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Exhibit 4.5    
  

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE LAW AND
SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE LAW COVERING SUCH SECURITIES, OR (B) SUCH
TRANSACTION IS EXEMPT FROM, AND NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE STATE SECURITIES LAWS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
THE COMPANY STATING THAT SUCH SALE OR TRANSFER IS EXEMPT FROM REGISTRATION, OR (C) THE COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH SALE OR TRANSFER IS EXEMPT FROM
REGISTRATION.

	No. W-L-

Issued:                        , 2002	 	 	 	Warrant to purchase

            shares of Common Stock

(subject to adjustment)

 
 

CENTERSPAN COMMUNICATIONS CORPORATION
  
    COMMON STOCK
  PURCHASE WARRANT    
  

        THIS CERTIFIES THAT, for value received,                        
(the "Holder") is entitled to exercise this Warrant to purchase from the Company                        
(            ) fully paid and nonassessable shares of the Company's Common Stock, $0.01 par value per share (the "Common Stock"), on the terms and subject to the conditions set forth herein.
The
shares of Common Stock issuable upon the exercise of this Warrant are referred to herein as the "Warrant Shares." The number of Warrant Shares issuable upon exercise of this Warrant and the
Exercise Price (as defined below) are subject to adjustment as provided herein. The term "Warrant" as used herein shall include this Warrant and any warrants delivered in substitution hereof as
provided herein. 

        This
Warrant is being issued in connection with the transactions contemplated by the Unit Purchase Agreement dated as
of                        , 2002 between the Company
and                        
(the "Purchase Agreement"). 

        1.1    Term of Warrant    

        This
Warrant may be exercised by the Holder at any time prior to the third anniversary of the Closing Date (as defined in the Purchase Agreement). 

        1.2    Exercise Price    

        The
Exercise Price at which this Warrant may be exercised shall be $10.67 per share of Common Stock, as adjusted from time to time pursuant to Section 4 hereof. 

        1.3    Method of Exercise    

        1.3.1    Cash Exercise    

        This
Warrant may be exercised by the Holder, in whole or in part (but not for less than 10,000 shares at a time, or such lesser amount then issuable upon the full exercise of this
Warrant), by delivering to the Company (a) this Warrant, (b) cash, a wire transfer of funds or a check payable to the Company in the amount of the Exercise Price multiplied by the number
of shares for which this Warrant is being exercised (the "Purchase Price"), and (c) the form of Election to Purchase attached hereto as Annex A, duly completed and executed by the Holder. This
Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of its surrender for exercise as provided above. 

 

        1.3.2    "Easy Sale" Exercise    

        In
lieu of the payment method set forth above in this Section 1.3, when permitted by law and applicable regulations (including Nasdaq and NASD rules), the Holder may pay the
Purchase Price through a "same day sale" commitment from the Holder, whereby the Holder irrevocably elects to exercise this Warrant and to sell a portion of the Warrant Shares so purchased to pay for
the Purchase Price and the Holder commits upon sale of such Shares to forward the Purchase Price directly to the Company. 

2.    Delivery of Stock Certificates  

        Within five business days after the payment of the Purchase Price following the exercise of this Warrant, the Company, at its expense, shall issue in the name of
the Holder (a) a certificate for the number of fully paid and nonassessable Warrant Shares to which the Holder shall be entitled upon such exercise and payment and (b) a new Warrant of
like tenor to purchase up to that number of Warrant Shares, if any, not previously purchased by the Holder if this Warrant has not expired. 

3.    Covenants as to Warrant Shares  

        3.1    Reservation of Warrant Shares    

        The
Company shall at all times have authorized and reserve and keep available, free from preemptive rights, for the purpose of enabling it to satisfy any obligation to issue Warrant
Shares upon the exercise of this Warrant, the number of Warrant Shares deliverable upon full exercise of this Warrant. 

        3.2    Issuance of Warrant Shares    

        The
Company covenants that all Warrant Shares shall, upon issuance thereof in accordance with the terms of this Warrant, be (a) duly authorized, validly issued, fully paid and
nonassessable and (b) free from all liens, pledges, charges and security interests created by the Company. 

4.    Adjustments  

        4.1    Adjustments of Exercise Price and Number of Warrant Shares    

        The
Exercise Price and the number of Warrant Shares issuable upon the exercise of this Warrant shall be subject to adjustment from time to time as hereinafter provided in this
Section 4. 

        4.2    Adjustment of Exercise Price Upon Extraordinary Common Stock Event    

        Upon
the happening of an Extraordinary Common Stock Event (as defined below) after the issuance date of this Warrant, the Exercise Price shall, simultaneously with the happening of such
Extraordinary Common Stock Event, be adjusted by multiplying the then effective Exercise Price by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such Extraordinary Common Stock Event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such Extraordinary Common Stock
Event, and the product so obtained shall thereafter be the Exercise Price. The Exercise Price, as so adjusted, shall be readjusted in the same manner upon the happening of any successive Extraordinary
Common Stock Event or Events. 

        Upon
each adjustment of such Exercise Price pursuant to this Section 4.2, this Warrant shall thereafter entitle the Holder 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 

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prior to such adjustment, and dividing the product thereof by the Exercise Price resulting from such adjustment. 

        "Extraordinary
Common Stock Event" shall mean (x) the issuance of additional shares of Common Stock (or other securities or rights convertible into or entitling the holder thereof
to receive additional shares of Common Stock) as a dividend or other distribution on outstanding Common Stock of the Company, (y) a split or subdivision of outstanding shares of Common Stock
into a greater number of shares of Common Stock, or (z) a combination of outstanding shares of Common Stock into a smaller number of shares of Common Stock. 

        4.3    Capital Reorganization or Reclassification    

        If
the Common Stock issuable upon the exercise of this Warrant shall be changed into the same or a different number of shares of any class or classes of stock of the Company, whether by
capital reorganization, reclassification or otherwise (other than an Extraordinary Common Stock Event), then and in each such event the Holder shall have the right thereafter to exercise this Warrant
for the kind and amount of shares of stock and other securities and property receivable upon such reorganization, reclassification or other change by holders of the number of shares of Common Stock
into which this Warrant might have been converted immediately prior to such reorganization, reclassification or change, all subject to adjustment as provided herein. In any such case, appropriate
adjustment shall be made in the application of the provisions of this Section 4 with respect to the rights of the Holder after the reorganization, recapitalization or change to the end that the
provisions of this Section 4 (including adjustment of the Exercise Price then in effect and the number of shares issuable upon exercise of this Warrant) shall be applicable after that event as
nearly equivalent as may be practicable. 

        4.4    Notice of Adjustment    

        Whenever
the number of shares of Common Stock or other stock or property issuable upon the exercise of this Warrant or the Exercise Price is adjusted, then and in each such case the
Company shall promptly deliver a notice to the Holder, which notice shall state the Exercise Price resulting from such adjustment and/or the increase or decrease, if any, in the number of shares of
Common Stock or other stock or property issuable upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 

        4.5    Other Notices    

        In
the event that the Company shall propose at any time: 

        (a)  to
declare any dividend or distribution upon its Common Stock, whether in cash, property, stock or other securities, whether or not a regular cash dividend and whether
or not out of earnings or earned surplus; 

        (b)  to
offer for subscription to the holders of its Common Stock any additional shares of stock of any class or series or other rights; 

        (c)  to
effect any reclassification or recapitalization of the shares of its Common Stock outstanding involving a change in the Common Stock; or 

        (d)  to
merge or consolidate with or into any other corporation, to sell, lease or convey all or substantially all of its property or business, to undertake any other
Corporate Transaction, or to liquidate, dissolve or wind up; 

then,
in connection with each such event, the Company shall send to the Holder: 

          (i)  at
least 20 days' prior written notice of the date on which a record shall be taken for such dividend, distribution or subscription rights (and specifying the
date on which the holders of 

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Common Stock shall be entitled thereto) or for determining rights to vote in respect of the matters referred to in (c) and (d) above; and 

        (ii)  in
the case of the matters referred to in (c) and (d) above, at least 20 days' prior written notice of the date when the same shall take place
(and, if applicable, specifying the date on which the holders of the Common Stock shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon the
occurrence of such events). 

5.    Fractional Shares  

        No fractional shares shall be issued upon the exercise of this Warrant. If any fraction of a Warrant Share would, except for the provisions of this Section, be
issuable on the exercise of this Warrant (or any portion hereof), the Company shall pay to the Holder an amount of cash equal to the then fair market value of a Warrant Share multiplied by such
fraction, computed to the nearest whole cent. For purposes of the above calculation, the fair market value of a Warrant Share shall be deemed to be the average of the closing bid and asked prices of
the Company's Common Stock as quoted on the Nasdaq National Market System or on any exchange on which such Common Stock is then listed, whichever is applicable, for the five trading days prior to the
date of exercise of this Warrant. 

6.    Transfers  

        6.1    Restrictions on Transfer    

        No
Warrant Shares or any interest therein may be transferred unless (a) such transfer is registered under the Securities Act of 1933, as amended (the "Securities Act"),
(b) the Company has received an opinion of legal counsel for the Holder reasonably satisfactory to the Company stating that the transfer is exempt from the registration requirements of the
Securities Act, or (c) the Company otherwise satisfies itself that such transfer is exempt from registration. 

        6.2    Transfers    

        The
Company shall register on the books of the Company maintained at its principal office the permitted transfer of this Warrant upon surrender to the Company of this Warrant, with the
form of Assignment attached hereto as Annex B duly completed and executed by the Holder. Upon any such registration of transfer, a new Warrant, in substantially the form of this Warrant, evidencing
this Warrant so transferred shall be issued, at the Company's expense, to the transferee, and a new Warrant, in substantially the form of this Warrant, evidencing the portion of this Warrant, if any,
not so transferred shall be issued, at the Company's expense, to the Holder. 

7.    Legend  

        Legends setting forth or referring to the applicable restrictions set forth in Section 6.1 may be placed on this Warrant, any replacement hereof or any
certificate representing the Warrant Shares, and a stop transfer restriction or order shall be placed on the books of the Company and with any transfer agent until such securities may be sold or
otherwise transferred in accordance with Section 6.1. 

8.    Holder as Owner  

        The Company may deem and treat the holder of record of this Warrant as the absolute owner hereof for all purposes regardless of any notice to the contrary. 

9.    No Shareholder Rights  

        This Warrant shall not entitle the Holder to any voting rights or any other rights as a shareholder of the Company or to any other rights whatsoever except the
rights stated herein; and no dividend or 

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interest shall be payable or shall accrue in respect of this Warrant or the Warrant Shares, until and to the extent that this Warrant shall be exercised. 

10.  Registration Rights  

        (a)  Subject
to Section 10(b) below, the Company shall file, with respect to the shares of Common Stock issuable under this Warrant, a registration statement on
Form S-3 (or any successor form) on or before the date 60 days after the Closing Date (as defined in the Purchase Agreement) to register the shares issuable upon the exercise
of this Warrant under the Securities Act. Any such registration statement may also include other shares of Common Stock issued to other investors by the Company. The Company shall use its best efforts
to have the registration statement declared effective within 120 days after the Closing Date and to maintain the effectiveness of such registration statement (and maintain the current status of
the prospectus or prospectuses contained therein) until the earliest of (i) the fifth anniversary of the Closing Date, (ii) the date all such shares have been disposed of pursuant to
such effective registration statement and (iii) the date such shares are sold or otherwise transferred by the Holder in a transaction in which the rights under this Section 10 are not
assigned in accordance with Section 15 hereof. The Company shall respond to the SEC within 15 days after the Company's receipt of any SEC comments with respect to the registration
statement or any amendments thereto, subject to timely receipt from the Holder and other holders of shares of Common Stock to be included in such registration statement of information required to so
respond to such comments. 

        (b)  The
Company shall not be obligated to effect any such registration pursuant to Section 10(a): 

        (1)  if
the offering is deemed by the SEC to involve a primary offering by the Company and Form S-3 is not available for such offering; or 

        (2)  in
any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such
registration. 

        (c)  The
Company shall notify the Holder in writing at least thirty (30) days prior to filing any registration statement under the Securities Act for purposes of
effecting a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding
registration statements relating to any registration under Section 10(a) of this Warrant or to any employee benefit plan or a corporate reorganization) and will afford the Holder an opportunity
to include in such registration statement all or any part of the shares issuable upon the exercise of this Warrant, subject to the provisions of Section 10(d) below. If the Holder wants to
include in any such registration statement all or any part of the shares issuable upon the exercise of this Warrant, the Holder shall within twenty (20) days after receipt of the above-
described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of shares of Common Stock the Holder wishes to include in such
registration statement. 

        (d)  If
a registration statement under which the Company gives notice under Section 10(c) is for an underwritten offering, then the Company shall so advise the Holder.
In such event, the right of the Holder to include any of the shares issuable upon the exercise of this Warrant in a registration pursuant to Section 10(c) shall be conditioned upon the Holder's
participation in such underwriting and the inclusion of the Holder's shares of Common Stock in the underwriting on the same terms and conditions as the other participants in such offering, including,
without limitation, entering into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting (including a market stand-off
agreement of up to 180 days if required by such underwriters). Notwithstanding any other provision of this Warrant, if the managing underwriter(s) determine(s) that marketing factors require a
limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares from the registration and the underwriting, and the number of shares that may be included in
the registration and the underwriting shall be allocated, 

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 first, to the Company, second, to each holder of registration rights granted by the Company before the issuance date of this
Warrant that contractually require the Company to include such holder's shares on a priority basis, and, third, to the Holder and any other holder of
registration rights granted by the Company (excluding those covered above), on a pro rata basis based on the total number of shares of Common Stock then sought to be included by each in such offering.
If the Holder disapproves of the terms of any such underwriting, the Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten
(10) business days prior to the effective date of the registration statement. Any shares of Common Stock excluded or withdrawn from such underwriting shall be excluded and withdrawn from the
registration. 

        (e)  The
Holder shall have no right to obtain or seek, nor shall the Holder obtain or seek, an injunction restraining or otherwise delaying any registration as the result of
any controversy that might arise with respect to the interpretation or implementation of this Agreement. 

        (f)    In
the event any Registrable Shares are included in a registration statement under this Agreement or the terms of the Warrant: 

          (i)  To
the extent permitted by law, the Company will indemnify and hold harmless the Holder and each person, if any, who controls the Holder within the meaning of the
Securities Act or the Securities Exchange Act of 1934, as amended (the "1934 Act"), against any losses, claims, damages, or liabilities to which they may become subject under the Securities Act, the
1934 Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements,
omissions or violations (collectively a "Violation"): (A) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or supplements thereto, (B) the omission or alleged omission to state therein a material fact required to be stated therein,
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or (C) any violation or alleged violation by the Company of the Securities
Act, the 1934 Act, any state securities law or any rule or regulation promulgated under the Securities Act, the 1934 Act or any state securities law in connection with such registration and sale of
securities; and the Company will pay to the Holder or such controlling person,
as incurred, any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the
indemnity agreement contained in this subsection 10(f)(i) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected
without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability, or action to the
extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by
the Holder or such controlling person or their respective agents. 

        (ii)  To
the extent permitted by law, the Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration
statement, each person, if any, who controls the Company within the meaning of the Securities Act, each agent and any underwriter, any other person or entity selling securities in such registration
statement and any controlling person of any such underwriter or other person or entity, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may
become subject, under the Securities Act, the 1934 Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based
upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by the Holder or its agents
expressly for use in connection with such registration; and the Holder will pay, as incurred, any legal or other expenses 

6

 

reasonably incurred by any person intended to be indemnified pursuant to this subsection 10(f)(ii), in connection with investigating or defending any such loss, claim, damage, liability, or action;
provided, however, that the indemnity agreement contained in this subsection 10(f)(ii) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld); and, provided further, that in no event shall any indemnity under this subsection
10(f)(ii) exceed the net proceeds from the offering received by the Holder. 

        (iii)  Promptly
after receipt by an indemnified party under this Section 10(f) of notice of the commencement of any action (including any governmental action), such
indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 10(f), deliver to the indemnifying party a written notice of the
commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly
noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be
represented without conflict by one counsel) shall have the right to retain one separate counsel, with reasonable fees and expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented
by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to
defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 10(f), but the omission so to deliver written notice to the indemnifying
party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 10(f). 

        (iv)  To
the extent the indemnification provided for in this Section 10(f) is held by a court of competent jurisdiction to be unavailable to an indemnified party with
respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall to the extent permitted by applicable
law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other, in connection with the Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or
allegedly untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

        (v)  The
obligations of the Company and the Holder under this Section 10(f) shall survive the completion of any offering of Registrable Shares in a registration
statement under Section 10, and otherwise. 

        (g)  Notwithstanding
the foregoing, without the prior written consent of the holders (the "Required Holders") of warrants (including this Warrant and similar warrants being
sold by the Company on or about the date hereof pursuant to the Purchase Agreement and other Unit Purchase Agreements in substantially the same form as the Purchase Agreement) exercisable for at least
75% of the aggregate number of shares of Common Stock issuable upon the exercise of this Warrant and all such other warrants (which consent shall not be unreasonably withheld), the Company shall not
file with the SEC any registration statement to register shares of its capital stock until after the registration statement described in Section 10(a) above has been declared effective, other
than any registration 

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statements (a) relating to any employee benefit plan of the Company or (b) required to be filed by the Company pursuant to registration rights granted prior to the date of the Purchase
Agreement; provided, however, that the Company shall not be bound by the provisions of this Section 10(g) if, at any time at least 30 days after the filing date of the registration
statement described in Section 10(a), such registration statement has not been declared effective as a result of any comments by the SEC, or refusal of the SEC to accept or review the
registration statement for reasons, relating to or directed at the Holder or any other purchaser of Units of the Company with shares included in such registration statement (or any assignee or
affiliate of the Holder or any such other purchaser), in connection with the registration statement. 

        (h)  Certificates
evidencing shares of Common Stock issued upon exercise of this Warrant shall not contain any restrictive legend as long as the resale of such Warrant Shares
is covered by an effective registration statement and the holder thereof represents in writing to the Company that such Warrant Shares (i) have been or are being sold pursuant to such
registration statement or pursuant to Rule 144 under the Securities Act, or (ii) may be made pursuant to Rule 144(k) under the Securities Act, or any successor rule or provision. 

11.  Governing Law; Construction  

        The validity and interpretation of the terms and provisions of this Warrant shall be governed by the laws of the State of Oregon. The descriptive headings of the
several sections of this Warrant are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions thereof. 

12.  Lost Warrant Certificate  

        Upon receipt by the Company of satisfactory evidence of the loss, theft, destruction or mutilation of this Warrant and either (in the case of loss, theft or
destruction) indemnification reasonably satisfactory to the Company or (in the case of mutilation) the surrender of this Warrant for cancellation, the Company will execute and deliver to the Holder,
without charge, a new Warrant of like denomination. 

13.  Waivers and Amendments  

        This Warrant or any provision hereof may be amended or waived only by a statement in writing signed by the Company and the Holder; provided, however, that the
provisions of Section 10 hereof may be amended with the written consent of the Company and the Required Holders, with any such consent being binding upon the Company and the Holder. 

14.  Notices  

        Any notice required by the provisions of this Warrant to be given to the Holder shall be deemed given two days after being deposited in the United States mail,
postage prepaid and addressed to such Holder's address appearing on the books of the Company. 

        Any
notice required by the provisions of this Warrant to be given to the Company shall be deemed given three business days after being deposited in the United States mail, postage
prepaid and addressed to CenterSpan Communications Corporation, 7175 NW Evergreen Parkway, Suite 400, Hillsboro, OR 97124, Attention: Chief Financial Officer, or at such other address as specified in
a notice delivered to the Holder as set forth above. 

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15.  Binding Effect  

        This Warrant shall be binding upon the Company and its successors and assigns, and shall inure to the benefit of and be enforceable by the Holder and its
successors and permitted assigns. The rights to cause the Company to register shares of Common Stock pursuant to Section 10 may be assigned by a Holder to a transferee or assignee of such
shares that acquires at least 50,000 shares (appropriately adjusted for any stock dividend, stock split, or combination applicable to the Common Stock), and who assumes the Holder's obligations
hereunder; provided the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the shares with respect to
which such registration rights are being assigned; and, provided, further, that such assignment shall be effective only if immediately following such transfer the further disposition of such shares by
the transferee or assignee is restricted under the Securities Act. 

16.  Investment Intent, etc.  

        By accepting this Warrant, the Holder represents that (a) the Holder is acquiring this Warrant and the Warrant Shares issuable upon exercise hereof for
investment and not with a view to, or for sale in connection with, any distribution thereof; (b) the Holder can bear the economic risk of an investment in the Warrant Shares (including possible
complete loss of such investment) for an indefinite period of time; (c) the Holder understands that this Warrant and the Warrant Shares have not been registered under the Securities Act, or
under the securities laws of any jurisdiction, by reason of reliance upon certain exemptions, and that the reliance of the Company on such exemptions is predicated upon the accuracy of the Holder's
representations in this Section; (d) the Holder is familiar with Rule 144 under the Securities Act, as currently in effect, and understands the resale limitations that are or would be
imposed thereby and by the Securities Act on this Warrant and the Warrant Shares to the extent such securities are characterized as "restricted securities" under the United States federal securities
laws inasmuch as they are acquired from the Company in a transaction not involving a public offering; (e) the Holder has received and reviewed a copy of each SEC Document (as defined below) and
the Holder believes the Holder has been given access to full and complete information regarding the Company and has utilized such access to the Holder's satisfaction for the purpose of obtaining
information about the Company, particularly, representatives of the Holder have had adequate opportunities to ask questions of, and receive answers from, senior executives of the Company concerning
the Company and to obtain any additional information, to the extent reasonably available, necessary to verify the accuracy of information provided to the Holder about the Company; (f) the
Holder is an "accredited investor" as such term is defined in Rule 501(a) under the Securities Act and as defined pursuant to the provisions of state securities laws applicable to the Holder
providing for an exemption from registration or qualification of the offer and sale of this Warrant and the Warrant Shares; (g) the Holder has obtained, to the extent he or she deems necessary,
his or her own professional advice with respect to the risks inherent in the investment in this Warrant and the Warrant Shares, the condition of the Company and the suitability of the investment in
this Warrant and the Warrant Shares in light of the Holder's financial condition and investment needs; and (h) the Holder is a resident of the state (or if not a natural person, the Holder made
its investment decision with respect to this Warrant and the Warrant Shares from its office located in such state) set forth on the signature page of this Warrant. 

        As
used herein, the term "SEC Documents" means, collectively, the following documents of the Company filed with the SEC: (i) its Annual Report on Form 10-K for
the fiscal year ended December 31, 2000, (ii) all Forms 8-K filed after the date of such Form 10-K, if any, (iii) its Quarterly Reports on
Form 10-Q for the quarters ended March 31, June 30 and September 30, 2001, and (iv) its Definitive Proxy Statement for the annual meeting of the
Company's shareholders held in May 2001. 

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        IN
WITNESS WHEREOF, the Company has executed this Warrant as of the date first written above. 

	 	 	 	 	CENTERSPAN COMMUNICATIONS CORPORATION
	

 	
 	

 	
 	

By	
 	

 
	 	 	 	 	 	 	

	 	 	 	 	Name: Mark B. Conan

Title: Vice President of Finance, Administration and Chief Financial Officer
	The undersigned hereby confirms its acknowledgements and representations in Section 16 of this Warrant.	 	 	 	 
	

 [Name]	
 	

 	
 	

 
	

Holder's State of Residency:	
 	

 	
 	

 	
 	

 
	 	 	
	 	 	 	 

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ANNEX A    
    
    FORM OF ELECTION TO PURCHASE    
  

To
CenterSpan Communications Corporation: 

        The
undersigned hereby elects to purchase                        shares of Common Stock of CenterSpan Communications Corporation
issuable upon the exercise of the within Warrant, and requests
that a certificate for such shares shall be issued in the name of the undersigned holder and delivered to the address indicated below and, if said number of shares shall not be all the shares which
may be purchased pursuant to the within Warrant, that a new Warrant evidencing the right to purchase the balance of such shares be registered in the name of, and delivered to, the undersigned at the
undersigned's address stated below. 

        The
undersigned hereby certifies to the Company that the undersigned's representations set forth in Section 16 of the within Warrant are true and correct on the date hereof as if
made by the undersigned on the date hereof. 

Payment
enclosed in the amount of $                        . 

	 	 	Dated:	 	 
	

 	
 	

Name of holder of Warrant:	
 	

    

	 	 	 	 	(please print)
	 	 	        Address:	 	    

	 	 	 	 	    

	 	 	 	 	    

	

 	
 	

        Signature:	
 	

    

 
 

ANNEX B    
    
    FORM OF ASSIGNMENT    
  

        FOR VALUE RECEIVED,
                                         
       hereby sells, assigns and transfers to the assignee set forth below all of the rights of the undersigned in and to the number
of Warrant Shares (as defined in and evidenced by the foregoing Warrant) set opposite the name of such assignee below and in and to the foregoing Warrant with respect to said Warrant Shares: 

	Name of Assignee
 
	 	Address
	 	Number of Shares

	

	
 	

 	
 	

 
	

 	
 	

 	
 	

 
	

 	
 	

 	
 	

 

        If
the total of said Warrant Shares shall not be all such shares which may be purchased pursuant to the foregoing Warrant, the undersigned requests that a new Warrant evidencing the
right to purchase the balance of such shares be issued in the name of, and delivered to, the undersigned at the undersigned's address stated below. 

	 	 	Dated:	 	 
	

 	
 	

Name of holder of Warrant:	
 	

    

	 	 	 	 	(please print)
	 	 	        Address:	 	    

	 	 	 	 	    

	 	 	 	 	    

	

 	
 	

        Signature:	
 	

    

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Exhibit 4.5

CENTERSPAN COMMUNICATIONS CORPORATION COMMON STOCK PURCHASE WARRANT

ANNEX A FORM OF ELECTION TO PURCHASE

ANNEX B FORM OF ASSIGNMENTQuickLinks
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Exhibit 4.6    
  

 
 

STOCK PURCHASE AGREEMENT    
  

        This STOCK PURCHASE AGREEMENT (this "Agreement") is made as of February 27, 2002, by and between CENTERSPAN COMMUNICATIONS CORPORATION, an Oregon
corporation (the "Company"), and SONY MUSIC ENTERTAINMENT INC. (the "Investor"). 

RECITALS  

        A.    The
Company and Sony Music, a group of the Investor, are entering into a Content Integration Agreement dated as of the date hereof (the "Content Agreement"), pursuant to
which Sony Music will make available to the Company certain musical content and other services. 

        B.    Section 6.2(a)
of the Content Agreement provides that, concurrently with the execution by the parties of that agreement and as partial consideration for Sony
Music's entering into the agreement, the Company will issue to the Investor 283,556 shares (the "Shares") of the Company's common stock ("Common Stock") and a Warrant (the "Warrant") to purchase
189,037 shares of Common Stock (the "Warrant Shares"). 

AGREEMENT  

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

Section 1.    Purchase and Sale of Shares  

        Subject to the terms and conditions of this Agreement and to induce Sony Music to enter into the Content Agreement and perform its obligations thereunder, the
Company hereby sells and issues to the Investor the Shares. 

Section 2.    Representations and Warranties of the Company  

        The Company hereby represents and warrants to the Investor that, except as set forth in the SEC Documents (as defined in Section 2.6) or on a Schedule of
Exceptions attached hereto as Schedule A: 

        2.1    Organization and Qualification    

        The
Company and each of its subsidiaries is a corporation duly organized and validly existing under the laws of the jurisdiction of incorporation. The Company and each subsidiary is duly
qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on the assets, condition (financial or other), or
business of the Company and its subsidiaries taken as a whole (a "Company Material Adverse Effect") or a subsidiary. The Company and each subsidiary has all requisite corporate power and authority,
and holds all licenses, permits and other required authorizations from governmental authorities, necessary to conduct its business as is now being conducted or proposed to be conducted and to own or
lease the properties and assets as they are now owned or held under lease. 

        2.2    Enforceability    

        The
Company has the requisite corporate power and authority to deliver the Shares and the Warrant and to execute, deliver and perform its obligations under this Agreement and each of the
certificates, instruments and documents executed or delivered by it pursuant to the terms of this Agreement. All corporate action on the part of the Company necessary for the authorization, execution
and delivery of this Agreement and the performance of all of its obligations under this Agreement has been taken. This Agreement has been duly executed and delivered by the Company, and this Agreement
is a legal, valid and binding obligation of the Company, enforceable against the Company in 

 

accordance with its terms, except as to the effect, if any, of (a) applicable bankruptcy and other similar laws affecting the rights of creditors generally, (b) rules of law governing
specific performance, injunctive relief and other equitable remedies, and (c) the enforceability of provisions requiring indemnification in connection with the offering, sale or issuance of
securities. 

        2.3    Securities    

        The
Shares issued pursuant to this Agreement are validly issued, fully paid and nonassessable and, assuming the accuracy of the representations and warranties of the Investor contained
in Section 3, have been issued in compliance with applicable federal and state securities laws. The Warrant Shares, when issued, shall be validly issued, fully paid and nonassessable, will be
free and clear of any liens imposed by or through the Company, will not be subject to preemptive rights and will not subject the holder thereof to personal liability by reason of being such a holder.
There are currently no preemptive rights of any stockholder of the Company to acquire the Shares or the Warrant Shares. 

        2.4    No Approvals or Notices Required; No Conflicts With Instruments    

        The
execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby will not (a) constitute a violation (with or without the
giving of notice or lapse of time, or both) of any provision of law or any judgment, decree, order, regulation or rule of any court or other governmental authority applicable to the Company;
(b) require any consent, approval or authorization of, or declaration, filing or registration with, any person or entity, except (i) compliance with applicable securities laws and
(ii) such consents, approvals, authorizations, declarations, filings and registrations (A) which have been obtained or effected or (B) the failure of which to obtain or effect
would not, either individually or in the aggregate, have a Company Material Adverse Effect; (c) result in a default (with or without the giving of notice or lapse of time, or both) under, or
acceleration or termination of, or the creation in any party of the right to accelerate, terminate, modify or cancel any agreement or document filed as an exhibit the Company's SEC Documents (as
defined below), except for such defaults, accelerations, terminations or creations of such rights which would not, either individually or in the aggregate, have a Company Material Adverse Effect; or
(d) conflict with or result in a breach of or constitute a default under any provision of the Articles of Incorporation or Bylaws of the Company, in each case as amended. 

        2.5    Capitalization    

        The
authorized capital stock of the Company consists of 25,000,000 shares of Common Stock, of which 9,451,873 shares were issued and outstanding as of February 26, 2002, and
5,000,000 shares of preferred stock, par value $0.01 per share, none of which is issued or outstanding. Such issued and outstanding shares of Common Stock are validly issued, fully paid and
nonassessable. No stockholder of the Company is entitled to any preemptive rights with respect to the purchase of or sale of any securities by the Company. Except as set forth on Schedule 2.5
and as contemplated herein or in the Warrant, none of the shares of capital stock of the Company is reserved for any purpose, and the Company is neither subject to any obligation (contingent or
otherwise), nor has any option, to repurchase or otherwise acquire or retire any shares of its capital stock. 

        2.6    SEC Documents    

        The
Company has furnished or made available to the Investor true and complete copies of (a) its Annual Report on Form 10-K for the fiscal year ended
December 31, 2000, (b) all Forms 8-K filed after the date of such Form 10-K, if any, (c) its Quarterly Reports on Form 10-Q for
the quarters ended March 31, June 30 and September 30, 2001, and (d) its Proxy Statement, dated April 16, 2001, for the annual meeting of the Company's shareholders
which was held on May 15, 2001 (collectively, the "SEC Documents"). As of their respective filing dates, each of the SEC Documents complied in all material respects with the requirements of the
Securities Exchange Act of 1934, as amended (the 

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"Exchange Act"), and the rules and regulations of the Securities and Exchange Commission promulgated thereunder. 

        2.7.    Financial Statements; Undisclosed Liabilities; Absence of Certain Changes.    

        (a)  The
financial statements of the Company included in the SEC Documents were prepared in accordance with U.S. generally accepted accounting principles, consistently
applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to
the extent they may not include footnotes or may be condensed or summary statements) and fairly present in all material respects the consolidated financial position of the Company and its consolidated
subsidiaries and results of their operations and cash flows for the periods covered thereby (subject, in the case of unaudited statements, to normal year-end audit adjustments). 

        (b)  The
Company has no material obligation or liability (whether accrued, absolute, contingent, unliquidated, or otherwise, whether due or to become due) arising out of
transactions entered into at or prior to the Closing of this Agreement, or any action or inaction at or prior to the Closing of this Agreement, or any state of facts existing at or prior to the
Closing of this Agreement, except
(a) liabilities reflected on the latest balance sheet included in the SEC Documents (the "Company Balance Sheet"), (b) liabilities
incurred in the ordinary course of business since the date of the Company Balance Sheet (none of which is a liability for breach of contract, breach of warranty, torts, infringements, claims or
lawsuits), (c) liabilities arising out of the Content Integration Agreement between the parties hereto being entered contemporaneously with this Agreement, and (d) liabilities or
obligations disclosed on Schedule 2.7 hereto. 

        (c)  Except
as disclosed in the SEC Documents, since September 30, 2001, there has been no material adverse change nor any material adverse development in the
business, properties, operations, financial condition, outstanding securities, employee relations, customer relations or results of operations of the Company and its subsidiaries, taken as a whole. 

        2.8    Full Disclosure    

        The
information furnished by the Company to the Investor or its representatives in connection with this Agreement and the information contained in the SEC Documents, when taken together,
does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements so made or information so delivered, in light of the circumstances
under which they were made, not misleading. Except as disclosed in the SEC Documents, or this Agreement, and except for matters affecting the industry of the Company as a whole, there exists no fact
or circumstance which, to the knowledge of the Company upon due inquiry, could reasonably be anticipated to have a Material Adverse Effect or could adversely affect the ability of the Company to
perform its obligations set forth in this Agreement. 

        2.9    Brokers or Finders    

        The
Company has not incurred, and will not incur, directly or indirectly, as a result of any action taken by or on behalf of the Company, any liability for brokerage or finders' fees or
agents' commissions or any similar charges in connection with this Agreement or any transaction contemplated hereby. 

        2.10    S-3 Eligibility    

        As
of the date hereof, the Company is eligible to use a registration statement on Form S-3 to register resales of its Common Stock. The Common Stock is registered
under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company files reports with the Commission pursuant
to Section 12 and/or 15(d) of the Exchange Act. To the knowledge of the Company, the Company has duly filed all materials and documents required to be filed pursuant to all 

3

 

reporting obligations under either Section 13(a) or 15(d) of the Exchange Act. The Common Stock is listed and traded on The Nasdaq SmallCap Stock Market
("Nasdaq") and the Company is not aware of any pending or contemplated action or proceeding of any kind to suspend the trading of the Common Stock. 

        2.11    Private Offering    

        Subject
to the accuracy of the Investor's representations and warranties set forth in Section 3 hereof, the offer, sale and issuance of the Shares and Warrant, as contemplated by
this Agreement, are exempt from the registration requirements of the Securities Act. Prior to the effectiveness of the registration statement contemplated by this Agreement, the Company agrees that
neither the Company nor anyone acting on its behalf will offer any of the Shares or Warrant Shares, or any similar securities, for issuance or sale, or solicit any offer to acquire any of the same
from anyone so as to render the issuance and sale of the Shares or Warrant Shares subject to the registration requirements of the Securities Act. The Company has not offered or sold the Shares or
Warrant Shares by any form of general solicitation or general advertising, as such terms are used in Rule 502(c) under the Securities Act. 

        2.12    Title to Property    

        The
Company has good and marketable title to all of its tangible property and assets, free and clear of all mortgages, liens, loans, claims and encumbrances, except liens which arise in
the ordinary course of business and do not materially impair the Company's ownership or use of such property or assets. With respect to the property and assets it leases, the Company is in compliance
with such leases in all material respects and holds a valid leasehold interest free of any material liens, claims or encumbrances. 

        2.13    Governmental Permits    

        The
Company has received all required governmental approvals, authorizations, consents, licenses, orders, registrations and permits of all agencies, whether federal, state, local or
foreign (the "Permits"), of which the failure to obtain would have a Company Material Adverse Effect. The Company is in compliance with the terms of all material Permits, and all material Permits are
valid and in full force and effect, and no proceeding is pending or, to the knowledge of the Company, threatened, the object of which is to revoke, limit or otherwise affect any material Permit. The
Company has not received any notifications of any asserted failure to obtain any material Permit. 

        2.14    Claims and Legal Proceedings    

        There
are no claims, actions, suits, arbitrations, criminal or civil investigations or proceedings pending or involving or, to the knowledge of the Company, threatened against the
Company before or by any court or governmental or nongovernmental department, commission, board, bureau, agency or instrumentality, or any other entity. 

        2.15    Employment Matters    

        2.15.1    Employees    

        To
the Company's knowledge, none of the Company's officers, directors, employees or agents is obligated under any contract (including licenses, covenants or commitments of any nature) or
other agreement or obligation, or subject to any judgment, decree or order of any court or administrative agency, that would interfere with the use of his or her best efforts to promote the interests
of the Company or that would conflict with the Company's business as conducted and as proposed to be conducted. 

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        2.15.2    Labor Agreements and Actions    

        The
Company is not bound by or subject to any written or oral, express or implied, contract, commitment or arrangement with any employee or labor union, and no labor union has requested
or, to the Company's knowledge, has sought to represent any of the employees, representatives or agents of the Company. There are no labor disputes, employee grievances or disciplinary actions pending
or to the Company's knowledge, threatened against or involving the Company or any present or former employee of the Company. The Company is not engaged in any unfair labor practices and does not have
any liability for any arrears of wages or taxes of penalties for failure to comply with any such provisions of law. 

        2.15.3    Employee Benefits Matters    

        With
respect to each employee benefit plan maintained by the Company: (i) such employee benefit plan is, and at all times since inception has been, maintained, administered,
operated and funded in all respects in accordance with its terms and in compliance with all applicable requirements of all applicable laws, statutes, orders, rules and regulations; and (ii) the
Company has, at all times, properly performed all of its duties and obligations (whether arising by operation of law or by contract) under or with respect to each such employee benefit plan, including
all reporting, disclosure and notification obligations. 

        2.16    Taxes    

        The
Company has filed when due all state and federal tax returns. No controversy with respect to taxes of any type is pending or, to the Company's knowledge, threatened. There are no
agreements, waivers or other arrangements providing for an extension of time with respect to the assessment of any tax or deficiency against the Company, nor are there any actions, suits, proceedings,
investigations or claims now pending against the Company in respect of any tax or assessment or, to the Company's knowledge, any matters under discussion with any federal, state, foreign or local
authority relating to any taxes or assessments, or any claims for additional taxes or assessments asserted by any such authority. 

        2.18    Compliance with Law    

        The
Company is not in violation of any provision of its Articles of Incorporation or bylaws, nor is it in violation or default of any provision of any judgment, order, writ or decree by
which it is bound or any provision of federal or state statute, rule or regulation applicable to the Company, which violation or default would have a Company Material Adverse Effect. 

Section 3.    Representations and Warranties of the Investor  

        The Investor hereby represents and warrants that: 

        3.1    Authorization    

        All
corporate or other similar action, if any, required on the part of the Investor for the authorization, execution and delivery of this Agreement, and the performance of all of the
Investor's obligations hereunder have been taken, and this Agreement constitutes the valid and legally binding obligation of the Investor, enforceable in accordance with its terms, except as to the
effect, if any, of (a) applicable bankruptcy and other similar laws affecting the rights of creditors generally, (b) rules of law governing specific performance, injunctive relief and
other equitable remedies, and (c) the enforceability of provisions requiring indemnification in connection with the offering, sale or issuance of securities. The Investor has full power and
authority to execute, deliver and perform its obligations under this Agreement and to own the Shares. 

5

 

        3.2    Purchase Entirely for Own Account    

        This
Agreement is made with the Investor in reliance upon the Investor's representation to the Company, which by the Investor's execution of this Agreement the Investor hereby confirms,
that the Shares will be acquired for investment for the Investor's own account, and not with a view to the distribution of any part thereof, and that the Investor has no present intention of selling,
granting any participation in, or otherwise distributing the same in a manner contrary to the Securities Act of 1933, as amended (the "Act"), or applicable state securities laws. 

        3.3    Disclosure of Information; Due Diligence    

        The
Investor has received and reviewed a copy of each SEC Document. The Investor represents and acknowledges that it has been solely responsible for its own "due diligence" investigation
of the Company and of the management and business of the Company, for its own analysis of the merits and risks of this investment, and for its own analysis of the fairness and desirability of the
terms of the investment; that in taking any action or performing any role relative to the arranging of the proposed investment, the Investor has acted solely in its own interests. Notwithstanding the
foregoing, the Investor's due diligence investigation shall not in any way affect or diminish any of the representations or warranties made by the Company in this Agreement. 

        3.4    Investment Experience; Accredited Investor Status    

        The
Investor is an investor in securities of the type of the Shares and acknowledges that the Shares are a speculative risk. The Investor is able to fend for itself in the transactions
contemplated by this Agreement, can bear the economic risk of its investment (including possible complete loss of such investment) for an indefinite period of time and has such knowledge and
experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares. The Investor understands that the Shares have not been registered
under the Act, or under the securities laws of any jurisdiction, by reason of reliance upon certain exemptions, and that the reliance of the Company on such exemptions is predicated upon the accuracy
of the Investor's representations and warranties in this Section 3. The Investor is familiar with Regulation D promulgated under the Act and is an "accredited investor" as defined in
Rule 501(a) of such Regulation D. 

        3.5    Restricted Securities    

        The
Investor understands that the Shares are characterized as "restricted securities" under the federal securities laws inasmuch as they are being acquired from the Company in a
transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Act only in certain limited circumstances
and in accordance with the
terms and conditions set forth in the legend described in Section 3.6 below. In this connection, the Investor represents that it is familiar with Rule 144 promulgated under the Act, as
currently in effect, and understands the resale limitations imposed thereby and by the Act. 

        3.6    Legend    

        It
is understood that the certificates evidencing the Shares may bear the following or a similar legend: 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR APPLICABLE STATE LAW, AND NO INTEREST THEREIN MAY BE SOLD,
DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH
TRANSACTION INVOLVING SAID SECURITIES, OR (B) SUCH TRANSACTION IS EXEMPT FROM, AND NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE ACT AND APPLICABLE STATE 

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SECURITIES LAWS AND THIS CORPORATION RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER OF THESE SECURITIES SATISFACTORY TO THIS CORPORATION STATING THAT SUCH TRANSACTION IS EXEMPT FROM
REGISTRATION, OR (C) THIS CORPORATION OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION. 

        3.7    No Intent to Control the Company    

        The
Investor represents to the Company that it has no intention to control the Company and that it is not purchasing the Shares with a view to exerting control of the Company. As used
herein, "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of the Company, whether through the ownership of voting
securities or by contract or otherwise. 

Section 4.    Registration Rights  

        (a)  Subject
to Section 4(b) below, the Company shall file, with respect to the Shares purchased under this Agreement (the "Registrable Shares"), a registration
statement on Form S-3 (or any successor form)
on or before the date 90 days after the Effective Date (as defined in Section 5.13) to register such Registrable Shares held by the Investor under the Act. Any such registration
statement may also include other shares of Common Stock issued to other investors by the Company. If the Company fails to comply with its obligation in the preceding sentence within such
90-day period, for each 30-day or lesser period thereafter, the number of Shares deliverable by the Company to the Investor hereunder shall be increased by 10%. The Company
shall use its best efforts to have the registration statement declared effective within 120 days after the Effective Date and to maintain the effectiveness of such registration statement (and
maintain the current status of the prospectus or prospectuses contained therein) until the earliest of (i) the date 36 months after the effective date of the registration statement,
(ii) the date all such Registrable Shares have been disposed of pursuant to such effective registration statement, (iii) the date such Registrable Shares are sold or otherwise
transferred by the Investor in a transaction in which the rights under this Section 4 are not assigned in accordance with Section 5.2 hereof and (iv) the date the Investor is able
to dispose of all such Registrable Shares in one three-month period pursuant to Rule 144 (or any similar provision then in force) under the Act without registration under the Act. 

        (b)  The
Company shall not be obligated to effect any such registration pursuant to Section 4(a) in any particular jurisdiction in which the Company would be required
to qualify to do business or to execute a general consent to service of process in effecting such registration. 

        (c)  The
Company shall notify the Investor in writing at least thirty (30) days prior to filing any registration statement under the Act for purposes of effecting a
public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration statements
relating to any registration under Section 4(a) of this Agreement or to any employee benefit plan or a corporate reorganization) and will afford the Investor an opportunity to include in such
registration statement all or any part of the Registrable Shares then held by the Investor, subject to the provisions of Section 4(d) below. If the Investor wants to include in any such
registration statement all or any part of such Registrable Shares held by the Investor, the Investor shall, within twenty (20) days after receipt of the above-described notice from the Company,
so notify the Company in writing, and in such notice shall inform the Company of the number of such Registrable Shares the Investor wishes to include in such registration statement. 

        (d)  If
a registration statement under which the Company gives notice under Section 4(c) is for an underwritten offering, then the Company shall so advise the
Investor. In such event, the right of the Investor to include any of the Investor's Registrable Shares in a registration pursuant to Section 4(c) 

7

 

shall be conditioned upon the Investor's participation in such underwriting and the inclusion of the Investor's Registrable Shares in the underwriting on the same terms and conditions as the other
participants in such offering, including, without limitation, entering into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting
(including a market stand-off agreement of up to 180 days if required by such underwriters). Notwithstanding any other provision of this Agreement, if the managing underwriter(s)
determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares from the registration and the
underwriting, and the number of shares that may be included in the registration and the underwriting shall be allocated, first,
to the Company, second, to each holder of registration rights granted by the Company before the date of this Agreement that contractually require the
Company to include such holder's shares on a priority basis, and, third, to the Investor and any other holder of registration rights granted by the
Company (excluding those covered above), on a pro rata basis based on the total number of shares of Common Stock then sought to be included by each in such offering. If an Investor disapproves of the
terms of any such underwriting, the Investor may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) business days prior to the
effective date of the registration statement. Any Registrable Shares excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 

        (e)  The
Investor shall have no right to obtain or seek, nor shall the Investor obtain or seek, an injunction restraining or otherwise delaying any registration as the result
of any controversy that might arise with respect to the interpretation or implementation of this Agreement. 

        (f)    In
the event any Registrable Shares are included in a registration statement under this Agreement: 

          (i)  To
the extent permitted by law, the Company will indemnify and hold harmless the Investor and each person, if any, who controls the Investor within the meaning of the
Act or the Securities Exchange Act of 1934, as amended (the "1934 Act"), against any losses, claims, damages, or liabilities to which they may become subject under the Act, the 1934 Act or other
federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations
(collectively a "Violation"): (A) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto, (B) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading, or (C) any violation or alleged violation by the Company of the Act, the 1934 Act, any state
securities law or any rule or regulation promulgated under the Act, the 1934 Act or any state securities law in connection with such registration and sale of securities; and the Company will pay to
the Investor or such controlling person, as incurred, any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or
action; provided, however, that the indemnity agreement contained in this subsection 4(f)(i) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action
if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage,
liability, or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection
with such registration by the Investor or such controlling person or their respective agents. 

        (ii)  To
the extent permitted by law, the Investor will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration
statement, each 

8

 

person, if any, who controls the Company within the meaning of the Act, each agent and any underwriter, any other person or entity selling securities in such registration statement and any
controlling person of any such underwriter or other person or entity, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject,
under the Act, the 1934 Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each
case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by the Investor or its agents expressly for use in
connection with such registration; and the Investor will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be indemnified pursuant to this
subsection 4(f)(ii), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this
subsection 4(f)(ii) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Investor (which
consent shall not be unreasonably withheld); and, provided further, that in no event shall any indemnity under this subsection 4(f)(ii) exceed the proceeds from the offering received by the
Investor. 

        (iii)  Promptly
after receipt by an indemnified party under this Section 4(f) of notice of the commencement of any action (including any governmental action), such
indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 4(f), deliver to the indemnifying party a written notice of the
commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly
noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be
represented without conflict by one counsel) shall have the right to retain one separate counsel, with reasonable fees and expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented
by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to
defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 4(f), but the omission so to deliver written notice to the indemnifying
party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 4(f). 

        (iv)  To
the extent the indemnification provided for in this Section 4(f) is held by a court of competent jurisdiction to be unavailable to an indemnified party with
respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall to the extent permitted by applicable
law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other, in connection with the Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or
allegedly untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

9

 

        (v)  The
obligations of the Company and the Investor under this Section 4(f) shall survive the completion of any offering of Registrable Shares in a registration
statement under Section 4, and otherwise. 

Section 5.    Miscellaneous  

        5.1    Survival of Warranties    

        The
warranties, representations and covenants contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Effective Date. 

        5.2    Successors and Assigns    

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

        5.3    Governing Law    

        This
Agreement shall be governed by and construed under the laws of the State of New York as applied to agreements among persons domiciled in New York entered into and to be performed
entirely within the State of New York. 

        5.4    Counterparts    

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

        5.5    Headings    

        The
headings used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

        5.6    Notices    

        Unless
otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given upon personal delivery to the party to be
notified or three days after deposit in the United States Mail, postage prepaid, registered or certified with return receipt requested and addressed to the party to be notified, if to the Company, at
7175 NW Evergreen Parkway, Hillsboro, Oregon 97124, Attention: Chief Financial Officer, or, if to an Investor, at the address indicated for the Investor on the signature page hereof, or at such other
address as any such party may designate by ten days' advance written notice to the other parties given in the foregoing manner. Each notice to the Investor shall be addressed for the attention of its
Executive Vice President, and a copy of each such notice shall be sent simultaneously to the Sony Music Entertainment Inc. Law Department for the attention of its Senior Vice President and
General Counsel. 

        5.7    Expenses    

        The
Company shall pay all costs and expenses incurred by it with respect to the preparation and performance of this Agreement. The Investor shall pay all costs and expenses incurred by
it with respect to the preparation and performance of this Agreement. 

10

 

        5.8    Amendments and Waivers    

        This
Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only
with the written consent of the Company and the Investor. 

        5.9    Severability    

        If
one or more provisions of this Agreement is held to be unenforceable under applicable law, such provision shall be excluded from this Agreement, and the balance of this Agreement
shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

        5.10    Entire Agreement    

        This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior written and oral agreements and understandings
between such parties with respect to said subject matter, and neither party shall be liable or bound to the other party with respect thereto in any manner by any representations, warranties, or
acknowledgements except as specifically set forth herein. 

        5.11    No Additional Purchases    

        So
long as the Investor or any of its subsidiaries (each a "Subsidiary" and collectively, the "Subsidiaries") beneficially owns any Shares or Warrant Shares, neither the Investor nor any
Subsidiary shall acquire or sell, directly or indirectly, any Common Stock, security convertible into Common Stock or derivative or futures contract related to Common Stock, other than the Shares or
Warrant Shares. 

        5.12    Limitation on Sales    

        The
Investor agrees that so long as the Investor or any Subsidiary beneficially owns any Shares or any Warrant Shares, neither the Investor nor any Subsidiary shall sell, through the
Nasdaq stock market, any exchange on which the Common Stock is listed, or otherwise: 

        (a)  in
any calendar month, more than an 80,000 shares of the Common Stock, or 

        (b)  on
any day, a number of shares of Common Stock in excess of the greater of (i) 20,000 and (ii) 1/3 the average of the daily trading volume
of the Common Stock as reported by NASDAQ for the preceding 75 trading days. 

        5.13    Effectiveness of Agreement    

        This
Agreement shall become effective concurrently with the full execution and delivery of the Content Agreement. As used herein the term "Effective Date" means the date this Agreement
becomes effective. 

11

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

	 	 	CENTERSPAN COMMUNICATIONS CORPORATION
	

 	
 	

By:	

Frank G. Hausmann, Jr.

	 	 	Title: Chairman & CEO
	

 	
 	
INVESTOR:
	

 	
 	

SONY MUSIC ENTERTAINMENT INC.
	

 	
 	

By:	

/s/Mark Eisenberg

	 	 	Title: Sr. VP Business Affairs, New Technology & Business Development

	

 	
 	

Address:	

550 Madison Avenue

New York, NY 10022

12

 
 

SCHEDULE A
  
    SCHEDULE OF EXCEPTIONS    
  

Schedule 2.5 Reserved Shares  

        As of February 26, 2002, the Company had reserved 4,553,921 shares for issuance upon exercise of options. 

        As
of February 26, 2002, the Company had reserved 1,848,606 shares for issuance upon exercise of outstanding warrants. 

Schedule 2.7(c) Absence of Certain Changes  

        The Company is a development stage company with no material revenues. The Company's ability to continue to operate its business is dependent on its ability to
secure additional financing. The Company expects to write down as of December 31, 2001 certain intangible assets from $3,500,000 to $1,000,000. 

QuickLinks

Exhibit 4.6

STOCK PURCHASE AGREEMENT

SCHEDULE A SCHEDULE OF EXCEPTIONS

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