Document:

yoo_8k-ex1001.htm

     

    EXHIBIT
10.1

    RESTATED SUBSCRIPTION
AGREEMENT

     

    RESTATED SUBSCRIPTION AGREEMENT
made as of this _ day of ________ 2008, between IX Energy Holdings, Inc.,
a Delaware corporation (the "Company"), and the
undersigned (the "Subscriber").

     

    WHEREAS, pursuant to a
Confidential Private Placement Memorandum dated August 22, 2008 (the "PPM"), as
supplemented to date, the Company is offering in a private placement (the "Offering") to accredited
investors a minimum of 35 Units (the "Minimum Offering") and a maximum of
100 Units (the "Maximum
Offering") at a purchase price of $100,000 per Unit, or up to 115 Units
if the Company elects to accept over-subscriptions, with each Unit (the "Units") consisting of 250,000
shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), and a
three-year detachable warrant (the "Warrant") to purchase 250,000
shares of Common Stock with an exercise price of $0.50 per share;
and

     

    WHEREAS, the Subscriber
desires to subscribe for the number of Units set forth on the signature page
hereof, on the terms and conditions hereinafter set forth.

     

    NOW, THEREFORE, for and in
consideration of the premises and the mutual covenants hereinafter set forth,
the parties hereto do hereby agree as follows:

     

    I.    SUBSCRIPTION
FOR AND REPRESENTATIONS AND COVENANTS OF SUBSCRIBER

     

    1.1
Subject to the terms and conditions hereinafter set forth, the Subscriber hereby
subscribes for and agrees to purchase from the Company such number of Units set
forth upon the signature page hereof, at a price equal to $100,000 per Unit, and
the Company agrees to sell such to the Subscriber for said purchase price,
subject to the Company's right to sell to the Subscriber such lesser number of
(or no) Units as the Company may, in its sole discretion, deem necessary or
desirable. The purchase price is payable by wire transfer of immediately
available funds, pursuant to the wire instructions attached as Exhibit F to the PPM
or by check payable to LaSalle Bank National Association as Escrow Agent to IX
Energy Holdings, Inc.

     

    1.2 The
Subscriber recognizes that the purchase of Units involves a high degree of risk
in that (i) an investment in the Company is highly speculative and only
investors who can afford the loss of their entire investment should consider
investing in the Company and the Units; (ii) the Units are not registered under
the Securities Act of 1933, as amended (the "Act"), or any state securities law;
(iii) there is no trading market for the Units, none is likely ever to develop,
and the Subscriber may not be able to liquidate his, her or its investment; (iv)
transferability of the Units is extremely limited; and (v) an investor could
suffer the loss of his, her or its entire investment.

     

    1.3 The
Subscriber is an "accredited investor," as such term in defined in Rule 501 of
Regulation D promulgated under the Act, and the Subscriber is able to bear the
economic risk of an investment in the Units.

     

    1.4 The
Subscriber has prior investment experience (including investment in non-listed
and non-registered securities), and has read and evaluated, or has employed the
services of an investment advisor, attorney or accountant to read and evaluate,
all of the documents furnished or made available by the Company to the
Subscriber and to all other prospective investors in the Units, including the
PPM, as well as the merits and risks of such an investment by the Subscriber.
The Subscriber's overall commitment to investments which are not readily
marketable is not disproportionate to the Subscriber's net worth, and the
Subscriber's investment in the Units will not cause such overall commitment to
become excessive. The Subscriber, if an individual, has adequate means of
providing for his or her current needs and personal and family contingencies and
has no need for liquidity in his or her investment in the Units. The Subscriber
is financially able to bear the economic risk of this investment, including the
ability to afford holding the Units for an indefinite period or a complete loss
of this investment.

     

    
      
        
        

      

      
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    1.5 The
Subscriber acknowledges receipt and careful review of the PPM, all supplements
to the PPM, and all other documents furnished in connection with this
transaction by the Company (collectively, the "Offering Documents") and has
been furnished by the Company during the course of this transaction with all
information regarding the Company which the Subscriber has requested or desires
to know; and the Subscriber has been afforded the opportunity to ask questions
of and receive answers from duly authorized officers or other representatives of
the Company concerning the terms and conditions of the Offering, and any
additional information which the Subscriber has requested.

     

    1.6 The
Subscriber acknowledges that the purchase of the Units may involve tax
consequences to the Subscriber and that the contents of the Offering Documents
do not contain tax advice. The Subscriber acknowledges that the Subscriber must
retain his, her or its own professional advisors to evaluate the tax and other
consequences to the Subscriber of an investment in the Units. The Subscriber
acknowledges that it is the responsibility of the Subscriber to determine the
appropriateness and the merits of a corporate entity to own the Subscriber's
Units and the corporate structure of such entity.

     

    1.7 The
Subscriber acknowledges that this Offering has not been reviewed by the
Securities and Exchange Commission (the "SEC") or any state securities
commission, and that no federal or state agency has made any finding or
determination regarding the fairness or merits of the Offering. The Subscriber
represents that the Units are being purchased for his, her or its own account,
for investment only, and not with a view toward distribution or resale to
others. The Subscriber agrees that he, she or it will not sell or otherwise
transfer the Units unless they are registered under the Act or unless an
exemption from such registration is available.

     

    1.8 The
Subscriber understands that the provisions of Rule 144 under the Act are not
available for at least one (1) year to permit resales of the Units or the Common
Stock and Warrants comprising the Units and there can be no assurance that the
conditions necessary to permit such sales under Rule 144 will ever be satisfied.
The Subscriber understands that the Company is under no obligation to comply
with the conditions of Rule 144 or take any other action necessary in order to
make available any exemption from registration for the sale of the Units or the
Common Stock and Warrants comprising the Units.

     

    1.9 The
Subscriber understands that the Units have not been registered under the Act by
reason of a claimed exemption under the provisions of the Act which depends, in
part, upon his, her or its investment intention. In this connection, the
Subscriber understands that it is the position of the SEC that the statutory
basis for such exemption would not be present if his, her or its representation
merely meant that his, her or its present intention was to hold such securities
for a short period, such as the capital gains period of tax statutes, for a
deferred sale, for a market rise, assuming that a market develops, or for any
other fixed period. The Subscriber realizes that, in the view of the SEC, a
purchase now with an intent to resell would represent a purchase with an intent
inconsistent with his, her or its representation to the Company and the SEC
might regard such a sale or disposition as a deferred sale, for which such
exemption is not available.

     

    1.10 The
Subscriber agrees to indemnify and hold the Company, its directors, officers and
controlling persons and their respective heirs, representatives, successors and
assigns harmless against all liabilities, costs and expenses incurred by them as
a result of any misrepresentation made by the Subscriber contained herein or any
sale or distribution by the Subscriber in violation of the Act (including,
without limitation, the rules promulgated thereunder), any state securities
laws, or the Company's Certificate of Incorporation or By-laws, as amended from
time to time.

     

    
      
        
        

      

      
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    1.11 The
Subscriber consents to the placement of a legend on any certificate or other
document evidencing the Common Stock or the Warrants stating that such
securities have not been registered under the Act and setting forth or referring
to the restrictions on transferability and sale thereof.

     

    1.12 The
Subscriber understands that the Company will review and rely on this Restated
Subscription Agreement without making any independent investigation; and it is
agreed that the Company reserves the unrestricted right to reject or limit any
subscription and to withdraw the Offering at any time.

     

    1.13 The
Subscriber hereby represents that the address of the Subscriber furnished at the
end of this Restated Subscription Agreement is the undersigned's principal
residence, if the Subscriber is an individual, or its principal business address
if it is a corporation or other entity.

     

    1.14 The
Subscriber acknowledges that if the Subscriber is a Registered Representative of
a Financial Industry Regulatory Authority, Inc. ("FINRA") member firm, the
Subscriber must give such firm the notice required by the FINRA's Conduct Rules,
receipt of which must be acknowledged by such firm on the signature page
hereof.

     

    1.15 The
Subscriber hereby acknowledges that neither the Company nor any persons
associated with the Company who may provide assistance or advice in connection
with the Offering (other than the placement agent, if one is engaged by the
Company) are or are expected to be members or associated persons of members of
the FINRA or registered broker-dealers under any federal or state securities
laws.

     

    1.16 The
Subscriber understands that, pursuant to the terms of the Offering as set forth
in the PPM, the Company must receive subscriptions for 35 Units for an aggregate
purchase price of $3,500,000 in order to close on the sale of any Units and that
persons affiliated with the Company or its consultants, advisors, or placement
agents may subscribe for Common Stock, in which case the Company may accept
subscriptions from such affiliated parties in order to reach the Minimum
Offering; and that, accordingly, no investor should conclude that achieving the
Minimum Offering is the result of any independent assessment of the merits or
advantages of the Offering or the Company made by Subscribers in the Minimum
Offering.

     

    1.17 The
Subscriber hereby represents that, except as expressly set forth in the Offering
Documents, no representations or warranties have been made to the Subscriber by
the Company or any agent, employee or affiliate of the Company and, in entering
into this transaction, the Subscriber is not relying on any information other
than that contained in the Offering Documents and the results of independent
investigation by the Subscriber.

     

    1.18 All
information provided by the Subscriber in the Investor Questionnaire attached as
Exhibit B to
the PPM is true and accurate in all respects, and the Subscriber acknowledges
that the Company will be relying on such information to its possible detriment
in deciding whether the Company can sell these securities to the Subscriber
without giving rise to the loss of the exemption from registration under
applicable securities laws.

     

    
      
        
        

      

      
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    II.    REPRESENTATIONS BY
THE COMPANY

     

    (a)  The
Company is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware and has the corporate power to
conduct the business which it conducts and proposes to conduct.

     

    (b)  The
execution, delivery and performance of this Restated Subscription Agreement by
the Company have been duly authorized by the Company and all other corporate
action required to authorize and consummate the offer and sale of the Units has
been duly taken and approved.

     

    (c)  The Units
and the underlying Common Stock have been duly and validly authorized and
issued.

     

    (d)  The
Company has obtained, or is in the process of obtaining, all licenses, permits
and other governmental authorizations necessary for the conduct of its business,
except where the failure to so obtain such licenses, permits and authorizations
would not have a material adverse effect on the Company. Such licenses, permits
and other governmental authorizations which have been obtained are in full force
and effect, except where the failure to be so would not have a material adverse
effect on the Company, and the Company is in all material respects complying
therewith.

     

    (e)  The
Company knows of no pending or threatened legal or governmental proceedings to
which the Company is a party which would materially adversely affect the
business, financial condition or operations of the Company.

     

    (f)  The
Company is not in violation of or default under, nor will the execution and
delivery of this Restated Subscription Agreement or the issuance of the Common
Stock, or the consummation of the transactions herein contemplated, result in a
violation of, or constitute a default under, the Company's Certificate of
Incorporation or By-laws, any material obligations, agreements, covenants or
conditions contained in any bond, debenture, note or other evidence of
indebtedness or in any material contract, indenture, mortgage, loan agreement,
lease, joint venture or other agreement or instrument to which the Company is a
party or by which it or any of its properties may be bound or any material
order, rule, regulation, writ, injunction, or decree of any government,
governmental instrumentality or court, domestic or foreign.

     

    III.   COVENANTS BY THE
COMPANY

     

    3.1 Until
the earlier of (i) twelve (12) months following the Initial Closing Date (as
defined in the PPM) or (ii) such date that there is an effective registration
statement on file with the SEC covering the resale of all of the shares of
Common Stock issued in the Offering and all shares of Common Stock issuable upon
exercise of the Warrants issued in the Offering, in the event that the Company
issues or sells any shares of Common Stock or any Common Stock Equivalents (as
defined below) pursuant to which shares of Common Stock may be acquired at a
price less than $0.40 per share (a "Lower Price Issuance"), then
the Company shall promptly issue additional shares of Common Stock to the
Subscriber in an amount sufficient that the subscription price paid hereunder,
when divided by the total number of shares issued will result in an actual price
paid per share of Common Stock hereunder equal to such lower price (this is
intended to be a "full ratchet" adjustment). Such adjustment shall be made
successively whenever such an issuance is made. In addition to the foregoing, in
the event of a Lower Price Issuance, the Subscriber shall have the right to
elect to substitute any term or terms of the offering being made in connection
with the Lower Price Issuance for any term of the Offering in connection with
the Common Stock and Warrants (purchased hereunder) owned by the Subscriber as
of the date of such Lower Price Issuance. Notwithstanding the foregoing, this
Section 3.1 shall not apply in respect of an Exempt Issuance (as defined
below).

     

    
      
        
        

      

      
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    3.2 For
purposes of this Agreement, (i) "Common Stock Equivalents"
means any securities of the Company or any of its subsidiaries which
would entitle the holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, rights, options, warrants or
other instrument that is at any time convertible into or exercisable or
exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock and (ii) "Exempt
Issuance" means the issuance of (a) shares of Common Stock or options to
employees, officers, directors, or consultants of the Company pursuant to any
stock or option plan duly adopted for such purpose by a majority of the
non-employee members of the Board of Directors of the Company or a majority of
the members of a committee of non-employee directors established, (b) securities
upon the exercise or exchange of or conversion of any securities issued
hereunder and/or other securities exercisable or exchangeable for or convertible
into shares of Common Stock issued and outstanding on the date of this
Agreement, provided that such securities have not been amended since the date of
this Agreement to increase the number of such securities or to decrease the
exercise, exchange or conversion price of such securities; and (c) securities
issued pursuant to acquisitions or strategic transactions approved by a majority
of the disinterested directors of the Company, provided that any such issuance
shall only be to a person which is either an owner of, or an entity that is,
itself or through its subsidiaries, an operating company in a business
synergistic with the business of the Company and in which the Company receives
benefits in addition to the investment of funds, but shall not include a
transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in
securities.

     

    3.3
Absent a prior determination by the non-employee directors of the Company that
it is in the Company's best interest, for a period of 18 months following the
closing of the Merger (as defined in the PPM), the Company shall not (i) issue
or grant more than an aggregate of 12,000,000 options, warrants or shares of
common stock (subject to appropriate adjustments for any stock dividend, stock
split, stock combination, reclassification or similar transaction) to any
employees, officers, directors, or consultants of the Company or (ii) issue any
options having an exercise price that is less than $0.50 per share and subject
to appropriate adjustments for any stock dividend, stock split, stock
combination, reclassification or similar transaction).

     

    IV.   TERMS OF
SUBSCRIPTION

     

    4.1
Subject to Section 4.2 hereof, the subscription period will begin as of the date
of the PPM and will terminate at 11:59 PM Eastern Time, on the earlier of
November 30, 2008, the date on which the Maximum Offering is sold or the
Offering is terminated by the Company (the "Termination Date"); provided,
however, that the Termination Date may be extended by up to an additional thirty
(30) days by the Company. The minimum subscription amount is $100,000, although
the Company may, in its discretion, accept subscriptions for less than
$100,000.

     

    4.2 The
Subscriber shall effect a wire transfer in the full amount of the purchase price
for the Units to the Company's escrow account in accordance with the wire
instructions attached as Exhibit F to the PPM
or shall deliver a check in payment of the purchase price for the
Units.

     

    
      
        
        

      

      
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    4.3
Pending the sale of the Units, all funds paid hereunder shall be deposited by
the Company in escrow with the Company's escrow agent. If the Company shall not
have obtained subscriptions (including this subscription) for the Minimum
Offering on or before the Termination Date (as such date may be extended by the
Company), then this subscription shall be void and all funds paid hereunder by
the Subscriber shall be promptly returned without interest to the Subscriber, to
the same account from which the funds were drawn. If subscriptions are received
and accepted and payment tendered for the Minimum Offering on or prior to the
Termination Date, then all subscription proceeds (less fees and expenses) shall
be paid over to the Company within ten (10) days thereafter or such earlier date
that is one business day after the amount of good funds in escrow equals or
exceeds $3,500,000. In such event, sales of the Units may continue thereafter
until the earlier of the date on which the Maximum Offering is sold and the
Termination Date, with subsequent releases of funds from time to time at the
discretion of the Company.

     

    4.4 The
Subscriber hereby authorizes and directs the Company and its escrow agent to
deliver any certificates or other written instruments representing the Units to
be issued to such Subscriber pursuant to this Restated Subscription Agreement to
the address indicated on the signature page hereof.

     

    4.5 The
Subscriber hereby authorizes and directs the Company and its escrow agent to
return any funds, without interest, for unaccepted subscriptions to the same
account from which the funds were drawn.

     

    4.6 If
the Subscriber is not a United States person, such Subscriber shall immediately
notify the Company and the Subscriber hereby represents that the Subscriber is
satisfied as to the full observance of the laws of its jurisdiction in
connection with any invitation to subscribe for the Units or any use of this
Restated Subscription Agreement, including (i) the legal requirements within its
jurisdiction for the purchase of the Units, (ii) any foreign exchange
restrictions applicable to such purchase, (iii) any governmental or other
consents that may need to be obtained, and (iv) the income tax and other tax
consequences, if any, that may be relevant to the purchase, holding, redemption,
sale or transfer of the Units. Such Subscriber's subscription and payment for,
and continued beneficial ownership of, the Units will not violate any applicable
securities or other laws of the Subscriber's jurisdiction.

     

    V.    MISCELLANEOUS

     

    5.1 Any
notice or other communication given hereunder shall be deemed sufficient if in
writing and sent by reputable overnight courier, facsimile (with receipt of
confirmation) or registered or certified mail, return receipt requested,
addressed to the Company, at the address set forth in the first paragraph
hereof, Attention: Chief Executive Officer, facsimile: (866) 395-0915, and to
the Subscriber at the address or facsimile number indicated on the signature
page hereof. Notices shall be deemed to have been given on the date when mailed
or sent by facsimile transmission or overnight courier, except notices of change
of address, which shall be deemed to have been given when received.

     

    5.2 This
Restated Subscription Agreement shall not be changed, modified or amended except
by a writing signed by both (a) the Company and (b) subscribers in the Offering
holding a majority of the Units issued in the Offering.

     

    5.3 This
Restated Subscription Agreement shall be binding upon and inure to the benefit
of the parties hereto and to their respective heirs, legal representatives,
successors and assigns. This Restated Subscription Agreement sets forth the
entire agreement and understanding between the parties as to the subject matter
hereof and merges and supersedes all prior discussions, agreements and
understandings of any and every nature among them.

     

    
      
        
        

      

      
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    5.4
Notwithstanding the place where this Restated Subscription Agreement may be
executed by any of the parties hereto, the parties expressly agree that all the
terms and provisions hereof shall be construed in accordance with and governed
by the laws of the State of New York. The parties hereby agree that any dispute
which may arise between them arising out of or in connection with this Restated
Subscription Agreement shall be adjudicated only before a Federal court located
in New York, New York and they hereby submit to the exclusive jurisdiction of
the federal courts located in New York, New York with respect to any action or
legal proceeding commenced by any party, and irrevocably waive any objection
they now or hereafter may have respecting the venue of any such action or
proceeding brought in such a court or respecting the fact that such court is an
inconvenient forum, relating to or arising out of this Restated Subscription
Agreement or any acts or omissions relating to the sale of the securities
hereunder, and consent to the service of process in any such action or legal
proceeding by means of registered or certified mail, return receipt requested,
in care of the address set forth below or such other address as the undersigned
shall furnish in writing to the other. The parties further agree that in the
event of any dispute, action, suit or other proceeding arising out of or in
connection with this Restated Subscription Agreement, the PPM or other matters
related to this subscription brought by a Subscriber (or transferee), the
Company (and each other defendant) shall recover all of such party's attorneys'
fees and costs incurred in each and every action, suit or other proceeding,
including any and all appeals or petitions therefrom. As used herein, attorney's
fees shall be deemed to mean the full and actual costs of any investigation and
of legal services actually performed in connection with the matters involved,
calculated on the basis of the usual fee charged by the attorneys performing
such services.

     

    5.5 This
Restated Subscription Agreement may be executed in counterparts. Upon the
execution and delivery of this Restated Subscription Agreement by the
Subscriber, this Restated Subscription Agreement shall become a binding
obligation of the Subscriber with respect to the purchase of Units as herein
provided; subject, however, to the right hereby reserved by the Company to (i)
enter into the same agreements with other subscribers, (ii) add and/or delete
other persons as subscribers and (iii) reduce the amount of or reject any
subscription.

     

    5.6 The
holding of any provision of this Restated Subscription Agreement to be invalid
or unenforceable by a court of competent jurisdiction shall not affect any other
provision of this Restated Subscription Agreement, which shall remain in full
force and effect.

     

    5.7 It is
agreed that a waiver by either party of a breach of any provision of this
Restated Subscription Agreement shall not operate or be construed as a waiver of
any subsequent breach by that same party.

     

    5.8 The
parties agree to execute and deliver all such further documents, agreements and
instruments and take such other and further actions as may be necessary or
appropriate to carry out the purposes and intent of this Restated Subscription
Agreement.

     

    [Signature
Pages Follow]

     

     

    
      
        
        

      

      
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    IN WITNESS WHEREOF, the
parties have executed this Restated Subscription Agreement as of the day and
year first written above.

     

    _________________________________  X
$100,000 for each Unit = $ _________________________.

    Number of
Units subscribed
for                                                                          Aggregate
Purchase Price

     

    Manner
in which Title is to be held (Please Check One):

     

    
       

      
        	1. 	 	
                 
      Individual

              	7. 	 	 
      Trust/Estate/Pension or Profit Sharing Plan 
	 	 	 	 	 	  Date
      Opened:  ___________________ 
	2.	 	  Joint Tenants
      with Right of Survivorship 	8. 	 	  As a
      Custodian for _________________________ 
	 	 	 	 	 	  Under the
      Uniform Gift to Minors Act of the State of
	 	 	 	 	 	 
      _______________________________ 
	 	 	 	 	 	 
	3. 	 	  Community
      Property	9. 	 	  Married with
      Separate Property 
	 	 	 	 	 	 
	4. 	 	  Tenants in
      Common	10. 	 	 
    Keogh
	 	 	 	 	 	 
	5. 	 	 
      Corporation/Partnership/Limited Liability Company 	11. 	 	  Tenants by
      the Entirely
	 	 	 	 	 	 
	6. 	 	 
      IRA 	12. 	 	
                 
      Foundation described in Section 501(c)(3) of the Internal
  

              
	 	 	 	 	 	
                 
      Revenue Code of 1986, as
amended.  

              

      

       

    

    IF
MORE THAN ONE SUBSCRIBER, EACH SUBSCRIBER MUST SIGN:

     

    
        •  INDIVIDUAL
SUBSCRIBERS MUST COMPLETE PAGE 10

    

      •  SUBSCRIBERS
WHICH ARE ENTITIES MUST COMPLETE PAGE 11

     

     

    
      
        
        

      

      
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    EXECUTION BY NATURAL
PERSONS\

     

    
      

    

    
      	Exact Name in Which
      Title is to be Held 	 
	__________________________ 	__________________________ 
	Name (Please
      Print)                                                                       	Name of Additional
      Subscriber 
	 	 
	__________________________ 	__________________________ 
	Number and
      Street      	Residence: 
      Address of Additional Subscriber 
	 	 
	__________________________ 	__________________________ 
	City, State and Zip
      Code 	City, State and Zip
      Code 
	 	 
	__________________________ 	__________________________ 
	Social Security
      Number 	Social Security
      Number 
	 	 
	__________________________ 	__________________________ 
	Telephone
      Number 	Telephone
      Number 
	 	 
	__________________________ 	__________________________ 
	Fax Number (if
      available) 	Fax Number (if
      available) 
	 	 
	__________________________ 	__________________________ 
	E-Mail (if
      available) 	E-Mail (if
      available) 
	 	 
	__________________________ 	__________________________ 
	(Signature)                                                                       	(Signature of
      Additional Subscriber) 
	 	 
	 	 
	 	
              ACCEPTED
      this __ day of __________ 2008, on 

              behalf of
      IX Energy Holdings, Inc. 

            
	 	 
	 	By:
      ____________________________ 
	 	
              Name: 

              Title: 

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXECUTION BY SUBSCRIBER
WHICH IS AN ENTITY

     

     

    (Corporation,
Partnership, Trust, Etc.)

     

    _______________________________________________________________________________

    Name of
Entity (Please Print)

    Date of
Incorporation or Organization:

     

    State of
Principal Office:

     

    Federal
Taxpayer Identification Number:
_________________________________________________

     

    ______________________

    Office
Address

     

    ______________________

    City,
State and Zip Code

     

    ______________________

    Telephone
Number

     

    ______________________

    Fax
Number (if available)

     

    ______________________

    E-Mail
(if available)

     

    
      
        	[seal] 	 
	 	 
	 	By:
      ______________________________ 
	 	
                Name: 

              
	Attest:
      ___________________________ 	
                Title: (If Entity is
      a Corporation) 

              

      

       

    

    *If
Subscriber is a Registered

    Representative
with a FINRA member firm, have the following acknowledgement signed by the
appropriate party:

     

    The
undersigned FINRA member firm acknowledges receipt of the notice required by
Rule 3050 of the FINRA Conduct Rules

     

    
      
        
          	_________________________________	
                  ACCEPTED
      this ______day of _______ 

                  2008,
      on behalf of IX Energy Holdings, Inc. 

                
	Name of FINRA
      Firm 	 
	 	 
	By:
      ______________________________ 	
                  By:
      ______________________________

                
	
                  Name:

                  Title:

                	
                  Name:

                  Title:

                

        

         

      

    

     

    
      
        
        

      

      
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    AMENDMENT NO. 1 TO RESTATED
SUBSCRIPTION AGREEMENT

     

    AMENDMENT
NO. 1. TO RESTATED SUBSCRIPTION AGREEMENT (the "Amendment") made as
of this ____ day of____________2008, between IX Energy Holdings, Inc., a
Delaware corporation (the "Company"), and the
undersigned (the "Subscriber").

     

    WHEREAS,
the Company and the Subscriber are parties to that certain Restated Subscription
Agreement, dated as of November ___, 2008  and Amendment No. 1 to the
Restated Subscription Agreement date as of November ___, 2008 (the "Restated Agreement");
and

     

    WHEREAS,
the Company and the Subscriber desire to amend the Restated Agreement as
provided below. Capitalized terms used herein but not otherwise defined shall
have the meanings ascribed to them in the Original Agreement.

     

    NOW,
THEREFORE, in consideration of the premises, and for other good and valuable
consideration, the receipt and legal sufficiency of which hereby are
acknowledged, the parties hereby agree as follows:

     

    1.    Description of the
Offering. The first WHEREAS clause in the Original Agreement is deleted
and replaced in its entirety with the following:

     

    WHEREAS, pursuant to a
Confidential Private Placement Memorandum dated August 22, 2008, as amended to
date (the "PPM"), the Company is offering in a private placement (the "Offering") to accredited
investors a minimum of 20 Units (the "Minimum Offering") and a
maximum of 100 Units (the "Maximum Offering") at a purchase price
of $100,000 per Unit, or up to 115 Units if the Company elects to accept
over-subscriptions, with each Unit (the "Units") consisting of 250,000
shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), and a
three-year detachable warrant (the "Warrant") to purchase 250,000
shares of Common Stock with an exercise price of $0.50 per share;
and

     

    2.    Subscriber
Representation. Section 1.16 appearing under the heading "I. Subscription
for and Representations and Covenants of Subscriber" is deleted and replaced in
its entirety with the following:

     

    1.16 The
Subscriber understands that, pursuant to the terms of the Offering as set forth
in the PPM, the Company must receive subscriptions for 20 Units for an aggregate
purchase price of $2,000,000 in order to close on the sale of any Units and that
persons affiliated with the Company or its consultants, advisors, or placement
agents may subscribe for Common Stock, in which case the Company may accept
subscriptions from such affiliated parties in order to reach the Minimum
Offering; and that, accordingly, no investor should conclude that achieving the
Minimum Offering is the result of any independent assessment of the merits or
advantages of the Offering or the Company made by Subscribers in the Minimum
Offering.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    3.    Price Protection.
Section 3.1 appearing under the heading "I. Subscriptions for and
Representations and Covenants of Subscriber " is deleted and replaced in its
entirety with the following:

     

    3.1 For
twenty four (24) months following the Initial Closing Date (as defined in the
PPM), in the event that the Company issues or sells any shares of Common Stock
or any Common Stock Equivalents (as defined below) pursuant to which shares of
Common Stock may be acquired at a price less than $0.40 per share (a "Lower
Price Issuance"), then the Company shall promptly issue additional shares of
Common Stock to the Subscriber in an amount sufficient that the subscription
price paid hereunder, when divided by the total number of shares issued will
result in an actual price paid per share of Common Stock hereunder equal to such
lower price (this is intended to be a "full ratchet" adjustment). Such
adjustment shall be made successively whenever such an issuance is made. In
addition to the foregoing, in the event of a Lower Price Issuance, the
Subscriber shall have the right to elect to substitute any term or terms of the
offering being made in connection with the Lower Price Issuance for any term of
the Offering in connection with the Common Stock and Warrants (purchased
hereunder) owned by the Subscriber as of the date of such Lower Price Issuance.
Notwithstanding the foregoing, this Section 3.1 shall not apply in respect of an
Exempt Issuance (as defined below).

    

    4.    Escrow. Section 4.3
appearing under the heading "IV. Terms of Subscription" in the Subscription
Agreements is deleted and replaced in its entirety with the
following:

     

    4.3
Pending the sale of the Units, all funds paid hereunder shall be deposited by
the Company in escrow with the Company's escrow agent. If the Company shall not
have obtained subscriptions (including this subscription) for the Minimum
Offering on or before the Termination Date (as such date may be extended by the
Company), then this subscription shall be void and all funds paid hereunder by
the Subscriber shall be promptly returned without interest to the Subscriber, to
the same account from which the funds were drawn. If subscriptions are received
and accepted and payment tendered for the Minimum Offering on or prior to the
Termination Date, then all subscription proceeds (less fees and expenses) shall
be paid over to the Company within ten (10) days thereafter. In such event,
sales of the Units may continue thereafter until the earlier of the date on
which the Maximum Offering is sold and the Termination Date, with subsequent
releases of funds from time to time at the discretion of the
Company.

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    IN
WITNESS WHEREOF, the Company and the Subscriber have executed this Amendment as
of the ___day of November 2008.

     

     

    
      	 	IX ENERGY HOLDINGS,
      INC. 
	 	 
	 	By:_______________________ 
	 	
              Name:
      Steve Hoffmann

              Title:
      Chief Executive Officer 

            
	 	 
	 	SUBSCRIBER 
	 	__________________________ 
	 	Name of
      Subscriber 
	 	 
	 	By:
      _______________________ 
	 	 
	 	Title:______________________ 

    

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    AMENDMENT NO. 2 TO RESTATED
SUBSCRIPTION AGREEMENT

     

    AMENDMENT
NO. 2. TO RESTATED SUBSCRIPTION AGREEMENT (the "Amendment") made as
of this ____ day of____________2008, between IX Energy Holdings, Inc., a
Delaware corporation (the "Company"), and the
undersigned (the "Subscriber").

     

    WHEREAS,
the Company and the Subscriber are parties to that certain Restated Subscription
Agreement, dated as of November ___, 2008  and Amendment No. 1 to the
Restated Subscription Agreement date as of November ___, 2008 (the "Restated Agreement");
and

     

    WHEREAS,
the Company and the Subscriber desire to amend the Restated Agreement as
provided below. Capitalized terms used herein but not otherwise defined shall
have the meanings ascribed to them in the Original Agreement.

     

    NOW,
THEREFORE, in consideration of the premises, and for other good and valuable
consideration, the receipt and legal sufficiency of which hereby are
acknowledged, the parties hereby agree as follows:

     

    5.    Description of the
Offering. The first WHEREAS clause in the Original Agreement is deleted
and replaced in its entirety with the following:

     

    WHEREAS, pursuant to a
Confidential Private Placement Memorandum dated August 22, 2008, as amended to
date (the "PPM"), the Company is offering in a private placement (the "Offering") to accredited
investors a minimum of 27.5 Units (the "Minimum Offering") and a
maximum of 100 Units (the "Maximum Offering") at a purchase price
of $100,000 per Unit, or up to 115 Units if the Company elects to accept
over-subscriptions, with each Unit (the "Units") consisting of 250,000
shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), and a
three-year detachable warrant (the "Warrant") to purchase 250,000
shares of Common Stock with an exercise price of $0.50 per share;
and

     

    6.    Subscriber
Representation. Section 1.16 appearing under the heading "I. Subscription
for and Representations and Covenants of Subscriber" is deleted and replaced in
its entirety with the following:

     

    1.16 The
Subscriber understands that, pursuant to the terms of the Offering as set forth
in the PPM, the Company must receive subscriptions for 27.5 Units for an
aggregate purchase price of $2,750,000 in order to close on the sale of any
Units and that persons affiliated with the Company or its consultants, advisors,
or placement agents may subscribe for Common Stock, in which case the Company
may accept subscriptions from such affiliated parties in order to reach the
Minimum Offering; and that, accordingly, no investor should conclude that
achieving the Minimum Offering is the result of any independent assessment of
the merits or advantages of the Offering or the Company made by Subscribers in
the Minimum Offering.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    7.    Section
3.2 appearing under the heading "III. Covenants by the Company" is deleted and
replaced in its entirety with the following:

     

    3.2 For
purposes of this Agreement, (i) “Common Stock Equivalents”
means any securities of the Company or any of its subsidiaries which would
entitle the holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, rights, options, warrants or
other instrument that is at any time convertible into or exercisable or
exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock and (ii) “Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to
employees, officers, directors, or consultants of the Company pursuant to any
stock or option plan duly adopted for such purpose by a vote of a majority of
the members of the Board of Directors of the Company, (b) securities upon the
exercise or exchange of or conversion of any securities issued hereunder and/or
other securities exercisable or exchangeable for or convertible into shares of
Common Stock issued and outstanding on the date of this Agreement, provided that
such securities have not been amended since the date of this Agreement to
increase the number of such securities or to decrease the exercise, exchange or
conversion price of such securities; and (c) securities issued pursuant to
acquisitions or strategic transactions approved by a majority of the
disinterested directors of the Company, provided that any such issuance shall
only be to a person which is either an owner of, or an entity that is, itself or
through its subsidiaries, an operating company in a business synergistic with
the business of the Company and in which the Company receives benefits in
addition to the investment of funds, but shall not include a transaction in
which the Company is issuing securities primarily for the purpose of raising
capital or to an entity whose primary business is investing in
securities.

    

    IN
WITNESS WHEREOF, the Company and the Subscriber have executed this Amendment as
of the ___day of December 2008.

     

    
       

      
        	 	IX ENERGY HOLDINGS,
      INC. 
	 	 
	 	By:_______________________ 
	 	
                Name:
      Steve Hoffmann

                Title:
      Chief Executive Officer 

              
	 	 
	 	SUBSCRIBER 
	 	__________________________ 
	 	Name of
      Subscriber 
	 	 
	 	By:
      _______________________ 
	 	 
	 	Title:______________________ 

      

    

     

     

    14yoo_8k-ex1002.htm

    EXHIBIT
10.2

    WARRANT

     

    
      	NO. IXE-001	
              IX ENERGY HOLDINGS,
      INC.

            	
              ______Shares

            

    

     

    WARRANT TO PURCHASE COMMON
STOCK

     

    VOID
AFTER 5:30 P.M., EASTERN TIME, ON THE EXPIRATION DATE

     

     

    THIS
WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT
BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED WITHOUT
COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION PROVISIONS OF APPLICABLE
FEDERAL AND STATE SECURITIES LAWS OR APPLICABLE EXEMPTIONS
THEREFROM.

     

    FOR VALUE
RECEIVED, IX ENERGY HOLDINGS, INC., a Delaware corporation (the "Company"), hereby agrees
to sell upon the terms and on the conditions hereinafter set forth, but no later
than 5:30 p.m., Eastern Time, on the Expiration Date (as hereinafter defined)
to_________ or registered assigns (the "Holder"), under the
terms as hereinafter set forth,_____(_______) fully paid and non-assessable
shares of the Company's Common Stock, par value $0.001 per share (the "Warrant Stock"), at a
purchase price of FIFTY CENTS ($0.50) per share (the "Warrant Price"), pursuant to
this warrant (this "Warrant"). The number
of shares of Warrant Stock to be so issued and the Warrant Price are subject to
adjustment in certain events as hereinafter set forth. The term "Common Stock" shall mean,
when used herein, unless the context otherwise requires, the stock and other
securities and property at the time receivable upon the exercise of this
Warrant.

     

    1.    Exercise of
Warrant.

     

    a.    The
Holder may exercise this Warrant according to its terms by surrendering this
Warrant to the Company at the address set forth in Section 9, the Notice of
Exercise attached hereto having then been duly executed by the Holder,
accompanied by cash, certified check or bank draft in payment of the purchase
price, in lawful money of the United States of America, for the number of shares
of the Warrant Stock specified in the Notice of Exercise, or as otherwise
provided in this Warrant, prior to 5:30 p.m., Eastern Time, on
_____________________,2011 (the "Expiration
Date").

     

    b.    Notwithstanding
anything contained herein to the contrary, if at any time after twelve (12)
months from the date of issuance of this Warrant there is no effective
registration statement registering, or no current prospectus available for, the
resale of all of the shares of Warrant Stock issuable hereunder, then the Holder
may, in its sole discretion, exercise this Warrant in whole or in part by means
of a "cashless exercise" in lieu of making a cash payment, and the Holder shall
then be entitled to receive a certificate for the number of shares of Warrant
Stock equal to the quotient obtained by dividing [(A-B) (X)] by (A),
where:

     

    
      	
              (A)

            	
              =
      VWAP (as defined below) on the business day immediately preceding the date
      of such election;

            

    

     

    
      	
              (B)

            	
              =
      the Warrant Price of this Warrant, as adjusted;
  and

            

    

     

    
      
        	
                (X)

              	
                =
      the number of shares of Warrant Stock issuable upon exercise of this
      Warrant in accordance with the terms of this Warrant by means of a cash
      exercise rather than a cashless
exercise.

              

      

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    For
purposes of this Warrant, "VWAP" means, for any
date, the price determined by the first of the following clauses that applies:
(a) if the Common Stock is then listed or quoted on a Trading Market (as defined
below), the daily volume weighted average price of the Common Stock for the ten
(10) trading days prior to such date (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted as reported by
Bloomberg L.P. (based on a Trading Day from 9:30 a.m. New York City time to 4:02
p.m. New York City time); (b) if the OTC Bulletin Board is not a Trading Market,
the volume weighted average price of the Common Stock for the ten (10) trading
days prior to such date (or the nearest preceding date) on the OTC Bulletin
Board; (c) if the Common Stock is not then listed or quoted on the OTC Bulletin
Board and if prices for the Common Stock are then reported in the "Pink Sheets"
published by Pink Sheets, LLC (or a similar organization or agency succeeding to
its functions of reporting prices), the average bid price per share of the
Common Stock so reported for the twenty (20) trading days prior to such date; or
(d) in all other cases, the fair market value of a share of Common Stock as
determined in good faith by the Company's board of directors. For purposes of
this Warrant, "Trading
Market" means the
following markets or exchanges on which the Common Stock is listed or quoted for
trading on the date in question: the American Stock Exchange, the Nasdaq Capital
Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York
Stock Exchange or the OTC Bulletin Board.

     

    c.    This
Warrant may be exercised in whole or in part so long as any exercise in part
hereof would not involve the issuance of fractional shares of Warrant Stock. If
exercised in part, the Company shall deliver to the Holder a new Warrant,
identical in form, in the name of the Holder, evidencing the right to purchase
the number of shares of Warrant Stock as to which this Warrant has not been
exercised, which new Warrant shall be signed by the Chairman, Chief Executive
Officer or President and the Secretary or Assistant Secretary of the Company.
The term Warrant as used herein shall include any subsequent Warrant issued as
provided herein.

     

    d.    No
fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. The Company shall pay cash in lieu of fractions
with respect to the Warrants based upon the fair market value of such fractional
shares of Common Stock (which shall be the closing price of such shares on the
exchange or market on which the Common Stock is then traded) at the time of
exercise of this Warrant.

     

    e.    In the
event of any exercise of the rights represented by this Warrant, a certificate
or certificates for the Warrant Stock so purchased, registered in the name of
the Holder, shall be delivered to the Holder within a reasonable time after such
rights shall have been so exercised. The person or entity in whose name any
certificate for the Warrant Stock is issued upon exercise of the rights
represented by this Warrant shall for all purposes be deemed to have become the
holder of record of such shares immediately prior to the close of business on
the date on which the Warrant was surrendered and payment of the Warrant Price
and any applicable taxes was made, irrespective of the date of delivery of such
certificate, except that, if the date of such surrender and payment is a date
when the stock transfer books of the Company are closed, such person shall be
deemed to have become the holder of such shares at the opening of business on
the next succeeding date on which the stock transfer books are open. The Company
shall pay any and all documentary stamp or similar issue or transfer taxes
payable in respect of the issue or delivery of shares of Common Stock on
exercise of this Warrant.

     

    2.    Disposition of Warrant Stock
and Warrant.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    a.    The
Holder hereby acknowledges that this Warrant and any Warrant Stock purchased
pursuant hereto are, as of the date hereof, not registered: (i) under the
Securities Act of 1933, as amended (the "Act"), on the ground that the issuance
of this Warrant is exempt from registration under Section 4(2) of the Act as not
involving any public offering or (ii) under any applicable state securities law
because the issuance of this Warrant does not involve any public offering; and
that the Company's reliance on the Section 4(2) exemption of the Act and under
applicable state securities laws is predicated in part on the representations
hereby made to the Company by the Holder that it is acquiring this Warrant and
will acquire the Warrant Stock for investment for its own account, with no
present intention of dividing its participation with others or reselling or
otherwise distributing the same, subject, nevertheless, to any requirement of
law that the disposition of its property shall at all times be within its
control.

     

    The
Holder hereby agrees that it will not sell or transfer all or any part of this
Warrant and/or Warrant Stock unless and until it shall first have given notice
to the Company describing such sale or transfer and furnished to the Company
either (i) an opinion, reasonably satisfactory to counsel for the Company, of
counsel (skilled in securities matters, selected by the Holder and reasonably
satisfactory to the Company) to the effect that the proposed sale or transfer
may be made without registration under the Act and without registration or
qualification under any state law, or (ii) an interpretative letter from the
Securities and Exchange Commission to the effect that no enforcement action will
be recommended if the proposed sale or transfer is made without registration
under the Act.

     

    b.    If, at
the time of issuance of the shares issuable upon exercise of this Warrant, no
registration statement is in effect with respect to such shares under applicable
provisions of the Act, the Company may at its election require that the Holder
provide the Company with written reconfirmation of the Holder's investment
intent and that any stock certificate delivered to the Holder of a surrendered
Warrant shall bear legends reading substantially as follows:

     

    "THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933 OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF
THIS CERTIFICATE THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT."

     

    In
addition, so long as the foregoing legend may remain on any stock certificate
delivered to the Holder, the Company may maintain appropriate "stop transfer"
orders with respect to such certificates and the shares represented thereby on
its books and records and with those to whom it may delegate registrar and
transfer functions.

     

    3.    Reservation of
Shares. The Company hereby agrees that at all times there shall be
reserved for issuance upon the exercise of this Warrant such number of shares of
its Common Stock as shall be required for issuance upon exercise of this
Warrant. The Company further agrees that all shares which may be issued upon the
exercise of the rights represented by this Warrant will be duly authorized and
will, upon issuance and against payment of the exercise price, be validly
issued, fully paid and non-assessable, free from all taxes, liens, charges and
preemptive rights with respect to the issuance thereof, other than taxes, if
any, in respect of any transfer occurring contemporaneously with such issuance
and other than transfer restrictions imposed by federal and state securities
laws.

     

    4.    Exchange, Transfer or
Assignment of Warrant. This Warrant is exchangeable, without expense, at
the option of the Holder, upon presentation and surrender hereof to the Company
or at the office of its stock transfer agent, if any, for other Warrants of
different denominations, entitling the Holder or Holders thereof to purchase in
the aggregate the same number of shares of Common Stock purchasable hereunder.
Upon surrender of this Warrant to the Company or at the office of its stock
transfer agent, if any, with the Assignment Form annexed hereto duly executed
and funds sufficient to pay any transfer tax, the Company shall, without charge,
execute and deliver a new Warrant in the name of the assignee named in such
instrument of assignment and this Warrant shall promptly be canceled. This
Warrant may be divided or combined with other Warrants that carry the same
rights upon presentation hereof at the office of the Company or at the office of
its stock transfer agent, if any, together with a written notice specifying the
names and denominations in which new Warrants are to be issued and signed by the
Holder hereof.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    5.    Capital Adjustments.
This Warrant is subject to the following further provisions:

     

    a.    Adjustment Upon Issuance of
Common Stock. If and whenever on or after the date hereof and through the
earlier to occur of (i) first anniversary of the date hereof and (ii) date that
there is an effective registration statement on file with the Securities and
Exchange Commission covering the resale of all of the shares of Warrant Stock
and all of the shares of Common Stock issued in the Offering (as defined in the
Company's Confidential Private Placement Memorandum dated August 22, 2008, as
supplemented to date), the Company issues or sells any shares of Common Stock or
securities convertible into Common Stock, other than an Exempt Issuance (as
defined below), for a consideration per share of Common Stock (the "New Issuance Price")
less than a price equal to $0.50 (subject to appropriate adjustment for any
stock dividend, stock split, stock combination, reclassification or similar
transaction after the date hereof) (a "Dilutive Issuance"),
then immediately after such Dilutive Issuance, the Warrant Price then in effect
shall be reduced to an amount equal to the New Issuance Price. For purposes of
this Warrant, "Exempt
Issuance" shall mean the
issuance of (a) shares of Common Stock or options to employees, officers,
directors, or consultants of the Company pursuant to any stock or option plan
duly adopted for such purpose by a majority of the non-employee members of the
Board of Directors of the Company or a majority of the members of a committee of
non-employee directors, (b) securities upon the exercise or exchange of or
conversion of any securities issued hereunder and/or other securities
exercisable or exchangeable for or convertible into shares of Common Stock
issued and outstanding on the date of this Warrant, provided that such
securities have not been amended since the date of this Warrant to increase the
number of such securities or to decrease the exercise, exchange or conversion
price of such securities; and (c) securities issued pursuant to acquisitions or
strategic transactions approved by a majority of the disinterested directors of
the Company, provided that any such issuance shall only be to a person which is
either an owner of, or an entity that is, itself or through its subsidiaries, an
operating company in a business synergistic with the business of the Company and
in which the Company receives benefits in addition to the investment of funds,
but shall not include a transaction in which the Company is issuing securities
primarily for the purpose of raising capital or to an entity whose primary
business is investing in securities.

     

    b.    Recapitalization,
Reclassification and Succession. If any recapitalization of the Company
or reclassification of its Common Stock or any merger or consolidation of the
Company into or with a corporation or other business entity, or the sale or
transfer of all or substantially all of the Company's assets or of any successor
corporation's assets to any other corporation or business entity (any such
corporation or other business entity being included within the meaning of the
term "successor corporation") shall be effected, at any time while this Warrant
remains outstanding and unexpired, then, as a condition of such
recapitalization, reclassification, merger, consolidation, sale or transfer,
lawful and adequate provision shall be made whereby the Holder of this Warrant
thereafter shall have the right to receive upon the exercise hereof as provided
in Section 1 and in lieu of the shares of Common Stock immediately theretofore
issuable upon the exercise of this Warrant, such shares of capital stock,
securities or other property as may be issued or payable with respect to or in
exchange for a number of outstanding shares of Common Stock equal to the number
of shares of Common Stock immediately theretofore issuable upon the exercise of
this Warrant had such recapitalization, reclassification, merger, consolidation,
sale or transfer not taken place, and in each such case, the terms of this
Warrant shall be applicable to the shares of stock or other securities or
property receivable upon the exercise of this Warrant after such
consummation.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    c.    Subdivision or Combination
of Shares. If the Company at any time while this Warrant remains
outstanding and unexpired shall subdivide or combine its Common Stock, the
number of shares of Warrant Stock purchasable upon exercise of this Warrant and
the Warrant Price shall be proportionately adjusted.

     

    d.    Stock Dividends and
Distributions. If the Company
at any time while this Warrant is outstanding and unexpired shall issue or pay
the holders of its Common Stock, or take a record of the holders of its Common
Stock for the purpose of entitling them to receive, a dividend payable in, or
other distribution of, Common Stock, then (i) the Warrant Price shall be
adjusted in accordance with Section 5(f) and (ii) the number of shares of
Warrant Stock purchasable upon exercise of this Warrant shall be adjusted to the
number of shares of Common Stock that the Holder would have owned immediately
following such action had this Warrant been exercised immediately prior
thereto.

     

    e.    Stock and Rights Offering to
Shareholders. If the Company shall at any time after the date of issuance
of this Warrant distribute to all holders of its Common Stock any shares of
capital stock of the Company (other than Common Stock) or evidences of its
indebtedness or assets (excluding cash dividends or distributions paid from
retained earnings or current year's or prior year's earnings of the Company) or
rights or warrants to subscribe for or purchase any of its securities (excluding
those referred to in the immediately preceding paragraph) (any of the foregoing
being hereinafter in this paragraph called the "Securities"), then in each such
case, the Company shall reserve shares or other units of such Securities for
distribution to the Holder upon exercise of this Warrant so that, in addition to
the shares of the Common Stock to which such Holder is entitled, such Holder
will receive upon such exercise the amount and kind of such Securities which
such Holder would have received if the Holder had, immediately prior to the
record date for the distribution of the Securities, exercised this
Warrant.

     

    f.    Warrant Price
Adjustment. Except as otherwise provided herein, whenever the number of
shares of Warrant Stock purchasable upon exercise of this Warrant is adjusted,
as herein provided, the Warrant Price payable upon the exercise of this Warrant
shall be adjusted to that price determined by multiplying the Warrant Price
immediately prior to such adjustment by a fraction (i) the numerator of which
shall be the number of shares of Warrant Stock purchasable upon exercise of this
Warrant immediately prior to such adjustment, and (ii) the denominator of which
shall be the number of shares of Warrant Stock purchasable upon exercise of this
Warrant immediately thereafter.

     

    g.    Failure to Meet Revenue
Target. Notwithstanding anything to the contrary contained herein, in the
event the Company fails to achieve at least $15 million of consolidated gross
revenue during the one year period following the Initial Closing of the Offering
(as defined in the PPM), as certified by the Company's independent auditing
firm, the Warrant Price shall be reduced to $0.25 per share.

     

    h.    Certain Shares
Excluded. The number of shares of Common Stock outstanding at any given
time for purposes of the adjustments set forth in this Section 5 shall exclude
any shares then directly or indirectly held in the treasury of the
Company.

     

    i.    Deferral and Cumulation of
De Minimis Adjustments. The Company shall not be required to make any
adjustment pursuant to this Section 5 if the amount of such adjustment would be
less than one percent (1%) of the Warrant Price in effect immediately before the
event that would otherwise have given rise to such adjustment. In such case,
however, any adjustment that would otherwise have been required to be made shall
be made at the time of and together with the next subsequent adjustment which,
together with any adjustment or adjustments so carried forward, shall amount to
not less than one percent (1%) of the Warrant Price in effect immediately before
the event giving rise to such next subsequent adjustment.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    j.    Duration of
Adjustment. Following each computation or readjustment as provided in
this Section 5, the new adjusted Warrant Price and number of shares of Warrant
Stock purchasable upon exercise of this Warrant shall remain in effect until a
further computation or readjustment thereof is required.

     

    6.    Limitation on
Exercises. The Company
shall not effect the exercise of this Warrant, and the Holder shall not have the
right to exercise this Warrant, to the extent that after giving effect to such
exercise, the Holder (together with such Holder's affiliates) would beneficially
own in excess of 4.99% of the shares of Common Stock outstanding immediately
after giving effect to such exercise. For purposes of the foregoing sentence,
the aggregate number of shares of Common Stock beneficially owned by such Holder
and its affiliates shall include the number of shares of Common Stock issuable
upon exercise of this Warrant with respect to which the determination of such
sentence is being made, but shall exclude shares of Common Stock which would be
issuable upon (A) exercise of the remaining, unexercised portion of this Warrant
beneficially owned by such Holder and its affiliates and (B) exercise or
conversion of the unexercised or unconverted portion of any other securities of
the Company beneficially owned by such Person and its affiliates (including,
without limitation, any convertible notes or convertible preferred stock or
warrants) subject to a limitation on conversion or exercise analogous to the
limitation contained herein. Except as set forth in the preceding sentence, for
purposes of this paragraph, beneficial ownership shall be calculated in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as
amended. To the extent that the limitation contained in this Section 6 applies,
the determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any affiliate) and of which portion
of this Warrant is exercisable shall be in the sole discretion of the Holder,
and the submission of a Notice of Exercise shall be deemed to be the Holder's
determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any affiliate) and of which portion
of this Warrant is exercisable, in each case subject to such aggregate
percentage limitation, and the Company shall have no obligation to verify or
confirm the accuracy of the determination. For purposes of this Warrant, in
determining the number of outstanding shares of Common Stock, the Holder may
rely on the number of outstanding shares of Common Stock as reflected in (1) the
Company's most recent Form 10-K, Form 10-KSB, Form 10-Q, Form I 0-QSB, Current
Report on Form 8-K or other public filing with the Securities and Exchange
Commission, as the case may be, (2) a more recent public announcement by the
Company or (3) any other notice by the Company setting forth the number of
shares of Common Stock outstanding. For any reason at any time, upon the written
or oral request of the Holder, the Company shall within one (1) business day
confirm orally and in writing to the Holder the number of shares of Common Stock
then outstanding. In any case, the number of outstanding shares of Common Stock
shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder and its
affiliates since the date as of which such number of outstanding shares of
Common Stock was reported. The restriction described in this Section 6 may be
waived, in whole or in part, upon sixty-one (61) days prior notice from the
Holder to the Company to increase such percentage up to 9.99%, but not in excess
of 9.99%. The provisions of this paragraph shall be construed and implemented in
a manner otherwise than in strict conformity with the terms of this Section 6 to
correct this paragraph (or any portion hereof) which may be defective or
inconsistent with the intended beneficial ownership limitation herein contained
or to make changes or supplements necessary or desirable to properly give effect
to such limitation.

     

    7.    Notice to
Holders.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    a.    Notice of Record
Date. In case:

     

    (i)    the
Company shall take a record of the holders of its Common 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 (other than a cash dividend
payable out of earned surplus of the Company) 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 with or merger of the Company 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
hereof at the time outstanding a notice specifying, as the case may be, (i) 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 (ii) the date on which such reorganization,
reclassification, consolidation, 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 (or such stock or securities at the time
receivable upon the exercise of this Warrant) 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 or winding-up. Such notice shall
be mailed at least thirty (30) days prior to the record date therein specified,
or if no record date shall have been specified therein, at least thirty (30)
days prior to such specified date, provided, however, failure to provide any
such notice shall not affect the validity of such transaction.

     

    b.    Certificate of
Adjustment. Whenever any adjustment shall be made pursuant to Section 5
hereof, the Company shall promptly make a certificate signed by its Chairman,
Chief Executive Officer, President, Vice President, Chief Financial Officer or
Treasurer, 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 Warrant Price and number of shares of Warrant Stock
purchasable upon exercise of this Warrant after giving effect to such
adjustment, and shall promptly cause copies of such certificates to be mailed
(by first class mail, postage prepaid) to the Holder of this
Warrant.

     

    8.    Loss, Theft, Destruction or
Mutilation. Upon receipt by the Company of evidence satisfactory to it,
in the exercise of its reasonable discretion, of the ownership and the loss,
theft, destruction or mutilation of this Warrant and, in the case of loss, theft
or destruction, of indemnity reasonably satisfactory to the Company and, in the
case of mutilation, upon surrender and cancellation thereof, the Company will
execute and deliver in lieu thereof, without expense to the Holder, a new
Warrant of like tenor dated the date hereof.

     

    9.    Warrant Holder Not a
Stockholder. The Holder of this Warrant, as such, shall not be entitled
by reason of this Warrant to any rights whatsoever as a stockholder of the
Company.

     

    10.    Notices. Any notice
required or contemplated by this Warrant shall be deemed to have been duly given
if transmitted by registered or certified mail, return receipt requested, or
nationally recognized overnight delivery service, to the Company at its
principal executive offices located at 711 Third Avenue, Suite 1505, New York,
NY 10017, Attention: Steven Hoffmann, Chief Executive Officer, or to the Holder
at the name and address set forth in the Warrant Register maintained by the
Company.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    11.    Choice of Law. THIS
WARRANT IS ISSUED UNDER AND SHALL FOR ALL PURPOSES BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING
EFFECT TO PRINCIPLES OF CONFLICTS OF LAW.

     

    12.    Jurisdiction and
Venue. The Company and Holder hereby agree that any dispute which may
arise between them arising out of or in connection with this Warrant shall be
adjudicated before a court located in New York County, New York and they hereby
submit to the exclusive jurisdiction of the federal and state courts of the
State of York located in New York County with respect to any action or legal
proceeding commenced by any party, and irrevocably waive any objection they now
or hereafter may have respecting the venue of any such action or proceeding
brought in such a court or respecting the fact that such court is an
inconvenient forum, relating to or arising out of this Warrant or any acts or
omissions relating to the sale of the securities hereunder, and consent to the
service of process in any such action or legal proceeding by means of registered
or certified mail, return receipt requested, in care of the address set forth
herein or such other address as either party shall furnish in writing to the
other.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the Company has duly caused this Warrant to be signed on its
behalf, in its corporate name and by its duly authorized officers, as of
this ____ day of _______________, 2008.

     

    

    
    

     

    
      	 	IX
      ENERGY HOLDINGS, INC.
	 	 
	 	
              By:
      _________________________

              
                Name:

                Title:

              

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    NOTICE
OF EXERCISE

     

    

    
      
        	TO:	
                IX
      Energy Holdings, Inc.

                New
      York, NY 10017

                Attn:
      Chief Financial Officer

                Tel:
      (212) 476-0906

                Fax:
      (866) 395-0915

              

      

    

     

    (1)    The
undersigned hereby elects to purchase _________________ shares of Warrant Stock
of the Company pursuant to the terms of the attached Warrant to Purchase Common
Stock, and tenders herewith payment of the exercise price in full, together with
all applicable transfer taxes, if any.

     

    (2)    Payment
shall take the form of (check applicable box):

     

    q  in lawful money of the
United States; or

    q  if permitted, the
cancellation of ______ shares of Warrant Stock in order to exercise
this Warrant with respect to shares of Warrant Stock (using a VWAP of
$_______ for
this calculation), in accordance with the formula and procedure set forth in
subsection 1(b).

     

    q  if permitted, the
cancellation of such number of shares of Warrant Stock as is necessary, in
accordance with the formula and procedure set forth in subsection 1(b), to
exercise this Warrant with respect to the maximum number of shares of Warrant
Stock purchasable pursuant to a cashless exercise.

     

    (3)    Please
issue a certificate or certificates representing said shares of Warrant Stock in
the name of the undersigned or in such other name as is specified
below:

     

      
        

      

    

     

    The
shares of Warrant Stock shall be delivered to the following DWAC Account Number,
if permitted, or by physical delivery of a certificate to:

     

    
      

    

    
      

    

    
      

    

     

    (4)    Accredited Investor.
The undersigned is an "accredited investor" as defined in Regulation D
promulgated under the Securities Act of 1933, as amended.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    [SIGNATURE
OF HOLDER]

     

     

    Name of
Investing Entity:
__________________________________________________________

    Signature
of Authorized Signatory of Investing Entity:
____________________________________

    Name and
Title of Authorized Signatory:
_______________________________________________

    Date:
__________________________________________________________________________

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT
FORM

     

    (To
assign the foregoing warrant, execute

    this form
and supply required information.

    Do not
use this form to exercise the warrant.)

     

    

     

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

     

     

    ______________________________
whose
address is

    ______________________________

    ______________________________

     

     

    Dated:
______,___

    
 

    Holder's
Name:
___________________________________________________________________

    Holder's
Signature:
________________________________________________________________

    Name and
Title of
Signatory:_________________________________________________________

    Holder's
Address:_________________________________________________________________

    Signature
Guaranteed:
______________________________________________________________

     

     

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

     

     

    12

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