Document:

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EXHIBIT 4.1

TRINITY AMERICAS INC.

(as predecessor to Brazil Fast Food Corp.)

1992 Stock Option Plan

	1.	 	Purpose of the Plan. The Trinity Americas Inc. 1992 Stock Option Plan (the “Plan”) is
intended to advance the interests of Trinity Americas Inc., a Delaware corporation (the
“Company”), by inducing persons of outstanding ability and potential to join and remain with
the Company, by encouraging and enabling employees to acquire proprietary interests in the
Company, and by providing the participating employees with an additional incentive to promote
the success of the Company. This is accomplished by providing for the granting of “Options”
(which term as used herein includes both “Incentive Stock Options” and “Nonstatutory Stock
Options,” as later defined) to qualified employees and non-employee Directors.

	2.	 	Administration. The Plan shall be administered by the Board of Directors of the
Company (the “Board of Directors”) or by a committee (the “Committee”) consisting of at least
three persons chosen by the Board of Directors. Except as herein specifically provided, the
interpretation and construction by the Board of Directors or the Committee of any provision of
the Plan or of any Option granted under it shall be final and conclusive. The receipt of
Options by Directors, or any members of the Committee, shall not preclude their vote on any
matters in connection with the administration or interpretation of the Plan, except as
otherwise provided by law.

	3.	 	Shares Subject to the Plan. The stock subject to grant under the Plan shall be shares
of the Company’s common stock, $.0001 par value (the “Common Stock”), whether authorized but
unissued or held in the Company’s treasury or shares purchased from shareholders expressly for
use under the Plan. The maximum number of shares of Common Stock which may be issued pursuant
to Options granted under the Plan shall not exceed One Million (1,000,000) shares,
subject to adjustment in accordance with the provisions of Section 12 hereof. The Company
shall at all times while the Plan is in force reserve such number of shares of Common Stock as
will be sufficient to satisfy the requirements of all outstanding Options granted under the
Plan. In the event any Option granted under the Plan shall expire or terminate for any reason
without having been exercised in full or shall cease for any reason to be exercisable in whole
or in part, the unpurchased shares subject thereto shall again be available for Options under
the Plan.

	4.	 	Participation. The class of persons which shall be eligible to receive Options under
the Plan shall be (i) with respect to Incentive Stock Options described in Section 6 hereof,
all key employees (including officers) of either the Company or any subsidiary corporation of
the Company, and (ii) with respect to Nonstatutory Stock Options described in Section 7
hereof, any key employee (including any officer) or any non-employee Director of either the
Company or any subsidiary corporation of the Company. The Board of Directors or the Committee,
in its sole discretion, but subject to the provisions of the Plan, shall determine the
employees and non-employee Directors of the Company or its subsidiary corporations to whom
Options shall be granted and the number of shares to be covered by each Option taking into
account the nature of the employment or services rendered by the individuals being considered,
their annual compensation, their present and

 

 

	 	 	potential contributions to the success of the Company and such other factors as the Board of
Directors or the Committee may deem relevant.

	5.	 	Stock Option Agreement. Each Option granted under the Plan shall be authorized by the
Board of Directors or the Committee and shall be evidenced by a Stock Option Agreement which
shall be executed by the Company and by the person to whom such Option is granted. The Stock
Option Agreement shall specify the number of shares of Common Stock as to which any Option is
granted, the period during which the Option is exercisable and the option price per share
thereof.

	6.	 	Incentive Stock Options. The Board of Directors or the Committee may grant Options
under the Plan which are intended to meet the requirements of Section 422 of the Internal
Revenue Code of 1986 (the “Code”) (such an Option referred to herein as an “Incentive Stock
Option”), and which are subject to the following terms and conditions and any other terms and
conditions as may at any time be required by Section 422 of the Code:

	 	(a)	 	No Incentive Stock Option shall be granted to individuals other than key
employees of the Company or of a subsidiary corporation of the Company.
	 
	 	(b)	 	Each Incentive Stock Option under the Plan must be granted prior to September
18, 2002, which is within ten years from the date the Plan was adopted by the Board of
Directors.
	 
	 	(c)	 	The option price of the shares subject to any Incentive Stock Option shall not
be less than the fair market value of the Common Stock at the time such Incentive.
Stock Option is granted; provided, however, if an Incentive Stock Option is granted to
an individual who owns, at the time the Incentive Stock Option is granted, more than
ten percent (10%) of the total combined voting power of all classes of stock of the
Company or of a subsidiary corporation of the Company, the option price of the shares
subject to the Incentive Stock Option shall be at least one hundred ten percent (110%)
of the fair market value of the Common Stock at the time the Incentive Stock Option is
granted.
	 
	 	(d)	 	No Incentive Stock Option granted under the Plan shall be exercisable after the
expiration of ten (10) years from the date of its grant. However, if an Incentive Stock
Option is granted to an individual who owns, at the time the Incentive Stock Option is
granted, more than ten percent (10%) of the total combined voting power of all classes
of stock of the Company or of a subsidiary corporation of the Company, such Incentive
Stock Option shall not be exercisable after the expiration of five years from the date
of its grant. Every Incentive Stock Option granted under the Plan shall be subject to
earlier termination as expressly provided in Section 10 hereof.
	 
	 	(e)	 	For purposes of determining stock ownership under this Section 6, the
attribution rules of Section 425(d) of the Code shall apply.
	 
	 	(f)	 	For purposes of the Plan, fair market value shall be determined by the Board of
Directors or the Committee and, if the Common Stock is listed on a national securities
exchange or traded on the Over-the-Counter market, the fair market value shall be the

 

 

	 	 	 	mean of the high and low trading prices or of the high bid and low asked prices of
the Common Stock on such exchange, or on the Over-the-Counter market as reported by
the National Quotation Bureau, Incorporated, as the case may be, on the day on which
the Option is granted or on the day on which a determination of fair market value is
required under the Plan, or, if there is no trading or bid or asked price on that
day, the mean of the high and low trading or high bid and low asked prices on the
most recent day preceding the day for which such prices are available.

	7.	 	Nonstatutory Stock Option. The Board of Directors or the Committee may grant Options
under the Plan which are not intended to meet the requirements of Section 422 of the Code, as
well as Options which are intended to meet the requirements of Section 422 of the Code, but
the terms of which provide that they will not be treated as Incentive Stock Options (referred
to herein as a “Nonstatutory Stock Option”). Nonstatutory Stock Options which are not intended
to meet these requirements shall be subject to the following terms and conditions:

	 	(a)	 	A Nonstatutory Stock Option may be granted to any person eligible to receive an
Option under the Plan pursuant to Section 4(ii) hereof, except that no such Option may
be granted to any person who owns stock possessing more than 10% of the total combined
voting power or value of all classes of stock of the Company or its parent or
subsidiary corporation.
	 
	 	(b)	 	The option price of the shares subject to a Nonstatutory Stock Option shall be
determined by the Board of Directors or the Committee, in its absolute discretion, at
the time of the grant of the Nonstatutory Stock Option.
	 
	 	(c)	 	A Nonstatutory Stock Option granted under the Plan may be of such duration as
shall be determined by the Board of Directors or the Committee (not to exceed 10
years), and shall be subject to earlier termination as expressly provided in Section 10
hereof.

	8.	 	Rights of Option Holders. The holder of any Option granted under the Plan shall have
none of the rights of a stockholder with respect to the shares covered by his Option until
such shares shall be issued to him upon the exercise of his Option.

	9.	 	Transferability. No Option granted under the Plan shall be transferable by the
individual to whom it was granted otherwise than by Will or the laws of descent and
distribution, and, during the lifetime of such individual, shall not be exercisable by any
other person, but only by him.

     10. Termination of Employment or Death.

	 	(a)	 	If the employment of an employee by, or the services of a non-employee Director
for, the Company or a subsidiary corporation of the Company shall be terminated
voluntarily by the employee or the non-employee Director, or for cause, then his Option
shall expire forthwith. Except as provided in subsections (b) and (c) of this Section
10, if such employment or services shall terminate for any other reason, then such
Option may be exercised at any time within three months after such termination, subject
to the provisions of subparagraph (d) of this Section 10. For purposes of the Plan, the
retirement of an individual either pursuant to a pension or retirement plan adopted by

 

 

	 	 	 	the Company or at the normal retirement date prescribed from time to time by the
Company shall be deemed to be termination of such individual’s employment other than
voluntarily or for cause. For purposes of this subparagraph, an employee who leaves
the employ of the Company to become an employee of a subsidiary corporation of the
Company or a corporation (or subsidiary or parent corporation of the corporation)
which has assumed the Option of the Company, as a result of a corporate
reorganization, etc., shall not be considered to have terminated his employment.

	 	(b)	 	If the holder of an Option under the Plan dies (i) while employed by, or while
serving as a non-employee Director for, the Company or a subsidiary corporation of the
Company, or (ii) within three months after the termination of his employment or his
services other than voluntarily or for cause, then such Option may, subject to the
provisions of subparagraph (d) of this Section 10, be exercised by the estate of the
employee or the non-employee Director or by a person who acquired the right to exercise
such Option by bequest or inheritance or by reason of the death of such employee or
non-employee Director at any time within one year after such death.
	 
	 	(c)	 	If the holder of an Option under the Plan ceases employment because of
permanent and total disability (within the meaning of Section 22(e)(3) of the Code)
while employed by, or while serving as a non-employee Director for, the Company or a
subsidiary corporation of the Company, then such Option may, subject to the provisions
of subparagraph (d) of this Section 10, be exercised at any time within one year after
his termination of employment or termination of services due to the disability.
	 
	 	(d)	 	An Option may not be exercised pursuant to this Section 10 except to the extent
that the holder was entitled to exercise the Option at the time of termination of
employment, termination of services, or death, and in any event may not be exercised
after the expiration of the Option.
	 
	 	(e)	 	For purposes of this Section 10, the employment relationship of an employee of
the Company or of a subsidiary corporation of the Company will be treated as continuing
intact while he is on military or sick leave or other bona fide leave of absence (such
as temporary employment by the Government) if such leave does not exceed ninety days,
or, if longer, so long as his right to reemployment is guaranteed either by statute or
by contract.

	11.	 	Exercise of Options.

	 	(a)	 	Unless otherwise provided in the Stock Option Agreement, any Option granted
under the Plan shall be exercisable in whole at any time, or in part from time to time,
prior to expiration. The Board of Directors or the Committee, in its absolute
discretion, may provide in any Stock Option Agreement that the exercise of any Option
granted under the Plan shall be subject (i) to such condition or conditions as it may
impose, including, but not limited to, a condition that the holder thereof remain in
the employ or service of the Company or a subsidiary corporation of the Company for
such period or periods of time from the date of grant of the Option, as the Board of
Directors or the Committee, in its absolute discretion, shall determine; and (ii) to
such limitations as it may impose,

 

 

	 	 	 	including, but not limited to, a limitation that the aggregate fair market value of
the Common Stock with respect to which Incentive Stock Options are exercisable for
the first time by any employee during any calendar year (under all plans of the
Company and its parent and subsidiary corporations) shall not exceed One Hundred
Thousand Dollars ($100,000). In addition, in the event that under any Stock Option
Agreement the aggregate fair market value of the Common Stock with respect to which
Incentive Stock Options are exercisable for the first time by any employee during any
calendar year (under all plans of the Company and its parent and subsidiary
corporations) exceeds One Hundred Thousand Dollars ($100,000), the Board of Directors
or the Committee may, when shares are transferred upon exercise of such Options,
designate those shares which shall be treated as transferred upon exercise of an
Incentive Stock Option and those shares which shall be treated as transferred upon
exercise of a Nonstatutory Stock Option.
	 
	 	(b)	 	An Option granted under the Plan shall be exercised by the delivery by the
holder thereof to the Company at its principal office (attention of the Secretary) of
written notice of the number of shares with respect to which the Option is being
exercised. Such notice shall be accompanied by payment of the full
option price of such shares, and payment of such option price shall be made by the holder’s delivery of his
check payable to the order of the Company; provided, however, that notwithstanding the
foregoing provisions of this Section 11 or any other terms, provisions or conditions of
the Plan, at the written request of the optionee and upon approval by the Board of
Directors or the Committee, shares acquired pursuant to the exercise of any Option may
be paid for in full at the time of exercise by the surrender of shares of Common Stock
of the Company held by or for the account of the optionee at the time of exercise to
the extent permitted by subsection (c)(5) of Section 422 of the Code and, with respect
to any person who is subject to the reporting requirements of Section 16(a) of the
Securities Exchange Act of 1934, to the extent permitted by Section 16(b) of that Act
and the Rules of the Securities and Exchange Commission, without liability to the
Company. In such case, the fair market value of the surrendered shares shall be
determined by the Board of Directors or the Committee as of the date of exercise in the
same manner as such value is determined upon the grant of an Incentive Stock Option.

	12.	 	Adjustment Upon Change In Capitalization.

	 	(a)	 	In the event that the outstanding Common Stock is hereafter changed by reason
of reorganization, merger, consolidation, recapitalization, reclassification, stock
split-up, combination of shares, stock dividends or the like, an appropriate adjustment
shall be made by the Board of Directors or the Committee in the
aggregate number of shares available under the Plan and in the number of shares and option price per share
subject to outstanding Options. If the Company shall be reorganized, consolidated or
merged with another corporation, or if all or substantially all of the assets of the
Company shall be sold or exchanged, the holder of an Option shall, at the time of
issuance of the stock under such a corporate event, be entitled to receive upon the
exercise of his Option the same number and kind of shares of stock or the same amount
of property, cash or securities as he would have been entitled to receive upon the
happening of any such corporate event as if he had been, immediately prior to such
event, the holder of the

 

 

	 	 	 	number of shares covered by his Option; provided, however, that in such event the
Board of Directors or the Committee shall have the discretionary power to take any
action necessary or appropriate to prevent any Incentive Stock Option granted
hereunder from being disqualified as an “incentive stock option” under the then
existing provisions of the Code or any law amendatory thereof or supplemental
thereto.
	 
	 	(b)	 	Any adjustment in the number of shares shall apply proportionately to only the
unexercised portion of the Option granted hereunder. If fractions of a share would
result from any such adjustment, the adjustment shall be revised to the next lower
whole number of shares.

	13.	 	Further Conditions of Exercise.

	 	(a)	 	Unless prior to the exercise of the Option the shares issuable upon such
exercise have been registered with the Securities and Exchange Commission pursuant to
the Securities Act of 1933, as amended, the notice of exercise shall be accompanied by
a representation or agreement of the individual exercising the Option to the Company to
the effect that such shares are being acquired for investment and not with a view to
the resale or distribution thereof or such other documentation as may be required by
the Company unless in the opinion of counsel to the Company such representation,
agreement or documentation is not necessary to comply with such Act.
	 
	 	(b)	 	The Company shall not be obligated to deliver any Common Stock until it has
been listed on each securities exchange on which the Common Stock may then be listed or
until there has been qualification under or compliance with such state or federal laws,
rules or regulations as the Company may deem applicable. The Company shall use
reasonable efforts to obtain such listing, qualifications and compliance.

	14.	 	Effectiveness of the Plan. The Plan was originally adopted by the Board of Directors
on September 18, 1992. The Plan shall be subject to approval by the affirmative vote of a
majority of the outstanding shares of capital stock of the Company present in person or by
proxy at a meeting of stockholders of the Company convened for such purpose prior to September
18, 1993, which is within one year of adoption of the Plan by the Board of Directors. In the
event such stockholder approval is withheld or otherwise not received on or before the latter
date, the Plan and all Options which may have been granted thereunder shall become null and
void.

	15.	 	Termination, Modification and Amendment.

	 	(a)	 	The Plan (but not Options previously granted under the Plan) shall terminate on
September 17, 2002, which is within ten years from the date of its adoption by the
Board of Directors, or sooner as hereinafter provided, and no Option shall be granted
after termination of the Plan.
	 
	 	(b)	 	The Plan may from time to time be terminated, modified or amended by the
affirmative vote of the holders of a majority of the outstanding shares of capital
stock of the Company present in person or by proxy at a meeting of stockholders of the
Company convened for such purpose.

 

 

	 	(c)	 	The Board of Directors may at any time, on or before the termination date
referred to in Section 15(a) hereof, terminate the Plan, or from time to time make such
modifications or amendments to the Plan as it may deem advisable; provided, however,
that the Board of Directors shall not, without approval by the affirmative vote of the
holders of a majority of the outstanding shares of capital stock of the Company present
in person or by proxy at a meeting of stockholders of the Company convened for such
purpose, increase (except as provided by Section 12 hereof) the
maximum number of shares as to which Incentive Stock Options may be granted, or change the designation of
the employees or class of employees eligible to receive Options or make any other
change which would prevent any Incentive Stock Option granted hereunder which is
intended to be an “incentive stock option” from disqualifying as such under the then
existing provisions of the Code or any law amendatory thereof or supplemental thereto.
	 
	 	(d)	 	No termination, modification or amendment of the Plan may, without the consent
of the individual to whom an Option shall have been previously granted, adversely
affect the rights conferred by such Option.

	16.	 	Not a Contract of Employment. Nothing contained in the Plan or in any Stock Option
Agreement executed pursuant hereto shall be deemed to confer upon any individual to whom an
Option is or may be granted hereunder any right to remain in the employ or service of the
Company or a subsidiary corporation of the Company.
	 
	17.	 	Use of Proceeds. The proceeds from the sale of shares pursuant to Options granted
under the Plan shall constitute general funds of the Company.
	 
	18.	 	Indemnification of Board of Directors or Committee. In addition to such other rights
of indemnification as they may have, the members of the Board of Directors or the Committee,
as the case may be, shall be indemnified by the Company to the extent permitted under
applicable law against all costs and expenses reasonably incurred by them in connection with
any action, suit or proceeding to which they or any of them may be a party by reason of any
action taken or failure to act under or in connection with the Plan or any rights granted
thereunder and against all amounts paid by them in settlement thereof or paid by them in
satisfaction of a judgment of any such action, suit or proceeding, except a judgment based
upon a finding of bad faith. Upon the institution of any such action, suit or proceeding, the
member or members of the Board of Directors or the Committee, as the case may be, shall notify
the Company in writing, giving the Company an opportunity at its own cost to defend the same
before such member or members undertake to defend the same on their own behalf.
	 
	19.	 	Definitions. For purposes of the Plan, the terms “parent corporation” and “subsidiary
corporation” shall have the same meanings as set forth in Sections 425(e) and 425(f) of the
Code, respectively, and the masculine shall include the feminine and the neuter as the context
requires.
	 
	20.	 	Governing Law. The Plan shall be governed by, and all questions arising hereunder
shall be determined in accordance with, the laws of the State of New York.Ex-4.5

 

EXHIBIT 4.5

This Warrant was originally issued on November 25, 2002 and
such issuance was not registered under the Securities Act of 1933,
as amended.

R.H. DONNELLEY CORPORATION

FORM OF

STOCK PURCHASE WARRANT

	 	 	 
	Date of Issuance: November 25, 2002

	 	Certificate No. ____________

     FOR VALUE RECEIVED, R.H. Donnelley Corporation, a Delaware corporation (the “Company”), hereby
grants to _________ or its registered assigns (the “Registered Holder”) the right to
purchase from the Company
____________ shares of the Company’s Common Stock at the Exercise Price.
This Warrant is one of several warrants (collectively, the “Series 1 Warrants”) issued by the
Company to certain investors (the “Investors”) pursuant to the letter agreement, dated as of
November 25, 2002 (the “Letter Agreement”). Certain capitalized terms used herein are defined in
Section 4 and capitalized terms used in this Warrant but not defined herein shall have the
meanings ascribed thereto in the Letter Agreement. The amount and kind of securities obtainable
pursuant to the purchase rights granted hereunder and the purchase price for such securities are
subject to adjustment pursuant to the provisions contained in this Warrant.

     This Warrant is subject to the following provisions:

     Section 1. Exercise of Warrant. (a) Exercise Period. The Registered Holder
may exercise, in whole or in part (but not as to a fractional share of Common Stock), the purchase
rights represented by this Warrant at any time and from time to time after the Date of Issuance to
and including the fifth anniversary of the earlier of (i) the issuance of warrants under the
Purchase Agreement or (ii) termination of the Purchase Agreement prior to the closing thereunder
(the “Exercise Period”).

          (a) Exercise Procedure. (i) This Warrant shall be deemed to have been exercised when
the Company has received all of the following items (the “Exercise Time”):

     (A) a completed Exercise Agreement, as defined in Section 1(c), executed by the
Person exercising all or part of the purchase rights represented by this Warrant (the
“Purchaser”);

     (B) this Warrant;

     (C) if this Warrant is not registered in the name of the Purchaser, an Assignment or
Assignments in the form set forth in Exhibit I evidencing the assignment of this
Warrant to the Purchaser, in which case the Registered Holder shall have complied with the
provisions set forth in Section 6; and

 

     (D) either (1) a check payable to the Company in an amount equal to the product of the
Exercise Price multiplied by the number of shares of Common Stock being purchased upon such
exercise (the “Aggregate Exercise Price”), or (2) a written notice to the Company that the
Purchaser is exercising the Warrant (or a portion thereof) by authorizing the Company to
withhold from issuance a number of shares of Common Stock issuable upon such exercise of the
Warrant that when multiplied by the Current Market Price of the Common Stock is equal to the
Aggregate Exercise Price (which withheld shares shall no longer be issuable under this
Warrant).

          (ii) Certificates for shares of Common Stock purchased upon exercise of this Warrant shall be
delivered by the Company to the Purchaser within five Business Days after the date on which the
Exercise Time occurs. Unless this Warrant has expired or all of the purchase rights represented
hereby have been exercised, the Company shall prepare a new Warrant, substantially identical
hereto, representing the purchase rights formerly represented by this Warrant that have not expired
or been exercised and shall within such five-Business Day period deliver such new Warrant to the
Person designated for delivery in the Exercise Agreement.

          (iii) The Common Stock issuable upon the exercise of this Warrant shall be deemed to have been
issued to the Purchaser at the Exercise Time, and the Purchaser shall be deemed for all purposes to
have become the record holder of such Common Stock as of the Exercise Time.

          (iv) The issuance of certificates for shares of Common Stock upon exercise of this Warrant
shall be made without charge to the Registered Holder or the Purchaser for any issuance tax in
respect thereof if issued to the Registered Holder or other cost incurred by the Company in
connection with such exercise and the related issuance of shares of Common Stock. Each share of
Common Stock issuable upon exercise of this Warrant shall upon payment of the Exercise Price
therefor, be fully paid and nonassessable and free from all liens and charges with respect to the
issuance thereof.

          (v) The Company shall not close its books against the transfer of this Warrant or of any share
of Common Stock issued or issuable upon the exercise of this Warrant in any manner that interferes
with the timely and proper exercise of this Warrant.

          (vi) Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant
is to be made in connection with a registered public offering or the sale of the Company, the
exercise of any portion of this Warrant may, at the election of the holder hereof, be conditioned
upon the consummation of the public offering or sale of the Company in which case such exercise
shall not be deemed to be effective until the consummation of such transaction.

          (vii) The Company shall at all times reserve and keep available out of its authorized but
unissued shares of Common Stock, solely for the purpose of issuance upon the exercise of the Series
1 Warrants, such number of shares of Common Stock issuable upon the exercise of all outstanding
Series 1 Warrants. The Company shall take all such actions as may be necessary to assure that all
such shares of Common Stock may be so issued without violation of any law or governmental
regulation applicable to the Company or any requirements of any

2

 

domestic securities exchange upon which shares of Common Stock may be listed (except for
official notice of issuance that shall be immediately delivered by the Company upon each such
issuance). The Company shall not take any action that would cause the number of authorized but
unissued shares of Common Stock to be less than the number of such shares required to be reserved
hereunder for issuance upon exercise of the Series 1 Warrants.

          (c) Exercise Agreement. Upon any exercise of this Warrant, the Exercise Agreement
shall be substantially in the form set forth in Exhibit II (the “Exercise Agreement”),
except that if the shares of Common Stock are not to be issued in the name of the Person in whose
name this Warrant is registered, the Exercise Agreement shall also state the name of the Person to
whom the certificates for the shares of Common Stock are to be issued, and if the number of shares
of Common Stock to be issued does not include all the shares of Common Stock purchasable hereunder,
it shall also state the name of the Person to whom a new Warrant for the unexercised portion of the
purchase rights hereunder is to be delivered. Such Exercise Agreement shall be dated the actual
date of execution thereof.

          (d) Fractional Shares. If a fractional share of Common Stock would be issuable upon
exercise of the purchase rights represented by this Warrant, the Company shall, unless prohibited
by any agreement to which the Company is a party, within five Business Days after the date on which
the Exercise Time occurs, deliver to the Purchaser a check payable to the Purchaser in lieu of such
fractional share in an amount equal to the difference between Current Market Price of such
fractional share as of the date on which the Exercise Time occurs and the Exercise Price of such
fractional share.

          Section 2. Adjustment of Exercise Price and Number of Shares. In order to prevent
dilution of the purchase rights granted under this Warrant, the Exercise Price shall be subject to
adjustment from time to time as provided in this Section 2, and the number of shares of
Common Stock obtainable upon exercise of this Warrant shall be subject to adjustment from time to
time as provided in this Section 2.

          (a) The Exercise Price shall be subject to adjustment as follows:

          (i) In case the Company shall at any time or from time to time after the Date of Issuance (A)
pay a dividend or make a distribution in shares of Common Stock or Convertible Securities into
Common Stock, (B) subdivide or reclassify the outstanding shares of Common Stock into a greater
number of shares of Common Stock, (C) combine or reclassify the outstanding shares of Common Stock
into a smaller number of shares, or (D) otherwise issue by reclassification of the shares of Common
Stock any shares of capital stock of the Company, then, and in each such case, the Exercise Price
in effect immediately prior to such action and the number of shares of Common Stock obtainable upon
exercise of this Warrant shall be proportionately adjusted so that the holder of this Warrant shall
be entitled to receive the number of shares of Common Stock or other securities of the Company upon
exercise of this Warrant which such holder would have owned or have been entitled to receive after
the happening of any of the events described above had such Warrant been exercised immediately
prior to the happening of such event or the record date therefor, whichever is earlier. An
adjustment made pursuant to this Section 2(a)(i) shall become applicable (x) in the case of
any such dividend or distribution, immediately after the close of business on the record date for
the determination of

3

 

holders of shares of Common Stock entitled to receive such dividend or distribution and (y) in
the case of any such subdivision, reclassification or combination, at the close of business on the
day upon which such corporate action becomes effective. Such adjustment shall be made
successively.

          (ii) In case the Company shall at any time or from time to time after the Date of Issuance
declare, order, pay or make a dividend or other distribution (including without limitation any
distribution of stock or other securities, evidences of indebtedness, property or assets or rights
or warrants to subscribe for securities of the Company or any of its Subsidiaries) on its Common
Stock (other than (A) regular quarterly dividends payable in cash or (B) dividends or distributions
of shares of Common Stock referred to in Section 2(a)(i)) (any one of the foregoing other
than the items specified in clause (A) or (B) referred to as “Securities or Assets”), then and in
each such case, unless the Company elects to reserve shares or other units of such Securities or
Assets for distribution to the holders of the Series 1 Warrants upon the exercise of such Series 1
Warrants so that any such holder exercising its Series 1 Warrants will receive upon such exercise,
in addition to the shares of the Common Stock to which such holder is entitled, the amount and kind
of such Securities or Assets which such holder would have received if such holder had, immediately
prior to the record date for the distribution of the Securities or Assets, exercised its Warrant
for Common Stock, the Exercise Price shall be adjusted so that such Exercise Price shall equal the
price determined by multiplying the Exercise Price in effect immediately prior to the date of such
distribution by a fraction of which the numerator shall be the Current Market Price of the Common
Stock on such record date less the then fair market value (as determined by the Board in good
faith) of the portion of the capital stock or assets or evidences of indebtedness so distributed or
of such rights or warrants applicable to one share of Common Stock, and of which the denominator
shall be the Current Market Price of the Common Stock on such record date; provided,
however, that if the then fair market value (as so determined) of the portion of the
Securities or Assets so distributed applicable to one share of Common Stock is equal to or greater
than the Current Market Price of the Common Stock on the record date mentioned above, in lieu of
the foregoing adjustment, adequate provision shall be made so that each holder of the Series 1
Warrants shall have the right to receive the amount and kind of Securities or Assets which such
holder would have received had such holder exercised its Warrant immediately prior to the record
date for the distribution of the Securities or Assets. Such adjustment shall become effective
immediately after the record date for the determination of shareholders entitled to receive such
distribution.

          (iii) In case the Company shall issue or sell any Common Stock (or rights, Options, warrants
or other Convertible Securities) (collectively, “Additional Shares”) at any time after the date
hereof until November 25, 2005 without consideration or for a consideration per share (or having a
exercise, exchange or exercise price per share) (such per share amount, the “Sale Price”) less than
the greater of (A) the Current Market Price per share of Common Stock on the date preceding the
earlier of the issuance or public announcement of the issuance of such Additional Shares of Common
Stock and (B) the Exercise Price as of the date of such issuance of shares (or, in the case of
Convertible Securities, less than the greater of the Current Market Price or the Exercise Price, as
the case may be, as of the date of issuance of the rights, Options, warrants or other securities in
respect of which shares of Common Stock were issued) then, and in each such case, the Exercise
Price shall be reduced to an amount determined by multiplying (A) the Exercise Price in effect on
the day immediately prior to such date by (B) a fraction, the

4

 

numerator of which shall be the sum of (1) the number of shares of Common Stock outstanding
immediately prior to such sale or issuance multiplied by the greater of (a) the then applicable
Exercise Price per share and (b) the Current Market Price per share of Common Stock on the date
preceding the earlier of the issuance or public announcement of the issuance of such Additional
Shares of Common Stock (the greater of (a) and (b) above hereinafter referred to as the “Adjustment
Price”) and (2) the aggregate consideration receivable by the Company for the total number of
shares of Common Stock so issued (or into or for which the rights, Options, warrants or other
securities are convertible, exercisable or exchangeable), and the denominator of which shall equal
to the product of (I) the sum of (x) the total number of shares of Common Stock outstanding
immediately prior to such sale or issue and (y) the number of additional shares of Common Stock
issued (or into or for which the rights, Options, warrants or other securities may be converted,
exercised or exchanged), multiplied by (II) the Adjustment Price. In case any portion of the
consideration to be received by the Company shall be in a form other than cash, the fair market
value of such noncash consideration shall be utilized in the foregoing computation. Such fair
market value shall be determined in good faith by the Board of Directors. Upon each such
adjustment of the Exercise Price hereunder, the number of Shares of Common Stock acquirable upon
exercise of this Warrant shall be adjusted to the number of shares determined by multiplying the
Exercise Price in effect immediately prior to such adjustment by the number of shares of Common
Stock acquirable upon exercise of this Warrant immediately prior to such adjustment and dividing
the product thereof by the Exercise Price resulting from such adjustment. An adjustment made
pursuant to this subsection (iii) shall be made on the next Business Day following the date on
which any such issuance is made and shall be effective retroactively to the close of business on
the date of such issuance. For purposes of this subsection (iii), the aggregate consideration
receivable by the Company in connection with the issuance of shares of Common Stock or of rights,
warrants or other Convertible Securities shall be deemed to be equal to the sum of the aggregate
offering price (before deduction of underwriting discounts or commissions and expenses payable to
third parties) of all such Common Stock, rights, warrants and Convertible Securities plus the
aggregate amount (as determined on the date of issuance), if any, payable upon exercise or exercise
of any such rights, warrants and Convertible Securities into shares of Common Stock. If,
subsequent to the date of issuance of such right, warrants or other Convertible Securities, the
conversion or exercise price thereof is reduced, such aggregate amount shall be recalculated and
the Exercise Price and the number of shares of Common Stock obtainable upon exercise of this
Warrant shall be adjusted retroactively to give effect to such reduction. On the expiration of any
option or the termination of any right to convert or exchange any securities into Additional
Shares, the Exercise Price then in effect hereunder shall forthwith be increased to the Exercise
Price which would have been in effect at the time of such expiration or termination (but taking
into account other adjustments or potential made following the time of issuance of such Options or
securities) had such option or security, to the extent outstanding immediately prior to such
expiration or termination, never been issued and the number of shares of Common Stock obtainable
upon exercise of this Warrant shall be correspondingly adjusted. If Common Stock is sold as a unit
with other securities, the aggregate consideration received for such Common Stock shall be deemed
to be net of the fair market value (as determined by the Board of Directors in good faith) of such
other securities. The issuance or reissuance of (A) any shares of Common Stock or rights, warrants
or other Convertible Securities (whether treasury shares or newly issued shares) (1) pursuant to a
dividend or distribution on, or subdivision, combination or reclassification of, the outstanding

5

 

shares of Common Stock requiring an adjustment in the Exercise Price pursuant to subsection
(i) of this Section 2(a); (2) pursuant to any restricted stock or stock option plan or
program of the Company involving the grant of Options or rights to acquire shares of Common Stock
after the date hereof to directors, officers and employees of the Company and its Subsidiaries; (3)
pursuant to any option, warrant, right, or Convertible Security outstanding as of the Date of
Issuance; (4) pursuant to any securities issued to a bank or other similar financial institution
solely in connection with the Senior Credit Facility and the Senior Subordinated Credit Facility;
or (5) pursuant to an underwritten offering registered with the SEC if the offering price is
greater than the Exercise Price then in effect; (B) the Preferred Stock and any shares of Common
Stock issuable upon conversion or exercise thereof, or (C) the Series 1 Warrants and any shares of
Common Stock issuable upon exercise thereof, shall not be deemed to constitute an issuance of
Common Stock or Convertible Securities by the Company to which this subsection (iii) applies. No
adjustment shall be made pursuant to this subsection (iii) in connection with any transaction to
which Section 2(b) applies.

          (iv) For purposes of this Section 2(a), the number of shares of Common Stock at any
time outstanding shall not include any shares of Common Stock then owned or held by or for the
account of the Company.

          (v) All calculations of the Exercise Price pursuant to this Section 2(a) shall be made
to the nearest one one-hundredth of a cent. Anything in this Section 2(a) to the contrary
notwithstanding, (A) the Company shall not be required to give effect to any adjustment in the
Exercise Price unless and until the net effect of one or more adjustments (each of which shall be
carried forward), determined as above provided, shall have resulted in a reduction of the Exercise
Price of at least 1%, and when the cumulative net effect of more than one adjustment so determined
shall be to reduce the Exercise Price by at least 1%, such reduction in Exercise Price shall
thereupon be given effect and (B) in no event shall the then current Exercise Price be increased as
a result of any calculation made at any time pursuant to this Section 2(a).

          (b) (i) In case of any capital reorganization or reclassification of outstanding shares of
Common Stock (other than a reclassification to which Section 2(a)(i) shall apply), or in
case of any merger or consolidation of the Company with or into another Person (as defined below),
or in case of any sale or conveyance to another Person of all or substantially all of the assets of
the Company or any compulsory share exchange pursuant to which share exchange the shares of Common
Stock are converted into other securities, cash or other property (each of the foregoing being
referred to as a “Transaction”), this Warrant shall thereafter be exercisable for, in lieu of the
shares of Common Stock issuable upon such exercise prior to consummation of such Transaction, the
kind and amount of shares of stock and other securities and property receivable (including cash)
upon the consummation of such Transaction by a holder of that number of shares of Common Stock into
which the Warrant was exercisable for immediately prior to such Transaction (including, on a pro
rata basis, the cash, securities or property received by holders of Common Stock in any tender or
exchange offer that is a step in such Transaction).

          (ii) Notwithstanding anything contained herein to the contrary, the Company will not effect
any Transaction unless, prior to the consummation thereof, (A) the Surviving Person shall agree
that the Series 1 Warrants shall be treated as provided in paragraph (i) of this Section
2(b) and the agreements governing such Transaction shall so provide and (B) the

6

 

Surviving Person thereof shall assume, by written instrument mailed, by first-class mail,
postage prepaid, to each holder of the Series 1 Warrants at such holder’s address as it appears in
the records of the Company, the obligation to deliver to such holder such cash or other securities
to which, in accordance with the foregoing provisions, such holder is entitled and such Surviving
Person shall have mailed, by first-class mail, postage prepaid, to each holder of the Series 1
Warrants at such holder’s address as it appears in the records of the Company, and an opinion of
independent counsel for such Person stating that such assumption agreement is a valid, binding and
enforceable agreement of the Surviving Person.

          (c) In any case, if necessary, appropriate adjustment (as determined in good faith by the
Board of Directors) shall be made in the application of the provisions set forth in this
Section 2 with respect to rights and interests thereafter of the holders of the Series 1
Warrants to the end that the provisions set forth herein for the protection of the purchase rights
of the Series 1 Warrants shall thereafter be applicable, as nearly as reasonably may be, to any
such other shares of stock and other securities (other than the Common Stock) and property
deliverable upon exercise of the Series 1 Warrants remaining outstanding with such adjustments in
the Exercise Price and the number of shares of Common Stock obtainable upon exercise of this
Warrant and such other adjustments in the provisions hereof as the Board of Directors shall in good
faith determine to be appropriate. In case securities or property other than Common Stock shall be
issuable or deliverable upon exercise as aforesaid, then all references in this Section 2
shall be deemed to apply, so far as appropriate and as nearly as may be, to such other securities
or property.

          (d) If the Company shall pay any dividend or make any other distribution to the holders of its
Common Stock (other than regularly quarterly dividends payable in cash) or shall offer for
subscription pro rata to the holders of its Common Stock any additional shares of stock of any
class or any other right, or there shall be any Transaction, or there shall be a voluntary or
involuntary dissolution, liquidation or winding up of the Company, then, in any one or more of said
cases the Company shall give at least 15 days prior written notice to the holders of the Series 1
Warrants by first-class mail, postage prepaid, at their respective addresses as they shall appear
in the records of the Company of the earlier of the dates on which (i) the books of the Company
shall close or a record shall be taken for such stock dividend, distribution or subscription rights
or (ii) such Transaction, dissolution, liquidation or winding up shall take place. Such notice
shall also specify that date as of which the holders of the Common Stock of record shall
participate in said dividend, distribution of subscription rights or shall be entitled to exchange
their Common Stock for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale or conveyance or participate in such dissolution,
liquidation or winding up, as the case may be. Failure to give such notice shall not invalidate
any action so taken.

          Section 3. Reports as to Adjustments. Upon the occurrence of any event specified in
Section 2(a) that would result in any adjustment of the Exercise Price, then, and in each
such case, the Company shall promptly deliver by first-class mail, postage prepaid, at their
respective addresses as they shall appear in the records of the Company, a certificate signed by
the President or a Vice President and by the Treasurer or an Assistant Treasurer or the Secretary
or an Assistant Secretary of the Company setting forth in reasonable detail the event requiring the
adjustment and the method by which such adjustment was calculated and specifying the

7

 

Exercise Price then in effect and the number of shares of Common Stock obtainable upon
exercise of the Series 1 Warrants following such adjustment. Where appropriate, such notice to the
holders of the Series 1 Warrants may be given in advance and included as part of the notice
required pursuant to Section 2(d).

          Section 4. Definitions. The following terms have meanings set forth below:

          “Business Day” means any day other than a Saturday, Sunday, or any day on which banks in New
York City are authorized or obligated by applicable law to close.

          “Common Stock” means, collectively, the Company’s Common Stock, par value $1 per share
(including any associated Right, as defined in and issued pursuant to the Rights Agreement, dated
as of October 27, 1998, as amended, by and between the Company and The Bank of New York (successor
to First Chicago Trust Company of New York), as Rights Agent.

          “Convertible Securities” means any stock or securities (directly or indirectly, after the
passage of time or otherwise) convertible into or exercisable or exchangeable for Common Stock.

          “Current Market Price,” when used with reference to shares of Common Stock or other securities
on any date, shall mean the closing price per share of Common Stock or such other securities on
such date and, when used with reference to shares of Common Stock or other securities for any
period, shall mean the average of the daily closing prices per share of Common Stock or such other
securities for such period. The closing price for each day shall be the last sale price, regular
way, or, in case no such sale takes place on such day, the average of the closing bid and asked
prices, regular way, in either case as reported in the principal consolidated transaction reporting
system with respect to securities listed or admitted to trading on the New York Stock Exchange or,
if the Common Stock or such other securities are not listed or admitted to trading on the New York
Stock Exchange, as reported in the principal consolidated transaction reporting system with respect
to securities listed on the principal national securities exchange on which the Common Stock or
such other securities are listed or admitted to trading or, if the Common Stock or such other
securities are not listed or admitted to trading on any national securities exchange, the last
quoted sale price or, if not so quoted, the average of the high bid and low asked prices in the
over-the-counter market, as reported by the National Association of Securities Dealers, Inc.
Automated Quotation System or such other system then in use, or, if on any such date the Common
Stock or such other securities are not quoted by any such organization, the average of the closing
bid and asked prices as furnished by a professional market maker making a market in the Common
Stock or such other securities selected by the Board of Directors of the Company. If the Common
Stock or such other securities are not publicly held or so listed or publicly traded, “Current
Market Price” shall mean the fair market value per share of Common Stock or of such other
securities as determined by an independent investment banking firm with an established national
reputation as a valuer of equity securities selected by the Company and reasonably acceptable to
the holders of a majority of the shares of Preferred Stock outstanding at the time.

          “Exercise Price” shall mean $26.28.

8

 

          “Options” means any rights, warrants or options to subscribe for or purchase Common Stock or
Convertible Securities.

          “Person” or “person” means any corporation, individual, limited liability company, joint stock
company, joint venture, partnership, unincorporated association, governmental regulatory entity,
country, state or political subdivision thereof, trust, municipality or other entity.

          “Purchase Agreement” means the Preferred Stock and Warrant Purchase Agreement, dated as of
September 21, 2002, by and among the Company and the investors listed in Schedule A thereto.

          “Surviving Person” shall mean the continuing or surviving Person of a merger, consolidation or
other corporate combination, the Person receiving a transfer of all or a substantial part of the
properties and assets of the Company, or the Person consolidating with or merging into the Company
in a merger, consolidation or other corporate combination in which the Company is the continuing or
surviving Person, but in connection with which the Preferred Stock, Series 1 Warrants or Common
Stock of the Company is exchanged or converted into the securities of any other Person or the right
to receive cash or any other property.

          “Trading Day” shall mean a day on which the principal national securities exchange on which
the Common Stock is listed or admitted to trading is open for the transaction of business or, if
the Common Stock is not listed or admitted to trading on any national exchange, a Business Day.

          Section 5. No Voting Rights; Limitations of Liability. This Warrant shall not entitle
the holder hereof to any voting rights or other rights as a stockholder of the Company. No
provision hereof, in the absence of affirmative action by the Registered Holder to purchase Common
Stock, and no enumeration herein of the rights or privileges of the Registered Holder shall give
rise to any liability of such holder for the Exercise Price of Common Stock acquirable by exercise
hereof or as a stockholder of the Company.

          Section 6. Warrant Transferable. Subject to the transfer conditions referred to in
the legend endorsed hereon, if any, this Warrant and all rights hereunder are transferable, in
whole or in part, without charge to the Registered Holder, upon surrender of this Warrant with a
properly executed Assignment (in the form of Exhibit I) at the principal office of the
Company.

          Section 7. Warrant Exchangeable for Different Denominations. This Warrant is
exchangeable, upon the surrender hereof by the Registered Holder at the principal office of the
Company, for new Series 1 Warrants of like tenor representing in the aggregate the purchase rights
hereunder, and each of such new Series 1 Warrants shall represent such portion of such purchase
rights as is designated by the Registered Holder at the time of such surrender. 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
purchase rights formerly represented by this Warrant shall be issued. All Series 1 Warrants
representing portions of the purchase rights hereunder are referred to herein as the “Series 1
Warrants.”

9

 

          Section 8. Replacement. Upon receipt of evidence reasonably satisfactory to the
Company (an affidavit of the Registered Holder shall be satisfactory) of the ownership and the
loss, theft, destruction or mutilation of any certificate evidencing the Series 1 Warrants, and in
the case of any such loss, theft or destruction, upon receipt of indemnity reasonably satisfactory
to the Company (provided that if the holder is a financial institution or other institutional
investor its own agreement shall be satisfactory), or, in the case of any such mutilation upon
surrender of such certificate, the Company shall (at its expense) execute and deliver in lieu of
such certificate a new certificate of like kind representing the number of Series 1 Warrants of
such class represented by such lost, stolen, destroyed or mutilated certificate and dated the date
of such lost, stolen, destroyed or mutilated certificate.

          Section 9. Notices. Except as otherwise expressly provided hereunder, all notices
referred to herein shall be in writing and shall be delivered by registered or certified mail,
return receipt requested and postage prepaid, or by reputable overnight courier service, charges
prepaid, and shall be deemed to have been given when so mailed or sent (i) to the Company, at its
principal executive offices, Attention: General Counsel and (ii) to any Registered Holder, at such
holder’s address as it appears in the stock records of the Company (unless otherwise indicated by
any such holder).

          Section 10. Amendment and Waiver. Any provision of this Warrant may be amended or
modified in whole or in part at any time by an agreement in writing among the Company and the
holder of this Warrant. No failure on the part of either the Company or the holder of this Warrant
to exercise, and no delay in exercising, any right shall operate as a waiver thereof nor shall any
single or partial exercise by either the Company or the holder of this Warrant of any right
preclude any other or future exercise thereof or the exercise of any other right.

          Section 11. Descriptive Headings; Governing Law. The descriptive headings of the
several Sections and paragraphs of this Warrant are inserted for convenience only and do not
constitute a part of this Warrant. References in this Warrant to Sections and Exhibits are
references to Sections of, and Exhibits to, this Warrant unless otherwise noted. The corporation
laws of the State of Delaware shall govern all issues concerning the relative rights of the Company
and its stockholders. All other questions concerning the construction, validity, enforcement and
interpretation of this Warrant shall be governed by the internal law 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.

          Section 12. Severability. Should any part of this Warrant for any reason be declared
invalid, such decision shall not affect the validity of the remaining portion, which remaining
portion shall remain in full force and effect as if this Warrant had been executed with the invalid
portion thereof eliminated, and it is hereby declared the intention of the Company hereto that it
would have executed the remaining portion of this Warrant without including therein any such parts
or parts which may, for any reason, be hereafter declared invalid.

          Section 13. Entire Agreement. This Warrant and the Letter Agreement and the documents
described herein and therein or attached or delivered pursuant hereto or thereto set

10

 

forth the entire agreement between the Company and the Registered Holder with respect to the
transactions contemplated by this Warrant.

* * * * * *

11

 

          IN WITNESS WHEREOF, the Company has caused this Warrant to be signed and attested by its duly
authorized officers under its corporate seal and to be dated the Date of Issuance hereof.

	 	 	 	 	 
	 

	 	R.H. DONNELLEY CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:

Title:
	 
	 	 	 	 
	Attest:
	 	 	 	 
	 
	 	 	 	 
	 	 	 	 	 
	Name:
	 	 	 	 
	Title:
	 	 	 	 

 

 

EXHIBIT I

ASSIGNMENT

     FOR
VALUE RECEIVED, ____________ hereby sells, assigns and transfers all of the rights
of the undersigned under the attached Warrant (Certificate No. ______) with respect to the number of
shares of the Common Stock, par value $1 per share, of R.H. Donnelley Corporation, a Delaware
corporation, covered thereby set forth below, unto:

	 	 	 	 	 
	Names
of Assignee

	 	Address
	 	No. of Shares

	 	 	 	 	 
	 

	 	Signature:	 	 
	 

	 	 	 	 
	 

	 	Address:	 	 
	 

	 	 	 	 
	 

	 	Witness:	 	 
	 

	 	 	 	 

 

 

EXHIBIT II

EXERCISE AGREEMENT

	 	 	 
	To: R.H. Donnelley Corporation

	 	Dated:

     The undersigned, pursuant to the provisions set forth in the attached Warrant (Certificate No.
______), hereby agrees to subscribe for the
purchase of ____________ shares of the Common Stock, par
value $1 per share (the “Common Stock”), of R.H. Donnelley Corporation, a Delaware corporation (the
“Company”), covered by such Warrant and makes payment herewith in full therefor at the price per
share provided by such Warrant.

     The undersigned1 represents to the Company as follows:

     (i) such Person (as defined in the Warrant) is an “accredited investor” within the
meaning of Rule 501 of Regulation D promulgated under the Securities Act of 1933 (the
“Securities Act”) and was not organized for the specific purpose of acquiring the Common
Stock issuable upon exercise thereof;

     (ii) such person has sufficient knowledge, sophistication and experience in financial
and business matters as are necessary to evaluate the risks and merits of an investment in
the Company;

     (iii) such Person has had an opportunity to discuss the Company’s business, management
and financial affairs with the Company’s management;

     (iv) the Common Stock being acquired by such Person is being acquired for its own
account for the purpose of investment and not with a view to or for sale in connection with
any distribution thereof; and

     (v) such Person understands that (A) none of the shares of Common Stock issuable upon
the exercise of the Warrant have been registered under the Securities Act and are being
issued in reliance upon federal and state exemptions for transactions not involving any
public offering, (B) the shares of Common Stock issuable upon the exercise of the Warrant
must be held indefinitely unless a subsequent disposition thereof is registered under the
Securities Act or is exempt from such registration, (C) the shares of Common Stock issuable
upon the exercise of the Warrant will bear a legend to such effect, as applicable, and (D)
the Company will make a notation on its transfer books to such effect.

	 	 	 	 	 
	 	[NAME OF PERSON]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	Address: 	 	 
	 

 

			
	1	 	In the event that the shares of Common Stock are not
issued in the name of the Person (as defined in the Warrant) in whose name the
Warrant is registered or if the number of shares of Common Stock to be issued
does not include all of the shares purchasable under the Warrant, then this
Exercise Agreement shall be modified to include applicable language with
respect to the provisions of this Exercise Agreement

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