the official close of trading) as reported by Bloomberg
      through its “Volume at Price” functions, or, if the foregoing does not apply,
      the dollar volume-weighted average price of such security in the
      over-the-counter market on the electronic bulletin board for such security
      during the period beginning at 9:30:01 a.m., New York Time (or such other time
      as such market publicly announces is the official open of trading), and ending
      at 4:00:00 p.m., New York Time (or such other time as such market publicly
      announces is the official close of trading) as reported by Bloomberg, or, if
      no
      dollar volume-weighted average price is reported for such security by Bloomberg
      for such hours, the average of the highest closing bid price and the lowest
      closing ask price of any of the market makers for such security as reported
      in
      the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau,
      Inc.).  If the Weighted Average Price cannot be calculated for a
      security on a particular date on any of the foregoing bases, the Weighted
      Average Price of such security on such date shall be the fair market value
      as
      mutually determined by the Company and the Holder.  If the Company and
      the Holder are unable to agree upon the fair market value of such security,
      then
      such dispute shall be resolved pursuant to Section 12.  All such
      determinations are to be appropriately adjusted for any stock dividend, stock
      split, stock combination or other similar transaction during the applicable
      calculation period.

     

    2.  EXERCISE
      OF WARRANT.

     

    2.1  General.  The
      rights represented by this Warrant may be exercised in whole or in part at
      any
      time during the Exercise Period, by delivery of the following to the Company
      at
      its address set forth on the signature page hereto (or at such other address
      as
      it may designate by notice in writing to the Holder):

     

    (A)  an
      executed Notice of Exercise in the form attached hereto; and

     

    (B)  payment
      of the Exercise Price either (i) in cash or by check, (ii) cancellation of
      indebtedness or (iii) pursuant to a cashless exercise as set forth in Section
      2.1 below.

     

    The
      Holder shall not be required to deliver the original Warrant in order to effect
      an exercise hereunder unless such exercise is an exercise of the Warrant in
      full.  Execution and delivery of the Notice of Exercise shall have the
      same effect as cancellation of the original Warrant and issuance of a new
      Warrant evidencing the right to purchase the remaining number of Exercise
      Shares, if any.

     

    The
      Company shall (i) provided that the Company’s transfer agent (the
“Transfer Agent”) is participating in The Depository Trust
      Company (“DTC”) Fast Automated Securities Transfer Program,
      upon the request of the Holder, credit such aggregate number of shares of Common
      Stock to which the Holder is entitled pursuant to such exercise to the Holder’s
      or its designee’s balance account with DTC through its Deposit Withdrawal Agent
      Commission system, or (ii) if the Transfer Agent is not participating in the
      DTC
      Fast Automated Securities Transfer Program, issue and dispatch by overnight
      courier to the address specified by the Holder in the Notice of Exercise, a
      certificate, registered in the Company’s share register in the name of the
      Holder or its designee, for the number of shares of Common Stock to which the
      Holder is entitled pursuant to such exercise within three (3) Business Days
      from
      the delivery to the Company of (A) the Notice of Exercise and (B) payment of
      the
      aggregate Exercise Price as set forth above or cash exercise pursuant to
Section 2.2.  This Warrant shall be deemed to have been
      exercised on the date the Exercise Delivery Documents (as defined below) are
      received by the Company (any such date, the “Exercise
      Date”).  On or before the first (1st) Business Day following
      the date on which the Company has received each of the Notice of Exercise and
      payment of the aggregate Exercise Price as set forth above or cashless exercise
      pursuant to Section 2.2) (the “Exercise Delivery
      Documents”), the Company shall transmit by facsimile an acknowledgment
      of confirmation of receipt of the Exercise Delivery Documents to the Holder
      and
      the Transfer Agent.  The Exercise Shares shall be deemed to have been
      issued, and the 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 Exercise Date.

     

    The
      person in whose name any certificate or certificates for Exercise Shares are
      to
      be issued upon exercise of this Warrant shall be deemed to have become the
      holder of record of such shares on the Exercise Date, irrespective of the date
      of delivery of such certificate or certificates, except that, if the Exercise
      Date is a date when the stock transfer books of the Company are closed, such
      person shall be deemed to have become the holder of such shares at the close
      of
      business on the next succeeding date on which the stock transfer books are
      open.

     

    To
      the
      extent permitted by law, the Company’s obligations to issue and deliver Exercise
      Shares in accordance with the terms hereof are absolute and unconditional,
      irrespective of any action or inaction by the Holder to enforce the same, any
      waiver or consent with respect to any provision hereof, the recovery of any
      judgment against any person or entity or any action to enforce the same, or
      any
      setoff, counterclaim, recoupment, limitation or termination, or any breach
      or
      alleged breach by the Holder or any other person or entity of any obligation
      to
      the Company or any violation or alleged violation of law by the Holder or any
      other person or entity, and irrespective of any other circumstance which might
      otherwise limit such obligation of the Company to the Holder in connection
      with
      the issuance of Exercise Shares.  Nothing herein shall limit a
      Holder’s right to pursue any other remedies available to it hereunder, at law or
      in equity including, without limitation, a decree of specific performance and/or
      injunctive relief with respect to the Company’s failure to timely deliver
      certificates representing shares of Common Stock upon exercise of this Warrant
      as required pursuant to the terms hereof.

     

    2.2  NET
      EXERCISE.  In lieu of exercising this Warrant by payment of cash
      or by check, or by cancellation of indebtedness, the Holder may, in its sole
      discretion, elect to receive shares equal to the value (as determined below)
      of
      this Warrant (or the portion thereof being canceled) by delivery of the Exercise
      Delivery Documents 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)

              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 canceled (at the date of such
                calculation)

            

    

     

    
      	
               

            	
              A
                =

            	
              the
                Weighted Average Price of one share of the Common Stock for the ten
                (10
                consecutive Trading Days ending on the date immediately preceding
                the
                Exercise Date

            

    

     

    
      	
               

            	
              B
                =

            	
              the
                Exercise Price then in effect for the applicable Exercise Shares
                at the
                time of such exercise

            

    

     

    2.3  ISSUANCE
      OF NEW WARRANTS.  If this Warrant is surrendered in connection
      with any partial exercise of this Warrant, the Company, at its expense, will
      forthwith and, in any event within three (3) Business Days, issue and deliver
      to
      the Holder a new warrant or warrants of like tenor, registered in the name
      of
      the Holder, exercisable, in the aggregate, for the balance of the number of
      shares of Common Stock remaining available for purchase under this
      Warrant.

     

    2.4  PAYMENT
      OF TAXES AND EXPENSES.  The Company shall pay any recording,
      filing, stamp or similar tax which may be payable in respect of any issuance
      and
      delivery of, and the preparation and delivery of certificates (if applicable)
      representing, (i) any Exercise Shares purchased upon exercise of this Warrant
      and/or (ii) new or replacement warrants in the Holder’s name or the name of any
      transferee of all or any portion of this Warrant, provided that the Holder
      shall
      pay any transfer tax in connection with any transfer of all or any portion
      of
      this Warrant or such Exercise Shares to any transferee.

     

    2.5  EXERCISE
      LIMITATIONS; HOLDER’S RESTRICTIONS.  The Company shall not effect
      the exercise of this Warrant and the Holder shall not have the right to exercise
      any portion of this Warrant, pursuant to Section 2 or otherwise, to the
      extent that after giving effect to such issuance after exercise, such Holder
      (together with such Holder’s affiliates), as set forth on the applicable Notice
      of Exercise, would beneficially own in excess of 4.99% (the “Maximum
      Percentage”) of the number of shares of the Common Stock outstanding immediately
      after giving effect to such exercise.  For purposes of the foregoing
      sentence, the number of shares of Common Stock beneficially owned by such Holder
      and its affiliates shall include the number of shares of Common Stock issuable
      upon exercise of this Warrant with respect to which the determination of such
      sentence is being made, but shall exclude the number of shares of Common Stock
      which would be issuable upon (A) exercise of the remaining, nonexercised portion
      of this Warrant beneficially owned by such Holder or any of its affiliates
      and
      (B) exercise or conversion of the unexercised or nonconverted portion of any
      other securities of the Company (including, without limitation, any other shares
      of Common Stock or Warrants) subject to a limitation on conversion or exercise
      analogous to the limitation contained herein.  Except as set forth in
      the preceding sentence, for purposes of this Section 2.4, beneficial
      ownership shall be calculated in accordance with Section 13(d) of the Securities
      Exchange Act of 1934, as amended (the “Exchange Act”), it being acknowledged by
      the Holder that the Company is not representing to such Holder that such
      calculation is in compliance with Section 13(d) of the Exchange Act and such
      Holder is solely responsible for any schedules required to be filed in
      accordance therewith.  To the extent that the limitation contained in
      this Section 2.4 applies, the determination of whether this Warrant is
      exercisable (in relation to other securities owned by such Holder) and of which
      a portion of this Warrant is exercisable shall be in the sole discretion of
      a
      Holder, and the submission of a Notice of Exercise shall be deemed to be the
      Holder’s  determination of whether this Warrant is exercisable (in
      relation to other securities owned by such Holder) and of which portion of
      this
      Warrant is exercisable, in each case subject to such aggregate percentage
      limitation, and the Company shall have no obligation to verify or confirm the
      accuracy of such determination.  For purposes of this Section
      2.4, in determining the number of outstanding shares of Common Stock, a
      Holder may rely on the number of outstanding shares of Common Stock as reflected
      in (x) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, (y)
      a more recent public announcement by the Company or (z) any other notice by
      the
      Company or the Transfer Agent setting forth the number of shares of Common
      Stock
      outstanding.  Upon the written or oral request of the Holder, the
      Company shall within two (2) Business Days confirm orally and in writing to
      such
      Holder the number of shares of Common Stock then outstanding.  In any
      case, the number of outstanding shares of Common Stock shall be determined
      after
      giving effect to the conversion or exercise of securities of the Company,
      including this Warrant, by such Holder or its affiliates since the date as
      of
      which such number of outstanding shares of Common Stock was
      reported.  By written notice to the Company, the Holder may from time
      to time increase or decrease the Maximum Percentage to any other percentage
      not
      in excess of 9.99% specified in such notice; provided that (i) any such increase
      will not be effective until the sixty-first (61st) day after
      such
      notice is delivered to the Company, and (ii) any such increase or decrease
      will
      apply only to the Holder and not to any other holder of Company
      Warrants.  The provisions of this paragraph shall be construed and
      implemented in a manner otherwise than in strict conformity with the terms
      of
      this Section 2.4 to correct this paragraph (or any portion hereof) which
      may be defective or inconsistent with the intended beneficial ownership
      limitation herein contained or to make changes or supplements necessary or
      desirable to properly give effect to such limitation.

     

    2.6  CALL
      PROVISION.  Subject to the provisions of Section 2.5 and
      this Section 2.6, if, at any time after February 19, 2010 (the
“Triggering Date”) that (i) the Closing Sale Price of the
      Common Stock has exceeded 150% of the Exercise Price for at least 20 Trading
      Days within a period of any 30 consecutive Trading Days after the Triggering
      Date (the “Call Measuring Period”), (ii) the arithmetic average
      of the daily volume of the Common Stock during the Call Measuring Period
      (determined by dividing the aggregate volume of trades for each Trading Day
      during the Call Measuring Period by 30) exceeds 500,000 shares of Common Stock
      and (iii) there has been no Equity Conditions Failure, then the Company may,
      within one (1) Trading Day of the end of such Measurement Period, call for
      the
      cancellation of all or any portion of this Warrant for which a Notice of
      Exercise has not yet been delivered (such right, a “Call”) for
      consideration equal to $0.01 per Exercise Share.  To exercise this
      right, the Company must deliver to the Holder an irrevocable written notice
      (a
“Call Notice”), which shall state (A) the Call Date (as defined
      below) and (B) the aggregate number of Exercise Shares which the Company has
      elected to be subject to the Call by all of the holders of the Company Warrants
      pursuant to this Section 2.6 (and analogous provisions under the other
      Company Warrants) on the Call Date.  Notwithstanding the foregoing,
      nothing in this subsection shall prevent the Holder from exercising this
      Warrant, in whole or part, prior to such Call Date.  If the conditions
      set forth below for such Call are satisfied from the period from the date of
      the
      Call Notice through and including the Call Date, then any portion of this
      Warrant subject to such Call Notice for which a Notice of Exercise shall not
      have been received by the Call Date will be cancelled at 5:00 p.m. (New York
      City time) on the twentieth (20th) Trading Day after the date the Call Notice
      is
      received by the Holder (such date and time, the “Call
      Date”).  Any unexercised portion of this Warrant to which the
      Call Notice does not pertain will be unaffected by such Call
      Notice.  In furtherance thereof, the Company covenants and agrees that
      it will honor all Notices of Exercise with respect to Exercise Shares subject
      to
      a Call Notice that are tendered through 5:00 p.m. (New York City time) on the
      Call Date.  The Company agrees that any Notice of Exercise delivered
      on or after a Call Notice which calls less than all the Warrants shall first
      reduce to zero the number of Exercise Shares subject to such Call Notice prior
      to reducing the remaining Exercise Shares available for purchase under this
      Warrant.  For example, if (x) this Warrant then permits the Holder to
      acquire one hundred (100) Exercise Shares, (y) a Call Notice pertains to
      seventy-five (75) Exercise Shares, and (z) prior to 5:00 p.m. (New York City
      time) on the Call Date the Holder tenders a Notice of Exercise in respect of
      fifty (50) Exercise Shares, then (1) on the Call Date the right under this
      Warrant to acquire twenty-five (25) Exercise Shares will be automatically
      cancelled, (2) the Company, in the time and manner required under this Warrant,
      will have issued and delivered to the Holder fifty (50) Exercise Shares in
      respect of the exercises following receipt of the Call Notice, and (3) the
      Holder may, until the end of the Initial Termination Date, exercise this Warrant
      for twenty-five (25) Exercise Shares (subject to adjustment as herein provided
      and subject to subsequent Call Notices).  Subject again to the
      provisions of this Section 2.6, the Company may deliver subsequent Call
      Notices for any portion of this Warrant for which the Holder shall not have
      delivered a Notice of Exercise.  Notwithstanding anything to the
      contrary set forth in this Warrant, the Company may not deliver a Call Notice
      or
      require the cancellation of this Warrant (and any such Call Notice shall be
      void), unless, from the beginning of the Call Measurement Period through the
      Call Date, (i) the Company shall have honored in accordance with the terms
      of
      this Warrant all Notices of Exercise delivered by  5:00 p.m. (New York
      City time) on the Call Date; (ii) there has been no Equity Conditions Failure;
      (iii) the Common Stock shall be listed or quoted for trading on an Eligible
      Market; (iv) there is a sufficient number of authorized shares of Common Stock
      for issuance of all Exercise Shares; and (v) the issuance of the shares shall
      not cause a breach of any provision of Section 2.5 herein.  The
      Company’s right to call the Warrants under this Section 2.6 shall be
      exercised ratably among all holders of Company Warrants based on each holder’s
      initial purchase of Warrants.

     

    2.7  COMPANY’S
      FAILURE TO TIMELY DELIVER SECURITIES.  If the Company shall fail
      for any reason or for no reason to issue to the Holder within three (3) Trading
      Days of receipt of the Exercise Delivery Documents, a certificate for the number
      of shares of Common Stock to which the Holder is entitled and register such
      shares of Common Stock on the Company’s share register or to credit the Holder’s
      balance account with DTC for such number of shares of Common Stock to which
      the
      Holder is entitled upon the Holder’s exercise of this Warrant, then, in addition
      to all other remedies available to the Holder, the Company shall pay in cash
      to
      the Holder on each day after such third Business Day that
      the issuance of such shares of Common Stock is not timely effected an amount
      equal to 1.5% of the product of (A) the sum of the number of shares of Common
      Stock not issued to the Holder on a timely basis and to which the Holder is
      entitled and (B) the Closing Sale Price of the shares of Common Stock on the
      Trading Day immediately preceding the last possible date which the Company
      could
      have issued such shares of Common Stock to the Holder without violating
Section 2.1.  In addition to the foregoing, if within three (3)
      Trading Days after the Company’s receipt of the facsimile copy of a Exercise
      Notice the Company shall fail to issue and deliver a certificate to the Holder
      and register such shares of Common Stock on the Company’s share register or
      credit the Holder’s balance account with DTC for the number of shares of Common
      Stock to which the Holder is entitled upon the Holder’s exercise hereunder, and
      if on or after such Trading Day the Holder purchases (in an open market
      transaction or otherwise) shares of Common Stock to deliver in satisfaction
      of a
      sale by the Holder of shares of Common Stock issuable upon such exercise that
      the Holder anticipated receiving from the Company (a “Buy-In”),
      then the Company shall, within three (3) Business Days after the Holder’s
      request and in the Holder’s discretion, either (i) pay cash to the Holder in an
      amount equal to the Holder’s total purchase price (including brokerage
      commissions, if any) for the shares of Common Stock so purchased (the
“Buy-In Price”), at which point the Company’s obligation to
      deliver such certificate (and to issue such Exercise Shares) shall terminate,
      or
      (ii) promptly honor its obligation to deliver to the Holder a certificate or
      certificates representing such Exercise Shares and pay cash to the Holder in
      an
      amount equal to the excess (if any) of the Buy-In Price over the product of
      (A)
      such number of shares of Common Stock, times (B) the Closing Bid Price on the
      date of exercise.

     

    3.  COVENANTS
      OF THE COMPANY.

     

    3.1  COVENANTS
      AS TO EXERCISE SHARES.  The Company covenants and agrees that all
      Exercise Shares that may be issued upon the exercise of the rights represented
      by this Warrant will, upon issuance, be validly issued and outstanding, fully
      paid and nonassessable, and free from all taxes, liens and charges with respect
      to the issuance thereof.  The Company further covenants and agrees
      that the Company will at all times during the Exercise Period, have authorized
      and reserved, free from preemptive rights, a sufficient number of shares of
      Common Stock to provide for the exercise of the rights represented by the
      Company Warrants.  If at any time during the Exercise Period the
      number of authorized but unissued shares of Common Stock shall not be sufficient
      to permit exercise of all of the Company Warrants (an “Authorized Share
      Failure”), the Company will take such corporate action as may, in the
      opinion of its counsel, be necessary to increase its authorized but unissued
      shares of Common Stock to such number of shares as shall be sufficient for
      such
      purposes.  Without limiting the generality of the foregoing sentence,
      as soon as practicable after the date of the occurrence of an Authorized Share
      Failure, but in no event later than sixty (60) days after the occurrence of
      such
      Authorized Share Failure, the Company shall hold a meeting of its stockholders
      for the approval of an increase in the number of authorized shares of Common
      Stock.  In connection with such meeting, the Company shall provide
      each stockholder with a proxy statement and shall use its best efforts to
      solicit its stockholders' approval of such increase in authorized shares of
      Common Stock and to cause its board of directors to recommend to the
      stockholders that they approve such proposal.

     

    3.2  NO
      IMPAIRMENT.  The Company will not, by amendment of its Certificate
      of Incorporation or through any reorganization, transfer of assets,
      consolidation, merger, dissolution, issue or sale of securities or any other
      voluntary action, avoid or seek to avoid the observance or performance of any
      of
      the terms to be observed or performed hereunder by the Company, but will at
      all
      times in good faith assist in the carrying out of all the provisions of this
      Warrant and in the taking of all such action as may be necessary or appropriate
      in order to protect the exercise rights of the Holder against
      impairment.  Without limiting the generality of the foregoing, the
      Company (i) shall not increase the par value of any shares of Common Stock
      receivable upon the exercise of this Warrant above the Exercise Price then
      in
      effect, (ii) shall take all such actions as may be necessary or appropriate
      in order that the Company may validly and legally issue fully paid and
      nonassessable shares of Common Stock upon the exercise of this Warrant, and
      (iii) shall, so long as any of the Company Warrants are outstanding, take all
      action necessary to reserve and keep available out of its authorized and
      unissued shares of Common Stock, solely for the purpose of effecting the
      exercise of the Company Warrants, 100% of the number of shares of Common Stock
      as shall from time to time be necessary to effect the exercise of the Company
      Warrants then outstanding (without regard to any limitations on
      exercise).

     

    3.3  NOTICES
      OF RECORD DATE AND CERTAIN OTHER EVENTS.  In the event of any
      taking by the Company of a record of the holders of any class of securities
      for
      the purpose of determining the holders thereof who are entitled to receive
      any
      dividend or other distribution, the Company shall mail to the Holder, at least
      ten (10) days prior to the date on which any such record is to be taken for
      the
      purpose of such dividend or distribution, a notice specifying such
      date.  In the event of any voluntary dissolution, liquidation or
      winding up of the Company, the Company shall mail to the Holder, at least ten
      (10) days prior to the date of the occurrence of any such event, a notice
      specifying such date.  In the event the Company authorizes or
      approves, enters into any agreement contemplating, or solicits stockholder
      approval for any Fundamental Transaction the Company shall mail to the Holder,
      at least ten (10) days prior to the date of the occurrence of such event, a
      notice specifying such date.

     

    4.  ADJUSTMENT
      OF EXERCISE PRICE AND SHARES.

     

    (A)  In
      the
      event of changes in the outstanding Common Stock of the Company by reason of
      stock dividends, stock splits, recapitalizations, reclassifications,
      combinations or exchanges of shares, reorganizations, liquidations,
      consolidation, acquisition of the Company (whether through merger or acquisition
      of substantially all the assets or stock of the Company), or the like, the
      number, class and type of shares available under this Warrant in the aggregate
      and the Exercise Price shall be correspondingly adjusted to give the Holder
      of
      this Warrant, on exercise for the same aggregate Exercise Price, the total
      number, class, and type of shares or other property as the Holder would have
      owned had this Warrant been exercised prior to the event and had the Holder
      continued to hold such shares until the event requiring
      adjustment.  The form of this Warrant need not be changed because of
      any adjustment in the number of Exercise Shares subject to this
      Warrant.

     

    (B)  If
      at any
      time or from time to time the holders of Common Stock of the Company (or any
      shares of stock or other securities at the time receivable upon the exercise
      of
      this Warrant) pursuant to a dividend or distribution declared by the Company
      (other than a dividend or distribution covered in Section 4(a) above),
      shall have received or become entitled to receive, without payment
      therefor,

     

    (I)  Common
      Stock or any shares of stock or other securities which are at any time directly
      or indirectly convertible into or exchangeable for Common Stock, or any rights
      or options to subscribe for, purchase or otherwise acquire any of the foregoing
      by way of dividend or other distribution; or

     

    (II)  any
      cash
      paid or payable, then and in each such case, the Holder hereof will, upon the
      exercise of this Warrant, be entitled to receive, in addition to the number
      of
      shares of Common Stock receivable thereupon, and without payment of any
      additional consideration therefor, the amount of stock and other securities
      and
      property (including cash in the cases referred to in this clause (II)) which
      such Holder would hold on the date of such exercise had such Holder been the
      holder of record of such Common Stock as of the date on which holders of Common
      Stock received or became entitled to receive such shares or all other additional
      stock and other securities and property.

     

    (C)  If
      at any
      time or from time to time the holders of Common Stock of the Company (or any
      shares of stock or other securities at the time receivable upon the exercise
      of
      this Warrant) pursuant to a dividend or distribution declared by the Company
      (other than a dividend or distribution covered in Section 4(A) or
4(B) above), shall have received or become entitled to receive,
      without
      payment therefor, Common Stock or additional stock or other securities or
      property (including cash) by way of spinoff, split-up or similar corporate
      rearrangement (a “Spin Distribution”), then and in each such
      case:

     

    (I)  any
      Exercise Price in effect immediately prior to the close of business on the
      record date fixed for the Spin Distribution shall be reduced, effective as
      of
      the close of business on such record date, to a price determined by multiplying
      such Exercise Price by a fraction of which (i) the numerator shall be the
      Closing Bid Price of the shares of Common Stock on the Trading Day immediately
      preceding the record date minus the value of the Spin Distribution (as
      determined in good faith by the Company's Board of Directors) applicable to
      one
      share of Common Stock, and (ii) the denominator shall be the Closing Bid Price
      of the shares of Common Stock on the Trading Day on such record date;
      and

     

    (II)  the
      number of Exercise Shares shall be increased to a number of shares equal to
      the
      number of shares of Common Stock obtainable immediately prior to the close
      of
      business on the record date fixed for the determination of holders of shares
      of
      Common Stock entitled to receive the Spin Distribution multiplied by the
      reciprocal of the fraction set forth in the immediately preceding paragraph
      (a);
provided that in the event that the dividend or distribution is of shares
      of common stock ("Other Shares of Common Stock") of a company
      whose common shares are traded on an Eligible Market, then the Holder may elect
      to receive, in lieu of an increase in the number of Exercise Shares, a warrant
      to purchase Other Shares of Common Stock the terms of which shall be identical
      to those of this Warrant, except that such warrant shall be exercisable into
      the
      number of shares of Other Shares of Common Stock that would have been payable
      to
      the Holder pursuant to the dividend or distribution had the Holder exercised
      this Warrant immediately prior to the record date for such dividend or
      distribution and with an aggregate exercise price equal to the product of the
      amount by which the Exercise Price of this Warrant was decreased with respect
      to
      the dividend or distribution pursuant to the terms of the immediately preceding
      paragraph (I) and the number of Exercise Shares calculated in accordance with
      the first part of this paragraph (II).

     

    (D)  Upon
      the
      occurrence of each adjustment pursuant to this Section 4, the Company at
      its expense will promptly compute such adjustment in accordance with the terms
      of this Warrant and prepare a certificate setting forth such adjustment,
      including a statement of the adjusted Exercise Price and adjusted number or
      type
      of Exercise Shares or other securities issuable upon exercise of this Warrant
      (as applicable), describing the transactions giving rise to such adjustments
      and
      showing in detail the facts upon which such adjustment is based.  The
      Company will promptly deliver a copy of each such certificate to the Holder
      and
      to the Transfer Agent.

     

    (E)  The
      Company may at any time during the term of this Warrant reduce the then current
      Exercise Price to any amount and for any period of time deemed appropriate
      by
      the Board of Directors of the Company.

     

    5.  FRACTIONAL
      SHARES.  No fractional shares shall be issued upon the exercise of
      this Warrant as a consequence of any adjustment pursuant hereto.  All
      Exercise Shares (including fractions) issuable upon exercise of this Warrant
      may
      be aggregated for purposes of determining whether the exercise would result
      in
      the issuance of any fractional share.  If, after aggregation, the
      exercise would result in the issuance of a fractional share, the Company shall,
      in lieu of issuance of any fractional share, pay the Holder otherwise entitled
      to such fraction a sum in cash equal to the product resulting from multiplying
      the Weighted Average Price of an Exercise Share on the Exercise Date by such
      fraction.

     

    6.  FUNDAMENTAL
      TRANSACTIONS.

     

    6.1  Upon
      any
      Fundamental Transaction while this Warrant is outstanding, upon any subsequent
      exercise of this Warrant, the Holder shall have the right to receive, for each
      Exercise Share that would have been issuable upon such exercise immediately
      prior to the occurrence of such Fundamental Transaction, upon exercise of this
      Warrant (disregarding any limitation on exercise contained herein solely for
      the
      purpose of such determination), the number of shares of Common Stock of the
      Successor Entity, and any additional consideration (the “Alternate
      Consideration”) receivable upon or as a result of such reorganization,
      reclassification, merger, consolidation or disposition of assets by a Holder
      of
      the number of shares of Common Stock for which this Warrant is exercisable
      immediately prior to such event (disregarding any limitation on exercise
      contained herein solely for the purpose of such determination).  For
      purposes of any such exercise, the determination of the Exercise Price shall
      be
      appropriately adjusted to apply to such Alternate Consideration based on the
      amount of Alternate Consideration issuable in respect of one share of Common
      Stock in such Fundamental Transaction, and the Company shall apportion the
      Exercise Price among the Alternate Consideration in a reasonable manner
      reflecting the relative value of any different components of the Alternate
      Consideration.  If holders of Common Stock are given any choice as to
      the securities, cash or property to be received in a Fundamental Transaction,
      then the Holder shall be given the same choice as to the Alternate Consideration
      it receives upon any exercise of this Warrant following such Fundamental
      Transaction.  To the extent necessary to effectuate the foregoing
      provisions, any Successor Entity shall issue to the Holder a new warrant
      consistent with the foregoing provisions and evidencing the Holder’s right to
      exercise such warrant into Alternate Consideration.  The terms of any
      agreement pursuant to which a Fundamental Transaction is effected shall include
      terms requiring any such successor or surviving entity to comply with the
      provisions of this Section 6 and ensuring that this Warrant (or any such
      replacement security) will be similarly adjusted upon any subsequent transaction
      analogous to a Fundamental Transaction.

     

    6.2  Notwithstanding
      the foregoing:

     

    (A)  in
      the
      event of any Fundamental Transaction other than a Public Stock Transaction,
      at
      the request of the Holder delivered at any time before the 90th day after such
      Fundamental Transaction, the Company (or the Successor Entity) shall purchase
      this Warrant from the Holder by paying to the Holder, within five (5) Business
      Days after such request (or, if later, on the effective date of the Fundamental
      Transaction), cash in an amount equal to the Black Scholes Value of the
      remaining unexercised portion of this Warrant on the date of such Fundamental
      Transaction; and

     

    (B)  in
      the
      event of any Partial Cash Transaction, at the request of the Holder delivered
      at
      any time before the 90th day after such Partial Cash Transaction, the Company
      (or the Successor Entity) shall purchase from the Holder a portion of this
      Warrant equal to the Cash Percentage by paying to the Holder, within five (5)
      Business Days after such request (or, if later, on the effective date of the
      Partial Cash Transaction), cash in an amount equal to the Cash Percentage of
      the
      Black Scholes Value of the remaining unexercised portion of this Warrant on
      the
      date of such Partial Cash Transaction.

     

    7.  NO
      STOCKHOLDER RIGHTS.  Other than as provided in Section 3.3
      or otherwise herein, this Warrant in and of itself shall not entitle the Holder
      to any voting rights or other rights as a stockholder of the
      Company.  In addition, nothing contained in this Warrant shall be
      construed as imposing any liabilities on the Holder to purchase any securities
      (upon exercise of this Warrant or otherwise) or as a stockholder of the Company,
      whether such liabilities are asserted by the Company or by creditors of the
      Company.  Notwithstanding this Section 7, the Company shall
      provide the Holder with copies of the same notices and other information given
      to the stockholders of the Company generally, contemporaneously with the giving
      thereof to the stockholders, unless in each case such information is publicly
      available via EDGAR.

     

    8.  TRANSFER
      OF WARRANT.  Subject to applicable laws and the restriction on
      transfer set forth in the Stock Purchase Agreement, this Warrant and all rights
      hereunder are transferable, by the Holder in person or by duly authorized
      attorney, upon delivery of this Warrant and the form of assignment attached
      hereto to any transferee designated by Holder.  The transferee shall
      sign an investment letter in form and substance reasonably satisfactory to
      the
      Company and its counsel.

     

    9.  LOST,
      STOLEN, MUTILATED OR DESTROYED WARRANT.  If this Warrant is lost,
      stolen, mutilated or destroyed, the Company may, on such terms as to indemnity
      or otherwise as it may reasonably impose (which shall, in the case of a
      mutilated Warrant, include the surrender thereof), issue a new Warrant of like
      denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.
      Any such new Warrant shall constitute an original contractual obligation of
      the
      Company, whether or not the allegedly lost, stolen, mutilated or destroyed
      Warrant shall be at any time enforceable by anyone.

     

    10.  NOTICES,
      ETC.  All notices required or permitted hereunder shall be in
      writing and shall be deemed effectively given: (a) upon personal delivery to
      the
      party to be notified, (b) when sent by confirmed telex or facsimile if sent
      during normal business hours of the recipient, if not, then on the next Business
      Day, (c) five (5) days after having been sent by registered or certified mail,
      return receipt requested, postage prepaid, or (d) one day after deposit with
      a
      nationally recognized overnight courier, specifying next day delivery, with
      written verification of receipt.  All communications shall be sent to
      the Company at the address listed on the signature page hereto and to Holder
      at
      the  applicable address set forth on the applicable signature page to
      the Stock Purchase Agreement or at such other address as the Company or Holder
      may designate by ten (10) days advance written notice to the other parties
      hereto.

     

    11.  ACCEPTANCE.  Receipt
      of this Warrant by the Holder shall constitute acceptance of and agreement
      to
      all of the terms and conditions contained herein.

     

    12.  DISPUTE
      RESOLUTION.  In the case of a dispute as to the determination of
      the Exercise Price with respect to some or all of this Warrant or the arithmetic
      calculation of the Exercise Shares, the Company shall submit the disputed
      determinations or arithmetic calculations via facsimile within two (2) Business
      Days of receipt of the Notice of Exercise giving rise to such dispute, as the
      case may be, to the Holder.  If the Holder and the Company are unable
      to agree upon such determination or calculation of the Exercise Price or the
      Exercise Shares within three (3) Business Days of such disputed determination
      or
      arithmetic calculation being submitted to the Holder, then the Company shall,
      within two (2) Business Days submit via facsimile the disputed determination
      of
      the Exercise Price to an independent, reputable investment bank selected by
      the
      Company and approved by the Holder.  The Company shall cause at its
      expense the investment bank or the accountant, as the case may be, to perform
      the determinations or calculations and notify the Company and the Holder of
      the
      results no later than ten (10) Business Days from the time it receives the
      disputed determinations or calculations.  Such investment bank's or
      accountant's determination or calculation, as the case may be, shall be binding
      upon all parties absent demonstrable error.

     

    13.  GOVERNING
      LAW.  This Warrant shall be governed by and construed and enforced
      in accor­dance with, and all questions concerning the construction,
      validity, interpretation and performance of this Warrant shall be governed
      by,
      the internal laws of the State of New York, without giving effect to any choice
      of law or conflict of law provision or rule (whether of the State of New York
      or
      any other jurisdictions) that would cause the application of the laws of any
      jurisdictions other than the State of New York.

     

    14.  REMEDIES,
      OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF.  The remedies
      provided in this Warrant shall be cumulative and in addition to all other
      remedies available under this Warrant and the other Transaction Documents,
      at
      law or in equity (including a decree of specific performance and/or other
      injunctive relief), and nothing herein shall limit the right of the Holder
      to
      pursue actual damages for any failure by the Company to comply with the terms
      of
      this Warrant (to the extent that such actual damages exceed the amount of prior
      payments hereunder by the Company in respect of such failure).  The
      Company acknowledges that a breach by it of its obligations hereunder will
      cause
      irreparable harm to the Holder and that the remedy at law for any such breach
      may be inadequate.  The Company therefore agrees that, in the event of
      any such breach or threatened breach, the holder of this Warrant shall be
      entitled, in addition to all other available remedies, to an injunction
      restraining any breach, without the necessity of showing economic loss and
      without any bond or other security being required.

     

    15.  AMENDMENT
      OR WAIVER.  Any term of this Warrant may be amended or waived
      (either generally or in a particular instance and either retroactively or
      prospectively) with the written consent of the Company and the
      Holder.  Any term of all of the Company Warrants may be amended or
      waived (either generally or in a particular instance and either retroactively
      or
      prospectively) with the written consent of the Company and holders of Company
      Warrants representing at least two-thirds of the number of shares of Common
      Stock then subject to outstanding Company Warrants.  Notwithstanding
      the foregoing, (a) this Warrant may be amended and the observance of any term
      hereunder may be waived without the written consent of the Holder only in a
      manner which applies to all Company Warrants in the same fashion and (b) the
      number of Exercise Shares subject to this Warrant and the Exercise Price of
      this
      Warrant may not be amended, and the right to exercise this Warrant may not
      be
      waived, without the written consent of the Holder.  No amendment shall
      be effective to the extent that it applies to less than all of the holders
      of
      the Company Warrants then outstanding.  No consideration (other than
      the reimbursement of legal fees) shall be offered or paid to any Person to
      amend
      or consent to a waiver or modification of any provision of any the Company
      Warrants unless the same consideration also is offered to all holders of Company
      Warrants.  The Company shall give prompt written notice to the Holder
      of any amendment hereof or waiver hereunder that was effected without the
      Holder’s written consent.  No waivers of any term, condition or
      provision of this Warrant, in any one or more instances, shall be deemed to
      be,
      or construed as, a further or continuing waiver of any such term, condition
      or
      provision.

     

    16.  SEVERABILITY.  If
      any provision of this Agreement is prohibited by law or otherwise determined
      to
      be invalid or unenforceable by a court of competent jurisdiction, the provision
      that would otherwise be prohibited, invalid or unenforceable shall be deemed
      amended to apply to the broadest extent that it would be valid and enforceable,
      and the invalidity or unenforceability of such provision shall not affect the
      validity of the remaining provisions of this Agreement so long as this Agreement
      as so modified continues to express, without material change, the original
      intentions of the parties as to the subject matter hereof and the prohibited
      nature, invalidity or unenforceability of the provision(s) in question does
      not
      substantially impair the respective expectations or reciprocal obligations
      of
      the parties or the practical realization of the benefits that would otherwise
      be
      conferred upon the parties.  The parties will endeavor in good faith
      negotiations to replace the prohibited, invalid or unenforceable provision(s)
      with a valid provision(s), the effect of which comes as close as possible to
      that of the prohibited, invalid or unenforceable provision(s).

     

    17.  COMPLIANCE
      WITH SECURITIES LAWS.  By acceptance of this
      Warrant, the Holder hereby represents, warrants and covenants that any shares
      of
      stock purchased upon exercise of this Warrant shall be acquired not with a
      view
      to, or for sale in connection with, any distribution thereof; that Holder has
      had such opportunity as Holder has deemed adequate to obtain from
      representatives of the Company such information as is necessary to permit Holder
      to evaluate the merits and risks of its investment in the Company; that Holder
      is able to bear the economic risk of holding this Warrant or the Exercise Shares
      for an indefinite period; that Holder is an “accredited investor” as such term
      is defined in Rule 501 of Regulation D promulgated under the Securities Act
      of
      1933, as amended (the “Act”); that Holder understands that
      shares of Warrant Stock will not be registered under the Act (unless otherwise
      required pursuant to exercise by Holder of the registration rights, if any,
      previously granted to Holder) and will be “restricted securities” within the
      meaning of Rule 144 promulgated under the Act and that the exemption from
      registration under Rule 144 will not be available for at least six months from
      the date of exercise of this Warrant, subject to any special treatment by the
      SEC for exercise of this Warrant pursuant to Section 2.1; and that all
      stock certificates representing Exercise Shares may have affixed thereto a
      legend substantially in the following form:

     

    THESE
      SECURITIES HAVE NOT 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”), OR ANY APPLICABLE STATE SECURITIES LAWS AND,
      ACCORDINGLY, MAY NOT BE OFFERED OR SOLD (I) IN THE ABSENCE OF (A) AN EFFECTIVE
      REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT, OR (B)
      AN
      OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
      REQUIRED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR (II) UNLESS
      SOLD
      PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  THESE SECURITIES
      MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED
      BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED
      INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN
      SECURED BY SUCH SECURITIES.

     

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                                                          CHI-1633921v1                                  
              	 	 

          
      
      

                  
      
      

                  
      
    

         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
      duly
      authorized officer as of February 15, 2008.

     

    

     

    
      	
              EMCORE
                CORPORATION

            
	
              By:                                                                            

            
	
              Name:

              Title:

            
	
              1600
                Eubank Road SE

              Albuquerque,
                NM 87123

            
	
              Facsimile
                No.:

              Telephone
                No.:

            

    

    
      
              
        

          
            	                

                                       
                                      
                

                                                          CHI-1633921v1                                  
              	 	 

          
      
      

                  
      
    

         

      

      
         

        
          

        

      

      
         

      

    

    EXERCISE
      NOTICE

    TO
      BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

    WARRANT
      TO PURCHASE COMMON STOCK

    

    
      	
               

            	
              EMCORE
                CORPORATION

            

    

    
      	
               

            	
              Attn:
                [_______________________]

            

    

    
      	
               

            	
              Fax:  [_______________________]

            

    

    

     

    The
      undersigned holder hereby exercises the right to purchase _________________
      of
      the shares of Common Stock (“Exercise Shares”) of EMCORE CORPORATION, a
      Delaware corporation (the “Company”), evidenced by the attached
      Warrant.  Capitalized terms used herein and not otherwise defined
      shall have the respective meanings set forth in the Warrant.

     

    1.           Form
      of Exercise Price.  The Holder intends that payment of the
      Exercise Price shall be made as:

     

    
      	
               

            	
              ____________

            	
              a
                “Cash Exercise” with respect to _________________ Exercise
                Shares; and/or

            

    

     

    
      	
               

            	
              ____________

            	
              a
                “Cashless Exercise” with respect to _______________ Exercise
                Shares.

            

    

     

    2.           Payment
      of Exercise Price.  In the event that the holder has elected a
      Cash Exercise with respect to some or all of the Exercise Shares to be issued
      pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum
      of
      $___________________ to the Company in accordance with the terms of the
      Warrant.

     

    3.           Representation.  The
      Holder hereby represents, warrants and covenants that the Exercise Shares are
      being acquired not with a view to, or for sale in connection with, any
      distribution thereof; that the undersigned is able to bear the economic risk
      of
      holding such Exercise Shares for an indefinite period; that Holder is an
“accredited investor” as such term is defined in Rule 501 of Regulation D
      promulgated under the Securities Act of 1933, as amended (the
“Act”); that Holder understands that such shares will not be
      registered under the Act (except as required pursuant to the Registration Rights
      Agreement) and will be “restricted securities” within the meaning of Rule 144
      promulgated under the Act and that the exemption from registration under Rule
      144 will not be available for at least six months from the date of exercise
      of
      this Warrant, subject to any special treatment by the SEC for exercise of this
      Warrant pursuant to Section 2.2; and that all stock certificates
      representing such shares may have affixed thereto a legend substantially in
      the
      following form:

     

    THESE
      SECURITIES HAVE NOT 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”), OR ANY APPLICABLE STATE SECURITIES LAWS AND,
      ACCORDINGLY, MAY NOT BE OFFERED OR SOLD (I) IN THE ABSENCE OF (A) AN EFFECTIVE
      REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT, OR (B)
      AN
      OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
      REQUIRED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR (II) UNLESS
      SOLD
      PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  THESE SECURITIES
      MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED
      BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED
      INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN
      SECURED BY SUCH SECURITIES.

     

    4.           Issuance
      of Certificate.

     

    Please
      issue the certificate for shares
      of Common Stock in the name of, and pay any cash for any fractional share
      to:

     

     

    --------------------------------------------------------------------------------

    Print
      or
      type name

     

     

    --------------------------------------------------------------------------------

    Social
      Security or other Identifying Number

     

     

    --------------------------------------------------------------------------------

    Street
      Address

     

     

    --------------------------------------------------------------------------------

    City
      State Zip Code

     

    Please
      credit the shares of Common
      Stock in accordance with the following DWAC instructions, and pay
      any cash for
      any fractional share to the address printed above:

     

    Financial
      Institution:                                           

     

    Contact
      Person:                                

     

    Phone:                                

     

    Fax:                      

     

    Email:                                

     

    DTC
      #:                                

     

    

     

    If
      such
      number of shares shall not be all the shares purchasable upon the exercise
      of
      the Warrants evidenced by this Warrant, a new warrant certificate for the
      balance of such Warrants remaining unexercised shall be registered in the name
      of and delivered to:

     

    Please
      insert social security or other identifying
      number:  ----------------------

     

     

    ----------------------------------------------------------------------------------------------------

    (Please
      print name and address)

     

    ----------------------------------------------------------------------------------------------------

     

    Dated:

     

    

     

    
      	
              (Date)

            	
               

              (Signature)

            
	 	
               

              (Print
                name)

            

    

    

    

    
      
              
        

          
            	                

                                       
                                      
                

                                                          CHI-1633921v1                                  
              	 	 

          
      
      

                  
      
    

         

      

      
         

        
          

        

      

      
         

      

    

    

     

    ACKNOWLEDGMENT

    

     

    The
      Company hereby acknowledges this
      Exercise Notice and hereby directs American Stock Transfer & Trust Company
      to issue the above indicated number of shares of Common Stock in accordance
      with
      the Transfer Agent Instructions dated February [____], 2008 from the Company
      and
      acknowledged and agreed to by American Stock Transfer & Trust
      Company.

     

    EMCORE
      CORPORATION

     

    

     

    By:                                                                           

     

    Name:

     

    Title:

     

    
      
              
        

          
            	                

                                       
                                      
                

                                                          CHI-1633921v1                                  
              	 	 

          
      
      

                                      
                          
    

         

      

      
         

        
          

        

      

      
         

      

    

    ASSIGNMENT
      FORM

     

    (To
      assign the foregoing Warrant, execute this form and supply required
      information.  Do not use this form to purchase shares.)

     

    FOR
      VALUE
      RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby
      assigned to

     

    
      	
              Name:

            	 
	 	
              (Please
                Print)

            
	
              Address:

            	 
	 	
              (Please
                Print)

            
	
              Dated:   ___________________,
                20___

            	 
	
              Holder’s
                Signature:                                                                

            	 
	
              Holder’s
                Address:                                                                

            	 

    

    NOTE:  The
      signature to this Assignment Form must correspond with the name as it appears
      on
      the face of the Warrant, without alteration or enlargement or any change
      whatever.  Officers of corporations and those acting in a fiduciary or
      other representative capacity should file proper evidence of authority to assign
      the foregoing Warrant.

     

    

    
      
              
        

          
            	                

                                       
                                      
                

                                                          CHI-1633921v1exhibit4_1.htm

    AMENDMENT
NO. 1 TO

    AMENDED
AND RESTATED CREDIT AGREEMENT

     

     

    THIS
AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT dated as of February
13, 2008, is among Plains Exploration & Production Company, a Delaware
corporation (the
“Borrower”),
the several banks and other financial institutions signatories hereto (the
“Majority
Lenders”) and JPMorgan Chase Bank, N.A., a national banking association,
as Administrative Agent for the Lenders (the “Administrative
Agent”).

     

    RECITALS

     

    A.           The
Borrower, the Lenders and the Administrative Agent are parties to an Amended and
Restated Credit Agreement dated as of November 6, 2007 (the “Credit
Agreement”).

     

    B.           The
Borrower has requested that the Credit Agreement be amended as more fully set
forth herein, and the Majority Lenders are willing to do so subject to the terms
and conditions set forth herein and provided that the Borrower and the
Guarantors (as defined in the Credit Agreement) ratify and confirm all of its
obligations under the Credit Agreement and the other Credit
Documents.

     

    NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants set forth
in this amendment, the Borrower and the Majority Lenders agree as
follows:

     

    1.           Defined
Terms.  Unless otherwise defined herein, capitalized terms used
herein have the meanings assigned to such terms in the Credit
Agreement.

     

    2.           Amendments
to Credit Agreement.  The Credit Agreement is hereby amended as
follows:

     

    (a)           Section
1.02 is hereby amended by adding the following new definitions in appropriate
alphabetical order:

     

    “‘OXY Sale
Agreement’ means the Purchase and Sale Agreement dated as of December 14,
2007, by and among the Borrower, Plains Resources Inc., PXP Hell’s Gulch LLC,
PXP East Plateau LLC, PXP Brush Creek LLC, PXP Piceance LLC, Pogo Producing
Company LLC, Pogo Panhandle 2004 LP, Latigo Petroleum Texas, LP and OXY USA
Inc., as amended, modified or supplemented from time to time pursuant to an
instruments approved by the Administrative Agent.”

     

    “‘Sale
Completion Date’ means the first date on which the Borrower and its
Restricted Subsidiaries have substantially completed the transactions
contemplated by the OXY Sale Agreement and the XTO Sale Agreement and have
received at least $1,400,000,000 in gross proceeds from such
transactions.”

     

     

    
      
         

      

      
         

        
          
 

      

      
         

      

    

    “‘XTO Sale
Agreement’ means the Purchase and Sale Agreement dated as of December 14,
2007, by and among Pogo Producing Company LLC, Pogo Producing (San Juan)
Company, Pogo Partners, Inc. and XTO Energy Inc., as amended, modified or
supplemented from time to time pursuant to instruments approved by the
Administrative Agent.”

     

    (b)           The
definition of Specified Date in Section 1.02 is hereby amended to read as
follows:

     

    “‘Specified
Date’ means the earlier of (i) the first anniversary of the closing held
pursuant to the Merger Agreement, (ii) the first date after the Effective Date
on which the Borrower issues any Permitted Additional Debt, (iii) the sale (in
one or more transactions) of Oil and Gas Properties not covered by the most
recent Reserve Report delivered to the Administrative Agent and the issuance of
Equity Interests (other than pursuant to the Merger Agreement) for an aggregate
consideration of $300,000,000 or more, and (iv) the consummation of the
transactions contemplated by both the OXY Sale Agreement and the XTO Sale
Agreement.”

     

    (c)           The
definition of Maximum Credit Amount in Section 1.02 is hereby amended by
deleting from clause (a) thereof the phrase “Section 2.06(b)” and replacing it
with the phrase “Section 2.06(b) or (c)”.

     

    (d)           Section
2.06 is hereby amended by adding at the end thereof the following new subsection
(c):

     

    “(c)           Mandatory
Reduction of Aggregate Maximum Credit Amounts.  Upon the
completion of the transactions contemplated by the XTO Sale Agreement, the
Aggregate Maximum Credit Amounts will be automatically and permanently reduced
by $100,000,000.  Upon the completion of the transactions contemplated
by the OXY Sale Agreement, the Aggregate Maximum Credit Amounts will be
automatically and permanently reduced by $900,000,000.  Each such
reduction will be made ratably among the Lenders in accordance with each
Lender’s Applicable Percentage.”

     

    (e)           Section
3.04(c)(i) is hereby amended by deleting the phrase “Section 2.06(b)” and
replacing it with the phrase “Section 2.06(b) or (c)”.

     

    (f)           Section
9.04(d) is hereby amended to read as follows:

     

    “(d)           
to the extent not permitted by clauses (a) to (c) above, the Borrower may make
Restricted Payments to repurchase, redeem, or otherwise acquire any Equity
Interests of the Borrower if (i) no Default or Event of Default has occurred and
is continuing at the time such Restricted Payment is made or would result from
the making of such Restricted Payment, (ii) the cumulative amount of Restricted
Payments made after the Effective Date pursuant to this Section 9.04(d) does not
exceed (A) prior to the Sale Completion Date, $100,000,000 and (B) after the
Sale Completion Date, $1,000,000,000, and (iii) the Borrower’s Minimum Liquidity
after giving effect to such Restricted Payment is not less than $250,000,000,
and”.

     

     

    
      
         

      

      
        2

        
          
 

      

      
         

      

    

    (g)           Section
9.12(d) is hereby amended by adding at the end thereof the following
clause:

     

    “provided,
further, however, that in connection with the sales of Oil and Gas Properties
contemplated by the OXY Sale Agreement and the XTO Sale Agreement, (A) upon the
consummation of the transaction with XTO Energy, Inc. contemplated by the XTO
Sale Agreement, (1) the Borrowing Base Base will be reduced by $100,000,000 and
the (2) the Aggregate Maximum Credit Amounts will be reduced as described in
Section 2.06(c), (B) upon the consummation of the transaction with OXY USA, Inc.
contemplated by the OXY Sale Agreement, (1) the Borrowing Base will be reduced
by $300,000,000 and the (2) the Aggregate Maximum Credit Amounts will be reduced
as described in Section 2.06(c) and (C) the condition in clause (ii) above
(which would otherwise require another reduction in the Borrowing Base and the
Conforming Borrowing Base) shall not apply.”

     

    3.           First
Scheduled Redetermination.  The Lenders party hereto
acknowledge that Borrower has previously provided to the Administrative Agent
and the Lenders the Reserve Report required to be delivered with respect to the
Oil and Gas Properties as of December 31, 2007.  The Lenders party
hereto further agree that the Borrowing Base as of May 1, 2008, shall be as
determined in accordance with Section 9.12 as in effect after giving effect to
this amendment.  For the avoidance of doubt, following the
consummation of the transactions contemplated by the Oxy Sale Agreement and the
XTO Sale Agreement, and subject to further adjustments pursuant to Interim
Redeterminations and Sections 8.12(c), 9.02(a)(ix) and 9.12(d), the Borrowing
Base and the Conforming Borrowing Base will be $2,500,000,000, and effective as
of May 1, 2008, the Borrowing Base and the Conforming Borrowing Base will be
maintained at $2,500,000,000.

     

    4.           Conditions
to Effectiveness.  This amendment will become effective on the
date on which the following conditions have been satisfied or
waived:

     

    (a)           The
representations and warranties of the Borrower in Section 5 hereof are true and
correct;

     

    (b)           The
Administrative Agent has received this amendment, executed and delivered by the
Borrower, the Administrative Agent and the Super-majority Lenders;

     

    (c)           Each
Guarantor has executed and delivered an acknowledgment and consent to this
amendment in form and substance satisfactory to the Administrative
Agent.

     

     

    
      
         

      

      
        3

        
          
 

      

      
         

      

    

    5.           Representations
and Warranties.  The Borrower hereby represents and warrants to
the Administrative Agent and each of the Lenders as follows:

     

    (a)           This
amendment has been duly authorized by all necessary corporate action and
constitutes the binding obligation of the Borrower.

     

    (b)           Each
of the representations and warranties made by the Borrower and the Guarantors in
or pursuant to the Credit Agreement and the other Loan Documents is true and
correct in all material respects as of the date hereof, as if made (after giving
effect to this amendment) on and as of such date, except for any representations
and warranties made as of a specified date, which are true and correct in all
material respects as of such specified date.

     

    (c)           After
giving effect to this amendment, no Default or Event of Default has occurred and
is continuing as of the date hereof.

     

    6.           Continuing
Effect of the Credit Agreement.  This amendment does not
constitute a waiver of any provision of the Credit Agreement and is not to be
construed as a consent to any action on the part of the Borrower that would
require a waiver or consent of the Lenders or an amendment or modification to
any term of the Loan Documents except as expressly stated herein.  The
Borrower hereby confirms and ratifies the Credit Agreement and each of the other
Loan Documents as amended hereby and acknowledges and agrees that the same
continue in full force and effect as amended hereby.

     

    7.           Reference
to the Credit Agreement.  Upon the effectiveness of this
amendment, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “herein” or words of like import refer to the Credit Agreement, as
amended and affected hereby.

     

    8.           Counterparts.  This
amendment may be executed by all parties hereto in any number of separate
counterparts each of which may be delivered in original or facsimile form and
all of such counterparts taken together constitute one instrument.

     

    9.           References.  The
words “hereby,” “herein,” “hereinabove,” “hereinafter,” “hereinbelow,” “hereof,”
“hereunder” and words of similar import when used in this amendment refer to
this amendment as a whole and not to any particular article, section or
provision of this amendment.  References in this amendment to a
section number are to such sections of the Credit Agreement unless otherwise
specified.

     

    10.           Headings
Descriptive.  The headings of the several sections of this
amendment are inserted for convenience only and do not in any way affect the
meaning or construction of any provision of this amendment.

     

    11.           Governing
Law.  This amendment is governed by and will be construed in
accordance with the law of the State of New York.

     

    12.           Payment of
Expenses.  The Borrower shall pay or reimburse the
Administrative Agent for all of its out-of-pocket costs and reasonable expenses
incurred in connection with this amendment, any other documents prepared in
connection herewith and the transactions contemplated hereby, including, without
limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent.

     

     

    
      
         

      

      
        4

        
          
 

      

      
         

      

    

     

    13.           Final
Agreement of the Parties.  THIS AMENDMENT, THE
CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE
ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

     

    [Signature
Pages Follow]

    
      
        
           

           

        

         

      

      
        5

        
          
 

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties are signing this amendment as of the date first
above written.

     

     

    
      	 
      	 
      	
              PLAINS
      EXPLORATION &

            
	 
      	 
      	
              PRODUCTION
      COMPANY

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Winston M.
      Talbert                                                                

            
	 
      	 
      	
              Name:
      Winston M. Talbert

            
	 
      	 
      	
              Title:
      Executive Vice President and Chief

            
	 
      	 
      	
              Financial
Officer

            

    

     

    
      
        
           

          Signature
Page to Amendment No. 1

        

         

      

      
         

        
          
 

      

      
         

      

    

     

    
      	 
      	 
      	
              JPMORGAN CHASE
      BANK, N.A., as

            
	 
      	 
      	
              Administrative
      Agent and a Lender

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Michael A.
      Kamauf                                                                

            
	 
      	 
      	
              Name:
      Michael A. Kamauf

            
	 
      	 
      	
              Title: Vice
      President

            
	 
      	 
      	 
      

    

     

    
      
        
           

          Signature
Page to Amendment No. 1

        

         

      

      
         

        
          
 

      

      
         

      

    

     

    
      	 
      	 
      	
              BANK OF
      MONTREAL, as a Lender and

            
	 
      	 
      	
              As
      Syndication Agent

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ James V.
      Ducote                                                                

            
	 
      	 
      	
              Name:
      James V. Ducote

            
	 
      	 
      	
              Title:
      Director

            
	 
      	 
      	 
      

    

     

     

     

    
      
        
           

          Signature
Page to Amendment No. 1

        

         

      

      
         

        
          
 

      

      
         

      

    

     

    
      	 
      	 
      	
              BANK OF
      AMERICA, N.A, as a Lender

            
	 
      	 
      	
              and
      as a Co-Documentation Agent

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Ronald E.
      McKaig                                                                

            
	 
      	 
      	
              Name:
      Ronald E. McKaig

            
	 
      	 
      	
              Title:
      Senior Vice President

            
	 
      	 
      	 
      

    

     

    
      
        
           

          Signature
Page to Amendment No. 1

        

         

      

      
         

        
          
 

      

      
         

      

    

     

    
      	 
      	 
      	
              THE BANK OF
      NOVA SCOTIA, as a

            
	 
      	 
      	
              Lender
      and as a Co-Documentation Agent

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ David
      Mills                                                                

            
	 
      	 
      	
              Name:
      David Mills

            
	 
      	 
      	
              Title:
      Director

            
	 
      	 
      	 
      

    

     

    
      
        
           

          Signature
Page to Amendment No. 1

        

         

      

      
         

        
          
 

      

      
         

      

    

     

    
      	 
      	 
      	
              BNP PARIBAS,
      as a Lender and as a Co-

            
	 
      	 
      	
              Documentation
      Agent

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Brian M.
      Malone                                                                

            
	 
      	 
      	
              Name:
      Brian M. Malone

            
	 
      	 
      	
              Title:
      Managing Director

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Greg
      Smothers                                                                

            
	 
      	 
      	
              Name:
      Greg Smothers

            
	 
      	 
      	
              Title: Vice
      President

            

    

     

     

    
      
        
           

          Signature
Page to Amendment No. 1

        

         

      

      
         

        
          
 

      

      
         

      

    

     

    
      	 
      	 
      	
              CITICORP NORTH
      AMERICA, INC., as

            
	 
      	 
      	
              A
      Lender and as a Co-Documentation Agent

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ David E.
      Hunt                                                                

            
	 
      	 
      	
              Name:
      David E. Hunt

            
	 
      	 
      	
              Title: Vice
      President

            
	 
      	 
      	 
      

    

     

     

    
      
        
           

          Signature
Page to Amendment No. 1

        

         

      

      
         

        
          
 

      

      
         

      

    

     

    
      	 
      	 
      	
              LEHMAN
      BROTHERS COMMERCIAL

            
	 
      	 
      	
              BANK,
      as a Lender and as a Co-

            
	 
      	 
      	
              Documentation
      Agent

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ George
      Janes                                                                

            
	 
      	 
      	
              Name:
      George Janes

            
	 
      	 
      	
              Title: Chief
      Credit Officer

            
	 
      	 
      	 
      

    

     

     

     

     

    
      
        
           

          Signature
Page to Amendment No. 1

        

         

      

      
         

        
          
 

      

      
         

      

    

     

    
      	 
      	 
      	
              THE
      ROYAL BANK OF SCOTLAND

            
	 
      	 
      	
              PLC, as
      a Lender and as a Co-

            
	 
      	 
      	
              Documentation
      Agent

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Mark Lumpkin,
      Jr.                                                                

            
	 
      	 
      	
              Name:
      Mark Lumpkin, Jr.

            
	 
      	 
      	
              Title: Vice
      President

            
	 
      	 
      	 
      

    

     

     

    
      
        
           

          Signature
Page to Amendment No. 1

        

         

      

      
         

        
          
 

      

      
         

      

    

     

    
      	 
      	 
      	
              TORONTO
      DOMINION (TEXAS) LLC,

            
	 
      	 
      	
              as
      a Lender and as a Co-Documentation

            
	 
      	 
      	
              Agent

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Debbi L.
      Brito                                                                

            
	 
      	 
      	
              Name:
      Debbi L. Brito

            
	 
      	 
      	
              Title:
      Authorized Signatory

            
	 
      	 
      	 
      

    

     

     

    
      
        
           

          Signature
Page to Amendment No. 1

        

         

      

      
         

        
          
 

      

      
         

      

    

     

    
      	 
      	 
      	
              WELLS
      FARGO BANK, NATIONAL

            
	 
      	 
      	
              ASSOCIATION,
      as a Lender and as a Co-

            
	 
      	 
      	
              Documentation
      Agent

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Paul A.
      Squires                                                                

            
	 
      	 
      	
              Name:
      Paul A. Squires

            
	 
      	 
      	
              Title: Vice
      President

            
	 
      	 
      	 
      

    

     

     

    
      
        
           

          Signature
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              BANK
      OF SCOTLAND plc, New York

            
	 
      	 
      	
              Branch

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Susan L.
      Hay                                                                

            
	 
      	 
      	
              Name:
      Susan Hay

            
	 
      	 
      	
              Title: Head
      of Business Services

            
	 
      	 
      	 
      

    

     

     

    
      
        
           

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              COMERICA
      BANK

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Josh
      Strong                                                                

            
	 
      	 
      	
              Name:
      Josh Strong

            
	 
      	 
      	
              Title:
      Assistant Vice President

            
	 
      	 
      	 
      

    

     

     

    
      
        
           

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              FORTIS
      CAPITAL CORP.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Ilene
      Fowle                                                                

            
	 
      	 
      	
              Name:
      Ilene Fowler

            
	 
      	 
      	
              Title:
      Director

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Chad
      Clark                                                                

            
	 
      	 
      	
              Name:
      Chad Clark

            
	 
      	 
      	
              Title:
      Director

            

    

     

     

     

     

    
      
        
           

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              UBS
      LOAN FINANCE LLC

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Richard L.
      Tavrow                                                                

            
	 
      	 
      	
              Name:
      Richard L. Tavrow

            
	 
      	 
      	
              Title:
      Director, Banking Products Services,

            
	 
      	 
      	
              US

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ David B.
      Julie                                                                

            
	 
      	 
      	
              Name:
      David B. Julie

            
	 
      	 
      	
              Title:
      Associate Director, Banking

            
	 
      	 
      	
              Products Services,
  US

            

    

     

     

     

     

    
      
        
           

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              WACHOVIA
      BANK, NATIONAL

            
	 
      	 
      	
              ASSOCIATION

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Chris
      Hewitt                                                                

            
	 
      	 
      	
              Name:
      Chris Hewitt

            
	 
      	 
      	
              Title:  Vice
      President

            
	 
      	 
      	 
      

    

     

     

    
      
        
           

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              MORGAN
      STANLEY BANK

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Daniel
      Twenge                                                                

            
	 
      	 
      	
              Name:
      Daniel Twenge

            
	 
      	 
      	
              Title:  Authorized
      Signatory

            
	 
      	 
      	 
      

    

     

     

    
      
        
           

          Signature
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              GOLDMAN
      SACHS CREDIT

            
	 
      	 
      	
              PARTNERS
      L.P.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/ Pedro
      Ramirez                                                                

            
	 
      	 
      	
              Name:
      Pedro Ramirez

            
	 
      	 
      	
              Title:  Authorized
      Signatory

            
	 
      	 
      	 
      

    

     

     

     

     

    
      
        
           

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]