Document:

Stock Option Plan of Genoil Inc.

 

Exhibit 4.1

Stock Option Plan of Genoil Inc., as amended October 25, 2001 and January 13,
2003

 

 

GENOIL INC.

STOCK OPTION PLAN

as amended October 25, 2001

and January 13, 2003

ARTICLE I

PURPOSE OF PLAN

1.1 The purpose of the Plan is to attract, retain and motivate persons as
directors, officers, key employees and consultants of the Corporation and its
Subsidiaries and to advance the interests of the Corporation by providing such
persons with the opportunity, through share options, to acquire an increased
proprietary interest in the Corporation.

ARTICLE II

DEFINED TERMS

     Where used herein, the following terms shall have the following meanings,
respectively:

2.1 “Board” means the board of directors of the Corporation or, if established
and duly authorized to act, the Executive Committee or another Committee
appointed for such purpose by the board of directors of the Corporation;

2.2 “Business Day” means any day, other than a Saturday or a Sunday, on which
the Exchange is open for trading;

2.3 “Consultant” means an individual (including an individual whose services
are contracted through a personal holding corporation) with whom the
Corporation or any Subsidiary has a contract for substantial services;

2.4 “Corporation” means GENOIL INC. and includes any successor corporation
thereto;

2.5 “Eligible Person” means any director, officer, employee (part-time or
full-time) or Consultant of the Corporation or any Subsidiary;

2.6 “Exchange” means The Toronto Stock Exchange and, where the context permits,
any other exchange on which the Shares are or may be listed from time;

2.7 “Insider” means:

	 	(a)	 	an Insider as defined under Section 1(1) of the Securities
Act (Ontario), other than a person who falls within that definition
solely by virtue of being a director or senior officer of a
Subsidiary; and

 

 

	 	(b)	 	an associate as defined under Section 1(1) of the Securities
Act (Ontario) of any person who is an insider by virtue of (i)
above;

2.8 “Market Price” at any date in respect of the Shares shall be the greatest
closing price of such Shares on any Exchange on the last Business Day preceding
the date on which the Option is approved by the Board (or, if such Shares are
not then listed and posted for trading on the Exchange, on such stock exchange
in Canada on which the Shares are listed and posted for trading as may be
selected for such purpose by the Board). In the event that such Shares did not
trade on such Business Day, the Market Price shall be the average of the bid
and ask prices in respect of such Shares at the close of trading on such date.
In the event that such Shares are not listed and posted for trading on any
stock exchange, the Market Price shall be the fair market value of such Shares
as determined by the Board in its sole discretion;

2.9 “Option” means an option to purchase Shares granted under the Plan;

2.10 “Option Price” means the price per Share at which Shares may be purchased
under the Option, as the same may be adjusted from time to time in accordance
with Article 8;

2.11 “Optionee” means an Eligible Person to whom an Option has been granted;

2.12 “Outstanding Issue” means the number of Shares outstanding on a
non-diluted basis, determined on the basis of the number of shares that are
outstanding immediately prior to the share issuance under Article 5 herein,
excluding shares issued pursuant to share compensation arrangements over the
preceding one-year period;

2.13 “Person” means an individual, a corporation, a partnership, an
unincorporated association or organization, a trust, a government or department
or agency thereof and the heirs, executors, administrators or other legal
representatives of an individual and an associate or affiliate of any thereof
as such terms are defined in the Business Corporations Act (Alberta);

2.14 “Plan” means the GENOIL INC. Share Option Plan, as the same may be amended
or varied from time to time;

2.15 “Share Compensation Arrangement” means any stock option, stock option
plan, employee stock purchase plan or any other compensation or incentive
mechanism involving the issuance or potential issuance of Shares, including a
share purchase from treasury which is financially assisted by the Corporation
by way of a loan, guarantee or otherwise;

2.16 “Shares” means the common shares of the Corporation or, in the event of an
adjustment contemplated by Article 8, such other shares or securities to which
an Optionee may be entitled upon the exercise of an Option as a result of such
adjustment; and

2.17 “Subsidiary” means any corporation which is a subsidiary as such term is
defined in section 4 of the Business Corporations Act (Alberta) (as such
provision is from time to time amended, varied or re-enacted) of the
Corporation.

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ARTICLE III

ADMINISTRATION OF THE PLAN

3.1 The Plan shall be administered in accordance with the rules and policies of
the Exchange in respect of employee stock option plans by the Board. The Board
shall receive recommendations of management and shall determine and designate
from time to time those directors, officers, employees and Consultants of the
Corporation or its Subsidiaries to whom an Option should be granted and the
number of Shares, which will be optioned from time to time to any individual
and the terms and conditions of the grant.

3.2 The Board shall have the power, where consistent with the general purpose
and intent of the Plan and subject to the specific provisions of the Plan:

	 	(a)	 	to establish policies and to adopt, prescribe, amend or vary
rules and regulations for carrying out the purposes, provisions and
administration of the Plan and make all other determinations
necessary or advisable for its administration;

	 	(b)	 	to interpret and construe the Plan and to determine all
questions arising out of the Plan and any Option granted pursuant to
the Plan and any such interpretation, construction or determination
made by the Board shall be final, binding and conclusive for all
purposes;

	 	(c)	 	to determine which Eligible Persons are granted Options and
to grant Options;

	 	(d)	 	to determine the number of Shares covered by each Option;

	 	(e)	 	to determine the Option Price;

	 	(f)	 	to determine the time or times when Options will be granted
and exercisable;

	 	(g)	 	to determine if the Shares which are subject to an Option
will be subject to any restrictions upon the exercise of such
Option; and

	 	(h)	 	to prescribe the form of the instruments relating to the
grant, exercise and other terms of Options which initially shall be
substantially in the form annexed hereto as Schedule “A”.

ARTICLE IV

SHARES SUBJECT TO THE PLAN

4.1 Options may be granted in respect of authorized and unissued Shares
provided that, subject to increase by the Board, the receipt of the approval of
the Exchange and the approval of shareholders of the Corporation, the maximum
aggregate number of Shares reserved by the Corporation for issuance and which
may be purchased upon the exercise of all Options shall equal 19,000,000 Shares
in respect of which Options are not exercised shall be available for subsequent
Options under the Plan. No fractional Shares may be purchased or issued under
the Plan.

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ARTICLE V

ELIGIBILITY; GRANT; TERMS OF OPTIONS

5.1 Options may be granted to Eligible Persons.

5.2 Options may be granted by the Corporation pursuant to the recommendations
of the Board from time to time provided and to the extent that such decisions
are approved by the Board.

5.3 Subject to the provisions of this Plan, the number of Shares subject to
each Option, the Option Price, the expiration date of each Option, the extent
to which each Option is exercisable from time to time during the term of the
Option and other terms and conditions relating to each such Option shall be
determined by the Board. At no time shall the period during which an Option
shall be exercisable exceed 10 years.

5.4 In the event that no specific determination is made by the Board with
respect to the following matter, the period during which an Option shall,
subject to any other specific provisions of the Plan, be exercisable shall be
five years from the date the Option is granted to the Optionee.

5.5 The Option Price of Shares which are the subject of any Option shall in no
circumstances be lower than the Market Price of the Shares at the date of the
grant of the Option.

5.6 The maximum number of Shares which may be reserved for issuance to any one
Optionee under this Plan or under any other Share Compensation Arrangement
shall not exceed 5% of the Outstanding Issue.

5.7 The maximum number of Shares which may be reserved for issuance to Insiders
under the Plan or under any other Share Compensation Arrangement shall be 10%
of the Outstanding Issue.

5.8 The maximum number of Shares which may be issued to any one Insider and
such Insider’s associates under the Plan and any other Share Compensation
Arrangement in any 12 month period shall be 5% of the Outstanding Issue. The
maximum number of Shares which may be issued to any Insiders under the Plan and
any other Share Compensation Arrangement in any 12 month period shall be 10% of
the Outstanding Issue.

5.9 Any entitlement to acquire Shares granted pursuant to the Plan or any other
Share Compensation Arrangement prior to the Optionee becoming an Insider shall
be excluded for the purposes of the limits set out in 5.7 and 5.8 above.

5.10 An Option is personal to the Optionee and is non-assignable.

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ARTICLE VI

EXERCISE OF OPTIONS

6.1 Subject to the provisions of the Plan, an Option may be exercised from time
to time by delivery to the Corporation at its registered office of a written
notice of exercise addressed to the
Secretary of the Corporation specifying the number of Shares with respect to
which the Option is being exercised and accompanied by payment in full of the
Option Price of the Shares to be purchased. Certificates for such Shares shall
be issued and delivered to the Optionee within a reasonable period of time
following the receipt of such notice and payment.

6.2 Notwithstanding any of the provisions contained in the Plan or in any
Option, the Corporation’s obligation to issue Shares to an Optionee pursuant to
the exercise of an Option shall be subject to:

	 	(a)	 	completion of such registration or other qualification of
such Shares or obtaining approval of such governmental or regulatory
authority as counsel to the Corporation shall reasonably determine
to be necessary or advisable in connection with the authorization,
issuance or sale thereof;

	 	(b)	 	the listing of such Shares on the Exchange, if applicable;
and

	 	(c)	 	the receipt from the Optionee of such representations,
agreements and undertakings, including as to future dealings in such
Shares, as the Corporation or its counsel reasonably determines to
be necessary or advisable in order to safeguard against the
violation of the securities laws of any jurisdiction.

     In this connection the Corporation shall, to the extent necessary, take
all reasonable steps to obtain such approvals, registrations and qualifications
as may be necessary for the issuance of such Shares in compliance with
applicable securities laws and for the listing of such Shares on the Exchange.

ARTICLE VII

TERMINATION OF EMPLOYMENT; DEATH

7.1 Subject to Section 7.2 and any express resolution passed by the Board with
respect to an Option, an Option, and all rights to purchase pursuant thereto,
shall expire and terminate immediately upon the Optionee ceasing to be a
director, officer or a part-time or full-time employee of the Corporation or of
any Subsidiary. The entitlement of a Consultant to Options including the
termination thereof shall be in accordance with the terms of the consulting
agreement entered into between the Corporation or the Subsidiary and the
Consultant but will not exceed 90 days after termination of the contract.

7.2 If, before the expiry of an Option in accordance with the terms thereof,
the employment of the Optionee with the Corporation or with any Subsidiary
shall terminate, in either case by reason of the death of the Optionee, such
Option may, subject to the terms thereof and any other terms of the Plan, be
exercised by the legal representative(s) of the estate of the Optionee at any
time during the first six months following the death of the Optionee (but prior
to the expiry of the

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Option in accordance with the terms thereof) but only to
the extent that the Optionee was entitled to exercise such Option at the date
of the termination of his employment.

7.3 Options shall not be affected by any change of employment of the Optionee
or by the Optionee ceasing to be a director where the Optionee continues to be
employed by the Corporation or continues to be a director or officer of, the
Corporation or any Subsidiary.

ARTICLE VIII

CHANGE IN CONTROL AND CERTAIN ADJUSTMENTS

8.1 Notwithstanding any other provision of this Plan in the event that the
Corporation receives an offer (the “Offer”) for:

	 	(a)	 	the acquisition by any Person of Shares or rights or options
to acquire Shares of the Corporation or securities which are
convertible into Shares of the Corporation or any combination
thereof such that after the completion of such acquisition such
Person would be entitled to exercise 30% or more of the votes
entitled to be cast at a meeting of the shareholders; or

	 	(b)	 	the sale by the Corporation of all or substantially all of
the property or assets of the Corporation;

then notwithstanding that at the effective time of the Offer the Optionee may
not be entitled to all the Shares granted by the Option, the Optionee shall be
entitled to exercise the Options to the full amount of the Shares remaining at
that time from the date of the Offer to the date of the close of any such
transaction. If such transaction is not completed within 90 days of the date of
the Offer and the Optionee has not so exercised that portion of the Option
relating to Shares to which the Optionee would not otherwise be entitled, this
provision shall cease to apply to the Offer.

8.2 Appropriate adjustments with respect to Options granted or to be granted,
in the number of Shares optioned and in the Option Price, shall be made by the
Board to give effect to adjustments in the number of Shares of the Corporation
resulting from subdivisions, consolidations or reclassifications of the Shares
of the Corporation, the payment of stock dividends or cash dividends by the
Corporation (other than dividends in the ordinary course), the distribution of
securities, property or assets by way of dividend or otherwise (other than
dividends in the ordinary course), or other relevant changes in the capital
stock of the Corporation or the amalgamation or merger of the Corporation with
or into any other entity, subsequent to the approval of the Plan by the Board.
The appropriate adjustment in any particular circumstance shall be conclusively
determined by the Board in its sole discretion, subject to approval by the
Shareholders of the Corporation and to acceptance by the Exchange respectively,
if applicable.

ARTICLE IX

AMENDMENT OR DISCONTINUANCE OF PLAN

9.1 The Board may amend or discontinue the Plan at any time upon receipt of
requisite regulatory approval including without limitation, the approval of the
Exchange, provided,

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however, that no such amendment may, without the consent of
the shareholders, increase the maximum number of Shares that may be optioned
under the Plan, change the manner of determining the minimum Option Price,
reduce the Option Price for Options granted to Insiders or, without the consent
of the Optionee, alter or impair any of the terms of any Option previously
granted to an Optionee under the Plan. Any amendments to the terms of an Option
shall also require regulatory approval, including without limitation, the
approval of the Exchange.

ARTICLE X

MISCELLANEOUS PROVISIONS

10.1 The holder of an Option shall not have any rights as a shareholder of the
Corporation with respect to any of the Shares covered by such Option until such
holder shall have exercised such Option in accordance with the terms of the
Plan (including tendering payment in full of the Option Price of the Shares in
respect of which the Option is being exercised) and the issuance of Shares by
the Corporation.

10.2 Nothing in the Plan or any Option shall confer upon an Optionee any right
to continue in the employ of the Corporation or any Subsidiary or affect in any
way the right of the Corporation or any Subsidiary to terminate his employment
at any time; nor shall anything in the Plan or any Option be deemed or
construed to constitute an agreement, or an expression of intent, on the part
of the Corporation or any Subsidiary to extend the employment of any Optionee
beyond the time which he would normally be retired pursuant to the provisions
of any present or future retirement plan of the Corporation or any Subsidiary
or any present or future retirement plan of the Corporation or any Subsidiary,
or beyond the time at which he would otherwise be retired pursuant to the
provisions of any contract of employment with the Corporation or any
Subsidiary.

10.3 To the extent required by law or regulatory policy or necessary to allow
Shares issued on exercise of an Option to be free of resale restrictions, the
Corporation shall report the grant, exercise or termination of the Option to
the Exchange and the appropriate securities regulatory authorities.

ARTICLE XI

SHAREHOLDER AND REGULATORY APPROVAL

11.1 The Plan shall be subject to the approval of the shareholders of the
Corporation to be given by a resolution passed at a meeting of the shareholders
of the Corporation in accordance with the Business Corporations Act (Alberta),
and to acceptance by the Exchange. Any Options granted prior to such approval
and acceptances shall be conditional upon such approval and acceptance being
given and no such Options may be exercised unless such approval and acceptance
is given.

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SCHEDULE “A” TO SHARE OPTION PLAN

CERTIFICATE OF GENOIL INC.

     GENOIL INC. (the “Corporation”), for good and valuable consideration,
hereby grants to the Optionee set forth below an Option to purchase common
shares of the Corporation. The Option shall be subject to the terms and
conditions set forth in the GENOIL INC. Share Option Plan, as the same may be
amended or replaced from time to time (the “Plan”), and in addition shall be
subject to the terms set forth below:

	 	 	 
	Optionee:
	 	 
	Position
with the Corporation 

	:	 
	Number of Shares

	:	 
	Option Price

	:	 
	Expiry Date of Option

	:	 
	Rights of Exercise

	:	 

     On the close of business on the Expiry Date, the Options granted will
expire and terminate and be of no further force and effect whatsoever as to the
Shares for which the Option hereby granted has not been exercised.

     Where used herein all defined terms shall have the respective meanings
attributed thereto in the Plan. As provided for under the Plan, the Option
provided for herein is not assignable to any other person. If you require a
copy of the Plan, please contact the Secretary of the Corporation and she will
provide a copy to you.

     DATED this 13th day of January, 2003.M GAG 10 QSB Ex 10.1 Warrant Anza

WARRANT

For the Purchase of 166,667

Shares of Common Stock

of

M-GAB DEVELOPMENT CORPORATION,

a Florida corporation

 

THIS IS TO CERTIFY that, for value received, Anza Capital, Inc., a Nevada corporation, (the “Holder”) is entitled to, within the time frame set forth in Section 1 below (“Expiration Date”), but not thereafter, to subscribe for, purchase and receive up to One Hundred Sixty Six Thousand Six Hundred Sixty Seven (166,667) fully paid and nonassessable shares of the common stock (the “Common Stock” or the “Warrant Securities”), of M-GAB Development Corporation, a Florida corporation (the “Company”), at the exercise price set forth below (“Exercise Price”), but subject to adjustment as provided in Section 2 below, upon payment by cashier’s check or wire transfer of the Exercise Price for such shares of the Common Stock to the Company at the Company’s offices. The Exercise Price shall be $0.15 per share.

1.   Exercise of Warrant. The warrants may be exercised at any time or from time to time before March 8, 2007 and before 5:00 p.m., California Time, by presentation and surrender hereof to the Company of a notice of election to purchase duly executed and accompanied by payment by cashier’s check or wire transfer of the Exercise Price for the number of shares specified in such election. 

2.   Adjustment in Number of Shares.

(A)   Adjustment for Reclassifications. In case at any time or from time to time after the issue date the holders of the Common Stock of the Company (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received, or, on or after the record date fixed for the determination of eligible stockholders, shall have become entitled to receive, without payment therefore, other or additional stock or other securities or property (including cash) by way of stock split, spin-off, reclassification, combination of shares or similar corporate rearrangement (exclusive of any stock dividend of its or any subsidiary’s capital stock), then and in each such case the Holder of this Warrant, upon the exercise hereof as provided in Section 1, shall be entitled to receive the amount of stock and other securities and property which such Holder would hold on the date of such exercise if on the issue date he had been the holder of record of the number of shares of Common Stock of the Company called for on the face of this Warrant and had thereafter, during the period from the issue date, to and including the date of such exercise, retained such shares and/or all other or additional stock and other securities and property receivable by him as aforesaid during such period, giving effect to all adjustments called for during such period. In the event of any such adjustment, the Exercise Price shall be adjusted proportionally.

	 
	 	Page 1 of 5	 
	

	 

(B)   Adjustment for Reorganization, Consolidation, Merger. In case of any reorganization of the Company (or any other corporation the stock or other securities of which are at the time receivable on the exercise of this Warrant) after the issue date, or in case, after such date, the Company (or any such other corporation) shall consolidate with or merge into another corporation or convey all or substantially all of its assets to another corporation, then and in each such case the Holder of this Warrant, upon the exercise hereof as provided in Section 1 at any time after the consummation of such reorganization, consolidation, merger or conveyance, shall be entitled to receive, in lieu of the stock or other securities or property to which such Holder would be entitled had the Holder exercised this Warrant immediately prior thereto, all subject to further adjustment as provided herein; in each such case, the terms of this Warrant shall be applicable to the shares of stock or other securities or property receivable upon the exercise of this Warrant after such consummation.

3.   Manner of Exercise. In case of the purchase of less than all the Warrant Securities, the Company shall cancel this Warrant upon the surrender hereof and shall execute and deliver a new warrant of like tenor for the balance of the Warrant Securities. Upon the exercise of this Warrant, the issuance of certificates for securities, properties or rights underlying this Warrant shall be made forthwith (and in any event within five (5) business days thereafter) without charge to the Holder including, without limitation, any tax that may be payable in respect of the issuance thereof, and such certificates shall be issued in such names as may be directed by the Holder; provided, however, that the Company shall not be required to pay any tax in respect of income or capital gain of the Holder or any tax which may be payable in respect of any transfer involved in the issuance and delivery of any such certificates in a name other than that of the Holder (a “Transfer Tax”), and the Company shall not be required to issue or deliver such certificates unless or until the person or persons requesting the issuance thereof shall have paid to the Company the amount of any such Transfer Tax or shall have established to the satisfaction of the Company that any such Transfer Tax has been paid.

If and to the extent this Warrant is exercised, in whole or in part, the Holder shall be entitled to receive a certificate or certificates representing the Warrant Securities so purchased, upon presentation and surrender to the Company of this Warrant, with the form of election to purchase attached hereto duly executed, and accompanied by payment of the purchase price.

4.   No Requirement to Exercise. Nothing contained in this Warrant shall be construed as requiring the Holder to exercise this Warrant.

5.   No Stockholder Rights. Unless and until this Warrant is exercised, this Warrant shall not entitle the Holder hereof to any voting rights or other rights as a stockholder of the Company, or to any other rights whatsoever except the rights herein expressed, and, no dividends shall be payable or accrue in respect of this Warrant.

6.   Exchange. This Warrant is exchangeable upon the surrender hereof by the Holder to the Company for new warrants of like tenor representing in the aggregate the right to purchase the number of Warrant Securities purchasable hereunder, each of such new warrants to represent the right to purchase such number of Warrant Securities as shall be designated by the Holder at the time of such surrender.

 

	 
	 	Page 2 of 5	 
	

	 

 

 

Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it and reimbursement to the company of all reasonable expenses incidental thereto, and upon surrender and cancellation hereof, if mutilated, the Company will make and deliver a new warrant of like tenor and amount, in lieu hereof.

7.   Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of securities upon the exercise of this Warrant, nor shall it be required to issue scrip or pay cash in lieu of fractional interests. All fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of securities, properties or rights receivable upon exercise of this Warrant.

8.   Reservation of Securities. The Company shall at all times reserve and keep available out of its authorized shares of Common Stock or other securities, solely for the purpose of issuance upon the exercise of this Warrant, such number of shares of Common Stock or other securities, properties or rights as shall be issuable upon the exercise hereof. The Company covenants and agrees that, upon exercise of this Warrant and payment of the Exercise Price, all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid, non-assessable and not subject to the preemptive rights of any stockholder.

9.   Notices to Holder. If at any time prior to the expiration of this Warrant or its exercise, any of the following events shall occur:

(a)   the Company shall take a record of the holders of any class of its securities for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of current or retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company; or 

(b)   the Company shall offer to all the holders of a class of its securities any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option or warrant to subscribe therefor; or

(c)   a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business as an entirety shall be proposed;

then, in any one or more said events, the Company shall give written notice of such event to the Holder at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholder entitled to such dividend, distribution, convertible or exchangeable securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of closing the transfer books, as the case may be.

 

	 
	 	Page 3 of 5	 
	

	 

 

10.   Transferability. This Warrant may be assigned or transferred by the Holder only with the written consent of the Company and provided such transfer is in compliance with applicable federal and state securities laws.

11.   Choice of Law and Venue.   This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of California, including all matters of construction, validity, performance, and enforcement and without giving effect to the principles of conflict of laws. Any action brought by any party hereto shall be brought within the State of California, county of Orange.

12.   Successors. All the covenants and provisions of this Warrant shall be binding upon and inure to the benefit of the Company, the Holder and their respective legal representatives, successors and assigns.

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by the signature of its President and its seal affixed and attested by its Secretary.

 

	
Dated: March 8, 2004
	
M-GAB Development Corporation, 

	
 
	
a Florida corporation

	 	 
	
 
	
 

	 	 
	 	 /s/ Carl Berg
	
 
	

	
 
	
By:   Carl M. Berg

	
 
	
Its:   President

	
 
	
 

	
 
	
 

	 	 ATTESTED:
	
 
	
 

	 	 
	 	/s/ Carl Berg
	 	

	
 
	
 By:    Carl M. Berg

	 	 Its:    Secretary
	
 
	
 

 

 

	 
	 	Page 4 of 5	 
	

	 

 

[FORM OF ELECTION TO PURCHASE]

The undersigned, the holder of the attached Warrant, hereby irrevocably elects to exercise the purchase right represented by this Warrant Certificate for, and to purchase securities of M-GAB Development Corporation and herewith makes payment of $_______________ therefor, and requests that the certificates for such securities be and requests that the certificates for such securities be issued in the name of, and delivered to                        ________________________, whose address is _____________________________________________________________________________.

 

 

 

 

 

	
Dated:
	, 20	

 

	

	

	

	 	 By:
	 	

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

	
 
	
 

	 	 
	 	 
	 	

	
 
	
(Insert Social Security or Other Identifying Number of Holder)

	 	 
	
 
	
 

 

 

	 
	 	Page 5 of 5

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