Document:

Exhibit
4.1

 

AS OF THE
DATE THIS CERTIFICATE WAS ORIGINALLY ISSUED, THE SECURITIES REPRESENTED BY THIS
CERTIFICATE AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF SUCH
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“SECURITIES ACT”), AS AMENDED, OR ANY
APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED
(WHETHER OR NOT FOR CONSIDERATION) EXCEPT PURSUANT TO (1) AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND THE RULES AND REGULATIONS
THEREUNDER AND APPLICABLE STATE SECURITIES LAWS OR (2)
AN EXEMPTION FROM SUCH REGISTRATION, THE AVAILABILITY OF WHICH, IF REQUESTED BY
THE ISSUER, SHALL BE THE SUBJECT OF AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE ISSUER.

 

WARRANTS
TO PURCHASE COMMON STOCK

OF

FELLOWS
ENERGY LTD.

Issue
Date: May __, 2005                                        Certificate
No.: W-[____]

Certificate
for [______________] Warrants

For value
received, Fellows Energy Ltd., a Nevada corporation (the “Company”), hereby
grants to [____________________], its successors, transferees and assigns (each,
a “Holder”) the
number of Warrants set forth above (each, a “Warrant”).
Subject to the adjustments and on the terms and conditions hereinafter set
forth, each Warrant entitles the Holder thereof to purchase from the Company, at
any time and from time to time on or after the Issue Date above
through and
including 5:00 p.m., Denver, Colorado time, on May __, 2008
(the “Expiration
Date”), one
share
(each, a
“Warrant
Share”) of
common stock,
par value $0.001 per share of the Company (the “Common
Stock”),
at the
exercise price per Warrant equal to $1.00 (the “Warrant
Price”). The
number and kind of Warrant Shares for which a Warrant is exercisable and the
Warrant Price shall be subject to adjustment, from time to time, as set forth
below. 

 

Section
1. Definitions.

 

(a)
“Affiliate” means,
with respect to any specified entity, any other entity directly or indirectly
controlling, controlled by or under direct or indirect common control with such
specified entity. For the purposes of this definition, “control” when
used with respect to any specified entity means the power to direct the
management and policies of such entity, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and
“controlled” have
meanings correlative to the foregoing. For purposes of this definition, the term
“entity” includes a corporation, partnership, limited partnership, limited
liability company, association, joint stock company, trust or joint venture, but
not an individual human being. 

 

(b)
“Certificate” means
this certificate or any other certificate, which from time to time may represent
the outstanding Warrants.

 

(c)
“Common Stock” has the
meaning set forth in the preamble hereto.

 

(d)
“Company” has the
meaning set forth in the preamble hereto.

 

(e)
“Current Market Price” at any
date (the “Computation
Date”), with
respect to any security, shall mean the average of the Quoted Prices of such
security for each of the 20 consecutive trading days ending on the last trading
day before the Computation Date; provided,
however, that if
there shall have occurred prior to the Computation Date any event described in
Section
9.1 or 9.4 that shall have become effective with respect to market transactions
at any time (the
“Market-Effect
Date”) on or
after the beginning of such 20 trading day period, the last reported
per share sales price for each trading day preceding the Market-Effect Date
shall be adjusted,
for purposes of calculating such average, to ensure that the effect of such
event on the market price of such security shall, as nearly as possible, be
eliminated in order that the distortion in the
calculation of the Current Market Price may be minimized. In the absence of one
or more such quotations, the Company and the Holders shall retain an Independent
Financial Expert to determine on a good faith basis the Current Market Price,
which determination shall be conclusive and binding upon the Company and each
Holder, absent manifest error.

 

(f)
“Determination Date” means
with respect to any security, (i) the effective date with respect to a
subdivision, combination
or reclassification of such security and (ii) the date on which such security
trades “ex-dividend”,
“ex-distribution” or “ex-rights”, as applicable, with respect to any dividend or
other distribution
to which Section 9 applies,
on the
principal national or regional stock exchange or market on which such security
is then
listed or quoted.

 

2

(g)
“Exchange
Act” means
the Securities Exchange Act of 1934.

 

(h)
“Expiration
Date” has the
meaning set forth in the preamble hereto.

 

(i)
“Holder” has the
meaning set forth in the preamble hereto.

 

(j)
“Independent
Financial Expert” means a
financial expert mutually satisfactory to a majority of Holders and the Company
that does not (or whose directors or executive officers do not) have a direct or
indirect financial interest in the Company or any of its Affiliates, which has
not been for at least two years and, at the time it is called upon to provide a
valuation of any security pursuant to the terms hereof is not (and none of its
directors or executive officers is), a promoter, director, or officer of the
Company or any of its subsidiaries. The Independent Financial Expert may be
compensated and indemnified by the Company for opinions or services that it
provides as an Independent Financial Expert.

 

(k)
“Issue Date” means the
date this Warrant was originally issued as set forth above. 

 

(l)
“Offering” means
the Company’s current offering of a minimum of $900,000 and a maximum of
$10,500,000 of Units, at a price of $1.95 per Unit, under Regulation D of the
Securities Act. 

 

(m)
“Quoted Price” on any
day, with respect to any security, means the last reported per share sales price
of such security (or, if
no sales prices are reported, the average of the last bid and ask prices for
such security)
on the
principal national
or regional stock exchange or market on which such
security is then listed or quoted. In the absence of one or more
such quotations, the Company and the Holders shall retain an Independent
Financial Expert to determine the Quoted Price, which determination shall be
binding and conclusive upon the Company and each Holder, absent manifest
error.

 

3

(n)
“Registrable
Securities” has the
meaning set forth in Section 11.

 

(o)
“Registration Rights Agreement” means
the Registration Rights Agreement, dated as of the date hereof, by and between
the Company and the parties listed on Exhibit A thereto, as amended from time to
time.

 

(p)
“Reorganization” has the
meaning set forth in Section 9.4(a)(i).

 

(q)
“Securities Act”
means the
Securities Act of 1933, as amended.

 

(r)
“Warrant(s)” has the
meaning set forth in the preamble hereto.

 

(s)
“Warrant
Price” has the
meaning set forth in the preamble hereto.

 

(t)
“Warrant
Shares” has the
meaning set forth in the preamble hereto.

 

Section
2. Transfer
and Exchange.

 

Section
2.1
Transfer. Subject
to compliance with the terms hereof and of applicable law, including the
Securities Act, and the rules and regulations promulgated thereunder and any
applicable state securities laws, the Warrants may be transferred in whole or
part, at any time and from time to time upon
delivery of this Certificate, accompanied by a written
instrument or instruments of transfer in form reasonably acceptable to the
Company, duly executed
by the Holder or by the duly appointed legal representative thereof or by a duly
authorized
attorney. 

 

Section
2.2
Exchange. At any
time and from time to time, this Certificate may be exchanged at the option of
the Holder for another
Certificate or Certificates of like tenor and representing in the aggregate the
right to purchase, a like
number of Warrant Shares. Such request must be in writing, delivered to the
Company, and be accompanied by this Certificate properly endorsed at the
principal office of the Company. As soon as practicable and in any event within
five business days after a request in accordance with this Section 2.2, the
Company shall cancel this Certificate and cause to be delivered to the Holder,
without charge therefor, such new Certificate or Certificates of like tenor and
representing in the aggregate the right to purchase a like number of Warrant
Shares at the Warrant Price, in each case as adjusted pursuant to the terms
hereof.

 

4

Section
3. Exercise
of Warrants.

 

(a)
Subject to the terms hereof, each Warrant may be exercised at any time, and from
time to time, in whole or in part, at the option of the Holder, on or after the
Issue Date above through and including the Expiration Date. Each Warrant shall
initially be exercisable in whole or in part for one share
of Common
Stock,
for an
exercise price per share equal to the Warrant Price, by surrender of this
Certificate at the principal office of the Company with the form of election to
purchase attached hereto duly completed, signed and accompanied by payment in
full of the aggregate Warrant Price for the Warrants being exercised. Payment of
the Warrant Price may be made by (i) wire transfer or certified or bank check
payable to the order of the Company in immediately available funds; (ii) if
the Quoted Price is greater than the Warrant Price, exchanging
that number of shares of Common Stock equal to the result of (A) the product of
the Warrant Price multiplied by the number of Warrants being exercised, divided
by (B) the Quoted Price of the Common Stock on the date immediately preceding
the exercise date; or (iii) any
combination of the foregoing.

 

(b) As
promptly as practicable after the exercise of any Warrant (or portion thereof),
and in any event within five business days thereafter, the Company shall issue
and cause to be delivered to, the Holder or such Holder’s nominee in such name
or names as the Holder may designate, a certificate or certificates for the
number of full Warrant Shares to which such Holder shall be entitled, together
with cash, as provided in Section 10 hereof, in lieu of any fraction of a
Warrant Share otherwise issuable upon such exercise. If, at
any time prior to the Expiration Date, less than all of the Warrants represented
by this Certificate are exercised, a new
Certificate evidencing the remaining
Warrants shall be issued by the Company and the Company shall cause such
Certificate to be delivered to the Holder, or its nominee(s), without charge
therefor,
concurrently with the delivery of the Warrant Shares to the Holder pursuant to
this Section 3(b).

 

Section
4. Investment
Intent; Restrictive Legends. Neither
the Warrants nor the Warrant Shares as of
the Issue Date have been registered under the Securities Act, or state
securities laws. The Holder, by receipt and acceptance of this Certificate and
the Warrants represented hereby, represents and warrants that the Warrants and
the Warrant Shares are being acquired as an investment and not with a view to
the distribution thereof, and understands and acknowledges that the Warrants and
the Warrant Shares shall bear a restrictive legend substantially as set forth
below, until with respect to the Warrant Shares, the effectiveness of a
registration covering such shares:

 

“AS OF
THE DATE THIS CERTIFICATE WAS ORIGINALLY ISSUED THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, (THE
“SECURITIES ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR
OTHERWISE TRANSFERRED (WHETHER OR NOT FOR CONSIDERATION) EXCEPT PURSUANT TO (1)
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND THE RULES AND
REGULATIONS THEREUNDER AND APPLICABLE STATE SECURITIES LAWS OR (2)
AN EXEMPTION FROM SUCH REGISTRATION, THE AVAILABILITY OF WHICH, IF REQUESTED BY
THE ISSUER, SHALL BE THE SUBJECT OF AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE ISSUER.”

 

5

Section
5. Payment
of Taxes. The
Company shall pay all documentary stamp or other similar taxes and governmental
charges that may be imposed with respect to, the issuance or delivery of this
Certificate, the Warrants, the Warrant Shares or any other property to which any
Holder is entitled to receive upon exercise of a Warrant, in whole or in part;
provided the Company shall have no obligation to pay any taxes imposed on the
income or capital gain of any Holder or similar taxes imposed on any Holder, all
of which shall be the sole responsibility of such Holder. The
Company shall
not, however, be required to pay any taxes payable in connection with any
transfer involved
in the issuance or delivery of any Warrants or Warrant Shares in a name other
than that of the
Holder in respect of which such Warrant Shares are issued. The Company
may
refuse to deliver the certificates representing the Warrant Shares being issued
in a name other
than the Holder’s name until the Company receives a sum sufficient to pay any
tax that will be due because such shares are to be issued in a name other than
the Holder’s name.

 

Section
6. Mutilated or
Missing Certificates. If this
Certificate is mutilated, lost,
stolen or destroyed, the Company shall issue in exchange and substitution for
and upon cancellation
of the mutilated Certificate, or in lieu of and substitution for the Certificate
lost, stolen or destroyed,
a new Certificate of like tenor and representing an equivalent right or
interest, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft
or destruction and, in
the case of a lost, stolen or destroyed Certificate, an indemnity, reasonably
satisfactory to the Company, to hold
the Company harmless as a result of any such delivery.

 

Section
7. Reservation
of Warrant Shares. The
Company shall at all times, from and after the Issue Date, keep reserved
and keep available, out of its authorized but unissued Common
Stock or authorized Common Stock
held in its treasury, solely for the purpose of issuance upon exercise of the
Warrants, the number of shares of Common Stock
and, in the case of any adjustment made pursuant to Section 9, out of the
applicable authorized
but unissued class and series of other securities, if any, sufficient to provide
for the full exercise of the Warrants. The Company covenants that all Warrant
Shares issued upon exercise of the Warrants will,
upon issuance in accordance with the terms hereof, be duly authorized, validly
issued, fully paid and nonassessable,
and all taxes, liens,
charges, security interests and other encumbrances other than
liens, charges, security interests and other encumbrances created by the person
or entity to whom the Warrant Shares are issued.

 

Section
8. Cancellation of
Warrants. If the
Company purchases or otherwise acquires
any Warrant, the Company shall cancel
such Warrant, and any Warrant surrendered for exchange,
substitution, transfer or exercise in whole or in part.

 

Section
9. Adjustment of
Warrant Price and Number and Kind of Warrant Shares.
The
number and kind of Warrant Shares purchasable upon the exercise of each Warrant
and the Warrant Price shall be subject to adjustment from time to time, after
the original Issue Date of the Warrants, without regard to whether or not the
Warrants are then exercisable, upon the happening of certain
events, as described below. Such adjustments shall be made successively on each
and every occasion that any event requiring any such adjustment shall occur.
This Certificate need not be changed because of any adjustment made hereunder,
and the Certificate(s) outstanding at the time of such adjustment or issued
after such adjustment may state the same Warrant Price and the same number of
and kind of Warrant Shares as are stated in the Certificate(s) prior to such
adjustment, provided,
that, upon a
request by such Holder in accordance with Section 2.2 hereof, the Company shall
issue another Certificate or Certificates reflecting any such
adjustments.

 

6

Section
9.1 Mechanical
Adjustments.

 

(a) Adjustment
for Change in Capital Stock. If
after the date hereof, the Company:

 

(i) pays a
dividend or makes a distribution on its Common Stock in shares of
its Common Stock, or pays a dividend or makes a distribution on any other class
or series of its capital stock, which distribution includes shares of its Common
Stock;

 

(ii) subdivides
the outstanding shares of its Common Stock into a greater
number of
shares;

 

(iii) combines
the outstanding shares of its Common Stock into a smaller number of
shares;

 

(iv) makes a
distribution on its Common Stock in shares of its capital stock;
or

 

(v) issues by
reclassification of its Common Stock any shares of its capital
stock (other than (a) rights, warrants, convertible securities or options for
its capital stock as in effect on the Issue Date or (b) shares issued pursuant
to a reclassification in connection with a Reorganization which shall be
governed by Section 9.4);

 

then the
following adjustments shall be made. In the case of an event referred to in
clause (i), (ii) and (iii) of this Section 9.1(a), (x) the number and kind of
Warrant Shares, as to which each Warrant may be exercised, in any case, in
effect immediately prior to such action
shall be adjusted so that the Holder of each Warrant thereafter may receive the
number of shares of
Common Stock and the number of shares and kind of the Company’s other capital
stock that such
Holder would have owned immediately following such action if such Holder had
exercised
such Warrant immediately prior to such action or any record date with respect
thereto and (y) the Warrant Price in effect immediately
prior to such action shall be adjusted by dividing such Warrant Price, (i) in
the case of Section 9.1(a)(i), by one plus the number of shares of Common Stock
issued as a dividend or distributed in respect of each share of Common Stock
under Section 9.1(a)(i) or (ii) in the case of Section 9.1(a)(ii), by the number
of shares of Common Stock into which each share of Common Stock is
subdivided, and (iii) in the case of an adjustment pursuant to Section
9.1(a)(iii), by the number of
shares of Common Stock into which each share of Common Stock is combined. In the
case of a
distribution referred to in Section 9.1(a)(iv) or a reclassification referred to
in Section 9.1(a)(v),
no adjustment shall be made in the Warrant Price, and each Warrant included
herein shall be exercisable for one
share of Common Stock and the number of shares of capital stock distributed in
respect of each
share of Common Stock or for the capital stock into which each share of Common
Stock shall
have been reclassified, as the case may be, in each case for the Warrant Price
in effect immediately
prior to such distribution or reclassification. An adjustment pursuant to this
Section 9.1(a) shall become effective immediately after the applicable
Determination Date.

 

7

(b)
 Adjustment
for Other Distribution.

 

(i) If, after
the date
hereof, the Company
distributes to all holders of its Common Stock property or assets of the Company
(excluding cash dividends) or of any other entity or any debt
or equity securities or any rights, warrants, convertible securities or options
to purchase securities of any other entity (corporation, partnership, limited
liability or similar entity), then the
number of Warrant Shares shall be adjusted as provided in Section 9.1(c)
hereof and the
Warrant Price
shall be adjusted, in
accordance with the following formula:

 

R’ = R x
M-F

M

 

where:

 

R’
= the
adjusted Warrant Price;

R
= the
current Warrant Price;

M
= the
Current Market Price; and

F =
 the
amount of the property, assets or securities being distributed
shall be
equal to fair market value of such securities as determined in good faith by the
Company’s Board of Directors.

 

(ii) The
adjustment pursuant to this Section 9.l(b) shall become effective immediately
after the Determination Date for the distribution to which this Section 9.1(b)
applies.

 

8

(c) Adjustment
of Number of Shares. Upon
each adjustment of the Warrant Price as a result of the calculations made in
Section 9.1(b), each Warrant outstanding prior to the making of the
adjustment in the Warrant Price shall thereafter evidence the right to purchase,
at the adjusted Warrant Price, that number of Warrant Shares obtained by
(i) multiplying the number of Warrant Shares purchasable upon exercise of
such Warrant immediately prior to such adjustment of the number of Warrant
Shares by the Warrant Price in effect immediately prior to such adjustment of
the Warrant Price and (ii) dividing the product so obtained by the Warrant
Price in effect immediately after such adjustment of the Warrant
Price.

 

(d) Adjustment
for Issuance of Capital Stock. Until
two (2) years from the date the registration statement filed pursuant to the
Registration Rights Agreement is declared effective, and except for the issuance
of shares of Common Stock pursuant to any rights, warrants, convertible
securities or options for its capital stock (i) as set forth in Section 9.1(a)
above, (ii) as in effect on the Issue Date, and (iii) pursuant to the Offering,
if and
when the Company issues or sells any Common Stock (including,
rights, warrants, convertible securities or options for its capital stock)
for a consideration per share less than the per share Warrant Price in effect at
the time of such issue or sale, then the
Warrant Price shall be reduced to such other lower issue price.

 

Section
9.2 Notice
of Adjustment. Whenever
the number or kind of Warrant Shares or the
Warrant Price is adjusted, the Company shall promptly mail to each Holder a
notice of the adjustment
briefly stating the facts
requiring the adjustment and the manner of computing it and the amount of the
adjustment, including the number of shares of Common Stock and the kinds and
amounts of other securities, cash and other property for which and the Warrant
Price at which such Warrant is exercisable immediately after such adjustment and
all other relevant information. 

 

9

Section
9.3 Notice
of Certain Transactions.
If:

 

(a) the
Company takes any action that would require an adjustment in the kind or
number of Warrant Shares or the Warrant Price pursuant to Section
9.1;
or

 

(b) the
Company takes any action referred to in Section 9.4; or

 

(c) there
is a liquidation or dissolution of the Company; or

 

(d) the
Company or any other person makes an offer to all holders of the outstanding
Common Stock or
other securities issuable upon exercise of the Warrants to purchase or exchange
any shares of the outstanding Common Stock or other securities issuable upon
exercise of the
Warrants for cash, assets, capital stock, debt reduction or any rights,
warrants, convertible
securities or options to purchase securities of the Company or such other
person;

 

then the
Company shall mail to each Holder a notice stating the proposed record date for
a dividend
or distribution, rights offering, the proposed effective date of a subdivision,
combination, reclassification,
consolidation, merger, binding share exchange, transfer, liquidation or
dissolution
or the initial expiration date of any such offer. The Company shall mail the
notice at
least 15 days before such date. Failure to file or mail the notice or any defect
in it shall not
affect the validity of the transaction.

 

Section
9.4 Reorganization
of Company.

 

(a) If
the Company consolidates with or merges into, or sells or transfers (other than
by mortgage or pledge) all or substantially all of its properties and assets to,
another person, or the Company is a party to a merger or binding share exchange
that reclassifies or changes its outstanding Common Stock or other securities
issuable upon exercise of the Warrants (each, a “Reorganization”), each
Warrant shall after such transaction be exercisable, upon the terms and
conditions specified herein, for the kind and amount of securities or other
assets receivable as a result of such transaction by a holder of the number of
shares of Common Stock or other securities issuable upon exercise of such
Warrant that would have been purchasable upon exercise of such Warrant
immediately before the effective date of such transaction (assuming that such
Holder failed to exercise any rights of election with respect thereto and
received per Warrant Share the kind and amount of securities, cash or other
assets received per share of Common Stock by a majority or (if more than two
options) plurality, as applicable, of the non-electing shares). The Company
shall not effect any such transaction unless prior to or simultaneously with the
consummation thereof the surviving or resulting corporation (if other than the
Company) of such transaction (or, if applicable, the corporation controlling the
surviving or resulting corporation or the Company, as the case may be) or the
transferee of such properties and assets or other appropriate entity shall
assume, by a supplemental agreement executed and delivered to each Holder, the
obligation to deliver to each Holder such securities, assets or cash as, in
accordance with the foregoing provisions, such holders may be entitled to
purchase upon exercise of such Warrant and the other obligations of the Company
under such Warrant.

 

10

(b) Notwithstanding
the foregoing, (i) if
upon a Reorganization of the Company, consideration payable in exchange for
shares of Common Stock consists solely of cash, or (ii) upon the dissolution,
liquidation or winding up of the Company, then the Holders shall be entitled
to receive distributions on the date of such event on an equal basis with the
holders of the Common Stock as if the Warrants had been exercised immediately
prior to such event, less the Warrant Price, and the Warrants shall be
terminated and no longer of any force and effect. 

 

(c) If, upon
a Reorganization, the Company makes a distribution to all holders of its Common
Stock any of
its assets, or debt securities or any rights, warrants, convertible securities
or options to purchase securities of the Company then,
from and after the record date for determining the holders of Common Stock
entitled to receive the distribution, each Warrant shall be exercisable, upon
the terms and conditions specified herein for the
shares of
Common Stock into which such Warrant was exercisable immediately prior to such
record date, plus the kind and amount of securities,
cash or other assets comprising the distribution that such Holder would have
received if such
Holder had exercised such Warrant immediately prior to the Determination Date
for such distribution.

 

11

Section
9.5 Simultaneous
Adjustments.
 In the
event that this Section 9 requires adjustments
to the Warrant Price or the number and kind of Warrant Shares under more than
one of Sections 9.1(a) or 9.1(b), and the
effective date or the Determination Dates, as applicable, for the distributions
giving rise to such
adjustments shall occur on the same date, then such adjustments shall be made by
applying, first, the provisions of Section 9.l(a), and second, the provisions of
Section 9.1(b).

 

Section
10. Fractional
Interests. The
Company shall not be required to issue fractional
shares of Common Stock or other securities on the exercise of any Warrant. If
any fraction
of a share of Common Stock or other security would, except for the provisions of
this Section
10, be issuable on the exercise of a Warrant (or any portion thereof), the
Company
shall pay an amount in cash equal to the then Current Market Price per share
multiplied by such fraction. Notwithstanding the provisions of this Section 10,
in computing adjustments to the Warrant Price or the number and kind of shares
of Common Stock, fractional shares of Common Stock shall be taken into account
and any outstanding Warrant may at any time represent the right to receive upon
conversion less than one share of Common Stock or some other number of shares of
Common Stock which is not a whole number.

 

Section
11. Registration
Rights. The
Warrant Shares shall be deemed “Registrable Securities” under the Registration
Rights Agreement and shall have all registration rights afforded to Registrable
Securities therein.

 

Section
12. No
Rights as Stockholders. Nothing
contained herein shall be
construed as conferring upon the Holder the right to vote or to receive
dividends or to consent or to
receive any notice (other than as set forth herein) as stockholders in respect
of any meeting of stockholders for the election of directors
of the Company or any other matter, or any rights whatsoever as stockholders of
the Company.

 

Section
13. Notices. 

 

(a) All
notices and other communications provided for or permitted
hereunder shall be in writing and shall be deemed given (i) when made, if made
by hand
delivery, (ii) upon confirmation, if made by facsimile, or (iii) one business
day after being deposited
with a reputable next-day courier, postage prepaid, to the parties as
follows:

 

if to the
Company:

 

Fellows
Energy Ltd.

370
Interlocken Boulevard, Suite 400

Broomfield,
Colorado 80021

Attention:
George S. Young

Facsimile
No.: (303) 327-1526

 

12

with a
copy to:

 

Hogan
& Hartson L.L.P.

One Tabor
Center, Suite 1500

1200
Seventeenth Street

Denver,
Colorado 80202

Attention:
Paul Hilton

Facsimile
No. (303) 899-7333

 

if to the
Holder:

 

Record
address notified to the Company by the Holder.

 

(b) The
Company or any Holder by notice to each other party may designate additional
or
different addresses as shall be furnished in writing by such party. Any notice
or communication
mailed to the Holder shall be mailed by first class mail or other equivalent
means at such
Holder’s address and shall be sufficiently given to such Holder if so mailed
within the time
prescribed.

 

Section
14. Amendment
and Waiver. The
Company and each Holder may from time to time supplement, modify or amend the
provisions hereof, except, no
provision hereof may be amended, modified
or supplemented, and waivers or consents to departures from the provisions
hereof may not be
given, without the written consent of the Company and the Holders holding
Warrants representing the right to purchase a majority of the Warrant Shares
purchasable upon exercise of the then outstanding Warrants.

 

Section
15. Successors.
All the
covenants and provisions hereof by or for the benefit of the Company or the
Holder shall be binding upon and shall inure to the benefit of their
respective successors and assigns hereunder.

 

Section
16. Governing
Law.

 

(a) The
validity, interpretation and performance of this Certificate and the Warrants
represented hereby and any dispute arising out of, relating to or in connection
with this Certificate and the Warrants represented hereby shall be governed by
the laws of the State of New York, as applied to contracts made and performed
within the State of New York, without regard to principles of conflicts of
law.

 

(b)
To the
fullest extent permitted by applicable law, the Company and by receipt and
acceptance of this Warrant each Holder (i) agrees that any claim, action or
proceeding by such party seeking any relief whatsoever arising out of, relating
to or in connection with, this Certificate and the Warrants represented hereby
shall be brought only in the United States District Court for the Southern
District of New York and in any New York State court located in the Borough of
Manhattan and not in any other State or Federal court in the United States of
America or any other court in any other country, (ii) agrees to submit to the
exclusive jurisdiction of such courts located in the State of New York for
purposes of all legal proceedings arising out of, in relation to or in
connection with, this Certificate, the Warrants represented hereby or the
transactions contemplated hereby and (iii) irrevocably waives any objection
which it may now or hereafter have to the laying of the venue of any such
proceeding brought in such a court and any claim that any such proceeding
brought in such a court has been brought in an inconvenient forum.

 

13

Section
17. Third
Party Beneficiary. The
provisions hereof have been and are made
solely for the benefit of the Company and each Holder, and their respective
successors, transferees and assigns, and no other person shall acquire or have
any right hereunder or by virtue hereof.

 

Section
18. Headings.
The
headings in this Certificate are for convenience only and shall
not limit or otherwise affect the meaning hereof.

 

Section
19. Severability.
If any
term, provision, covenant or restriction herein is held
by a court of competent jurisdiction to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and
the parties hereto
shall use their best efforts to find and employ an alternative means to achieve
the same or substantially
the same result as that contemplated by such term, provision, covenant or
restriction. It is
hereby stipulated and declared to be the intention of the parties that they
would have executed
the remaining terms, provisions, covenants and restrictions without including
any of such
which may be hereafter declared invalid, illegal, void or
unenforceable.

 

Section
20. Entire
Agreement. This
Certificate and the other Certificates which may from time to time represent the
Warrants is intended by the parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the
agreement
and understanding of the parties hereto in respect of the subject matter
contained herein and therein. There are no restrictions, promises, warranties or
undertakings, other than those set
forth or referred to herein and therein. This Certificate and the other
Certificates which from time to time may represent the Warrants supersedes all
prior agreements and understandings
between the parties with respect to such subject matter.

 

Section
21. Attorneys’
Fees. In any
action or proceeding brought to enforce any provision
hereof, or where any provision hereof is validly asserted as a defense, the
prevailing party, as determined by the court, shall be entitled to recover
reasonable attorneys’ fees in addition to any other available
remedy.

 

Section
22. Further
Assurances. Each
party hereto agrees to use all reasonable efforts
to obtain all consents and approvals, and to do all other things, necessary for
the transactions
contemplated hereby on or prior to the Expiration Date. The parties agree to
take such
further action and to deliver or cause to be delivered to each other after the
date hereof such
additional agreements or instruments as any of them may reasonably request for
the purpose of
carrying out the agreements and transactions contemplated hereby and
thereby.

 

 

[Signature
Page to Follow]

 

14

IN
WITNESS WHEREOF, the Company has caused this Certificate
to be duly executed, all as of the day and year first above
written.

 

FELLOWS
ENERGY LTD.

 

 

By:
_______________________________

 

Its:
_______________________________  

 

15

 

ELECTION
TO PURCHASE

 

The
undersigned hereby irrevocably elects to exercise Warrants represented by this
Warrant and to purchase ___________ shares of Common Stock of Fellows Energy
Ltd. upon the exercise
of such Warrants, and requests that Certificates for such shares be issued and
delivered as follows:

 

ISSUE
TO:            
____________________________________

(Name)

____________________________________
(Address,
Including Zip Code)

____________________________________
(Social
Security or Tax Identification Number)

DELIVER
TO:        ____________________________________

(Name)

 

____________________________________
(Address,
Including Zip Code)

 

In
payment of the purchase price for Common Stock of Fellows Energy Ltd., the
undersigned
hereby (a) tenders payment of $  in
accordance with Section 3(a) of the Warrant. If the
number of Warrant Shares hereby exercised is fewer than all
the Warrant Shares represented by this Warrant, the undersigned requests that a
new Warrant
representing the number of full Warrant Shares not exercised to be issued and
delivered as set
forth below, in accordance with Section 3(b) of the Warrant:

 

Name of
Holder or Assignee:      

(Please
Print)

 

Address:
____________________________________________

 

      
_______________________________________

Signature:
____________________________ DATED:
   ,
20__

(Signature
must conform in all respects to name of holder as specified on the fact of this
Warrant)

 

Signature
Guaranteed: _______________________________________________     

 

16

ASSIGNMENT

 

FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto the
Assignee named below all of the rights of the undersigned represented by the
within Warrant,
with respect to the number of Warrant Shares set forth below:

 

 

	Name
      of Assignee
	Address
	
      Number
      of

      Warrant
      Shares
	
      Taxpayer

      Identification

      Number

	 	 	 	 
	 	 	 	 

and does
hereby irrevocably constitute and appoint
___________________,
Attorney, to make such
transfer on the Warrant Register maintained at the principal office of the
Company with full power of
substitution in the premises.

Dated:
 _______________________

Signature

(Signature
must conform in all respects to name of holder
as specified on the face of this Warrant).

Signature
Guaranteed:

 

_____

 

 

17Exhibit
4.2

REGISTRATION
RIGHTS AGREEMENT 

This
Registration Rights Agreement (this “Agreement”) is
made and entered into as of May __, 2005
(the “Effective
Date”), by
and between Fellows Energy Ltd., a Nevada corporation (the “Company”), and
those investors who are a party hereto and listed on Exhibit
A (each an
“Investor” and
collectively, the “Investors”).

RECITALS

WHEREAS,
in connection with the terms of the Company’s recent offering
of a minimum of $900,000 and a maximum of $10,500,000 of Units, at a price of
$1.95 per Unit (each a “Unit” and
collectively the “Units”), under
Regulation D of the Securities Act of 1933, as amended (the “Securities
Act”), the
Company has agreed to grant the Investors registration rights as set forth
herein. Each Unit consists of (i) 3.55 shares of common stock, $0.001 par value
per share, of the Company (the “Common
Stock”) and
(ii) one and one-half Series A warrants (each a “Warrant,”
collectively the “Warrants” and
together with the Units and the Common Stock, the “Securities”) to
purchase Fellow’s Common Stock. Each whole Warrant will entitle the holder to
exercise such Warrant to purchase one share of Common Stock for a price of $1.00
per share for three years from the date of purchase of such Unit.

NOW,
THEREFORE, in consideration of the aforesaid, the mutual promises hereinafter
made and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE
I

Definitions

 

Section
1.1.   Definitions.  The
following terms, as used herein, shall have the following meanings:

“Advice” has the
meaning set forth in Section 2.2(o). 

“Affiliate” means,
with respect to any specified entity, any other entity directly or indirectly
controlling, controlled by or under direct or indirect common control with such
specified entity. For the purposes of this definition, “control” when
used with respect to any specified entity means the power to direct the
management and policies of such entity, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and
“controlled” have
meanings correlative to the foregoing. For purposes of this definition, entity
may include a corporation, partnership, limited partnership, limited liability
company, association, joint stock company, trust or joint venture, but not an
individual human being.

“Agreement” has the
meaning set forth in the preamble to this Agreement. 

“Amendment
Filing Date” has the
meaning set forth in Section 2.1(a). 

“Business
Day” means
each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in New York, New York are authorized or obligated by law or
executive order to close. 

“Buy-In” has the
meaning set forth in Section 2.7(d).

“Commission” means
the Securities and Exchange Commission or any other Federal agency from time to
time administering the Securities Act or the Exchange Act. 

“Common
Stock” has the
meaning set forth in the Recitals to this Agreement. 

“Company” has the
meaning set forth in the preamble to this Agreement. 

“DTC” has the
meaning set forth in Section 2.7(b).

“Effective
Date” has the
meaning set forth in the preamble to this Agreement. 

“Effective
Period” has the
meaning set forth in Section 2.1(b). 

“Exchange
Act” means
the Securities Exchange Act of 1934, as amended. 

“Event” has the
meaning set forth in Section 2.1(c). 

“Event
Date” has the
meaning set forth in Section 2.1(c). 

“Filing
Date” has the
meaning set forth in Section 2.1(a). 

“Investor” has the
meaning set forth in the preamble to this Agreement. 

“Investor
Holders” has the
meaning set forth in Section 2.1(a). 

“Person” means
any individual, corporation, limited liability company, firm, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization or
any other entity or organization, including a government, a governmental body, a
political subdivision or an agency or instrumentality thereof. 

“Registration
Statement” shall
mean any registration statement of the Company under the Securities Act that
covers any of the Registrable Securities pursuant to the provisions of this
Agreement, including the related prospectus, all amendments and supplements to
such registration statement (including post-effective amendments), all exhibits
and all material incorporated by reference or deemed to be incorporated by
reference in such registration statement. 

2

“Registrable
Securities” means
(i) any shares of Common Stock issued to the Investors as part of the Units and
owned by any Investor Holder, (ii) any shares of Common Stock issued or issuable
upon exercise of the Warrants, if any, and (iiii) any shares of Common Stock
which may be issued or distributed or be issuable in respect of such shares of
Common Stock by way of concession, stock dividend or stock split or other
distribution, recapitalization or reclassification or similar transaction, but
with respect to such shares of Common Stock, only so long as such shares are
“Restricted
Securities”. A
share of Common Stock shall be deemed to be a “Restricted
Security” until
such time as such share (i) has been effectively registered under the Securities
Act pursuant to a Registration Statement with respect to the sale of such share
and disposed of pursuant to such Registration Statement, (ii) has been
distributed to the public pursuant to Rule 144 (or any similar provision then in
force) under the Securities Act, (iii) has been otherwise transferred, new
certificates for it not bearing a legend restricting further transfer having
been delivered by the Company and may be publicly sold (without volume or manner
of sale restrictions) without registration under the Securities Act or any state
securities or blue sky law then in force or (iv) has ceased to be outstanding.

“Securities” has the
meaning set forth in the Recitals to this Agreement. 

“Securities
Act” has the
meaning set forth in the Recitals to this Agreement. 

“Unit(s)” has the
meaning set forth in the Recitals to this Agreement.

“Unlegended
Shares Delivery Date” has the
meaning set forth in Section 2.7(a).

“Unlegended
Shares” has the
meaning set forth in Section 2.7(a).

“Warrant(s)” has the
meaning set forth in the Recitals to this Agreement. 

 

ARTICLE
II

Registration
and Related Rights 

 

Section
2.1 Registration
of Resales. 

(a) Within
the time period ending on the date thirty (30) days following the Effective Date
(the “Filing
Date”), the
Company shall file with the Commission a Registration Statement to register
under the Securities Act the Registrable Securities. The Company shall use
commercially reasonable efforts to cause the Registration Statement to be
declared effective by the Commission as promptly as practicable, but in no event
(i) more than ninety (90) days after the Effective Date or (ii) one hundred
twenty (120) days after the Effective Date in the case of a review of the
Registration Statement by the Commission. The Company will notify all Investors,
and any successor, assign or transferee of the Investors then owning Registrable
Securities (collectively, the “Investor
Holders”) in the
same manner when such Registration Statement becomes effective. Failure to so
notify the Investor Holders within two (2) Business Days of such notification
shall be deemed an Event under Section
2.1(c). With
respect to any Securities issued by the Company to any Investor Holder following
the Filing Date which become Registrable Securities, within the time period
ending on the date sixty (60) days following such issuance (the “Amendment
Filing Date”), the
Company shall file with the Commission an amendment to the Registration
Statement, a prospectus supplement to the Registration Statement or a new
Registration Statement, as applicable, to register under the Securities Act such
additional Registrable Securities. The Company shall use commercially reasonable
efforts to cause any such amendment, prospectus supplement or new Registration
Statement, as applicable, to be declared effective by the Commission as promptly
as practicable, but in no event (i) more than ninety (90) days after such
issuance or (ii) one hundred twenty (120) days after such issuance in the case
of a review of such Registration Statement by the Commission. The Company will
notify all Investors Holders in the same manner when such amendment, prospectus
supplement or new Registration Statement becomes effective. Failure to so notify
the Investor Holders within two (2) Business Days of such notification shall be
deemed an Event under Section
2.1(c).

 

3

(b) The
Company agrees to use commercially reasonable efforts to keep the Registration
Statement (including the preparation and filing of any amendments and
supplements necessary for that purpose) continuously effective until the earlier
of (i) the date that Registrable Securities issuable upon exercise of the
Warrants may no longer be issued pursuant to the terms of such Warrants, (ii)
the date that all of the Registrable Securities have been sold pursuant to such
Registration Statement, (iii) the date the Investor Holders receive an opinion
of counsel to the Company, which counsel shall be reasonably acceptable to the
Investor Holders, that the Registrable Securities may be sold under the
provisions of Rule 144 without limitation as to volume, (iv) all Registrable
Securities have been otherwise transferred to persons who may trade such shares
without restriction under the Securities Act, and the Company has delivered a
new certificate or other evidence of ownership for such securities not bearing a
restrictive legend, or (v) three years from the effective date of the
Registration Statement (such period, the “Effective
Period”). If
the Registration Statement ceases to be effective for any reason or at any time
during the Effective Period (other than because of the sale of all the
securities registered thereunder), the Company shall use commercially reasonable
efforts to obtain the prompt withdrawal of any order suspending the
effectiveness thereof.

 

(c) If: (i) a
Registration Statement is not filed on or prior to the Filing Date or the
Amendment Filing Date, or (ii) the Company fails to file with the
Commission a request for acceleration in accordance with Rule 461 promulgated
under the Securities Act, within five (5) Business Days of the date that the
Company is notified (orally or in writing, whichever is earlier) by the
Commission that a Registration Statement will not be “reviewed,” or not subject
to further review, or (iii) prior to the date that a Registration Statement is
declared effective, the Company fails to file a pre-effective amendment and
otherwise respond in writing to comments made by the Commission in respect of
such Registration Statement within fifteen (15) Business Days after the receipt
of comments by or notice from the Commission that such amendment or response is
required in order for a Registration Statement to be declared effective, or (iv)
a Registration Statement filed or required to be filed hereunder is not declared
effective by the Commission by the ninetieth (90th) day (or
one hundred twentieth (120th) day in
the case of a review of the Registration Statement by the Commission) following
the Effective Date as a result of an act or omission by the Company, or (v)
after a Registration Statement is declared effective by the Commission, but
prior to the time the Registrable Securities are eligible for sale pursuant to
Rule 144(k) (or any successor provision which permits the resale of the
Registrable Securities without registration under the Securities Act without
regard to volume or other restrictions other than restrictions similar to those
set forth in Rule 144(k)) promulgated under the Securities Act, a Registration
Statement ceases for any reason to remain continuously effective as to all
Registrable Securities for which it is required to be effective, or the Investor
Holders are not permitted to utilize the Prospectus therein to resell such
Registrable Securities for ten (10) consecutive days or an aggregate of
twenty-five (25) days during any twelve (12)-month period (which need not be
consecutive days) as a result of an act or omission by the Company (any such
failure or breach being referred to as an “Event”, and
for purposes of clause (i) or (iv) the date on which such Event occurs, or for
purposes of clause (ii) the date on which such five (5) Business Day period is
exceeded, or for purposes of clause (iii) the date which such fifteen (15)
Business Day period is exceeded, or for purposes of clause (v) the date on which
such ten (10) or twenty-five (25) day period, as applicable, is exceeded being
referred to as “Event
Date”), then,
on each such Event Date and every monthly anniversary thereof until the
applicable Event is cured, the Company shall pay, at the Company’s election, to
each Holder an amount in cash or Common Stock (at a per share price equivalent
of 95% of the VWAP of Common Stock for any applicable consecutive 10 day period,
as liquidated damages and not as a penalty) equal to two percent (2%) per 30
days, calculated on a daily basis, of the purchase price of each Unit ($2.10
with the entire amount being allocated entirely to the shares of Common Stock in
such Unit and not to the Warrants) of the Registrable Securities then held by
such Investor Holder. If the Company fails to pay any liquidated damages
pursuant to this Section in full within seven (7) days after the applicable
Event Date, the Company will pay additional interest thereon at a rate of
eighteen percent (18%) per annum (or such lesser maximum amount that is
permitted to be paid by applicable law) to the Investor Holder, accruing daily
from the date such liquidated damages are due until such amounts, plus all such
interest thereon, are paid in full. The liquidated damages pursuant to the terms
hereof shall apply on a pro-rata basis for any portion of a month prior to the
cure of an Event.

4

Section
2.2 Registration
Procedures.    It
shall be a condition precedent to the obligations of the Company to take any
action pursuant to this Article II that the Investor Holders furnish to the
Company such information regarding them, the Registrable Securities held by
them, the intended method of disposition of such Registrable Securities, and
such agreements regarding indemnification, disposition of such securities and
the other matters referred to in this Article II as requested by the Company in
the attached Selling Shareholder Questionnaire attached hereto as Exhibit
B.
The
Company agrees that the Selling Shareholder Questionnaire attached hereto as
Exhibit
B,
satisfies all of the information required to be provided by each Investor Holder
in connection with the Registration Statement. The Company shall not be required
to include any Investor Holder’s Registrable Securities in any Registration
Statement that does not complete, date and execute a Selling Shareholder
Questionnaire.
Additionally, the Registration Statement required hereunder shall contain the
Plan of Distribution, attached hereto as Exhibit
C (which
may be modified to respond to comments, if any, received by the Commission. With
respect to any Registration Statement which includes Registrable Securities held
by an Investor Holder, the Company shall, subject to Sections 2.1; 

 

(a) Prepare
and file with the Commission a Registration Statement on the appropriate form
prescribed by the Commission in accordance with Section 2.1; provided,
however, that at
least five (5) Business Days prior to filing a Registration Statement and at
least three (3) Business Days prior to the filing of a prospectus or any
amendments or supplements to a Registration Statement or a prospectus, including
documents incorporated by reference after the initial filing of the Registration
Statement, the Company shall furnish to the holders of the Registrable
Securities covered by such Registration Statement copies of or drafts of all
such documents proposed to be filed, which documents shall be subject to the
reasonable review of such Investor Holders; 

 

5

(b) Prepare
and file with the Commission such amendments and post-effective amendments to
such Registration Statement and any documents required to be incorporated by
reference therein as may be necessary to keep the Registration Statement
effective for the Effective Period; cause the prospectus to be supplemented by
any required prospectus supplement, and as so supplemented to be filed pursuant
to Rule 424 under the Securities Act (or any successor rule); and comply with
the provisions of the Securities Act applicable to it with respect to the
disposition of all Registrable Securities covered by such Registration Statement
during the Effective Period in accordance with the intended methods of
disposition by the sellers thereof set forth in such Registration Statement or
supplement to the prospectus; 

 

(c) Furnish
to each such Investor Holder, without charge, at least one conformed copy of the
Registration Statement and any post-effective amendment thereto, upon request,
and such number of copies of the prospectus (including each preliminary
prospectus) and any amendments or supplements thereto, and any exhibits or
documents incorporated by reference therein as any such Investor Holder may
request in order to facilitate the disposition of the securities being sold by
any such Investor Holder (it being understood that the Company consents to the
use of the prospectus and any amendment or supplement thereto by any such
Investor Holder covered by the Registration Statement in connection with the
offering and sale of the securities covered by the prospectus or any amendments
or supplements thereto); 

 

(d) Notify
each such Investor Holder, at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, within two (2) hours after
the Company becomes aware of the occurrence of any event as a result of which
the prospectus included in such Registration Statement (as then in effect)
contains any untrue statement of material fact or omits to state a material fact
necessary to make the statements therein (in the case of the prospectus or any
preliminary prospectus, in light of the circumstances under which they were
made) not misleading and, as promptly as practicable thereafter, prepare and
file with the Commission and furnish a supplement or amendment to such
prospectus so that, as thereafter delivered to the Investor Holders (a
reasonable number of such amended and supplemented prospectuses having been
delivered to the Investor Holders), such prospectus will not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances under which they were
made, not misleading; 

 

(e) Use its
reasonable best efforts to cause all securities included in such Registration
Statement to be listed, by the date of the first sale of securities pursuant to
such Registration Statement, on each national securities exchange or market on
which the Common Stock is then listed or quoted; 

 

(f) Notify each
Investor Holder within two (2) hours after the Company becomes aware: 
(i) of the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Registration
Statement covering any or all of the Registrable Securities or the initiation of
any Proceedings for that purpose; (ii) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any
jurisdiction, or the initiation or threatening of any proceeding for
such purpose;

 

6

(g) Make
every reasonable effort to obtain the withdrawal of any stop order suspending
the effectiveness of the Registration Statement or other order suspending the
use of any preliminary or final prospectus at the earliest possible moment;

 

(h) Subject
to the time limitations specified in Section 2.2(b), if requested by any such
Investor Holder, promptly incorporate in a prospectus supplement or
post-effective amendment such information with respect to the offering as such
Investor Holder reasonably requests to be included therein, including, without
limitation, with respect to the number of shares being sold by such Investor
Holder, and make all required filings of such prospectus supplement or
post-effective amendment as soon as practicable after being notified of the
matters to be incorporated in such prospectus supplement or post-effective
amendment; 

 

(i) As
promptly as practicable after the filing with the Commission of any document
which is incorporated by reference into a Registration Statement, deliver a
reasonable number of copies of such document to each such Investor Holder;

 

(j) Prior to
the date on which the Registration Statement is declared effective, use its
reasonable best efforts to register or qualify, and cooperate with such Investor
Holders, and their counsel in connection with the registration or qualification
of, the securities covered by the Registration Statement for offer and sale
under the securities or blue sky laws of each state and other jurisdiction of
the United States as such Investor Holders, requests in writing, use its
reasonable best efforts to keep each such registration or qualification
effective, including through new filings, or amendments or renewals, during the
period such Registration Statement is required to be kept effective and do any
and all other acts or things necessary or advisable to enable the disposition in
all such jurisdictions of the Registrable Securities covered by the applicable
Registration Statement; provided,
however, that
the Company shall not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified or to take any action which would
subject it to general service of process in any such jurisdiction where it is
not then so subject; 

 

(k) Enter
into such customary agreements and take such other actions customarily taken by
registrants, if any, as the Investor Holders may reasonably request in order to
expedite or facilitate the disposition of such Registrable Securities;

 

(l) Make
available for inspection by any Investor Holder holding Registrable Securities
covered by such Registration Statement, by any attorney, accountant or other
agent retained by any such Investor Holder, all pertinent financial and other
records, pertinent corporate documents and properties of the Company, and cause
the Company’s officers, directors, employees and independent public accountants
to make themselves available to discuss the business of the Company and to
supply all information reasonably requested by any such Investor Holder,
attorney, accountant or agent in connection with such Registration Statement;

 

(m) Cooperate
with such Investor Holders to facilitate the timely preparation and delivery of
certificates (not bearing any restrictive legends) representing securities to be
sold under the Registration Statement, and enable such securities to be in such
denominations and registered in such names as the Investor Holders may request;

 

7

(n) Use its
reasonable best efforts to cause the securities covered by the Registration
Statement to be registered with or approved by such other governmental agencies
or authorities within the United States, including, without limitation, the
National Association of Securities Dealers, Inc., as may be necessary to enable
the seller or sellers thereof to consummate the disposition of such Registrable
Securities; and

 

(o) The
Investor Holders, upon receipt of any notice from the Company of the happening
of any event of the kind described in Section 2.2(d), shall forthwith
discontinue disposition of the securities until the Investor Holders’ receipt of
the copies of the supplemented or amended prospectus contemplated by Section
2.2(d) or until they are advised in writing (the “Advice”) by the
Company that the use of the prospectus may be resumed, and have received copies
of any additional or supplemental filings which are incorporated by reference in
the prospectus, and, if so directed by the Company, each Investor Holder shall
deliver to the Company (at the Company’s expense) all copies, other than
permanent file copies then in such Investor Holder’s possession, of the
prospectus covering such securities which is no longer current at the time of
receipt of such notice. 

 

Section
2.3 Registration
Expenses.  With
respect to any Registration Statement, the Company shall bear all of the costs
and expenses (including, without limitation, the expenses of preparing any
Registration Statement, Commission and state “blue sky” filings, registration
and qualification fees and printing costs); provided,
however, that
the Company shall not be responsible for registration or qualification fees or
underwriter’s discounts or commissions that are attributable to the Registrable
Securities of an Investor Holder or their legal counsel. In connection with any
Registration Statement, the Company shall be required to obtain independent
outside counsel that is sophisticated in securities law matters. 

 

Section
2.4 Indemnification
and Contribution.

 

(a) Indemnification
by the Company.  The
Company agrees to indemnify and hold harmless each Investor Holder, its
officers, directors, advisors and agents and each Person who controls (within
the meaning of the Securities Act or the Exchange Act) such Person from and
against all losses, claims, damages, liabilities (or actions or proceedings in
respect thereof, whether or not such Person is a party thereto) and expenses
(including but not limited to cost of investigation and legal expenses) arising
out of or based upon any untrue or allegedly untrue statement of a material fact
contained in any Registration Statement, prospectus or preliminary prospectus in
which such Investor Holder is participating or in any document incorporated by
reference therein or any omission or alleged omission to state therein a
material fact necessary to make the statements therein (in the case of the
prospectus or any preliminary prospectus, in light of the circumstances under
which they were made) not misleading, except insofar as the same are caused by,
based upon or contained in any information with respect to such Investor Holder
furnished in writing to the Company by such Investor Holder expressly for use
therein; provided,
however, that
the foregoing indemnity agreement with respect to any preliminary prospectus
shall not inure to the benefit of any Investor Holder from whom the Person
asserting such loss, claim, damage or liability purchased shares of Common Stock
if it is determined that it was the responsibility of such Investor Holder to
provide such Person with a current copy of the prospectus and such current copy
of the prospectus would have cured such loss, claim, damage or liability. The
Company shall also indemnify, if applicable and if requested, underwriters (as
such term is defined in the Securities Act), their officers and directors and
each Person who controls such Persons (within the meaning of the Securities Act
and the Exchange Act) to the same extent as provided above with respect to the
indemnification of the Investor Holders. 

 

8

(b) Indemnification
by the Investors.  In
connection with any Registration in which a the Investor Holder is
participating, such Investor Holder shall furnish to the Company in writing such
information required in the Selling Shareholder Questionnaire attached hereto as
Exhibit
B and
affidavits with respect to such Investor Holder as the Company may reasonably
request for use in connection with any Registration Statement or prospectus and
the Investors agree to indemnify and hold harmless the Company, its directors,
officers and agents and each Person who controls (within the meaning of the
Securities Act and the Exchange Act) the Company from and against any losses,
claims, damages, liabilities (or actions or proceedings in respect thereof,
whether or not the Company is a party thereto) and expenses (including
reasonable cost of investigation and legal expense) arising out of or based upon
any untrue statement of a material fact or any omission to state a material fact
necessary to make the statements in the Registration Statement or prospectus or
preliminary prospectus (in the case of the prospectus or preliminary prospectus,
in light of the circumstances under which they were made) not misleading, to the
extent, but only to the extent, that such untrue statement or omission is
contained in a completed Selling Shareholder Questionnaire or affidavit with
respect to such Investor Holder furnished in writing to the Company by such
Investor Holder expressly for use therein; provided,
however, that
the indemnity agreement contained in this Section 2.4(b) shall not apply to
amounts paid in settlement of any loss, claim, damage, liability or action
arising pursuant to a Registration if such settlement is effected without the
consent of such Investor Holder (which consent shall not be unreasonably
withheld). Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of the Company or any of the prospective
sellers, or any of their respective Affiliates, directors, officers or
controlling Persons and shall survive the transfer of such securities by such
seller. The Company acknowledges and agrees that any indemnification rights
granted by Investor to the Company pursuant to this Agreement shall not be
jointly and severally made with other investors in the offering and Investor
shall not be held jointly liable for any liability arising under this Agreement.
Any indemnification granted by Investor shall be limited to the amount of net
proceeds received by Investor from the sale of Registrable Securities (as
defined in the Registration Rights Agreement between Investor and the Company of
even date herewith (the "Registration Rights Agreement")) in connection with any
applicable Registration Statement (as defined in the Registration Rights
Agreement).

 

(c) Conduct
of Indemnification Proceedings.  Any
Person entitled to indemnification hereunder shall (x) give prompt written
notice to the indemnifying party of any claim with respect to which it seeks
indemnification and (y) unless in such indemnified party’s reasonable judgment a
conflict of interest may exist between such indemnified and indemnifying party,
permit the indemnifying party to assume the defense of such claim, with counsel
reasonably satisfactory to the indemnified party. The failure to so notify the
indemnifying party shall relieve the indemnifying party from any liability
hereunder with respect to the action to the extent that such failure materially
prejudices the indemnifying party. Whether or not such defense is assumed by the
indemnifying party, the indemnifying party shall not be subject to any liability
for any settlement made without its consent (which consent shall not be
unreasonably withheld). No indemnifying party shall consent to entry of any
judgment or enter into any settlement which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect of such claim or litigation. An
indemnifying party who is not entitled to, or elects not to, assume the defense
of a claim shall not be obligated to pay the fees and expenses of more than one
counsel for all parties indemnified by such indemnifying party with respect to
such claim, unless in the reasonable judgment of any indemnified party, a
conflict of interest may exist between such indemnified party and any other of
such indemnified parties with respect to such claim, in which event the
indemnifying party shall be obligated to pay the reasonable fees and expenses of
such additional counsel or counsels. 

 

9

(d) Contribution.  If
for any reason the indemnification provided for in the preceding Sections 2.4(a)
and 2.4(b) is unavailable to an indemnified party as contemplated by the
preceding Sections 2.4(a) and 2.4(b) for any reason, then the indemnifying party
shall contribute to the amount paid or payable by the indemnified party as a
result of such loss, claim, damage or liability in such proportion as is
appropriate to reflect not only the relative benefits received by the
indemnified party and the indemnifying party, but also the relative fault of the
indemnified party and the indemnifying party, as well as any other relevant
equitable considerations. Notwithstanding the foregoing, if the indemnifying
party is any Investor Holder pursuant to Section 2.4(b), any contribution
pursuant to this Section 2.4(d) shall be several and not joint, and shall be
limited to the amount of net proceeds received by such Investor Holder from the
sale of Registrable Securities in connection with the applicable Registration
Statement. 

 

(e) Other
Indemnification.  Indemnification
similar to that set forth in the preceding subdivisions of this Section 2.4
(with appropriate modifications and subject to the same limitations set forth in
Section 2.4(d)) shall be given by the Company and the Investors with respect to
any required registration or other qualification of securities under any Federal
or state law or regulation or governmental authority other than the Securities
Act.

 

Section
2.5 Piggyback
Rights.  It
is expressly understood and agreed that the Company and any of its existing
security holders (other than the Holders in such capacity pursuant hereto) may
include securities of the Company in the Registration Statement. Further, if at
any time during the Effective Period there is not an effective Registration
Statement covering all of the Registrable Securities and the Company shall
determine to prepare and file with the Commission a registration statement
relating to an offering for its own account or the account of others under the
Securities Act of any of its equity securities, other than on Form S-4 or Form
S-8 (each as promulgated under the Securities Act) or their then equivalents
relating to equity securities to be issued solely in connection with any
acquisition of any entity or business or equity securities issuable in
connection with stock option or other employee benefit plans, then the Company
shall send to each Investor Holder written notice of such determination and, if
within fifteen (15) days after receipt of such notice, any such Investor Holder
shall so request in writing, the Company shall include in such registration
statement all or any part of such Registrable Securities such Investor Holder
requests to be registered; provided, that,
the Company shall not be required to register any Registrable Securities
pursuant to this Section 2.5 that are eligible for resale pursuant to Rule
144(k) promulgated under the Securities Act or that are the subject of a then
effective Registration Statement. 

 

10

Section
2.6 Exchange
Act Reports.  The
Company agrees that it will use its reasonable best efforts to file in a timely
manner all reports required to be filed by it pursuant to the Exchange Act to
the extent the Company is required to file such reports. Upon the reasonable
request of the Investors, the Company will furnish the Investors with such
information as may be necessary to enable the Investors to effect sales pursuant
to Rule 144. 

 

Section
2.7Delivery
of Unlegended Shares of Common Stock. 
With respect to the delivery of unlegended shares of the Common
Stock:

 

(a)
Within
three (3) Business Days (such third (3rd) Business Day being the “Unlegended
Shares Delivery Date”) after
the business day on which the Company has received form an Investor (i) a notice
that Registrable Securities have been sold either pursuant to a Registration
Statement or Rule 144 under the Securities Act, (ii) a representation that the
prospectus delivery requirements, or the requirements of Rule 144, as
applicable, have been satisfied, (iii) the original share certificates
representing the shares of Common Stock that have been sold, and (iv) in the
case of sales under Rule 144, customary representation letters by the Investor
and the Investor’s broker regarding compliance with the requirements of Rule
144, the Company at its expense, (x) shall deliver, and shall cause legal
counsel selected by the Company to deliver, to its transfer agent (with copies
to the Investor or its representative) an appropriate instruction and opinion of
such counsel, directing the delivery of shares of Common Stock without any
legends issuable pursuant to any effective and current registration statement in
accordance with the terms and conditions of this Agreement or pursuant to Rule
144 under the Securities Act (the “Unlegended
Shares”); and
(y) cause the transmission of the certificates representing the Unlegended
Shares together with a legended certificate representing the balance of the
unsold shares of Common Stock, if any, to the Investor at the address specified
in the notice of sale, via express courier, by electronic transfer or otherwise
on or before the Unlegended Shares Delivery Date. Transfer fees shall be the
responsibility of the Investor.

 

(b)
In lieu
of delivering physical certificates representing the Unlegended Shares, if the
Company’s transfer agent is participating in the Depository Trust Company
(“DTC”) Fast
Automated Securities Transfer program, upon the Investor’s request, so long as
the certificates therefor do not bear a legend and the Investor is not obligated
to return such certificate for the placement of a legend thereon, the Company
shall cause its transfer agent to electronically transmit the Unlegended Shares
by crediting the account of the Investor’s prime broker with DTC through its
Deposit Withdrawal Agent Commission system. Such delivery must be made on or
before the Unlegended Shares Delivery Date.

 

(c)
The
Company understands that a delay in the delivery of the Unlegended Shares later
than two (2) Business Days after the Unlegended Shares Delivery Date could
result in economic loss to the Investor. As compensation to the Investor for
such loss, the Company agrees to pay late payment fees (as liquidated damages
and not as a penalty) to the Investor for late delivery of Unlegended Shares in
the amount of $100 per Business Day after the Unlegended Shares Delivery Date
for each $10,000 of purchase price of the Unlegended Shares subject to the
delivery default. If during any 360 day period, the Company fails to deliver
Unlegended Shares as required by this Agreement for an aggregate of forty-five
(45) days, then the Investor or its affiliates holding Registrable Securities
subject to such default may, at its option, require the Company to redeem all or
any portion of the Registrable Securities subject to such default at a price per
share equal to 120% of the purchase price of such Registrable Securities (with
the entire amount of such purchase price being allocated entirely to the shares
of Common Stock in such Unit and not to any warrants). The Company shall pay any
payments incurred under this Section in immediately available funds upon
demand.

 

11

(d)
In
addition to any other rights available to the Investor, if the Company fails to
deliver to the Investor Unlegended Shares as required hereunder, within seven
(7) Business Days after the Unlegended Shares Delivery Date and the Investor
purchases (in an open market transaction or otherwise) shares of Common Stock to
deliver in satisfaction of a sale by the Investor of the shares of Common Stock
which the Investor was entitled to receive from the Company (a “Buy-In”), then
the Company shall pay the Investor in cash (in addition to any remedies
available to or elected by the Investor) the amount by which (A) the Investor’s
total purchase price (including brokerage commissions, if any) for the shares of
Common Stock so purchased exceeds (B) the aggregate purchase price of the shares
of Common Stock delivered to the Company for reissuance as Unlegended Shares,
together with interest thereon at a rate of 15% per annum, accruing until such
amount and any accrued interest thereon is paid in full (which amount shall be
paid as liquidated damages and not as a penalty). For example, if the Investor
purchase shares of Common Stock having a total purchase price of $11,000 to
cover a Buy-In with respect to $10,000 of purchase price of shares of Common
Stock delivered to the Company for reissuance as Unlegended Shares, the Company
shall be required to pay the Investor $1,000, plus interest. The Investor shall
provide the Company written notice and reasonable evidence of accounting
indicating the amounts that are payable to the Investor in respect of the
Buy-In.

 

Section
2.8 Remedies.  The
Investors shall have the right and remedy to have the provisions of Sections 2.1
and 2.2 specifically enforced by any court having jurisdiction in the event that
the Company breaches such provisions, and the Company shall reimburse the
Investors for the reasonable costs of the expenses for counsel for the Investors
incurred in connection with such proceeding. 

ARTICLE
III

Miscellaneous

 

Section
3.1. Notices.  All
notices or other communications required or permitted to be given hereunder
shall be in writing and shall be delivered by hand or sent by prepaid telex,
cable or telecopy or sent, postage prepaid, by registered, certified or express
mail or reputable overnight courier service and shall be deemed given when so
delivered by hand, telexed, cabled or facsimile, or if mailed, three days after
mailing (one business day in the case of express mail or overnight courier
service), as follows: 

 

12

If to the
Company, to: 

 

Fellows
Energy, Ltd. 

370
Interlocken Boulevard, Suite 400

Broomfield,
Colorado 80021 

Phone:  (303)
327-1525 

Fax:
(303) 327-1526

Attention:  George
S. Young 

with a
copy to: 

Hogan
& Hartson L.L.P. 

One Tabor
Center, Suite 1500

1200
Seventeenth Street

Denver,
Colorado 80202

Phone:
(303) 454-2414

Fax:     (303)
899-7333 

Attention:  Paul
Hilton, Esq. 

If to
the
Investors, to the
address or fax number provided by each Investor on the counterpart signature
page hereto, as may be updated from time to time in writing to the
Company.

 

Section
3.2.   Binding
Effect; Benefits.  This
Agreement shall be binding upon and inure to the benefit of the parties to this
Agreement and their respective successors, transferees and assigns. Nothing in
this Agreement, express or implied, is intended or shall be construed to give
any Person other than the parties to this Agreement, the other Investor Holders,
if any, and their respective successors or assigns any legal or equitable right,
remedy or claim under or in respect of any agreement or any provision contained
herein. This Agreement constitutes the entire agreement and understanding, and
supersedes and terminates all prior agreements and understandings, both oral and
written, between the parties hereto relating to the subject matter hereof.

Section
3.3.   Waiver.  Any
party hereto may, by written notice to any other party (i) extend the time for
the performance of any of the obligations or other actions of such other party
under this Agreement to the extent that such obligations or other actions are
due to the party giving notice; (ii) waive compliance with any of the conditions
or covenants of such other party contained in this Agreement to the extent that
such conditions or covenants relate to the party giving notice; and (iii) waive
or modify performance of any of the obligations of such other party under this
Agreement to the extent that such obligations are due to the party giving
notice. Except as provided in the preceding sentence, no action taken pursuant
to this Agreement, including, without limitation, any investigation by or on
behalf of any party, shall be deemed to constitute a waiver by the party taking
such action of compliance with any representation, warranty, covenant or
agreement contained herein. Neither the waiver by any party hereto of a breach
of any provision hereof or any preceding or succeeding breach nor the failure by
any party to exercise any right or privilege hereunder shall be deemed a waiver
of such party’s rights or privileges hereunder nor shall it be deemed a waiver
of such party’s rights to exercise the same at any subsequent time or times
hereunder. 

13

Section
3.4.   Amendments.  No
amendment or modification in respect of this Agreement shall be effective unless
it shall be in writing and signed by the Company and the holders of two-thirds
of the Registrable Securities. Any such amendment or modification in respect of
this Agreement executed by or on behalf of the Investor Holders shall bind each
other Investor Holder, if any, to the terms and conditions thereof. The Company
agrees that all holders of Registrable Securities shall be notified by the
Company in advance of any proposed amendment or modification of this Agreement,
but failure to give such notice shall not in any way affect the validity of any
such amendment or modification. In addition, promptly after obtaining the
written consent of the Investor Holders as herein provided, the Company shall
transmit a copy of any amendment or modification which has been adopted to all
holders of Registrable Securities then outstanding, but failure to transmit
copies shall not in any way affect the validity of any such amendment or
modification. 

Section
3.5.   Assignability.  Neither
this Agreement nor any right, remedy, obligation or liability arising hereunder
or by reason hereof shall be assignable by either the Company or the Investors
(other than by the Investors in connection with, and in compliance with the
terms and conditions of, a transfer, in whole or in part, of the Registrable
Securities), or any transferee of the foregoing. Any assignment in violation of
this Section 3.5 shall be void and of no force or effect.

Section
3.6.   Governing
Law.  This
Agreement, and any dispute arising out of, relating to or in connection with
this Agreement, shall be governed by and construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed entirely within such State. 

To the
fullest extent permitted by applicable law, each party hereto (i) agrees that
any claim, action or proceeding by such party seeking any relief whatsoever
arising out of, relating to or in connection with, this Agreement or the
transactions contemplated hereby shall be brought only in the United States
District Court for the Southern District of New York and in any New York State
court located in the Borough of Manhattan and not in any other State or Federal
court in the United States of America or any other court in any other country,
(ii) agrees to submit to the exclusive jurisdiction of such courts located in
the State of New York for purposes of all legal proceedings arising out of, in
relation to or in connection with, this Agreement or the transactions
contemplated hereby and (iii) irrevocably waives any objection which it may now
or hereafter have to the laying of the venue of any such proceeding brought in
such a court and any claim that any such proceeding brought in such a court has
been brought in an inconvenient forum.

 

Section
3.7.   Attorney
Fees.  Subject
to Section 2.4(b) a party in breach of this Agreement shall, on demand,
indemnify and hold harmless the other parties hereto from and against all
reasonable out-of-pocket expenses, including legal fees, incurred by such other
parties by reason of the enforcement and protection of their rights under this
Agreement. The payment of such expenses is in addition to any other relief to
which such other parties may be entitled. 

Section
3.8.   Section
and Other Headings.  The
section and other headings contained in this Agreement are for reference
purposes only and shall not affect the meaning or interpretation of this
Agreement. 

14

Section
3.9.   Counterparts.  This
Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement, and shall become effective when one or
more such counterparts have been signed by each of the parties and delivered to
the other parties. 

[Signature
Page to Follow]

15

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as
of the date first written above. 

THE
COMPANY:

	
      FELLOWS
      ENERGY LTD.

	
       

       

      By:  
      _________________________________

      Name:

      Title: 

[Registration
Rights Agreement Signature Page]

  

INVESTOR:

 

	
       

	
       

       

      By:  
      _________________________________

      Name:

      Title: 

 

Address:
_______________________________________

_______________________________________________

_______________________________________________

_______________________________________________

Fax:
(_______) __________________________________

[Registration
Rights Agreement Signature Page]

 

Exhibit
A

List
of Investors

A-1

Exhibit
B

Selling
Shareholder Questionnaire

[Attached
hereto.]

 

B-1

Exhibit
C

Plan
of Distribution

The
Selling Stockholders and any of their pledgees, assignees and
successors-in-interest may, from time to time, sell any or all of their shares
of Common Stock on any stock exchange, market or trading facility on which the
shares are traded or in private transactions. These sales may be at fixed or
negotiated prices. The Selling Stockholders may use any one or more of the
following methods when selling shares:

 

·                  ordinary
brokerage transactions and transactions in which the broker/dealer solicits
purchasers;

 

·                  block
trades in which the broker/dealer will attempt to sell the shares as agent but
may position and resell a portion of the block as principal to facilitate the
transaction;

 

·                  purchases
by a broker/dealer as principal and resale by the broker/dealer for its
account;

 

·                  an
exchange distribution in accordance with the Rules of the applicable
exchange;

 

·                  privately
negotiated transactions;

 

·                  settlement
of short sales;

 

·                  broker/dealers
may agree with the Selling Stockholders to sell a specified number of such
shares at a stipulated price per share;

 

·                  a
combination of any such methods of sale; and

 

·                  any other
method permitted pursuant to applicable law.

 

 The
Selling Stockholders may also sell shares under Rule 144 under the
Securities Act, if available, rather than under this prospectus.

 

Broker/dealers
engaged by the Selling Stockholders may arrange for other brokers/dealers to
participate in sales. Broker/dealers may receive commissions from the Selling
Stockholders (or, if any broker/dealer acts as agent for the purchaser of
shares, from the purchaser) in amounts to be negotiated. The Selling
Stockholders do not expect these commissions to exceed what is customary in the
types of transactions involved.

 

The
Selling Stockholders may from time to time pledge or grant a security interest
in some or all of the shares of common stock owned by them and, if they default
in the performance of their secured obligations, the pledgees or secured parties
may offer and sell the shares of common stock from time to time under this
prospectus, or under an amendment to this prospectus under Rule 424(b)(3)
or other applicable provision of the Securities Act of 1933 amending the list of
Selling Stockholders to include the pledgee, transferee or other successors in
interest as Selling Stockholders under this prospectus.

 

C-1

The
Selling Stockholders and any broker/dealers or agents that are involved in
selling the shares may be deemed to be “underwriters” within the meaning of the
Securities Act in connection with such sales. In such event, any commissions
received by such broker/dealers or agents and any profit on the resale of the
shares purchased by them may be deemed to be underwriting commissions under the
Securities Act. The Selling Stockholders have informed the Company that it does
not have any agreement or understanding, directly or indirectly, with any person
to distribute the Common Stock.

 

The
Company is required to pay all fees and expenses incident to the registration of
the shares. The Company has agreed to indemnify the Selling Stockholders against
certain losses, claims, damages and liabilities, including liabilities under the
Securities Act.

 

 

C-2

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