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Exhibit 4.3    
  

 
  SECURITY AGREEMENT    
  

        THIS SECURITY AGREEMENT (this "Agreement") is made and entered into as of June 17, 2002 (the
"Effective Date") by and between Small Town Radio, Inc., a Nevada corporation (the
"Company"); and Wayne Shortridge, an individual resident of the State of Georgia (the
"Secured Party"). 

 
 

RECITALS    
  

        A.    The
Company has issued to the Secured Party its Secured Note due 2004 in an original principal amount of $216,000 (the
"Note"). 

        B.    The
Company and the Secured Party have agreed to secure the Company's obligations to the Secured Party under the Note by granting a security interest in and to certain
assets of the Company, all on the terms and subject to the conditions of this Agreement. 

 
 

AGREEMENT    
  

        THEREFORE, in consideration of the Recitals set forth above, the mutual covenants and agreements set forth herein, and other good and valuable consideration, the
receipt and sufficiency of which hereby are acknowledged, the Company and the Secured Party hereby agree as follows: 

 
 

1. Grant of Security Interests    
  

        In order to secure the obligations of the Company pursuant to the Note (the "Obligations"), the Company hereby
grants to the Secured Party a continuing security interest in and a general lien upon the assets and property listed on Schedule A hereto, together with all
proceeds and products thereof (collectively, the "Collateral"). 

 
 

2. Term and Termination of this Agreement    
  

        The term of this Agreement shall commence as on the date hereof and shall continue until the full satisfaction by the Company of the Obligations. Upon the
termination hereof, the Secured Party upon the Company's request shall execute such releases, termination statements, and other documents to evidence such termination as the Company reasonably may
request. 

 
 

3. Covenants    
  

        The Company covenants and agrees with the Secured Party that, for so long as any of the Obligations remains unpaid or any obligation of the Company under this
Security Agreement or under any of the Obligations remains unperformed that: 

        (a)  The
Company shall insure Collateral consisting of furniture, fixtures, and equipment against all risks to which such Collateral is exposed, including loss, damage, fire,
theft, and all other such risks, in such amounts as would be prudent for similar businesses similarly situated, and shall name the Secured Party as loss payees thereunder. The Secured Party hereby
agree to make such proceeds available to the Company to purchase replacement furniture, fixtures, and equipment if an Event of Default hereunder does not exist. 

        (b)  The
Company shall pay and discharge all taxes, assessments, and governmental charges or levies imposed upon it or upon its income or profits or against its properties,
prior to the date on which penalties attach thereto, and all lawful claims which, if unpaid, might become a lien or charge upon any of its properties, provided that the Company shall not be required
to pay any such tax, assessment, charge, levy, or claim which is being contested in good faith and by appropriate and lawful 

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proceedings diligently pursued and with respect to which adequate reserves have been set aside on its books. 

        (c)  The
Company shall permit authorized representatives designated by the Secured Party to visit and inspect any of the properties of the Company, including its books and
records (and to make extracts therefrom), and to discuss its affairs, finances, and accounts with its officers and directors, all at such reasonable times and as often as may reasonably be requested. 

        (d)  The
Company shall operate its business only in the ordinary course. The Company shall at all times preserve and maintain in full force and effect its corporate
existence, powers, rights, licenses, permits, and franchises in the jurisdiction of its incorporation, and shall operate in full compliance with all applicable laws, statutes, regulations,
certificates of authority, and orders in respect of the conduct of its business. 

        (e)  The
Company shall notify the Secured Party promptly in writing upon the happening or occurrence or existence of any Event of Default, or any event or condition which
with the passage of time or giving of notice, or both, would constitute an Event of Default, and shall provide to the Secured Party with such written notice a detailed statement by a responsible
officer of the Company of all relevant facts and the action being taken or proposed to be taken by the Secured Party with respect thereto. 

        (f)    The
Company shall maintain or cause to be maintained in good repair, working order, and condition all properties used or useful in its business, and from time to time
will make or cause to be made all appropriate repairs, renewals and replacement thereof. The Company will not do or permit any act or thing which might impair the value or commit or permit any waste
of the Collateral or any part thereof, or permit any unlawful occupation, business or trade to be conducted on or from any of its properties. The Company will not sell, lease, or otherwise transfer
any of the Collateral (other than sales of inventory in the ordinary course of business), without the prior written consent of the Secured Party (which consent shall not be unreasonably withheld),
unless replaced with items of comparable value at or within 20 days of such sale, lease, or transfer. 

        (g)  The
Company shall keep the Collateral free from any lien, security interest, or other encumbrance other than those created by this Security Agreement. 

        (h)  The
Company shall notify the Secured Party immediately of each change in the corporate name and trade names of the Company and of each change in the location of the
principal place of business and the office where the books and records of the Company are kept. 

 
 

4. Events of Default    
  

        The occurrence or existence of any of the following events shall constitute an event of default (an "Event of
Default") hereunder: 

        (a)  There
shall be an "Event of Default" as that term is used in the Note; or 

        (b)  The
Company shall default in the performance of any term or covenant contained in this Security Agreement and the default shall continue unabated or uncured during the
60-day period after written notice describing the default is given to the Company. 

 
 

5. Remedies    
  

        Upon the occurrence or existence of an Event of Default hereunder, the Obligations, at the option of the Secured Party, shall become immediately due and payable
without notice to the Company, and 

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the Secured Party shall have the right to pursue all available remedies at law or in equity, including without limitation: 

        (a)  All
of the rights and remedies available to a secured party under the Uniform Commercial Code as adopted in the State of Georgia, and all other legal and equitable
rights which may be available to the Secured Party; 

        (b)  The
right to peaceably take possession of the Collateral upon reasonable notice and to enter the Company's offices during normal business hours to take possession of the
Collateral; 

        (c)  The
right to sell or otherwise dispose of all or any part of the Collateral in its then condition, at public or private sale or sales, with at least 10 days
notice to the Company and such notice as may be required by law, in lots or in bulk, for cash or on credit, all as the Secured Party, in its sole discretion, may deem advisable, and to apply the
proceeds realized from such sale, first to the reasonable costs, expenses, and attorneys' fees and expenses incurred by the Secured Party for collection and for acquisition, storage, sale, and
delivery of the Collateral, secondly to interest due upon the Obligations, and thirdly to the principal of the Obligations. 

 
 

6. Priority of Lien and Security Interest    
  

        The Secured Party shall have a first priority lien and security interest in the Collateral. The Company agrees at the Company's expense to execute and record all
UCC Financing Statements required to perfect and maintain the perfection of the security interest granted to the Secured Party hereunder. 

 
 

7. Notice    
  

        All notices, requests, consents, and other communications under this Agreement shall be in writing and shall be delivered by hand, transmitted via facsimile or
electronic mail, sent via a reputable nationwide overnight courier service or mailed by first class certified or registered mail, return receipt requested, postage prepaid, to the address set forth
below or to such other address or addresses as may have been furnished in writing by one party to the other: 

	 	(a)	 	If to a Purchaser, to the address set forth on the signature page to this Agreement; or
	

 	

(b)	
 	

If to the Company, to:	
 	

With a copy (which shall not constitute notice) to:
	

 	

 	
 	
Small Town Radio, Inc.

Attention: Daniel W. Hollis

12600 Deerfield Parkway, Suite 100

Alpharetta, GA 30004

Facsimile:

Email:	
 	
Baker, Donelson, Bearman & Caldwell, P.C.

Attention: Gerardo M. Balboni, Esq.

5 Concourse Parkway, Suite 900

Atlanta, GA 30328

Facsimile: 404.812.3101

Email: gbalboni@bdbc.com

        Notices
provided in accordance with this Section 7 shall be deemed delivered upon actual receipt if sent by personal delivery, facsimile or electronic mail, one business day after
being sent via a reputable nationwide overnight courier service, or two business days after deposit in the mail. 

 
 

8. General Provisions    
  

        (a)  This
Agreement may not be assigned by the Secured Party. This Agreement may be assigned by the Company; provided,
however, that it shall be a condition to any such assignment by the Company (including any assignment by merger, consolidation, transfer of assets, operation of law or
otherwise) that the Company shall obtain for the Secured Party the express written assumption by the assignee of 

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the obligations of the Company hereunder. Subject to the foregoing, this Agreement shall inure to the benefit of any such assignee. 

        (b)  The
waiver by any party hereto of any breach of this Agreement by any other party hereto shall not be effective unless in writing, and no such waiver shall constitute
the waiver of the same or another breach on a subsequent occasion. 

        (c)  This
Agreement shall be governed by and construed in accordance with the laws of the State of Georgia, without regard to the conflict of laws rules thereof. 

        (d)  This
Security Agreement, the Note, the Note Purchase Agreement dated as of June 17, 2002 pursuant to which the Company offered and sold the Note (the
"Purchase Agreement"), and the Warrant issued pursuant to the Purchase Agreement together embody the entire agreement of the parties hereto concerning
the transactions contemplated herein and supersede all prior agreement and understandings among the parties hereto relating to the subject matter hereof. No oral representation, agreement, or
understanding made by any party hereto shall be valid or binding upon such party or any other party hereto. 

        (e)  This
Agreement may be amended, supplemented, or interpreted at any time by a written instrument executed by the parties hereto. 

        (f)    Each
of the covenants and agreements herein above contained shall be deemed separate, severable and independent covenants, and in the event that any covenant shall be
declared invalid by any court of competent jurisdiction, such invalidity shall not in any manner affect or impair the validity or enforceability of any other part or provision of such covenant or of
any other covenant contained herein. 

        (g)  Captions
and section headings used herein are for convenience only and are not a part of this Agreement and shall not be used in construing it. 

*                signatures appear on next page                *

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SIGNATURES    
  

        In witness whereof, the undersigned Company and the undersigned Secured Party have executed this Agreement as of the Effective Date. 

	 	 	SMALL TOWN RADIO, INC., a Nevada corporation
	

 	
 	

By:	

/s/  DANIEL W. HOLLIS      
 Name: Daniel W. Hollis

Title: Chairman and Chief Executive Officer
	

 	
 	
WAYNE SHORTRIDGE, an individual resident of the State of Georgia
	

 	
 	

Signed:	

/s/  WAYNE SHORTRIDGE      

	Address for Notice:
	Street:	 	257 Bolling Road, NE
	City, State, Zip:	 	Atlanta, Georgia 30305
	Facsimile:	 	404.815.2424
	Email:	 	wshortri@aol.com

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QuickLinks

Exhibit 4.3

SECURITY AGREEMENT

RECITALS

AGREEMENT

1. Grant of Security Interests

2. Term and Termination of this Agreement

3. Covenants

4. Events of Default

5. Remedies

6. Priority of Lien and Security Interest

7. Notice

8. General Provisions

SIGNATURESQuickLinks
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Exhibit 4.4    
  

NEITHER
THE WARRANTS REPRESENTED BY THIS CERTIFICATE NOR THE SHARES ISSUABLE UPON THE EXERCISE OF THESE WARRANTS HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL SUCH SHARES ARE REGISTERED UNDER THE
SECURITIES ACT OR AN OPINION OF COUNSEL OR OTHER EVIDENCE, IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY, IS OBTAINED TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED. 

 
 

WARRANT TO PURCHASE COMMON STOCK OF
  SMALL TOWN RADIO, INC.    
  

	June 17, 2002	 	58,247 shares of Common Stock

        THIS
CERTIFIES THAT Wayne Shortridge, an individual resident of the State of Georgia with his principal place of business at 257 Bolling
Road, NE, Atlanta, Georgia 30305 (the "Holder") is entitled, on the terms and subject to the conditions set forth herein, to purchase from  Small Town Radio,
 Inc., a Nevada corporation (the "Company"), at any time or from time to time
during the Exercise Period (as defined herein), the number of shares of the Company's common stock, par value $.001 (the "Warrant
Shares") determined in Section 1 below, at a price of $2.82 per Warrant Share (the "Exercise Price"). The number of
Warrant Shares and the Exercise Price are subject to adjustment upon the occurrence of the contingencies set forth in this Warrant. 

TERMS AND CONDITIONS 

 1.  Number of Shares of Common Stock Issuable Upon Exercise  

        The number of Warrant Shares issuable upon exercise of this Warrant shall be equal to 58,247. 

2.    Exercise Period  

        This Warrant shall be exercisable by the Holder during the period (the "Exercise Period") beginning on the
original issue date set forth above (the "Original Issue Date") until 5:00 p.m. Eastern Time on the tenth anniversary of the Original Issue Date,
or if such date is not a day on which the Company is open for business, then the next succeeding day on which the Company is open for business (the "Expiration
Date"), but not thereafter. 

3.    Exercise of Warrant  

        (a) At the option of the Holder, this Warrant may be exercised at any time or from time to time during the Exercise Period by delivery to the Company at its
office at 12600 Deerfield Parkway, Suite 100, Alpharetta, Georgia 30004, Attention: Daniel W. Hollis, or to any transfer agent for the Company's common stock, par value $.001 (the
"Common Stock"), on or before 5:00 p.m., Eastern Time, on the Expiration Date, of the following (the "Exercise
Materials"): 

        (i)    a
written notice of such registered Holder's election to exercise this Warrant (the "Exercise Notice"), which notice may
be in the form of the Notice of Exercise attached hereto, properly executed and completed by the registered Holder or an authorized officer thereof, 

        (ii)  a
check payable to the order of the Company, in an amount equal to the product of the Exercise Price multiplied by the number of Warrant Shares specified in the
Exercise Notice, and 

        (iii)  this
Warrant. 

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(b)
(i) At the option of the Holder, this Warrant may be converted into shares of Common Stock, in whole but not in part, by delivery to the Company at the address designated in
Section 3(a) above or to any transfer agent for the Common Stock, on or before 5:00 p.m. Eastern Time on the Expiration Date, of the following (the "Conversion
Materials"): 

        (A)  a
written notice of Holder's election to convert this Warrant (the "Conversion Notice"), properly executed and completed
by the registered Holder, and 

        (B)  this
Warrant. 

        (ii)  The
number of shares of Common Stock issuable upon conversion of this Warrant pursuant to this Section 3(b) is equal to (A) the number of Warrant Shares
then issuable upon exercise of this Warrant (assuming an exercise for cash), multiplied by the difference between Fair Value and the
then-effective Exercise Price; divided by (B) the Fair Value. 

        (iii)  As
used herein, "Fair Value" on any particular date (a "Determination
Date") means (A) the average closing price reported for the 20 trading days immediately preceding the Determination Date, if the Common Stock then is traded on an
exchange or quoted on the Nasdaq National Market System; (B) the average closing asked price reported for the 20 trading days immediately preceding the Determination Date, if the Common Stock
then is not traded on an exchange or on the Nasdaq National Market System but are traded in the over-the-counter market; (C) except as provided in clause (D)
below, as determined in good faith by agreement of the Board of Directors of the Company and Holder upon a review of relevant factors, if the Common Stock then is not publicly traded; or
(D) the initial public offering price (before deducting commissions, discounts, or expenses) at which shares of Common Stock are sold in a firm commitment public offering under the Securities
Act of 1933, as amended, if the Determination Date is the date on which shares of Common Stock are first sold to the public by the Company in such an offering.. 

        (c)  As
promptly as practicable, and in any event within five business days after, the Company's receipt of Exercise Materials or Conversion Materials, as applicable, the
Company shall execute or cause to be executed and delivered to Holder (i) a certificate or certificates representing the number of Warrant Shares specified in the Exercise Notice or the number
of shares of Common Stock issuable upon conversion of this Warrant if Holder delivered a Conversion Notice, whichever is applicable; (ii) cash in lieu of any fraction of a share; and
(iii) (A) if the Warrant is exercised in full, a copy of this Warrant
marked "Exercised," or (B) if the Warrant is partially exercised, a copy of this Warrant marked "Partially Exercised" together with a new Warrant on the same terms for the unexercised balance
of the Warrant Shares, or (C) if the Warrant is converted, a copy of this Warrant marked "Converted." The certificate or certificates representing shares of Common Stock shall be registered in
the name of the registered Holder of this Warrant or such other name or names as shall be designated in the Exercise Notice or Conversion Notice. The date on which the Warrant shall be deemed to have
been exercised or converted (the "Effective Date"), and the date the person in whose name any certificate evidencing the shares of Common Stock issued
upon the exercise or conversion hereof is issued shall be deemed to have become the holder of record of such shares, shall be the date the Company receives the Exercise Materials or Conversion
Materials, irrespective of the date of delivery of a certificate or certificates evidencing the shares of Common Stock issued upon the exercise or conversion hereof; except that, if the date on which
the Exercise Materials or Conversion Materials are received by the Company is a date on which the stock transfer books of the Company are closed, the Effective Date shall be the date the Company
receives the Exercise Materials or Conversion Materials, and the date such person shall be deemed to have become the holder of the shares of Common Stock issued upon the exercise or conversion hereof
shall be the next succeeding date on which the stock transfer books are open. All shares of Common Stock issued upon the exercise or conversion of this 

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Warrant will, upon issuance, be fully paid and nonassessable and free from all taxes, liens, and charges with respect thereto. 

4.    Adjustment of Exercise Price and Warrant Shares  

        The Exercise Price and the number of Warrant Shares purchasable hereunder shall be subject to adjustment from time to time in accordance with the following
provisions: 

        (a)  If
the Company, at any time after the Original Issue Date, shall subdivide the outstanding shares of Common Stock, the Exercise Price in effect immediately prior to such
subdivision shall be proportionately decreased, and in case the Company shall at any time after the Original Issue Date combine the outstanding shares of Common Stock, the Exercise Price in effect
immediately prior to such combination shall be proportionately increased, effective from and after the record date of such subdivision or combination, as the case may be. 

(b)
(i) If the Company, at any time after the Original Issue Date, shall issue any New Securities for a consideration (determined on a Common Stock Equivalent basis) which is less than the Exercise
Price in effect on the date of issuance of such New Securities, the Exercise Price upon each such issuance of New Securities shall be reduced, effective as of the opening of business on the date of
such issuance or sale, to an Exercise Price (calculated to the nearest cent) equal to: 

        (A)  an
amount equal to (I) the total number of Common Stock Equivalents outstanding immediately prior to such sale or deemed sale of New Securities multiplied by the
Exercise Price in effect immediately prior to the issuance or deemed issuance of New Securities, plus (II) the aggregate amount
of all consideration, if any, received by the Company for the issuance or deemed issuance of such New Securities; divided by

        (B)  the
total number of Common Stock Equivalents outstanding after giving effect to such sale or deemed sale of New Securities. 

        (ii)  For
the purposes of this Section 3(b), the issuance of any warrants, options, or other subscription rights which entitle the Holder to acquire shares of Common
Stock after the Original Issue Date and the issuance of any securities convertible into, or exchangeable for, shares of Common Stock (or the issuance of any warrants, options, or any rights with
respect to such convertible or exchangeable securities) after the Original Issue Date shall be deemed an issuance at such time of shares of Common Stock. No adjustment of the Exercise Price shall be
made under this Section 3(b) upon the issuance of any additional shares of Common Stock which are issued pursuant to the exercise of any warrants, options, or other subscription or purchase
rights or pursuant to the exercise of any conversion or exchange rights in any convertible securities if any adjustment to the Exercise Price and the number of Warrant Shares issuable upon exercise if
this Warrant shall previously have been made upon the issuance of any such warrants, options, or other rights or upon the issuance of any convertible securities (or upon the issuance of any warrants,
options, or any rights therefor) as above provided. Upon the expiration or termination of any warrants, options, or other subscription rights with respect to shares of Common Stock, or on the
expiration or termination of any conversion or exchange rights with respect to securities convertible into shares of Common Stock (or warrants, options or any rights therefor), the Exercise Price then
in effect hereunder shall forthwith be increased to the Exercise Price which would have been in effect at the time of such expiration or termination if such warrants, options, or subscription rights,
or such conversion or exchange rights (or warrants, options, or any rights therefor), to the extent outstanding immediately prior to such expiration or termination, had never been issued. For the
purpose of this Section 3(b), in the case of the issuance of New Securities for a consideration other than cash, the consideration received by the Company therefor shall be deemed to be the
fair value of such consideration as determined in good faith by its Board of Directors. The 

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provisions of this Section 3(b) shall not apply under any of the circumstances for which an adjustment is provided in Sections 4(a) or 4(d). 

        (c)  Upon
any adjustment in the Exercise Price pursuant to Sections 4(a) or 4(b) above, the Holder thereafter shall be entitled to purchase, at the adjusted Exercise Price, a
number of Warrant Shares equal to (i) the number of Warrant Shares purchasable hereunder immediately prior to such adjustment, multiplied by
(ii) a fraction, the numerator of which is the Exercise Price in effect immediately prior to such adjustment and the denominator of which is the Exercise Price resulting from such adjustment,
rounded to the nearest full Warrant Share. 

        (d)  In
the event of the issuance of New Securities as a dividend on any outstanding class or series of capital stock, the number of Warrant Shares issuable upon exercise of
this Warrant from and after the record date for the determination of security holders entitled to such dividend, shall be equal to (i) the number of Warrant Shares issuable upon exercise of
this Warrant immediately prior to said record date, multiplied by (ii) a fraction, the numerator of which is the number of Common Stock
Equivalents that
will be outstanding after giving effect to the dividend of New Securities, and the denominator of which is the is the number of Common Stock Equivalents outstanding on such record before giving effect
to the dividend of New Securities. Upon each adjustment pursuant to this Section 4(d), the Exercise Price shall be reduced to an amount which is equal to (A) the Exercise Price in effect
immediately prior to the record date of such dividend or distribution, multiplied by (B) a fraction, the numerator of which is the number of
Warrant Shares issuable upon exercise of this Warrant immediately prior to the record date of such dividend or distribution and the denominator of which is the number of Warrant Shares issuable upon
exercise of this Warrant immediately following such adjustment. 

        (e)  As
used in this Warrant: 

        (i)    "New Securities" means any shares of Common Stock sold or deemed sold for a consideration per Common Share which is less
than $2.255. 

        (ii)  "Common Stock Equivalent" means the number of shares of Common Stock outstanding, plus  the number of shares of Common Stock issuable upon the exercise of all options and
warrants, plus all shares of Common Stock
issuable upon the conversion of all outstanding securities convertible into Common Stock or into securities which are convertible into Common Stock. 

5.    Reorganization, Reclassification, Consolidation, or Merger  

        Subject to the provisions of Section 9 below, if at any time while this Warrant is outstanding there shall be any reorganization or reclassification of the
shares of Common Stock of the Company (other than a subdivision or combination provided for in Section 4(a) above), or any consolidation, share exchange, or merger of the Company with another
corporation, the Holder of this Warrant thereafter shall be entitled to receive, during the Exercise Period and upon payment of the Exercise Price, the number of shares of Common Stock or other
securities or property of the Company or of the successor corporation resulting from such consolidation, share exchange, or merger, as the case may be, to which a Holder of a number of shares of
Common Stock of the Company, then deliverable upon the exercise of this Warrant, would have been entitled upon such reorganization, reclassification, consolidation, share exchange, or merger if this
Warrant had been exercised immediately prior to such reorganization, reclassification, consolidation, share exchange, or merger; and in any such case, appropriate adjustment (as determined by
agreement of the registered Holder and the Board of Directors of the Company) shall be made in the application of the provisions herein set forth with respect to the rights and interest thereafter of
the Holder of this Warrant to the end that the provisions set forth herein (including the adjustment of the Exercise Price and the number of shares of Common Stock issuable upon the 

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exercise of this Warrant) thereafter shall be applicable, as near as reasonably may be, in relation to any shares of Common Stock or other property thereafter deliverable upon the exercise hereof. 

6.    Notice of Adjustments  

        Upon any adjustment of the Exercise Price and any increase or decrease in the number of Warrant Shares purchasable upon the exercise of this Warrant, then, and in
each such case, the Company, within 30 days after any such adjustment, shall give written notice thereof to the registered Holder of this Warrant at the address of such Holder as shown on the
books of the Company, which notice shall state the Exercise Price as adjusted and the increased or decreased number of shares of Common Stock issuable upon the exercise of this Warrant, setting forth
in reasonable detail the method of calculation of each. 

7.    Charges, Taxes, and Expenses  

        The issuance of certificates for shares of Common Stock upon any exercise or conversion of this Warrant shall be made without charge to the Holder hereof for any
intangible or "stamp" tax imposed upon the issuer of securities or the recipient of securities (excluding any tax determined or measured by the income of the Holder) or other expense in respect to the
issuance of such certificates, all of which shall be paid by the Company. Certificates evidencing the shares of Common Stock issued upon exercise or conversion hereof shall be issued in the name of,
or in such name or names as may be directed by, the Holder of this Warrant; provided, however, that in the event that certificates for shares of Common
Stock are to be issued in a name other than the name of the Holder of this Warrant, this Warrant when surrendered for exercise or conversion shall be accompanied by an instrument of transfer in form
satisfactory to the Company, duly executed by the Holder hereof in person or by an attorney duly authorized in writing, and the Holder shall pay all transfer taxes, if any, payable upon the transfer
of this Warrant. 

8.    Company's Right to Redeem Warrant  

        The Company shall have the absolute right to redeem this Warrant in connection with a Transaction by delivery of the amount and type of consideration a holder of
the number of Warrant Shares would receive in the Transaction after deduction of the Exercise Price and all legal, accounting, and other expenses incurred in the Transaction, and satisfaction of
excluded liabilities and indebtedness not assumed in the Transaction (the "Redemption Price"). If the Company calls this Warrant for redemption, Holder
shall be under a mandatory obligation to sell this Warrant to the Company at the Redemption Price and upon such other terms as may be established by the Company. In the event a Holder fails to deliver
this Warrant for redemption to the Company in accordance with this Section 8, the Company may terminate and cancel this Warrant upon delivery of the Redemption Price to Holder, whereupon all
rights of Holder under the Warrant shall be extinguished. 

9.    Substitution of Warrant  

        Notwithstanding anything to the contrary set forth herein, in the event the Company at any time shall effect a Stock Swap Transaction, then effective as of the
closing of the Stock Swap Transaction and immediately, automatically, and without further action by the Company or Holder, this Warrant shall be converted into solely the right to receive, upon
surrender of this Warrant by Holder, a warrant of the surviving or resulting entity (in the case of a merger or consolidation) or the parent entity (in the case of a share exchange) having the
following terms (a "Replacement Warrant"): 

        (a)  the
number and type of equity securities issuable upon exercise of the Replacement Warrant shall be equal to the number and type of securities that a holder of the
number of Warrant Shares would have received as a result of the Stock Swap Transaction; 

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        (b)  the
exercise price per share of the Replacement Warrant shall be equal to (i) the Exercise Price, multiplied by
the number of Warrant Shares issuable upon exercise of the Warrant immediately before the Stock Swap Transaction; divided by (ii) the number of
securities that that a holder of one Common Share would have received as a result of the Stock Swap Transaction; 

        (c)  the
Replacement Warrant shall be exercisable (or convertible) an any time or from time to time prior to the Expiration Date; and 

        (d)  the
Replacement Warrant shall contain all other terms and conditions contained in this Warrant as may be necessary to protect the rights of the Holder. 

10.  Definitions  

        The following capitalized terms are used herein with the meanings thereafter ascribed: 

        (a)  "Stock Swap Transaction" means a merger, consolidation or share exchange in which (i) the Company is not the
surviving or resulting entity (in the case of a merger or consolidation) or the parent entity (in the case of a share exchange) and (ii) the Holders of outstanding shares of Common Stock
receive equity securities in the surviving or resulting entity (in the case of a mergeror consolidation) or the parent entity (in the case of a share exchange). 

        (b)  "Transaction" means any (i) dissolution or liquidation of the Company; (ii) merger, consolidation, share
exchange, combination, reorganization, or like transaction in which the Company is not the
surviving or resulting entity or the parent of the resulting entity; (iii) sale or transfer (other than as security for the Company's obligations) of all or substantially all of the assets of
the Company; or (iv) sale or transfer of eighty percent (80%) or more of the issued and outstanding shares of Common Stock by the holders thereof in a single transaction or in a series of
related transactions; except that a distribution of common Shares, for no consideration, by a shareholder that is a corporation, limited liability company, partnership, or trust to (A) the
employees, officers, and/or managers or directors of such shareholder, (B) the shareholders, partners, other equity security holders, or beneficiaries of such shareholder, or (C) any
parent or subsidiary of the Company shall not be deemed a "sale or transfer" for purposes of this definition. 

11.  General Provisions  

        (a)  The
Company covenants that it will at all times reserve and keep available, solely for the purpose of issuance upon the exercise or conversion hereof, a sufficient
number of shares of Common Stock to permit the exercise or conversion hereof in full. 

        (b)  No
Holder of this Warrant, as such, shall be entitled to vote or receive distribution (except as provided in Section 4(a)) or be deemed to be a stockholder of the
Company for any purpose. 

        (c)  This
Warrant may be divided into separate Warrants covering one Warrant Share or any whole multiple thereof, for the total number of Warrant Shares then issuable upon
exercise of this Warrant at any time, or from time to time, upon the request of the registered Holder of this Warrant and the surrender of the same to the Company for such purpose. Such subdivided
Warrants shall be issued promptly by the Company following any such request and shall be of the same form and tenor as this Warrant. 

        (d)  This
Warrant and all rights hereunder are not transferable by the registered Holder without the prior written consent of the Company. The Company may deem and treat the
registered Holder of this Warrant at any time as the absolute owner hereof for all purposes and shall not be affected by any notice to the contrary. 

        (e)  Notwithstanding
any provision herein to the contrary, the Holder hereof may not exercise, sell, transfer, or otherwise assign this Warrant unless the Company is provided
with an opinion of counsel satisfactory in form and substance to the Company, to the effect that such exercise, sale, transfer, or assignment does not violate the Securities Act of 1933 or applicable
state securities laws. 

6

 
 
 

SIGNATURE    
  

        IN WITNESS WHEREOF, the Company has caused this Warrant to be executed on the date first set forth above. 

	 	 	Small Town Radio, Inc., a Nevada corporation
	

 	
 	

By:	

/s/  DANIEL W. HOLLIS      

	 	 	Name:	/s/  DANIEL W. HOLLIS      

	 	 	Title:	Chairman and Chief Executive Officer

7

 
 
 

FORM OF NOTICE OF EXERCISE    
  

[To be signed only upon exercise of Warrant]

To:
SMALL TOWN RADIO, INC.

        The
undersigned registered Holder of the attached Warrant hereby irrevocably elects to exercise the Warrant for, and to purchase thereunder, the full number of whole shares of Common
Stock of Small Town Radio, Inc., issuable upon exercise of said Warrant and hereby surrenders said Warrant and delivers to Small Town
Radio, Inc., in immediately available funds, $                        representing the Purchase Price for such shares by
(a) check or (b) by delivery of the Promissory Note originally
issued to the original Holder. The undersigned herewith requests that the certificates for such Shares be issued in the name of, and delivered to the undersigned, whose address
is                        and
social security or tax identification number is                        . 

	 	 	Dated:	 	 	 	 
	 	 	 	
	 	 	 
	 	 	 	 	 	Name of Holder:	 
	 	 	 	 	 	 	

	 	 	 	 	 	Signed:	 
	 	 	 	 	 	 	

       

       

NOTICE  

        The signature above must correspond to the name as written upon the face of the within Warrant in every particular, without alteration or
enlargement or any change whatsoever.

8

QuickLinks

Exhibit 4.4

WARRANT TO PURCHASE COMMON STOCK OF SMALL TOWN RADIO, INC.

SIGNATURE

FORM OF NOTICE OF EXERCISE

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