Document:

exv10w21

 

EXHIBIT 10.21

This Warrant and the securities represented hereby have not been registered under the
Securities Act of 1933, as amended (the “Act”), or under the securities laws of any state of the
united states. this warrant and the securities represented hereby are subject to restrictions on
transferability and resale and may not be transferred or resold
except (i) in conjunction with an
effective registration statement for the shares under the act, (ii) in compliance with rule 144,
or (iii) pursuant to an opinion of counsel, satisfactory to the issuer, that such registration or
compliance is not required as to said sale, offer or distribution. purchaser should be aware that
they may be required to bear the financial risks of this investment for an indefinite period of time.

			
	 	 	 
	No. PS-1
	 	March 6, 2003
	 
	 	(“Warrant Issue Date”)

WARRANT TO PURCHASE PREFERRED STOCK

Of

SORRENT, INC.

Void
after March 6, 2008

     For
value received, NEW ENTERPRISE ASSOCIATES 10, L.P., or its registered
assigns (“Holder”),
is entitled, subject to the terms set forth below, to purchase from SORRENT, INC., a California
corporation (the “Company”), either (i) a number of shares of the Company’s preferred stock of the
same series (the “Series B Shares”) as shall be sold in an equity financing with aggregate gross
proceeds to the Company of at least $4,000,000 or such smaller amount approved by the Company’s
Board of Directors, which amount shall include the conversion of the Convertible Promissory Notes
(the “Notes”) issued pursuant to that certain Note and Warrant Purchase Agreement dated as of March
6, 2003 by and among the Company, the Holder and certain other
parties (the “Purchase Agreement”
and such financing the “Approved Financing”), if such Approved Financing is closed prior to the
Maturity Date (as defined in the Notes); or (ii) a number of shares of the Company’s Series A
Preferred Stock (the “Series A Shares”), if the Approved Financing is not closed on or before the
Maturity Date, hi the event of an Approved Financing as described in clause (i) above, the number
of Series B Shares purchasable upon exercise of this Warrant is the number obtained by dividing (x)
$74,565.00 (ten percent (10%) of the principal amount of the March 6, 2003 Note issued to Holder),
plus all accrued interest thereon, by (y) the price per share at which the Company sells the Series
B Shares in the Approved Financing. In the event that an Approved Financing does not occur as
described in clause (ii) above, the number of Series A Shares purchasable upon exercise of this
Warrant is the number obtained by dividing (x) $74,565.00 (ten percent (10%) of the principal
amount of the March 6, 2003 Note issued to Holder), plus all accrued interest thereon, by (y)
$0,616. The Series B Shares or the Series A Shares purchasable upon exercise of this Warrant, as
the case may be, and the Common Stock issuable upon conversion of the Series B Shares or the Series
A Shares, as the case may be, as adjusted from time to time pursuant to provisions of this Warrant,
are hereinafter collectively referred to as the “Warrant Stock.”

 

 

     Upon surrender hereof, at the principal office of the Company referred to below, with
the subscription form attached hereto duly executed, and simultaneous payment therefor in lawful
money of the United States or otherwise as hereinafter provided, the shares shall be issued at the
Exercise Price as set forth in Section 2 below. The number, character and Exercise Price of the
shares are subject to adjustment as provided below. This Warrant is issued pursuant to the
Purchase Agreement.

     1. Term of Warrant. Subject to the terms and conditions set forth herein, this
Warrant shall be exercisable, in whole or in part, during the term commencing on the earlier of
(i) the date of the closing of the Approved Financing, or (ii) the date upon which the Holder
demands payment of the Note under the terms of such Note, and ending at 5:00 p.m., Pacific
standard time, on March 7, 2008, and shall be void thereafter
(the “Term”). If, during the
Term of this Warrant, the Company consummates a Change in Control (as described in Section 11
below) in which the Warrant Stock is converted into property other than securities, this
Warrant shall terminate upon the closing of such Change in Control; provided however, that the Company
shall have complied with the provisions of Section 9 hereof.

     2. Exercise Price. The exercise price per (i) Series B Share shall be the price at
which the Company issues its Series B Shares in the Approved Financing, or (ii) Series A Share
shall be $0,616 (the “Exercise Price”).

     3. Exercise of Warrant.

     (a) The purchase rights represented by this Warrant are exercisable by the Holder in
whole or in part, at any time, or from time to time, during the Term as described in Section 1
above, by the surrender of this Warrant and the notice of exercise attached hereto as
Exhibit A (the “Notice of Exercise”) duly completed and executed on behalf of the Holder, at the office
of the Company (or such other office or agency of the Company as it may designate by notice in
writing to the Holder at the address of the Holder appearing on the books of the Company),
upon payment (i) in cash or by check acceptable to the Company, (ii) by cancellation by the Holder
of indebtedness or other obligations of the Company to the Holder, or (iii) by a combination of
(i) and (ii), of the aggregate purchase price of the shares to be purchased.

     (b) This Warrant shall be deemed to have been exercised immediately prior to the
close of business on the date of its surrender for exercise as provided above, and the person
entitled to receive the Series B Shares or Series A Shares, as the case may be, issuable upon
such exercise shall be treated for all purposes as the holder of record of such shares as of the
close of business on such date. As promptly as practicable on or after such date and in any event
within ten (10) days thereafter, the Company at its expense shall issue and deliver to the person or
persons entitled to receive the Series B Shares or Series A Shares, as the case may be, certificate or
certificates for the number of Series B Shares or Series A Shares, as the case
may be, issuable upon such exercise. In the event that this Warrant is exercised in part, the
Company at its expense will execute and deliver a new Warrant of like tenor exercisable for the number
of shares for which this Warrant may then be exercised.

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     (c) Notwithstanding any provisions herein to the contrary, if the fair market value of a
Series B Share or a Series A Share is greater than the applicable Exercise Price (at the date of
calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect
to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof
being canceled) by surrender of this Warrant at the principal office of the Company together with
the properly endorsed Notice of Exercise and notice of such election in which event the Company
shall issue to the Holder a number of Series B Shares or Series A Shares, as the case may be,
computed using the following formula:

	 	 	 	 	 
	X =

	 	Y(A-B)
	 	 
	 

	 	A	 	 

	 	 	 	 	 	 	 
	Where

	 	X
	 	=
	 	the number of Series B Shares or Series A Shares to be issued to
the Holder
	 

	 	Y
	 	=
	 	the number of Series B Shares or Series A
Shares purchasable under the Warrant or, if only a portion of the
Warrant is being exercised, the portion of the Warrant being canceled
(at the date of such calculation)
	 

	 	A
	 	=
	 	the fair market value of a Series B Share or
Series A Share (at the date of such calculation)
	 

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

For purposes of the above calculation, fair market value of a Series B Share or a Series A Share
shall be determined by the Company’s Board of Directors in good faith; provided, however, that
where there exists a public market for the Company’s common stock at the time of such exercise, the
fair market value of a Series B Share or Series A Share, as the case may be, shall be the number of
shares of Common Stock issuable upon conversion of the a Series B Share or a Series A Share, as the
case may be, multiplied by the average of the closing bid and asked prices of the common stock
quoted in the Over-The-Counter Market Summary or the last reported sale price of the common stock
or the closing price quoted on the NASDAQ National Market or on any exchange on which the common
stock is listed, whichever is applicable, as published in the Western Edition of The Wall Street
Journal for the five (5) trading days prior to the date of determination of fair market value.
Notwithstanding the foregoing, in the event the Warrant is exercised in connection with the
Company’s initial public offering of common stock, the fair market value per share of Common Stock
shall be the per share offering price to the public of the Company’s initial public offering.

     4. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional
shares shall be issued upon the exercise of this Warrant. In lieu of any fractional share to which
the Holder would otherwise be entitled, the Company shall make a cash payment equal to the
Exercise Price multiplied by such fraction.

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

     6. Rights of Shareholders. Subject to Sections 9 and 11 of this Warrant, the Holder
shall not be entitled to vote or receive dividends or be deemed the holder of Warrant Stock or
any other securities of the Company that may at any time be issuable on the exercise hereof
for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as
such, any of the rights of a shareholder of the Company or any right to vote for the election
of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or
withhold consent to any corporate action (whether upon any recapitalization, issuance of
stock, reclassification of stock, change of par value, or change of stock to no par value,
consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or
subscription rights or otherwise until the Warrant shall have been exercised as provided
herein.

     7. Transfer of Warrant.

     (a) Warrant Register. The Company will maintain a register (the “Warrant
Register”) containing the names and addresses of the Holder. Any Holder of this Warrant or any
portion thereof may change his or her address as shown on the Warrant Register by written
notice to the Company requesting such change. Any notice or written communication required
or permitted to be given to the Holder may be delivered or given by mail to such Holder as
shown on the Warrant Register and at the address shown on the Warrant Register. Until this
Warrant is transferred on the Warrant Register of the Company, the Company may treat the
Holder as shown on the Warrant Register as the absolute owner of this Warrant for all
purposes, notwithstanding any notice to the contrary.

     (b) Warrant Agent. The Company may, by written notice to the Holder, appoint an
agent for the purpose of maintaining the Warrant Register referred to in Section 7(a) above,
issuing the Warrant Stock or other securities then issuable upon the exercise of this Warrant,
exchanging this Warrant, replacing this Warrant, or any or all of the foregoing. Thereafter,
any such registration, issuance, exchange, or replacement, as the case may be, shall be made at
the office of such agent.

     (c) Transferability and Non-negotiability of Warrant. This Warrant may not be
transferred or assigned in whole or in part without compliance with the provisions set forth
in the Purchase Agreement and all applicable federal and state securities laws by the transferor and
the transferee. Subject to the provisions of this Warrant with respect to compliance with the
Securities Act of 1933, as amended (the “Act”), title to this Warrant may be transferred by
endorsement (by the Holder executing the Assignment Form annexed hereto) and delivery in the
same manner as a negotiable instrument transferable by endorsement and delivery.

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     (d) Exchange of Warrant Upon a Transfer. On surrender of this Warrant for exchange,
properly endorsed on the Assignment Form and subject to the provisions of this Warrant with
respect to compliance with the Act and with the limitations on assignments and transfers contained
in this Section 7, the Company at its expense shall issue to or on the order of the Holder a new
warrant or warrants of like tenor, in the name of the Holder or as the Holder (on payment by the
Holder of any applicable transfer taxes) may direct, for the number of shares issuable upon
exercise hereof.

     8. Reservation of Stock. Subject to the amendment of the Company’s Amended and
Restated Articles of Incorporation to authorize the Series B Shares or additional shares of
the Series A Shares, as the case may be, the Company will at all times reserve and keep available,
solely for the issuance and delivery upon the exercise of this Warrant, such shares of Warrant
Stock and other stock, securities and property, as from time to time shall be issuable upon
the exercise of this Warrant. The Company covenants that all shares that may be issued upon the
exercise of rights represented by this Warrant and payment of the Exercise Price, all as set
forth herein, will be free from all taxes, liens and charges in respect of the issue thereof (other
than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein).
The Company agrees that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of executing stock certificates to execute and issue the necessary
certificates for shares of Warrant Stock upon the exercise of this Warrant.

     9. Notices.

     (a) Whenever the Exercise Price or number of shares of Warrant Stock purchasable
hereunder shall be adjusted pursuant to Section 11 hereof, the Company shall issue a
certificate signed by its Chief Financial Officer setting forth, in reasonable detail, the event requiring
the adjustment, the amount of the adjustment, the method by which such adjustment was calculated,
and the Exercise Price and number of shares of Warrant Stock purchasable hereunder after
giving effect to such adjustment.

     (b) In case:

          (i) the Company shall take a record of the holders of its Warrant Stock (or other stock or
securities at the time receivable upon the exercise of this Warrant) for the purpose of entitling
them to receive any dividend or other distribution, or any right to subscribe for or purchase any
shares of stock of any class or any other securities, or to receive any other right;

          (ii) of any capital reorganization of the Company, any reclassification of the capital stock
of the Company, any consolidation or merger of the Company with or into another corporation, or
any conveyance of all or substantially all of the assets of the Company to another corporation; or

          (iii) of any voluntary dissolution, liquidation or winding up of the Company, then, and in
each such case, the Company will mail or cause to be mailed to the Holder a notice specifying, as
the case may be, (A) the date on which a record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend, distribution or
right, or (B) the date on which such reorganization, reclassification, consolidation,

-5-

 

merger, conveyance, dissolution, liquidation or winding up is to take place, and the time, if
any is to be fixed, as of which the holders of record of common stock shall be entitled to
exchange their shares of common stock (or such other stock or securities) for securities or other
property deliverable upon such reorganization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation or winding-up. Such notice shall be mailed at least thirty
(30) days prior to the effective date of the event therein specified.

     (c) All such notices, advices and communications shall be sent and deemed to have been
received as provided in the Purchase Agreement.

     10. Amendments.

     (a) Any term of this Warrant may be amended or waived with the written consent of the Company and the Holder.

     (b) No waivers of, or exceptions to, 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.

     11. Adjustments. The Exercise Price and the number of shares
purchasable hereunder are subject to adjustment from time to time as follows:

     (a) Merger, Sale of Assets, etc. If at any time while this Warrant or any portion hereof, is
outstanding and unexpired there shall be (i) a reorganization (other than a combination,
reclassification, exchange or subdivision of shares otherwise provided for herein), merger or
consolidation of the Company with or into another corporation in which the shareholders of the
Company immediately prior to such reorganization, merger or consolidation own less than fifty
percent (50%) of the Company’s voting power immediately after such reorganization, merger or
consolidation in which the Company is the surviving entity, but the shares of the Company’s capital
stock outstanding immediately prior to the merger are converted by virtue of the merger into other
property, whether in the form of securities, cash, or otherwise, or (ii) a sale or transfer of all
or substantially all of the Company’s properties and assets to any other person or entity (a
“Change in Control”), then, as a part of such Change in Control, lawful provision shall be made so
that the Holder shall thereafter be entitled to receive upon exercise of this Warrant, during the
period specified herein and upon payment of the Exercise Price then in effect, the number of shares
of stock or other securities or property of the successor corporation resulting from such Change in
Control that a holder of the shares deliverable upon exercise of this Warrant would have been
entitled to receive in such Change in Control if this Warrant had been exercised immediately before
such Change in Control, all subject to further adjustment as provided in this Section 11. A
transaction shall not constitute a Change in Control if its sole purpose is to change the state of
the Company’s incorporation or to create a holding company that will be owned in substantially the
same proportions by the persons who held the Company’s securities immediately before such
transaction. If the per share consideration payable to the Holder for shares of Warrant Stock in
connection with any such transaction is in a form other than cash or marketable securities, then
the value of such consideration shall be determined in good faith by the Company’s Board of
Directors. In all events, appropriate adjustment (as determined in good

-6-

 

faith by the Company’s Board of Directors) shall be made in the application of the provisions
of this Warrant with respect to the rights and interests of the Holder after the transaction to the
end that the provisions of this Warrant shall be applicable after that event, as near as reasonably
may be, in relation to any shares or other property deliverable after that event upon exercise of
this Warrant.

     (b) Reclassification,
etc. If the Company, at any time while this Warrant, or any
portion hereof, remains outstanding and unexpired by reclassification of securities or
otherwise, shall change any of the securities as to which purchase rights under this Warrant exist into
the same or a different number of securities of any other class or classes, this Warrant shall
thereafter represent the right to acquire such number and kind of securities as would have
been issuable as the result of such change with respect to the securities that were subject to the
purchase rights under this Warrant immediately prior to such reclassification or other change
and the Exercise Price therefor shall be appropriately adjusted, all subject to further adjustment
as provided in this Section 11.

     (c) Split,
Subdivision or Combination of Shares. If the Company at any time while
this Warrant, or any portion hereof, remains outstanding and unexpired shall split, subdivide
or combine the securities as to which purchase rights under this Warrant exist, into a different
number of securities of the same class, the Exercise Price for such securities shall be
proportionately decreased in the case of a split or subdivision or proportionately increased
in the case of a combination. When any adjustment is required to be made in the Exercise Price, the
number of shares of Warrant Stock purchasable upon the exercise of this Warrant shall be
changed to the number determined by dividing (i) an amount equal to the number of shares
issuable upon the exercise of this Warrant immediately prior to such adjustment, multiplied by
the Exercise Price in effect immediately prior to such adjustment, by (ii) the Exercise Price
in effect immediately after such adjustment.

     (d) Redemption
or Conversion of Preferred Stock. If all of the Series B Shares or
Series A Shares are redeemed or converted into shares of Common Stock, then this Warrant
shall automatically become exercisable for that number of shares of Common Stock equal to the
number of shares of Common Stock that would have been received if this Warrant had been
exercised in full and the shares of Warrant Stock received thereupon had been simultaneously
converted into shares of Common Stock immediately prior to such event, and the Exercise Price
shall be automatically adjusted to equal the number obtained by dividing (i) the aggregate
purchase price of Series B Shares or Series A Shares, as the case may be, for which this
Warrant was exercisable immediately prior to such redemption or conversion, by (ii) the number of
shares of Common Stock for which this Warrant is exercisable immediately after such redemption or conversion.

     (e) Adjustments
for Dividends in Stock or Other Securities or Property. If while
this Warrant, or any portion hereof, remains outstanding and unexpired, the holders of the
securities as to which purchase rights under this Warrant exist at the time shall have
received, or, on or after the record date fixed for the determination of eligible shareholders, shall have
become entitled to receive, without payment therefor, other or additional stock or other securities
or property (other than cash) of the Company by way of dividend, then and in each case, this

-7-

 

Warrant shall represent the right to acquire, in addition to the number of shares of Warrant
Stock receivable upon exercise of this Warrant, and without payment of any additional
consideration therefor, the amount of such other or additional stock or other securities or
property (other than cash) of the Company that such holder would be entitled to receive on the
date of such dividend had it been the holder of record of the Warrant Stock receivable upon
exercise of this Warrant on the date hereof and had thereafter, during the period from the date
hereof to and including the date of such exercise, retained such shares and/or all other
additional stock available by it as aforesaid during such period, giving effect to all adjustments
called for during such period by the provisions of this Section 11.

     (f) Acknowledgement.
In order to avoid doubt, it is acknowledged that the Holder of this
Warrant shall be entitled to the benefit of all adjustments in the number of shares of Common Stock
of the Company issuable upon conversion of the Series B Shares or Series A Shares, as the case may
be, which occur prior to the exercise of this Warrant, including without limitation, any increase
in the number of shares of Common Stock issuable upon conversion as a result of a dilutive issuance
of capital stock.

     12. Miscellaneous.

     (a) Governing
Law. This Warrant shall be deemed to be a contract made under the
laws of the State of California and for all purposes shall be governed by and construed in
accordance with the laws of such State applicable to contracts to be made and performed
entirely within such State.

     (b) Counterparts.
This Warrant may be executed in any number of counterparts and
each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

     (c) Descriptive
Headings. Descriptive headings of the several Sections of this
Warrant are inserted for convenience only and shall not control or affect the meaning or
construction of any of the provisions hereof.

     (d) No
Impairment. The Company will not, by amendment of its charter or through
reorganization, consolidation, merger, dissolution, sale of assets or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and in the taking
of all such action as may be necessary or appropriate in order to protect the rights of the holder of
this Warrant against impairment.

Signature Page to Follow

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     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officers
thereunto duly authorized as of the date above.

	 	 	 	 	 
	 	Sorrent, Inc. 

 	 
	 	By:  	/s/ Paul Zuzelo
 	 
	 	 	Paul Zuzelo, Chief Financial Officer 	 
	 	 	 	 
	 

-9-

 

EXHIBIT A 

NOTICE OF EXERCISE

To: SORRENT,INC.

     (1) The
undersigned hereby (A) elects to purchase
              
Series       Shares of
SORRENT, INC., pursuant to the provisions of Section 3(a) of the attached Warrant, and tenders
herewith payment of the purchase price for such shares in full, or (B) elects to exercise this
Warrant for the purchase of
              
shares of Series       Shares, pursuant to the
provisions of Section 3(c) of the attached Warrant.

     (2) In exercising this Warrant, the undersigned hereby confirms and acknowledges
that the Series       Shares thereof are being acquired solely for the account of the undersigned and
not as a nominee for any other party, and for investment, and that the undersigned will not offer,
sell or otherwise dispose of any such
Series       Shares except under circumstances that will not
result in a violation of the Securities Act of 1933, as amended, or any applicable state securities
laws.

     (3) Please
issue a certificate or certificates representing
               Series     
Shares in the name of the undersigned or in such other name as is specified below:

	 	 	 
	 

	 	 
	 

	 	(Name)
	 
	 	 
	 

	 	 
	 

	 	(Name)

     (4) Please issue a new Warrant for the unexercised portion of the attached Warrant in
the name of the undersigned or in such other name as is specified below:

	 	 	 
	 

	 	 
	 

	 	(Name)
	 
	 	 
	 

	 	 
	(Date)

	 	(Signature)

-10-

 

FORM OF ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned registered owner of this Warrant hereby sells, assigns
and transfers unto the Assignee named below all of the rights of the undersigned under the within
Warrant, with respect to the number of shares of Warrant Stock set forth below:

	 	 	 	 	 
	Name of Assignee

	 	Address
	 	No. of Shares

and does hereby irrevocably constitute and appoint Preston, Gates & Ellis LLP as Attorney to make
such transfer on the books of Sorrent, Inc. (the “Company”), maintained for the purpose, with full
power of substitution in the premises.

     The undersigned also represents that, by assignment hereof, the Assignee acknowledges that
this Warrant and the shares of stock to be issued upon exercise hereof or conversion thereof are
being acquired for investment and that the Assignee will not offer, sell or otherwise dispose of
this Warrant or any shares of stock to be issued upon exercise hereof or conversion thereof except
under circumstances which will not result in a violation of the Securities Act of 1933, as amended,
or any state securities laws. Further, the Assignee has acknowledged that upon exercise of this
Warrant, the Assignee shall, if requested by the Company, confirm in writing, in a form
satisfactory to the Company, that the shares of stock so purchased are being acquired for
investment and not with a view toward distribution or resale.

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Signature of Holder

-11-exv10w22

 

EXHIBIT 10.22

WARRANT TO PURCHASE STOCK

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE
PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR
HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN
THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES,
SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION.

	 	 	 
	Company:

	 	SORRENT, INC.
	Number of Shares:

	 	As provided below.
	Class of Stock:

	 	As provided below.
	Warrant Price:

	 	As provided below.
	Issue Date:

	 	March 31, 2004
	Expiration Date:

	 	March 31, 2011

     THIS WARRANT CERTIFIES THAT, for the agreed upon value of $1.00 and for other good and valuable
consideration, SILICON VALLEY BANK (“Holder”) is entitled to purchase the number of fully paid and
nonassessable shares of the class of securities (the “Shares”) of the company (the “Company”) at
the Warrant Price, all as set forth herein and as adjusted pursuant to Article 2 of this Warrant,
subject to the provisions and upon the terms and conditions set forth in this Warrant.

ARTICLE 1. EXERCISE.

          1.1 Shares; Class of Stock; Warrant Price.

               (a) The Shares subject to this Warrant shall initially be common stock
of the Company, the number of Shares subject to this Warrant shall initially be 156,250 shares,
and the Warrant Price shall initially be $0.64 per Share of common stock.

               (b) Effective on the date the Articles of Incorporation of the Company
are amended as provided below, in place of the foregoing, and without further act or
documentation, the Shares subject to this Warrant shall be Series B preferred stock of the
Company, the number of Shares subject to this Warrant shall be 156,250 shares of Series B
preferred stock of the Company, and the Warrant Price shall be $0.64 per Share of Series B
preferred stock, subject to adjustment as provided in the other provisions of this Warrant.

               (c) The Company covenants to amend its Articles of Incorporation on
or prior to the Amendment Deadline (as defined below) to increase the authorized number of
shares of the Company’s Series B Preferred Stock so that there are a sufficient number of such

 

 

shares authorized and available for issuance upon exercise of this Warrant. As used herein, the
“Amendment Deadline” means the earlier of the following dates: (i) one year from the date hereof;
(ii) the next date the Company’s Articles of Incorporation are amended for any reason; (iii) the
date of any Acquisition (as defined below); or (iv) the date of an initial public offering of
securities of the Company.

          1.2 Method of Exercise. Holder may exercise this Warrant by delivering a
duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the
principal office of the Company. Unless Holder is exercising the conversion right set forth in
Article 1.3, Holder shall also deliver to the Company a check, wire transfer (to an account
designated by the Company), or other form of payment acceptable to the Company for the
aggregate Warrant Price for the Shares being purchased.

          1.3 Conversion Right. In lieu of exercising this Warrant as specified in
Article 1.2, Holder may from time to time convert this Warrant, in whole or in part, into a
number of Shares determined by dividing (a) the aggregate fair market value of the Shares or
other securities otherwise issuable upon exercise of this Warrant minus the aggregate Warrant
Price of such Shares by (b) the fair market value of one Share. The fair market value of the
Shares shall be determined pursuant to Article 1.4.

          1.4 Fair Market Value. If the Company’s common stock is traded in a public
market and the shares are common stock, the fair market value of each Share shall be the closing
price of a Share reported for the business day immediately before Holder delivers its Notice of
Exercise to the Company (or in the instance where the Warrant is exercised immediately prior to
the effectiveness of the Company’s initial public offering, the “price to public” per share price
specified in the final prospectus relating to such offering). If the Company’s common stock is
traded in a public market and the Shares are preferred stock, the fair market value of a Share
shall be the closing price of a share of the Company’s common stock reported for the business
day immediately before Holder delivers its Notice of Exercise to the Company (or, in the
instance where the Warrant is exercised immediately prior to the effectiveness of the Company’s
initial public offering, the initial “price to public” per share price specified in the final prospectus
relating to such offering), in both cases, multiplied by the number of shares of the Company’s
common stock into which a Share is convertible. If the Company’s common stock is not
traded in a public market, the Board of Directors of the Company shall determine fair market
value in its reasonable good faith judgment.

          1.5 Delivery of Certificate and New Warrant. Promptly after Holder exercises
or converts this Warrant and, if applicable, the Company receives payment of the aggregate
Warrant Price, the Company shall deliver to Holder certificates for the Shares acquired and, if
this Warrant has not been fully exercised or converted and has not expired, a new Warrant
representing the Shares not so acquired.

          1.6 Replacement of Warrants. On receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of
loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form
and amount to the Company or, in the case of mutilation, or surrender and cancellation of this

-2-

 

Warrant, the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor.

     1.7 Treatment of Warrant Upon Acquisition of Company.

               1.7.1 “Acquisition”. For the purpose of this Warrant, “Acquisition”
means any sale, license, or other disposition of all or substantially all of the assets of the
Company, or any reorganization, consolidation, or merger of the Company where the holders of
the Company’s securities before the transaction beneficially own less than 50% of the
outstanding voting securities of the surviving entity after the transaction.

               1.7.2 Treatment of Warrant at Acquisition.

                    (A) Upon the written request of the Company, Holder agrees
that, in the event of an Acquisition in which the sole consideration is cash, either (a) Holder
shall exercise its conversion or purchase right under this Warrant and such exercise will be deemed
effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to
exercise the Warrant, this Warrant will expire upon the consummation of such Acquisition. The
Company shall provide the Holder with written notice of its request relating to the foregoing
(together with such reasonable information as the Holder may request in connection with such
contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less
than ten (10) days prior to the closing of the proposed Acquisition.

                    (B) Upon the written request of the Company, Holder agrees
that, in the event of an Acquisition that is an “arms length” sale of all or substantially all of
the Company’s assets (and only its assets) to a third party that is not an Affiliate (as defined
below) of the Company (a “True Asset Sale”), either (a) Holder shall exercise its conversion or
purchase right under this Warrant and such exercise will be deemed effective immediately prior to
the consummation of such Acquisition or (b) if Holder elects not to exercise the Warrant, this
Warrant will continue until the Expiration Date if the Company continues as a going concern
following the closing of any such True Asset Sale. The Company shall provide the Holder with
written notice of its request relating to the foregoing (together with such reasonable information
as the Holder may request in connection with such contemplated Acquisition giving rise to such
notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the
proposed Acquisition.

                    (C) Upon the closing of any Acquisition other than those
particularly described in subsections (A) and (B) above, the successor entity shall assume the
obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash,
and property as would be payable for the Shares issuable upon exercise of the unexercised portion
of this Warrant as if such Shares were outstanding on the record date for the Acquisition and
subsequent closing. The Warrant Price and/or number of Shares shall be adjusted accordingly.

As used herein “Affiliate” shall mean any person or entity that owns or controls directly
or indirectly ten (10) percent or more of the stock of Company, any person or entity that controls
or

-3-

 

is controlled by or is under common control with such persons or entities, and each of such
person’s or entity’s officers, directors, joint venturers or partners, as applicable.

ARTICLE 2. ADJUSTMENTS TO THE SHARES.

          2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend
on the Shares payable in common stock, or other securities, then upon exercise of this Warrant,
for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind
of securities to which Holder would have been entitled had Holder owned the Shares of record as
of the date the dividend occurred. If the Company subdivides the Shares by reclassification or
otherwise into a greater number of shares or takes any other action which increase the amount of
stock into which the Shares are convertible, the number of shares purchasable hereunder shall be
proportionately increased and the Warrant Price shall be proportionately decreased. If the
outstanding shares are combined or consolidated, by reclassification or otherwise, into a lesser
number of shares, the Warrant Price shall be proportionately increased and the number of Shares
shall be proportionately decreased.

          2.2 Reclassification, Exchange, Combinations or Substitution. Upon any
reclassification, exchange, substitution, or other event that results in a change of the number
and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall
be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of
securities and property that Holder would have received for the Shares if this Warrant had been
exercised immediately before such reclassification, exchange, substitution, or other event. Such
an event shall include any automatic conversion of the outstanding or issuable securities of the
Company of the same class or series as the Shares to common stock pursuant to the terms of the
Company’s Articles or Certificate (as applicable) of Incorporation upon the closing of a
registered public offering of the Company’s common stock. The Company or its successor shall
promptly issue to Holder an amendment to this Warrant setting forth the number and kind of
such new securities or other property issuable upon exercise or conversion of this Warrant as a
result of such reclassification, exchange, substitution or other event that results in a change of the
number and/or class of securities issuable upon exercise or conversion of this Warrant. The
amendment to this Warrant shall provide for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article 2 including, without limitation,
adjustments to the Warrant Price and to the number of securities or property issuable upon
exercise of the new Warrant. The provisions of this Article 2.2 shall similarly apply to
successive reclassifications, exchanges, substitutions, or other events.

          2.3 Adjustments for Diluting Issuances. The Warrant Price and the number of
Shares issuable upon exercise of this Warrant or, if the Shares are Preferred Stock, the number
of shares of common stock issuable upon conversion of the Shares, shall be subject to
adjustment, from time to time in the manner set forth in the Company’s Articles or Certificate
of Incorporation (as applicable) as if the Shares were issued and outstanding on and as of the
date of any such required adjustment. The provisions set forth for the Shares in the Company’s
Articles or Certificate (as applicable) of Incorporation relating to the above in effect as of the
Issue Date may not be amended, modified or waived, without the prior written consent of
Holder unless such amendment, modification or waiver affects the rights associated with the

-4-

 

Shares in the same manner as such amendment, modification or waiver affects the rights
associated with all other shares of the same series and class as the Shares granted to the Holder.

          2.4 No Impairment. The Company shall not, by amendment of its Articles or
Certificate (as applicable) of Incorporation or through a 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
under this Warrant by the Company, but shall at all times in good faith assist in carrying out of
all the provisions of this Article 2 and in taking all such action as may be necessary or
appropriate to protect Holder’s rights under this Article against impairment.

          2.5 Fractional Shares. No fractional Shares shall be issuable upon exercise or
conversion of the Warrant and the number of Shares to be issued shall be rounded down to the
nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the
Warrant, the Company shall eliminate such fractional share interest by paying Holder the amount
computed by multiplying the fractional interest by the fair market value of a full Share.

          2.6 Certificate as to Adjustments. Upon each adjustment of the Warrant Price,
the Company shall promptly notify Holder in writing, and, at the Company’s expense, promptly
compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer
setting forth such adjustment and the facts upon which such adjustment is based. The Company
shall, upon written request, furnish Holder a certificate setting forth the Warrant Price in effect
upon the date thereof and the series of adjustments leading to such Warrant Price.

ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

          3.1 Representations and Warranties. The Company represents and warrants to
the Holder as follows:

               (a) The initial Warrant Price referenced on the first page of this
Warrant is not greater than the price per share at which shares of the Company’s Series B
Preferred Stock were last issued in an arms-length transaction in which at least $500,000 of the
such shares were sold.

               (b) All Shares which may be issued upon the exercise of the purchase
right represented by this Warrant, and all securities, if any, issuable upon conversion of the
Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable,
and free of any liens and encumbrances except for restrictions on transfer provided for herein or
under applicable federal and state securities laws.

               (c) The capitalization table previously provided to Holder remains true
and complete as of the Issue Date.

          3.2 Notice of Certain Events. If the Company proposes at any time (a) to
declare any dividend or distribution upon any of its stock, whether in cash, property, stock, or

-5-

 

other securities and whether or not a regular cash dividend; (b) to offer for sale additional
shares of any class or series of the Company’s stock; (c) to effect any reclassification or
recapitalization of any of its stock; (d) to merge or consolidate with or into any other
corporation, or sell, lease, license, or convey all or substantially all of its assets, or to
liquidate, dissolve or wind up; or (e) offer holders of registration rights the opportunity to
participate in an underwritten public offering of the company’s securities for cash, then, in
connection with each such event, the Company shall give Holder: (1) at least 10 days prior written
notice of the date on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of common stock will be entitled thereto) or
for determining rights to vote, if any, in respect of the matters referred to in (c) and (d) above;
(2) in the case of the matters referred to in (c) and (d) above at least 10 days prior written
notice of the date when the same will take place (and specifying the date on which the holders of
common stock will be entitled to exchange their common stock for securities or other property
deliverable upon the occurrence of such event); and (3) in the case of the matter referred to in
(e) above, the same notice as is given to the holders of such registration rights.

          3.3 Registration Under Securities Act of 1933, as amended. The Company
agrees that the Shares or, if the Shares are convertible into common stock of the Company, such
common stock, shall have certain incidental, or “Piggyback,” registration rights pursuant to and
as set forth in the Company’s Investor Rights Agreement or similar agreement. The provisions
set forth in the Company’s Investors’ Right Agreement or similar agreement relating to the
above in effect as of the Issue Date may not be amended, modified or waived without the prior
written consent of Holder unless such amendment, modification or waiver affects the rights
associated with the Shares in the same manner as such amendment, modification, or waiver
affects the rights associated with all other shares of the same series and class as the Shares
granted to the Holder.

          3.4 No Shareholder Rights. Except as provided in this Warrant, the Holder
will not have any rights as a shareholder of the Company until the exercise of this Warrant.

ARTICLE 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER. The Holder represents and
warrants to the Company as follows:

          4.1 Purchase for Own Account. This Warrant and the securities to be
acquired upon exercise of this Warrant by the Holder will be acquired for investment for the
Holder’s account, not as a nominee or agent, and not with a view to the public resale or
distribution within the meaning of the Act. Holder also represents that the Holder has not been
formed for the specific purpose of acquiring this Warrant or the Shares.

          4.2 Disclosure of Information. The Holder has received or has had full access
to all the information it considers necessary or appropriate to make an informed investment
decision with respect to the acquisition of this Warrant and its underlying securities. The Holder
further has had an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the offering of this Warrant and its underlying, securities and to
obtain additional information (to the extent the Company possessed such information or could

-6-

 

acquire it without unreasonable effort or expense) necessary to verify any information furnished to
the Holder or to which the Holder has access.

          4.3 Investment Experience. The Holder understands that the purchase of this
Warrant and its underlying securities involves substantial risk. The Holder has experience as an
investor in securities of companies in the development stage and acknowledges that the Holder
can bear the economic risk of such Holder’s investment in this Warrant and its underlying
securities and has such knowledge and experience in financial or business matters that the Holder
is capable of evaluating the merits and risks of its investment in this Warrant and its underlying
securities and/or has a preexisting personal or business relationship with the Company and
certain of its officers, directors or controlling persons of a nature and duration that enables the
Holder to be aware of the character, business acumen and financial circumstances of such
persons.

          4.4 Accredited Investor Status. The Holder is an “accredited investor” within
the meaning of Regulation D promulgated under the Act.

          4.5 The Act. The Holder understands that this Warrant and the Shares issuable upon exercise
or conversion hereof have not been registered under the Act in reliance upon a specific exemption
therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s
investment intent as expressed herein. The Holder understands that this Warrant and the Shares
issued upon any exercise or conversion hereof must be held indefinitely unless subsequently
registered under the 1933 Act and qualified under applicable state securities laws, or unless
exemption from such registration and qualification are otherwise available.

ARTICLE 5. MISCELLANEOUS.

          5.1 Term: This Warrant is exercisable in whole or in part at any time and
from time to time on or before the Expiration Date.

          5.2 Legends. This Warrant and the Shares (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in
substantially the following form:

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE ACT, OR THE
SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT
BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED
UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE

-7-

 

OR HYPOTHECATION IS EXEMPT FROM REGISTRATION.

          5.3 Compliance with Securities Laws on Transfer. This Warrant and the
Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly,
upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part
without compliance with applicable federal and state securities laws by the transferor and the
transferee (including, without limitation, the delivery of investment representation letters and
legal opinions reasonably satisfactory to the Company, as reasonably requested by the
Company). The Company shall not require Holder to provide an opinion of counsel if the
transfer is to Silicon Valley Bancshares (Holder’s parent company) or any other affiliate of
Holder. Additionally, the Company shall also not require an opinion of counsel if there is no
material question as to the availability of current information as referenced in Rule 144(c),
Holder represents that it has complied with Rule 144(d) and (e) in reasonable detail, the selling
broker represents that it has complied with Rule 144(f), and the Company is provided with a
copy of Holder’s notice of proposed sale.

          5.4 Transfer Procedure. Upon receipt by Holder of the executed Warrant,
Holder will transfer all of this Warrant to Silicon Valley Bancshares, Holder’s parent company,
by execution of an Assignment substantially in the form of Appendix 2. Subject to the
provisions of Article 5.3 and upon providing Company with written notice, Silicon Valley
Bancshares and any subsequent Holder may transfer all or part of this Warrant or the Shares
issuable upon exercise of this Warrant (or the Shares issuable directly or indirectly, upon
conversion of the Shares, if any) to any transferee, provided, however, in connection with any
such transfer, Silicon Valley Bancshares or any subsequent Holder will give the Company notice
of the portion of the Warrant being transferred with the name, address and taxpayer identification
number of the transferee and Holder will surrender this Warrant to the Company for reissuance
to the transferee(s) (and Holder if applicable). The Company may refuse to transfer this Warrant
or the Shares to any person who directly competes with the Company, unless, in either case, the
stock of the Company is publicly traded.

          5.5 Notices. All notices and other communications from the Company to the
Holder, or vice versa, shall be deemed delivered and effective when given personally or mailed
by first-class registered or certified mail, postage prepaid, at such address as may have been
furnished to the Company or the Holder, as the case may (or on the first business day after
transmission by facsimile) be, in writing by the Company or such holder from time to time.
Effective upon receipt of the fully executed Warrant and the initial transfer described in Article
5.4 above, all notices to the Holder shall be addressed as follows until the Company receives
notice of a change of address in connection with a transfer or otherwise:

Silicon Valley Bancshares

Attn: Treasury Department

3003 Tasman Drive, HA 200

Santa Clara, CA 95054

Telephone: 408-654-7400

Facsimile: 408-496-2405

-8-

 

     Notice to the Company shall be addressed as follows until the Holder receives notice of a change in
address:

Sorrent, Inc.

Attn: Chief Financial Officer

1810 Gateway Drive; Suite 200

San Mateo, California 94404

Telephone: 650-571-1550

Facsimile: 650-571-5698

          5.6 Waiver. This Warrant and any term hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by the party against which
enforcement of such change, waiver, discharge or termination is sought.

          5.7 Attorney’s Fees. In the event of any dispute between the parties
concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be
entitled to collect from the other party all costs incurred in such dispute, including reasonable
attorney’s fees.

          5.8 Automatic Conversion upon Expiration. In the event that, upon the
Expiration Date, the fair market value of one Share (or other security issuable upon the exercise
hereof) as determined in accordance with Section 1.4 above is greater than the Exercise Price in
effect on such date, then this Warrant shall automatically be deemed on and as of such date to be
converted pursuant to Section 1.3 above as to all Shares (or such other securities) for which it
shall not previously have been exercised or converted, and the Company shall promptly deliver a
certificate representing the Shares (or such other securities) issued upon such conversion to the
Holder.

          5.9 Counterparts. This Warrant may be executed in counterparts, all of which
together shall constitute one and the same agreement.

          5.10 Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of California, without giving effect to its principles
regarding conflicts of law.

[signatures
on next page]

-9-

 

	 	 	 	 	 	 	 
	“Company”
	 	 	 	 
	Sorrent, Inc.
	 	 	 	 
	By:

	 	/s/ L. Gregory Ballard
	 	By:
	 	/s/ Paul Zuzelo
	 

	 	 
	 	 	 	 
	Name:

	 	L. Gregory Ballard
	 	Name:
	 	Paul Zuzelo
	 

	 	 
	 	 	 	 
	Title:

	 	Chairman of the Board,
President or Vice President
	 	Title:
	 	Chief Financial Officer,
Secretary, Assistant Treasurer
or Assistant Secretary
	 
	 	 	 	 	 	 
	“Holder”
	 	 	 	 
	Silicon Valley Bank	 	 	 	 
	By:

	 	/s/ Cynthia A. Bitner	 	 	 	 
	 

	 	 	 	 	 	 
	Name:

	 	Cynthia A. Bitner	 	 	 	 
	Title:

	 	Vice President	 	 	 	 

-10-

 

APPENDIX 1

 

NOTICE OF EXERCISE

     1. Holder
elects to purchase
                     shares of the Common/Series B Preferred
[strike one] Stock of Sorrent, Inc. pursuant to the terms of the attached Warrant, and tenders
payment of the purchase price of the shares in full.

[or]

     1. Holder elects to convert the attached Warrant into Shares/cash [strike one] in the
manner specified in the Warrant. This conversion is exercised for
                                        
                    
of
the Shares covered by the Warrant.

     [Strike paragraph that does not apply.]

     2. Please issue a certificate or certificates representing the shares in the name
specified below:

 

Holders Name

 

 

(Address)

     3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Article 4 of the Warrant as the date hereof.

	 	 	 	 	 
	 	 	HOLDER:
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 

	 	(Date):	 	 
	 

	 	 	 	 

-11-

 

ASSIGNMENT

For value received, Silicon Valley Bank hereby sells, assigns and transfers unto:

Name: Silicon Valley Bancshares

Address: 3003 Tasman Drive (HA-200)

Santa Clara, CA 95054

TaxID: 91-1962278

that
certain Warrant to Purchase Stock issued by                                                                     
(the “Company”), on                           , 200   (the “Warrant”) together with all
rights, title and interest therein.

	 	 	 	 	 	 	 
	 	 	 	 	SILICON VALLEY BANK
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

By its execution below, and for the benefit of the Company, Silicon Valley Bancshares makes
each of the representations and warranties set forth in Article 4 of the Warrant as of the date
hereof.

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