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Exhibit 4.12  

MAXIM PHARMACEUTICALS, INC.  

 and  

            , As Warrant Agent  

 FORM OF DEPOSITARY SHARES

WARRANT AGREEMENT  

 Dated As Of                   

 
  
 

    TABLE OF CONTENTS    
    

	 
	 	 
	 	Page

	ARTICLE 1    ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES	 	1
	 	1.1	 	Issuance of Warrants	 	1
	 	1.2	 	Execution and Delivery of Warrant Certificates	 	1
	 	1.3	 	Issuance of Warrant Certificates	 	2
	

ARTICLE 2    WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS	
 	

2
	 	2.1	 	Warrant Price	 	2
	 	2.2	 	Duration of Warrants	 	2
	 	2.3	 	Exercise of Warrants	 	2
	

ARTICLE 3    OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES	
 	

4
	 	3.1	 	No Rights as Warrant Securityholder Conferred by Warrants or Warrant Certificates	 	4
	 	3.2	 	Lost, Stolen, Mutilated or Destroyed Warrant Certificates	 	4
	 	3.3	 	Holder of Warrant Certificate May Enforce Rights	 	4
	 	3.4	 	Adjustments	 	4
	 	3.5	 	Notice to Warrantholders	 	7
	 	3.6	 	[If the Warrants are subject to acceleration by the Company, insert—Acceleration of Warrants by the Company	 	7
	

ARTICLE 4    EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES	
 	

8
	 	4.1	 	Exchange and Transfer of Warrant Certificates	 	8
	 	4.2	 	Treatment of Holders of Warrant Certificates	 	9
	 	4.3	 	Cancellation of Warrant Certificates	 	9
	

ARTICLE 5    CONCERNING THE WARRANT AGENT	
 	

9
	 	5.1	 	Warrant Agent	 	9
	 	5.2	 	Conditions of Warrant Agent's Obligations	 	9
	 	5.3	 	Resignation and Appointment of Successor	 	11
	

ARTICLE 6    MISCELLANEOUS	
 	

12
	 	6.1	 	Amendment	 	12
	 	6.2	 	Notices and Demands to the Company and Warrant Agent	 	12
	 	6.3	 	Addresses	 	12
	 	6.4	 	Governing Law	 	12
	 	6.5	 	Delivery of Prospectus	 	12
	 	6.6	 	Obtaining of Governmental Approvals	 	12
	 	6.7	 	Persons Having Rights Under Warrant Agreement	 	13
	 	6.8	 	Headings	 	13
	 	6.9	 	Counterparts	 	13
	 	6.10	 	Inspection of Agreement	 	13

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MAXIM PHARMACEUTICALS, INC.
  Form of Depositary Shares Warrant Agreement    

        DEPOSITARY SHARES WARRANT AGREEMENT, dated as of            between MAXIM
PHARMACEUTICALS, INC., a Delaware corporation (the "Company")
and                        , a
[corporation] [national banking association] organized and existing under the laws of                        and having a
corporate trust office in
                        , as warrant agent (the "Warrant Agent").

        WHEREAS, the Company proposes to sell [if Warrants are sold with other securities—[title of such other
securities being offered] (the "Other Securities") with] warrant certificates evidencing one or more warrants (the  "Warrants" or,
individually, a "Warrant") representing the right to purchase [title of
Depositary Shares purchasable through exercise of Warrants] (the "Warrant Securities"), such warrant certificates and other warrant
certificates issued pursuant to this Agreement being herein called the "Warrant Certificates"; and 

        WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection
with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions of the
Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced; 

        NOW THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows: 

ARTICLE 1  

 ISSUANCE OF WARRANTS AND EXECUTION AND

DELIVERY OF WARRANT CERTIFICATES  

        1.1    Issuance of Warrants.    [If Warrants alone—Upon issuance, each Warrant Certificate
shall evidence one or more Warrants.] [If Other Securities and Warrants—Warrants shall be [initially] issued in connection with the issuance
of the Other Securities [but shall be separately transferable on and after                        (the "Detachable Date")]
[and shall not be separately transferable] and each Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced thereby shall represent the
right, subject to the provisions contained herein and therein, to purchase one Warrant Security. [If Other Securities and Warrants—Warrant Certificates shall be initially
issued in units with the Other Securities and each Warrant Certificate included in such a unit shall
evidence                        Warrants for each
[$                        principal
amount] [            shares] of Other Securities included in such unit.] 

        1.2    Execution and Delivery of Warrant Certificates.    Each Warrant Certificate, whenever issued, shall be in
registered form substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or other marks
of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be
conclusive evidence of such approval) and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant Certificates shall be signed on behalf of the Company by any
of its present or future chief executive officers, presidents, senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers, controllers,
assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such authorized officers and may be
imprinted or otherwise reproduced on the Warrant Certificates. The seal of the Company may be in the form of a 

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facsimile
thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates. 

        No
Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been countersigned by the manual
signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has
been duly issued hereunder. 

        In
case any officer of the Company who shall have signed any of the Warrant Certificates either manually or by facsimile signature shall cease to be such officer before the Warrant
Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned and delivered notwithstanding that the person who signed Warrant
Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Warrant
Certificate, shall be
the proper officers of the Company, although at the date of the execution of this Agreement any such person was not such officer. 

        The
term "holder" or "holder of a Warrant Certificate" as used herein shall mean any person in whose name at the time any Warrant Certificate shall be registered upon the books to be
maintained by the Warrant Agent for that purpose [If Other Securities and Warrants are not immediately detachable—or upon the registration of the Other Securities prior to the
Detachable Date. Prior to the Detachable Date, the Company will, or will cause the registrar of the Other Securities to, make available at all times to the Warrant Agent such information as to holders
of the Other Securities as may be necessary to keep the Warrant Agent's records up to date]. 

        1.3    Issuance of Warrant Certificates.    Warrant Certificates evidencing the right to purchase Warrant Securities
may be executed by the Company and delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant
Certificates duly executed on behalf of the Company, countersign such Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company. 

ARTICLE 2  

 WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS  

        2.1    Warrant Price.    During the period specified in Section 2.2, each Warrant shall, subject to the terms
of this Warrant Agreement and the applicable Warrant Certificate, entitle the holder thereof to purchase the number of Warrant Securities specified in the applicable Warrant Certificate at an exercise
price of $            per Warrant Security, subject to adjustment upon the occurrence of certain events, as hereinafter provided. Such purchase price per Warrant Security is referred to in
this
Agreement as the "Warrant Price."

        2.2    Duration of Warrants.    Each Warrant may be exercised in whole or in part at any time, as specified herein, on
or after [the date thereof] [            ] and at or before [            ] p.m., [City]
time, on            or such later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses as set forth in the
record
books of the Warrant Agent (the "Expiration Date"). Each Warrant not exercised at or before [            ] p.m.,
[City] time, on the Expiration Date shall become void, and all rights of the holder of the Warrant Certificate evidencing such Warrant under this Agreement shall cease. 

        2.3    Exercise of Warrants.    

        (a)   During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant
Securities in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the 

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United
States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available
funds] the Warrant Price for each Warrant Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided
that such exercise is subject to receipt within five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant
Securities set forth on the reverse side of the Warrant Certificate properly completed and duly executed. The date on which payment in full of the Warrant Price is received by the Warrant Agent shall,
subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant is exercised; provided, however, that if, at
the date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Securities purchasable upon the exercise of such Warrants shall be closed,
no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant
Securities on such date, but shall be effective to constitute such person as the holder of record of such Warrant Securities for all purposes at the opening of business on the next succeeding day on
which the transfer books for the Warrant Securities purchasable upon the exercise of such Warrants shall be opened, and the certificates for the Warrant Securities in respect of which such Warrants
are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and until such date the Company shall be under no duty to deliver any
certificate for such Warrant Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the
Company by telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such
telephone advice to the Company in writing. 

        (b)   The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the number of
Warrant Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the
Warrant Securities to which such holder is entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant
Securities after such exercise, and (iv) such other information as the Company shall reasonably require. 

        (c)   As soon as practicable after the exercise of any Warrant, the Company shall issue to or upon the order of the holder of
the Warrant Certificate evidencing such Warrant the Warrant Securities to which such holder is entitled, in fully registered form, registered in such name or names as may be directed by such holder.
If fewer than all of the Warrants evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver,
a new Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised. 

        (d)   The Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in
connection with any transfer involved in the issue of the Warrant Securities, and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant
Security until such tax or other charge shall have been paid or it has been established to the Company's satisfaction that no such tax or other charge is due. 

        (e)   Prior to the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the
Expiration Date keep reserved, out of its authorized but unissued Warrant Securities, a number of shares sufficient to provide for the exercise of the Warrants. 

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ARTICLE 3  

 OTHER PROVISIONS RELATING TO RIGHTS

OF HOLDERS OF WARRANT CERTIFICATES  

        3.1    No Rights as Warrant Securityholder Conferred by Warrants or Warrant Certificates.    No Warrant Certificate or
Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Securities, including, without limitation, the right to receive the payment of dividends or
distributions, if any, on the Warrant Securities or to exercise any voting rights, except to the extent expressly set forth in this Agreement or the applicable Warrant Certificate. 

        3.2    Lost, Stolen, Mutilated or Destroyed Warrant Certificates.    Upon receipt by the Warrant Agent of evidence
reasonably satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to the Warrant
Agent and the Company and, in the case of mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the
Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and
deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing Warrants for a like number of Warrant
Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered
pursuant to this Section 3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or
destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant
Certificates duly executed and delivered hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement of mutilated, lost, stolen or destroyed Warrant Certificates. 

        3.3    Holder of Warrant Certificate May Enforce Rights.    Notwithstanding any of the provisions of this Agreement,
any holder of a Warrant Certificate, without the consent of the Warrant Agent, the holder of any Warrant Securities or the holder of any other Warrant Certificate, may, in such holder's own behalf and
for such holder's own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder's right to
exercise the Warrants evidenced by such holder's Warrant Certificate in the manner provided in such holder's Warrant Certificate and in this Agreement. 

        3.4    Adjustments.    

        (a)   In case the Company shall at any time subdivide its outstanding shares of [title of Depositary Shares
purchasable through exercise of Warrants] into a greater number of shares, the Warrant Price in effect immediately prior to such subdivision shall be proportionately reduced and the number
of Warrant Securities purchasable under the Warrants shall be proportionately increased. Conversely, in case the outstanding shares of [title of Depositary Shares purchasable through
exercise of Warrants] of the Company shall be combined into a smaller number of shares, the Warrant Price in effect immediately prior to such combination shall be proportionately increased
and the number of Warrant Securities purchasable under the Warrants shall be proportionately decreased. 

        (b)   If at any time or from time to time the holders of [title of Preferred Stock underlying the Depositary Shares
purchasable through exercise of Warrants] (or any shares of stock or other 

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securities
at the time receivable upon the exercise of the Warrants) shall have received or become entitled to receive, without payment therefore, 

          (i)  [title of Preferred Stock underlying Depositary Shares purchasable through exercise of Warrants]
or any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable for [title of Preferred Stock underlying Depositary Shares
purchasable through exercise of Warrants], or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution; 

         (ii)  any cash paid or payable otherwise than in accordance with the terms of [title of Preferred Stock underlying
Depositary Shares purchasable through exercise of Warrants] or otherwise than as a cash dividend paid or payable out of the Company's current or retained earnings; 

       (iii)  any evidence of the Company's indebtedness or rights to subscribe for or purchase the Company's indebtedness; or 

        (iv)  [title of Preferred Stock underlying Depositary Shares purchasable through exercise of Warrants]
or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification, combination of shares or similar corporate rearrangement (other than
shares of [title of Depositary Shares purchasable through exercise of Warrants] issued as a stock split or adjustments in respect of which shall be covered by the terms of
Section 3.4(a) above), 

then
and in each such case, the holder of each Warrant shall, upon the exercise of the Warrant, be entitled to receive, in addition to the number of Warrant Securities receivable thereupon, and
without payment of any additional consideration therefore, the amount of stock and other securities and property (including cash and indebtedness (or rights to subscribe for or purchase indebtedness)
which such holder would hold on the date of such exercise had he been the holder of record of such Warrant Securities as of the date on which holders of [title of Preferred Stock
underlying Depositary Shares purchasable through exercise of Warrants] received or became entitled to receive such shares or all other additional stock and other securities and property. 

        (c)   In case of (i) any reclassification, capital reorganization, or change in the [title of Depositary
Shares purchasable through exercise of Warrants] or [title of Preferred Stock underlying Depositary Shares purchasable through the exercise of the Warrants] of the
Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 3.4(a) or Section 3.4(b) above), (ii) share exchange, merger or similar
transaction of the Company with or into another person or entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation and which
does not result in any change in the [title of Depositary Shares purchasable through exercise of Warrants] or [title of Preferred Stock underlying Depositary Shares
purchasable through the exercise of the Warrants] other than the issuance of additional shares of [title of Depositary Shares purchasable through exercise of
Warrants] or [title of Preferred Stock underlying Depositary Shares purchasable through the exercise of the Warrants]) or (iii) the sale, exchange, lease,
transfer or other disposition of all or substantially all of the properties and assets of the Company as an entirety (in any such case, a "Reorganization
Event"), then, as a condition of such Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor
shall be delivered to the holders of the Warrants, so that the holders of the Warrants shall have the right at any time prior to the expiration of the Warrants to purchase, at a total price equal to
that payable upon the exercise of the Warrants, the kind and amount of shares of stock and other securities and property receivable in connection with such Reorganization Event by a holder of the same
number of shares of [title of Depositary Shares purchasable through the exercise of the Warrants] as were purchasable by the holders of the Warrants immediately prior to such 

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Reorganization
Event. In any such case appropriate provisions shall be made with respect to the rights and interests of the holders of the Warrants so that the provisions hereof shall thereafter be
applicable with respect to any shares of stock or other securities and property deliverable upon exercise the Warrants, and appropriate adjustments shall be made to the Warrant Price payable hereunder
provided the aggregate purchase price shall remain the same. In the case of any transaction described in clauses (ii) and (iii) above, the Company shall thereupon be relieved of any
further obligation hereunder or under the Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or
assuming entity thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been
signed by the Company, and may execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Securities upon exercise of the Warrants. All the Warrants so issued
shall in all respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as though all of such
Warrants had been issued at the date of the execution hereof. In any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants
thereafter to be issued as may be appropriate. 

        The
Warrant Agent may receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the provisions of this Section 3.4. 

        (d)   The Company may, at its option, at any time until the Expiration Date, reduce the then current Warrant Price to any
amount deemed appropriate by the Board of Directors of the Company for any period not exceeding twenty consecutive days (as evidenced in a resolution adopted by such Board of Directors), but only upon
giving the notices required by Section 3.5 at least ten days prior to taking such action. 

        (e)   Except as herein otherwise expressly provided, no adjustment in the Warrant Price shall be made by reason of the issuance
of any securities of the Company or for any other reason whatsoever. 

        (f)    No fractional Warrant Securities shall be issued upon the exercise of Warrants. If more than one Warrant shall be
exercised at one time by the same holder, the number of full Warrant Securities which shall be issuable upon such exercise shall be computed on the basis of the aggregate number of Warrant Securities
purchased pursuant to the Warrants so exercised. Instead of any fractional Warrant Security which would otherwise be issuable upon exercise of any Warrant, the Company shall pay a cash adjustment in
respect of such fraction in an amount equal to the same fraction of the last sales price (or bid price if there were no sales) per Warrant Security, in either case as reported on the New York Stock
Exchange Composite Tape on the business day which next precedes the day of exercise or, if the Warrant Securities are not then listed or admitted to trading on the New York Stock Exchange, on the
principal national securities exchange on which the Warrant Securities are listed or admitted to trading or, if not listed or admitted to trading on any national securities exchange, on the National
Market System of the National Association of Securities Dealers, Inc. Automated Quotations System ("NASDAQ"), or if the Warrant Securities are
not then listed or admitted to trading on any national securities exchange or quoted on the National Market System of NASDAQ, the average of the closing high bid and low asked prices in the
over-the-counter market, as reported by NASDAQ, or such other system then in use, or if on any such date the Warrant Securities are not quoted by any such organization, an
amount equal to the same fraction of the average of the closing bid and asked prices as furnished by any New York Stock Exchange firm selected from time to time by the Company for that purpose at the
close of business on the business day which next precedes the day of exercise. 

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        (g)   Whenever the Warrant Price then in effect is adjusted as herein provided, the Company shall mail to each holder of the
Warrants at such holder's address as it shall appear on the books of the Company a statement setting forth the adjusted Warrant Price then and thereafter effective under the provisions hereof,
together with the facts, in reasonable detail, upon which such adjustment is based. 

        3.5    Notice to Warrantholders.    In case the Company shall (a) effect any dividend or distribution described
in Section 3.4(b), (b) effect any Reorganization Event, (c) make any distribution on or in respect of the [title of Depositary Shares purchasable through exercise of
Warrants] or [title of Preferred Stock underlying Depositary Shares purchasable through the exercise of the Warrants] in connection with the dissolution,
liquidation or winding up of the Company, or (d) reduce the then current Warrant Price pursuant to Section 3.4(d), then the Company
shall mail to each holder of Warrants at such holder's address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice
stating (x) the record date for such dividend or distribution, or, if a record is not to be taken, the date as of which the holders of record of [title of Preferred Stock underlying
Depositary Shares purchasable through the exercise of Warrants] that will be entitled to such dividend or distribution are to be determined, (y) the date on which such
Reorganization Event, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of [title of Depositary Shares
purchasable through the exercise of the Warrants] of record shall be entitled to exchange their shares of [title of Depositary Shares purchasable through the exercise of the
Warrants] for securities or other property deliverable upon such Reorganization Event, dissolution, liquidation or winding up, or (z) the first date on which the then current
Warrant Price shall be reduced pursuant to Section 3.4(d). No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction or any adjustment in
the Warrant Price required by Section 3.4. 

        3.6    [If the Warrants are subject to acceleration by the Company, insert—Acceleration of Warrants by the
Company.    

        (a)   At any time on or after                        , the Company shall have the
right to accelerate any or all Warrants at any time
by causing them to expire at the close of business on the day next preceding a specified date (the "Acceleration Date"), if the Market Price (as
hereinafter defined) of the [title of Depositary Shares purchasable through the exercise of the Warrants] equals or
exceeds                        percent (            %) of the
then effective Warrant Price on any twenty Trading Days (as hereinafter defined) within a period of thirty consecutive Trading Days ending no more than five Trading Days prior to the date on which the
Company gives notice to the Warrant Agent of its election to accelerate the Warrants. 

7

  

        (b)   "Market Price" for each Trading Day shall be, if the [title of Depositary Shares purchasable through the
exercise of the Warrants] is listed or admitted for trading on the New York Stock Exchange, the last reported sale price, regular way (or, if no such price is reported, the average of the
reported closing bid and asked prices, regular way) of [title of Depositary Shares purchasable through the exercise of the Warrants], in either case as reported on the New York
Stock Exchange Composite Tape or, if the [title of Depositary Shares purchasable through the exercise of the Warrants] is not listed or admitted to trading on the New York
Stock Exchange, on the principal national securities exchange on which the [title of Depositary Shares purchasable through the exercise of the Warrants] is listed or admitted
to trading or, if not listed or admitted to trading on any national securities exchange, on the National Market System of NASDAQ or, if not listed or admitted to trading on any national securities
exchange or quoted on the National Market System of NASDAQ, the average of the closing high bid and low asked prices in the over-the-counter market, as reported by NASDAQ, or
such other system then in use, or if on any such date the shares of [title of Depositary Shares purchasable through the exercise of the Warrants] are not quoted by any such
organization, the average of the closing bid and asked prices as furnished by any New York Stock Exchange firm selected from time to time by the Company for that purpose. "Trading Day" shall be each
Monday through Friday, other than any day on which securities are not traded in the system or on the exchange that is the principal market for the [title of Depositary Shares purchasable
through the exercise of the Warrants], as determined by the Board of Directors of the Company. 

        (c)   In the event of an acceleration of less than all of the Warrants, the Warrant Agent shall select the Warrants to be
accelerated by lot, pro rata or in such other manner as it deems, in its discretion, to be fair and appropriate. 

        (d)   Notice of an acceleration specifying the Acceleration Date shall be sent by mail first class, postage prepaid, to each
registered holder of a Warrant Certificate representing a Warrant accelerated at such holder's address appearing on the books of the Warrant Agent not more than sixty days nor less than thirty days
before the Acceleration Date. Such notice of an acceleration also shall be given no more than twenty days, and no less than ten days, prior to the mailing of notice to registered holders of Warrants
pursuant to this Section 3.6, by publication at least once in a newspaper of general circulation in the City of New York. 

        (e)   Any Warrant accelerated may be exercised until [            ] p.m.,
[City] time, on the business day next preceding the Acceleration Date. The Warrant Price shall be payable as provided in Section 2.] 

ARTICLE 4  

 EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES  

        4.1    Exchange and Transfer of Warrant Certificates.    [If Other Securities with Warrants which are
immediately detachable—Upon] [If Other Securities with Warrants which are not immediately detachable—Prior to the Detachable Date, a Warrant Certificate
may be exchanged or transferred only together with the Other Security to which the Warrant Certificate was initially attached, and only for the purpose of effecting or in conjunction with an exchange
or transfer of such Other Security. Prior to any Detachable Date, each transfer of the Other Security shall operate also to transfer the related Warrant Certificates. After the Detachable Date,
upon] surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing
such Warrants or the transfer thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the
same aggregate number of Warrant Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office, books in which, subject to such reasonable
regulations as it may prescribe, it 

8

 

shall
register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate trust office for
exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and written instructions for transfer, all in form satisfactory to the
Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum sufficient to cover
any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered for
exchange or registration of transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant
Certificates duly authorized and executed by the Company, as so requested. The Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in the issuance
of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant Security or a number of Warrants for a whole number of Warrant Securities and a fraction of a Warrant Security. All Warrant
Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall be the valid obligations of the Company, evidencing the same obligations and entitled to the same
benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer. 

        4.2    Treatment of Holders of Warrant Certificates.    [If Other Securities and Warrants are not
immediately detachable—Prior to the Detachable Date, the Company, the Warrant Agent and all other persons may treat the owner of the Other Security as the owner of the Warrant Certificates
initially attached thereto for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced by such Warrant Certificates, any notice to the contrary
notwithstanding. After the Detachable Date and prior to due presentment of a Warrant Certificate for registration of transfer, the] [T]he Company, the Warrant Agent
and all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the
Warrants evidenced thereby, any notice to the contrary notwithstanding. 

        4.3    Cancellation of Warrant Certificates.    Any Warrant Certificate surrendered for exchange, registration of
transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant
Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange
therefor or in lieu thereof. The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company. 

ARTICLE 5  

 CONCERNING THE WARRANT AGENT  

        5.1    Warrant Agent.    The Company hereby
appoints                        as Warrant Agent of the Company in respect of the
Warrants and the Warrant Certificates upon the terms and subject to the conditions herein set forth, and            hereby accepts such appointment. The Warrant Agent shall have the powers
and
authority granted to and conferred upon it in the Warrant Certificates and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer
upon it. All of the terms and provisions with respect to such powers and authority contained in the Warrant Certificates are subject to and governed by the terms and provisions hereof. 

        5.2    Conditions of Warrant Agent's Obligations.    The Warrant Agent accepts its obligations herein set forth upon
the terms and conditions hereof, including the following to all of which the 

9

 

Company
agrees and to all of which the rights hereunder of the holders from time to time of the Warrant Certificates shall be subject: 

        (a)    Compensation and Indemnification.    The Company agrees
promptly to pay the Warrant Agent the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable
out-of-pocket expenses
(including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The
Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the
Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. 

        (b)    Agent for the Company.    In acting under this Warrant
Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with
any of the holders of Warrant Certificates or beneficial owners of Warrants. 

        (c)    Counsel.    The Warrant Agent may consult with counsel
satisfactory to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in good faith and in accordance with the advice of such counsel. 

        (d)    Documents.    The Warrant Agent shall be protected and shall
incur no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or
document reasonably believed by it to be genuine and to have been presented or signed by the proper parties. 

        (e)    Certain Transactions.    The Warrant Agent, and its officers,
directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent
permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body
of holders of Warrant Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant
Agent from acting as trustee under any indenture to which the Company is a party. 

        (f)    No Liability for Interest.    Unless otherwise agreed with the
Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 

        (g)    No Liability for Invalidity.    The Warrant Agent shall have no
liability with respect to any invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent's countersignature thereon). 

        (h)    No Responsibility for Representations.    The Warrant Agent
shall not be responsible for any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent's countersignature thereon), all of which are made solely by
the Company. 

        (i)    No Implied Obligations.    The Warrant Agent shall be obligated
to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates
against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a
reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under 

10

 

any
duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the
application by the Company of the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants
or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a holder of a Warrant Certificate with respect to such default, including,
without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 6.2 hereof,
to make any demand upon the Company. 

        5.3    Resignation and Appointment of Successor.    

        (a)   The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all
times be a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable. 

        (b)   The Warrant Agent may at any time resign as agent by giving written notice to the Company of such intention on its part,
specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the date
on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of
the Company and specifying such removal and the intended date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter
provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of its organization to exercise corporate trust powers) and the acceptance
of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding the resignation or removal
of the Warrant Agent. 

        (c)   In case at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be
adjudged a bankrupt or insolvent, or shall commence a voluntary case under the
Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking
possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment for the
benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for
relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted,
or any other applicable Federal or state bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a
receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the
Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the
Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such
appointment, the Warrant Agent shall cease to be Warrant Agent hereunder. 

        (d)   Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the
Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights,
powers, trusts, immunities, duties 

11

 

and
obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon
become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such
predecessor, as Warrant Agent hereunder. 

        (e)   Any corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the
Warrant Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent
shall sell or otherwise transfer all or substantially all the assets and business of the Warrant Agent, provided that it shall be qualified as
aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

 
 

ARTICLE 6    
    
    MISCELLANEOUS    
    

        6.1    Amendment.    This Agreement may be amended by the parties hereto, without the consent of the holder of any
Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters
or questions arising under this Agreement as the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall not
materially adversely affect the interests of the holders of the Warrant Certificates. 

        6.2    Notices and Demands to the Company and Warrant Agent.    If the Warrant Agent shall receive any notice or
demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the
Company. 

        6.3    Addresses.    Any communication from the Company to the Warrant Agent with respect to this Agreement shall be
addressed to                        ,
Attention:                        and any communication from the Warrant Agent to the Company with respect to this Agreement shall
be addressed to Maxim
Pharmaceuticals, Inc., 8899 University Center Lane, Suite 400, San Diego, California, 92122, Attention: Chief Financial Officer (or such other address as shall be specified in writing by the
Warrant Agent or by the Company). 

        6.4    Governing Law.    This Agreement and each Warrant Certificate issued hereunder shall be governed by and
construed in accordance with the laws of the State of                        . 

        6.5    Delivery of Prospectus.    The Company shall furnish to the Warrant Agent sufficient copies of a prospectus
meeting the requirements of the Securities Act of 1933, as amended, relating to the Warrant Securities deliverable upon exercise of the Warrants (the  "Prospectus"), and the Warrant Agent agrees
that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant
Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Securities issued upon such exercise, a Prospectus. 

        The
Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus. 

        6.6    Obtaining of Governmental Approvals.    The Company will from time to time take all action which may be
necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal and state laws
(including without limitation a registration statement in respect of the Warrants and Warrant Securities under the Securities Act of 1933, as amended), which may be or become requisite in 

12

 

connection
with the issuance, sale, transfer, and delivery of the Warrant Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the
expiration of the period during which the Warrants are exercisable. 

        6.7    Persons Having Rights Under Warrant Agreement.    Nothing in this Agreement shall give to any person other than
the Company, the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement. 

        6.8    Headings.    The descriptive headings of the several Articles and Sections of this Agreement are inserted for
convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

        6.9    Counterparts.    This Agreement may be executed in any number of counterparts, each of which as so executed
shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument. 

        6.10    Inspection of Agreement.    A copy of this Agreement shall be available at all reasonable times at the
principal corporate trust office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit his Warrant Certificate for
inspection by it. 

13

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all as of the day and year first above written. 

	 	 	MAXIM PHARMACEUTICALS, INC.
	 	 	 	 	 
	 	 	By	 	 
	 	 	 	 	

	 	 	 	 	 
	 	 	Its	 	 
	 	 	 	 	

	 	 	 	 	 
	Attest:	 	 	 	 
	 	 	 	 	 
	
	 	 	 	 
	 	 	 	 	 
	 	 	
 Warrant Agent
	 	 	 	 	 
	 	 	By	 	 
	 	 	 	 	

	 	 	 	 	 
	 	 	Its	 	 
	 	 	 	 	

	 	 	 	 	 
	Attest:	 	 	 	 
	 	 	 	 	 
	
	 	 	 	 

[SIGNATURE PAGE DEPOSITARY SHARES WARRANT AGREEMENT] 

  

 
 

Exhibit A    
    
    FORM OF WARRANT CERTIFICATE
  [Face of Warrant Certificate]    
    

	[Form if Warrants are attached to Other Securities and are not immediately detachable.	 	Prior to            , this Warrant Certificate cannot be transferred or exchanged unless attached to a [Title of Other Securities].]
	

[Form of Legend if Warrants are not immediately exercisable.	
 	

Prior to            , Warrants evidenced by this Warrant Certificate cannot be exercised.]

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT

AGENT AS PROVIDED HEREIN 

        VOID
AFTER [            ] P.M., [CITY] TIME,
ON                        , 

MAXIM
PHARMACEUTICALS, INC. 

WARRANT
CERTIFICATE REPRESENTING

WARRANTS TO PURCHASE

[TITLE OF WARRANT SECURITIES] 

	No.	 	Warrants

        This
certifies that                        or registered assigns is the registered owner of the above indicated number of Warrants,
each Warrant entitling such owner [if Warrants
are attached to Other Securities and are not immediately detachable—, subject to the registered owner qualifying as a "Holder" of this Warrant Certificate, as hereinafter
defined),] to purchase, at any time [after [            ] p.m., [City] time, on            and] on or
before [            ] p.m., [City] time,
on                        ,            shares of [Title of Warrant
Securities]
(the "Warrant Securities"), of Maxim Pharmaceuticals, Inc. (the "Company") on the following
basis: during the period from                        , through and
including                        , the exercise price per Warrant Security will be
$                        , subject to adjustment as provided in the Warrant
Agreement (as hereinafter defined) (the "Warrant Price"). The Holder may exercise the Warrants evidenced hereby by providing certain information set
forth on the back hereof and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House
funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Security with respect to which this Warrant is exercised to the
Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office of [name of
Warrant Agent], or its successor as warrant agent (the "Warrant Agent"), which is, on the date hereof, at the address specified on the
reverse hereof, and upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement (as hereinafter defined). 

        The
term "Holder" as used herein shall mean [if Warrants are attached to Other Securities and are not immediately
detachable—prior to                        ,            (the
"Detachable Date"), the registered owner of the Company's [title of
Other Securities]to which this Warrant Certificate was initially attached, and after such Detachable Date,] the person in whose name at the time this Warrant Certificate shall
be registered upon the books to be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement. 

        The
Warrants evidenced by this Warrant Certificate may be exercised to purchase a whole number of Warrant Securities in registered form. Upon any exercise of fewer than all of the
Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised. 

A-1

 

        This
Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as of                        ,
            (the "Warrant
Agreement"), between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the
Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent. 

        [If
Warrants are attached to Other Securities and are not immediately detachable—Prior to the Detachable Date, this Warrant Certificate may be exchanged or
transferred only together with the [Title of Other Securities] (the "Other Securities") to which this Warrant Certificate was
initially attached, and only for the purpose of effecting or in conjunction with, an exchange or transfer of such Other Security. Additionally, on or prior to the Detachable Date, each transfer of
such Other Security on the register of the Other Securities shall operate also to transfer this Warrant Certificate. After such date, transfer of this] [If Warrants are
attached to Other Securities and are immediately detachable—Transfer of this] Warrant Certificate may be registered when this Warrant Certificate is surrendered at the
corporate trust office of the Warrant Agent by the registered owner or such owner's assigns, in the manner and subject to the limitations provided in the Warrant Agreement. 

        [If
Other Securities with Warrants which are not immediately detachable—Except as provided in the immediately preceding paragraph, after]
[If Other Securities with Warrants which are immediately detachable or Warrants alone—After] countersignature by the Warrant Agent and prior to the expiration of
this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate number of
Warrant Securities. 

        This
Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Securities, including, without limitation, the right to receive payments of
dividends or distributions, if any, on the Warrant Securities (except to the extent set forth in the Warrant Agreement) or to exercise any voting rights. 

        Reference
is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if
set forth at this place. 

        This
Warrant Certificate shall not be valid or obligatory for any purpose until countersigned by the Warrant Agent. 

A-2

 

        IN WITNESS WHEREOF, the Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures of its
duly authorized officers. 

	Dated:	 	    
	 	MAXIM PHARMACEUTICALS, INC.
	

 	
 	

 	
 	

By	
 	

    

	 	 	 	 	Its	 	    

	

Attest:	
 	

 	
 	

 
	

    
	
 	

 	
 	

 
	Countersigned:	 	 	 	 
	

    
 As Warrant Agent	
 	

 	
 	

 
	

By	
 	

    
 Authorized Signature	
 	

 	
 	

 

A-3

 
[REVERSE OF WARRANT CERTIFICATE] 

(Instructions
for Exercise of Warrant) 

        To
exercise any Warrants evidenced hereby for Warrant Securities (as hereinafter defined), the Holder must pay, in lawful money of the United States of America, [in cash or
by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price in full for
Warrants exercised, to [Warrant Agent] [address of Warrant Agent], Attn:                        , which payment must specify the
name of the Holder and the
number of Warrants exercised by such Holder. In addition, the Holder must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered
mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business
days of the payment. 

(To
be executed upon exercise of Warrants) 

        The
undersigned hereby irrevocably elects to exercise                        Warrants, evidenced by this Warrant Certificate, to
purchase                        shares of the [Title of
Warrant Securities] (the "Warrant Securities"), of Maxim Pharmaceuticals, Inc. and represents that he has tendered payment for such
Warrant Securities, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by
bank wire transfer in immediately available funds], to the order of Maxim Pharmaceuticals, Inc., c/o [insert name and address of Warrant Agent], in the
amount of $                        in accordance with the terms hereof. The undersigned requests that said Warrant Securities be
in fully registered form in the authorized denominations, registered in such
names and delivered all as specified in accordance with the instructions set forth below. 

        If
the number of Warrants exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing the Warrants for the number of 

A-4

 

Warrant
Securities remaining unexercised be issued and delivered to the undersigned unless otherwise specified in the instructions below. 

	Dated	 	    
	 	Name	 	    
 (Please Print)
	 	 	 	 	Address	 	    

	

 	
 	

 	
 	

    

	

 	
 	

 	
 	

    
 (Insert Social Security or Other Identifying Number of Holder)	
 	

 
	

Signature Guaranteed	
 	

    
 Signature
	

 	
 	

 	
 	

(Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a bank, trust company or member broker of the New York, Midwest or Pacific Stock Exchange)

        This
Warrant may be exercised at the following addresses: 

	 	 	By hand at	 	    

	

 	
 	

 	
 	

    

	

 	
 	

 	
 	

    

	

 	
 	

By mail at	
 	

    

	

 	
 	

 	
 	

    

	

 	
 	

 	
 	

    

[Instructions
as to form and delivery of Warrant Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Securities remaining
unexercised—complete as appropriate.] 

A-5

 
ASSIGNMENT 

[Form
of assignment to be executed if

Warrant Holder desires to transfer Warrant) 

        FOR
VALUE RECEIVED,                        hereby sells, assigns and transfers unto: 

	    
	 	 
	

    
	
 	

 
	

    
 (Please print name and address including zip code)	
 	

    
 Please insert Social Security or other identifying number

the
right represented by the within Warrant to purchase            shares of [Title of Warrant Securities] of Maxim Pharmaceuticals, Inc. to which the within
Warrant relates and appoints                        attorney to transfer such right on the books of the Warrant Agent 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 the Warrant)
	

Signature Guaranteed	
 	

 
	

    
	
 	

 

A-6

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TABLE OF CONTENTS

MAXIM PHARMACEUTICALS, INC. Form of Depositary Shares Warrant Agreement

ARTICLE 6 MISCELLANEOUS

Exhibit A FORM OF WARRANT CERTIFICATE [Face of Warrant Certificate]<Page>
                                                                 Exhibit 10.5

                                                                 EXECUTION COPY

                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (this "Agreement") is entered into as of the 7
day of October, 2003, by and between Rayovac Corporation, a Wisconsin
corporation (the "Company"), and Lester Lee (the "Executive").

     WHEREAS, the Executive has been employed by Remington Products Company,
L.L.C. ("Remington") as its President, North America pursuant to a letter
agreement between the Executive and Remington dated June 6, 1997 (the "Prior
Employment Agreement");

     WHEREAS, pursuant to the Purchase Agreement dated as of August 21, 2003 by
and among the Company, Remington, Vestar Equity Partners, L.P., Investors/RP,
L.L.C., and RPI Corp., the Company has agreed to acquire all of the outstanding
membership interests of Remington (the "Transaction"), after which the Company
will integrate Remington into the Company's operations; and

     WHEREAS, the Company desires to employ the Executive upon the terms and
conditions set forth herein and the Executive is willing and able to accept such
employment on such terms and conditions.

     NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Executive
hereby agree as follows:

1.   EMPLOYMENT DUTIES AND ACCEPTANCE. The Company hereby employs the Executive,
     and the Executive agrees to serve and accept employment with the Company as
     President, Remington North America. The Executive shall remain based in
     Bridgeport, Connecticut, shall be a member of the Company's executive
     committee and shall report to the Chairman and Chief Executive Officer.
     During the Term (as defined below), the Executive shall devote all of his
     working time to such employment and appointment, shall devote his best
     efforts to advance the interests of the Company and shall not engage in any
     other business activities, as an employee, director, consultant or in any
     other capacity, whether or not he receives any compensation therefor,
     without the prior written consent of the Board of Directors of the Company
     (the "Board"). Notwithstanding the foregoing, consent is not required for
     activities established prior to the date hereof.

2.   TERM OF EMPLOYMENT. Subject to Section 4 hereof, the Executive's employment
     and appointment hereunder shall be for a term commencing on October 1, 2003
     and expiring on September 30, 2004 (the "Term").

3.   COMPENSATION. In consideration of the performance by the Executive of his
     duties hereunder, the Company shall pay or provide to the Executive the
     following compensation, which the Executive agrees to accept in full
     satisfaction for his services, it being understood that necessary
     withholding taxes, FICA contributions and the like shall be deducted from
     such compensation:

                                         1
<Page>

     (a)  BASE SALARY. The Executive shall receive a base salary equal to an
          amount no less than Three Hundred Fifty-Five Thousand dollars
          ($355,000) per annum effective October 1, 2003 for the duration of the
          Term ("Base Salary"), which Base Salary shall be paid in equal
          semi-monthly installments. The Board will review from time to time the
          Base Salary payable to the Executive hereunder and may, in its
          discretion, increase the Executive's Base Salary.

     (b)  BONUS. The Executive shall be entitled to receive the bonus that would
          have been due as an employee of Remington for calendar year 2003, if
          and when such bonus would have been due under the Remington bonus
          plan, including the Super Performance provisions as amended August 28,
          2003. The Executive shall also receive a bonus for each fiscal year
          ending during the Term, payable annually in arrears, which shall be
          based on seventy-five percent (75%) of Base Salary, provided the
          Company achieves certain annual performance goals established by the
          Board from time to time (the "Bonus"). The Executive shall be entitled
          to receive only seventy-five percent (75%) of any Bonus earned during
          the Company's fiscal year ending September 30, 2004. The Company
          contribution to bonus dollars earned and deferred in the Company's
          Deferred Compensation Plan shall be made at the time such bonus is
          paid and shall vest at the end of the Term. All amounts previously
          deferred by Executive and all Remington matching contributions shall
          vest (to the extent not already vested) and be paid promptly following
          the end of the Term.

     (c)  BENEFITS AND PERQUISITES. The Executive shall be entitled to such
          insurance, benefits and perquisites to which he was entitled as an
          employee of Remington prior to the date hereof.

     (d)  EQUITY. The Executive will award no less than $207,084 in Company
          Stock to the Executive on a date determined by the Board in its
          discretion, using the closing price on the date of the grant to
          determine the number of shares. Restrictions on the shares shall
          expire on September 30, 2004 provided that Executive is employed and
          actively working for the Company on such date. Until expiration of the
          restrictions, the shares may not be sold, assigned, transferred,
          exchanged, pledged, hypothecated, or otherwise encumbered in any
          manner by the Executive.

     (e)  VACATION. The Executive shall be entitled to four (4) weeks vacation
          each year.

     (f)  EXPENSES. The Executive shall be entitled to reimbursement of all
          reasonable and documented expenses actually incurred or paid by the
          Executive in the performance of the Executive's duties under this
          Agreement, upon presentation of expense statements, vouchers or other
          supporting information in accordance with Company policy.

                                         2
<Page>

     (g)  VEHICLE. The Executive shall be provided with the use of a leased
          vehicle or an allowance to lease a vehicle. The value of this benefit
          shall be comparable to peer members of the Executive Committee.

4.   TERMINATION AND SEVERANCE. The Company shall have the right to terminate
     the Executive's employment at any time and the Executive shall have the
     right to terminate his employment at any time. Any such termination shall
     have the effects described in this Section 4.

     (a)  If the Executive's employment with the Company is terminated prior to
          September 30, 2004 by the Company without cause or by Executive for
          "good reason", as defined in the Change of Control Agreement dated as
          of September 20, 2000 between the Executive and Remington, then the
          Executive shall be entitled to the compensation and benefits specified
          in such agreement, a copy of which is attached hereto as Exhibit A
          (the "Change of Control Agreement").

     (b)  If the Executive's employment with the Company is terminated prior to
          September 30, 2004 (i) by the Company without cause, as defined in the
          Change of Control Agreement, (ii) in the event Company requires
          Executive to relocate more than 40 miles from Bridgeport, Connecticut
          prior to September 30, 2004 or (iii) the Company materially reduces
          Executive's compensation prior to September 30, 2004 then the
          restrictions on Executive's Company stock shall expire on September
          30, 2004.

     (c)  If the Executive's employment with the Company is not terminated by
          either the Company or the Executive prior to September 30, 2004, then,
          notwithstanding anything in the Change of Control Agreement to the
          contrary, on October 1, 2004 the Executive shall be entitled to the
          compensation and benefits specified in the Change of Control Agreement
          to which the Executive would have been entitled if his employment had
          been terminated within 12 months following a Change of Control (as
          defined in the Change of Control Agreement) by Remington without
          "Cause" or by Executive for "Good Reason" (each as defined in the
          Change of Control Agreement).

     (d)  For purposes of implementing Subsections (a) and (c) above, the
          Company and the Executive agree that Exhibit B hereto sets forth the
          dollar amount of certain items of compensation and benefits specified
          in the Change of Control Agreement.

     (e)  In the event that during the Term, the Executive dies or becomes
          permanently disabled (as such term is defined in the Remington Long
          Term Disability policy, last provided by Remington as Executive's
          principal long-term disability coverage), then the Executive or his
          heirs and assigns shall be entitled to all of the payments and
          benefits provided for in this Agreement, including the payments and
          benefits described in this Section 4 and restrictions on Executive's
          Company stock shall expire on September 30, 2004.

                                         3
<Page>

5.   AGREEMENT NOT TO COMPETE.

     (a)  The Executive agrees that during the Non-Competition Period (as
          defined below), he will not, directly or indirectly, in any capacity,
          either separately, jointly or in association with others, as an
          officer, director, consultant, agent, employee, owner, principal,
          partner or stockholder of any business, or in any other capacity,
          engage or have a financial interest in any business that is involved
          in the manufacturing, sourcing, distributing, repairing, servicing or
          retail sale of men's or women's consumer electric shavers and hair
          trimming and clipping products in North America (a "Competing
          Business") (excepting only (a) the ownership of not more than 5% of
          the outstanding securities of any class listed on an exchange or the
          Nasdaq Stock Market and (b) acting as an officer, director,
          consultant, agent, employee, principal or partner of a division,
          subsidiary (direct or indirect) or parent (direct or indirect) of a
          Competing Business, which division, subsidiary (direct or indirect) or
          parent (direct or indirect) is not involved in the manufacturing,
          sourcing, distributing, repairing, servicing or retail sale of men's
          or women's consumer electric shavers or hair trimming or clipping
          products in North America. The "Non-Competition Period" is (i) the
          longer of the Executive's employment with the Company or the time
          period which he serves as a director of the Company or any subsidiary
          of the Company PLUS (ii) a period of one (1) year thereafter.

     (b)  Without limiting the generality of clause (a) above, the Executive
          further agrees that during the Non-Competition Period, he will not,
          directly or indirectly, in any capacity, either separately, jointly or
          in association with others, solicit or otherwise contact any of the
          Company's customers or prospects, as shown by the Company's records,
          that were customers or prospects of the Company at any time during the
          Non-Competition Period if such solicitation or contact is for the
          general purpose of selling products as defined in section 5 (a).

     (c)  The Executive agrees that during the Non-Competition Period, he shall
          not, other than in connection with employment for the Company, solicit
          the employment or services of any employee of Company who is or was an
          employee of Company at any time during the Term, nor hire any active
          employee of Company for any other business; provided, however that the
          provisions of this Section 5 (c) shall not apply with respect to any
          employee whose employment with the Company or Remington was terminated
          at any time following the close of the transaction.

     (d)  If a court determines that the foregoing restrictions are too broad or
          otherwise unreasonable under applicable law, including with respect to
          time or space, the court is hereby requested and authorized by the
          parties hereto to modify the foregoing restrictions to include the

                                         4
<Page>

          maximum restrictions allowed under the applicable law. The covenants
          and agreements set forth in this Section 5 shall be deemed, and shall
          be construed as, separate and independent covenants and agreements,
          and should any part or provision of such covenants or agreements be
          held invalid, void or unenforceable by any court of competent
          jurisdiction, such invalidity, voidness or unenforceability shall in
          no way render invalid, void or unenforceable any other part or
          provision thereof or any separate covenant not declared invalid, void
          or unenforceable; and this Section 5 shall in that case be construed
          as if the void, invalid or unenforceable provisions were omitted

     (e)  For purposes of this Section 5 and Section 6, the "Company" refers to
          the Company and any incorporated or unincorporated subsidiaries and
          affiliates of the Company, including Remington.

6.   SECRET PROCESSES AND CONFIDENTIAL INFORMATION.

     (a)  The Executive recognizes and acknowledges that he has had and will
          have access to certain highly sensitive, special, unique information
          of the Company that is confidential or proprietary. The Executive
          hereby covenants and agrees that he will not (except in the
          performance of his services under this Agreement): (a) use or disclose
          any Trade Secrets during the Term and for a period of five years
          thereafter for so long as they remain Trade Secrets and (b) use or
          disclose any Confidential Information during the term of his
          employment with the Company and for a period of three (3) years
          thereafter; PROVIDED, HOWEVER, that the foregoing restrictions shall
          not apply to (1) items that have entered the public domain other than
          by an unauthorized disclosure by the Executive, (2) any items required
          to be disclosed by a governmental authority or under applicable law,
          or (3) Confidential Information received subsequently from third
          parties not known by the Executive to be subject to confidentiality
          restrictions.

     (b)  For purposes of this Agreement, (A) "Trade Secret" means any currently
          existing information of the Company, including, without limitation,
          technical or non-technical data, a formula, a pattern, a compilation,
          a program, a device, a method, a technique, a set of guidelines, a
          procedure, a drawing, a process, financial data, financial plans,
          product plans, or a list of actual or potential customers or suppliers
          of the Company, that derives economic value, actual or potential, from
          not being generally known to and not being readily ascertainable by
          proper means by other persons who can obtain economic value from its
          disclosure or use and is the subject of efforts that are reasonable
          under the circumstances to maintain its secrecy or otherwise
          constitutes a trade secret under applicable law; and (B) "Confidential
          Information" is any currently existing data or information of the
          Company other than Trade Secrets, which is competitively sensitive and
          not generally known to the public.

                                         5
<Page>

     (c)  The Executive will promptly disclose to the Company and to no other
          person, firm or entity all inventions, discoveries, improvements,
          trade secrets, formulas, techniques, processes, know-how and similar
          matters, whether or not patentable and whether or not reduced to
          practice, in each case pertaining to products produced and sold by the
          Company which are conceived or learned by the Executive during the
          period of the Executive's employment with the Company, either alone or
          with others, which relate to or result from the actual or anticipated
          business or research of the Company or which result, to any extent,
          from the Executive's use of the Company's premises or property
          (collectively called the "Inventions"). The Executive acknowledges and
          agrees that all the Inventions shall be the sole property of the
          Company, and the Executive hereby assigns to the Company all of the
          Executive's rights and interests in and to all of the Inventions, it
          being acknowledged and agreed by the Executive that all the Inventions
          are works made for hire. The Company shall be the sole owner of all
          domestic and foreign rights and interests in the Inventions. The
          Executive agrees to assist the Company at the Company's expense to
          obtain and from time to time enforce patents and copyrights on the
          Inventions.

     (d)  The Executive acknowledges that all Trade Secrets and Confidential
          Information are and shall be the sole, exclusive and valuable property
          of the Company, and that he does not have and shall not acquire any
          right, title or interest therein. Any and all printed, typed, written
          or other material that the Executive may have in his possession or
          obtain with respect to Trade Secrets or Confidential Information
          (including without limitation all copyrights therein) shall be and
          remain the exclusive property of the Company, and any and all material
          (including any copies) shall, upon request of the Company, be promptly
          delivered by the Executive to the Company.

7.   NOTICES. All notices or other communications hereunder shall be in writing
     and shall be deemed to have been duly given (a) when delivered personally,
     (b) upon confirmation of receipt when such notice or other communication is
     sent by facsimile or telex, (c) one day after delivery to an overnight
     delivery courier, or (d) on the fifth day following the date of deposit in
     the United States mail if sent first class, postage prepaid, by registered
     or certified mail. The addresses for such notices shall be as follows:

     For notices and communications to the Company:

              Rayovac Corporation
              601 Rayovac Drive
              Madison, WI 53711
              Facsimile: (608) 278-6666
              Attention: James T. Lucke

     For notices and communications to the Executive:

              Lester Lee
              172 Catalpa Road
              Wilton, Connecticut 06897

                                         6
<Page>

     Any party hereto may, by notice to the other, change its address for
     receipt of notices hereunder.

8.   GENERAL.

     (a)  GOVERNING LAW. This Agreement shall be construed under and governed by
          the laws of the State of Connecticut, without reference to its
          conflicts of law principles. The parties agree that they shall submit
          to the exclusive jurisdiction of the state and federal courts located
          in the State of Connecticut with respect to any dispute arising under
          this Agreement.

     (b)  AMENDMENT; WAIVER. This Agreement may be amended, modified,
          superseded, canceled, renewed or extended, and the terms hereof may be
          waived, only by a written instrument executed by all of the parties
          hereto or, in the case of a waiver, by the party waiving compliance.
          The failure of any party at any time or times to require performance
          of any provision hereof shall in no manner affect the right at a later
          time to enforce the same. No waiver by any party of the breach of any
          term or covenant contained in this Agreement, whether by conduct or
          otherwise, in any one or more instances, shall be deemed to be, or
          construed as, a further or continuing waiver of any such breach, or a
          waiver of the breach of any other term or covenant contained in this
          Agreement.

     (c)  SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the
          Executive, without regard to the duration of his employment by the
          Company or reasons for the cessation of such employment, and inure to
          the benefit of his administrators, executors, heirs and assigns,
          although the obligations of the Executive are personal and may be
          performed only by him. This Agreement shall also be binding upon and
          inure to the benefit of the Company and its subsidiaries, successors
          and assigns, including any corporation with which or into which the
          Company or its successors may be merged or which may succeed to their
          assets or business.

     (d)  COUNTERPARTS. This Agreement may be executed in two counterparts, each
          of which shall be deemed an original but which together shall
          constitute one and the same instrument.

     (e)  NON-EXCLUSIVITY OF RIGHTS. Nothing in this Agreement shall prevent or
          limit the Executive's continuing or future participation during his
          employment hereunder in any benefit, bonus, incentive or other plan or
          program provided by the Company or any of its affiliates and for which
          the Executive may qualify. Amounts which are vested benefits or which
          the Executive is otherwise entitled to receive under any plan or
          program of the Company or any affiliated company at or subsequent to
          the date of the Executive's termination of employment with the Company
          shall, subject to the terms hereof or any other agreement entered into
          by the Company and the Executive on or subsequent to the date hereof,
          be payable in accordance with such plan or program.

                                         7
<Page>

     (f)  MITIGATION. In no event shall the Executive be obligated to seek other
          employment by way of mitigation of the amounts payable to the
          Executive under any of the provisions of this Agreement.

     (g)  EQUITABLE RELIEF. The Executive expressly agrees that breach of any
          provision of Sections 5 or 6 of this Agreement would result in
          irreparable injuries to the Company, that the remedy at law for any
          such breach will be inadequate and that upon breach of such
          provisions, the Company, in addition to all other available remedies,
          shall be entitled as a matter of right to injunctive relief in any
          court of competent jurisdiction without the necessity of proving the
          actual damage to the Company.

     (h)  ENTIRE AGREEMENT. This Agreement and the schedule hereto constitute
          the entire understanding of the parties hereto with respect to the
          subject matter hereof and supersede all prior negotiations,
          discussions, writings and agreements between them with respect to the
          subject matter hereof.

     (i)  PRIOR AGREEMENTS. Nothing in this Agreement shall be deemed to
          supercede, cancel or modify an existing agreement between the
          Executive and Remington including, but not limited to, the Change of
          Control Agreement (as modified by Section 4 hereof) and Super
          Performance Agreement as amended August 28, 2003. All of which shall
          continue in full force and effect.

     (j)  ATTORNEY'S FEES. The Company shall reimburse the Executive for any and
          all legal fees and expenses incurred by the Executive, as such fees
          and expenses are incurred, in connection with any litigation or
          dispute between the parties under this Agreement including, but not
          limited to, legal fees and expenses incurred by the Executive in
          connection with any litigation brought in good faith by the Executive
          under this Agreement. The Company shall also reimburse the Executive
          as such fees and expenses are incurred by him in connection with the
          review and negotiation of this Agreement.

                                         8
<Page>

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

                                            RAYOVAC CORPORATION

                                            By:  /s/ David A. Jones
                                               ---------------------------------
                                                 David A. Jones
                                                 Chairman and
                                                 Chief Executive Officer

EXECUTIVE:

       /s/ Lester Lee
     ----------------
Name:  Lester Lee

                                         9
<Page>
                                    EXHIBIT A
                           CHANGE OF CONTROL AGREEMENT

                                         10
<Page>
                                    EXHIBIT B
                       SEVERANCE COMPENSATION AND BENEFITS

ALL FIGURES ARE GROSS; EXECUTIVE IS RESPONSIBLE FOR TAXES AND REQUIRED
WITHHOLDING.

Value of 2 Years base salary (using annual salary of $355,000) plus one year
target bonus (75% of base = $266,250). TOTAL: $976,250

Prorated bonus if termination date occurs prior to end of fiscal year ($TBD)

Value of 2 years 401(K) contributions. TOTAL: $21,000

Value of 2 years MERP. TOTAL: $8,540

Value of 2 years Financial & Tax planning allowance. TOTAL: $6,000

Full value of Deferred Compensation Account. ($TBD)

Value of 2 years Car Allowance. ($TBD)

Value of Cash in lieu of Outplacement Services. TOTAL: $35,000

Value of 2 years Club Membership. TOTAL: $10,000

                                         11

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