Document:

Warrant Agreement

 Exhibit 10.1 
  
 NEITHER THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREUNDER AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 
  
 SONIC FOUNDRY, INC. 
  
 WARRANT 
  

			
	 Warrant No. 2003-16
	 	Dated: March 24, 2003

  
 Sonic Foundry, Inc., a
Maryland corporation (the “Company”), hereby certifies that, for value received, STRATEGIC GROWTH INTERNATIONAL, INC. or its registered assigns (“Holder”), is entitled, subject to the terms set forth below, to purchase from the
Company up to a total of 400,000 shares of common stock, $.01 par value per share (the “Common Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price
equal to $0.50 per share (as adjusted from time to time as provided in Section 8, the “Exercise Price”), at any time and from time to time from and after the date hereof and through and including the third year anniversary hereof (the
“Expiration Date”), and subject to the following terms and conditions: 
  
 1. Registration of Warrant. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof
from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, and the Company shall not be
affected by notice to the contrary. 

 2. Registration of Transfers and Exchanges. 
  
 (a) The Company shall register the transfer of any portion of this Warrant
in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Transfer Agent or to the Company at its address for notice set forth in Section 12. Upon any such registration or
transfer, a new warrant to purchase Common Stock, in substantially the form of this Warrant (any such new warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant
evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance of such transferee of all of the
rights and obligations of a holder of a Warrant. 
  
 (b) This
Warrant is exchangeable, upon the surrender hereof by the Holder to the office of the Company at its address for notice set forth in Section 12 for one or more New Warrants, evidencing in the aggregate the right to purchase the number of Warrant
Shares which may then be purchased hereunder. Any such New Warrant will be dated the date of such exchange. 
  
 3. Duration and Exercise of Warrants. 
  
 (a) This Warrant shall be exercisable by the registered Holder on any business day before 6:30 P.M., New York City time, at any time and from time to time
on or after the date hereof to and including the Expiration Date. At 6:30 P.M., New York City time on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value. Prior to the Expiration
Date, the Company may not call or otherwise redeem this Warrant without the prior written consent of the Holder. 
  
 (b) Upon delivery of a duly completed and signed Form of Election to Purchase attached hereto (and the grid attached hereto as Annex A) duly
completed and signed, to the Company at its address for notice set forth in Section 13 and upon payment of the Exercise Price multiplied by the number of Warrant Shares that the Holder intends to purchase hereunder, in the manner provided hereunder,
all as specified by the Holder in the Form of Election to Purchase, the Company shall promptly (but in no event later than 3 business days after the Date of Exercise (as defined herein)) issue or cause to be issued and cause to be delivered to or
upon the written order of the Holder and in such name or names as the Holder may designate, a certificate for the Warrant Shares issuable upon such exercise, free of restrictive legends except in the event that a registration statement covering the
resale of the Warrant Shares and naming the Holder as a selling stockholder thereunder is not then effective or the Warrant Shares are not freely transferable without volume restrictions pursuant to Rule 144(k) promulgated under the Securities Act
of 1933, as amended (the “Securities Act”). Any person so designated by the Holder to receive Warrant Shares shall be deemed to have become holder of record of such Warrant Shares as of the Date of Exercise of this Warrant. The Company
shall, upon request of the Holder, if available, use its best efforts to deliver Warrant Shares hereunder electronically through the Depository Trust Corporation or another established clearing corporation performing similar functions. 

 

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 A “Date of Exercise” means the date on which the Company shall have received (i) the Form of
Election to Purchase attached hereto (or attached to such New Warrant) appropriately completed and duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares so indicated by the holder hereof to be purchased. 
  
 (c) This Warrant shall be exercisable, either in its entirety or, from time
to time, for a portion of the number of Warrant Shares. 
  
 4.
Piggyback Registration Rights. Beginning one year from the date of this Warrant grant through the Expiration Date, the Company may not file any registration statement with the Securities and Exchange Commission (other than registration
statements of the Company filed on Form S-8 or Form S-4, each as promulgated under the Securities Act, pursuant to which the Company is registering securities pursuant to a Company employee benefit plan or pursuant to a merger, acquisition or
similar transaction including supplements thereto, but not additionally filed registration statements in respect of such securities) at any time when there is not an effective registration statement covering the resale of the Warrant Shares and
naming the Holder as a selling stockholder thereunder, unless the Company provides the Holder with not less than 20 days notice of its intention to file such registration statement and provides the Holder the option to include any or all of the
applicable Warrant Shares therein. The piggyback registration rights granted to the Holder pursuant to this Section shall continue until all of the Holder’s Warrant Shares have been sold in accordance with an effective registration statement or
upon the Expiration Date. The Company will pay all registration expenses in connection therewith. 
  
 5. Payment of Taxes. The Company will pay all documentary stamp taxes attributable to the issuance of Warrant Shares upon the exercise of this
Warrant; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the
Holder. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof. 
  
 6. Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause
to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction
and indemnity, if requested, satisfactory to it. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable charges as the Company may prescribe.

  
 7. Reservation of Warrant Shares. The Company covenants
that it will at all times reserve and keep available out of the aggregate of its authorized but unissued Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of
Warrant Shares which are then issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other actual contingent purchase rights of persons other than the Holder (taking into account the adjustments and
restrictions of Section 8). 
  

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 The Company covenants that all Warrant Shares that shall be so issuable and deliverable shall, upon issuance and the
payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable. 
  
 8. Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time
to time as set forth in this Section 8. Upon each such adjustment of the Exercise Price pursuant to this Section 8, the Holder shall thereafter prior to the Expiration Date be entitled to purchase, at the Exercise Price resulting from such
adjustment, the number of Warrant Shares obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such adjustment and
dividing the product thereof by the Exercise Price resulting from such adjustment. 
  
 (a) If the Company, at any time while this Warrant is outstanding, (i) shall pay a stock dividend (except scheduled dividends paid on outstanding preferred stock as of the date hereof which contain a stated dividend
rate) or otherwise make a distribution or distributions on shares of its Common Stock or on any other class of capital stock payable in shares of Common Stock, (ii) subdivide outstanding shares of Common Stock into a larger number of shares, or
(iii) combine outstanding shares of Common Stock into a smaller number of shares, the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any)
outstanding before such event and of which the denominator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding after such event. Any adjustment made pursuant to this Section shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision or combination, and shall apply to
successive subdivisions and combinations. 
  
 (b) In case of any
reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is converted into other securities, cash or property, then the Holder shall have the right thereafter to exercise this Warrant only into the
shares of stock and other securities and property receivable upon or deemed to be held by holders of Common Stock following such reclassification or share exchange, and the Holder shall be entitled upon such event to receive such amount of
securities or property equal to the amount of Warrant Shares such Holder would have been entitled to had such Holder exercised this Warrant immediately prior to such reclassification or share exchange. The terms of any such reclassification or share
exchange shall include such terms so as to continue to give to the Holder the right to receive the securities or property set forth in this Section 8(b) upon any exercise following any such reclassification or share exchange. 
  
 (c) If the Company, at any time while this Warrant is outstanding, shall
distribute to all holders of Common Stock (and not to holders of this Warrant) evidences of its indebtedness or assets or rights or warrants to subscribe for or purchase any security (excluding those referred to in Sections 8(a), (b) and (d)), then
in each such case the Exercise Price shall be determined by multiplying the Exercise Price in effect immediately prior to the record date fixed for 
  

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 determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the
Exercise Price determined as of the record date mentioned above, and of which the numerator shall be such Exercise Price on such record date less the then fair market value at such record date of the portion of such assets or evidence of
indebtedness so distributed applicable to one outstanding share of Common Stock as determined by the Company’s independent certified public accountants that regularly examines the financial statements of the Company (an “Appraiser”).

  
 (d) If the Company or any subsidiary thereof, as applicable
with respect to Common Stock Equivalents (as defined below), at any time while this Warrant is outstanding, shall issue shares of Common Stock or rights, warrants, options or other securities or debt that are convertible into or exchangeable for
shares of Common Stock (other than to employees, officers or directors pursuant to one or more stock option plans) (“Common Stock Equivalents”), entitling any person to acquire shares of Common Stock at a price per share less than
the Exercise Price (if the holder of the Common Stock or Common Stock Equivalent so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due
to warrants, options or rights issued in connection with such issuance, be entitled to receive shares of Common Stock at a price less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price), then, at
the sole option of the Holder, the Exercise Price shall be adjusted to mirror the conversion, exchange or purchase price for such Common Stock Equivalents (including any reset provisions thereof), provided, that for purposes hereof, all
shares of Common Stock that are issuable upon conversion, exercise or exchange of Common Stock Equivalents shall be deemed outstanding immediately after the issuance of such Common Stock Equivalents. Such adjustment shall be made whenever such
shares of Common Stock or Common Stock Equivalents are issued. The Company shall notify the Holder in writing, no later than the business day following the issuance of any Common Stock or Common Stock Equivalent subject to this section, indicating
therein the applicable issuance price, or of applicable reset price, exchange price, conversion price and other pricing terms. 
  
 (e) In case of any (1) merger or consolidation of the Company with or into another person, or (2) sale by the Company of more than one-half of the assets
of the Company (on a book value basis) in one or a series of related transactions, the Holder shall have the right thereafter to: (A) exercise this Warrant for the shares of stock and other securities, cash and property receivable upon or deemed to
be held by holders of Common Stock following such merger, consolidation or sale, and the Holder shall be entitled upon such event or series of related events to receive such amount of securities, cash and property as the Common Stock for which this
Warrant could have been exercised immediately prior to such merger, consolidation or sales would have been entitled, or (B) in the case of a merger or consolidation, (x) require the surviving entity to issue common stock purchase warrants equal to
the number Warrant Shares to which this Warrant then permits, which newly warrant shall be identical to this Warrant, and (y) simultaneously with the issuance of such warrant, the Holder of such warrant shall have the right to exercise such warrant
only into shares of stock and other securities, cash and property receivable upon or deemed to be held by holders of 
  

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 Common Stock following such merger or consolidation or (C) require the surviving entity from such merger, acquisition or
business combination to pay to the Holder, in cash, the Black Scholes value of this Warrant. In the case of clause (B), the exercise price for such new warrant shall be based upon the amount of securities, cash and property that each share of Common
Stock would receive in such transaction and the Exercise Price of this Warrant immediately prior to the effectiveness or closing date for such transaction. The terms of any such merger, sale or consolidation shall include such terms so as continue
to give the Holder the right to receive the securities, cash and property set forth in this Section upon any conversion or redemption following such event. This provision shall similarly apply to successive such events. 
  
 (f) For the purposes of this Section 8, the following clauses shall also be
applicable: 
  
 (i) Record Date. In case the Company
shall take a record of the holders of its Common Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in Common Stock or in securities convertible or exchangeable into shares of Common Stock, or (B) to
subscribe for or purchase Common Stock or securities convertible or exchangeable into shares of Common Stock, then such record date shall be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold
upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase, as the case may be. 
  
 (ii) Treasury Shares. The number of shares of Common Stock outstanding at any given time shall not include shares
owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock. 
  
 (g) All calculations under this Section 8 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. 
  
 (h) Whenever the Exercise Price is adjusted pursuant to Section 8(c) above,
the Holder, after receipt of the determination by the Appraiser, shall have the right to select an additional appraiser (which shall be a nationally recognized accounting firm), in which case the adjustment shall be equal to the average of the
adjustments recommended by each of the Appraiser and such appraiser. The Holder shall promptly mail or cause to be mailed to the Company, a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the
facts requiring such adjustment. Such adjustment shall become effective immediately after the record date mentioned above. 
  
 (i) If: 
  

	 	(i)	the Company shall declare a dividend (or any other distribution) on its Common Stock; or 

  

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	 	(ii)	the Company shall declare a special nonrecurring cash dividend on or a redemption of its Common Stock; or 

  

	 	(iii)	the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any
rights; or 

  

	 	(iv)	the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a
party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property; or 

  

	 	(v)	the Company shall authorize the voluntary dissolution, liquidation or winding up of the affairs of the Company, 

  
 then the Company shall cause to be mailed to each Holder at their last addresses as they
shall appear upon the Warrant Register, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on
which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares
of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, share exchange, dissolution, liquidation or winding up; provided, however, that the failure to mail
such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. 
  
 9. Payment of Exercise Price. The Holder shall pay the Exercise Price in one of the following manners: 
  
 (a) Cash Exercise. The Holder may deliver immediately available
funds; or 
  

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 (b) Cashless Exercise. The Holder may surrender this Warrant to the Company together with a notice
of cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows: 
  
 X = Y [(A-B)/A] 
  
 where: 
  
 X = the number of Warrant Shares to be issued to the Holder. 
  
 Y = the number of Warrant Shares with respect to which this Warrant is being exercised. 
  
 A = the average of the closing sale prices of the Common Stock for the five
(5) trading days immediately prior to (but not including) the Date of Exercise. 
  
 B = the Exercise Price. 
  
 For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise
transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have been commenced, on the issue date. 
  
 10. Certain Exercise Restrictions. 
  
 (a) A Holder may not exercise this Warrant to the extent such exercise would result in the Holder, together with any
affiliate thereof, beneficially owning (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules promulgated thereunder) in excess of 4.999% of the then
issued and outstanding shares of Common Stock, including shares issuable upon such exercise and held by such Holder after application of this Section. Since the Holder will not be obligated to report to the Company the number of shares of Common
Stock it may hold at the time of an exercise hereunder, unless the exercise at issue would result in the issuance of shares of Common Stock in excess of 4.999% of the then outstanding shares of Common Stock without regard to any other shares which
may be beneficially owned by the Holder or an affiliate thereof, the Holder shall have the authority and obligation to determine whether the restriction contained in this Section will limit any particular exercise hereunder and to the extent that
the Holder determines that the limitation contained in this Section applies, the determination of which portion of this Warrant is exercisable shall be the responsibility and obligation of the Holder. If the Holder has delivered a Form of Election
to Purchase for a number of Warrant Shares that, without regard to any other shares that the Holder or its affiliates may beneficially own, would result in the issuance in excess of the permitted amount hereunder, the Company shall notify the Holder
of this fact and shall honor the exercise for the maximum portion of this Warrant permitted to be exercised on such Date of Exercise in accordance with the periods described herein and, at the option of the Holder, either keep the portion of the

  

 -8- 

 Warrant tendered for exercise in excess of the permitted amount hereunder for future exercises or return such excess
portion of the Warrant to the Holder. The provisions of this Section may be waived by a Holder (but only as to itself and not to any other Holder) upon not less than 61 days prior notice to the Company. Other Holders shall be unaffected by any such
waiver. 
  
 (b) A Holder may not exercise this Warrant to the
extent such exercise would result in the Holder, together with any affiliate thereof, beneficially owning (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 9.999% of the then
issued and outstanding shares of Common Stock, including shares issuable upon such exercise and held by such Holder after application of this Section. Since the Holder will not be obligated to report to the Company the number of shares of Common
Stock it may hold at the time of an exercise hereunder, unless the exercise at issue would result in the issuance of shares of Common Stock in excess of 9.999% of the then outstanding shares of Common Stock without regard to any other shares which
may be beneficially owned by the Holder or an affiliate thereof, the Holder shall have the authority and obligation to determine whether the restriction contained in this Section will limit any particular exercise hereunder and to the extent that
the Holder determines that the limitation contained in this Section applies, the determination of which portion of this Warrant is exercisable shall be the responsibility and obligation of the Holder. If the Holder has delivered a Form of Election
to Purchase for a number of Warrant Shares that, without regard to any other shares that the Holder or its affiliates may beneficially own, would result in the issuance in excess of the permitted amount hereunder, the Company shall notify the Holder
of this fact and shall honor the exercise for the maximum portion of this Warrant permitted to be exercised on such Date of Exercise in accordance with the periods described herein and, at the option of the Holder, either keep the portion of the
Warrant tendered for exercise in excess of the permitted amount hereunder for future exercises or return such excess portion of the Warrant to the Holder. The provisions of this Section may be waived by a Holder (but only as to itself and not to any
other Holder) upon not less than 61 days prior notice to the Company. Other Holders shall be unaffected by any such waiver. 
  
 11. Fractional Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this Warrant.
The number of full Warrant Shares which shall be issuable upon the exercise of this Warrant shall be computed on the basis of the aggregate number of Warrant Shares purchasable on exercise of this Warrant so presented. If any fraction of a Warrant
Share would, except for the provisions of this Section, be issuable on the exercise of this Warrant, the Company shall pay an amount in cash equal to the Exercise Price multiplied by such fraction. 
  
 12. Notices. Any and all notices or other communications or deliveries
hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section prior to
6:30 p.m. (New York City time) on a business day, (ii) the business day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section later than 6:30 p.m. (New
York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) the business day following the date of mailing, if sent by nationally recognized overnight courier service, 
  

 -9- 

 or (iv) upon actual receipt by the party to whom such notice is required to be given. The addresses for such
communications shall be: (i) if to the Company, to 1617 Sherman Avenue, Madison, WI 53704, Facsimile No.: (608) 204-8804, Attn: Chief Financial Officer, or (ii) if to the Holder, to the Holder at the address or facsimile number appearing on the
Warrant Register or such other address or facsimile number as the Holder may provide to the Company in accordance with this Section. 
  
 13. Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty days’ notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which
the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly
cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register. 
  
 14. Miscellaneous. 
  
 (a) This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. This Warrant may be
amended only in writing signed by the Company and the Holder and their successors and assigns. 
  
 (b) Subject to Section 14(a), above, nothing in this Warrant shall be construed to give to any person or corporation other than the Company and the Holder any legal or equitable right, remedy or cause under this
Warrant. This Warrant shall inure to the sole and exclusive benefit of the Company and the Holder. 
  
 (c) The corporate laws of the State of Maryland 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 and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. 
  
 (d) The headings herein are for
convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof. 
  
 (e) In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute
therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, 
 SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as
of the date first indicated above. 
  

			
	SONIC FOUNDRY, INC.
		
	 By:
  
	 	 /s/    Ken Minor

	 	 	 Name:  Ken Minor

	 	 	 Title:    Chief Financial Officer

 FORM OF ELECTION TO PURCHASE 
  
 (To be executed by the Holder to exercise the right to purchase shares of Common Stock under the foregoing Warrant) 
  
 To Sonic Foundry, Inc.: 
  
 The undersigned hereby irrevocably elects to purchase
             shares of common stock, $.01 par value per share, of Sonic Foundry, Inc. (the “Common Stock”) and, if such Holder is not utilizing the cashless exercise
provisions set forth in this Warrant, encloses herewith $             in cash, certified or official bank check or checks, which sum represents the aggregate Exercise Price (as
defined in the Warrant) for the number of shares of Common Stock to which this Form of Election to Purchase relates, together with any applicable taxes payable by the undersigned pursuant to the Warrant. 
  
 The Exercise Price applicable to the purchase hereunder equals
$            . 
  
 The undersigned requests that certificates for the shares of Common Stock issuable upon this exercise be issued in the name of 
  

	
	 PLEASE INSERT SOCIAL SECURITY OR

	 TAX IDENTIFICATION NUMBER

	  

  

 (Please print name and address) 
  

  

  

			
	 Dated:             ,     
	 	 Name of Holder:

  

	
	 (Print)

	 (By:)

	 (Name:)

	 (Title:)

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

  

 -12- 

 FORM OF ASSIGNMENT 
  
 [To be completed and signed only upon transfer of Warrant] 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                     the right represented by the within Warrant to purchase
             shares of Common Stock of Sonic Foundry, Inc. to which the within Warrant relates and appoints
             attorney to transfer said right on the books of Sonic Foundry, Inc. with full power of substitution in the premises. 
  
 Dated: 
  
             ,      
  

	
	

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

	
	
 Address of Transferee

	  

	  

  

	
	 In the presence of:

	  

  

 -13- 

 Annex A 
  

							
	 Date

	  	 Number of Warrant
 Shares Available to be
          Exercised         

	  	 Number of Warrant Shares
               Exercised              

	  	 Number of
 Warrant Shares
 Remaining to
   be Exercised  

	 	  	 	  	 	  	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 

  

 -14-Warrant Agreement

 Exhibit 10.2 
  
 NEITHER THIS WARRANT NOR ISSUANCE OF THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF TO THE HOLDER HAVE BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 OR QUALIFIED OR REGISTERED UNDER STATE SECURITIES OR BLUE SKY LAWS. NEITHER THIS WARRANT NOR SUCH SECURITIES MAY BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT OF 1933, APPLICABLE STATE
SECURITIES OR BLUE SKY LAWS AND THE APPLICABLE RULES AND REGULATIONS THEREUNDER. 
  
 THIS WARRANT MAY NOT BE TRANSFERRED EXCEPT AS PROVIDED IN SECTION 23. 
  

			
	 	  	 Right to Purchase 20,000 Shares of Common
 Stock of Sonic Foundry, Inc.

  
 January 7, 2003 
  
 Warrant No.- 2003-14 
  
 SONIC FOUNDRY, INC. 
  
 Common Stock Purchase Warrant 
  
 SONIC FOUNDRY, INC., a Maryland corporation, hereby certifies that, for value received, RON GILLIES or registered assigns (the “Holder”), is
entitled, subject to the terms set forth below, to purchase from the Company at any time or from time to time before 5:00 p.m., New York City time, on the Expiration Date (such capitalized term and all other capitalized terms used herein having the
respective meanings provided herein), 20,000 fully paid and nonassessable shares of Common Stock at a purchase price per share equal to the Purchase Price. The number of such shares of Common Stock and the Purchase Price are subject to adjustment as
provided in this Warrant. 
  
 1. Definitions. 
  
 (a) As used in this Warrant, the term “Holder” shall have the
meaning assigned to such term in the first paragraph of this Warrant. 
  
 (b) All the agreements or instruments herein defined shall mean such agreements or instruments as the same may from time to time be supplemented or amended or the terms thereof waived or modified to the extent permitted by, and in
accordance with, the terms thereof and of this Warrant. 
  

 (c) The following terms shall have the following meanings (such meanings to be equally applicable to both
the singular and plural forms of the terms defined): 
  
 “Affiliate” means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with the subject Person. For purposes of this
definition, “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise. 
  

“Aggregate Purchase Price” means at any time an amount equal to the product obtained by multiplying (x) the Purchase Price
times (y) the number of shares of Common Stock for which this Warrant may be exercised at such time. 
  
 “Aggregation Parties” shall have the meaning provided in Section 2(c). 
  
 “Board of Directors” means the Board of Directors
of the Company. 
  
 “Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks are authorized or required by law or executive order to remain closed. 
  
 “Common Stock” includes the Company’s Common Stock, par value $.01 per share, (and any purchase rights issued with respect
to the Common Stock in the future) as authorized on the date hereof, and any other securities into which or for which the Common Stock (and any such rights issued with respect to the Common Stock) may be converted or exchanged pursuant to a plan of
recapitalization, reorganization, merger, sale of assets or otherwise and any stock (other than Common Stock) and other securities of the Company or any other Person which the Holder at any time shall be entitled to receive, or shall have received,
on the exercise of this Warrant, in lieu of or in addition to Common Stock. 
  
 “Common Stock Equivalents” means any warrant, option, subscription or purchase right with respect to shares of Common Stock, any security convertible into, exchangeable for, or otherwise entitling the holder
thereof to acquire, shares of Common Stock or any warrant, option, subscription or purchase right with respect to any such convertible, exchangeable or other security. 
  
 “Company” shall include Sonic Foundry, Inc., a Maryland corporation, and any corporation that
shall succeed to or assume the obligations of Sonic Foundry, Inc. hereunder in accordance with the terms hereof. 
  
 “Current Fair Market Value” means when used with respect to the Common Stock as of a specified date with respect to each share
of Common Stock, the average of the closing prices of the Common Stock sold on all securities exchanges (including the 

  

 -2- 

 
Nasdaq and the Nasdaq SmallCap) on which the Common Stock may at the time be listed, or, if there have been no sales on any such exchange on such day, the
average of the highest bid and lowest asked prices on all such exchanges at the end of such day, or, if on such day the Common Stock is not so listed, the average of the representative bid and asked prices quoted in the Nasdaq System as of 4:00
p.m., New York City time, or, if on such day the Common Stock is not quoted in the Nasdaq System, the average of the highest bid and lowest asked price on such day in the domestic over-the-counter market as reported by the National Quotation Bureau,
Incorporated, or any similar successor organization, in each such case averaged over a period of ten Trading Days consisting of the day as of which the Current Fair Market Value of Common Stock is being determined (or if such day is not a Trading
Day, the Trading Day next preceding such day) and the nine consecutive Trading Days prior to such day. If on the date for which Current Fair Market Value is to be determined the Common Stock is not listed on any securities exchange or quoted in the
Nasdaq System or the over-the-counter market, the Current Fair Market Value of Common Stock shall be the highest price per share which the Company could then obtain from a willing buyer (not an employee or director of the Company at the time of
determination) in an arms’-length transaction for shares of Common Stock sold by the Company, from authorized but unissued shares, as determined in good faith by the Board of Directors. 
  
 “Expiration Date” means January 7, 2008.

  
 “Holder Share Notice” shall have
the meaning provided in Section 3(a). 
  
 “Issuance Date” means the date of original issuance of this Warrant or its predecessor instrument. 
  
 “Nasdaq” means the Nasdaq National Market. 
  
 “Nasdaq SmallCap” means the Nasdaq SmallCap Market. 
  
 “ 1934 Act” means the Securities Exchange Act of
1934, as amended. 
  
 “1933 Act” means
the Securities Act of 1933, as amended. 
  
 “Note” means the 10% Convertible Note due 2004 issued by the Company pursuant to the Purchase Agreement. 
  
 “Other Securities” means any stock (other than Common Stock) and other securities of the Company or any other Person which the
Holder at any time shall be entitled to receive, or shall have received, on the exercise of this Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable or shall have been issued in exchange for or in replacement
of Common Stock or Other Securities pursuant to Section 5. 
  
 “Person” means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, pool, syndicate, sole 

  

 -3- 

 
proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 
  
 “Purchase Agreement” means the Purchase Agreement,
dated as of January 31, 2002, by and between the Company and Holder. 
  
 “Purchase Price” means $0.48, subject to adjustment as provided in this Warrant. 
  
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
  
 “Restricted Ownership Percentage” shall have the
meaning provided in Section 2(c). 
  
 “Restricted Securities” means securities that are not eligible for resale pursuant to Rule 144(k) under the 1933 Act (or any successor provision). 
  
 “Reorganization Event” means the occurrence of any one or more of the following events:

  
 (i) any consolidation, merger or similar
transaction of the Company or any Subsidiary with or into another entity (other than a merger or consolidation or similar transaction of a Subsidiary into the Company or a wholly-owned Subsidiary); or the sale or transfer of all or substantially all
of the assets of the Company and the Subsidiaries in a single transaction or a series of related transactions; or 
  
 (ii) the occurrence of any transaction or event in connection with which all or substantially all the Common Stock shall be exchanged for,
converted into, acquired for or constitute the right to receive securities of any other Person (whether by means of a Tender Offer, liquidation, consolidation, merger, share exchange, combination, reclassification, recapitalization, or otherwise);
or 
  
 (iii) the acquisition by a Person or group
of Persons acting in concert as a partnership, limited partnership, syndicate or group, as a result of a tender or exchange offer, open market purchases, privately negotiated purchases or otherwise, of beneficial ownership of securities of the
Company representing 50% or more of the combined voting power of the outstanding voting securities of the Company ordinarily (and apart from rights accruing in special circumstances) having the right to vote in the election of directors. 

 
 “Rule 144A” means Rule 144A as promulgated
under the 1933 Act. 
  
 “SEC” means the
Securities and Exchange Commission. 
  
 “Subsidiary” means any corporation or other entity of which a majority of the capital stock or other ownership interests having ordinary voting power to elect a majority 

  

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of the board of directors or other Persons performing similar functions are at the time directly or indirectly owned by the Company. 
  
 “Tender Offer” means a tender offer, exchange
offer or other offer by the Company to repurchase outstanding shares of its capital stock. 
  
 “Trading Day” means a day on whichever of the national securities exchange, the Nasdaq or the Nasdaq SmallCap which then
constitutes the principal securities market for the Common Stock is open for general trading. 
  
 2. Exercise of Warrant. 
  
 (a)
Exercise. This Warrant may be exercised by the Holder in whole at any time or in part from time to time on or before the Expiration Date by (x) surrendering this Warrant to the Company, (y) giving a subscription form in the form of Exhibit 1 to this
Warrant (duly executed by the Holder) to the Company, and (z) making payment, in cash or by certified or official bank check payable to the order of the Company, or by wire transfer of funds to the account of the Company, in any such case, in the
amount obtained by multiplying (a) the number of shares of Common Stock designated by the Holder in the subscription form by (b) the Purchase Price then in effect. On any partial exercise the Company will forthwith issue and deliver to or upon the
order of the Holder a new Warrant or Warrants of like tenor, in the name of the Holder or as the Holder (upon payment by the Holder of any applicable transfer taxes) may request, providing in the aggregate on the face or faces thereof for the
purchase of the number of shares of Common Stock for which such Warrant or Warrants may still be exercised. The subscription form may be surrendered by telephone line facsimile transmission to such telephone number for the Company as shall have been
specified in writing to the Holder by the Company; provided, however, that if the subscription form is given to the Company by telephone line facsimile transmission the Holder shall send an original of such subscription form to the Company within
ten Business Days after such subscription form is so given to the Company; provided further, however, that any failure or delay on the part of the Holder in giving such original of any subscription form shall not affect the validity or the date on
which such subscription form is so given by telephone line facsimile transmission. 
  
 (b) Net Exercise. The Holder may elect to exercise this Warrant, in whole at any time or in part from time to time, by receiving shares of Common Stock equal to the net issuance value (as determined below) of this
Warrant, or any part hereof, upon surrender of the subscription form annexed hereto (duly executed by the Holder) to the Company (followed by surrender of this Warrant to the Company within three Trading Days after surrender of such subscription
form), in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: 
  
 X = Y x (A - B)  
 A 
  
 where, 
  

			
	 X =
	  	the number of shares of Common Stock to be issued to the Holder

  

 -5- 

			
	 Y =
	  	the number of shares of Common Stock as to which this Warrant is to be exercised
		
	 A =
	  	the Current Fair Market Value of one share of Common Stock calculated as of the last Trading Day immediately preceding the exercise of this Warrant
		
	 B =
	  	the Purchase Price
		
	 (c)
	  	9.9% Limitation.

  
 (1) Notwithstanding
anything to the contrary contained herein, the number of shares of Common Stock that may be acquired by the Holder upon exercise pursuant to the terms hereof shall not exceed a number that, when added to the total number of shares of Common Stock
deemed beneficially owned by the Holder (other than by virtue of the ownership of securities or rights to acquire securities (including the Note and this Warrant) that have limitations on the Holder’s right to convert, exercise or purchase
similar to the limitation set forth herein), together with all shares of Common Stock deemed beneficially owned at such time (other than by virtue of the ownership of securities or rights to acquire securities that have limitations on the right to
convert, exercise or purchase similar to the limitation set forth herein) by the Holder’s Affiliates (the “Aggregation Parties”) that would be aggregated for purposes of determining whether a group exists or for purposes of
determining the Holder’s beneficial ownership, in either such case for purposes of Section 13(d) of the 1934 Act and Regulation 13D-G thereunder, would result in beneficial ownership by the Holder or such group of more than 9.9% of the
outstanding shares of the Common Stock (the “Restricted Ownership Percentage”). The Holder shall have the right (x) at any time and from time to time to reduce its Restricted Ownership Percentage immediately upon notice to the Company in
the event and only to the extent that Section 16 of the 1934 Act or the rules promulgated thereunder (or any successor statute or rules) is changed to reduce the beneficial ownership percentage threshold thereunder from 10%, (y) at any time and from
time to time, to increase its Restricted Ownership Percentage immediately in the event of the happening of any Change in Control Transaction (as defined in the Note) and (z) by written instrument delivered to the Company to irrevocably waive its
rights under the immediately preceding clause (y). If at any time the limits in this Section 2(c) make this Warrant unexercisable in whole or in part, the Company shall not by reason thereof be relieved of its obligation to issue shares of Common
Stock at any time or from time to time thereafter as shares of Common Stock may be issued in compliance with such restrictions. 
  
 (2) For purposes of this Section 2(c), in determining the number of outstanding shares of Common Stock at any time the Holder may rely on the number of
outstanding shares of Common Stock as reflected in (A) the Company’s then most recent Form 10-Q, Form 10-K or other public filing with the SEC, as the case may be, (B) a public announcement by the Company that is later than any such filing
referred to in the preceding clause (A), or (C) any other notice by the Company or its transfer agent setting forth the number shares of Common Stock outstanding. Upon the written or oral request of the Holder, the Company shall within one Business
Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of 

  

 -6- 

 
Common Stock shall be determined after giving effect to the conversion or exercise of Common Stock Equivalents, including, without limitation, the Note and
the Warrant, by the Holder or its Aggregation Parties, in each such case subsequent to the date as of which such number of outstanding shares of Common Stock was reported. 
  
 3. Delivery of Stock Certificates, etc., on Exercise. (a) As soon as practicable after the exercise of this Warrant and in
any event within five Trading Days thereafter, upon the terms and subject to the conditions of this Warrant, the Company at its expense (including the payment by it of any applicable issue or stamp taxes) will cause to be issued in the name of and
delivered to the Holder, or as the Holder (upon payment by the Holder of any applicable transfer taxes) may direct, a certificate or certificates for the number of fully paid and nonassessable shares of Common Stock (or Other Securities) to which
the Holder shall be entitled on such exercise, in such denominations as may be requested by the Holder, which certificate or certificates shall be free of restrictive and trading legends (except to the extent permitted under Section 6.12 of the
Purchase Agreement), plus, in lieu of any fractional share to which the Holder would otherwise be entitled, cash equal to such fraction multiplied by the then Current Fair Market Value of one full share of Common Stock, together with any other stock
or Other Securities or any property (including cash, where applicable) to which the Holder is entitled upon such exercise pursuant to Section 2 or otherwise. In lieu of delivering physical certificates for the shares of Common Stock or (Other
Securities) issuable upon any exercise of this Warrant, provided the Company’s transfer agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of the
Holder, the Company shall use commercially reasonable efforts to cause its transfer agent electronically to transmit such shares of Common Stock (or Other Securities) issuable upon conversion to the Holder (or its designee), by crediting the account
of the Holder’s (or such designee’s) broker with DTC through its Deposit Withdrawal Agent Commission system (provided that the same time periods herein as for stock certificates shall apply). The Company shall pay any taxes and other
governmental charges that may be imposed under the laws of the United States of America or any political subdivision or taxing authority thereof or therein in respect of the issue or delivery of shares of Common Stock (or Other Securities) or
payment of cash upon exercise of this Warrant (other than income taxes imposed on the Holder). The Company shall not be required, however, to pay any tax or other charge imposed in connection with any transfer involved in the issue of any
certificate for shares of Common Stock (or Other Securities) issuable upon exercise of this Warrant or payment of cash to any Person other than the Holder, and in case of such transfer or payment the Company shall not be required to deliver any
certificate for shares of Common Stock (or Other Securities) upon such exercise or pay any cash until such tax or charge has been paid or it has been established to the Company’s reasonable satisfaction that no such tax or charge is due. If the
Holder notifies the Company that the Holder has not received such shares of Common Stock (or Other Securities) within three Trading Days after a particular exercise of this Warrant (a “Holder Share Notice”) and the Company fails to deliver
or cause to be delivered to the Holder such shares of Common Stock (or Other Securities) pursuant to this Section 4(b) (free of any restrictions on transfer or legends except to the extent permitted under Section 6.12 of the Purchase Agreement) in
accordance herewith, within two Trading Days after the date the Holder gives such Holder Share Notice, then, in addition to any other liability the Company may have, the Company shall pay to the Holder, in cash, an amount, computed at the rate of 2%
per month of the Current Fair Market Value of the shares of Common Stock (or Other Securities) not timely delivered by the 

  

 -7- 

 
Company, for the period such failure continues (the “Exercise Delay Payments”), without duplication of any amount payable to the Holder pursuant to
clause (F) of Section 2(c)(i) of the Registration Rights Agreement, with each change in the Current Fair Market Value during such period being given effect. A Holder Share Notice may be given by telephone or e-mail to the Company’s Chief
Financial Officer or General Counsel. Upon exercise of this Warrant as provided herein, the Company’s obligation to issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective of the absence of any
action by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, any failure or delay in the enforcement of any other obligation
of the Company to the Holder, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the
Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with such exercise. 
  
 (b) If in any case the Company shall fail to issue and deliver or cause to be delivered the shares of Common Stock to the
Holder in connection with a particular exercise of this Warrant within two Trading Days after the Holder gives a Holder Share Notice to the Company, in addition to any other liabilities the Company may have hereunder and under applicable law, (A)
the Company shall pay or reimburse the Holder on demand for all out-of-pocket expenses, including, without limitation, reasonable fees and expenses of legal counsel, incurred by the Holder as a result of such failure; and (B) the Holder may by
written notice (which may be given by mail, courier, personal service or telephone line facsimile transmission) or oral notice (promptly confirmed in writing), given at any time prior to delivery to the Holder of the shares of Common Stock issuable
in connection with such exercise of the Holder’s right, rescind such exercise and the subscription form relating thereto, in which case the Holder shall thereafter be entitled to exercise that portion of this Warrant as to which such exercise
is so rescinded and to exercise its other rights and remedies with respect to such failure by the Company. Notwithstanding the foregoing the Company shall not be liable to the Holder under clauses (A) or (B) of the immediately preceding sentence to
the extent the failure of the Company to deliver or to cause to be delivered such shares of Common Stock results from fire, flood, storm, earthquake, shipwreck, strike, war, acts of terrorism, crash involving facilities of a common carrier, acts of
God, or any similar event outside the control of the Company (it being understood that the action or failure to act of the Company’s Transfer Agent shall not be deemed an event outside the control of the Company except to the extent resulting
from fire, flood, storm, earthquake, shipwreck, strike, war, acts of terrorism, crash involving facilities of a common carrier, acts of God, or any similar event outside the control of such Transfer Agent or the bankruptcy, liquidation or
reorganization of such Transfer Agent under any bankruptcy, insolvency or other similar law). The Holder shall notify the Company in writing (or by telephone conversation, confirmed in writing) as promptly as practicable following the third Trading
Day after the Holder exercises this Warrant if the Holder becomes aware that such shares of Common Stock so issuable have not been received as provided herein, but any failure so to give such notice shall not affect the Holder’s rights under
this Warrant or otherwise. 
  
 4. Adjustment for Dividends in
Other Stock, Property, etc.; Reclassification, etc. In case at any time or from time to time on or after the Issuance Date, all holders of Common Stock (or Other Securities) shall have received, or (on or after the record date fixed for 

  

 -8- 

 
the determination of stockholders eligible to receive) shall have become entitled to receive, without payment therefor, 
  
 (a) other or additional stock, rights, warrants or other
securities or property (other than cash) by way of dividend, or 
  
 (b) any cash (excluding cash dividends payable solely out of earnings or earned surplus of the Company), or 
  
 (c) other or additional stock, rights, warrants or other securities or property (including cash) by way of spin-off, split-up,
reclassification, recapitalization, combination of shares or similar corporate rearrangement, 
  
 other than (i) additional shares of Common Stock (or Other Securities) issued as a stock dividend or in a stock-split (adjustments in respect of which are provided for in Section 6) and (ii) rights or warrants to
subscribe for Common Stock at less than the Current Fair Market Value (adjustments in respect of which are provided in Section 7), then and in each such case the Holder, on the exercise hereof as provided in Section 2, shall be entitled to receive
the amount of stock, rights, warrants and Other Securities and property (including cash in the cases referred to in subdivisions (b) and (c) of this Section 4) which the Holder would hold on the date of such exercise if on the date of such action
specified in the preceding clauses (a) through (c) (or the record date therefor) the Holder had been the holder of record of the number of shares of Common Stock called for on the face of this Warrant and had thereafter, during the period from the
date thereof to and including the date of such exercise, retained such shares and all such other or additional stock, rights, warrants and Other Securities and property (including cash in the case referred to in subdivisions (b) and (c) of this
Section 4) receivable by the Holder as aforesaid during such period, giving effect to all adjustments called for during such period by Section 5. 
  
 5. Exercise upon a Reorganization Event. In case of any Reorganization Event the Company shall, as a condition precedent to the consummation of the
transactions constituting, or announced as, such Reorganization Event, cause effective provisions to be made so that the Holder shall have the right thereafter, by exercising this Warrant (in lieu of the shares of Common Stock of the Company and
Other Securities or property purchasable and receivable upon exercise of the rights represented hereby immediately prior to such Reorganization Event) to purchase the kind and amount of shares of stock and Other Securities and property (including
cash) receivable upon such Reorganization Event by a holder of the number of shares of Common Stock that might have been received upon exercise of this Warrant immediately prior to such Reorganization Event. Any such provision shall include
provisions for adjustments in respect of such shares of stock and Other Securities and property that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Warrant. The provisions of this Section 5 shall apply to
successive Reorganization Events. 
  
 6. Adjustment for Certain
Extraordinary Events. If on or after the Issuance Date the Company shall (i) issue additional shares of the Common Stock as a dividend or other distribution on outstanding Common Stock, (ii) subdivide or reclassify its outstanding shares of Common
Stock, or (iii) combine its outstanding shares of Common Stock into a smaller number of shares of Common Stock, then, in each such event, the Purchase Price shall, simultaneously 

  

 -9- 

 
with the happening of such event, be adjusted by multiplying the Purchase Price in effect immediately prior to such event by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately prior to such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event, and the product so obtained shall
thereafter be the Purchase Price then in effect. The Purchase Price, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described herein in this Section 6. The Holder shall thereafter, on the
exercise hereof as provided in Section 2, be entitled to receive that number of shares of Common Stock determined by multiplying the number of shares of Common Stock which would be issuable on such exercise immediately prior to such issuance,
subdivision or combination, as the case may be, by a fraction of which (i) the numerator is the Purchase Price in effect immediately prior to such issuance and (ii) the denominator is the Purchase Price in effect on the date of such exercise.

  
 7. Issuance of Rights or Warrants to Common Stockholders at
less than Current Fair Market Value. If the Company shall on or after the Issuance Date issue rights or warrants to all holders of its outstanding shares of Common Stock entitling them to subscribe for or purchase shares of Common Stock at a price
per share less than the Current Fair Market Value on the record date fixed for the determination of stockholders entitled to receive such rights or warrants, then 
  
 (a) the Purchase Price shall be adjusted so that the same shall equal the price determined by multiplying
the Purchase Price in effect at the opening of business on the day after such record date by a fraction of which the numerator shall be the number of shares of Common Stock outstanding at the close of business on such record date plus the number of
shares which the aggregate offering price of the total number of shares so offered would purchase at such Current Fair Market Value, and the denominator shall be the number of shares of Common Stock outstanding on the close of business on such
record date plus the total number of additional shares of Common Stock so offered for subscription or purchase; and 
  
 (b) the number of shares of Common Stock which the Holder may thereafter purchase upon exercise of this Warrant at the opening of business
on the day after such record date shall be increased to a number equal to the quotient obtained by dividing (x) the Aggregate Purchase Price in effect immediately prior to such adjustment in the Purchase Price pursuant to clause (a) of this Section
7 by (y) the Purchase Price in effect immediately after such adjustment in the Purchase Price pursuant to clause (a) of this Section 7. 
  
 Such adjustment shall become effective immediately after the opening of business on the day following the record date fixed for determination of stockholders entitled to
receive such rights or warrants. To the extent that shares of Common Stock are not delivered pursuant to such rights or warrants, upon the expiration or termination of such rights or warrants, the Purchase Price shall be readjusted to the Purchase
Price which would then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered and the number of shares of Common Stock for
which this Warrant may thereafter be exercised shall be readjusted (subject to 

  

 -10- 

 
proportionate adjustment for any intervening exercises of this Warrant) to the number which would then be in effect had the adjustments made upon the
issuance of such rights or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. In the event that such rights or warrants are not so issued, the Purchase Price shall again be adjusted to be the
Purchase Price which would then be in effect if such record date had not been fixed and the number of shares of Common Stock for which this Warrant may thereafter be exercised shall again be adjusted (subject to proportionate adjustment for any
intervening exercises of this Warrant) to be the number which would then be in effect if such record date had not been fixed. In determining whether any rights or warrants entitle the Holder to subscribe for or purchase shares of Common Stock at
less than such Current Fair Market Value, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received for such rights or warrants, the value of such consideration, if
other than cash, to be determined by the Board of Directors. 
  
 8. Effect of Reclassification, Consolidation, Merger or Sale. (a) If any of the following events occur, namely (i) any reclassification or change of the outstanding shares of Common Stock (other than a change in par value, or from par value
to no par value, or from no par value to par value, or as a result of a subdivision or combination), (ii) any consolidation, merger, statutory exchange or combination of the Company with another corporation as a result of which holders of Common
Stock shall be entitled to receive stock, other securities or other property or assets (including cash) with respect to or in exchange for such Common Stock, or (iii) any sale or conveyance of the properties and assets of the Company as, or
substantially as, an entirety to any other Person as a result of which holders of Common Stock shall be entitled to receive stock, other securities or other property or assets (including cash) with respect to or in exchange for such Common Stock,
then the Company, the successor or purchasing Person and each Person who has agreed to issue such stock or other securities or to transfer such other property or assets shall execute and deliver to the Holder a written agreement providing that (x)
this Warrant shall thereafter entitle the Holder to purchase the kind and amount of shares of stock and other securities or property or assets (including cash) receivable upon such reclassification, change, consolidation, merger, statutory exchange,
combination, sale or conveyance, by the holder of a number of shares of Common Stock issuable upon exercise of this Warrant (assuming, for such purposes, a sufficient number of authorized shares of Common Stock available to exercise this Warrant)
immediately prior to such reclassification, change, consolidation, merger, statutory exchange, combination, sale or conveyance, assuming such holder of Common Stock did not exercise such holder’s rights of election, if any, as to the kind or
amount of securities, cash or other property receivable upon such reclassification, change, consolidation, merger, statutory exchange, combination, sale or conveyance (provided that, if the kind or amount of securities, cash or other property
receivable upon such reclassification, change, consolidation, merger, statutory exchange, combination, sale or conveyance is not the same for each share of Common Stock in respect of which such rights of election shall not have been exercised
(“non-electing share”), then for the purposes of this Section 8 the kind and amount of securities, cash or other property receivable upon such reclassification, change, consolidation, merger, statutory exchange, combination, sale or
conveyance for each non-electing share shall be deemed to be the kind and amount so receivable per share by a plurality of the non-electing shares), (y) in the case of any such successor or purchasing Person or any such Person who has agreed to
issue such stock or other securities or to transfer such other property or assets, upon such consolidation, merger, statutory exchange, combination, sale or conveyance, such successor 

  

 -11- 

 
or purchasing Person or any such Person who has agreed to issue such stock or other securities or to transfer such other property or assets shall be jointly
and severally liable with the Company for the performance of all of the Company’s obligations under this Warrant, the Purchase Agreement and the Registration Rights Agreement and (z) if registration or qualification is required under the 1933
Act or applicable state law for the public resale by the Holder of such shares of stock and Other Securities so issuable upon exercise of this Warrant, such registration or qualification shall be completed prior to such reclassification, change,
consolidation, merger, combination or sale. Such written agreement shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Warrant. If, in the case of any such reclassification,
change, consolidation, merger, statutory exchange, combination, sale or conveyance, the stock or other securities or other property or assets receivable thereupon by a holder of shares of Common Stock includes shares of stock, other securities other
property or assets of a Person other than the Company or any such successor or purchasing Person, as the case may be, in such reclassification, change, consolidation, merger, statutory exchange, combination, sale or conveyance, then such written
agreement shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holder as the Board of Directors shall reasonably consider necessary by reason of the foregoing. 
  
 (b) The above provisions of this Section 8 shall similarly apply to
successive reclassifications, changes, consolidations, mergers, combinations, sales and conveyances. 
  
 (c) If this Section 8 applies to any event or occurrence, Section 5 shall not apply to such event or occurrence. 
  
 9. Tax Adjustments. The Company may make such reductions in the Purchase
Price, in addition to those required by Sections 4, 5, 6 and 7 as the Board of Directors considers to be advisable to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock resulting from any dividend or
distribution of stock (or rights to acquire stock) or from any event treated as such for income tax purposes. 
  
 10. Minimum Adjustment. (a) No adjustment in the Purchase Price (and no related adjustment in the number of shares of Common Stock which may thereafter be
purchased upon exercise of this Warrant) shall be required unless such adjustment would require an increase or decrease of at least 1% in the Purchase Price; provided, however, that any adjustments which by reason of this Section 10 are not required
to be made shall be carried forward and taken into account in any subsequent adjustment. All such calculations under this Warrant shall be made by the Company and shall be made to the nearest cent or to the nearest one hundredth of a share, as the
case may be. 
  
 (b) No adjustment need be made for a change in
the par value of the Common Stock or from par value to no par value or from no par value to par value. 
  
 11. Notice of Adjustments. Whenever the Purchase Price is adjusted as herein provided, the Company shall promptly, but in no event later than five Trading
Days thereafter, give a notice to the Holder setting forth the Purchase Price and number of shares of Common Stock which may be purchased upon exercise of this Warrant after such adjustment and setting forth a brief statement of the facts requiring
such adjustment but which such statement shall not 

  

 -12- 

 
include any information which would be material non-public information for purposes of the 1934 Act. Failure to deliver such notice shall not affect the
legality or validity of any such adjustment. 
  
 12. Further
Assurances. The Company will take all action that may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of stock, free from all taxes, liens and charges with respect to the issue
thereof, on the exercise of all or any portion of this Warrant from time to time outstanding. 
  
 13. Notice to Holder Prior to Certain Actions. In case on or after the Issuance Date: 
  
 (a) the Company shall declare a dividend (or any other distribution) on its Common Stock (other than in cash out of retained earnings); or 
  
 (b) the Company shall authorize the granting to the holders of its Common
Stock of rights or warrants to subscribe for or purchase any share of any class or any other rights or warrants; or 
  
 (c) the Board of Directors shall authorize any reclassification of the Common Stock (other than a subdivision or combination of its outstanding Common
Stock, or a change in par value, or from par value to no par value, or from no par value to par value), or any consolidation or merger or other business combination transaction to which the Company is a party and for which approval of any
stockholders of the Company is required, or the sale or transfer of all or substantially all of the assets of the Company; or 
  
 (d) there shall be pending the voluntary or involuntary dissolution, liquidation or winding-up of the Company; 
  
 the Company shall give the Holder, as promptly as possible but in any event at least ten
Trading Days prior to the applicable date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution or rights or warrants, or, if a record is not to be taken, the date as of
which the holders of Common Stock of record to be entitled to such dividend, distribution or rights are to be determined, or (y) the date on which such reclassification, consolidation, merger, other business combination transaction, sale, transfer,
dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of record who shall be entitled to exchange their Common Stock for securities or other property
deliverable upon such reclassification, consolidation, merger, other business combination transaction, sale, transfer, dissolution, liquidation or winding-up shall be determined. Such notice shall not include any information which would be material
non-public information for purposes of the 1934 Act. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding-up. In the case of any such action of which the Company gives such notice to the Holder or is required to give such notice to the Holder, the Holder shall be entitled to give a subscription form to exercise this Warrant in
whole or in part that is contingent on the completion of such action. 
  

 -13- 

 14. Reservation of Stock, etc., Issuable on Exercise of Warrants. The Company will at all times reserve
and keep available out of its authorized but unissued shares of capital stock, solely for issuance and delivery on the exercise of this Warrant, a sufficient number of shares of Common Stock (or Other Securities) to effect the full exercise of this
Warrant and the exercise, conversion or exchange of all other Common Stock Equivalents from time to time outstanding (or Other Securities), and if at any time the number of authorized but unissued shares of Common Stock (or Other Securities) shall
not be sufficient to effect such exercise, conversion or exchange, the Company shall take such action as may be necessary to increase its authorized but unissued shares of Common Stock (or Other Securities) to such number as shall be sufficient for
such purposes. 
  
 15. Transfer of Warrant, This Warrant shall
inure to the benefit of the successors to and assigns of the Holder. The Holder may not assign or transfer this Warrant to a Person who is a business competitor of the Company without the Company’s prior written consent, which the Company may
withhold in its sole discretion. This Warrant and all rights hereunder, in whole or in part, are registrable at the office or agency of the Company referred to below by the Holder in Person or by his duly authorized attorney, upon surrender of this
Warrant properly endorsed accompanied by an assignment form in the form attached to this Warrant, or other customary form, duly executed by the transferring Holder. 
  
 16. Register of Warrants. The Company shall maintain, at the principal office of the Company (or such other office as it may
designate by notice to the Holder), a register in which the Company shall record the name and address of the Person in whose name this Warrant has been issued, as well as the name and address of each successor and prior owner of such Warrant. The
Company shall be entitled to treat the Person in whose name this Warrant is so registered as the sole and absolute owner of this Warrant for all purposes. 
  
 17. Exchange of Warrant. This Warrant is exchangeable, upon the surrender hereof by the Holder at the office or agency of the Company referred to in
Section 15, for one or more new Warrants of like tenor representing in the aggregate the right to subscribe for and purchase the number of shares of Common Stock which may be subscribed for and purchased hereunder, each of such new Warrants to
represent the right to subscribe for and purchase such number of shares as shall be designated by the Holder at the time of such surrender. 
  
 18. Replacement of Warrant. On receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or
mutilation of this Warrant and (a) in the case of loss, theft or destruction, of indemnity from the Holder reasonably satisfactory in form to the Company (and without the requirement to post any bond or other security), or (b) in the case of
mutilation, upon surrender and cancellation of this Warrant, the Company will execute and deliver to the Holder a new Warrant of like tenor without charge to the Holder. 
  
 19. Warrant Agent. The Company may, by written notice to the Holder, appoint the transfer agent and registrar for the Common
Stock as the Company’s agent for the purpose of issuing Common Stock (or Other Securities) on the exercise of this Warrant pursuant to Section 2, and the Company may, by written notice to the Holder, appoint an agent having an 

  

 -14- 

 
office in the United States of America for the purpose of exchanging this Warrant pursuant to Section 17, and replacing this Warrant pursuant to Section 18,
or any of the foregoing, and thereafter any such exchange or replacement, as the case may be, shall be made at such office by such agent. 
  
 20. Remedies. The Company stipulates that the remedies at taw of the Holder in the event of any default or threatened default by the Company in the
performance of or compliance with any of the terms of this Warrant are not and will not be adequate, and that such terms may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction
against a violation of any of the terms hereof or otherwise. 
  
 21. No Rights or Liabilities as a Stockholder. This Warrant shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. Nothing contained in this Warrant shall be construed as conferring upon the
Holder the right to vote or to consent or to receive notice as a stockholder of the Company on any matters or with respect to any rights whatsoever as a stockholder of the Company. No dividends or interest shall be payable or accrued in respect of
this Warrant or the interest represented hereby or the Common Stock (or Other Securities) purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised in accordance with its terms. 
  
 22. Notices, etc. All notices and other communications from the Company to
the Holder shall be in writing and delivered personally, by confirmed facsimile, by a nationally recognized overnight courier service or mailed by first class certified mail, postage prepaid, at such facsimile telephone number or address as may have
been furnished to the Company in writing by the Holder or at such facsimile telephone number or the address shown for the Holder on the register of Warrants referred to in Section 16. 
  
 23. Transfer Restrictions. This Warrant has not been and is not being registered under the provisions of the 1933 Act or any
state securities laws and this Warrant may not be transferred prior to the end of the holding period applicable to sales hereof under Rule 144(k) unless (1) the transferee is an “accredited investor” (as defined in Regulation D under the
1933 Act) or a QIB in a transfer that meets the requirements of Rule 144A and (2) the Holder shall have delivered to the Company an opinion of counsel, reasonably satisfactory in form, scope and substance to the Company, to the effect that this
Warrant may be sold or transferred without registration under the 1933 Act. Prior to any such transfer, such transferee shall have represented in writing to the Company that such transferee has requested and received from the Company all information
relating to the business, properties, operations, condition (financial or other), results of operations or prospects of the Company deemed relevant by such transferee; that such transferee has been afforded the opportunity to ask questions of the
Company concerning the foregoing and has had the opportunity to obtain and review the Registration Statement and the prospectus related thereto, each as amended or supplemented to the date of transfer to such transferee, and the reports and other
information concerning the Company which at the time of such transfer have been filed by the Company with the SEC pursuant to the 1934 Act and which are incorporated by reference in such prospectus as of the date of such transfer. If such transfer
is intended to assign the rights and obligations of the Holder the Purchase Agreement and the Registration Rights Agreement, such transfer shall otherwise be made in 

  

 -15- 

 
compliance with the applicable provisions of the Purchase Agreement and the Registration Rights Agreement. 
  
 24. Rule 144A Information Requirement. Within the period prior to the
expiration of the holding period applicable to sales hereof under Rule 144(k) under the 1933 Act (or any successor provision), the Company covenants and agrees that it shall, during any period in which it is not subject to Section 13 or 15(d) under
the 1934 Act, make available to the Holder and the holder of any shares of Common Stock issued upon exercise of this Warrant which continue to be Restricted Securities in connection with any sale thereof and any prospective purchaser of this Warrant
from the Holder, the information required pursuant to Rule 144A(d)(4) under the 1933 Act upon the request of the Holder and it will take such further action as the Holder may reasonably request, all to the extent required from time to time to enable
the Holder to sell this Warrant without registration under the 1933 Act within the limitation of the exemption provided by Rule 144A, as Rule 144A may be amended from time to time. Upon the request of the Holder, the Company will deliver to the
Holder a written statement as to whether it has complied with such requirements. 
  
 25. Legend. The provisions of Section 6.12 of the Purchase Agreement and the related definitions of capitalized terms used therein and defined in the Purchase Agreement are by this reference incorporated herein as if
set forth in full at this place. 
  
 26. Amendment; Waiver. This
Warrant and any terms hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
  
 27. Miscellaneous. This Warrant shall be construed and enforced in accordance
with and governed by the internal laws of the State of Wisconsin. The headings, captions and footers in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. 
  
 28. Attorneys’ Fees. In any litigation, arbitration or court proceeding between the Company and Holder relating hereto, the prevailing party shall be
entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Warrant. 
  
 [Signature Page Follows] 
  

 -16- 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed on its behalf by one of its
officers thereunto duly authorized. 
  

									
	 Dated: March 11, 2003
	 	 	 	 SONIC FOUNDRY, INC.

					
	 	 	 	 	 	 	By:	 	 /s/

	 	 	 	 	 	 	 Name:
	 	Ken Minor
	 	 	 	 	 	 	 Title:
	 	CFO

  

 -17- 

 ASSIGNMENT 
  
 For value
                         hereby sell(s), assign(s) and transfer(s) unto
                         (Please insert social security or other Taxpayer Identification Number of assignee:
                     ) the attached original, executed Warrant to purchase
                         share of Common Stock of Sonic Foundry, Inc., a Maryland corporation (the “Company”),
and hereby irrevocably constitutes and appoints                          attorney to transfer the Warrant on the books of
the Company, with full power of substitution in the premises. 
  
 In connection with any transfer of the Warrant within the period prior to the expiration of the holding period applicable to sales thereof under Rule 144(k) under the 1933 Act (or any successor provision) (other than any transfer pursuant
to a registration statement that has been declared effective under the 1933 Act), the undersigned confirms that such Warrant is being transferred: 
  

	 	 ̈	 	To the Company or a subsidiary thereof; or 

  

	 	 ̈	 	To a QIB pursuant to and in compliance with Rule 144A; or 

  

	 	 ̈	 	To an “accredited investor” (as defined in Regulation D under the 1933 Act) pursuant to and in compliance with the 1933 Act; or 

  

	 	 ̈	 	Pursuant to and in compliance with Rule 144 under the 1933 Act; 

  
 and unless the box below is checked, the undersigned confirms that, to the knowledge of the undersigned, such Warrant is not being transferred to an “affiliate”
(as defined in Rule 144 under the 1933 Act) of the Company. 
  

	 	 ̈	 	The transferee is an affiliate of the Company. 

  
 Capitalized terms used in this Assignment and not defined in this Assignment shall have the respective meanings provided in the Warrant. 
  

									
					
	Dated:	 	 	 	 	 	NAME:	 	 
	 	 	
	 	 	 	 	 	

				
	 	 	 	 	 	 	 
	 	 	 	 	 	 	

	 	 	 	 	 	 	Signature(s)

  

 Exhibit 1 
  
 FORM OF SUBSCRIPTION 
  
 SONIC FOUNDRY, INC. 
  
 (To be signed only on exercise of Warrant) 
  

	TO:	 	Sonic Foundry, Inc. 

 1617 Sherman Avenue 
 Madison, WI 53704 
  
 Attention: Chief Financial Officer 
  
 Facsimile No.: (608) 204-8807 
  
 1. The undersigned Holder of the attached original, executed Warrant hereby elects to exercise its purchase right under such Warrant with respect to
                                 shares (the “Exercise Shares”) of
Common Stock, as defined in the Warrant, of Sonic Foundry, Inc., a Maryland corporation (the “Company”). 
  
 2. The undersigned Holder (check one): 
  

	 	 ̈	 	(a) elects to pay the Aggregate Purchase Price for such shares of Common Stock (i) in lawful money of the United States or by the enclosed certified or official bank check payable
in United States dollars to the order of the Company in the amount of $                    , or (ii) by wire transfer of United States funds
to the account of the Company in the amount of $                    , which transfer has been made before or simultaneously with the delivery
of this Form of Subscription pursuant to the instructions of the Company; 

  
 or 
  

	 	 ̈	 	(b) elects to receive shares of Common Stock having a value equal to the value of the Warrant calculated in accordance with Section 2(b) of the Warrant. 

  
 3. Please issue a stock certificate or certificates representing the
appropriate number of shares of Common Stock in the name of the undersigned or in such other name(s) as is specified below: 
  
  

					
	 Name:
	  	 	  	 
	 	 	
	 	 
	 Address:
	  	 	  	 
	 	 	
	 	 
	 	  	 	  	 
	 	 	
	 	 

  

 1-1 

 Social Security or Tax Identification Number (if any): 
  
 _______________________________________ 
  

									
	Dated:	 	 	 	 	 	 	 	 
	 	 	
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	(Signature must conform to name of Holder as specified on the face of the Warrant)
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	(Address)

  

 I-2

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