Document:

Exhibit 4.26

 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON ITS EXERCISE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE TRANSFERRED OR DISPOSED
OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER TIE SECURITIES
ACT OR IN A TRANSACTION WHICH, IN THE OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY, QUALIFIES AS
AN EXEMPT
TRANSACTION UNDER THE SECURITIES ACT, THE APPLICABLE STATE SECURITIES LAW AND THE RULES AND REGULATIONS
PROMULGATED THEREUNDER.

 

	
  No. 040503

  	
   

  	
  Warrant to Purchase 15,308

  
	
  Issue
  Date: April 22, 2005

  	
   

  	
  Shares of Common Stock

  

 

WARRANT TO
PURCHASE COMMON STOCK

OF

TRAFFIC.COM, INC.

 

This is to certify that, FOR VALUE RECEIVED, TL Ventures IV Interfund
L.P. or its assigns (in either case, a “Holder”), is entitled to
purchase, subject to the terms set forth below, from Traffic.com, Inc., a
Delaware corporation (the “Company”), during the period commencing on
the Exercise Commencement Date (as defined below) and ending at 5:00 P.M, (E.S.T.)
on April 22, 2010 (the “Exercise Period”), an aggregate of Fifteen
Thousand Three Hundred and Eight (15,308) fully paid and non-assessable shares
of Common Stock, $0.01 par value per share, of the Company (the “Common
Stock”), at a per share purchase price of $0.01 (the “Exercise Price”).
The Exercise Price and the number of such shares are subject to adjustment,
from time to time, as provided below. The shares of Common Stock deliverable upon
such exercise are hereinafter sometimes referred to as the “Warrant Shares,”
This Warrant is herein called the “Warrant.” The “Exercise
Commencement Date” shall mean the earliest to occur of the date on which (i) the
Holder has satisfied all of its obligations pursuant to Sections 1 and 4 of the
Equity Commitment Letter, dated as of the date hereof among the Company, the
Holder and the other Investor Guarantors named therein (the “Equity
Commitment Letter”), (ii) the Holder has satisfied in full its
Guarantor’s Commitment, as such term is defined in the Investor Guaranty
Agreement, dated as of the date hereof among the Company, the Holder and the
other Investor Guarantors named therein (the “Investor Guaranty”), and (iii) the
Investor Guaranty has terminated in accordance with its terms.

 

Section 1.                                            Exercise Period. In the event that the expiration of the
Exercise Period shall fall on a Saturday, Sunday or United States federally
recognized holiday, the expiration of the Exercise Period shall be extended to
5:00 P.M. (E.S.T.) on the first business day following such Saturday,
Sunday or recognized holiday. Notwithstanding anything contained herein to the
contrary, if any portion of this Warrant remains unexercised as of the
Expiration Date and the Market Price of one share of Common Stock as of the
Expiration Date is greater than the Exercise Price as of the Expiration Date,
then this Warrant shall be deemed to have been exercised automatically, for the
maximum number of shares then purchasable hereunder, immediately prior to the
close of business on the Expiration Date (or, in the event that the

 

 

Expiration
Date is not a business day, the immediately preceding business day) (the “Automatic
Exercise Date”) in the manner provided in Section 2 below, and the
Holder (or such other person or persons as directed by the Holder) shall be
treated for all purposes as the holder of record of such Warrant Shares as of
the close of business on such Automatic Exercise Date. This Warrant shall be
deemed to be surrendered to the Company on the Automatic Exercise Date by
virtue of this Section 1 without any action by the Holder. As promptly as
is reasonably practicable on or after the Automatic Exercise Date, but in no
event before the date on which this Warrant is surrendered to the Company at the
principal office of the Company, or such other office or agency, of the Company
as it may reasonably designate by written notice to the Holder, during normal
business hours on any business day, the Company at its expense shall issue and
deliver to the Holder (or such other person or persons as directed by the
Holder) a certificate or certificates for the number of Warrant Shares issuable
upon such exercise, in accordance with Section 2.

 

Section 2.                                            Exercise of Warrant.

 

a.                                       Manner of Exercise. This Warrant may be exercised by the
Holder, in whole or in part, at any time and from time to time during the
Exercise Period, by (i) the surrender of this Warrant to the Company, with
the Notice of Exercise attached hereto as Exhibit “A” (the “Notice
of Exercise”) duly completed and executed on behalf of the Holder, at the principal
office of the Company or such other office or agency of the Company as it may designate
by notice in writing to the Holder (the “Principal Office”), and (ii) the
delivery of payment to the Company of the Exercise Price for the number of
Warrant Shares specified in the Notice of Exercise in any manner specified in Section 2(c),

 

b.                                      Issuance of Warrant Shares. Such Warrant Shares shall be deemed to be issued
to the Holder as the record holder of such Warrant Shares as of the close of
business on the date on which this Warrant shall have been surrendered and
payment shall have been made for the Warrant Shares as aforesaid. As promptly
as practicable thereafter, but in any event within five (5) business days,
the Company shall deliver to the Holder a stock certificate(s) for the Warrant
Shares specified in the Notice of Exercise, If this Warrant shall have been
exercised only in part, the Company shall, at the time of delivery of the stock
certificate(s), also deliver to the Holder, at the Company’s expense, a new
Warrant evidencing the right to purchase the remaining number of Warrant
Shares, which new Warrant shall in all other respects be identical to this
Warrant.

 

c.                                       Payment of Exercise Price. The Exercise Price shall be payable (i) in
cash or its equivalent, payable by wire transfer of immediately available funds
to a bank account specified by the Company or by certified or bank cashiers’
check in lawful money of the United States of America, (ii) by
surrendering to the Company the right to purchase a number of Warrant Shares
equal to the product obtained by multiplying (A) the number of Warrant
Shares by (B) one (1) minus a fraction, the numerator of which is the
Exercise Price and the denominator of which is the Market Price (as defined
below) of the Common Stock on the date of exercise of the Warrant, or (iii) in
any combination of (i) and (ii).

 

The term “Market Price,” as used herein, shall mean, per share
of Common Stock on any given day, the closing price per share of the Common
Stock on the earlier of the day in question or, with respect to any issuance,
payment or distribution, the day immediately prior to

 

2

 

the
first day the Common Stock trades regular way on the applicable securities
exchange or in the applicable securities market without the right to receive
such issuance, payment or distribution, where the closing price for each day
shall be the reported last sale price regular way or, in case no such reported
sale takes place on such day, the average of the reported closing bid and asked
prices regular way, in either case (I) on the New York Stock Exchange, or (II)
if the Common Stock is not listed or admitted to trading on such Exchange, on
the principal national securities exchange on which the Common Stock is listed
or admitted to trading, or (III) if the Common Stock is not listed or admitted
to trading on any national securities exchange, on the Nasdaq National Market,
or (IV) if the Common Stock is not listed or admitted to trading on any
national securities exchange or quoted on the Nasdaq National Market, the
average of the closing bid and asked prices in the over-the-counter market as furnished by any New York Stock Exchange
member firm reasonably selected from time to time by the Board of Directors for
such purpose; provide, however, that in the event that none of (1) through
(IV) is applicable to the Common Stock, then the Market Price of the. Common
Stock shall be determined in good faith by the Company’s Board of Directors.

 

d.                                      Fractional Shares. The Company shall not issue fractions of
Warrant Shares upon exercise of this Warrant or scrip in lieu thereof. If any
fraction of a Warrant Share would, except for the provisions of this Section 2(d),
be issuable upon exercise of this Warrant, the Company shall in lieu thereof
pay to the person entitled thereto an amount in cash equal to such fraction,
calculated to the nearest one-hundredth (1/00) of a share, multiplied by the
Market Price for the Common Stock, determined as of the date of exercise.

 

Section 3.                                            Adjustment
to Exercise Price and Warrant shares. The Exercise Price in effect from
time to time and the number of Warrant Shares shall be subject to adjustment in certain cases as set forth in this Section 3.

 

a.                                       Stock Split. If, at any time after the date hereof, the number of shares of the
Company’s capital stock outstanding is increased by a stock dividend or by a
subdivision or split-up of shares, then, following the record date for the
determination of holders of capital stock entitled to receive such stock
dividend, subdivision or split-up, the Exercise Price shall be appropriately
decreased and the aggregate number of Warrant Shares shall be increased in proportion
to such increase in outstanding shares. The foregoing provisions shall
similarly apply to successive stock dividends, subdivisions or split-ups.

 

b.                                      Reverse Stock-Split. If, at any time after the date hereof, the
number of shares of capital stock outstanding is decreased by a combination or
reverse-split of the outstanding shares, then, following the record date for
such combination or reverse-split, the Exercise Price shall be appropriately
increased and the aggregate number of Warrant Shares shall be decreased in
proportion to such decrease in outstanding shares. The foregoing provisions
shall similarly apply to successive combinations or reverse-splits.

 

c.                                       Issuance of Dividends. In the event that the Company shall make or
issue to holders of Common Stock, or shall fix a record date for the
determination of holders of Common Stock entitled to receive, any dividend or
other distribution payable in equity securities (other than shares of Common
Stock), evidences of its indebtedness or other property (other than a cash
dividend that is payable, solely out of earnings or surplus legally available
for dividends

 

3

 

under applicable law), then, in each such event and as a condition
precedent to the taking of any such action, lawful and adequate provision (in
form and substance approved by the Holder, which approval shall not be
unreasonably withheld or delayed) shall be made whereby the Holder shall
thereafter have the right to receive, upon exercise of this Warrant, in
addition to the number of shares of Common Stock receivable thereupon, the
amount of such equity securities, evidences of indebtedness or other property
as the Holder would have received had the Holder been the record owner, at the
time the Company made or issued such dividend or other distribution or on the
record date fixed therefor, as the case may be, of that number of shares of Common
Stock receivable upon exercise of this Warrant in full, and had the Holder
thereafter, during the period from the date of such event to and including the
date(s) on which the Holder exercises this Warrant, retained such equity
securities, evidences of indebtedness or other property, giving application to
all other adjustments called for during such period under this Section 3.

 

d.                                      Merger or Sale of Assets. In the event that the Company shall effect (i) any
consolidation or merger of the Company with or into any other person in which
those holding more than 50% of the voting power of the Company prior to the
consolidation or merger no longer hold more than 50% of the voting power of the
surviving entity, or (ii) the sale or other disposition of all or
substantially all of the Company’s assets to any other person, in such a way
that the holders of Common Stock shall be entitled to receive cash, securities,
evidences of indebtedness or other property with respect to or in exchange for
their shares of Common Stock, then, in each such event and as a condition
precedent to the consummation thereof, the Company or such other person as is
formed by or survives such consolidation or merger or acquires such assets, as
the case may be, shall execute and deliver to the Holder, without payment of
any additional consideration therefor, a new, Warrant (in form and substance
approved by the Holder, which approval shall not be unreasonably withheld or
delayed) providing that the Holder shall have the right thereafter, during the
period such Warrant shall remain outstanding, to exercise such Warrant into the
kind and amount of cash, securities, evidences of indebtedness and other
property as the Holder would have received had the Holder been the record
owner, at the time of such consolidation, merger, sale or disposition, of that
number of shares of Common Stock issuable upon exercise of this Warrant in full
immediately prior to the consummation of such consolidation, merger, sale or
disposition.  If the holders of the
Common Stock may elect from choices the kind and/or amount of cash, securities,
evidences of indebtedness and other property receivable upon such
consolidation, merger, sale or disposition, then, for purposes of this Section 3(d),
the kind and amount of cash, securities, evidences of indebtedness and other
property receivable by the Holder upon exercise of such new Warrant shall be
specified by the Holder, which specification shall be made by the Holder by the
later of (I) ten (10) business days after the Holder is provided with
a final version of all material information concerning such choice as is
provided to the holders of Common Stock, or (II) the last time at which the
holders of Common Stock are permitted to make their specifications known to the
Company; provided, however, that if the Holder fails to make any
specification within such time period, the Holder’s choice shall be deemed to
be whatever choice is made by a plurality of the holders of Common Stock not
affiliated with the Company or, in the case of a consolidation, merger, sale or
disposition, the other parties thereto. Such new Warrant shall provide for
adjustments that, for events subsequent to the effective date of such new
Warrant, shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Section 3. The foregoing provisions shall similarly
apply to successive consolidations, mergers or asset acquisitions.

 

4

 

e.                                       Notice of Adjustment. In each case of an adjustment or
readjustment of the Exercise Price and number of Warrant Shares pursuant to
this Section 3, the Company shall, at its expense, promptly furnish to the
Holder a certificate prepared and signed by the Treasurer or Chief Financial
Officer of the Company, setting forth (i) such adjustment or readjustment,
(ii) the Exercise Price and number of Warrant Shares in effect following
such adjustment or readjustment (including the amount, if any, of other
securities and property that at the time would be received upon the exercise of
this Warrant), and (iii) the facts, set forth in reasonable detail, upon
which such adjustment or readjustment is based.

 

Section 4.                                            No Dilution or Impairment. The Company shall not, by amendment to its certificate
of incorporation or through reorganization, consolidation, merger, dissolution,
sale of assets or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect
the rights of the Holder against dilution or other impairment. Without limiting
the generality of the foregoing, the Company will not increase the par value of
any shares of stock receivable upon the exercise of this Warrant above the
amount payable therefor upon such exercise, and at all times will take all such
action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and non-assessable stock upon the exercise of this
Warrant.

 

Section 5.                                            Exchange and Replacement.

 

a.                                       Manner of Exchange and Replacement. This Warrant is exchangeable, upon
surrender of the Warrant by the Holder to the Company at the Principal Office,
for new Warrants of like tenor registered in the Holder’s name and representing
in the aggregate the right to purchase the same number of Warrant Shares
purchasable hereunder, each of such new Warrants to represent the right to
purchase such number of Warrant Shares as shall be designated by the Holder at
the time of surrender.

 

b.                                      Issuance of New Warrant. Upon receipt by the Company of (i) evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant, and (ii) (A) in the case of loss, theft or destruction,
an indemnity agreement reasonably satisfactory in form and substance to the
Company or (B) in the case of mutilation, this Warrant, the Company, at
its expense, shall execute and deliver, in lieu of this Warrant, a new Warrant
of like tenor and amount.

 

Section 6.                                            Representations and Warranties of the Company. The Company represents and warrants to the
Holder that all shares of Common Stock which may be issued upon the exercise of
this Warrant will, upon issuance in accordance with the terms of this Warrant,
be validly issued, fully paid and non-assessable.

 

Section 7.                                            Covenants of the Company. The Company covenants and agrees that it
shall take all such action as may be required to assure that the Company shall
at all times have authorized and reserved, a sufficient number of shares of its
Common Stock to provide for the exercise of this warrant and/or other similar
Warrants.

 

5

 

Section 8.                                            No
Stockholder Rights. The Holder shall not be entitled to vote or receive
dividends or be deemed the holder of the Warrant Shares or any other securities
of the Company that may at any time be
issuable upon the exercise hereof for any purpose, nor shall anything contained
herein be construed to confer upon the Holder, as such, any of the rights of a
stockholder of the Company or any right to vote for the election of directors
or upon any other matter submitted to the stockholders of the Company at any
meeting thereof, or to give or withhold consent to any corporate action
(whether upon any recapitalization, issuance or reclassification of capital
stock, change of par value, or change of stock to no par value, consolidation,
merger, conveyance or otherwise) or to receive notice of meetings, or to
receive dividends or subscription rights or otherwise, until the Warrant shall
have been exercised as provided herein.

 

Section 9.                                            Restrictions on Transfer. This Warrant may not be transferred or
assigned to any person without the prior written consent of the Company.

 

Section 10.                                      Termination. Notwithstanding anything contained herein to the contrary, this
Warrant shall terminate and no longer be exercisable upon the earlier to occur
of (i) the breach by the Holder of its obligations under Section 1 or
4, as the case may be, of the Equity Commitment Letter, and (ii) the
Holder’s failure to pay its Guarantor’s Commitment, or any portion thereof,
when it becomes due and payable pursuant to the terms of the Investor Guaranty.

 

Section 11.                                      Notice. All notices or other communications which are required or permitted
hereunder shall be in writing and sufficient if delivered personally or sent by
registered mail, postage prepaid, return receipt requested, or via facsimile,
addressed as follows:

 

	
  (i)

  	
  If to the Company, to

  
	
   

  	
   

  
	
   

  	
  Traffic.com, Inc.

  
	
   

  	
  851 Duportail Road,
  Suite 220

  
	
   

  	
  Wayne, PA 19087

  
	
   

  	
  Attn: Chief Executive
  Officer

  
	
   

  	
   

  
	
  with a copy to:

  
	
   

  	
   

  
	
   

  	
  Covington &
  Burling

  
	
   

  	
  1330 Avenue of the
  Americas

  
	
   

  	
  New York, NY 10019

  
	
   

  	
  Telephone: (212) 841-1256

  
	
   

  	
  Facsimile: (646)441-9256

  
	
   

  	
  Attn: Ellen B. Corenswet,
  Esq.

  

 

6

 

	
  (ii)

  	
  If to the Holder, to:

  
	
   

  	
   

  
	
   

  	
  TL Ventures IV Interfund,
  L.P.

  
	
   

  	
  c/o TL Ventures Inc.

  
	
   

  	
  700 Building

  
	
   

  	
  435 Devon Park Drive

  
	
   

  	
  Wayne, PA 19087-1934

  
	
   

  	
  Attn: Chief Financial
  Officer

  
	
   

  	
  Fax: (610) 975-9330

  
	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  
	
   

  	
  Lisa R. Jacobs

  
	
   

  	
  Pepper Hamilton LLP

  
	
   

  	
  3000 Two Logan Square

  
	
   

  	
  18th and Arch Streets

  
	
   

  	
  Philadelphia, PA 19103

  
	
   

  	
  Fax: (866) 738-9609

  

 

or to such other address as
the party to whom notice is to be given may have furnished to the other party
in writing in accordance herewith.

 

Section 12.                                      Miscellaneous.

 

a.                                       Governing Law. This Warrant shall be construed in
accordance with and governed by the laws of the State of Delaware (without
giving effect to any conflicts or choice of law provisions that would cause the
application of the domestic substantive laws of any other jurisdiction).

 

b.                                      Prevailing Party’s Costs and Expenses. The prevailing party in any mediation,
arbitration or legal action to enforce or interpret this Warrant shall be
entitled to recover from the non-prevailing party all costs and expenses,
including reasonable and documented attorneys’ fees, incurred in such action or
proceeding.

 

c.                                       Failure to Pursue Remedies. Except where a time period is specified, no
delay on the part of any party in the exercise of any right, power, privilege
or remedy hereunder shall operate as a waiver thereof, nor shall any exercise
or partial exercise of any such right, power, privilege or remedy preclude any
further exercise thereof or the exercise of any other right, power, privilege
or remedy.

 

d.                                      Amendment and Waiver. No provision of this Warrant may be
amended, modified or waived except upon the written consent of the party
against whom such amendment, modification or waiver is to be enforced. The
failure of any party to enforce any of the provisions of this Warrant shall in
no way be construed as a waiver of such provisions and shall not affect the
right of such party thereafter to enforce each and every provision of this
Warrant in accordance with its terms.

 

7

 

e.                                       Assignment; Binding Effect. The rights and obligations of the Company set
forth herein may not be assigned or delegated by the Company without the prior
written consent of the Holder. Subject to compliance with the provisions of Section 9
hereof, the rights and obligations of the Holder set forth herein may be
assigned or delegated by the Holder without the prior written consent of the
Company. This Warrant shall be binding upon and inure to the benefit of all of
the parties and, to the extent permitted by this Warrant, their successors, legal
representatives and assigns.

 

f.                                         Severability. If any term or provision of this Warrant,
or the application thereof to any person or circumstance, shall, to any extent,
be invalid or unenforceable, the remainder of this Warrant, or its application
to other persons or circumstances, shall not be affected thereby, and each term
and provision of this Warrant shall be enforced to the fullest extent permitted
by law.

 

g.                                      Construction. Whenever the context requires, the gender
of any word used in this Warrant includes the masculine, feminine or neuter,
and the number of any word includes the singular or plural. Unless the context
otherwise requires, all references to articles and sections refer to articles
and sections of this Warrant, and all references to exhibits are to exhibits
attached hereto, each of which is made a part hereof for all purposes.

 

h.                                      Headings. The headings and subheadings in this Warrant are included for
convenience and identification only and are in no way intended to describe,
interpret, define or limit the scope, extent or intent of this Warrant or any
provision hereof.

 

i.                                          Facsimile. Delivery of an executed signature page of this Warrant by
facsimile transmission shall be as effective as delivery of a manually executed
signature page.

 

[SIGNATURES ON THE
FOLLOWING PAGE]

 

8

 

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

 

	
  Dated: April 22, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TRAFFIC.COM, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert N. Verratti

  	
   

  
	
   

  	
   

  	
  Name: Robert N. Verratti

  
	
   

  	
   

  	
  Title: Chief Executive
  Officer

  

 

 

EXHIBIT “A”

 

NOTICE OF EXERCISE

 

To:                              Traffic.com, Inc.

 

1.                                       The undersigned hereby elects to purchase
15,308 shares of Common Stock of Traffic.com, Inc., pursuant to the terms
of the attached Warrant, and tenders herewith payment of the Exercise Price for
such shares in full in the following manner:

 

•                                          The undersigned elects to exercise the attached
Warrant by means of a cash payment, and tenders herewith payment in full for
the Exercise Price of the shares being purchased, together with all applicable
transfer taxes, if any.

 

•                                          The undersigned elects to exercise the
attached Warrant by means of the surrender. of the right to purchase a number
of shares of Common Stock in accordance with the provisions of Section 2(c)(ii) of
the Warrant, and also tenders herewith a cash payment in the amount of all
applicable transfer taxes, if any.

 

•                                          The undersigned elects to exercise the
attached Warrant by means of both a cash payment and the surrender of the right
to purchase a number of shares of Common Stock in accordance with the
provisions of Section 2(c)(ii) of the Warrant, and tenders herewith
payment in full for that portion of the purchase price being paid in cash,
together with all applicable transfer taxes, if any.

 

2.                                       In exercising this Warrant, the undersigned
hereby confirms and acknowledges that the shares of Common Stock to be issued
upon exercise are being acquired solely for the account of the undersigned and
not as a nominee for any other party, or for investment, and that the undersigned
will not offer, sell or otherwise dispose of any such shares of Common Stock
except under circumstances that will not result in a violation of the
registration provisions of the Securities. Act of 1933, as amended, or any applicable
state securities laws.

 

3.                                       Please
issue a certificate or certificates representing said shares of Common Stock in
the name of the undersigned or in such other name as is specified below:

 

	
   

  	
  Name:

  	
   

  	
   

  

 

4.                                       Please issue a new Warrant for the
unexercised portion of the attached Warrant in the name of the undersigned or
in such other name as is specified below:

 

	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    (Date)

  	
   

  	
    Signature of
  HolderExhibit 4.27

 

NEITHER THIS WARRANT, NOR THE
COMMON STOCK TO BE ISSUED UPON EXERCISE HEREOF, HAS BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND THIS WARRANT HAS
BEEN, AND THE COMMON STOCK TO BE ISSUED UPON EXERCISE HEREOF WILL BE, ACQUIRED
FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR RESALE IN CONNECTION WITH, ANY
DISTRIBUTION THEREOF. NO SUCH SALE OR OTHER DISPOSITION MAY BE MADE
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT RELATED THERETO OR AN
EXEMPTION FROM SUCH REGISTRATION.

 

TRAFFIC.COM, INC.

 

	
  March 16, 2001

  	
   

  	
  100,000 Shares

  
	
  W-HCI-1

  	
   

  	
  of Common Stock

  

 

Warrant for Common Stock

 

This
certifies that Hearst Communications, Inc.,
whose address is c/o Hearst Interactive Media, 959 Eighth Avenue, Suite 257,
New York, New York 10019 (including its permitted transferees, the “Holder”),
is entitled to subscribe for and purchase, pursuant to the schedule act
forth in Section 2.1 herein, during the period commencing on the date
hereof and ending at 5:00 P.M., New York local time, on March 16,
2011, up to One Hundred Thousand (100,000) shares of fully paid and
nonassessable common stock, $0.01 par value per share (“Common Stock”),
of traffic.com, Inc., a Delaware corporation (the “Company”). The
purchase price of each such share shall be the amount set forth in Section 1.5
herein. Except as set forth in Section 7.1, this Warrant shall not be
assignable, and shall only be exercisable, by Holder.

 

1.                                       EXERCISE: PAYMENT

 

1.1.                              Payment. Subject to the vesting provisions of Section 2 below, the
purchase rights under this Warrant may be exercised by Holder, in whole or in
part, by the surrender of this Warrant at the principal office of the Company
located at Chesterbrook Corporate Center, 851 Duportail Road, Suite 220,
Wayne, Pennsylvania 19087, with the warrant exercise form attached hereto duly
executed, and by the payment to the Company, by certified, cashier’s or other
check acceptable to the Company, of an amount equal to the aggregate Warrant
Price (as defined in Section 1.5 below) of the shares being purchased.

 

1.2.                              Net Issue Exercise. In lieu of exercising this Warrant pursuant
to Section 1.1, Holder may elect to receive shares equal to the value of
this Warrant (or the portion thereof being canceled) by surrender of this Warrant
at the principal office of the Company together with notice of such election,
in which event the Company shall issue to Holder a number of shares of the
Company’s Common Stock computed using the following formula:

 

	
  X =

  	
  Y (A-B)

  	
   

  
	
   

  	
   A

  	
   

  
	
  Where:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   X =

  	
  the number of shares of
  Common Stock to be issued to Holder;

  
	
   

  	
   

  	
   

  
	
   

  	
   Y =

  	
  the number of shares of
  Common Stock purchasable under this Warrant

  (at the date of such calculation);

  

 

 

	
   

  	
  A =

  	
  the fair market value (as
  defined below) of one share of the Company’s Common Stock (at the date of
  such calculation); and

  
	
   

  	
   

  	
   

  
	
   

  	
  B =

  	
  Warrant Price (as adjusted
  to the date of such calculation).

  

 

1.3.                              Fair Market Value. For purposes of this Section 1, the “fair
market value” of one share of the Company’s Common Stock shall mean:

 

1.3.1.                     The average of the closing bid and asked
prices of the Common Stock in the over-the-counter market or the closing sale
price quoted on any exchange on which the Common Stock is listed as published
in The Wall Street Journal for
the ten (10) trading days prior to the date of determination of fair
market value; or

 

1.3.2.                     If the Common Stock is not traded in the
over-the-counter market or on an exchange, the price per share which the
Company could obtain from a willing buyer for shares sold by the Company from
authorized but unissued shares as determined by the Company’s Board of
Directors.

 

In
the event that Holder disagrees with the determination of the Company’s Board
of Directors pursuant to Section 1.3.2 above, Holder shall be entitled to retain,
at its expense, a valuation firm to determine the fair market value of the
Common Stock, and such determination shall be presented in writing to the
Company. If Holder and the Company are unable to agree upon the fair market
value of the Common Stock within five (5) business days following the
Company’s receipt of such determination, the Company and Holder shall mutually
appoint another independent valuation firm to determine me fair market value of
the Common Stock. Such determination shall be final and binding upon the
Company and Holder, and each of the Company and holder shall be responsible for
fifty percent (50%) of the aggregate fees and expenses of such firm.

 

1.4.                              Stock Certificates. In the event of any exercise of the right
to acquire Common Stock granted under this Warrant, certificates for the shares
of Common Stock so purchased shall be issued in the name of, or as directed by,
the Holder and delivered to Holder, or its designee (subject to Section 7
hereof), within a reasonable time and, unless this Warrant has been fully
exercised or has expired, a new Warrant representing the shares with respect to
which this Warrant shall not have been exercised shall also be issued to
Holder, or its designee, within such time.

 

1.5.                              Warrant Price. The purchase price for the shares of Common
Stock to be issued upon exercise of this Warrant under Section 1.1 herein
shall be $11.2676 per share, subject to adjustment as provided in Section 4
herein (the “Warrant Price”).

 

2.                                       VESTING

 

This
Warrant shall vest and become exercisable in accordance with the provisions of
this Section 2.

 

2.1.                              Performance Schedule. This Warrant shall automatically vest and
become exercisable in accordance with the following schedule, based upon the
number of days elapsed

 

2

 

between (i) the later
of (A) the date of the Launch of Company Service (as defined below) in a
market and (B) the date of a formal presentation of a proposal to the
affiliate station of Holder referenced in the following schedule (or, in
the case of Sacramento, CA, either station referenced in the schedule below)
for a TV Agreement (as defined below) (the “Market Launch”) and (ii) the
execution of a TV Agreement with such affiliate station of Holder with respect
to the relevant market (“Execution”). Further, if at any time while this
Warrant remains outstanding, Hearst-Argyle Television, Inc., a Delaware
corporation, shall make an equity investment in the Company in a minimum amount
and within a time period to be agreed upon by the Company and the Holder (the “Hearst-Argyle
Investment”), the number of shares issuable under this Warrant shall be
increased to 150,000 and the amount of shares vested pursuant to this Warrant
shall be as set forth below:

 

	
  Market

  	
   

  	
  Number of days

  between Market

  Launch and Execution

  	
   

  	
  Shares Vested (if

  Hearst-Argyle

  Investment NOT made)

  	
   

  	
  Shares Vested (if

  Hearst-Argyle

  Investment made)

  	
   

  
	
   

  	
   

  	
  <90

  	
   

  	
  25,000

  	
   

  	
  37,500

  	
   

  
	
  Pittsburgh,
  PA

  	
   

  	
  91-120

  	
   

  	
  25,000

  	
   

  	
  37,500

  	
   

  
	
  (WTAE)

  	
   

  	
  121-180

  	
   

  	
  25,000

  	
   

  	
  37,500

  	
   

  
	
   

  	
   

  	
  >181

  	
   

  	
  25,000

  	
   

  	
  37,500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Boston,
  MA

  	
   

  	
  <90

  	
   

  	
  30,000

  	
   

  	
  45,000

  	
   

  
	
  (WCVB)

  	
   

  	
  91-120

  	
   

  	
  22,500

  	
   

  	
  33,570

  	
   

  
	
   

  	
   

  	
  121-180

  	
   

  	
  15,000

  	
   

  	
  22,500

  	
   

  
	
   

  	
   

  	
  >181

  	
   

  	
  0

  	
   

  	
  0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Baltimore,
  MD

  	
   

  	
  <90

  	
   

  	
  20,000

  	
   

  	
  30,000

  	
   

  
	
  (WBAL)

  	
   

  	
  91-120

  	
   

  	
  15,000

  	
   

  	
  22,500

  	
   

  
	
   

  	
   

  	
  121-180

  	
   

  	
  10,000

  	
   

  	
  15,000

  	
   

  
	
   

  	
   

  	
  >181

  	
   

  	
  0

  	
   

  	
  0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  <90

  	
   

  	
  15,000

  	
   

  	
  22,500

  	
   

  
	
  Sacramento,
  CA

  	
   

  	
  91-120

  	
   

  	
  11,250

  	
   

  	
  16,875

  	
   

  
	
  (KCRA
  or KQCA)

  	
   

  	
  121-180

  	
   

  	
  7,500

  	
   

  	
  11,250

  	
   

  
	
   

  	
   

  	
  >181

  	
   

  	
  0

  	
   

  	
  0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  <90

  	
   

  	
  10,000

  	
   

  	
  15,000

  	
   

  
	
  Orlando,
  FL

  	
   

  	
  91-120

  	
   

  	
  7,500

  	
   

  	
  11,250

  	
   

  
	
  (WESH)

  	
   

  	
  121-180

  	
   

  	
  5,000

  	
   

  	
  7,500

  	
   

  
	
   

  	
   

  	
  >181

  	
   

  	
  0

  	
   

  	
  0

  	
   

  

 

3

 

2.2.                              For purposes of this Section 2,

 

2.2.1.                     “Launch of Company Service” shall mean
the initial date of provision by the Company of local traffic information in a
particular market.

 

2.2.2.                     “TV Agreement” shall mean a TV Station
Traffic Affiliation Agreement on commercial terms.

 

3.                                       STOCK FULLY PAID: RESERVATION OF SHARES

 

The
Company covenants and agrees that all securities which may be issued upon the
exercise of the rights represented by this Warrant will, upon issuance, be
fully paid and nonassessable and free from all taxes, liens and charges with
respect to the issuance thereof (excluding taxes based on the income of Holder).
The Company further covenants and agrees that during the period within which the
rights represented by this Warrant may be exercised, the Company will at all
times have authorized and reserved for issuance a sufficient number of shares
of its Common Stock or other securities as would be required upon the full
exercise of the rights represented by this Warrant.

 

4.                                       ADJUSTMENT

 

The
kind of securities purchasable upon the exercise of this Warrant, the number of
shares under this Warrant and the Warrant Price shall be subject to adjustment
from time to time upon the happening of certain events, as follows:

 

4.1.                              Reclassification, Consolidation or Merger. In case of: (i) any reclassification
or change of outstanding securities issuable upon exercise of this Warrant; (ii) any
consolidation or merger of the Company with or into another corporation (other
than a merger with another corporation in which the Company is a continuing
corporation and which does not result in any reclassification, change or
exchange of outstanding securities issuable upon exercise of this Warrant); or (iii) any
sale or transfer to another corporation of all, or substantially all, of the property
of the Company, then, and in each such event, the Company or such successor or purchasing
corporation, as the case may be, shall execute a new Warrant which will provide
that Holder shall have the right to exercise such new Warrant and purchase upon
such exercise, in lieu of each share of Common Stock theretofore issuable upon
exercise of this Warrant, the kind of securities, money and property receivable
upon such reclassification, change, consolidation, merger, sale or transfer by
a holder of Common Stock issuable upon exercise of this Warrant had this
Warrant been considered exercised immediately prior to such reclassification,
change, consolidation, merger, sale or transfer. Such new Warrant shall provide
for adjustments which shall be as nearly equivalent as may be practicable to
the adjustments provided in this Section 4 and the provisions of this Section 4
and the provisions of this Section 4.1 shall similarly apply to successive
reclassifications, changes, consolidations, mergers, sales and transfers.

 

4.2.                              Subdivisions or Combination of Shares. If the Company at any time while this Warrant
remains outstanding and unexercised, in whole or in part, (i) shall divide
its Common

 

4

 

Stock, the Warrant Price
shall be proportionately reduced and the number of shares issuable under this
Warrant shall be proportionately increased; or (ii) shall combine shares
of its Common Stock, the Warrant Price shall be proportionately increased and
the number of shares issuable under this Warrant shall be proportionately
reduced.

 

4.3.                              Stock Dividends. If the Company, at any time while this
Warrant is outstanding and unexpired, shall pay a dividend payable in, or make
any other distribution to holders of, its capital stock (except any
distribution described in Sections 4.1 and 4.2 hereof), then and in each case,
this Warrant shall represent the right to acquire, in addition to the number of
shares of the security receivable upon exercise of this Warrant, and without
payment of any additional consideration therefor, the amount of such additional
stock of the Company which such holder would hold on the date of such exercise
had it been the holder of record of the security receivable upon exercise of
this Warrant on the date hereof and had thereafter, during the period from the date
hereof to and including the date of such exercise, retained such shares and/or
all other additional stock available by it as aforesaid during such period,
giving effect to all adjustments called for during such period by the
provisions of this Section 4.

 

4.4.                              Additional Stations. If the Company, at any time while this
Warrant is outstanding and unexpired, shall enter into a TV Agreement with any
television station owned and/or operated by Holder or any of its affiliates
other than those listed in Section 2 (which shall be governed by the terms
of Section 2), then the number of shares issuable under this Warrant shall
be increased for each such additional station as follows:

 

4.4.1.                     Subject to vesting of shares set forth in Section 4.4.2,
the Warrant shall be exercisable for that number of additional shares of Common
Stock for such affiliate station at the Warrant Price as follows:

 

	
  Designated
  Market Area

  (DMA) of Affiliate Station

  	
   

  	
  Number of Additional

  Shares

  	
   

  
	
  1-10

  	
   

  	
  25,000

  	
   

  
	
  11-25

  	
   

  	
  15,000

  	
   

  
	
  26
  and Greater

  	
   

  	
  10,000

  	
   

  

 

4.4.2.                     Any additional shares issued under this
Warrant pursuant to Section 4.4.1 shall automatically vest and become
exercisable in accordance with the following schedule, based upon the number of
days elapsed between Market Launch and Execution with respect to the relevant
market:

 

	
  Number
  of days between

  Market Launch and Execution

  	
   

  	
  Shares Vested

  	
   

  
	
  <90

  	
   

  	
  100

  	
  %

  
	
  91-120

  	
   

  	
  75

  	
  %

  

 

5

 

	
  Number
  of days between

  Market Launch and Execution

  	
   

  	
  Shares Vested

  	
   

  
	
  121-180

  	
   

  	
  50

  	
  %

  
	
  >181

  	
   

  	
  0

  	
  %

  

 

4.5.                              Time of Adjustments. All adjustments, unless otherwise specified
herein, shall be effective as of the earlier of:

 

4.5.1.                     The date of issuance of the security causing
the adjustment;

 

4.5.2.                     The effective date of a division or
combination of shares; or

 

4.5.3.                     The earliest record date of any action of
holders of any class of the Company’s capital stock taken for the purpose of
dividing or combining shares or entitling stockholders to receive a
distribution or dividends payable in the Company’s capital stock.

 

4.5.4.                     The date of execution of a TV Agreement with
respect to additional shares of Common Stock pursuant to Section 4.4.1.

 

4.6.                              Notice of Adjustments. In each case of an adjustment, the Company,
at its expense, shall cause the Chief Financial Officer (or other such similar
officer) of the Company to compute such adjustments and prepare a certificate
setting forth such adjustments and showing in detail the facts upon which such
adjustment is based. The Company shall promptly mail a copy of each such
certificate to Holder pursuant to Section 14 hereof.

 

5.                                       FRACTIONAL SHARES

 

No
fractional share of Common Stock will be issued in connection with any exercise
hereof, but in lieu of a fractional share upon complete exercise hereof, Holder
may purchase a whole share at the then effective Warrant Price.

 

6.                                       STOCKHOLDER RIGHTS

 

Holder
shall not, solely by virtue hereof, be entitled to any rights of a stockholder
of the Company. Holder shall have all rights of a stockholder with respect to
securities purchased upon exercise hereof at the time the Warrant Price for
such securities is delivered pursuant to Section I hereof and this Warrant
is surrendered. Holder hereby agrees that, in connection with any exercise of
this Warrant, Holder shall become a party to that certain Second Amended and
Restated Stockholders’ Agreement, dated as of November 17, 2000 (or similar
successor agreement), by and among the Company and certain of its stockholders,
(the “Stockholders’ Agreement”), such that for the purposes thereof,
Holder shall be deemed to be an “Existing Investor” but only to the extent the
Stockholders’ Agreement relates to the securities obtained from the exercise of
this Warrant and Holder shall execute and deliver all documents necessary to
effect the foregoing.

 

6

 

7.                                       RESTRICTIONS ON TRANSFER

 

7.1.                              Transfer of Warrant. This Warrant shall not be transferable by
Holder, except (i) to an Affiliate or (ii) with the prior written
consent of the Company (which consent shall not be unreasonably withheld); provided, that, in each such case, the
transferee executes a written agreement to be bound by the provisions of this Section 7.1.
For purposes of this Warrant, “Affiliate” shall mean, with respect to
any person or entity, a person or entity that directly or indirectly, through,
one or more intermediaries, controls, is controlled by or is under common control
with the first mentioned person or entity; a person or entity shall be deemed
to control another person or entity if such first person or entity possesses
directly or indirectly the power to direct, or cause the direction of, the
management and policies of the second person or entity, whether through the
ownership of voting securities, by contract or otherwise.

 

7.2.                              Securities Laws Restrictions. Holder, by acceptance hereof, agrees that,
absent an effective registration statement under the Securities Act of 1933, as
amended, covering the Warrant or the disposition of Common Stock issued or
issuable upon exercise hereof, Holder will not sell or transfer any or all of
such Common Stock, without first providing the Company with an opinion of
counsel reasonably acceptable to the Company and its counsel to the effect that
such sale or transfer will be exempt from the registration requirements of the
Securities Act of 1933, as amended, and Holder consents to the Company making a
notation on its records in order to implement such restriction on
transferability.

 

7.3.                              “Market Stand-Off” Agreement. Holder
hereby agrees that, during the period of duration specified by the Company and
an underwriter of Common Stock or other securities of the Company, following
the date of the first sale to the public pursuant to a registration statement
of the Company filed under the Securities Act of 1933, as amended, Holder shall
not, to the extent requested by the Company and such underwriter, directly or
indirectly sell, offer to sell, contract to sell (including, without
limitation, any short sale), grant any option to purchase or otherwise transfer
or dispose of (other than to donees or Affiliates who agree to be similarly
bound) any securities of the Company received by Holder pursuant to this
Warrant except Common Stock included in such registration; provided, however,
that such agreement shall be applicable for a period of 180 days following
consummation of the Company’s initial public offering and for such reasonable
amount of time prior to such consummation as the underwriters may request, and
for a period of 90 days following consummation of any subsequent public
offering.

 

In
order to enforce the foregoing covenant, the Company may impose stop transfer
instructions with respect to the shares of Common Stock issuable upon exercise
of this Warrant until the end of such period. Notwithstanding the foregoing,
the obligations described in this Section 7.3 shall not apply to a
registration relating solely to employee benefit plans on Form S-8 or
similar forms which may be promulgated in the future, or a registration
relating solely to a Securities and Exchange Commission Rule 145
transaction on Form S-4 or similar forms which may be promulgated in the
future.

 

7

 

8.                                       LOSS OR MUTILATION

 

Upon
receipt by the Company of evidence satisfactory to it of the ownership of, and
the loss, theft, destruction or mutilation of, this Warrant and (in the case of
loss, theft or destruction) of indemnity satisfactory to it, and (in the case
of mutilation) upon surrender and cancellation hereof, the Company will execute
and deliver in lieu hereof a new Warrant.

 

9.                                       GOVERNING LAW

 

The
internal laws of the State of Delaware (irrespective of its choice of law
principles) shall govern the validity of this Warrant, the construction of its
terms, and the interpretation and enforcement of the rights and duties of the
parties hereto.

 

10.                                 BINDING UPON SUCCESSORS AND ASSIGNS

 

Subject
to, and unless otherwise provided in, this Warrant, each and all of the
covenants, terms, provisions, and agreements contained herein shall be binding
upon, and inure to the benefit of the permitted successors, executors, heirs,
representatives, administrators and assigns of the parties hereto.

 

11.                                 SEVERABILITY

 

If any provision of this Warrant, or the application hereof, shall for
any reason and to any extent, be invalid or unenforceable, the remainder of
this Warrant and application of such provisions to other persons or
circumstances shall be interpreted so as best to reasonably effect the intent
of the parties hereto. The parties further agree to replace such void or
unenforceable provisions of this Warrant with valid or enforceable provisions which
will achieve, to the extent possible, the economic, business and other purposes
of the void or unenforceable provisions.

 

12.                                 AMENDMENT

 

This
Warrant may be amended only with the written consent of the Company and Holder.

 

13.                                 NO WAIVER

 

The
failure of any party to enforce any of the provisions hereof shall not be
construed to be a waiver of the right of such party thereafter to enforce such
provisions.

 

14.                                 NOTICES

 

Whenever
any party hereto desires or is required to give any notice, demand, or request with
respect to this Warrant, each such communication shall be in writing and shall
be effective only if it is delivered by personal service or mailed. United
States certified mail, postage prepaid, return receipt requested, addressed as
follows:

 

	
  Company:

  	
  Address set forth in
  Section 1.1 hereof

  Attn: Chief Financial Officer

  

 

8

 

	
  Holder:

  	
  Address as set forth in
  the first paragraph hereof

  Attn: Kenneth A. Bronfin

  

 

Such communications shall be
effective when they are received by the addresses thereof; but if sent by
certified mail in the manner set forth above, they shall be effective five (5) days
after being deposited in the United States mail. Any party may change its
address for such communications by giving notice thereof to the other party in
conformity with this Section.

 

15.                                 CONSTRUCTION OF AGREEMENT

 

A
reference in this Warrant to any Section shall include a reference to
every Section the number of which begins with the number of the Section to
which reference is specifically made. The titles and headings herein are for
reference purposes only and shall not in any manner limit the construction of
this Warrant which shall be considered as a whole.

 

16.                                 NO ENDORSEMENT

 

Holder
understands that no federal or state securities administrator has made any
finding or determination relating to the fairness of investment in the Company
or purchase of the Common Stock hereunder and that no federal or state
securities administrator has recommended or endorsed the offering of securities
by the Company hereunder.

 

17.                                 PRONOUNS

 

All
pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine or neuter, singular or plural, as the identity of the person, persons,
entity or entities may require.

 

18.                               FURTHER ASSISTANCE

 

Each
party agrees to cooperate fully with the other parties and to execute such further
instruments, documents and agreements and to give such further written
assurances, as may be reasonably requested by any other party to better evidence
and reflect the transactions described herein and contemplated hereby, and to
carry into effect the intents and purposes of this Warrant.

 

[Signature page to
follow.]

 

9

 

IN
WITNESS WHEREOF, the parties hereto have caused this Warrant to be executed by
their respective officers, hereunto duly authorized, as of the date first
written above.

 

 

	
   

  	
  TRAFFIC.COM, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John G. Cooper

  	
   

  
	
   

  	
  Name:

  	
  JOHN G. COOPER 

  
	
   

  	
  Title:

  	
  CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and Agreed to
  by:

  	
   

  
	
   

  	
   

  
	
  HEARST COMMUNICATIONS,
  INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
     /s/ Kenneth
  A. Bronfin

  	
   

  	
   

  
	
  Name:

  	
  Kenneth Bronfin

  	
   

  
	
  Title:

  	
  SVP

  	
   

  
								

 

10

 

FORM OF WARRANT
EXERCISE

(To be signed only on
exercise of Warrant)

 

TO

 

The
undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise
this Warrant for, and to purchase
thereunder,            shares
of Common Stock of traffic.com, Inc., a Delaware corporation, and:

 

herewith makes payment of
$                therefor,
or

 

 

exercises
this Warrant pursuant to the Net Issue Exercise provisions as provided for in Section 1.2
of this Warrant.

 

The
undersigned requests that the certificates for such shares be issued in the name
of, and delivered
to,                   ,
whose address
is                                        .

 

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
  (Signature
  must conform to name of holder as

  specified on the face of the Warrant)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Address)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Tax
  Identification Number:

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