Document:

Exhibit 4.1

    Exihibit
      4.1

    
 

    NO
      SALE,
      OFFER TO SELL OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS WARRANT OR
      ANY
      INTEREST THEREIN SHALL BE MADE UNLESS A REGISTRATION STATEMENT UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, WITH RESPECT TO SUCH TRANSACTION IS THEN
      IN
      EFFECT, OR THE ISSUER HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT
      THAT
      SUCH TRANSFER DOES NOT REQUIRE REGISTRATION UNDER THAT ACT. 

    

    This
      Warrant will be void after 5:00 p.m. New York Time on January
      31, 2012.

    

    

    COMMON
      STOCK PURCHASE WARRANT

    

    WARRANT
      NO. W-1

    

    To
      Subscribe for and Purchase Shares of

     

    BTHC
      XI, INC.

    

    (Transferability
      Restricted as Provided in Paragraph 2 Below)

    

    

    THIS
      CERTIFIES THAT,
      for
      value received, FORDHAM
      FINANCIAL MANAGEMENT, INC.,
      or
      registered assigns, is entitled to subscribe for and purchase from BTHC
      XI, Inc.,
      a
      corporation incorporated under the laws of the State of Delaware (the
“Company”), ________fully paid and non-assessable shares of Common Stock of the
      Company at the Warrant Price during the period hereinafter set forth, subject,
      however, to the provisions and upon the terms and conditions hereinafter set
      forth. This Warrant is one of an issue of the Company’s Common Stock purchase
      warrants (herein called the “Warrants”), identical in all respects except as to
      the number of Common Shares purchasable thereunder, and issued pursuant to
      the
      Placement Agent Agreement.

    

    1. As
      used
      herein:

    

    (a) “Common
      Stock” or “Common Shares” shall initially refer to the Company’s Common Stock,
      $.001 par value per share, as more fully set forth in Section 5
      hereof.

    

    (b) “Warrant
      Price” shall be $1.10 which is subject to adjustment pursuant to Section 4
      hereof.

    

    (c) “Placement
      Agent” shall refer to FORDHAM FINANCIAL MANAGEMENT, INC.

    

    (d) “Placement
      Agent Agreement” shall refer to the Placement Agent Agreement dated January 2,
      2007 between the Company and the Placement Agent.

    

    
      
        
        

      

      
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    (e) “Warrants”
      shall refer to Warrants to purchase Common Shares issued to the Placement Agent
      or its designees by the Company pursuant to the Placement Agent Agreement,
      as
      such may be adjusted from time to time pursuant to the terms of Section 4
      and including any Warrants represented by any certificate issued from time
      to
      time in connection with the transfer, partial exercise, exchange of any Warrants
      or in connection with a lost, stolen, mutilated or destroyed Warrant
      certificate, if any, or to reflect an adjusted number of Common
      Shares.

    

    (f) “Underlying
      Securities” or “Warrant Shares” shall refer to and include the Common Stock
      issuable or issued upon exercise of the Warrants.

    

    (g) “Holders”
      shall mean the registered holder of such Warrants or any issued Underlying
      Securities.

    

    (h) “Memorandum”
      shall mean the Company’s Confidential Private Placement Memorandum dated January
      2, 2007, which is being used (or was used) in connection with the private
      offering of Series 1 Preferred Stock pursuant to the Placement Agent Agreement.
      

    

    (i) “Placement
      Agent Securities” shall refer and mean the warrants and shares of Common Stock
      issued and/or issuable upon exercise of the Warrants. 

    

    (j) “Offering”
      means the private offering of Series 1 Preferred Stock in accordance with the
      Memorandum.

    

    (k) “Series
      1
      Preferred Stock” means the Company’s Series 1 Convertible Preferred Stock, par
      value $.001 per share.

    

    2. Exercise
      and Payment.
      The
      purchase rights represented by this Warrant may be exercised by the holder
      hereof, in whole or in part at any time, and from time to time, during the
      period commencing the date hereof (the “Commencement Date”) until January
      31, 2012
      (the
“Warrant Exercise Term”), by the presentation of this Warrant, with the purchase
      form attached duly executed, at the Company's office (or such office or agency
      of the Company as it may designate in writing to the Holder hereof by notice
      pursuant to Section 14 hereof), and upon payment by the Holder to the Company
      in
      cash, or by certified check or bank draft of the Warrant Price for the Common
      Shares. At the option of the Holder of this Warrant, the Warrant Price may
      be
      paid through a cashless exercise of this Warrant. The
      purchase price of the Common Shares issuable pursuant to the Warrants, shall
      be
      payable in cash, by certified bank check and/or in lieu of cash, a warrant
      holder may exercise its Warrants through a cashless exercise. In this respect,
      at any time during the Warrant Exercise Term, the Holder may, at its option,
      exchange the Warrants, in whole or in part (a “Warrant Exchange”), into the
      number of fully paid and non-assessable Warrant Shares determined in accordance
      with this Section 2, by surrendering the placement agent warrants which shall
      represent the right to subscribe for and acquire the number of Warrant Shares
      (rounded to the next highest integer) equal to (A) the number of Warrant Shares
      specified by the Holder in its Notice of Exchange (the “Total Share Number”)
      less (B) the number of Warrant Shares equal to the quotient obtained by dividing
      (i) the product of the Total Share Number and the existing Exercise Price (i.e.
      $1.10 per share) per Share by (ii) the Market Price (as hereafter defined)
      of a
      share of Common Stock. All documentation and procedures to be followed in
      connection with such “cashless exercise” shall be approved in advance by the
      Company, which approval shall be expeditiously provided and not unreasonably
      withheld.

    

    
      
        
        

      

      
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    The
      Market Price of any shares of Common Stock to purchase shares so surrendered
      shall be based upon the value of the Common Stock at the close of business
      on
      the day before exercise based upon the following: (i) if the shares of Common
      Stock are not listed and traded upon a recognized securities exchange and there
      is no report of stock prices with respect to the shares of Common Stock
      published by a recognized stock quotation service, by the Board of Directors
      of
      the Company in its reasonable discretion, it being understood that the Market
      Price per share shall not be less than the most recent sale of Common Stock
      by
      the Company in an arms-length transaction occurring no more than six (6) months
      prior to the exercise in question; or (ii) if the shares of Common Stock are
      not
      then listed and traded upon a recognized securities exchange or quoted on the
      NASDAQ Stock Market, and there are reports of stock prices by a recognized
      quotation service, upon the basis of the last reported sale or transaction
      price
      of such stock as reported by a recognized quotation service, or, if there is
      no
      last reported sale or transaction price on the day before exercise, then upon
      the basis of the mean of the last reported closing bid and closing asked prices
      for such stock on the date nearest preceding that day; or (iii) if the shares
      of
      Common Stock shall be then listed and traded upon a recognized securities
      exchange or quoted on the NASDAQ Stock Market, upon the basis of the last
      reported sale or transaction price at which shares of Common Stock were traded
      on such recognized securities exchange or NASDAQ Stock Market or, if the shares
      of Common Stock were not traded on the day before exercise, upon the basis
      of
      the last reported sale or transaction price on the date nearest preceding that
      date. In the event the Company is acquired for either stock, notes, securities,
      cash or any combination thereof, the holders of the Warrants shall have the
      option to use the per share buyout price as the Market Price of the Common
      Stock. The
      Company agrees that the Holder of the Warrants shall be deemed the record owner
      of such Common Shares as of the close of business on the date on which the
      Warrants shall have been presented and payment made for such Common Shares
      as
      aforesaid. Certificates for the Common Shares so purchased shall be delivered
      to
      the Holder of the Warrants within a reasonable time, not exceeding five (5)
      days, after the rights represented by the Warrants shall have been so exercised.
      If the Warrants shall be exercised in part only, the Company shall, upon
      surrender of the Warrants for cancellation, deliver a new Warrant evidencing
      the
      rights of the Holder hereof to purchase the balance of the Common Shares which
      such Holder is entitled to purchase hereunder. Exercise in full of the rights
      represented by the Warrants shall not extinguish the registration rights under
      Section 9 hereof and Section 2 of the Placement Agent Agreement. 

    

    3. Subject
      to the provisions of Section 8 hereof, (i) this Warrant is exchangeable at
      the
      option of the Holder at the aforesaid office of the Company for other Warrants
      of different denominations entitling the Holder thereof to purchase in the
      aggregate the same number of Common Shares as are purchasable hereunder; and
      (ii) this Warrant may, at the reasonable request of the Holder, be reasonably
      divided or combined with other Warrants which carry the same rights, in either
      case, upon presentation hereof at the aforesaid office of the Company together
      with a written notice, signed by the Holder hereof, specifying the names and
      denominations in which new Warrants are to be issued, and the payment of any
      transfer tax due in connection therewith. 

    

    
      
        
        

      

      
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    4. Subject
      and pursuant to the provisions of this Section 4, the Warrant Price and number
      of Common Shares subject to this Warrant shall be subject to adjustment from
      time to time as set forth hereinafter in this Section 4.

    

    (a) In
      case
      the Company shall sell or issue either any of its Common Shares or any rights,
      options, warrants or obligations or securities containing the right to subscribe
      for or purchase any Common Shares (“Options”) or exchangeable for or convertible
      into Common Shares (“Convertible Securities”), at a price per share, as
      determined pursuant to Section 4(b), less than the Warrant Price then in effect
      on the date of such sale or issuance, then the number of Common Shares
      purchasable upon exercise of this Warrant shall be determined by multiplying
      the
      number of Common Shares theretofore purchasable upon exercise of this Warrant
      by
      a fraction, (a) the numerator of which shall be the number of Common Shares
      outstanding on the date of issuance of such Common Shares, Options or
      Convertible Securities and (b) the denominator of which shall be the number
      of
      Common Shares outstanding on the date prior to the date of issuance of such
      Common Shares or Convertible Securities plus the number of Common Shares which
      the aggregate consideration received by the Company upon such issuance would
      purchase on such date at the Warrant Price then in effect. 

    

    (b) The
      following provisions, in addition to other provisions of this Section 4, shall
      be applicable in determining any adjustment under Section 4(a):

    

    (1) In
      case
      of the issuance or sale of Common Shares part or all of which shall be for
      cash,
      the cash consideration received by the Company therefor shall be deemed to
      be
      the amount of cash proceeds of such sale of shares less any compensation paid
      or
      discount allowed in the sale, underwriting or purchase thereof by underwriters
      or dealers or others performing similar services or any expenses incurred in
      connection therewith, plus the amounts, if any, determined as provided in
      Section 4(b)(2).

    

    (2) In
      case
      of the issuance or sale of Common Shares wholly or partly for a consideration
      other than cash, the amount of the consideration other than cash received by
      the
      Company for such shares shall be deemed to be the fair value of such
      consideration as determined by a resolution adopted by the Board of Directors
      of
      the Company acting in good faith, less any compensation paid or incurred by
      the
      Company for any underwriting of, or otherwise in connection with such issuance,
      provided, however, the amount of such consideration other than cash shall in
      no
      event exceed the cost thereof as recorded on the books of the Company. In case
      of the issuance or sale of Common Shares (otherwise than upon conversion or
      exchange) together with other stock or securities or other assets of the Company
      for a consideration which is received for both such Common Shares and other
      securities or assets, the Board of Directors of the Company acting in good
      faith
      shall determine what part of the consideration so received is to be deemed
      to be
      the consideration for the issuance of such Common Shares, less any compensation
      paid or incurred by the Company for any underwriting of, or otherwise in
      connection with such issuance, provided, however, the amount of such
      consideration other than cash shall in no event exceed the cost thereof as
      recorded on the books of the Company. In case at any time the Company shall
      declare a dividend or make any other distribution upon any stock of the Company
      payable in Common Stock, then such common stock issuable in payment of such
      dividend or distribution shall be deemed to have been issued or sold without
      consideration.

    

    
      
        
        

      

      
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    (3) The
      price
      per share of any Common Shares sold or issued by the Company (other than
      pursuant to Options or Convertible Securities) shall be equal to a price
      calculated by dividing (A) the amount of the consideration received by the
      Company, as determined pursuant to Sections 4(b)(1) and 4(b)(2), upon such
      sale
      of issuance by (B) the number of Common Shares sold or issued.

    

    (4) In
      case
      the Company shall at any time after the date hereof issue any Options or
      Convertible Securities the following provisions shall apply in making any
      adjustment pursuant to this Section 4:

    

    (i)
      The
      price per share for which Common Stock is issuable upon the exercise of the
      Options or upon conversion or exchange of the Convertible Securities shall
      be
      determined by dividing (A) the total amount, if any, received or receivable
      by
      the Company as consideration for the issuance of such Options or Convertible
      Securities, plus the minimum aggregate amount of additional consideration,
      if
      any, payable to the Company upon the exercise of such Options or the conversion
      or exchange of such Convertible Securities, by (B) the aggregate maximum number
      of shares of Common Stock issuable upon the exercise of such Option or upon
      the
      conversion or exchange of such Convertible Securities.

    

    (ii)
      In
      determining the price per share for which Common Stock is issuable upon exercise
      of the Options or conversion or exchange of the Convertible Securities as set
      forth in Section 4(b)(4)(i) and in computing any adjustment pursuant to Section
      4(a): (A) the aggregate maximum number of shares of Common Stock issuable upon
      the exercise of such Convertible Securities shall be considered to be
      outstanding at the time such Options or Convertible Securities were issued
      and
      to have been issued for such price per share as determined pursuant to Section
      4(b)(4)(i) and (B) the consideration for the issuance of such Options or
      Convertible Securities and the amount of additional consideration payable to
      the
      Company upon exercise of such Options or upon the conversion or exchange of
      such
      Convertible Securities shall be determined in the same manner as the
      consideration received upon the issuance or sale of Common Shares as provided
      in
      Sections 4(b)(1) and 4(b)(2).

    

    (iii)
      On
      the expiration of such Options or the termination of any right to convert or
      exchange any Convertible Securities, the number of Common Shares subject to
      this
      Warrant shall forthwith be readjusted to such number of Common Shares as would
      have obtained had the adjustments made upon the issuance of such Options or
      Convertible Securities been made upon the basis of the delivery of only the
      number of shares of Common Stock actually delivered upon the exercise of such
      Options or upon conversion or exchange of such Convertible
      Securities.

    

    
      
        
        

      

      
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    (iv) If
      the
      minimum purchase price per share of Common Stock provided for in any Option
      or
      the rate at which any Convertible Securities are convertible into or
      exchangeable for Common Stock shall change or a different purchase price or
      rate
      shall become effective at any time or from time to time (other than pursuant
      to
      any anti-dilution provisions of such Options or Convertible Securities) then,
      upon such change becoming effective, the number of Common Shares subject to
      this
      Warrant shall forthwith be increased or decreased to such number of shares
      as
      would have been obtained had the adjustments made upon the granting or issuance
      of such Options or Convertible Securities been made upon the basis of (l) the
      issuance of the number of shares of Common Stock theretofore actually delivered
      upon the exercise of such Options or upon the conversion or exchange of such
      Convertible Securities, and the total consideration received therefor, and
      (2)
      the granting or issuance at the time of such change of any such Options or
      Convertible Securities then still outstanding for the consideration, if any,
      received by the Company therefor and to be received on the basis of such changed
      price or rate of exchange or conversion.

    

    (5) Except
      as
      otherwise specifically provided herein the date of issuance or sale of Common
      Stock shall be deemed to be the date the Company is legally obligated to issue
      such Common Shares, or pursuant to paragraph 4(b)(4), the date the Company
      is
      legally obligated to issue any Option or Convertible Security. In case at any
      time the Company shall take a record date for the purpose of determining the
      Holders of Common Stock entitled (i) to receive a dividend or other distribution
      payable in Common Stock or in Options or Convertible Securities or (ii) to
      subscribe for or purchase Common Stock, Options or Convertible Securities then
      such record date shall be deemed to be the date of issue or sale of the Common
      Shares, Options or Convertible Securities deemed to have been issued or sold
      upon the declaration of such dividend or the making of such distribution or
      the
      granting of such right of subscription or purchase, as the case may
      be.

    

    (6) The
      number of shares of Common Stock outstanding at any given time shall not include
      treasury shares and the disposition of any such treasury shares shall be
      considered an issue or sale of Common Stock for the purposes of this Section
      4.

    

    (7) Anything
      hereinabove to the contrary notwithstanding, no adjustment shall be made
      pursuant to Section 4(a) to the Warrant Price, or to the number of Underlying
      Securities upon:

    

    (i) The
      issuance or sale by the Company of any Common Shares, shares of Series 1
      Preferred Stock (or Common Shares issuable upon conversion of such Series 1
      Preferred Stock), Options or Convertible Securities pursuant to (A) the
      Warrants, (B) the Offering, (C) the Placement Agent Agreement, (D) dividends
      on
      shares of Series 1 Preferred Stock payable in shares of Series 1 Preferred
      Stock
      (including the issuance of shares of Common Stock issuable upon the conversion
      of such Series 1 Preferred Stock), (E) the conversion or exchange of any
      security which is outstanding on any closing date of the Offering which is
      convertible or exchangable into shares of Common Stock, or (F) the exercise
      of
      any right, warrant or option which is outstanding on or about any closing date
      of the Offering or otherwise as described in the Memorandum.

    

    
      
        
        

      

      
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    (ii) The
      issuance or sale of Common Shares pursuant to the exercise of Options or
      conversion or exchange of Convertible Securities hereinafter issued for which
      an
      adjustment has been made (or was not required to be made) pursuant to the
      provisions of Section 4 hereof.

    

    (iii)
      The
      increase in the number of Common Shares subject to any Option or Convertible
      Security referred to in subsections (i) and (ii) hereof pursuant to the
      provisions of such Option or Convertible Securities designed to protect against
      dilution.

    

    (c) If
      the
      Company shall at any time subdivide its outstanding Common Shares by
      recapitalization, reclassification or split-up thereof, the number of Common
      Shares subject to this Warrant immediately prior to such subdivision shall
      be
      proportionately increased, and if the Company shall at any time combine the
      outstanding Common Shares by recapitalization, reclassification or combination
      thereof, the number of Common Shares subject to this Warrant immediately prior
      to such combination shall be proportionately decreased. Any such adjustment
      to
      the Warrant Price pursuant to this Section shall become effective at the close
      of business on the record date for such recapitalization, reclassification,
      subdivision or combination.

    

    (d) If
      the
      Company after the date hereof shall distribute to all of the holders of its
      Common Shares any securities or other assets (other than a distribution of
      Common Shares or a cash distribution made as a dividend payable out of earnings
      or out of any earned surplus legally available for dividends under the laws
      of
      the State of Delaware), the Board of Directors of the Company shall be required
      to make such equitable adjustment in the Warrant Price in effect immediately
      prior to the record date of such distribution as may be necessary to preserve
      to
      the Holder of this Warrant rights substantially proportionate to those enjoyed
      hereunder by such Holder immediately prior to the happening of such
      distribution. Any such adjustment made in good faith by the Board of Directors
      shall be final and binding upon the Holders and shall become effective as of
      the
      record date for such distribution.

    

    (e) No
      adjustment in the number of Common Shares subject to this Warrant shall be
      required under this Section 4 hereof unless such adjustment would require an
      increase or decrease in such number of shares of at least 1% of the then
      adjusted number of Common Shares issuable upon exercise of this Warrant,
      provided, however, that any adjustments which by reason of the foregoing are
      not
      required at the time to be made shall be carried forward and taken into account
      and included in determining the amount of any subsequent adjustment; and
      provided further, however, that in case the Company shall at any time subdivide
      or combine the outstanding Common Shares or issue any additional Common Shares
      as a dividend, said percentage shall forthwith be proportionately increased
      in
      the case of a combination or decreased in the case of a subdivision or dividend
      of Common Shares so as to appropriately reflect the same. If the Company shall
      make a record of the Holders of its Common Shares for the purpose of entitling
      them to receive any dividend or distribution and legally abandon its plan to
      pay
      or deliver such dividend or distribution then no adjustment in the number of
      Common Shares subject to the Warrant shall be required by reason of the making
      of such record.

    

    
      
        
        

      

      
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    (f)
      Whenever the number of Common Shares purchasable upon the exercise of this
      Warrant is adjusted, as provided in Section 4, the Warrant Price shall be
      adjusted (to the nearest one tenth of a cent by multiplying such Warrant Price
      immediately prior to such adjustment by a fraction, the numerator of which
      shall
      be the number of Common Shares purchasable upon the exercise of this Warrant
      immediately prior to such adjustment, and the denominator of which shall be
      the
      number of Common Shares so purchasable immediately thereafter. 

    

    (g) In
      case
      of any reclassification of the outstanding Common Shares (other than a change
      covered by Section 4(c) hereof or which solely affects the par value of such
      Common Shares) or in the case of any merger or consolidation of the Company
      with
      or into another corporation (other than a consolidation or merger in which
      the
      Company is the continuing corporation and which does not result in any
      reclassification or capital reorganization of the outstanding Common Shares),
      or
      in the case of any sale or conveyance to another corporation of the property
      of
      the Company as an entirety or substantially as an entirety in connection with
      which the Company is dissolved, the Holder of this Warrant shall have the right
      thereafter (until the expiration of the right of exercise of this Warrant)
      to
      receive upon the exercise hereof, for the same aggregate Warrant Price payable
      hereunder immediately prior to such event, the kind and amount of shares of
      stock or other securities or property receivable upon such reclassification,
      capital reorganization, merger or consolidation, or upon the dissolution
      following any sale or other transfer, by a Holder of the number of Common Shares
      of the Company obtainable upon the exercise of this Warrant immediately prior
      to
      such event; and if any reclassification also results in a change in Common
      Shares covered by Section 4(c), the such adjustment shall be made pursuant
      to
      both this Section 4(g) and Section 4(c). The provisions of this Section 4(g)
      shall similarly apply to successive re-classifications, or capital
      reorganizations, mergers or consolidations, sales or other
      transfers.

    

    (h) (1) Upon
      occurrence of each event requiring an adjustment of the Warrant Price and of
      the
      number of Common Shares obtainable upon exercise of this Warrant in accordance
      with, and as required by, the terms of this Section 4, the Company shall
      forthwith employ a firm of certified public accountants (who may be the regular
      accountants for the Company) who shall compute the adjusted Warrant Price and
      the adjusted number of Common Shares purchasable at such adjusted Warrant Price
      by reason of such event in accordance with the provisions of this Section 4.
      The
      Company shall mail forthwith to the Holder of this Warrant a copy of such
      computation which shall be conclusive and shall be binding upon such Holder
      unless contested by such Holder by written notice to the Company within thirty
      (30) days after receipt thereof by such Holder.

    

    (2) In
      case
      the Company after the date hereof shall propose (i) to pay any dividend payable
      in stock to the Holders of its Common Shares or to make any other distribution
      (other than cash dividends) to the Holders of its Common Shares, (ii) grant
      rights to subscribe to or purchase any additional shares of any class or any
      other rights or options, or (iii) to effect any reclassification of Common
      Shares (other than a reclassification involving merely the subdivision or
      combination of outstanding Common Shares) or (iv) any capital reorganization
      or
      any consolidation or merger, or any sale, transfer or other disposition of
      its
      property, assets and business substantially as an entirety, or the liquidation,
      dissolution or winding up of the Company, then in each such case, the Company
      shall obtain the computation described in Section 4(h)(1) hereof and if an
      adjustment to the Warrant Price is required under this Section 4, the Company
      shall notify the registered Holder of this Warrant of such proposed action,
      which shall specify the record date for any such action or if no record date
      is
      established with respect thereto, the date on which such action shall occur
      or
      commence, or the date of participation therein by the Holders of Common Shares
      if any such date is to be fixed, and shall also set forth such facts with
      respect thereto as shall be reasonably necessary to indicate the effect of
      such
      action on the Warrant Price and the number, or kind, or class of shares or
      other
      securities or property obtainable upon exercise of this Warrant after giving
      affect to any adjustment which will be required as a result of such action.
      Such
      notice shall be given at least ten (10) days prior to the record date for
      determining Holders of the Common Shares for purposes of any such action, and
      in
      the case of any action for which a record date is not established then such
      notice shall be mailed at least ten (10) days prior to the taking of such
      proposed action.

    

    
      
        
        

      

      
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    (3) Failure
      to file any certificate or notice or to mail any notice, or any defect in any
      certificate or notice, or any defect in any certificate or notice, pursuant
      to
      this Section 4(h), shall not effect the legality or validity of the adjustment
      in the Warrant Price or in the number, or kind, or class or shares or other
      securities or property obtainable upon exercise of this Warrant or of any
      transaction giving rise thereto.

    

    (i) The
      Company shall not be required to issue fractional Common Shares upon any
      exercise of this Warrant. As to any final fraction of a Common Share which
      the
      Holder of this Warrant would otherwise be entitled to purchase upon such
      exercise, the Company shall pay the Holder the cash equivalent of such fraction
      of a Common Share.

    

    (j) Irrespective
      of any adjustments pursuant to this Section 4 in the Warrant Price or in the
      number, or kind, or class of shares or other securities or other property
      obtainable upon exercise of this Warrant, this Warrant may continue to express
      the Warrant Price and the number of Common Shares obtainable upon exercise
      at
      the same price and number of Common Shares as are stated herein.

    

    5. For
      the
      purposes of this Warrant, the terms “Common Shares” or “Common Stock” or
“Warrant Shares” shall mean (i) the class of stock designated as the common
      stock, $.001 par value, of the Company on the date set forth on the first page
      hereof or (ii) any other class of stock resulting from successive changes or
      re-classifications of such Common Stock consisting solely of changes in par
      value, or from no par value to par value, or from par value to no par value.
      If
      at any time, as a result of an adjustment made pursuant to Section 4, the
      securities or other property obtainable upon exercise of this Warrant shall
      include shares or other securities of the Company other than Common Shares
      or
      securities of another corporation or other property, thereafter, the number
      of
      such other shares or other securities or property so obtainable shall be subject
      to adjustment from time to time in a manner and on terms as nearly equivalent
      as
      practicable to the provisions with respect to the Common Shares contained in
      Section 4 and all other provisions of this Warrant with respect to Common Shares
      shall apply on like terms to any such other shares or other securities or
      property. Subject to the foregoing, and unless the context requires otherwise,
      all references herein to Common Shares shall, in the event of an adjustment
      pursuant to Section 4, be deemed to refer also to any other securities or
      property then obtainable as a result of such adjustments.

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    6. The
      Company covenants and agrees that:

    

    (a)
      During the period within which the rights represented by the Warrant may be
      exercised, the Company shall, at all times, reserve and keep available out
      of
      its authorized capital stock, solely for the purposes of issuance upon exercise
      of this Warrant, such number of its Common Shares as shall be issuable upon
      the
      exercise of this Warrant; and if at any time the number of authorized Common
      Shares shall not be sufficient to effect the exercise of this Warrant, the
      Company will take such corporate action as may be necessary to increase its
      authorized but unissued Common Shares to such number of shares as shall be
      sufficient for such purpose; the Company shall have analogous obligations with
      respect to any other securities or property issuable upon exercise of this
      Warrant;

    

    (b) All
      Common Shares which may be issued upon exercise of the rights represented by
      this Warrant will, upon issuance be validly issued, fully paid, nonassessable
      and free from all taxes, liens and charges with respect to the issuance thereof;
      and

    

    (c) All
      original issue taxes payable in respect of the issuance of Common Shares upon
      the exercise of the rights represented by this Warrant shall be borne by the
      Company but in no event shall the Company be responsible or liable for income
      taxes or transfer taxes upon the transfer of any Warrants.

    

    7. Until
      exercised, this Warrant shall not entitle the Holder hereof to any voting rights
      or other rights as a stockholder of the Company.

    

    8. In
      no
      event shall this Warrant be sold, transferred, assigned or hypothecated except
      in conformity with the applicable provisions of the Securities Act of 1933,
      as
      amended and as then in force (the “Act”), or any similar Federal statute then in
      force, and all applicable “Blue Sky” laws.

    

    9. The
      Holder of this Warrant, by acceptance hereof, agrees that, prior to the
      disposition of this Warrant or of any Common Shares theretofore purchased upon
      the exercise hereof, under circumstances that might require registration of
      such
      securities under the Act, or any similar Federal statute then in force, such
      Holder will give written notice to the Company expressing such Holder's
      intention of effecting such disposition, and describing briefly such Holder's
      intention as to the disposition to be made of this Warrant and/or the securities
      theretofore issued upon exercise hereof. Such notice shall be given at least
      ten
      (10) days prior to the date of such disposition. Promptly upon receiving such
      notice, the Company shall present copies thereof to its counsel and the
      provisions of the following subdivisions shall apply:

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (a) If,
      in
      the opinion of such counsel, the proposed disposition does not require
      registration under the Act or qualification pursuant to Regulation A promulgated
      under the Act, or any similar Federal statute then in force, of this Warrant
      and/or the securities issuable or issued upon the exercise of this Warrant,
      the
      Company shall, as promptly as practicable, notify the Holder hereof of such
      opinion, whereupon such Holder shall be entitled to dispose of this Warrant
      and/or such Common Shares theretofore issued upon the exercise hereof, all
      in
      accordance with the terms of the notice delivered by such Holder to the
      Company.

    

    (b)
       If,
      in
      the opinion of such counsel, such proposed disposition requires such
      registration or qualification under the Act, or similar Federal statute then
      in
      effect, of this Warrant and/or the Common Shares issuable or issued upon the
      exercise of this Warrant, the Company shall promptly give written notice to
      the
      Holder of the Warrant, at the address thereof shown on the books of the Company.
      

    

    It
      should
      be noted that Section 2 of the Placement Agent Agreement provides for the
      following registration rights:

    

    “The
      Placement Agent Warrants shall also contain one demand registration right and
      unlimited piggy-back registration rights with respect to the Warrant Shares,
      which right shall become effective after the expiration of 12 months after
      the
      completion of the Minimum Offering, and which right shall terminate 48 months
      thereafter. The demand registration right of the Warrant Shares, may be
      exercised by either the Placement Agent or a majority of the then holders of
      the
      Placement Agent Warrants and/or Warrant Shares. Any exercise of the demand
      and/or piggyback registration rights shall be at the sole expense of the Company
      except that the Company shall not be responsible for the sales or underwriters
      fees or commissions relating to the sale of the Warrant Shares.” 

    

    10. The
      Company agrees to indemnify, defend and hold harmless the holder of this
      Warrant, or of Underlying Securities issuable or issued upon the exercise
      hereof, from and against any claims and liabilities caused by any untrue
      statement of a material fact, or omission to state a material fact required
      to
      be stated, in any such registration statement, prospectus, notification or
      offering circular under Regulation A, except insofar as such claims or
      liabilities are caused by any such untrue statement or omission based on
      information furnished in writing to the Company by such holder, or by any other
      such holder affiliated with the holder who seeks indemnification, as to which
      the holder hereof, by acceptance hereof, agrees to indemnify, defend and hold
      harmless the Company.  

    

    11.
      If
      this Warrant, or any of the Underlying Securities issuable pursuant hereto,
      require qualification or registration with, or approval of, any governmental
      official or authority (other than registration under the Act, or any similar
      Federal statute at the time in force), before such shares may be issued on
      the
      exercise hereof, the Company, at its expense, will take all requisite action
      in
      connection with such qualification, and will use its best efforts to cause
      such
      securities to be duly registered or approved, as may be required.

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    12.
      This
      Warrant is exchangeable, upon its surrender by the registered holder at such
      office or agency of the Company as may be designated by the Company, for new
      Warrants of like tenor, representing, in the aggregate, the right to subscribe
      for and purchase the number of Common Shares that may be subscribed for and
      purchased hereunder, each of such new Warrants to represent the right to
      subscribe for and purchase such number of Common Shares as shall be designated
      by the registered holder at the time of such surrender. Upon receipt of evidence
      satisfactory to the Company of the loss, theft, destruction or mutilation of
      this Warrant, and, in the case of any such loss, theft or destruction, upon
      delivery of a bond of indemnity satisfactory to the Company, or in the case
      of
      such mutilation, upon surrender or cancellation of this Warrant, the Company
      will issue to the registered holder a new Warrant of like tenor, in lieu of
      this
      Warrant, representing the right to subscribe for and purchase the number of
      Common Shares that may be subscribed for and purchased hereunder. Nothing herein
      is intended to authorize the transfer of this Warrant except as permitted by
      applicable law. 

    

    13. Every
      Holder hereof, by accepting the same, agrees with any subsequent Holder hereof
      and with the Company that this Warrant and all rights hereunder are issued
      and
      shall be held subject to all of the terms, conditions, limitations and
      provisions set forth in this Warrant, and further agrees that the Company and
      its transfer agent may deem and treat the registered Holder of this Warrant
      as
      the absolute owner hereof for all purposes and shall not be affected by any
      notice to the contrary.

    

    14. All
      notices required hereunder shall be given by first-class mail, postage prepaid;
      if given by the holder hereof, addressed to the Company at 2201-E. Crown Point,
      Executive Drive, Charlotte, NC 28227, with a copy to Morse & Morse PLLC,
      1400 Old Country Road, Westbury, New York 11590, or such other address as the
      Company may designate in writing to the holder hereof; and if given by the
      Company, addressed to the holder at the address of the holder shown on the
      books
      of the Company.

    

    15. The
      Company will not merge or consolidate with or into any other corporation, or
      sell or otherwise transfer its property assets and business substantially as
      an
      entirety to another corporation, unless the corporation resulting from such
      merger or consolidation (if not the Company), or such transferee corporation,
      as
      the case may be, shall expressly assume, by supplemental agreement satisfactory
      in form to the Placement Agent, the due and punctual performance and observance
      of each and even covenant and condition of this Warrant to be performed and
      observed by the Company.

    

    16. (a) The
      Placement Agent is an accredited investor as such term is defined in the
      Securities Act of 1933, as amended (the "Securities Act"), or Regulation D
      promulgated by the Securities and Exchange Commission thereunder, and under
      applicable state securities laws. The Placement Agent is an accredited investor
      because it meets one or more of the following criteria: 

    

    (1) It
      is a
      bank as defined in Section 3(a)(2) of the Securities Act, whether acting in
      its
      individual or fiduciary capacity.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    (2) It
      is a
      savings and loan association or other institution as defined in Section
      3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary
      capacity.

    

    (3) It
      is a
      broker or dealer registered under Section 15 of the Securities Exchange Act
      of
      1934, as amended.

    

    (4) It
      is an
      insurance company as defined in Section 2(13) of the Securities
      Act.

    

    (5) It
      is an
      investment company registered under the Investment Company Act of 1940, as
      amended, or a business development company as defined in section 2(a)(48) of
      that Act.

    

    (6) It
      is a
      Small Business Investment Company licensed by the U.S. Small Business
      Administration under section 301(c) or (d) of the Small Business Investment
      Act
      of 1958.

    

    (7) It
      is a
      plan established by a state, its political subdivisions or any agency or
      instrumentality of a state or its political subdivisions, for the benefit of
      its
      employees, and that such plan has total assets in excess of
      $5,000,000.

     

    (8) (i)
      It is
      an employee benefit plan within the meaning of Title I of the Employee
      Retirement Income Security Act of 1974, with the investment decisions being
      made
      by a plan fiduciary, as defined in section 3(21) of such Act, and the plan
      fiduciary is either a bank, insurance company, or registered investment adviser,
      or (ii) it is an employee benefit plan that has total assets in excess of
      $5,000,000, or (iii) it is a self-directed employee benefit plan and the
      investment decisions are made solely by persons that are accredited
      investors.

    

    (9) It
      is a
      private business development company as defined in section 202(a)(22) of the
      Investment Advisors Act of 1940, as amended.

    

    (10) It
      is an
      organization described in Section 501(c)(3) of the Internal Revenue Code,
      corporation, Massachusetts or similar business trust, or
      partnership

    p,
      not
      formed for the specific purpose of acquiring the securities offered, with total
      assets in excess of $5,000,000.

    

    (11) It
      is a
      trust, with total assets in excess of $5,000,000, not formed for the specific
      purpose of acquiring the securities offered, whose purchase is directed by
      a
      sophisticated person as described in Rule 506(b)(2)(ii) of Regulation
      D.

    

    (12) It
      is an
      entity in which all the equity owners are accredited investors.

    

    (a)  The
      Placement Agent has no present intention to sell the Warrant that it received
      as
      compensation in the Offering, nor a present arrangement (whether or not legally
      binding) or intention to effect any distribution of any part of the Warrant,
      or
      the Underlying Securities, to or through any person or entity; provided,
      however,
      that by
      making the representations herein, the Placement Agent does not agree to hold
      the Warrant or the Underlying Securities for any minimum or other specific
      term
      and reserves the right to dispose of the Warrant or the Underlying Securities
      at
      any time in accordance with Federal and state securities laws applicable to
      such
      disposition. The Placement Agent acknowledges that it (i) has such knowledge
      and
      experience in financial and business matters such that the Placement Agent
      is
      capable of evaluating the merits and risks of its investment in the Company,
      (ii) is able to bear the financial risks associated with an investment in the
      Warrant and the Underlying Securities and (iii) has been given full access
      to
      such records of the Company and to the officers of the Company and the
      Subsidiaries as it has deemed necessary or appropriate to conduct its due
      diligence investigation.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    (b)  The
      Placement Agent understands that the Warrants and the Underlying Securities
      must
      be held indefinitely unless such securities are registered under the Act or
      an
      exemption from registration is available. The Placement Agent acknowledges
      that
      it is familiar with Rule 144 under the Act ("Rule
      144"),
      and
      that the Placement Agent has been advised that Rule 144 permits resales only
      under certain circumstances. The Placement Agent understands that to the extent
      that Rule 144 is not available, the Placement Agent will be unable to sell
      any
      Warrants or Underlying Securities without either registration under the Act
      or
      the existence of another exemption from such registration
      requirement.

     

    (c)  The
      Placement Agent understands that the Warrants and the Underlying Securities
      are
      being offered and sold in reliance on a transactional exemption from the
      registration requirements of federal and state securities laws and the Company
      is relying upon the truth and accuracy of the representations, warranties,
      agreements, acknowledgments and understandings of the Placement Agent set forth
      herein in order to determine the applicability of such exemptions and the
      suitability of the Placement Agent to acquire the Warrants and the Underlying
      Securities. The Placement Agent understands that no United States federal or
      state agency or any government or governmental agency has passed upon or made
      any recommendation or endorsement of the Warrants or the Underlying
      Securities.

     

    (d)  The
      Placement Agent acknowledges that the Warrants and the Underlying Securities
      were not offered to the Placement Agent by means of any form of general or
      public solicitation or general advertising, or publicly disseminated
      advertisements or sales literature, including (i) any advertisement, article,
      notice or other communication published in any newspaper, magazine, or similar
      media, or broadcast over television or radio, or (ii) any seminar or meeting
      to
      which the Placement Agent was invited by any of the foregoing means of
      communications. The Placement Agent, in making the decision to purchase the
      Warrants and the Underlying Securities, has relied upon independent
      investigation made by it and has not relied on any information or
      representations made by third parties.

     

    17. The
      validity, construction and enforcement of this Warrant shall be governed by
      the
      laws of the State of New York and jurisdiction is hereby vested in the Courts
      of
      said State in the event of the institution of any legal action under this
      Warrant.

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, BTHC
      XI,
      INC.
      has
      caused this Warrant to be signed by its duly authorized officers under its
      corporate seal, on , 2007. 

    
      	 	 	 
	 	
              BTHC
                XI, INC.

            
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              
Brad
              Bernstein
	 	
              President

            

    

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    PURCHASE
      FORM

    To
      Be
      Executed

    Upon
      Exercise of Warrant, except for Cashless Exercise

    

    The
      undersigned hereby exercises the right to purchase _______ Common Shares
      evidenced by the within Warrant No. ___, according to the terms and conditions
      thereof, and herewith makes payment of the purchase price in full. The
      undersigned requests that certificates for such shares shall be issued in the
      name set forth below.

    

    Dated: ,
      200__

    Signature
      

    

    _________________________

    Print
      Name of Signatory 

     

    Name
      to
      whom certificates are to 

    be
      issued
      if different from above

    

    Address: 

    __________________________

    __________________________

    ___________________________

    

    ___________________________

    Social
      Security No. 

    or
      other
      identifying number 

    

    If
      said
      number of shares shall not be all the shares purchasable under the within
      Warrant, the undersigned requests that a new Warrant for the unexercised portion
      shall be registered in the name of :

     

    ___________________________

    (Please
      Print) 

    

    Address: 

    __________________________

    __________________________

     

    ______________________

    Social
      Security No. 

    or
      other
      identifying number 

                              _________________________

     Signature
      

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    PURCHASE
      FORM

    To
      Be
      Executed Upon

    Cashless
      Exercise of this Warrant

    

    The
      undersigned hereby exercises the right to purchase _______ Common Shares
      evidenced by the within Warrant No. __ according to the terms and conditions
      thereof and the undersigned hereby submits warrants to purchase ________ Common
      Shares as evidenced by the within Warrant No. ___ to be in full payment of
      the
      _______ Common Shares exercised and purchased herein. The undersigned represents
      that certificates for such purchased shares shall be issued in the name set
      forth below: 

    

    Dated:
       ,
      200__

    Signature
      

    _________________________

    Print
      Name of Signatory 

     

    Name
      to
      whom certificates are to 

    be
      issued
      if different from above

    

    Address: 

    __________________________

                                        __________________________

    ___________________________

    

    ___________________________

    Social
      Security No. 

    or
      other
      identifying number 

    

    If
      said
      number of shares shall not be all the shares purchasable under the within
      Warrant, the undersigned requests that a new Warrant for the unexercised portion
      shall be registered in the name of :

    ___________________________

    (Please
      Print) 

    Address: 

    __________________________

    __________________________

     

    ______________________

    Social
      Security No. 

    or
      other
      identifying number

                                               
_________________________

    Signature
      

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    FORM
      OF
      ASSIGNMENT

    

    

    
      	 FOR VALUE RECEIVED , 	hereby 	 	 
	 sells assigns and transfers to ,
              Soc.	  Sec. No.	 	 

  
      

    [
      ] the
      within Warrant, together with all rights, title and interest therein, and does
      hereby irrevocably constitute and appoint attorney to transfer such Warrant
      on
      the register of the within named Company, with full power of
      substitution.

     

    _______________________

    Signature
      

    

    Dated: ,
      200__

    

    Signature
      Guaranteed:

    

    _______________________

    
      

      
        
          
          

        

        
          18Exhibit 10.1

     

    Exhibit
      10.1

     

    DIRECTOR
      COMPENSATION AGREEMENT

    

    

    THIS
      DIRECTOR COMPENSATION AGREEMENT (this “Agreement”),
      dated
      as of January 31, 2007, is entered into by and between BTHC XI, Inc., a Delaware
      corporation (together with its subsidiaries, the “Company”),
      and
      George Rubin (the “Director”).
      

    

    W
      I T N E S S E T H:

    

    WHEREAS,
      the Director desires to serve the Company as a director and the Company desires
      to have Director serve as a director.

    

    NOW
      THEREFORE in consideration of the mutual benefits to be derived from this
      Agreement, the Company and the Director hereby agree as follows:

    

    1. Director.
      Director has agreed to serve as a director of the Company and has been elected
      as a director of the Company.

    

    2. Compensation
      and Benefits.
      In
      exchange for his agreeing to serve as a director, the Director shall be
      compensated as follows:

    

    (a) Standard
      Director Compensation.
      So long
      as he serves as a director, the Director shall be entitled to receive standard
      director fees as set by the Board of Directors which, at a minimum, shall
      include an annual fee of $6500 for serving as a director, an annual fee of
      $6500
      for serving as a committee chair, a fee of $1000 per committee or board meeting
      attended in person or via telephonic conference call (or consent in lieu of
      a
      meeting) and an activity fee of $1000 per day for services rendered by the
      Director.

    

    (b) Fringe
      Benefits.
      So long
      as he serves as a director, the Director shall be entitled to participate in
      the
      Company’s health and dental insurance plans and an executive insurance program
      under which Director shall be entitled to be reimbursed for up to $25,000 of
      medical costs not covered by the Company’s health insurance per year; provided
      if for any reason the Company is unable to obtain coverage for the Director
      under its health and dental plans he shall be entitled to be reimbursed for
      the
      cost of obtaining equivalent coverage to the extent the cost of such
      reimbursement does not exceed the amount it would cost the Company to cover
      the
      Director under its health and dental plans.

     

    (c) No
      Withholding.
      In
      serving as a director pursuant to this Agreement, the Director shall not be
      an
      employee of the Company. The Company shall report compensation paid hereunder
      consistent with the foregoing and the Director shall
      be
      liable for all withholding, Social Security and other taxes associated
      therewith.

    

    3. Business
      Expenses.
      The
      Company shall pay or reimburse the Director for all reasonable travel, business
      and entertainment expenses incurred by or necessary for the Director to perform
      his duties under this Agreement in accordance with such policies and procedures
      as the Company may from time to time establish for senior officers and directors
      and subject to the Company's normal requirements with respect to reporting
      and
      documentation of such expenses. 

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    4. Indemnification;
      Director and Officer Liability Insurance.
      The
      Company will indemnify (and advance the costs of defense of) the Director (and
      his legal representatives) to the fullest extent permitted by the laws of the
      state in which the Company is incorporated, as in effect at the time of the
      subject act or omission, or by the Certificate of Incorporation and Bylaws
      of
      the Company, as in effect at such time or on the date of this Agreement,
      whichever affords greater protection to the Director, and both
      during and after termination (for any reason) of the Director's employment,
      the
      Company shall cause the Director to be covered under a directors and officers'
      liability insurance policy for his acts (or non-acts) as an officer or director
      of the Company or any of its affiliates. Such policy shall be maintained by
      the
      Company, at its expense in an amount of at least $5 million and on terms
      (including the time period of coverage after the Director's service terminates)
      at least as favorable to the Director as policies covering the Company's other
      members of its Board of Directors. In the event the Company breaches this
      Section 4 and the Director resigns as a director as a result, benefits under
      Section 2(b) shall continue notwithstanding such resignation.

    

    5. Litigation
      Expenses.
      In the
      event of any litigation or other proceeding between the Company and the Director
      with respect to the subject matter of this Agreement and the enforcement of
      the
      rights hereunder and such litigation or proceeding results in final judgment
      or
      order in favor of the Director, which judgment or order is substantially
      inconsistent with the positions asserted by the Company in such litigation
      or
      proceeding, the losing party shall reimburse the prevailing party for all of
      his/its reasonable costs and expenses relating to such litigation or other
      proceeding, including, without limitation, his/its reasonable attorneys' fees
      and expenses. 

    

    6. Consolidation;
      Merger; Sale of Assets; Change of Control.
      Nothing
      in this Agreement shall preclude the Company from combining, consolidating
      or
      merging with or into, transferring all or substantially all of its assets to,
      or
      entering into a partnership or joint venture with, another corporation or other
      entity, or effecting any other kind of corporate combination provided that
      the
      corporation resulting from or surviving such combination, consolidation or
      merger, or to which such assets are transferred, or such partnership or joint
      venture expressly assumes in writing this Agreement and all obligations and
      undertakings of the Company hereunder. Upon such a consolidation, merger,
      transfer of assets or formation of such partnership or joint venture, this
      Agreement shall inure to the benefit of, be assumed by, and be binding upon
      such
      resulting or surviving transferee corporation or such partnership or joint
      venture, and the term “Company,” as used in this Agreement, shall mean such
      corporation, partnership or joint venture or other entity, and this Agreement
      shall continue in full force and effect and shall entitle the Director and
      his
      heirs, beneficiaries and representatives to exactly the same compensation,
      benefits, perquisites, payments and other rights as would have been their
      entitlement had such combination, consolidation, merger, transfer of assets
      or
      formation of such partnership or joint venture not occurred. 

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    7. Entire
      Agreement; Amendment.
      This
      Agreement contains the entire agreement between the Company and the Director
      with respect to the subject matter hereof. This Agreement may not be amended,
      waived, changed, modified or discharged except by an instrument in writing
      executed by or on behalf of the party against whom enforcement of any amendment,
      waiver, change, modification or discharge is sought. No course of conduct or
      dealing shall be construed to modify, amend or otherwise affect any of the
      provisions hereof.

    

    8. Notices.
      All
      notices, requests, demands and other communications hereunder shall be in
      writing and shall be deemed to have been duly given if physically delivered,
      delivered by express mail or other expedited service or upon receipt if mailed,
      postage prepaid, via registered mail, return receipt requested, addressed as
      follows:

    

       

    
      	 (a) To
              the Company:	 (b) To
              the Director:
	
              BTHC
                XI, Inc. 

            	
              George
                Rubin

            
	
              c/o
                Anchor Funding Services, LLC

              2201
                Crownpoint Executive Drive

              Charlotte,
                NC 28227

            	
              200
                Central Park South, Apt # 30A

              New
                York, NY 10019

            

    

    

    and/or
      to
      such other persons and addresses as any party shall have specified in writing
      to
      the other.

    

    9. Assignability.
      This
      Agreement shall not be assignable by either party and shall be binding upon,
      and
      shall inure to the benefit of, the heirs, executors, administrators, legal
      representatives, successors and assigns of the parties. In the event that all
      or
      substantially all of the business of the Company is sold or transferred, then
      this Agreement shall be binding on the transferee of the business of the Company
      whether or not this Agreement is expressly assigned to the
      transferee.

    

    10. Governing
      Law.
      This
      Agreement shall be governed by and construed under the laws of the State of
      Delaware without regard to conflict of laws principles.

    

    11. Waiver
      and Further Agreement.
      Any
      waiver of any breach of any terms or conditions of this Agreement shall not
      operate as a waiver of any other breach of such terms or conditions or any
      other
      term or condition, nor shall any failure to enforce any provision hereof operate
      as a waiver of such provision or of any other provision hereof. Each of the
      parties hereto agrees to execute all such further instruments and documents
      and
      to take all such further action as the other party may reasonably require in
      order to effectuate the terms and purposes of this Agreement.

    

    12. Headings
      of No Effect.
      The
      Section headings contained in this Agreement are for reference purposes only
      and
      shall not in any way affect the meaning or interpretation of this
      Agreement.

     

     

     

     

     

    

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      of page intentionally left blank)

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement effective
      as of
      the date first above written.

     

    
      	 	 	COMPANY:
	 	 	 
	 	
              BTHC
                XI, INC.
                

            
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              
Name:
              Brad Bernstein
	 	Title:
              President  

    

    
      	 	 	 
	 	
              DIRECTOR:

            
	 
 	 
 	 
 
	 	By:  	/s/ George
              Rubin
	 	
              

            
	 	 

    

    4

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