Document:

Exhibit 10.2

 

June 16, 2005

 

Mr. John McLaughlin

89 St. Stephens Avenue

Parnell, Auckland

New Zealand

 

Dear John:

 

The
letter agreement between you and Monster Worldwide, Inc. dated September 24,
2002, as amended by the letters dated April 1, 2003 and June 16, 2004
(collectively, the “Letter Agreement”), is hereby amended as follows:

 

1.   The
reference to “period of nine months” in Section 3 of the Letter Agreement
is hereby amended to read “period of twelve months”.

 

2. The Letter Agreement, as amended by this agreement,
is hereby ratified and confirmed and remains in full force and effect.

 

Please
sign below to indicate your agreement with the foregoing.

 

	
   

  	
  MONSTER
  WORLDWIDE, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew J.
  McKelvey

  	
   

  
	
   

  	
  Name: Andrew J.
  McKelvey

  
	
   

  	
  Title: Chairman
  and CEO

  

 

Accepted and Agreed:

 

	
  /s/ John Mclaughlin

  	
   

  
	
  John Mclaughlin

  

 

1Exhibit 10.1

 

 

	
   

  	
  June 9, 2005

  

 

 

Mr. Carl Pelzel

 

Dear Carl:

 

I am very pleased
to extend to you this offer to join the Depomed team as Vice President of
Marketing and Commercial Development, reporting to me.  The rate of pay we offer is $295,000 per
annum.  Consistent with Depomed’s
compensation program, your salary will be reviewed in January, 2006.  This offer of employment is valid through
Noon on Tuesday, June 14, 2005.

 

Your compensation package
additionally includes options to acquire 150,000 shares of Depomed Common
Stock, at a per-share market price established upon approval by Depomed’s Board
of Directors.  These options will vest
over a four-year period, as provided for in Depomed’s 2004 Equity Plan. The
plan will be forwarded to you upon Board approval.  You will also be entitled to participate in
Depomed’s Bonus Plan (currently under review by Depomed’s Compensation
Committee), with a bonus target range of between 30 to 35 percent of your pay,
subject to our meeting our corporate goals.

 

Also, you will be
entitled to our complete benefits package including healthcare insurance and,
should you choose to participate, a 401(k) retirement plan.  During your first year of employment you will
be entitled to 12 days of vacation and to the ten holidays that are observed by
the Company.

 

Additionally, as a
condition for employment, it will be necessary that you sign a copy of the
Company’s Confidential Information, Secrecy and Invention Agreement.  As required by law, you must show proof of
citizenship, permanent residency in the U.S. or authorization to work in the
U.S.  To complete the I-9 form, we ask
that you bring copies of this documentation on your first day of employment.

 

Carl, I am extremely
pleased to extend this offer to you, and on behalf of all the Depomed employees
I look forward to having you join us. Depomed is an emerging specialty
pharmaceutical company and your skills and expertise will make you a key member
of our management team.  If you elect to
accept this offer, please sign and return one copy of this letter to me.  A pre-addressed, envelope is provided for
your convenience.

 

	
  Sincerely,

  	
  This letter correctly
  sets forth our agreement.

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ John W. Fara, Ph.D.

  	
   

  	
   

  
	
   

  	
  Signed:

  	
  /s/ Carl Pelzel

  	
   

  
	
  John W. Fara, Ph.D.

  	
   

  
	
  President and CEO

  	
   

  
	
   

  	
  Dated:

  	
    June 14,
  2005Prepared and filed by St Ives Burrups

Exhibit 4.1

 THE SECURITY EVIDENCED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAW AND MAY NOT BE SOLD, ASSIGNED, PLEDGED, HYPOTHECATED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

[ADD ANY APPLICABLE FOREIGN LAW LEGEND]

NET2PHONE, INC.

Warrant for Purchase of Common Stock

	No. [__________]	[__________] Shares

FOR VALUE RECEIVED, NET2PHONE, INC., a Delaware corporation (the “Company”), with its principal office at 520 Broad Street, Newark, NJ 07102, hereby certifies that [insertcorporate name and address] (the “Holder”) is entitled, subject to the provisions of this Warrant, to purchase from the Company, at any time before 5:00 p.m. Eastern Standard Time on December 31, 2011 (the “Expiration Date”), up to the number of fully paid and nonassessable shares of common stock, par value $0.01 per share, of the Company (the “Common Stock ”), set forth above (the “Warrant Shares”), subject to
adjustment as hereinafter provided. The Holder may purchase such number of Warrant Shares at a purchase price per share equal to $[  ] [INSERT 200 TRADING DAY LOOK-BACK  FROM DATE OF EXECUTION OF DEFINITIVE AGREEMENT], as appropriately adjusted pursuant to Section 7
 (the “Exercise Price”).

Section 1.     Exercise of Warrant.

(a)     This Warrant may be exercised in whole or in part on any business day on which the New York Stock Exchange is open for trading (a “Business Day”) on or before the Expiration Date by (i) surrendering to the Company at its principal office at the address set forth in the initial paragraph hereof (or at such other address as the Company may hereafter notify the Holder in writing) this Warrant with the Purchase Form attached hereto duly executed and (ii) accompanied by proper payment of the Exercise Price, in lawful money of the United States of America in the form of certified or official bank check payable to the order of
the Company or by wire transfer of immediately available funds, for the number of Warrant Shares
specified in the Purchase Form.  Upon receipt by the Company of this Warrant and such Purchase Form,
 together with proper payment of the Exercise Price at such office, the Holder shall be deemed to
 be the holder of record of the Warrant Shares, notwithstanding that the transfer books of the
 Company shall then be closed, or that certificates representing such Warrant Shares shall not
  then be actually delivered to the Holder.  Notwithstanding the above, the Holder or its
  assignee cannot exercise this warrant if the Holder is not in material compliance with all
  of Holders obligations under the Cable Telephony Agreement (defined below).

 
(b)     If this Warrant
should be exercised in part only, the Company shall, upon surrender of this Warrant, execute and deliver a new warrant evidencing the rights of the
 Holder thereof to purchase the balance of the Warrant Shares purchasable hereunder.
  Such new warrant shall be issued by the Company to the holder thereof within ten
  Business Days of holder surrendering the Warrant.

(c)     If this Warrant is
 not exercised prior to the Expiration Date, it shall become void, and all rights hereunder
 shall thereupon cease and this Warrant shall be of no further force or effect.

Section 2.     Vesting.  

(a)     Vesting.  The Warrant Shares will vest as follows:  on the Initial Vesting Date (defined below), ten (10)
Warrant Shares will vest for each Subscriber (defined below), and thereafter the Warrant Shares will vest quarterly at a rate of ten (10) Warrant Shares per Incremental Net Subscriber (defined below) in existence on the last day of each calendar quarter (each a “Vesting Date”), beginning with the calendar quarter ending 12 months from Commercial Launch of the Telephony Services (as defined in the Definitive Agreement) (the “Initial Vesting Date”).   The final Vesting Date shall be
December 31, 2009, and no additional Warrant Shares shall vest after that date.

(b)     Definitions.  

(i) “Subscriber” means an
      account to which the Holder is providing the Telephony Services, as such
      term is defined in that certain Cable Telephony Agreement, dated as of
      ________ __, 200_, between Holder and the Company (the “Cable
      Telephony Agreement”), for the fees agreed upon in such Cable
      Telephony Agreement. Subscriber may include any qualifying account in the
      _________[insert name of operator] markets (as defined in the Cable Telephony
    Agreement).

   (ii) “Incremental Net Subscribers” means
      the number of Subscribers on a Vesting Date minus the highest number of
      Subscribers on any previous Vesting Date or, only for purposes of the first
      calculation of Incremental Net Subscribers under this Warrant, the Initial
    Vesting Date.

 Section
      3.     Reservation of Warrant Shares. The
      Company will at all times during the term of this Warrant reserve and keep
      available, free from preemptive rights and liens, for the purpose of enabling
      it to satisfy any obligation to issue Warrant Shares upon exercise of this
      Warrant, the maximum number of Warrant Shares which may then be deliverable
      upon the exercise of this Warrant. All such Warrant Shares shall be duly
      authorized and, when issued upon the exercise of this Warrant in accordance
    with the terms hereof, shall be validly issued, fully paid and nonassessable.

2

  

Section 4.     Registration.  The Company will keep
 at its principal office a register or registers in which the Company shall
 record the registration of this Warrant and the names and addresses of the holders
 thereof from time to time and all transfers thereof.  The Company may deem and
 treat the registered holder(s) of this Warrant as the absolute owner(s) thereof,
  for all purposes, and the Company shall not be affected by any notice to the contrary.

Section 5.     Assignment or Loss of Warrant.

 (a)     The Holder of this Warrant shall not be entitled, without obtaining the prior written consent of the Company, to transfer or assign its interest in this Warrant, or any of the Warrant Shares (prior to exercise of this Warrant), in whole or in part, to any other individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture or other entity of whatever nature (each a “Person”); provided, however, that subject to the provisions of Section 11, the Holder of this Warrant may transfer or assign its interest in this Warrant to any Affiliate (as defined
below) of Holder provided that, in the reasonable opinion of the Company, such Affiliate (or any other Affiliate of such Affiliate) does not compete, directly or indirectly, with any business of the Company or any Affiliate of the Company, and provided further, as a condition to such transfer or assignment, (i) any such transferee or assignee agrees in writing, in form and substance satisfactory to the Company, to be bound by the terms of this Warrant as if originally a party hereto and provides the Company with an investment representation letter reflecting the representations and warranties set forth in  Section 11 below and an opinion of counsel in such form reasonably acceptable to the Company and its counsel, that such transfer would not be in violation of the
Securities Act of 1933, as amended (the “Securities Act”), or any applicable foreign, state or local securities law, and (ii) the Holder is not in breach of any term of any agreement between Holder and the Company or any Affiliate of the Company, including without limitation, the Cable Telephony Agreement.  Subject to the provisions hereof and of Section 11, upon surrender of this Warrant to the Company, with the Assignment Form attached hereto duly executed and funds sufficient to pay any transfer or other tax or fee payable in respect thereof, the Company shall execute and deliver a new warrant or warrants in the name of the assignee or assignees named in such instrument of assignment and, if the Holder’s entire interest is not being assigned, in the name
of the Holder, and this Warrant shall promptly be canceled.  The date the Company initially issues this Warrant shall be deemed to be the “date of issuance” hereof regardless of the number of times new certificates representing the unexpired and unexercised rights formerly representing this Warrant shall be issued.  An “Affiliate” means, as to any Person, any other Person directly or indirectly controlling, controlled by or under direct or indirect common control with such Person.  For the purposes of this definition, “control,” when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.  The terms
“controlling” and “controlled” have meanings correlative to
 the foregoing.

 (b)     Upon receipt of evidence satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of
any such loss, theft or destruction, upon delivery of an indemnity agreement or bond satisfactory
 to the Company or, in the case of any such mutilation, upon surrender and cancellation of this Warrant,
  the Company shall execute and deliver, in lieu thereof, a new Warrant of like kind representing the
   same rights represented by such lost, stolen, destroyed or mutilated Warrant and dated the date
   of such lost, stolen, destroyed or mutilated Warrant.

3

  

Section 6.     Payment of Taxes.  The Company will pay all
 documentary stamp taxes attributable to the initial issuance of this Warrant and the initial issuance of the
Warrant Shares upon the exercise of this Warrant; provided, however, that the Company shall not be required
 to pay any transfer taxes or fees which may be payable in respect of any transfer involved in the issue of any
 warrant in a name other than that of the registered holder of this Warrant surrendered for exercise or transfer
of this Warrant, and the Company shall not be required to issue or deliver such new warrant unless or until the
 Person or Persons requesting the issuance thereof shall have
paid to the Company the amount of such taxes or fees or shall have established to the satisfaction
of the Company that such taxes or fees have been paid to the proper authority.

Section 7.     Adjustment for Change in Capital Stock.  If the Company at any time subdivides (by any stock split, stock dividend, recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Shares obtainable upon exercise of this Warrant shall be proportionately increased.  If the Company at any time combines (by reverse stock split or otherwise) its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be
proportionately increased and the number of Warrant Shares obtainable upon exercise of this Warrant
 shall be proportionately decreased.

Section 8.     Reclassification, Reorganization, Consolidation or Merger.  In the event of any reclassification, capital reorganization or recapitalization of the Company  or in the event of any consolidation or merger of the Company with or into another corporation or a non-corporate entity (other than a merger in which the Company is the continuing corporation and that does not result in any reclassification, capital reorganization or recapitalization) or in the event of any sale to another corporation or non-corporate entity of all or substantially all of the property and assets of the Company, the Company shall, as a condition precedent to such transaction, cause
appropriate provisions to be made so that the registered holder(s) of this Warrant shall thereafter have the right to acquire and receive, in lieu of or addition to (as the case may be) the Warrant Shares immediately theretofore acquirable and receivable upon the exercise of such holder’s Warrant, the kind and amount of shares of stock and other securities and property (including cash) receivable upon such reclassification, capital reorganization or recapitalization, consolidation, merger or sale by a holder of the number of shares that might have been received upon exercise of this Warrant immediately prior to such reclassification, capital reorganization, recapitalization, consolidation, merger or sale.  The foregoing provisions of this Section shall similarly apply to successive
reclassification, capital reorganizations and recapitalization and to successive consolidations,
 mergers or sales.

4

Section 9.     Fractional Interests.  No fractional Warrant Shares shall be issued upon the exercise of this Warrant.  In lieu of doing so, the Company shall pay the Holder cash equal to the product of (a) any fraction of a Warrant Share otherwise issuable and (b) the excess of the Quoted Price for a Warrant Share before the date of exercise over the Exercise Price.  The “Quoted Price” means the last reported sales price of the shares of Common Stock as reported by the Nasdaq National Market, or the primary national securities exchange on which the shares of Common Stock are then quoted or traded.

Section 10.     No Rights as Stockholders.  Neither the Holder nor any other registered holder of this Warrant shall, by virtue hereof, be entitled to any rights of a stockholder in the Company, either at law or equity, and the rights of the Holder or any other registered holder of this Warrant are limited to those set forth in this Warrant.  Nothing contained in this Warrant shall be construed as conferring upon the Holder or any transferee of this Warrant, prior to the exercise thereof, the right to vote, to receive dividends or to consent to or receive notice as a stockholder of the Company on any matters or with respect to any rights whatsoever as a stockholder of the
Company, or otherwise to enjoy the rights of a stockholder of the Company.

Section 11.     Securities Laws Representations and Warranties; Transfer to Comply with Securities Laws.

 (a)     The holder of this Warrant, by acceptance of this Warrant, represents and warrants to the Company that this Warrant is being, and any Warrant Shares acquired upon exercise of this Warrant will be, acquired by such holder for its own account, not as nominee or agent, and not with a view to resale or distribution within the meaning of the Securities Act and such holder will not distribute this Warrant or any Warrant Shares in violation of the Securities Act or any applicable foreign, state or
 local securities law.

 (b)     The holder of this Warrant, by acceptance of this Warrant:  (i) acknowledges that this Warrant and the Warrant Shares are not registered under the Securities Act or any foreign or state securities laws and that this Warrant and any Warrant Shares to be issued to it upon the exercise of this Warrant must be held indefinitely by it unless they are subsequently registered under the Securities Act and all applicable securities laws or an exemption from registration is available, (ii) is aware that any routine sales under Rule 144 under the Securities Act of this Warrant and the Warrant Shares may be made only in limited amounts after the
appropriate holding period and otherwise in accordance with the terms and conditions of that Rule and that in such cases where the Rule is not applicable, compliance with some other registration exemption will be required, and (iii) is aware that the Company is not obligated to register under the Securities Act or any foreign or state securities law any sale, transfer or other disposition of this Warrant or the Warrant Shares, at such holder’s expense or otherwise, other than as provided in Section 12 below.

 (c)     The holder of this Warrant, by acceptance of this Warrant, confirms that the Company has made available to it the opportunity to ask questions of and receive answers from the Company’s officers and directors concerning the terms and conditions of the issuance of this Warrant and the Warrant Shares and the business and financial condition of the Company, and to acquire, and such holder has received to its satisfaction, such additional information about the business and financial condition of the Company and the terms and conditions of the issuance of this Warrant and the Warrant Shares
 as it has requested.

5

 (d)     The holder of this Warrant, by acceptance of this Warrant, represents that (i) it is an “accredited investor” as such term is defined in Rule 501(a) promulgated under the Securities Act, (ii) its financial situation is such that it can afford to bear the economic risk of holding this Warrant and the Warrant Shares for an indefinite period of time and suffer complete loss of its investment in this Warrant and the Warrant Shares, and (iii) its knowledge and experience in financial and business matters are such that it is capable of evaluating the merits and risks of its
acquisition of this Warrant and the Warrant Shares as
contemplated by this Warrant.

 (e)     If certificates representing
the Warrant Shares are issued, the certificate representing any Warrant Share acquired upon
exercise of this Warrant, and any other certificates issued in respect of such Warrant Shares upon
any stock split, stock dividend, recapitalization, merger, consolidation or similar event,
 shall be stamped or otherwise imprinted with the following legend (unless such a legend
 is no longer required under the Securities Act):

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE FOREIGN OR
STATE SECURITIES LAW AND MAY NOT BE SOLD EXCEPT IN A TRANSACTION WHICH IS EXEMPT UNDER SUCH ACT OR
LAW OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR LAW.  IN ADDITION, THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AS SET FORTH IN
A WARRANT OF THE COMPANY DATED ________, 2004.”

 (f)     The Company shall not be required to register the transfer of this Warrant or any Warrant Share on the books of the Company unless the Company shall have been provided with (i) an opinion of counsel satisfactory to the Company prior to such transfer to the effect that registration under the Securities Act and any applicable foreign or state securities law is not required in connection with the transaction resulting in such transfer, (ii) an agreement by the transferee to be bound by the provisions of this Warrant and (iii) an investment representation letter of the transferee, satisfactory to the Company, reflecting the representations and
warranties set forth in this Section 11.  This Warrant or certificate(s) for Warrant Shares, if any, issued upon any transfer as above provided shall bear the restrictive legend set forth in Section 11(e) above, except that such restrictive legend shall not be required if in the opinion of counsel satisfactory to the Company that such legend is not required in order to establish compliance with the provisions of the Securities Act and any applicable foreign or state securities law, or if the transfer is made in accordance with the provisions of Rule 144(k) under the Securities Act.  The cost of obtaining any legal opinion required under this Section shall
 be borne by the Holder.

6

Section 12.     Registration Rights.  

 (a)     Definitions.  

 “Commission”  mean the Securities and
 Exchange Commission.  

 
 “Warrant
      Shares” means Warrant Shares
as defined in the initial paragraph of this Warrant.  As to any particular Warrant
      Shares, such  securities shall cease to be Warrant Shares for purposes
      of this Section 12 after the
 Effective Period (as defined below).  For purposes of this Section 12,
 a Person shall be  deemed to be a holder of Warrant Shares whenever such Person
 has the right to acquire such Warrant
  Shares upon exercise of this Warrant.

	 	 	 	(b)     Registration.
	 	 	 	 	 
	 	 	 	 	(i)     Subject to the provisions set forth in Section
          12(c) below, within 90 days of [insert date], the Company shall
        file with
	 	 	the Commission a registration
        statement on Form S-3 pursuant to Rule 415 under the Securities Act that
        provides for the
        registration of resales of the Warrant Shares. The Company shall use
        its best efforts to cause such registration statement to be declared
        effective by the Commission under the Securities Act as soon as practical
        after filing, and once effective, the Company shall cause such registration
        statement to remain effective for a period ending on the earlier of (i)
        the date on which all Warrant Shares have been sold pursuant to the registration
        statement, (ii) the date the holder is free to resell the Warrant Shares
        pursuant to Rule 144 under the Securities Act and (iii) the date as of
        which there are no longer any Warrant Shares in existence (the “Effective
        Period”). 
	 	 	 	 	 
	 	 	 	 	(ii)     The holders
        of the Warrant Shares agree to comply with all prospectus delivery requirements
        under the Securities Act.
	 	 	 	 	 
	 	 	 	(c)     Registration
          Procedures. In connection with the foregoing registration, the
        Company shall:
	 	 	 	 	 
	 	 	 	 	(i)     notify
          each holder of Warrant Shares of the effectiveness of the registration
          statement filed hereunder and prepare and 

	 	 	file with the Commission such amendments
        and supplements to such registration statement and the prospectus used
        in connection therewith as may be necessary to keep such registration
        statement effective during the Effective Period; 
	 	 	 	 	 
	 	 	 	 	(ii)     furnish
        to each holder of Warrant Shares such number of copies of the registration
        statement filed hereunder, each
	 	 	amendment and supplement thereto, the prospectus
        included in such registration statement (including each preliminary prospectus)
        and such other documents as such holder may reasonably request in order
        to facilitate the disposition of the Warrant Shares owned by such holder; 
	 	 	 	 	 
	 	 	 	 	(iii)     notify
        each holder of Warrant Shares, at any time when a prospectus relating
        thereto is required to be delivered under 
	 	 	the Securities Act, of the happening of any
        event as a result of which the prospectus included in the registration
        statement filed hereunder contains an untrue statement of a material
        fact or omits any fact necessary to make the statements therein not misleading,
        and, at the request of any such holder, the Company shall prepare a supplement
        or amendment to such prospectus so that, as thereafter delivered to the
        purchasers of such Warrant Shares, such prospectus shall not contain
        an untrue statement of a material fact or omit to state any fact necessary
        to make the statements therein not misleading;

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  	 	 	 	 	(iv)     cause all
        such Warrant Shares to be listed on the Nasdaq National Market, if required;
        and
	 	 	 	 	 
	 	 	 	 	(v)     provide
        a transfer agent and registrar for all such Warrant Shares not later
        than the effective date of such registration 
	 	 	statement.
	 	 	 	 	 
	 	 	 	(d)     Registration
        Expenses.
	 	 	 	 	 
	 	 	 	 	(i)     All expenses
        incident to the Company's performance of or compliance with this Section
        12, including without 
	 	 	limitation all registration,
        qualification and filing fees, fees and expenses of compliance with securities
        or blue sky laws,
        printing expenses, messenger and delivery expenses, fees and disbursements
        of custodians, and fees and disbursements of counsel for the Company
        and all independent certified public accountants and other Persons retained
        by the Company (all such expenses being herein called “Registration
        Expenses”), shall be borne by the Company.
	 	 	 	 	 
	 	 	 	 	(ii)     To the
        extent Registration Expenses are not required to be paid by the Company,
        each holder of Warrant Shares 
	 	 	included in the registration statement filed
        hereunder shall pay those Registration Expenses allocable to the registration
        of such holder's Warrant Shares so included, and any Registration Expenses
        not so allocable shall be borne by all sellers of Warrant Shares included
        in such registration statement in proportion to the aggregate selling
        price of the Warrant Shares to be so registered. For the avoidance of
        doubt, all selling commissions applicable to the sales of Warrant Shares
        and all fees and disbursements of counsel for the holders shall be borne
        by the holders.
	 	 	 	 	 
	 	 	 	(e)     Indemnification,
          etc.      
	 	 	 	 	 
	 	 	 	 	(i)     The
          Company agrees to indemnify, to the extent permitted by law, each holder
        of Warrant Shares, its officers and 

	 	 	directors and each Person who controls such
        holder (within the meaning of the Securities Act) against all losses,
        claims, actions, damages, liabilities and expenses caused by any untrue
        statement of material fact contained in any registration statement, prospectus
        or preliminary prospectus or any amendment thereof or supplement thereto
        or any omission of a material fact required to be stated therein or necessary
        to make the statements therein not misleading, and to pay to each holder
        of Warrant Shares, its officers and directors and each Person who controls
        such holder (within the meaning of the Securities Act), as incurred,
        any legal and any other expenses reasonably incurred in connection with
        preparing or defending any such claim, loss, damage, liability or action,
        except insofar as the same are caused by or contained in any information
        furnished in writing to the Company by such holder expressly for use
        therein or by such holder's failure to deliver a copy of the registration
        statement or prospectus or any amendments or supplements thereto. 

  8

  

  

   
  

  	 	 	 	 	(ii)     In connection
        with any registration statement in which a holder of Registrable Securities
    is participating, each such 
	 	 	holder shall furnish to the Company in writing
        such information, questionnaires and affidavits as the Company reasonably
        requests for use in connection with any such registration statement or
        prospectus and, to the extent permitted by law, shall indemnify the Company,
        its directors and officers and each Person who controls the Company (within
        the meaning of the Securities Act) against any losses, claims, damages,
        liabilities and expenses resulting from any untrue or alleged untrue
        statement of material fact contained in the registration statement, prospectus
        or preliminary prospectus or any amendment thereof or supplement thereto
        or any omission or alleged omission of a material fact required to be
        stated therein or necessary to make the statements therein not misleading,
        but only to the extent that such untrue statement or omission is contained
        in any information, questionnaire or affidavit so furnished in writing
        by such holder; provided that the obligation to indemnify shall be individual,
    not joint and several.
	 	 	 	 	 
	 	 	 	 	(iii)     Any
          Person entitled to indemnification hereunder shall (i) give prompt
          written notice to the indemnifying party of 

	 	 	any claim with respect to which
          it seeks indemnification (provided that the failure to give prompt
          notice shall not impair any Person's right to indemnification hereunder
          to the extent such failure has not prejudiced the indemnifying party)
          and (ii) unless in such indemnified party's reasonable judgment a conflict
          of interest between such indemnified and indemnifying parties may exist
          with respect to such claim, permit such indemnifying party to assume
          the defense of such claim with counsel reasonably satisfactory to the
          indemnified party. If such defense is assumed, the indemnifying party
          shall not be subject to any liability for any settlement made by the
          indemnified party without its consent (but such consent shall not be
          unreasonably withheld or delayed). An indemnifying party who is not
          entitled to, or elects not to, assume the defense of a claim shall
          not be obligated to pay the fees and expenses of more than one counsel
          for all parties indemnified by such indemnifying party with respect
          to such claim, unless in the reasonable judgment of any indemnified
          party a conflict of interest may exist between such indemnified party
          and any other of such indemnified parties with respect to such claim. 

	 	 	 	 	 
	 	 	 	 	(iv)     If the
        indemnification provided for in this Section 12(e) is held by
    a court of competent jurisdiction to be unavailable 
	 	 	to an indemnified party or is otherwise unenforceable
        with respect to any loss, claim, damage, liability or action referred
        to herein, then the indemnifying party, in lieu of indemnifying such
        indemnified party hereunder, shall contribute to the amounts paid or
        payable by such indemnified party as a result of such loss, claim, damage,
        liability or action 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 hand in connection with the statements or omissions
        which resulted in such loss, claim, damage, liability or action as well
        as any other relevant equitable considerations. 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. The
        parties hereto agree that it would not be just or equitable if the contribution
        pursuant to this paragraph were to be determined by pro rata allocation
        or by any other method of allocation that does not take into account
        such equitable considerations. The amount paid or payable by an indemnified
        party as a result of the losses, claims, damages, liabilities or expenses
        referred to herein shall be deemed to include any legal or other expenses
        reasonably incurred by such indemnified party in connection with investigating
        or defending against any action or claim which is the subject hereof.
        No person guilty of fraudulent misrepresentation (within the meaning
        of Section 11(f) of the Securities Act) shall be entitled to contribution
    from any Person who is not guilty of such fraudulent misrepresentation.

   

  9

  

  

   
  

  	 	 	 	 	(v)     The indemnification
        and contribution provided for under this Section 12 shall remain
    in full force and effect 
	 	 	regardless of any investigation
        made by or on behalf of the indemnified party or any officer, director
        or controlling Person
    of such indemnified party and shall survive the transfer of securities. 
	 	 	 	 	 

  
 

 (f)     Parity of Rights.  The registration rights granted to the holders of the Warrant Shares under this Section 12 are not intended by the parties hereto to be senior to any of the registration rights previously granted, or granted in the future by the Company, to holders of the Company’s capital stock, but rather to rank on a pari passu basis with such rights.  The parties hereto agree to interpret the terms of this Section 12 in a manner consistent with
 the foregoing intention.

Section 13.     Notices.  All notices
 and/or other communications provided for herein shall be in writing and shall be deemed given
  when delivered personally or sent by registered or certified mail, return receipt requested,
   postage prepaid, (1) to the Company at 520 Broad Street, Newark, NJ 07102, Attn: Ken Kaplan,
    Esq. and (ii) to the Holder at its address shown from time to time on the register maintained
	 by the Company pursuant to Section 4.  The address of the Company for the purposes of
	  such notice may be changed from time to time by a similar notice to be effective ten (10)
	  days after such change is supplied.

Section 14.     Amendments and Waiver.
Neither this Warrant nor any terms hereof may be changed, waived, discharged or terminated other
than by an instrument in writing signed by the Company and by the registered holder hereof.

Section 15.     Termination.  This Warrant shall terminate and all rights hereunder shall cease and be of no further force or effect upon the earlier to occur of 5:00 p.m., New York, New York, time on the Expiration Date, or if the Company terminates the Cable Telephony Agreement pursuant to Section XX of the Cable Telephony Agreement, then on 5:00 p.m. on the date such termination takes effect, which would include any notice period and period to cure set forth in the Cable
Telephony Agreement. 

10

Section 16.     Benefits of this Warrant.  Nothing in this Warrant shall be construed to give to any Person other than the Company and the registered holders of this Warrant any legal or equitable right, remedy or claim under this Warrant.  This Warrant shall be for the sole and exclusive benefit of the Company and the registered holders of this Warrant.

Section 17.     Entire Agreement.  This Warrant embodies the entire agreement and understanding among the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to the subject matter hereof.

Section 18.     Severability.  If any provision of this Warrant shall be held or deemed to be, or shall in fact be, invalid, inoperative, illegal or unenforceable as applied to any particular case in any governing jurisdiction because of the conflict of such provision with any constitution or statute or rule of public policy or for any other reason, such circumstance shall not have the effect of rendering the provision or provisions in question invalid, inoperative, illegal or unenforceable in any other  governing jurisdiction or in any other case or circumstance or of rendering any other provision or provisions herein contained invalid, inoperative, illegal or
unenforceable to the extent that such other provisions are not themselves actually in conflict with such constitution, statute or rule of public policy, but this Warrant shall be reformed and construed in any such  governing jurisdiction or case as if such invalid, inoperative, illegal or unenforceable provision had never been contained herein and such provision reformed so that it would be valid, operative and enforceable to the maximum extent permitted in such  governing jurisdiction or in such case.

Section 19.     Governing Law.  All issues and questions concerning the construction, validity, interpretation and enforcement of this Warrant shall be governed by the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware.

[Signature Page Follows]

11

 

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

Net2Phone, Inc.

  

By: _____________________________________________

       Name:

       Title:

12

PURCHASE FORM

Date: __________________________

TO:      Net2Phone, Inc.

          The
    undersigned, pursuant to the provisions set forth in the attached Warrant,
    (No. __) hereby irrevocable elects to purchase _________________ Warrant
    Shares covered by such Warrant, and makes payment herewith in the amount
    of $__________ in payment of the Exercise Price thereof.

          If certificates are issued, the undersigned requests that certification for such shares be issued as follows:

Name:      

Address:

Social Security Number (or other identifying number):  

and, if said number of shares shall not be all the Warrant Shares purchasable hereunder, that a new Warrant for the remaining balance of the Warrant Shares purchasable under the within Warrant be registered in the name of, and delivered to, the undersigned at the address stated below:

Address:

	Dated:_________________________________	___________________________________________
	 	(Signature)

      

     

 

ASSIGNMENT FORM

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant (No. __), with respect to the number of shares of common stock covered by such Warrant, to:

	NAME OF ASSIGNEE	ADDRESS	NO. OF WARRANT SHARES

and does hereby irrevocable constitute and appoint ______________________ Attorney, to transfer the same on the books of the Company, with full power of substitution in the premises.

	Dated:_________________________________	___________________________________________
	 	(Signature)

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