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Exhibit 4.1  

 
 

FORM OF SUBSCRIPTION WARRANT    
  

	Shareholder Name and Address:	 	 
	 	 	

	

 	
 	

	

 	
 	

	

 WARRANT CERTIFICATE NUMBER	
 	

 

 
 

FIRST COMMUNITY BANCORP
  WARRANT CERTIFICATE FOR RIGHTS OFFERING
  FOR HOLDERS OF RECORD ON DECEMBER 13, 2001    
  

	 	 	December 13, 2001
	
 SHARES ELIGIBLE TO SUBSCRIBE/NUMBER

OF SUBSCRIPTION RIGHTS	 	
 RECORD DATE

    First
Community Bancorp (the "Company") is conducting a rights offering (the "Rights Offering") which entitles the holder named herein of the Company's common stock, without par value
(the "Common Stock"), as of the close of business on December 13, 2001 (the "Record Date") to receive            of a right (each, a "Right") for each share of Common Stock held of
record on the Record Date. Each Right entitles the holder to subscribe for and purchase one share of Common Stock (the "Basic Subscription Privilege") at a subscription price of
$            
per share. If any shares of Common Stock are not purchased by holders of Rights pursuant to the Basic Subscription Privilege (the "Over-Subscription Shares"), any holder purchasing all of
the shares of Common Stock available to such holder pursuant to the Basic Subscription Privilege may purchase an additional number of the Over-Subscription Shares, if so specified in the
subscription documents, subject to proration. No fractional rights or cash in lieu will be issued or paid. Instead, the number of rights each holder is entitled to receive will be rounded up to the
nearest whole right. Set forth above is the number of shares of Common Stock the holder named herein is entitled to subscribe pursuant to the Basic Subscription Privilege. 

    FOR
A MORE COMPLETE DESCRIPTON OF THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING, PLEASE REFER TO THE PROSPECTUS DATED DECEMBER            , 2001, (THE "PROSPECTUS"), WHICH IS
INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM U.S. STOCK TRANSFER CORPORATION ((818) 502-1404). CAPITALIZED TERMS USED BUT NOT DEFINED
HEREIN SHALL HAVE THE RESPECTIVE MEANINGS ASCRIBED TO SUCH TERMS IN THE PROSPECTUS. 

    THIS
SUBSCRIPTION ORDER FORM AND PAYMENT IN FULL MUST BE RECEIVED BY THE SUBSCRIPTION AGENT, U.S. STOCK TRANSFER CORPORATION, AT THE ADDRESS INDICATED IN THE PROSPECTUS, BY
5:00 P.M. PACIFIC TIME, ON JANUARY 21, 2002 (UNLESS EXTENDED IN THE SOLE DISCRETION OF THE COMPANY) (THE "EXPIRATION DATE"). ANY RIGHTS NOT EXERCISED PRIOR TO THE EXPIRATION DATE WILL BE NULL
AND VOID. ANY SUBSCRIPTION FOR SHARES OF COMMON STOCK IN THE RIGHTS OFFERING MADE HEREBY IS IRREVOCABLE. 

    The
Rights represented by this Subscription Warrant may be exercised by duly completing Form 1. Rights holders are advised to review the Prospectus and instructions, copies of
which are available from U.S. Stock Transfer Corporation, before exercising their Rights. 

SUBSCRIPTION PRICE: $             PER SHARE 

    The
registered owner whose name is inscribed hereon, is entitled to subscribe for shares of Common Stock upon the terms and subject to the conditions set forth in the Prospectus and
instructions relating to the use hereof. 

    THIS
SUBSCRIPTION WARRANT IS NON-TRANSFERABLE EXCEPT TO A TRANSFEREE WHO IS AN AFFILIATE OR RELATED PARTY OF THE HOLDER, AS DESCRIBED IN THE PROSPECTUS, OR, IF THE HOLDER
IS A DEALER, BROKER, TRUST COMPANY OR OTHER NOMINEE, AN AFFILIATE OR RELATED PARTY OF THE BONA FIDE BENEFICIAL OWNER. 

    RIGHTS
HOLDERS SHOULD BE AWARE THAT IF THEY CHOOSE TO EXERCISE ONLY PART OF THEIR RIGHTS, THEY MAY NOT RECEIVE A NEW SUBSCRIPTION WARRANT IN SUFFICIENT TIME TO EXERCISE THE REMAINING
RIGHTS EVIDENCED THEREBY. 

FORM 1  

    EXERCISE AND SUBSCRIPTION: The undersigned hereby irrevocably exercises one or more Rights to subscribe for shares of Common Stock as indicated below, on the
terms and subject to the conditions specified in the Prospectus, receipt of which Prospectus is hereby acknowledged. 

	(a)
	Number
of shares subscribed for pursuant to the Basic Subscription Privilege 

             × 
$              = $              payment. 

(One
Right is needed to subscribe for one share. No fractional shares or cash in lieu thereof will be issued or paid.) 

	(b)
	Number
of shares subscribed for pursuant to the Over-Subscription Privilege 

             × 
$              = $              payment. 

	(c)
	Total
Subscription (total number of shares on lines (a) and (b) multiplied by the subscription price) = $            
payment. 

METHOD
OF PAYMENT (CHECK AND COMPLETE APPROPRIATE BOXE(ES)): 

	 	 	/ /	 	Check, bank draft, or money order payable to U.S. Stock Transfer Corporation: or
	

 	
 	

/ /	
 	

Wire transfer directed to             .

	(d)
	If
the Rights being executed pursuant to the Basic Subscription Privilege do not account for all of the Rights represented by the Subscription Warrant (check only one) 

	 	 	/ /	 	Deliver to the undersigned a new Subscription Warrant evidencing the remaining rights to which the undersigned is entitled.
	

 	
 	

/ /	
 	

Deliver a new Subscription Warrant in accordance with the undersigned's Form 2 instructions (which include any required signatures guarantees).
	

 	
 	

/ /	
 	

Do not deliver any new Subscription Warrants to the undersigned.
	

 	
 	

/ /	
 	

Check here if Rights are being exercised pursuant to the Notice of Guaranteed Delivery delivered to the Subscription Agent Prior to the date hereof and complete the following:

	 	 	Name(s) of Registered Holder(s)	 	 	 	 
	 	 	 	 	

	 	 	Window Ticket Number (if any)	 	 	 	 
	 	 	 	 	

	 	 	Date of Execution of Notice Which Guaranteed Delivery	 	 
	 	 	 	 	 	 	

    If
the aggregate Subscription Price enclosed or transmitted is insufficient to purchase the total number of shares included in lines (a) and (b), or if the number of shares
being subscribed for is not specified, the Rights Holder exercising this Subscription Warrant shall be deemed to have subscribed for the maximum amount of shares that could be subscribed for upon
payment of such amount. If the number of shares to be subscribed for pursuant to the Over-Subscription Privilege is not specified and the amount enclosed or transmitted exceeds in the
aggregate Subscription Price for all shares represented by this Subscription Warrant (the "Subscription Excess"), the Rights Holder exercising this Subscription Warrant shall be deemed to have
exercised the Over-Subscription Privilege to purchase, to the extent available, that number of whole shares of Common Stock equal to the quotient obtained by dividing the Subscription
Excess by the Subscription Price, subject to the limit on the number of shares the Rights Holder may purchase pursuant to the Over-Subscription Privilege. To the extent any portion of the
aggregate Subscription Price enclosed or transmitted remains after the aggregate Subscription 

Price enclosed or transmitted remains after the foregoing procedures, such funds shall be mailed to the subscriber without interest or deduction as soon as practicable. 

ACKNOWLEDGMENT—THE SUBSCRIPTION ORDER FORM

IS NOT VALID UNLESS YOU SIGN BELOW  

    I/We acknowledge receipt of the Prospectus and understand that after delivery of this Subscription Warrant Certificate to the Company's Subscription Agent,
I/we may not modify or revoke this Subscription Warrant Certificate. Under penalties of perjury, I/we certify that the information contained herein, including the social security number or taxpayer
identification number given above, is correct. If the Special Issuance or Delivery Instructions for Subscription Rights Holders are completed, I/we certify that although the certificate representing
the Common Stock is to be issued in a name other than the registered holder, beneficial ownership of the Common Stock will not change. 

    The
signature below must correspond with the name of the registered holder exactly as it appears on the books of the Company's transfer agent without any alteration or change
whatsoever. 

	Subscriber's Signature(s):	 	
	 	Date:	 	

	

 	
 	

	
 	

Date:	
 	

    If
signature is by trustee(s), executor(s), administrator(s), guardian(s), attorney(s)-in-fact, agent(s), officer(s) of a corporation or another acting in a
fiduciary or representative capacity, please provide the following information (please print). (See the Instructions included with this Subscription Warrant.) 

	Name:	 	 	Capacity:	 	 
	 	
	 	 	

	Address:	 	 	Phone:	 	 
	 	
	 	 	

	 	 	 	Soc. Sec. # or Tax ID #:	 
	 	 	 	 	 	

FORM 2  

    TO TRANSFER SOME OR ALL OF YOUR RIGHTS TO AN AFFILIATE OR RELATED PARTY: The Rights are not transferable except to an Affiliate or Related Party of the
beneficial owner. An "Affiliate" means a person, company, trust, partnership, limited partnership, limited liability company, corporation, or other business entity that directly, or indirectly,
through one or more intermediaries, control the beneficial owner, is controlled by the beneficial owner, or with whom the beneficial owner is under common control. A "Related Party" means
(1) any member of the beneficial owner's immediate family, which includes the beneficial owner's spouse, children, siblings and parents, (2) an entity owned or controlled by the
beneficial owner and/or one or more Related Parties of the beneficial owner, (3) a trust settled by the beneficial owner or a member of the beneficial owner's immediate family or the
beneficiaries of which include the beneficial owner or a member of the beneficial owner's immediate family, or (4) if the beneficial owner is a trust, the settlor or any beneficiary of such
trust. 

	(a)
	TO
BE COMPLETED BY HOLDERS OTHER THAN BROKERS, DEALERS AND OTHER NOMINEES. The undersigned holder hereby certifies to the Company and U.S. Stock Transfer Corporation that the
transferee identified below is an Affiliate or Related Party of the holder. The undersigned holder hereby instructs U.S. Stock Transfer Corporation to issue to the transferee indicated below a new
Subscription Warrant in the amount indicated below and to the address indicated below. If no address is provided below, then the Subscription Warrant representing transferred Rights will be returned
to the address of the holder. 

	 	 	Name of Transferee:	 	 	 
	 	 	 	

	 	 	Address of Transferee:	 	 	 
	 	 	 	

	

 	
 	

 	

	 	 	Number of Rights to be Transferred:	 	 
	 	 	 	 	

	

 	
 	

 Holder's Signature	

 	

 

    (Please
sign exactly as your name appears above. Joint owners should each sign personally. Where applicable, please indicate your official position or representative capacity.) 

    YOU
MUST HAVE YOUR SIGNATURE GUARANTEED, AS DESCRIBED IN THE INSTRUCTIONS DELIVERED HEREWITH, IF YOU WISH TO HAVE YOUR RIGHTS TRANSFERRED. 

	 	 	Signature Guaranteed By:	 	 
	 	 	 	 	

	(b)
	TO
COMPLETED BY BROKERS, DEALERS AND OTHER NOMINEES. The undersigned broker, dealer or nominee hereby certifies to the Company and U.S. Stock Transfer Corporation that the
beneficial owner of the Rights hereby transferred has duly certified to the undersigned, the Company and U.S. Stock Transfer Corporation that the transferee identified below is an Affiliate or Related
Party of the beneficial owner (as defined in the Prospectus) and has instructed the undersigned broker, dealer or nominee and U.S. Stock Transfer Corporation to issue to the transferee indicated below
a new Subscription Warrant evidencing Rights in the amount indicated below. On behalf of such beneficial owner, the undersigned broker, dealer or nominee hereby instructs U.S. Stock Transfer
Corporation to issue to the transferee indicated below a new Subscription Warrant in the amount indicated below and to the address indicated below. If no address is provided below, then the 

Subscription
Warrant representing transferred Rights will be returned to the address of the broker, dealer or nominee of the beneficial owner. 

	 	 	Name of Transferee:	 	 	 
	 	 	 	

	 	 	Address of Transferee:	 	 	 
	 	 	 	

	

 	
 	

 	

	 	 	Number of Rights to be Transferred:	 	 
	 	 	 	 	

	

 	
 	

 Holder's Signature	

 	

 

    (Please
sign exactly as your name appears above. Joint owners should each sign personally. Where applicable, please indicate your official position or representative capacity.) 

    YOU
MUST HAVE YOUR SIGNATURE GUARANTEED, AS DESCRIBED IN THE INSTRUCTIONS DELIVERED HEREWITH, IF YOU WISH TO HAVE YOUR RIGHTS TRANSFERRED. 

	 	 	Signature Guaranteed By:	 	 
	 	 	 	 	

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FORM OF SUBSCRIPTION WARRANT

FIRST COMMUNITY BANCORP WARRANT CERTIFICATE FOR RIGHTS OFFERING FOR HOLDERS OF RECORD ON DECEMBER 13, 2001<PAGE>

                                                                 EXHIBIT 10.1
                               Third Security LLC
                               The Governor Tyler
                               1902 Downey Street
                                Radford, VA 24141

                                             December 3, 2001

Laidlaw Global Corp.
100 Park Avenue
New York, NY  10017

Attention:  Roger Bendelac
            Chairman and Chief Executive Officer

Gentlemen:

     This letter of intent ("LOI") will serve as confirmation on the part of
Third Security, LLC ("TS" or "Investor") of its interest in investing in Laidlaw
Global Corp. ("LGC"), in the form of primary common equity as described herein.

1.   Purchase of Shares:  The final proposed investment will consist of an
     ------------------
investment by TS of $5,000,000 in consideration for the issuance by LGC of new
common shares, with demand registration rights, so that the fully diluted
(taking into account all outstanding warrants, options and convertible
securities) equity ownership of TS would represent 45% of the common shares of
LGC.  TS shall have the option, in its sole discretion, to purchase additional
new common shares of LGC at the same per share purchase price so that the fully
diluted (taking into account all outstanding warrants, options and convertible
securities) equity ownership of TS would represent up to 51% of the common
shares of LGC.  The final percentage of ownership within the 45% and 51% range
shall be within the sole discretion of TS and shall be set forth in a definitive
purchase agreement (the "Definitive Agreement") to be executed between LGC and
TS.  All shares of common stock of LGC purchased by TS pursuant to this LOI
shall be referred to herein as (the "Purchased Shares").

2.   Investment:  The investment would be made in three parts.  The first will
     ----------
be a convertible loan (the "Loan") in the amount of $1,500,000 (the "Loan
Amount") with good funds delivered under the terms set forth below.  Secondly,
TS shall have an option to purchase $1,000,000 of common stock of LGC at a
valuation equal to the anticipated valuation to be set forth in the Definitive
Agreement, as provided below.  Lastly, the balance of the investment is
deliverable on closing of the Definitive Agreement to be executed prior to
February 15, 2002, or as soon thereafter as LGC can secure the necessary
shareholder approval, subject to the consent of TS to extend beyond February 15,
2002.  This LOI shall be binding upon delivery of the Loan Amount.

3.   Terms:  TS shall provide the Loan to LGC within one business day of the
     -----
execution hereof, under the following terms:

     a. The Loan would be evidenced by a convertible note (the "Convertible
Note") payable on the earlier of (i) 45 days (excluding in determining the 45
days the days from
<PAGE>

Laidlaw Global Corp.
Attention:  Roger Bendelac
            Chairman and Chief Executive Officer

December 3, 2001
Page 2

December 15 through December 31, inclusively) after delivery of written notice
from TS to LGC of its decision to abandon its right to acquire all of the
Purchased Shares, or (ii) April 1, 2003, secured by 100% of LGC's holding in H&R
Acquisition Corp., an 81% subsidiary of LGC (the "H&R Stock"), payable, with
accrued interest at 8 1/2% per annum.

     b. The Loan would be terminated and the outstanding Loan Amount will be
converted into Purchased Shares upon the earlier of (i) the closing of the
Definitive Agreement and (ii) completion of the purchase of the Initial Shares
(as defined below) to the extent that the full Loan Amount had been converted
into Purchased Shares.

     c. The initial Loan proceeds shall be used to liquidate the outstanding
obligation of LGC due Pacific USA Holdings Inc. ("PUSA") under the note in the
aggregate amount of US$1,450,000 currently consisting of US$1 million due PUSA
and the obligation to Chase, as Trustee under certain notes, of approximately
US$450,000. Any proceeds not so used, shall be available for any other proper
corporate purposes of LGC. LGC shall provide such reasonable assurances to TS to
provide that the funds are only used for such purposes. The parties agree that
direct payment to PUSA and Chase by TS of these obligations shall be deemed
delivery of the Convertible Note proceeds. PUSA and its counsel and LGC and its
counsel shall represent that there has not occurred an intervening event that
would serve to encumber the H&R Stock from the time of PUSA's acquisition of its
security interest in the H&R Stock and its release of that interest in favor of
TS, to which PUSA herby agrees, subject to payment by TS of the Loan Amount as
herein provided.

4.   Option and Put:
     --------------

     a. As part of the total investment contemplated hereby, LGC shall grant an
option (the "Option") to TS to purchase up to $1,000,000 of the Purchased Shares
(the "Option Shares") at a price fixed (with certain rights of adjustment) based
on the anticipated stock price for the Definitive Agreement. The price for the
Option Shares shall be adjusted in the event that the purchase price set forth
in the Definitive Agreement is lower than the price fixed for the acquisition of
the Option Shares.

     b. Contemporaneously with the delivery of the Loan Amount, TS shall
exercise the option to purchase $300,000 of the Option Shares.

     c. TS shall have the right to exercise the balance of the Option through
December 17, 2001.

     d. In the event that TS does not execute a Definitive Agreement, the
shareholders of LGC do not approve the issuance of the Purchased Shares to TS as
necessary or otherwise in the discretion of TS, TS may put all Option Shares to
LGC to be reacquired at the original purchase price paid by TS with such
reacquisition cost to be incorporated as part of and in addition to the
<PAGE>

Laidlaw Global Corp.
Attention:  Roger Bendelac
            Chairman and Chief Executive Officer

December 3, 2001
Page 3

Loan Amount under the Convertible Note. Upon such incorporation, the entire
amount of the Convertible Note shall be secured by the H&R Stock.

5.   Term/Delivery of Balance of Funding:  TS and LGC shall negotiate, in good
     -----------------------------------
faith, the terms of the Definitive Agreement pursuant to which TS shall acquire
the Purchased Shares for an aggregate investment of $5,000,000 plus such
additional funds as shall be necessary to pay for any additional shares that TS
elects to purchase, so that the fully diluted equity ownership of TS would
represent 45% to 51% (based on the total investment) of the common shares of
LGC, with the amount as determined by TS in its sole discretion.  The Definitive
Agreement shall grant TS demand registration rights with respect to all the
Purchased Shares.

6.   Shareholder Approval:  The parties acknowledge that the issuance of all
     --------------------
Purchased Shares that would be due TS upon delivery of the full investment is
subject to shareholder approval on the part of LGC.  LGC agrees to use its best
efforts and to take all appropriate action to secure such approval as soon as
possible under applicable state corporate law, federal securities laws and stock
exchange rules.  LGC further agrees, pending such approval, to issue as many
shares as may be issued without such approval (the "Initial Shares"), initially
in accordance with the terms of  this LOI and the Convertible Note, and then in
accordance with the Definitive Agreement.  The Initial Shares shall include the
Option Shares and as many additional Purchased Shares as may be issued without
receiving the approval of LGC's shareholders.  The issuance of the Initial
Shares shall not affect the continuation of TS' security interest in the H&R
Stock on the balance of the Loan Amount as may be outstanding from time to time.
LGC further acknowledges that delivery of any portion of the funding is subject
to delivery of proof, acceptable to TS, that subsequent to issuance of the
Initial Shares, TS together with other shareholders committing to vote in favor
of the overall issuance of the Purchased Shares due hereunder, shall have
sufficient votes to approve such issuance under applicable law and stock
exchange rules.

7.   Due Diligence:  The purchase of the Purchased Shares pursuant to the
     -------------
Definitive Agreement is subject to due diligence review of LGC on the part of
TS, satisfactory to TS in its sole discretion, and to the parties entering into
legally binding agreements prior to the dates referred to herein.  Investor
shall enter into a non-disclosure agreement, reasonably satisfactory to LGC and
TS, prior to the commencement of the due diligence. TS agrees to use its best
efforts to complete its due diligence review on or before December 31, 2001.

8.   First Refusal:  TS is hereby granted a first refusal right to match any
     -------------
third party offer, on the same terms and conditions, to acquire common stock in
LGC from the company, where such offer has a proposed sale and closing at any
time prior to February 15, 2002 date.  This right is to be exercised within five
business days of receipt of notice to match, with respect to any such offer.
LGC's ability to seek such third party financing is subject to the terms and
provisions of Paragraph 9.
<PAGE>

Laidlaw Global Corp.
Attention:  Roger Bendelac
            Chairman and Chief Executive Officer

December 3, 2001
Page 4

9.   Additional Funding:  LGC shall not pursue any additional financing until
     ------------------
the earlier of (i) the date that TS has either exercised its Option to purchase
the additional $700,000 of Option Shares and (ii) December 17, 2001.  In the
event that TS purchases all of the Option Shares, then LGC shall not pursue or
obtain any additional third party debt or equity financing without the consent
of TS until the earlier of (i) closing under the Definitive Agreement or (ii)
delivery of written notice from TS to LGC of its decision to abandon its right
to acquire all of the Purchased Stock.

10.  Due Diligence/Exclusivity:  Until February 15, 2002 or the earlier delivery
     -------------------------
of notice from TS of its intention to abandon its right to acquire the stock of
LGC as provided herein, TS will have the exclusive right to negotiate this
transaction and to complete its due diligence.  Laidlaw agrees to terminate all
current negotiations and agrees not to enter into any other negotiations to
obtain financing during such term, unless permitted under Paragraph 9 and then
subject to the provisions of Paragraph 8 above.

11.  Material Terms.  The material terms of the Definitive Agreement are set
     --------------
forth in this LOI.  The parties agree to negotiate and execute the Definitive
Agreement in good faith, subject to the due diligence review of LGC by TS
pursuant to Paragraph 4.  The parties agree to negotiate to execute the
Definitive Agreement expeditiously upon completion of the due diligence review
by TS.

                            [SIGNATURE PAGE FOLLOWS]
<PAGE>

Laidlaw Global Corp.
Attention:  Roger Bendelac
            Chairman and Chief Executive Officer

December 3, 2001
Page 5

     If this proposal is acceptable to LGC, please so signify by executing and
delivering a signed copy of this letter together with funding the loan
obligation and it shall become a binding agreement between the parties.  This
proposal shall terminate at the end of business on December 3, 2001, unless the
parties mutually agree, in writing, to extend the deadline.

                              THIRD SECURITY, LLC

                               By: /s/ Randal J. Kirk
                                   -----------------------------
                                   Randal J. Kirk
                                   Manager
Agreed and Accepted:

LAIDLAW GLOBAL CORP.

By:  /s/ Roger Bendelac
     ------------------------------
     Roger Bendelac
     Chairman & Chief Executive Officer

Date:  12/03/2001 at 5:10 PM
      -------------------------------

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