Document:

Articles of Incorporation of the Registrant

 ARTICLES OF INCORPORATION 
 OF 
 TREND MICRO INCORPORATED 
  
 CHAPTER I 
 GENERAL PROVISIONS 
  
 Article 1.    Corporate
Name 
  
 The corporate name of the Company shall be “Trend
Micro Kabushiki Kaisha” and in English it shall be “Trend Micro Incorporated.” 
  
 Article 2.    Purposes 
  
 The purposes of the Company shall be to engage in the following businesses: 
  
 (a)    Manufacture, sale, import and export of electronic components; 
  
 (b)    Manufacture, sale, import and export of household electric appliances; 
  
 (c)    Manufacture, sale, import and export of
communications equipment; 
  
 (d)    Manufacture, sale, import and export of medical equipment; 
  
 (e)    Design, sale, import and export of computer software; 
  
 (f)    Design, sale, import and export of computer hardware and related products; 
  
 (g)    Administration and maintenance of computer
systems; 
  
 (h)    Provision of consultation
with respect to computer systems; and 
  
 (i)    Any other business incidental to any of the preceding items. 
  
 Article 3.    Location of Head Office 
  
 The head office of the Company shall be located in Shibuya-ku, Tokyo. 
  
 Article 4.    Method of Placing Public Notice 
  
 Public notices of the Company shall be placed in the Nihon Keizai Shimbun. 
  

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 CHAPTER II 
 SHARES 
  
 Article
5.    Total Number of Shares to be Issued 
  
 The total number of shares to be issued by the Company shall be two hundred and fifty million (250,000,000). 
  
 Article 6.    Acquisition of Treasury Stock 
  
 The Company may, by resolution of the Board of Directors, purchase treasury stock pursuant to the provision of Article 211-3, paragraph 1, item 2 of the
Commercial Code. 
  
 Article 7.    Number of Shares
Constituting One Unit 
  
 The number of shares constituting one
unit of the Company shall be five hundred (500). 
  
 Article
8.    Non-issuance of Share Certificates Representing Less Than One Unit 
  
 The Company shall not issue share certificates representing less than one unit. 
  
 Article 9.    Transfer Agent 
  
 (a)    The Company shall appoint a transfer agent in respect of its shares. 
  
 (b)    The transfer agent and its business handling
office shall be determined by resolution of the Board of Directors. 
  
 (c)    The register of shareholders (including register of beneficial shareholders, likewise hereinafter) and the register of loss of share certificates of the Company shall be kept at the business handling office of the
transfer agent, and the Company shall cause the transfer agent to handle registration of transfer of shares, the take up of shares not constituting one unit, the receipt of beneficial shareholders’ notices, the registration of loss of share
certificates and any other business pertaining to the shares and the Company itself shall not handle these matters. 
  

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 Article 10.    Share Handling Regulations 
  
 The denominations of share certificates of the Company, registration of
transfer of shares, purchase of shares not constituting one unit, receipt of beneficial shareholders’ notices, registration of loss of share certificates and any other matters concerning shares and share handling fees shall be governed by the
Share Handling Regulations established by resolution of the Board of Directors. 
  
 Article 11.    Record Date 
  
 (a)    The shareholders (including beneficial shareholders, likewise hereinafter) appearing or electrically recorded in the register of shareholders of the Company as of the last day of each fiscal year shall be entitled
to exercise their rights at the ordinary general meeting of shareholders relating to the relevant accounts. 
  
 (b)    In addition to the preceding paragraph, the Company may, if necessary, determine the shareholders or registered pledgees
appearing or electrically recorded in the register of shareholders as of a certain date to be entitled to exercise their rights by giving prior public notice in accordance with a resolution of the Board of Directors. 
  
 CHAPTER III 
 GENERAL MEETING OF SHAREHOLDERS 
  
 Article 12.    Convocation 
  
 An ordinary general meeting of shareholders of the Company shall be convened in March each year and an extraordinary general meeting of shareholders may be convened whenever necessary. 
  

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 Article 13.    Chairman 
  
 The chairman of a general meeting of shareholders shall be a person selected in advance from the Company’s directors,
shareholders employees or advisory counsel by Board of Directors. When such person is unable to so act, another person determined in accordance with an order predetermined by resolution of the Board of Directors shall act as chairman. 
  
 Article 14.    Method of Resolution 
  
 (a)    Unless otherwise provided by laws and ordinances
or these Articles of Incorporation, resolutions of general meeting of shareholders shall be adopted by a majority vote of the voting rights of shareholders present at the meeting. 
  
 (b)    Resolutions of general meeting of shareholders subject to the provision of Article 343 of the
Commercial Code shall be adopted by a vote of two-thirds (2/3) or more of the voting rights of shareholders who are present and hold voting rights representing one-third (1/3) or more of all shareholders. 
  
 Article 15.    Exercise of Voting Rights by Proxy 
  
 (a)    A shareholder may exercise his/her voting rights
through a proxy who is also a shareholder of the Company having voting rights. 
  
 (b)    In case of the preceding paragraph, the shareholder or the proxy shall be required to file with the Company a document evidencing his/her authority each time he/she acts as proxy.

  
 Article 16.    Minutes 
  
 The substance of proceedings at a general meeting of shareholders and the
results thereof shall be recorded or electrically recorded in the minutes of the meeting which shall bear the names and seals or electrical signature of the chairman and the directors present thereat. 
  

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 CHAPTER IV 
 DIRECTORS AND THE BOARD OF DIRECTORS 
  
 Article 17.    Number of Directors 
  
 The Company shall have not more than eight (8) directors. 
  
 Article
18.    Election of Directors 
  
 (a)    Directors of the Company shall be elected at a general meeting of shareholders. 
  
 (b)    Resolution for election of directors shall be adopted by a majority vote at a general meeting of shareholders at which
shareholders who hold shares representing one-third (1/3) or more of the total number of issued shares with voting rights are present. 
  
 (c)    With respect to the resolution for election of directors, cumulative voting shall not be adopted. 
  
 Article 19.    Term of Office of Directors 
  
 (a)    The term of office of directors shall expire at
the conclusion of the ordinary general meeting of shareholders with respect to the last closing of accounts within two (2) years after their assumption of office. 
  
 (b)    The term of office of any director elected to fill a vacancy due to early retirement shall be the
same as the remainder of the term of office of the retired director. 
  
 (c)    The term of office of any director elected due to increase in number of directors shall be the same as the remainder of the term of office of the other directors in office. 
  
 Article 20.    Convocation and Chairman of the Board of Directors

  
 (a)    The President and Director shall
convene and act as chairman of the Board of Directors. When the President and Director is unable to so act, one of the other directors determined in accordance with an order predetermined by the Board of Directors shall act in his/her place.

  

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 (b)    Notice of convocation of a meeting of the Board of Directors shall be sent to
each director and corporate auditor at least three (3) days prior to the date set for such meeting; provided, however, that in case of urgency such period may be shortened. 
  
 Article 21.    Directors with Special Titles 
  
 By resolution of the Board of Directors, the Company may, from among Directors, appoint one President and Director and, if
necessary, one or more Chairman and Directors, Vice President and Directors, Senior Managing Directors and Managing Directors. 
  
 Article 22.    Representative Directors 
  
 (a)    The President and Director shall represent the Company and manage the business of the Company. 
  
 (b)    By resolution of the Board of Directors, the
Company may elect the director who represents the Company. 
  
 Article
23.    Method of Resolution of the Board of Directors 
  
 Resolution of the Board of Directors shall be adopted by a majority of the directors present at a meeting at which majority of the directors are present. 
  
 Article 24.    Minutes of the Board of Directors 
  
 The substance of proceedings at a meeting of the Board of Directors and the results thereof shall be recorded or
electrically recorded in the minutes of the meeting which shall bear the names and seals or electrical signature of the directors and corporate auditors present thereat. 
  

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 Article 25.    Regulations of the Board of Directors 
  
 Matters concerning the Board of Directors shall be governed by the
Regulations of the Board of Directors established by resolution of the Board of Directors in addition to laws and ordinances and these Articles of Incorporation. 
  
 Article 26.    Indemnification of Directors’ Liability 
  
 (a)    The Company may, by a resolution of the Board of
Directors, exempt its directors from their liability provided for in Article 266, paragraph 1, item 5 of the Commercial Code to the extent permitted by laws and ordinances. 
  
 (b)    The Company may enter into an agreement with outside directors providing that a limit of
compensation for their liability provided for in Article 266, paragraph 1, item 5 of the Commercial Code shall be the greater of the amount determined in advance which is not less than ten (10) million yen and the total amount of Article 266,
paragraph 19, each item of the Commercial Code. 
  
 Article
27.    Remuneration and Retirement Allowances of Directors 
  
 Remuneration and retirement allowances of directors shall be determined by resolution of a general meeting of shareholders. 
  
 CHAPTER V 
 CORPORATE AUDITORS AND 

THE BOARD OF CORPORATE AUDITORS 
  
 Article 28.    Number of Corporate Auditors 
  
 The Company shall have not more than four (4) corporate auditors. 
  

Article 29.    Election of Corporate Auditors 
  
 (a)    Corporate auditors of the Company shall be elected at a general meeting of shareholders. 
  

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 (b)    Resolution for election of corporate auditors shall be adopted by a majority
vote at a general meeting of shareholders at which shareholders who hold shares representing one-third (1/3) or more of the total number of issued shares with voting rights are present. 
  
 Article 30.    Term of Office of Corporate Auditors 
  
 (a)    The term of office of corporate auditors shall expire at the conclusion of the ordinary general
meeting of shareholders with respect to the last closing of accounts within four (4) years after their assumption of office. 
  
 (b)    The term of office of any corporate auditor elected to fill a vacancy due to early retirement shall be the same as the
remainder of the term of office of the retired corporate auditor. 
  
 Article
31.    Standing Corporate Auditor 
  
 Standing corporate auditor shall be appointed from among the corporate auditors. 
  
 Article 32.    Notice of Convocation of Meetings of the Board of Corporate Auditors 
  
 Notice of convocation of a meeting of the Board of Corporate Auditors shall be sent to each corporate auditor at least three (3) days prior to the date
set for such meeting; provided, however, that in case of urgency such period may be shortened. 
  
 Article 33.    Method of Resolution of the Board of Corporate Auditors 
  
 Unless otherwise provided by laws and ordinances, resolutions of the Board of Corporate Auditors shall be adopted by a majority of the corporate auditors.

  
 Article 34.    Minutes of the Board of Corporate
Auditors 
  
 The substance of proceedings at a meeting of the
Board of Corporate Auditors and the results thereof shall be recorded or electrically recorded in the minutes of the meeting which shall bear the names and seals or electrical signature of the corporate auditors present thereat. 
  

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 Article 35.    Regulations of the Board of Corporate Auditors 
  
 Matters concerning the Board of Corporate Auditors shall be governed by the
Regulations of the Board of Corporate Auditors established by resolution of the Board of Corporate Auditors in addition to laws and ordinances and these Articles of Incorporation. 
  
 Article 36    Indemnification of Corporate Auditors’ Liability 
  
 The Company may, by a resolution of the Board of Directors, exempt its
corporate auditors from their liability to the extent permitted by laws and ordinances. 
  
 Article 37.    Remuneration and Retirement Allowances of Corporate Auditors 
  
 The remuneration and retirement allowances of corporate auditors shall be determined by resolution of a general meeting of shareholders. 
  
 CHAPTER VI 
 ACCOUNTS 
  
 Article
38.    Fiscal Year 
  
 The fiscal year of
the Company shall be from January 1 through December 31 of each year and the account shall be settled on the last day of the fiscal year. 
  
 Article 39.    Dividends 
  
 Dividends of the Company shall be paid to shareholders or registered pledgees appearing or electrically recorded in the final register of shareholders of
the Company as of December 31 of each year. 
  
 Article
40.    Interim Dividends 
  
 The Company
may, upon resolution of the Board of Directors, make pecuniary distribution provided for in Article 293-5 of the Commercial Code (hereinafter referred to as the “interim dividends”) to shareholders or registered pledgees appearing or
electrically recorded in the final register of shareholders of the Company as of June 30 of each year. 
  

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 Article 41.    Prescription Period of Dividends 
  
 (a)    In case dividends or interim dividends remain
unclaimed for three (3) years after the date of commencement of payment, the Company shall be relieved from the obligation of payment thereof. 
  
 (b)    Unclaimed dividends or interim dividends shall not bear any interest. 
  

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 Supplementary Provisions: 
 Article 1 
  
 Notwithstanding the provisions of
Article 30, “within four (4) years after their assumption of office” in the Article 30 shall be replaced into “within three (3) years after their assumption of office” with respect to the corporate auditors who have been in
office before the close of the annual general meeting of shareholders regarding fiscal year ending December 2002; provided, however, that this Article shall be deleted upon the retirement of all such corporate auditors 
  

 11Form of Stock Purchase

 Exhibit 10.63 
  
 THIS WARRANT AND THE SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED. EXCEPT AS OTHERWISE SET FORTH HEREIN NEITHER THIS WARRANT NOR ANY OF SUCH SHARES MAY BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER SAID ACT OR AN OPINION OF
COUNSEL, IN FORM, SUBSTANCE AND SCOPE, CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 OR REGULATION S UNDER SUCH ACT. 
  
 Right to Purchase 200,000 Shares of Common Stock, $.01 par value per share,
at $2.20 per share 
  
 STOCK PURCHASE WARRANT 
  
 This Stock Purchase Warrant is issued in connection with that certain
Securities Purchase Agreement dated January 20, 2004 by and among LITHIUM TECHNOLOGY CORPORATION, a Delaware corporation (the “Company”), and certain Buyers named therein (the “Securities Purchase Agreement”). Capitalized terms
used herein, but not otherwise defined, shall have the meaning given to them in the Securities Purchase Agreement. 
  
 THIS CERTIFIES THAT, for value received,
                     or its registered assigns (“            ”),
is entitled to purchase from the Company at any time or from time to time during the period specified in Paragraph 2 hereof Two Hundred Thousand (200,000) fully paid and nonassessable shares of the Company’s Common Stock, $.01 par value per
share (the “Common Stock”), at an exercise price per share equal to $2.20 (the “Exercise Price”). The number of shares subject to this Warrant, and the Exercise Price, are subject to adjustment so that the number of shares of
Common Stock subject to this Warrant shall equal 10% of the total number of shares of Common Stock as are issued to Buyers upon conversion of the Debentures (other than any shares issued in payment of interest or liquidated damages under the
Securities Purchase Agreement) or exercise of the Warrants, at an exercise price equal to 110% of the Buyer Stock Purchase Price (the “Adjusted Exercise Price”). 

 If the Company exercises its option to prepay the Debentures pursuant to Section 5.1 of the Securities
Purchase Agreement, then Wainwright shall be entitled to purchase that number of shares of the Common Stock that equals 10% of the total number of shares issued to the Buyers in connection with the prepayment of the Debentures at an Adjusted
Exercise Price (to be determined on the date that the notice of prepayment is given by the Company) equal to 110% of the Company’s 10 day trailing volume weighted market price, and this warrant shall be adjusted accordingly. 
  
 After any conversion of Debentures or exercise of Warrants by the Buyers, the
Company shall provide prompt notice to Wainwright setting forth the number of shares purchased and the Buyer Stock Purchase Price. If the number of shares is adjusted so that it increases to a number in excess of 200,000 shares, then a new warrant
reflecting the number of shares issuable to Wainwright and the appropriate Adjusted Exercise Prices(s) shall be issued within five (5) business days thereof. 
  
 The term “Warrant Shares,” as used herein, refers to the shares of Common Stock purchasable hereunder. The Warrant Shares and the Exercise Price
are subject to adjustment as provided in Paragraph 4 hereof. This Warrant is subject to the following terms, provisions, and conditions: 
  
 1. Manner of Exercise; Issuance of Certificates; Payment for Shares. Subject to the provisions hereof, this Warrant may be exercised by the
holder hereof, in whole or in part, by the surrender of this Warrant, together with a completed exercise agreement in the form attached hereto (the “Exercise Agreement”), to the Company during normal business hours on any business day at
the Company’s principal executive offices (or such other office or agency of the Company as it may designate by notice to the holder hereof), and upon (i) payment to the Company in cash, by certified or official bank check or by wire transfer
for the account of the Company of the Exercise Price for the Warrant Shares specified in the Exercise Agreement or (ii) if the resale of the Warrant Shares by the holder is not then registered pursuant to an effective registration statement under
the Securities Act of 1933, as amended (the “Securities Act”), delivery to the Company of a written notice of an election to effect a “Cashless Exercise” (as defined in Section 11(c) below) for the Warrant Shares specified in the
Exercise Agreement. The Warrant Shares so purchased shall be deemed to be issued to the holder hereof or such holder’s designee, as the record owner of such shares, as of the close of business on the date on which this Warrant shall have been
surrendered, the completed Exercise Agreement shall have been delivered, and payment shall have been made for such shares as set forth above. Certificates for the Warrant Shares so purchased, representing the aggregate number of shares specified in
the Exercise Agreement, shall be delivered to the holder hereof within a reasonable time, not exceeding three (3) business days, after this Warrant shall have been so exercised (the “Deadline”). The certificates so delivered shall be in
such denominations as may be requested by the holder hereof and shall be registered in the name of such holder or such other name as shall be designated by such holder. If this Warrant shall have been exercised only in part, then, unless this
Warrant has expired, the Company shall, at its expense, at the time of delivery of such certificates, deliver to the holder a new Warrant representing the number of shares with respect to which this Warrant shall not then have been exercised.

  

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 2. Period of Exercise. This Warrant is exercisable at any time or from time to time on or
after the date on which this Warrant is issued and delivered pursuant to the terms of the Securities Purchase Agreement and before 6:00 p.m., New York, New York time on January 19, 2009 (the “Exercise Period”). 
  
 3. Certain Agreements of the Company. The Company hereby
covenants and agrees as follows: 
  
 (a) Shares to be Fully
Paid. All Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be validly issued, fully paid, and nonassessable and free from all taxes, liens, and charges with respect to the issue thereof. 
  
 (b) Reservation of Shares. During the Exercise Period, the
Company shall at all times have authorized, and reserved for the purpose of issuance upon exercise of this Warrant, a sufficient number of shares of Common Stock to provide for the exercise of this Warrant. 
  
 (c) Listing. The Company shall promptly secure the listing of
the shares of Common Stock issuable upon exercise of the Warrant upon each national securities exchange or automated quotation system, if any, upon which shares of Common Stock are then listed (subject to official notice of issuance upon exercise of
this Warrant) and shall maintain, so long as any other shares of Common Stock shall be so listed, such listing of all shares of Common Stock from time to time issuable upon the exercise of this Warrant; and the Company shall so list on each national
securities exchange or automated quotation system, as the case may be, and shall maintain such listing of, any other shares of capital stock of the Company issuable upon the exercise of this Warrant if and so long as any shares of the same class
shall be listed on such national securities exchange or automated quotation system. 
  
 (d) Certain Actions Prohibited. The Company will not, by amendment of its charter or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant
and in the taking of all such action as may reasonably be requested by the holder of this Warrant in order to protect the exercise privilege of the holder of this Warrant against dilution or other impairment, consistent with the tenor and purpose of
this Warrant. Without limiting the generality of the foregoing, the Company (i) will not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, and (ii) will take
all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant. 
  
 (e) Successors and Assigns. This Warrant may be assigned by
Wainwright with the written consent of the Company, which will not be unreasonably withheld. This Warrant will be binding upon any entity succeeding to the Company by merger, consolidation, or acquisition of all or substantially all the
Company’s assets. 
  

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 4. Antidilution Provisions. The Adjusted Exercise Price and the number and kind of
securities purchasable upon the exercise of the Warrants shall be subject to further adjustment from time to time upon the happening of certain events as follows: 
  
 (a) In case the Company shall (i) declare a dividend or make a distribution on its outstanding shares of Common Stock
in shares of Common Stock, (ii) subdivide or reclassify its outstanding shares of Common Stock into a greater number of shares, or (iii) combine or reclassify its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price
in effect at the time of the record date for such dividend or distribution or of the effective date of such subdivision, combination or reclassification shall be adjusted so that it shall equal the price determined by multiplying the Exercise Price
by a fraction, the denominator of which shall be the number of shares of Common Stock outstanding after giving effect to such action, and the numerator of which shall be the number of shares of Common Stock immediately prior to such action. Such
adjustment shall be made each time any event listed above shall occur. 
  
 (b) Whenever the Exercise Price payable upon exercise of each Warrant is adjusted pursuant to Subsection (a) above, the number of Shares purchasable upon exercise of this Warrant shall simultaneously be adjusted by multiplying the
number of Shares initially issuable upon exercise of this Warrant by the Exercise Price in effect on the date hereof and dividing the product so obtained by the Exercise Price, as adjusted. 
  
 (c) All calculations under this Section 4 shall be made to the nearest
cent or to the nearest one-hundredth of a share, as the case may be. Anything in this Section 4 to the contrary notwithstanding, the Company shall be entitled, but shall not be required, to make such changes in the Exercise Price in addition to
those required by this Section 4, as it shall determine, in its sole discretion, to be advisable in order that any dividend or distribution in shares of Common Stock, or any subdivision, reclassification or combination of Common Stock, hereafter
made by the Corporation shall not result in any Federal Income tax liability to the holders of the Common Stock or securities convertible into Common Stock (including warrants). 
  
 (d) Whenever the Exercise Price is adjusted, as herein provided, the Corporation shall promptly cause a notice
setting forth the adjusted Exercise Price and adjusted number of Shares issuable upon exercise of each Warrant to be mailed to the Holder, at its last address appearing in the Warrant Register. The Corporation may retain a firm of independent
certified public accountants selected by the Board of Directors (who may be the regular accountants employed by the Corporation) to make any computation required by this Section 4, and a certificate signed by such firm shall be conclusive evidence
of the correctness of such adjustment. 
  
 5. Issue
Tax. The issuance of certificates for Warrant Shares upon the exercise of this Warrant shall be made without charge to the holder of this Warrant or such shares for any issuance tax or other costs in respect thereof, provided that the
Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than the holder of this Warrant. 
  

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 6. No Rights or Liabilities as a Shareholder. This Warrant shall not entitle the holder
hereof to any voting rights or other rights as a shareholder of the Company. No provision of this Warrant, in the absence of affirmative action by the holder hereof to purchase Warrant Shares, and no mere enumeration herein of the rights or
privileges of the holder hereof, shall give rise to any liability of such holder for the Exercise Price or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
  
 7. Transfer, Exchange, and Replacement of Warrant. 

 
 (a) Restriction on Transfer. This Warrant and the rights
granted to the holder hereof are transferable, in whole or in part, upon surrender of this Warrant, together with a properly executed assignment in the form attached hereto, at the office or agency of the Company referred to in Paragraph 7(e) below,
provided, however, that any transfer or assignment shall be subject to the conditions set forth in Paragraph 7(f) hereof. Until due presentment for registration of transfer on the books of the Company, the Company may treat the registered holder
hereof as the owner and holder hereof for all purposes, and the Company shall not be affected by any notice to the contrary. 
  
 (b) Warrant Exchangeable for Different Denominations. This Warrant is exchangeable, upon the surrender hereof by the holder hereof at the
office or agency of the Company referred to in Paragraph 7(e) below, for new Warrants of like tenor representing in the aggregate the right to purchase the number of shares of Common Stock which may be purchased hereunder, each of such new Warrants
to represent the right to purchase such number of shares as shall be designated by the holder hereof at the time of such surrender. 
  
 (c) Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation
of this Warrant and, in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company, or, in the case of any such mutilation, upon surrender and cancellation of
this Warrant, the Company, at its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor. 
  
 (d) Cancellation; Payment of Expenses. Upon the surrender of this Warrant in connection with any transfer, exchange, or replacement as
provided in this Paragraph 7, this Warrant shall be promptly canceled by the Company. The Company shall pay all taxes (other than securities transfer taxes) and all other expenses (other than legal expenses, if any, incurred by the holder or
transferees) and charges payable in connection with the preparation, execution, and delivery of Warrants pursuant to this Paragraph 7. 
  
 (e) Register. The Company shall maintain, at its principal executive offices (or such other office or agency of the Company as it may
designate by notice to the holder hereof), a register for this Warrant, 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 transferee and each
prior owner of this Warrant. 
  
 (f) Exercise or Transfer
Without Registration. If, at the time of the surrender of this Warrant in connection with any exercise, transfer, or exchange of this Warrant, this Warrant (or, in the case of any exercise, the Warrant Shares issuable hereunder), shall not
be registered under the Securities Act of 1933, as amended (the “Securities Act”) and under 
  

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 applicable state securities or blue sky laws, the Company may require, as a condition of allowing such exercise,
transfer, or exchange, (i) that the holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel, which opinion and counsel are acceptable to the Company, to the effect that such exercise, transfer,
or exchange may be made without registration under said Act and under applicable state securities or blue sky laws, (ii) that the holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to the
Company and (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act; provided that no such opinion, letter or status as an “accredited investor” shall be required in
connection with a transfer pursuant to Rule 144 under the Securities Act. The first holder of this Warrant, by taking and holding the same, represents to the Company that such holder is acquiring this Warrant for investment and not with a view to
the distribution thereof. 
  
 8. Registration
Rights. The initial holder of this Warrant (and certain assignees thereof) shall have piggyback registration rights as set forth in Section 2(d) of the Registration Rights Agreement, subject to the provisions of the Securities Purchase
Agreement. 
  
 9. Notices. All notices, requests,
and other communications required or permitted to be given or delivered hereunder to the holder of this Warrant shall be in writing, and shall be personally delivered, or shall be sent by certified or registered mail or by recognized overnight mail
courier, postage prepaid and addressed, to such holder at the address shown for such holder on the books of the Company, or at such other address as shall have been furnished to the Company by notice from such holder. All notices, requests, and
other communications required or permitted to be given or delivered hereunder to the Company shall be in writing, and shall be personally delivered, or shall be sent by certified or registered mail or by recognized overnight mail courier, postage
prepaid and addressed, to the office of the Company at 5115 Campus Drive, Plymouth Meeting, Pennsylvania 19462, Attention: Chairman and Chief Executive Officer, or at such other address as shall have been furnished to the holder of this Warrant by
notice from the Company. Any such notice, request, or other communication may be sent by facsimile, but shall in such case be subsequently confirmed by a writing personally delivered or sent by certified or registered mail or by recognized overnight
mail courier as provided above. All notices, requests, and other communications shall be deemed to have been given either at the time of the receipt thereof by the person entitled to receive such notice at the address of such person for purposes of
this Paragraph 9, or, if mailed by registered or certified mail or with a recognized overnight mail courier upon deposit with the United States Post Office or such overnight mail courier, if postage is prepaid and the mailing is properly addressed,
as the case may be. 
  
 10. Governing Law. THIS
WARRANT SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES
HERETO HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS WARRANT, THE AGREEMENTS ENTERED INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE 
  

 6 

 THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF
PROCESS UPON THE PARTY IN ANY SUCH SUIT OR PROCEEDING. NOTHING HEREIN SHALL AFFECT EITHER PARTY’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. BOTH PARTIES AGREE THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER. THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER THIS WARRANT SHALL BE RESPONSIBLE FOR ALL FEES AND
EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH DISPUTE. 
  
 11. Miscellaneous. 
  
 (a) Amendments. This Warrant and any provision hereof may only be amended by an instrument in writing signed by the Company and the holder
hereof. 
  
 (b) Descriptive Headings. The
descriptive headings of the several paragraphs of this Warrant are inserted for purposes of reference only, and shall not affect the meaning or construction of any of the provisions hereof. 
  
 (c) Cashless Exercise. Notwithstanding anything to the contrary
contained in this Warrant, if the resale of the Warrant Shares by the holder is not then registered pursuant to an effective registration statement under the Securities Act, this Warrant may be exercised by presentation and surrender of this Warrant
to the Company at its principal executive offices with a written notice of the holder’s intention to effect a cashless exercise, including a calculation of the number of shares of Common Stock to be issued upon such exercise in accordance with
the terms hereof (a “Cashless Exercise”). In the event of a Cashless Exercise, in lieu of paying the Exercise Price in cash, the holder shall surrender this Warrant for that number of shares of Common Stock determined by multiplying the
number of Warrant Shares to which it would otherwise be entitled by a fraction, the numerator of which shall be the difference between the then current Market Price per share of the Common Stock and the Exercise Price, and the denominator of which
shall be the then current Market Price per share of Common Stock. For example, if the holder is exercising 100,000 Warrants with a per Warrant exercise price of $0.75 per share through a cashless exercise when the Common Stock’s current Market
Price per share is $2.00 per share, then upon such Cashless Exercise the holder will receive 62,500 shares of Common Stock. 
  
 (d) Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the holder, by
vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Warrant will be inadequate and agrees, in the event of a breach or
threatened breach by the Company of the provisions of this Warrant, that the holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or
injunctions restraining, preventing or curing any breach of this Warrant and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required. 

 

 7 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized
officer. 
  

			
	LITHIUM TECHNOLOGY CORPORATION
		
	 By:
	 	 /s/ Franz Kruger

	 	 	 Franz Kruger

	 	 	 Chief Executive Officer

  
 Dated: May 5, 2004 

 

 8 

 FORM OF EXERCISE AGREEMENT 
  
 Dated:                  ,
200     
  
 To:
                                 
  
 The undersigned, pursuant to the provisions set forth in the within Warrant,
hereby agrees to purchase                      shares of Common Stock covered by such Warrant, and makes payment herewith in full therefor at
the price per share provided by such Warrant in cash or by certified or official bank check in the amount of, or, if the resale of such Common Stock by the undersigned is not currently registered pursuant to an effective registration statement under
the Securities Act of 1933, as amended, by surrender of securities issued by the Company (including a portion of the Warrant) having a market value (in the case of a portion of this Warrant, determined in accordance with Section 11(c) of the
Warrant) equal to $                    . Please issue a certificate or certificates for such shares of Common Stock in the name of and pay any
cash for any fractional share to: 
  

			
	Name:	 	  

	Signature:	 	 
	Address:	 	  

	 	 	  

		
	Note:	 	The above signature should correspond exactly with the name on the face of the within Warrant, if applicable.

  
 and, if said number of shares of
Common Stock shall not be all the shares purchasable under the within Warrant, a new Warrant is to be issued in the name of said undersigned covering the balance of the shares purchasable thereunder less any fraction of a share paid in cash.

 FORM OF ASSIGNMENT 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers all the rights of the undersigned under the
within Warrant, with respect to the number of shares of Common Stock covered thereby set forth hereinbelow, to: 
  

					
	 Name of Assignee

	  	 Address

	  	No of Shares

  
 , and hereby irrevocably constitutes
and appoints                                  as agent and attorney-in-fact to
transfer said Warrant on the books of the within-named corporation, with full power of substitution in the premises. 
  
 Dated:                  ,
200     
  
 In the
presence of:              

			
	 	 	  

	Name:	 	  

	Signature:	 	  

	Title of Signing Officer or Agent (if any):
	 	 	  

	Address:	 	  

	 	 	  

		
	Note:	 	The above signature should correspond exactly with the name on the face of the within Warrant, if applicable.

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