Document:

exv10w88

 

Exhibit 10.88

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED
OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR
RULE 701 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE
COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT
FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE HELD BY AN AFFILIATE OF THE
COMPANY. NO SALE OR DISPOSITION OF THESE SHARES MAY BE EFFECTED EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION RELATED THERETO OR IN COMPLIANCE WITH
RULE 144 OR ITS SUCCESSOR OR PURSUANT TO AN OPINION OF COUNSEL THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

	 	 	 
	Warrant No.                    

	 	Number of Shares:
	 

	 	                   (subject to adjustment)

Date of Issuance: October 18, 2004

INSIGNIA SOLUTIONS PLC

Warrant to Purchase American Depositary Shares

     Insignia Solutions, plc (the “Company”), for value received equal to
$0.0001 per share of Warrant Stock, hereby certifies that                    or its registered assigns (the “Registered Holder”), is entitled, subject to
the terms set forth below, to have issued to it by the Company, at any time
after the six month anniversary of the date hereof and on or before the
Expiration Date (as defined in Section 6 below),                    (                   )
American depositary shares (“ADSs”) (as adjusted from time to time pursuant to
the provisions of this Warrant), with each ADS representing one ordinary share,
20 pence per share nominal value of the Company, at a per share Exercise Price
equal to $1.06 per share (subject to adjustment as hereinafter provided),
provided however that the Exercise Price shall be at least the U.S. Dollar
equivalent of 20 pence per ADS calculated by reference to the average currency
conversion rate quoted by the Bank of America in London as the price for Pounds
Sterling purchased with U.S. Dollars prevailing at the date the Warrant is
exercised. Notwithstanding any provision hereof to the contrary (and in
particular any provision relating to the adjustment of the Exercise Price), the
Company shall not be required or permitted to issue any ordinary shares under
this Warrant (or have its transfer agent or Depositary issue any ADSs), if such
issuance would breach the Company’s obligations under the United Kingdom
Companies Act 1985. The shares to be issued upon exercise of this Warrant and
the exercise price per share, as adjusted from time to time pursuant to the
provisions of this Warrant, are hereinafter referred to as the “Warrant Stock”
and the “Exercise Price,” respectively.

 

 

     This Warrant is issued pursuant to that certain American Depositary Shares
Purchase Agreement dated approximately concurrently herewith among the Company
and certain individuals and entities listed on Exhibit A thereof (the “Purchase
Agreement”). Any capitalized terms used herein, but not defined herein, shall
carry those definitions ascribed to them in the Purchase Agreement.

     1.      Fully Vested Shares on Six Month Anniversary. The shares of Warrant
Stock will become fully vested and exercisable as of the date that is six
months after the date of this Warrant.

     2.      Exercise.

          (a)      Method of Exercise. This Warrant may be exercised by the Registered
Holder, in whole or in part, by surrendering this Warrant, with the exercise
form appended hereto as Exhibit A duly executed by such Registered Holder or by
such Registered Holder’s duly authorized attorney, at the principal office of
the Company, or at such other office or agency as the Company may designate in
writing prior to the date of such exercise, accompanied by payment in full of
the Exercise Price payable in respect of the number of shares of Warrant Stock
issued upon such exercise. The Exercise Price may be paid by cash, check, wire
transfer or by the surrender of promissory notes or other instruments
representing indebtedness of the Company to the Registered Holder.

          (b)      Effective Time of Exercise. Each exercise of this Warrant shall be
deemed to have been effected immediately prior to the close of business on the
day on which this Warrant shall have been surrendered to the Company as
provided in Section 2(a) above. At such time, the person or persons in whose
name or names any certificates for Warrant Stock shall be issuable upon such
exercise as provided in Section 2(c) below shall be deemed to have become the
holder or holders of record of the Warrant Stock represented by such
certificates.

          (c)      Delivery to Holder. As soon as practicable after the exercise of this
Warrant in whole or in part, and in any event within 10 days thereafter, the
Company at its expense will cause to be issued in the name of, and delivered
to, the Registered Holder, or as such Registered Holder (upon payment by such
Registered Holder of any applicable transfer taxes) may direct:

                    (i)      an American Depositary Receipt representing such number of shares of
Warrant Stock to which such Registered Holder shall be entitled, and

                    (ii)      in case such exercise is in part only, a new warrant or warrants
(dated the date hereof) of like tenor, calling in the aggregate on the face or
faces thereof for the number of shares of Warrant Stock equal (giving effect to
any adjustment therein) to the number of such shares called for on the face of
this Warrant minus the number of such shares issued to the Registered Holder
upon such exercise as provided in Section 2(a) above.

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     3.      Adjustments.

     The following provisions in relation to adjustments shall be subject to
the provisions in the opening clause of this Warrant relating to the minimum
Exercise Price and to breaches of the United Kingdom Companies Act 1985:

          (a)      Share subdivision and Dividends. If the Company’s outstanding shares
shall be subdivided into a greater number of shares or a dividend in ordinary
shares shall be paid in respect of the ADSs, the Exercise Price in effect
immediately prior to such subdivision or at the record date of such dividend
shall simultaneously with the effectiveness of such subdivision or immediately
after the record date of such dividend be proportionately reduced, subject to
the proviso that the Exercise Price shall never be less than the US Dollar
equivalent to 20 pence on the date of exercise. If outstanding shares shall be
combined into a smaller number of shares, the Exercise Price in effect
immediately prior to such combination shall, simultaneously with the
effectiveness of such combination, be proportionately increased. When any
adjustment is required to be made in the Exercise Price, the number of shares
of Warrant Stock to be issued upon the exercise of this Warrant shall be
changed to the number determined by dividing (i) an amount equal to the number
of shares issuable upon the exercise of this Warrant immediately prior to such
adjustment, multiplied by the Exercise Price in effect immediately prior to
such adjustment, by (ii) the Exercise Price in effect immediately after such
adjustment.

          (b)      Merger, Sale, Reclassification, Etc. In case of any (i) sale or other
disposal of all or substantially all of the Company’s assets or distribution of
property to shareholders (other than distributions payable out of distributable
profits available for that purpose), (ii) reclassification, change or
conversion of the share capital of the Company or of any reorganization of the
Company (or any other company the shares or securities of which are at the time
receivable upon the exercise of this Warrant) or (iii) any similar corporate
reorganization on or after the date hereof, then and in each such case the
holder of this Warrant, upon the exercise hereof at any time thereafter shall
be entitled to receive, in lieu of the shares or other securities and property
receivable upon the exercise hereof prior to such sale or other disposal,
reclassification, change, conversion or reorganization, the shares or property
to which such holder would have been entitled upon such consummation if such
holder had exercised this Warrant immediately prior thereto, all subject to
further adjustment as provided in Section 3(a) or 3(b); and in each such case,
the terms of this Section 3 shall be applicable to the shares or other
securities properly receivable upon the exercise of this Warrant after such
sale or other disposal, reclassification, change, conversion or reorganization.

          (c)      Adjustment Certificate. When any adjustment is required to be made in
the Warrant Stock or the Exercise Price pursuant to this Section 3, the Company
shall promptly mail to the Registered Holder a certificate setting forth (i) a
brief statement of the facts requiring such adjustment, (ii) the Exercise Price
after such adjustment and (iii) the kind and amount of shares or other
securities or property into which this Warrant shall be exercisable after such
adjustment.

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     4.      Transfers.

          (a)      Unregistered Security. Each holder of this Warrant acknowledges that
this Warrant and the Warrant Stock have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), and agrees not to
sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this
Warrant or any Warrant Stock issued upon its exercise in the absence of (i) an
effective registration statement under the Securities Act as to this Warrant or
such Warrant Stock and registration or qualification of this Warrant or such
Warrant Stock under any applicable U.S. federal or state securities law then in
effect or (ii) an opinion of counsel, reasonably satisfactory to the Company,
that such registration and qualification are not required. Each certificate or
other instrument for Warrant Stock issued upon the exercise of this Warrant
shall bear a legend substantially to the foregoing effect.

          (b)      Transferability. Subject to the provisions of Section 4(a) hereof,
this Warrant and all rights hereunder are transferable, in whole or in part, to
(i) any entity controlling, controlled by or under common control of the
Registered Holder that is not in the good faith determination of the Company’s
Board of Directors involved in a business that is competitive with the
Company’s business, or (ii) to any other proposed transferee of at least fifty
percent (50%) of the Warrant Shares by surrendering the Warrant with a properly
executed assignment (in the form of Exhibit B hereto) at the principal office
of the Company.

          (c)      Warrant Register. The Company will maintain a register containing the
names and addresses of the Registered Holders of this Warrant. Until any
transfer of this Warrant is made in the warrant register, the Company may treat
the Registered Holder of this Warrant as the absolute owner hereof for all
purposes; provided, however, that if this Warrant is properly assigned in
blank, the Company may (but shall not be required to) treat the bearer hereof
as the absolute owner hereof for all purposes, notwithstanding any notice to
the contrary. Any Registered Holder may change such Registered Holder’s
address as shown on the warrant register by written notice to the Company
requesting such change.

     5.      No Impairment. The Company will not, by amendment of its memorandum
and articles of association or through reorganization, dissolution, sale of
assets or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will (subject to Section
14 below) at all times in good faith assist in the carrying out of all such
terms and in the taking of all such action as may be necessary or appropriate
in order to protect the rights of the holder of this Warrant against
impairment.

     6.      Termination. This Warrant (and the right to purchase securities upon
exercise hereof) shall terminate on the earlier of: (i) April 18, 2010 or (ii)
the closing of any sale of all or substantially all of the assets of the
Company, or any transaction or series of related transactions in which the
Company’s shareholders (which shall include, for the avoidance of doubt,
indirect shareholders who hold ADSs through the depositary) immediately prior
thereto own less than a majority of the voting shares of the Company (or its
successor or parent) immediately thereafter (an “Acquisition”) (the “Expiration
Date”).

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     7.      Notices of Certain Transactions. In case:

          (a)      the Company shall take a record of the holders of its Ordinary Shares
(including ADSs) (or other stock or securities at the time deliverable upon the
exercise of this Warrant) for the purpose of entitling or enabling them to
receive any dividend or other distribution, or to receive any right to
subscribe for or purchase any shares of any class or any other securities, or
to receive any other right, to subscribe for or purchase any shares of stock of
any class or any other securities, or to receive any other right, or

          (b)      of any capital reorganization of the Company, any reclassification of
the share capital of the Company, or

          (c)      of the voluntary or involuntary dissolution, liquidation or winding-up
of the Company,

then, and in each such case, the Company will mail or cause to be mailed to the
Registered Holder of this Warrant a notice specifying, as the case may be, (i)
the date on which a record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such reorganization,
reclassification, transfer, dissolution, liquidation or winding-up is to take
place, and the time, if any is to be fixed, as of which the holders of record
of Ordinary Shares (including ADSs) (or such other securities at the time
deliverable upon such reorganization, reclassification, transfer, dissolution,
liquidation or winding-up) are to be determined.

     8.      Reservation of Stock. The Company shall ensure that it will have
sufficient authorized but unissued share capital out of which it can allot and
issue such shares of Warrant Stock as may need to be issued to the Registered
Holder upon the exercise of this Warrant.

     9.      Exchange of Warrants. Upon the surrender by the Registered Holder of
any Warrant or Warrants, properly endorsed, to the Company at the principal
office of the Company, the Company will, subject to the provisions of Section 4
hereof, issue and deliver to or upon the order of such Holder, at the Company’s
expense, a new Warrant or Warrants of like tenor, in the name of such
Registered Holder or as such Registered Holder (upon payment by such Registered
Holder of any applicable transfer taxes) may direct, calling in the aggregate
on the face or faces thereof for the number of shares of ADSs called for on the
face or faces of the Warrant or Warrants so surrendered.

     10.      Replacement of Warrants. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of
an indemnity agreement (with surety if reasonably required) in an amount
reasonably satisfactory to the Company, or (in the case of mutilation) upon
surrender and cancellation of this Warrant, the Company will issue, in lieu
thereof, a new Warrant of like tenor.

     11.      Notices. Any notice required or permitted by this Warrant shall be in
writing and shall be deemed duly given upon receipt, when delivered personally
or by courier, overnight

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delivery service or confirmed facsimile, or 48 hours after being deposited
in the regular mail as certified or registered mail (airmail if sent
internationally) with postage prepaid, addressed (a) if to the Registered
Holder, to the address of the Registered Holder most recently furnished in
writing to the Company and (b) if to the Company, to the address set forth on
the signature page of this Warrant or as subsequently modified by written
notice to the Registered Holder.

     12.      No Rights as Stockholder. Until the exercise of this Warrant, the
Registered Holder of this Warrant shall not have or exercise any rights by
virtue hereof as a shareholder of the Company.

     13.      No Fractional Shares. No fractional shares of ADSs will be issued in
connection with any exercise hereunder.

     14.      Amendment or Waiver. Any term of this Warrant may be amended or
waived upon written consent of the Company and the registered holders of at
least 80% of the ADSs issuable upon exercise of the outstanding warrants
purchased pursuant to the Purchase Agreement. By acceptance hereof, the
Registered Holder acknowledges that in the event the required consent is
obtained, any term of this Warrant may be amended or waived with or without the
consent of the Registered Holder; provided, however, that any amendment hereof
that would materially adversely affect the Registered Holder in a manner
different from the holders of the remaining warrants issued pursuant to the
Purchase Agreement shall also require the consent of Registered Holder.

     15.      Headings. The headings in this Warrant are for purposes of reference
only and shall not limit or otherwise affect the meaning of any provision of
this Warrant.

     16.      Governing Law. This Warrant and all acts and transactions pursuant
hereto and the rights and obligations of the parties hereto shall be governed,
construed and interpreted in accordance with the laws of the State of
California, without giving effect to principles of conflicts of law.

     17.      Registration Rights. The Warrant Shares are subject to the re-sale
registration rights described in the Registration Rights Agreement by and
between the Company and the Registered Holder and dated concurrently herewith.

     18.      Representations and Covenants of the Holder. This Warrant has been
entered into by the Company in reliance upon the following representations and
covenants of the Registered Holder:

          (a)      Investment Purpose. The Registered Holder is acquiring the Warrant
and the ADSs issuable upon exercise of the Warrant for its own account, not as
a nominee or agent and with no present intention of selling or otherwise
distributing any part thereof.

          (b)      Private Issue. The Registered Holder understands, except as provided
in the Registration Rights Agreement, (i) that neither the Warrant nor the ADSs
issuable upon exercise of this Warrant is, nor will be, registered under the
Securities Act or qualified under

-6-

 

applicable state securities laws on the ground that the issuance
contemplated by this Warrant will be exempt from the registration and
qualifications requirements thereof pursuant to Section 4(2) of the Securities
Act and any applicable state securities laws, and (ii) that the Company’s
reliance on such exemption is predicated on the representations set forth in
this Section 18.

          (c)      Disposition of Holder’s Rights. In no event will the Registered
Holder make a disposition of the Warrant or the ADSs issuable upon exercise of
the Warrant in the absence of (i) an effective registration statement under the
Securities Act as to this Warrant or such Warrant Stock and registration or
qualification of this Warrant or such Warrant Stock under any applicable U.S.
federal or state securities law then in effect or (ii) an opinion of counsel,
reasonably satisfactory to the Company, that such registration and
qualification are not required. Notwithstanding the foregoing, the
restrictions imposed upon the transferability of any of its rights to acquire
ADSs do not apply to transfers from the beneficial owner of any of the
aforementioned securities to its nominee or from such nominee to its beneficial
owner, and shall terminate as to any particular ADS when (1) such security
shall have been effectively registered under the Securities Act and sold by the
holder thereof in accordance with such registration or (2) such security shall
have been sold without registration in compliance with Rule 144 under the
Securities Act, or (3) a letter shall have been issued to the Registered Holder
at its request by the staff of the Securities and Exchange Commission (the
“SEC”) or a ruling shall have been issued to the Registered Holder at its
request by the SEC stating that no action shall be recommended by such staff or
taken by SEC, as the case may be, if such security is transferred without
registration under the Securities Act in accordance with the conditions set
forth in such letter or ruling and such letter or ruling specifies that no
subsequent restrictions on transfer are required. Whenever the restrictions
imposed hereunder shall terminate, as hereinabove provided, the Registered
Holder or holder of an ADS then outstanding as to which such restrictions have
terminated shall be entitled to receive from the Company, without expense to
such holder, one or more new certificates for the Warrant or for such ADSs not
bearing any restrictive legend.

          (d)      Financial Risk. The Registered Holder has such business and financial
experience as is required to give it the capacity to protect its own interests
in connection with its investment.

          (e)      Accredited Investor. The Registered Holder is an “accredited
investor” as defined by Rule 501 of Regulation D under the Securities Act, as
presently in effect.

          (f)      4.99% Maximum Share Holding. Notwithstanding anything to the contrary
contained herein, the Holder shall not exercise this Warrant to the extent (but
only to the extent) that such Holder would be the beneficial owner of more then
4.99% of the shares of the Company’s common stock outstanding thereafter. For
purposes of this paragraph, beneficial ownership and all determinations and
calculations shall be determined and calculated in accordance with Secion 13(d)
of the Securities Exchange Act of 1934, as amended, and all applicable rules
and regulations thereunder. It is expressly a term of this Warrant that the
limitations set forth herein shall apply to each successive holder of any of
this Warrant. The foregoing restriction may not be altered, amended, deleted
or changed in any manner whatsoever unless the holders of a majority of the
Company’s outstanding shares of common stock and the Holder (or any successive
holder) approve such alteration, amendment, deletion or change.

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          (g)      Financial Services and Markets Act 2000 (Financial Promotion) Order
2001 (S12001/1335), as amended, (“FPO”). To the extent that the Purchaser is a
resident of the United Kingdom or would otherwise be subject to the Financial
Services and Markets Act 2000, the Purchaser is either a person of a kind
described in Article 19 (Investment Professionals), Article 49 (High Net Worth
Companies, Unincorporated Association etc.) and/or Article 50 (Sophisticated
Investors) of FPO, as presently in effect.

     19.      Representations and Warranties of the Company. This Warrant has been
entered into by the Registered Holder in reliance upon the following
representations and covenants of the Company:

          (a)      Authorization. The Warrant has been duly executed and delivered by
the Company and constitutes a legal, valid and binding obligation of the
Company enforceable in accordance with its terms, subject to laws of general
application relating to bankruptcy, insolvency and the relief of debtors and
rules of law governing specific performance, injunctive relief or other
equitable remedies.

          (b)      Valid Issuance. The Warrant Stock is duly authorized and reserved for
issuance, and when issued, sold and delivered in accordance with the terms of
this Warrant will be duly and validly issued and fully paid.

          (c)      No Conflict. The execution and delivery of this Warrant do not, and
the consummation of the transactions contemplated hereby will not, conflict
with, or result in any violation of, breach or default (with or without notice
or lapse of time, or both), or give rise to a right of termination,
cancellation or acceleration of any obligation or to a loss of a material
benefit, under, any provision of the memorandum and articles of association of
the Company or any material agreement attached as an exhibit to the Company’s
SEC Documents (as defined in the Purchase Agreement), or any judgment, order,
decree, statute, law, ordinance, rule, listing requirement or regulation
applicable to the Company, its properties or assets, which conflict, violation,
default or right would have a material adverse effect on the business,
properties, prospects, financial condition or operations of the Company.

     20.      Counterparts. This Warrant may be executed in counterparts, and each
such counterpart shall be deemed an original for all purposes.

[Signature Pages Follow]

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     IN WITNESS WHEREOF, the parties have executed this Warrant to Purchase
American Depositary Shares as of the date first above written.

	 	 	 
	 

	 	INSIGNIA SOLUTIONS, PLC
	

	 	

By:                                      

Name:                                      

                    (print)

Title:                                      

Address:
	

	 	41300 Christy Street
	

	 	Fremont, CA 94538-3115
	

	 	Attention: Chief Financial Officer
	

	 	

Fax Number: (510) 360-3701

AGREED TO AND ACCEPTED BY:

_____________________________

PRINT LEGAL NAME

By ___________________________

Name: ________________________

                    (print)

Title: ________________________

Address:

_____________________________

_____________________________

Fax Number: ___________________

SIGNATURE PAGE TO COMMON STOCK WARRANT

 

 

EXHIBIT A

PURCHASE/EXERCISE FORM

			
	To: Insignia Solutions, plc
	 	Dated:                                      

     The undersigned, pursuant to the provisions set forth in the attached
Warrant No.                    , hereby irrevocably elects to purchase                     American
depositary shares covered by such Warrant and herewith makes payment of $
                   , representing the full purchase price for such shares at the price
per share provided for in such Warrant.

     The undersigned acknowledges that it has reviewed the representations and
warranties contained in Section 18 of the Warrant, including subsection (f)
with regard to the number of shares held by the undersigned, and by its
signature below hereby makes such representations and warranties to the
Company. The undersigned has delivered currently herewith a representation
letter, signed by the undersigned, stating the number of shares of the Company
held by the undersigned immediately prior to the exercise of this Warrant and
representing that the exercise of the Warrant (or portion hereof) would not
violate the provision of Section 18(f). Defined terms contained in such
representations and warranties shall have the meanings assigned to them in the
Warrant.

	 	 	 
	 

	 	Signature::                                      

Name (print)::                                      

Title (if applic.)::                                      

Company (if applic.)::                                      

 

 

 

EXHIBIT B

ASSIGNMENT FORM

     FOR VALUE RECEIVED,                                                           hereby
sells, assigns and transfers all of the rights of the undersigned under the
attached Warrant with respect to the number of American depositary shares
covered thereby set forth below, unto:

	 	 	 	 	 	 	 	 	 	 	 
	Name of Assignee
	 	Address/Fax Number
	 	No. of Shares

	 	 	 
	Dated:                                      

	 	Signature:                                      

                                                         

Witness:exv10w89

 

Exhibit 10.89

INSIGNIA SOLUTIONS, PLC

REGISTRATION RIGHTS AGREEMENT

	WHITE TEXT

October 18, 2004

 

 

INSIGNIA SOLUTIONS, PLC

REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (the “Agreement”) is made as of the
18th day of October, 2004, by and among Insignia Solutions, PLC, a public
limited company incorporated under the laws of England and Wales (registered
number: 1961960), the individuals and entities listed on the signature pages
hereto (each an “Investor” and collectively the “Investors”) and Nash
Fitzwilliams Ltd. (the “Placement Agent”).

RECITALS

     The Company and the Investors have entered into a American Depositary
Shares Purchase Agreement (the “Purchase Agreement”) of even date herewith
pursuant to which the Company has agreed to issue to the Investors and the
Investors have agreed to purchase from the Company American depositary shares
(“ADSs”), each ADS representing one ordinary share, with a par value of 20
pence per share, of the Company (the “Purchased Shares”) and Closing Date
Warrants and, pursuant to the Purchase Agreement if the Registration Statement
is not declared effective with the Securities and Exchange Commission before
the Effectiveness Deadline, one or more Monthly Penalty Warrants (the Closing
Date Warrants and the Monthly Penalty Warrants, if any, are collectively the
“Investor Warrants”) to purchase the Company’s ADSs. In addition, the Company
and the Placement Agent have entered into an engagement letter (the “Placement
Agent Letter”) pursuant to which the Company has agreed to issue to the
Placement Agent a warrant exercisable for ADSs (the “Placement Agent Warrant”).

     A condition to each Investor’s obligations under the Purchase Agreement
and the Placement Agent’s obligations under the Placement Agent Letter is that
the Company enter into this Agreement in order to provide the Investor and the
Placement Agent with certain rights to register the Shares (as defined below).
The Company and the Investors each desire to induce the Investors to purchase
the Purchased Shares and the Investor Warrants pursuant to the Purchase
Agreement by agreeing to the terms and conditions set forth herein. Likewise,
the Company and the Placement Agent each desire to induce the Placement Agent
to perform its duties and exercise the Placement Agent Warrant by agreeing to
the terms and conditions set forth herein.

     All capitalized terms not otherwise defined herein shall have the meanings
ascribed in the Purchase Agreement.

AGREEMENT

     The parties hereby agree as follows:

          1. Registration Rights. The Company and the Investors covenant and agree
as follows:

               1.1 Definitions. For purposes of this Section 1 (terms defined in the
singular shall apply to the plural form and vice-versa):

 

 

                    (a) The terms “register,” “registered,” and “registration” refer to a
registration effected by preparing and filing a Registration Statement or
similar document in compliance with the Securities Act of 1933, as amended (the
“Act”), or any similar successor federal statute and the rules and regulations
thereunder in effect from time to time, and the declaration or ordering of
effectiveness of such Registration Statement or document by the SEC;

                    (b) The term “Registrable Securities” means (i) the ADSs issued under the
Purchase Agreement and on exercise of the Investor Warrants and the Placement
Agent Warrant (such American depositary shares are collectively referred to
hereinafter as the “Shares”), and (ii) any other Ordinary Shares (including
ADSs) of the Company issued as (or issuable upon the conversion or exercise of
any warrant, right or other security which is issued as) a dividend or other
distribution with respect to, or in exchange for or in replacement of, the
Shares, provided, that the foregoing definition shall exclude in all cases any
Registrable Securities sold by a person in a transaction in which its rights
under this Agreement are not assigned. Notwithstanding the foregoing, ADSs or
other securities shall only be treated as Registrable Securities if and so long
as they have not (A) been sold to or through a broker or dealer or underwriter
in a public distribution or a public securities transaction, or (B) been sold
in a transaction exempt from the registration and prospectus delivery
requirements of the Act under Section 4(1) thereof so that all transfer
restrictions, and restrictive legends with respect thereto, if any, are removed
upon the consummation of such sale or (C) with regard to any individual Holder,
become eligible for sale without limitation as to volume in any three month
period pursuant to Rule 144;

                    (c) The number of shares of “Registrable Securities then outstanding”
shall be determined by the number of ADSs outstanding which are, and the number
of shares of ADSs issuable pursuant to then exercisable or convertible
securities which are, Registrable Securities;

                    (d) The term “Holder” means any person owning or having the right to
acquire Registrable Securities or any assignee thereof in accordance with this
Agreement;

                    (e) The term “Form S-3” means such form under the Act as in effect on the
date hereof or any successor form under the Act; and

                    (f) The term “SEC” means the Securities and Exchange Commission.

               1.2 Form S-3 Registration.

               (a) Registration. Subject to the terms and conditions of this Agreement,
on or before the date that is thirty (30) days after the Closing of the
Purchase Agreement (the “Filing Deadline”), the Company will file with the SEC
a Registration Statement on Form S-3 (the “Registration Statement”) in order to
register the Shares for registration thereon, and will use its reasonable best
efforts to effect the Registration Statement as soon as practicable, subject to
the terms of this Agreement, and effect any related qualification or compliance
with respect to all Registrable Securities owned by the Holders as soon as
practicable

-2-

 

thereafter, subject to the Company’s ability to defer filing the
Registration Statement pursuant to subsection 1.2(b)(ii) below.

               (b) Mechanics. Pursuant to its obligations under Section 1.2(a) above,
the Company will:

                    (i) promptly give written notice of the registration, and any related
qualification or compliance, to the Investors;

                    (ii) use its reasonable best efforts to effect such registration and all
such qualifications and compliances as may be necessary and as would permit or
facilitate the sale and distribution of all of the Investors’ Registrable
Securities; provided, however, that the Company shall not be obligated to
effect any such registration, qualification or compliance, pursuant to this
Section 1.2 if the Company shall furnish to the Investors a certificate signed
by the President of the Company stating that in the good faith reasonable
judgment of the Board of Directors of the Company (with the concurrence of the
managing underwriter, if any), the filing of the Registration Statement would
adversely affect, or require premature disclosure of, any filing, financing,
acquisition or reorganization involving the Company, in which event the Company
shall have the right to defer the filing of the Registration Statement for a
reasonable period of time, which shall not exceed thirty (30) days after the
Filing Deadline under this Section 1.2; and

                    (iii) any and all expenses incurred in connection with the Registration
Statement filed pursuant to this Section 1.2 shall be borne by the Company,
including all registration, filing, qualification, printers’ and accounting
fees but excluding any underwriters’ discounts or commissions or fees and
disbursements for counsel to the Investors, provided however that the Company
shall reimburse the Holders for up to $10,000 in fees and disbursements for a
single counsel for the Investors.

               1.3 Obligations of the Company. Whenever required under this Section 1 to
effect the registration of any Registrable Securities, the Company shall, as
expeditiously as reasonably possible:

                    (a) Prepare and file with the SEC the Registration Statement with respect
to such Registrable Securities and use its reasonable best efforts to cause
such registration statement to become effective and to keep the Registration
Statement effective until the earlier of: (i) two years after the Closing Date;
(ii) the date when all of the Registrable Securities covered by the
Registration Statement are sold; or (iii) the date when Rule 144(k) is
available with respect to all of the securities covered by such Registration
Statement.

                    (b) Prepare and file with the SEC such amendments, including Registration
Statements, and supplements to such Registration Statement and the prospectus
used in connection with such Registration Statement as may be necessary to
comply with the provisions of the Act with respect to the disposition of all
securities covered by such Registration Statement.

-3-

 

                    (c) Furnish to the Holders such numbers of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the
Act, and such other documents as they may reasonably request in order to
facilitate the disposition of Registrable Securities owned by them.

                    (d) Use its best efforts to register and qualify the securities covered by
such Registration Statement under such other securities or blue sky laws of
such jurisdictions as shall be reasonably requested by the Holders, provided
that the Company shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions.

                    (e) Notify each Holder of Registrable Securities covered by such
Registration Statement at any time when a prospectus relating thereto is
required to be delivered under the Act of the happening of any event as a
result of which the prospectus included in such Registration Statement, as then
in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing. In
such circumstance, the Company will use reasonable commercial efforts to
promptly update such prospectus to correct such untrue statement or disclose
the necessary material facts within the period of time the Company may delay
sales under Section 1.4(a)(iii) below.

                    (f) Cause all such Registrable Securities registered pursuant hereunder to
be listed on each securities exchange on which similar securities issued by the
Company are then listed.

          1.4 Restrictions on and Procedure for Sales Pursuant to a Registration
Statement.

                    (a) Each Holder agrees to the following:

                         (i) Notice to Company. If any Holder shall propose to sell any Shares,
the Holder shall notify the Company of its intent to do so on or before one (1)
business day prior to the date of such sale (the “Notice of Sale”), and the
provision of the Notice of Sale to the Company shall conclusively be deemed to
establish an agreement by such Holder to comply with the registration
provisions herein described. The Notice of Sale shall be deemed to constitute
a representation that any information previously supplied by such Holder is
accurate as of the date of such Notice of Sale.

                         (ii) Notice of Sale. The Notice of Sale in substantially the form
attached as Exhibit A shall be given in accordance with the provisions of
Section 3.5 hereof. However, the Holder may give the Notice of Sale orally by
telephoning the Chief Financial Officer at the Company at (510) 360-3786. An
oral Notice of Sale shall be deemed to have been received only at such time as
the selling Holder speaks directly with the Chief Financial Officer. In
addition, an oral Notice of Sale shall only be deemed effective if it is
followed by a written Notice of Sale received by the Company by personal
delivery or facsimile within twenty-four (24) hours after giving the oral
Notice of Sale.

-4-

 

                         (iii) Delay of Sale. The Company may refuse to permit the Holder to
resell any Shares for a period of time not to exceed 30 days; provided,
however, that in order to exercise this right, the Company must deliver a
certificate in writing to the Holder to the effect that the Registration
Statement in its then current form contains an untrue statement of material
fact or omits to state a material fact necessary in order to make the
statements made therein, in light of the circumstances under which they were
made, not misleading. During any suspension period as contemplated by this
Section 1.4 (a)(iii), of which there shall be no more than two (2) in any
twelve (12) month period, the Company will not allow any of its officers or
directors to buy or sell shares of the Company’s securities.

                    (b) Representations of Holders. Each Holder hereby represents to and
covenants with the Company that, during the period in which any Registration
Statement effected pursuant to Section 1.2 remains effective, such Holder will:

                         (i) not engage in any stabilization activity in connection with any of the
Company’s securities;

                         (ii) cause to be furnished to any purchaser of the Shares and to the
broker-dealer, if any, through whom Shares may be offered, a copy of the
Prospectus; and

                         (iii) not bid for or purchase any securities of the Company or any rights
to acquire the Company’s securities, or attempt to induce any person to
purchase any of the Company’s securities or any rights to acquire the Company’s
securities, in each case, other than as permitted under the Exchange Act.

                    (c) Information for Use in Registration Statement. Each Holder covenants
to the Company that such Holder will complete the information requested by the
Selling Holder’s Questionnaire attached as Exhibit B hereto (the
“Questionnaire”), and further covenants to the Company that all information
provided by such Holder in the Questionnaire will be true, accurate and
complete as of the date provided. Each Holder understands that the written
information in the Questionnaire and all written representations made in this
Agreement are being provided to the Company specifically for use in, or in
connection with, the Registration Statement and the Prospectus, and has
executed this Agreement with such knowledge.

          1.5 Furnish Information. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Section 1 with
respect to the Registrable Securities of any selling Holder that such Holder
shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such
securities as shall be required to effect the registration of such Holder’s
Registrable Securities.

          1.6 Delay of Registration. No Holder shall have any right to obtain or
seek an injunction restraining or otherwise delaying any such registration as
the result of any dispute that might arise with respect to the interpretation
or implementation of this Section 1.

-5-

 

          1.7 Indemnification. In the event any Registrable Securities are included
in a Registration Statement under this Section 1:

               (a) To the extent permitted by law, the Company will indemnify and hold
harmless each Holder, each Holder’s affiliates, and their respective officers,
directors, employees, representatives and agents, any underwriter (as defined
in the Act) for such Holder and each person, if any, who controls such Holder
or underwriter within the meaning of the Act or the Exchange Act, against any
losses, claims, damages, or liabilities (joint or several) to which they may
become subject under the Act, the Exchange Act or other federal or state law,
insofar as such losses, claims, damages, or liabilities (or actions in respect
thereof) arise out of or are based upon any of the following statements,
omissions or violations (collectively a “Violation”): (i) any untrue statement
or alleged untrue statement of a material fact contained in such Registration
Statement, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto, (ii) the omission or alleged
omission to state therein a material fact required to be stated therein, or
necessary to make the statements therein, in light of the circumstances in
which they were made, not misleading, or (iii) any violation or alleged
violation by the Company of the Act, the Exchange Act, any state securities law
or any rule or regulation promulgated under the Act, the Exchange Act or any
state securities law; and the Company will, to the extent permitted by law, pay
to each such Holder, underwriter or controlling person, as incurred, any legal
or other expenses reasonably incurred by them in connection with investigating
or defending any such loss, claim, damage, liability, or action; provided,
however, that the indemnity agreement contained in this subsection 1.7(a) shall
not apply to amounts paid in settlement of any such loss, claim, damage,
liability, or action if such settlement is effected without the consent of the
Company (which consent shall not be unreasonably withheld), nor shall the
Company be liable in any such case for any such loss, claim, damage, liability,
or action to the extent that it arises out of or is based upon a Violation
which occurs in reliance upon and in conformity with written information
furnished expressly for use in connection with such registration by any such
Holder, underwriter or controlling person.

               (b) To the extent permitted by law, each selling Holder will severally
indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the Registration Statement, each person, if any, who
controls the Company within the meaning of the Act, any underwriter, any other
Holder selling securities in such Registration Statement and any controlling
person of any such underwriter or other Holder, against any losses, claims,
damages, or liabilities (joint or several) to which any of the foregoing
persons may become subject, under the Act, the Exchange Act or other federal or
state law, insofar as such losses, claims, damages, or liabilities (or actions
in respect thereto) arise out of or are based upon any Violation, in each case
to the extent (and only to the extent) that such Violation occurs in reliance
upon and in conformity with written information furnished by such Holder
expressly for use in connection with such registration; and each such Holder
will pay, as incurred, any legal or other expenses reasonably incurred by any
person intended to be indemnified pursuant to this subsection 1.7(b), in
connection with investigating or defending any such loss, claim, damage,
liability, or action; provided, however, that the indemnity agreement contained
in this subsection 1.7(b) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Holder, which consent shall not be unreasonably
withheld; provided, that, in no event shall any indemnity

-6-

 

under this subsection 1.7(b) exceed the net proceeds from the offering
received by such Holder, except in the case of willful fraud by such Holder.

               (c) Promptly after receipt by an indemnified party under this Section 1.7
of notice of the commencement of any action (including any governmental
action), such indemnified party will, if a claim in respect thereof is to be
made against any indemnifying party under this Section 1.7, deliver to the
indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party
(together with all other indemnified parties which may be represented without
conflict by one counsel) shall have the right to retain one separate counsel,
with the reasonable fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by
such counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action, if prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
1.7, but the omission so to deliver written notice to the indemnifying party
will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 1.7.

               (d) If the indemnification provided for in this Section 1.7 is held by a
court of competent jurisdiction to be unavailable to an indemnified party with
respect to any loss, liability, claim, damage, or expense referred to therein,
then the indemnifying party, in lieu of indemnifying such indemnified party
hereunder, shall, to the extent permitted by law, contribute to the amount
paid or payable by such indemnified party as a result of such loss, liability,
claim, damage, or expense in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and of the indemnified
party on the other in connection with the statements or omissions that resulted
in such loss, liability, claim, damage, or expense as well as any other
relevant equitable considerations; provided, that, in no event shall any
contribution by a Holder under this Subsection 1.7(d) exceed the net proceeds
from the offering received by such Holder, except in the case of willful fraud
by such Holder. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative
intent, knowledge, access to information, and opportunity to correct or prevent
such statement or omission.

               (e) The obligations of the Company and Holders under this Section 1.7
shall survive the completion of any offering of Registrable Securities in a
Registration Statement under this Section 1.

          1.8 Reports Under Securities Exchange Act of 1934. With a view to making
available to the Holders the benefits of Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities
of the Company to the public without

-7-

 

registration or pursuant to a registration on Form S-3, the Company
agrees, for so long as it remains subject to the periodic reporting
requirements under Section 13 or 15(d) of the Exchange Act, to:

               (a) make and keep public information available, as those terms are
understood and defined in Rule 144;

               (b) file with the SEC in a timely manner all reports and other documents
required of the Company under the Act and the Exchange Act; and

               (c) furnish to any Holder, so long as the Holder owns any Registrable
Securities, forthwith upon request (i) a written statement by the Company as to
its compliance with the reporting requirements of the Exchange Act and the
rules and regulations promulgated thereunder, or that it qualifies as a
registrant whose securities may be resold pursuant to Form S-3, (ii) a copy of
the most recent annual or quarterly report of the Company and such other
reports and documents so filed by the Company, and (iii) such other information
as may be reasonably requested in availing any Holder of any rule or regulation
of the SEC which permits the selling of any such securities without
registration or pursuant to such form.

          1.9 Assignment of Registration Rights. The rights to cause the Company to
register Registrable Securities pursuant to this Section 1 may be assigned (but
only with all related obligations) by a Holder to a transferee or assignee of
at least fifty percent (50%) of such securities, provided that the Company is
furnished with written notice of the name and address of such transferee or
assignee and the securities with respect to which such registration rights are
being assigned; and provided, further, that such assignment shall be effective
only if the transferee agrees to be bound by this Agreement and such assignment
shall be effective only if immediately following such transfer the further
disposition of such securities by the transferee or assignee is restricted
under the Act. For the purposes of determining the number of shares of
Registrable Securities held by a transferee or assignee, the holdings of
transferees and assignees of a partnership who are partners or retired partners
of such partnership (including spouses and ancestors, lineal descendants and
siblings of such partners or spouses who acquire Registrable Securities by
gift, will or intestate succession) shall be aggregated together and with the
partnership; provided that all assignees and transferees who would not qualify
individually for assignment of registration rights shall have a single
attorney-in-fact for the purpose of exercising any rights, receiving notices or
taking any action under Section 1.

          1.10 Certain Limitations in Connection with Future Grants of Registration
Rights. From and after the date of this Agreement until the Registration
Statement is declared effective by the SEC, the Company shall not enter into
any agreement with any holder or prospective holder of any securities of the
Company providing for the granting to such holder of registration rights unless
such registration rights, if more favorable than those granted herein, are
extended to the Holders or their transferees permitted under paragraph 1.9.

-8-

 

     2. Miscellaneous.

          2.1 Successors and Assigns. Except as otherwise provided herein, the terms
and conditions of this Agreement shall inure to the benefit of and be binding
upon the respective successors and assigns of the parties. Nothing in this
Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

          2.2 Governing Law. This Agreement and all acts and transactions pursuant
hereto shall be governed, construed and interpreted in accordance with the laws
of the State of California, without giving effect to principles of conflicts of
laws.

          2.3 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

          2.4 Titles and Subtitles. The titles and subtitles used in this Agreement
are used for convenience only and are not to be considered in construing or
interpreting this Agreement.

          2.5 Notices. Unless otherwise provided herein, any notice required or
permitted by this Agreement shall be in writing and shall be deemed duly given
upon delivery, when delivered personally or by overnight courier or confirmed
facsimile and addressed to a Holder to be notified at such party’s address as
set forth on the signature page hereto or to the Company at its address on its
signature page hereto, or as subsequently modified by written notice. In the
event that any date provided for in this Agreement falls on a Saturday, Sunday
or legal holiday, such date shall be deemed extended to the next business day.
Notwithstanding the foregoing, any notice delivered pursuant to Section 1.3(e)
or Section 1.4 hereto must be made by personal delivery or confirmed facsimile
transmission.

          2.6 Expenses. If any action at law or in equity is necessary to enforce or
interpret the terms of this Agreement, the prevailing party shall be entitled
to reasonable attorneys’ fees, costs and necessary disbursements in addition to
any other relief to which such party may be entitled.

          2.7 Amendments and Waivers. Any term of this Agreement may be amended and
the observance of any term of this Agreement may be waived (either generally or
in a particular instance and either retroactively or prospectively), only with
the written consent of the Company and the holders of 80% of the Registrable
Securities then outstanding, provided, however, that any amendment hereof that
would materially adversely affect a Holder in a manner different from the other
Holders shall also require the consent of such adversely affected Holder. Any
amendment or waiver effected in accordance with this paragraph shall be binding
upon each holder of any Registrable Securities then outstanding, each future
Holder of any such Registrable Securities, and the Company.

-9-

 

          2.8 Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall
in no way be affected, impaired or invalidated.

          2.9 Entire Agreement. This Agreement, the Warrants, and the Purchase
Agreement all dated as of the date hereof, and the other documents delivered
pursuant hereto or contemplated hereby constitute the full and entire
understanding and agreement between the parties with regard to the subject
matter hereof and thereof and supersede all prior agreements and understandings
among the parties relating to the subject matter hereof.

[Signature Pages Follow]

-10-

 

     The parties have executed this Registration Rights Agreement as of the
date first written above.

	 	 	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 	 	 
	 
	 	 	INSIGNIA SOLUTIONS, PLC
	 
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	 	 	 	 	 

	

	 	 	 	Name:	 	 
	

	 	 	 	 	 	
 
	

	 	 	 	Title:	 	 
	

	 	 	 	 	 	
 
	

	 	 	 	Address:	 	 
	

	 	 	 	 	 	
 
	 
	
	 	 	 	 	 	

 

SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

 

 

     The parties have executed this Registration Rights Agreement as of the
date first written above.

	 	 	 	 	 	 	 
	 
	 
	 	 	
 
	 	 	[print legal name of registered holder]

	 
	 
	 
	
	 	By:	 	 	 	 
	 	 	 	 	
 
	

	 	 	 	Name:	 	 
	

	 	 	 	 	 	
 
	

	 	 	 	Title:	 	 
	

	 	 	 	 	 	
 
	

	 	 	 	Address:	 	 
	

	 	 	 	 	 	
 
	 
	 	 	 	 	
 

SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT

 

EXHIBIT A

INSIGNIA SOLUTIONS PLC

NOTICE OF SALE

     Pursuant to the Registration Rights Agreement dated as of October 18, 2004
by and between Insignia Solutions plc (the “Company”) and the undersigned and
other entities, the undersigned hereby gives notice to the Company of the
undersigned’s intent to sell [_______] shares of the Company’s ADSs registered
pursuant to the Registration Statement on (File No.______).

	 	 	 	 	 	 	 	 	 
	Dated:
	 	, 200	 	 	 	By:	 	 
	 
	
 	 	 	
 	 	 	 	
 
	

	 	 	 	 	 	 	 	(signature)
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Name:	 	 
	

	 	 	 	 	 	 	 	
 
	

	 	 	 	 	 	 	 	(print)
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Title:	 	 
	

	 	 	 	 	 	 	 	
 
	

	 	 	 	 	 	 	 	(if applicable)

	 	 	[Note: This Notice of Sale must be completed and delivered (via personal
delivery or facsimile) to the Chief Financial Officer of the Company on
or before one (1) business day before the date of sale of the shares of
the Company’s ADSs registered pursuant to the Registration Statement.]

 

 

EXHIBIT B

INSIGNIA SOLUTIONS, PLC

SELLING STOCKHOLDER’S QUESTIONNAIRE AND COVENANTS

Exhibit has been omitted and is available on request of the Registrant,

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