Document:

EXHIBIT 10.9

                          EXECUTIVE SEVERANCE AGREEMENT

THIS  AGREEMENT  is  entered  into  and  effective this 22nd day of August 2002,
("Effective  Date")  by  and  between  Coastal Bancorp, Inc. (the "Company") and
Coastal  Banc  ssb  (the  "Bank")  and  Robert  V.  New  (the  "Employee").

     WHEREAS,  the  Employee had heretofore been employed by the Company and the
Bank  as  an  executive  officer, and the Company and the Bank deems it to be in
their  best interest to enter into this Agreement as additional incentive to the
Employee  to  continue as an executive employee of the Company and the Bank; and

     WHEREAS,  the  parties  desire  by  this  writing  to  set  forth  their
understanding  as  to  their  respective  rights  and obligations in the event a
"change  in  control" (as defined herein) occurs with respect to the Bank or the
Company;

     NOW,  THEREFORE,  the  undersigned  parties  AGREE  as  follows:

     1.     Defined  Terms
            --------------

          When  used  anywhere  in the Agreement, the following terms shall have
the  meaning  set  forth  herein.

          (a)     "Change  in  Control"  shall  mean  any  one  of the following
events:  (i) where, during any period of two consecutive years, individuals (the
"Continuing Directors") who at the beginning of such period constitute the Board
of  Directors  of  the  Bank or the Company (the "Existing Board") cease for any
reason  to  constitute at least two-thirds thereof, provided that any individual
whose  election or nomination for election as a member of the Existing Board was
approved  by  a  vote of at least two-thirds of the Continuing Directors then in
office shall be considered a Continuing Director following:  (A) the acquisition
by  a  person of ownership, holding or power to vote more than 25% of the Bank's
or  the Company's voting stock, (B) the acquisition by any person of the ability
to  control  the election of a majority of any class or classes of the Bank's or
the  Company's directors, or (C) the acquisition of a controlling influence over
the management or policies of the Bank or the Company defined as set forth in 12
C.F.R.  574.4(b),(c)  and  (d)  by  any person or to persons acting as a "group"
(within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or
(ii)  the  sale,  exchange, lease, transfer or other disposition (in one or more
transactions)  to  any  person  of  all  or  a  substantial  part of the assets,
liabilities  or  business  of  the  Company  or  the  Bank,  (iii) any merger or
consolidation or share exchange of the Company or the Bank with any other person
which subsequent thereto the Company or the Bank is not the surviving entity, or
(iv)  any  change  in  business of the Company or the Bank such that the Company
does  not  own  the  voting  stock  of  an insured depository institution or the
business  of  the  Bank  is  not  as  an  insured  depository  institution.
Notwithstanding  the  foregoing,  in  the  case  of (i) or (ii) or (iii) hereof,
change  of  ownership  or  control of the Bank by the Company itself to or among
direct or indirect wholly-owned subsidiaries of the Company shall not constitute
a  Change  in  Control.  For  purposes of this paragraph only, the term "person"
refers  to  an  individual  or  a  corporation,  limited  liability  company,
partnership,  trust,  association,  joint  venture,  pool,  syndicate,  sole
proprietorship,  unincorporated  organization  or  any  other form of entity not
specifically  listed  herein.  The decision of the Bank's non-employee directors
as  to  whether or not a Change in Control, as defined herein, has occurred, and
the  date  of  such  occurrence,  shall  be  conclusive  and  binding.

     (b)     "Code"  shall  mean  the  Internal Revenue Code of 1986, as amended
from time to time, and as interpreted through applicable rulings and regulations
in  effect  from  time  to  time.

     (c)     "Code  Sec.  280G Maximum" shall mean product of 2.99 and the "base
amount"  as  defined  in  Code  Sec.  280G(b)(3).

     (d)     "Good Reason" shall mean any of the following events, which has not
been  consented  to  in advance by the Employee in writing:  (i) the requirement
that  the  Employee  move  his  personal  residence,  or  perform  his principal
executive  functions,  more than thirty (30) miles from his primary office as of
the  date  of the Change in Control; (ii) a material (defined to be 10% or more)
reduction  in  the  Employee's base compensation as in effect on the date of the
Change  in  Control  or  as the same may be increased from time to time; (III) a
successor  to  the  Company or the Bank fails or refuses to assume the Company's
and  the  Bank's obligations under this Agreement; (IV) the Company, the Bank or
successor  thereto breaches any provision of this Agreement; or (V) the Employee
is  terminated  for  other  than  just  cause  after  the  Change  in  Control.

     (e)     "Just  Cause"  shall  mean,  in the good faith determination of the
Company's  and  the  Bank's  Boards  of  Directors,  the  Employee's  personal
dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving
personal profit, intentional failure to perform stated duties, willful violation
of  any  law,  rule  or  regulation  (other  than  traffic violations or similar
offenses)  or  final cease-and-desist order, or material breach of any provision
of  this Agreement.  The Employee shall have the right to make a presentation to
the Board of Directors with counsel prior to the rendering of such determination
by the Board.  The Employee shall have no right to receive compensation or other
benefits for any period after termination for Just Cause.  No act, or failure to
act,  on  the Employee's part shall be considered "willful" unless he has acted,
or  failed to act, with an absence of good faith and without a reasonable belief
that  his  action or failure to act was in the best interest of the Bank and the
Company.

     (f)     "Protected  Period"  shall  mean the period that begins on the date
six  months before a Change in Control and ends on the later of the third annual
anniversary  of  the Change in Control or the expiration date of this Agreement.

     2.     Trigger  Events
            ---------------

     The  Employee shall be entitled to collect the severance benefits set forth
in  Section  3  of  this Agreement in the event that (a) a Change of Control has
occurred  and  the  Employee  voluntarily  terminates  his employment within the
30-day  period  beginning on the first anniversary of the date of the occurrence
of  a  Change  in  Control,  (b)  the Employee voluntarily terminates employment
within  90  days  of  an  event that both occurs during the Protected Period and
constitutes  Good Reason, or (c) the Bank, the Company, or their successor(s) in
interest  terminate  the  Employee's  employment  for any reason other than Just
Cause  during  the  Protected  Period.

     3.     Amount  of  Severance  Benefit
            ------------------------------

     (a)     If  the  Employee  becomes  entitled  to collect severance benefits
pursuant  to Section 2(a) hereof, the Company and/or the Bank shall pay Employee
one  (1)  times  the  annual  salary  and  bonus  or incentive compensation (not
including  stock  compensation plans) paid to Employee by the Company and/or the
Bank  during  the immediately preceding year of the term of employment, such sum
to  be paid within five (5) days of the date that Employee's employment actually
ceases.

     (b)     If  the  Employee  becomes  entitled  to collect severance benefits
pursuant  to  Section 2(b) or 2(c) hereof, the Company and/or the Bank shall pay
Employee  2.00  times the annual salary and bonus or incentive compensation (not
including  stock  compensation plans) paid to Employee by the Company and/or the
Bank  during  the immediately preceding year of the term of employment, such sum
to  be paid within five (5) days of the date that Employee's employment actually
ceases.

     (c)     The  provisions  of  this  Agreement  shall  not reduce any amounts
otherwise  payable to the Employee or in any way diminish the employee's rights,
whether  existing  now or hereafter under any benefit plan of the Company or the
Bank.  The  Employee shall not be obligated to mitigate any payments entitled to
be  received  hereunder.

     (d)     The foregoing payments and benefits shall be paid to the Employee's
beneficiaries  by  testate  or  intestate  succession in the event of Employee's
death  during  the  period  during  which  such  payments and benefits are being
provided.

     (e)     In  the event that the Employee and the Company or the Bank, as the
case  may  be  (hereinafter, in this Section 3(e), the "Company") agree that the
Employee  has  collected  an  amount  exceeding  the  Code Sec.280G Maximum, the
parties  agree  as  follows:

          (i)     In  the calendar year that the Employee is entitled to receive
a  payment  or  benefits under the provisions of this Agreement, the independent
accountants  of  the  Company shall determine if an excess parachute payment (as
defined  in  Section  4999  of the Code, as amended, and any successor provision
thereto)  exists.

               Such  determination  shall  be  made  after taking any reductions
permitted  pursuant  to Section 280G of the Code and the regulations thereunder.
Any  amount  determined  to  be  an  excess  parachute payment after taking into
account  such  reductions  shall be hereafter referred to as the "Initial Excess
Parachute  Payment".  As  soon  as  practicable after a Change in Control of the
Company,  the Initial Excess Parachute Payment shall be determined.  Immediately
following  a  Change  in  Control of the Company or the Bank, the Company or the
Bank  shall  pay  the  Employee,  subject to applicable withholding requirements
under  applicable  state  or  federal  law  an  amount  equal  to:

(a)     twenty  (20)  percent  of  the Initial Excess Parachute Payment (or such
other  amount  equal  to  the  tax  imposed under Section 4999 of the Code), and

(b)     such additional amount (tax allowance) as may be necessary to compensate
the  Employee  for  the  payment by the Employee of state and federal income and
excise  taxes on the payment provided under Clause (a) and on any payments under
this  Clause (b).  In computing such tax allowance, the payment to be made under
Clause  (a)  shall  be multiplied by the "gross up percentage" ("GUP").  The GUP
shall  be  determined  as  follows:

                    GUP  =     Tax  Rate
                               ---------
                         1  -  Tax  Rate
The  Tax  Rate  for  purposes of computing the GUP shall be the highest marginal
federal  and  state  income  and  employment-related  tax  rate,  including  any
applicable  excise tax rate, applicable to the Employee in the year in which the
payment  under  Clause  (a)  is  made.

     (ii)     Notwithstanding  the  foregoing,  if  it  shall  subsequently  be
determined  in  a  final  judicial  determination  or  a  final  administrative
settlement to which the Employee is a party that the excess parachute payment is
defined  in  Section  4999 of the Code, reduced as described above, is different
from the Initial Excess Parachute Payment (such different amount being hereafter
referred  to as the "Determinative Excess Parachute Payment") then the Company's
independent accountants shall determine the amount (the "Adjustment Amount") the
Employee must pay to the Company or the Bank or the Company or the Bank must pay
to the Employee in order to put the Employee (or the Company or the Bank, as the
case  may  be) in the same position the Employee (or the Company or the Bank, as
the  case  may  be)  would have been if the Initial Excess Parachute Payment had
been  equal  to  the Determinative Excess Parachute Payment.  In determining the
Adjustment  Amount,  the independent accountants shall take into account any and
all  taxes (including any penalties and interest) paid by or for the Employee or
refunded  to the Employee or for the Employee's benefit.  As soon as practicable
after  the  Adjustment  Amount  has  been so determined, the Company or the Bank
shall  pay the Adjustment Amount to the Employee or the Employee shall repay the
Adjustment  Amount  to  the  Company  or  the  Bank,  as  the  case  may  be.

     (iii)     In  any  calendar  year  that  the  Employee receives payments of
benefits  under  this  Agreement,  the  Employee  shall  report on his state and
federal  income  tax  returns  such  information  as  is  consistent  with  the
determination  made  by  the independent accountants of the Company as described
above.  The  Company and the Bank shall indemnify and hold the Employee harmless
from  any  and  all  losses,  costs  and expenses (including without limitation,
reasonable  attorney's  fees,  interest, fines and penalties) which the Employee
incurs  as  a  result of so reporting such information.  Employee shall promptly
notify the Company and the Bank in writing whenever the Employee receives notice
of  the  institution  of  a  judicial  or  administrative  proceeding, formal or
informal,  in  which the federal tax treatment under Section 4999 of the Code of
any amount paid or payable under this the Employment Agreement is being reviewed
or  is  in dispute.  The Company or the Bank shall assume control at its expense
over  all  legal and accounting matters pertaining to such federal tax treatment
(except  to  the extent necessary or appropriate for the Employee to resolve any
such  proceeding with respect to any matter unrelated to amounts paid or payable
pursuant  to  this  contract)  and  the  Employee shall cooperate fully with the
Company  or  the Bank in any such proceeding.  The Employee shall not enter into
any  compromise  or  settlement or otherwise prejudice any rights the Company or
the  Bank  may have in connection therewith without prior consent of the Company
or  the  Bank.

     4.     Term  of  the  Agreement
            ------------------------

     This  Agreement  shall  remain  in  effect for the period commencing on the
Effective  Date  and  ending either (i) the date on which the Board of Directors
terminates  this  Agreement  by giving one year prior written notice or (ii) the
date  on  which the Employee terminates employment with the Company or the Bank;
provided  that  the  Employee's  rights  hereunder  shall continue following the
termination  of  his  employment  with  the Company or the Bank under any of the
circumstances  described  in  Section  2  hereof.

<PAGE>
     5.     Termination  or  Suspension  Under  Federal  Law
            ------------------------------------------------

     Any payments made to the Employee pursuant to this Agreement, or otherwise,
are  subject to and conditioned upon their compliance with 12 U.S.C. Sec.1828(k)
and  any  regulations  promulgated  thereunder.

     6.     Expense  Reimbursement
            ----------------------

     In  the  event that any dispute arises between the Employee and the Company
or  the  Bank  as  to  the  terms  or interpretations of this Agreement, whether
instituted  by  formal legal proceedings or otherwise, including any action that
the  Employee  takes to enforce the terms of this Agreement or to defend against
any  action  taken  by the Company or the Bank, the Employee shall be reimbursed
for  all  costs and expenses, including reasonable attorneys' fees, arising from
such  dispute, proceedings or actions, provided that the Employee shall obtain a
final  judgment in favor of the Employee in a court or competent jurisdiction or
in  binding arbitration under the rules of the American Arbitration Association.
Such  reimbursement,  which  may  be  in  advance  of  any  final  judgment  or
determination  in arbitration, if requested in writing by the Employee, shall be
paid  within  ten  (10) days of Employee's furnishing to the Company or the Bank
written  evidence,  which  may be in the form, among other things, or a canceled
check  or  receipt,  of  any  costs  or  expenses  incurred  by  the  Employee.

     7.     Successors  and  Assigns
            ------------------------

     (a)     This  Agreement  shall  inure to the benefit of and be binding upon
any  corporate  or  other  successor  or assign of the Company or the Bank which
shall  acquire,  directly  or  indirectly, by merger, consolidation, purchase or
otherwise,  all  or  substantially  all  of  the  assets or stock of the Bank or
Company.  This Agreement shall inure to the benefit of and be enforceable by the
Employee's  personal  and  legal  representatives,  executors,  administrators,
successors,  heirs, devisees and legatees.  If the Employee should die while any
amounts  are  still payable to him/her hereunder, all such amounts shall be paid
in  accordance  with  the  terms  of  this  Agreement to the Employee's devisee,
legatee  or  other  designee, or if there be no such designee, to the Employee's
Estate.

     (b)     Since  the  Company and the Bank are contracting for the unique and
personal  skills of the Employee, the Employee shall be precluded from assigning
or delegating his rights or duties hereunder without first obtaining the written
consent  of  the  Company  or  the  Bank.

     8.     Amendments
            ----------

     No  amendments  or additions to this Agreement shall be binding unless made
in  writing  and  signed  by  all  of  the  parties,  except as herein otherwise
specifically  provided.  No  waiver  by  either  party hereto at any time of any
breach  by  the  other  party  hereto,  or  of compliance with, any condition or
provision  of  this Agreement to be performed by such other party will be deemed
to be a waiver of similar or dissimilar provisions or conditions, at the same or
any  prior  or  subsequent  time.

     9.     Applicable  Law
            ---------------

     Except  to  the  extent  preempted by Federal law, the laws of the State of
Texas  shall  govern this Agreement in all respects, whether as to its validity,
construction,  capacity,  performance  or  otherwise.

<PAGE>
     10.     Severability
             ------------

     The  provisions  of  this  Agreement  shall  be  deemed  severable  and the
invalidity or unenforceability of any provision shall not affect the validity or
enforceability  of  the  other  provisions  hereof.

     11.     Entire  Agreement
             -----------------

     This Agreement, together with any understanding or modifications thereof as
agreed  to  in  writing  by  the  parties, shall constitute the entire agreement
between  the  parties  hereto.

     12.     Notices
             -------

     For  purposes  of this Agreement, notices and other communications provided
for  in this Agreement shall be in writing and shall be deemed to have been duly
given  when  delivered  or  mailed  by U.S. registered or certified mail, return
receipt  requested, postage prepaid, as follows:  If to the Company or the Bank:
Chairman/CEO,  Coastal Bancorp, Inc., 5718 Westheimer, Suite 600, Houston, Texas
77057.  If  to  the  Employee:

     Employee  Name  &  Address

                            Signature Page to Follow

<PAGE>
     IN WITNESS WHEREOF, the parties have executed this Agreement on the day and
year  first  herein  above  written.

ATTEST:                                       COASTAL  BANCORP,  INC.

/s/  Linda  B.  Frazier                       By:     /s/  Manuel  J.  Mehos
-----------------------                               ----------------------
Secretary                                                  Manuel  J.  Mehos
                                    Chairman  and  Chief  Executive  Officer

                                          By:     /s/  Robert  Johnson,  Jr.
                                                  --------------------------
                                                       Robert  Johnson,  Jr.
                                          Chairman,  Compensation  Committee

ATTEST:                                      COASTAL  Banc  ssb

/s/  Linda  B.  Frazier                      By:     /s/  Manuel  J.  Mehos
-------------------------                            ----------------------
Secretary                                                 Manuel  J.  Mehos
                                   Chairman  and  Chief  Executive  Officer

                                         By:     /s/  Robert  Johnson,  Jr.
                                                 --------------------------
                                                      Robert  Johnson,  Jr.
                                         Chairman,  Compensation  Committee

WITNESS

/s/  Catherine  N.  Wylie                              /s/  Robert  V.  New
---------------------------                            --------------------
                                                            Robert  V.  NewWARRANT AGREEMENT

 
Exhibit 4.13

 
WARRANT AGREEMENT 
 
WARRANT AGREEMENT (the “Agreement”), dated as of
October 15, 2002, between Mercator Software, Inc., a Delaware corporation (the “Company”), and Vector Capital II, L.P., a California limited partnership (the “Holder”). 
 
WHEREAS, upon the execution and delivery of this Agreement and of a Settlement Agreement and Full Release by
and between the Company and Holder (the “Settlement Agreement”) the Company shall grant the Warrants (as defined below) to the Holder entitling the Holder to purchase, upon the terms and subject to the conditions contained in this
Agreement, the shares of common stock of the Company set forth herein, subject to adjustment as provided in Section 11 hereof; 
 
WHEREAS, the Company will issue certificates evidencing the Warrants (the “Warrant Certificate”) and other matters as provided
herein. 
 
NOW, THEREFORE, in consideration of the
premises and the mutual agreements herein set forth, the parties hereto agree as follows: 
 
Section 1.    Warrant Certificate.    The Warrant Certificate (and the Form of Exercise to be set forth on the reverse thereof) shall be substantially in
the form set forth in Exhibit A attached hereto, and may have such letters, numbers or other marks of identification and such legends printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the
provisions of this Agreement. 
 
Section
2.    Execution and Countersignature of Warrant Certificates.    The Warrant Certificate shall be executed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer or
Treasurer (each, a “Company Officer”) under its corporate seal reproduced thereon attested by its Secretary or Assistant Secretary. The signature of any of these Company Officers on any Warrant Certificate may be manual or facsimile.
Warrant Certificates bearing the manual or facsimile signatures of individuals who were at any time Company Officers shall bind the Company even if any such individual ceased to be a Company Officer prior to the execution and delivery of such
Warrant Certificate or was not a Company Officer at the date of this Agreement. 
 
Section 3.    Grant of Warrants.    Subject to the provisions of the Settlement Agreement, this Agreement and the Warrant Certificate, each Warrant
entitles Holder to purchase from the Company (and the Company shall issue and sell to the Holder) one 

 

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fully paid and non-assessable share of Common Stock at the Exercise Price (as defined below) (the “Warrant”). The Company grants to
Holder one hundred five thousand (105,000) Warrants as more fully provided herein. 
 
Section 4.    Issuance of Warrant Certificate.    This Agreement and the Warrant Certificate will be executed and delivered concurrently with the
execution and delivery of the Settlement Agreement, and the “Grant Date” for purposes of the exercise of the Warrants shall be the same as the Effective Date of the Settlement Agreement. 
 
Section
5.    Transfers.    The Warrants are not transferable or assignable, in whole or in part except to affiliates and partners of the Holder. Any Warrant Certificate cancelled pursuant to any provisions of
this Agreement shall not be reissued, and shall be returned to the Company. 
 
Section 6.    Duration and Exercise of Warrants. 
 
(a)  Each Warrant shall be exercisable, upon payment of the Exercise Price (as defined herein) on and after the
Grant Date and shall expire at 5:00 p.m. Connecticut time on the seventh (7th) anniversary of the Grant Date, except as otherwise described in the Warrant Certificate (such date of expiration being herein referred to as the “Expiration
Date”). In the event that the Expiration Date falls on a day other than a Business Day, the Warrants shall expire at 5:00 p.m. Connecticut time on the next succeeding Business Day. A “Business Day” shall mean a day other than a
Saturday, Sunday or a public or national bank holiday or the equivalent for banks generally under the laws of the State of Connecticut. 
 
(b)  The Warrants represented by the Warrant Certificate shall only be exercisable for shares of Common Stock of
the Company from the Grant Date with respect to such Warrants through and including the Expiration Date with respect to such Warrant. Each Warrant may be exercised on any Business Day on or prior to 5:00 p.m. Connecticut time on the Expiration Date.
After 5:00 p.m. Connecticut time on the Expiration Date, any unexercised Warrants will become wholly void and of no value. 
 
(c)  The Warrants shall be exercised upon surrender to the Company of the Warrant Certificate evidencing the
Warrant(s) exercised, with the Form of Exercise attached therewith duly completed and signed, and upon payment of the Exercise Price in lawful money of the United States of America by certified or official bank check payable to the order of the
Company or as pursuant to Section 13 herein. The Exercise Price and the number of shares of Common Stock purchasable upon exercise of a Warrant shall be subject to adjustment as provided in Section 11. Except as provided in Section 11, no adjustment
shall be made for any cash dividends or other distributions on or in respect of the Common Stock or other securities purchasable upon the exercise of a Warrant. 
 

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(d)  Subject to Sections 7 and 13, upon surrender of a Warrant Certificate and payment of the Exercise Price at the time in effect thereunder and an amount equal to any applicable transfer tax in cash or by certified check
or official bank check payable to the order of the Company, the Company shall thereupon promptly cause to be issued and shall deliver to the Holder within a reasonable time, not exceeding fifteen days, after each Warrant represented by the Warrant
Certificate shall have been exercised, a certificate for the shares of Common Stock issuable upon the exercise of each Warrant evidenced by such Warrant Certificate. The Holder shall be deemed to have become the holder of record of such shares of
Common Stock (a “Shareholder”) as of the date of the surrender of such Warrant Certificate and payment of the Exercise Price. 
 
(e)  The Warrants evidenced by a Warrant Certificate shall be exercisable at the election of the Holder, either
as an entirety or from time to time for part only of the number of Warrants evidenced by the Warrant Certificate. In the event that less than all of the Warrants evidenced by a Warrant Certificate surrendered upon the exercise of Warrants are
exercised, a new Warrant Certificate or Certificates shall be issued for the remaining number of Warrants evidenced by the Warrant Certificate so surrendered. All Warrant Certificates surrendered upon exercise of Warrants shall be cancelled by the
Company. Notwithstanding anything herein to the contrary, the Company may elect to pay cash in lieu of issuing Common Stock as provided in Section 13(a) of this Agreement. 
 
Section 7.    Exercise Price.    The Exercise Price of each
Warrant shall be $3.37. 
 
Section
8.    Payment of Taxes. The Company shall pay all documentary stamp taxes, if any, attributable to the issuance of Warrants and the issuance of Common Stock upon the exercise of any Warrant; provided, however, that the
Company shall not be required to pay any tax or taxes which may be payable in respect of any transfer involved in the issuance of any certificates for shares of Common Stock in a name other than that of the Holder of a Warrant Certificate
surrendered upon the exercise of a Warrant and the Company shall not be required to issue or deliver such certificates unless or until the persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have
established to the satisfaction of the Company that such tax has been paid. 
 
Section 9.    Mutilated or Missing Warrant Certificates.    In case any of the Warrant Certificate shall be mutilated, lost, stolen or destroyed, the
Company shall issue, in exchange and substitution for and upon cancellation of the mutilated Warrant Certificate, or in lieu of and in substitution for the Warrant Certificate lost, stolen or destroyed, a new Warrant Certificate of like tenor and
representing an equivalent number of Warrants, but only upon receipt of evidence satisfactory to the Company of such loss, theft or destruction of such Warrant Certificate and indemnity, if requested, also satisfactory to the Company. Holder shall
also comply with such other reasonable 

 

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requirements and pay such other reasonable charges as the Company may prescribe in connection with the issuance of such substitute Warrant
Certificate. 
 
Section
10.    Reservation of Common Stock.    The Company will at all times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but unissued shares of Common Stock
and/or shares of Common Stock held in its Treasury, for the purpose of enabling it to satisfy any obligation to issue shares of Common Stock upon the exercise of Warrants the maximum number of shares of Common Stock which are required to be
delivered upon the exercise of all outstanding Warrants. 
 
The Company covenants that all shares of Common Stock which may be issued upon the exercise of Warrants will, upon issuance, be duly issued and outstanding; fully paid and nonassessable and free from all taxes, liens, charges and
security interests with respect to the issuance thereof. 
 
The Company is authorized to requisition from time to time from a transfer agent for the Common Stock (including the Company if then acting as a transfer agent) stock certificates required to honor the exercise of outstanding
Warrants. The Company hereby authorizes its present and any future such transfer agent to comply with all such requests. The Company will supply such transfer agent with duly executed Common Stock certificates for such purposes and will itself
provide or otherwise make available any cash which may be payable as provided in Section 11. 
 

	Section	 	11.    Adjustment of Exercise Price and Number and Kind of Securities Purchasable upon Exercise of Warrants. 

 
(a)  Adjustment of Exercise
Price and Number of Warrants.    The Exercise Price shall be subject to adjustment from time to time as provided in this Section 11. No adjustment of the Exercise Price, however, shall be made in an amount less than $.01 per
share, but any such lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment, if any, which together with any subsequent adjustments so carried forward shall amount to $.01 per share
or more. Upon each adjustment of the Exercise Price, the Holder shall thereafter, at or prior to the Expiration Date, be entitled to purchase, at the Exercise Price resulting from such adjustment, the number of shares issuable upon exercise of the
Warrants obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares issuable upon exercise of the Warrants immediately prior to such adjustment and dividing the product so obtained by the
Exercise Price resulting from such adjustment. 
 
(b)  Subdivision or Combination of Stock.    In case the Company shall at any time subdivide the outstanding shares of Common Stock into a greater number of shares, or issue a dividend in common
stock on such shares the Exercise Price 

 

-4- 

in effect immediately prior to such subdivision or dividend shall be proportionately reduced and the number of shares issuable upon exercise
of the Warrants immediately prior to such subdivision or dividend shall be proportionately increased, and conversely, in case the outstanding shares of Common Stock shall be combined at any time into a smaller number of shares, the Exercise Price in
effect immediately prior to such combination shall be proportionately increased and the number of shares issuable upon exercise of the Warrants immediately prior to such combination shall be proportionately reduced. 
 
(c)  Adjustments for
Consolidation, Merger, Sale of Assets, Reorganization, etc.    In case the Company (i) consolidates with or merges into any other corporation and is not the continuing or surviving corporation of such consolidation or merger,
or (ii) permits any other corporation to consolidate with or merge into the Company and the Company is the continuing or surviving corporation but, in connection with such consolidation or merger, the Common Stock of the Company is changed into
or exchanged for stock or other securities of any other corporation or cash or any other assets, or (iii) transfers all or substantially all of its properties and assets to any other corporation, or (iv) effects a capital reorganization or
reclassification of the capital stock of the Company, or grants a non-cash dividend, in such a way that holders of Common Stock shall be entitled to receive stock, securities, cash or assets with respect to or in exchange for Common Stock, then, and
in each such case, proper provision shall be made so that, upon the basis and upon the terms and in the manner provided in this subsection (c), the Holder, upon the exercise of the Warrants at any time after the consummation of such consolidation,
merger, transfer, reorganization or reclassification, shall be entitled to receive (at the aggregate Exercise Price in effect for shares issuable upon such exercise of the Warrants prior to such consummation) the stock and other securities, cash and
assets to which such Holder would have been entitled upon such consummation if such Holder had so exercised such Warrants immediately prior thereto (subject to adjustments subsequent to such corporate action as nearly equivalent as possible to the
adjustments provided for in this Section 11). Notwithstanding the foregoing, in the event that a definitive agreement (a “Sale Agreement”) is executed with respect to an all cash transaction involving (i) either a merger or consolidation
of the Company with and into another corporation or (ii) the sale of all or substantially all of the outstanding shares of Common Stock of the Company, the Company shall have the right, on ten days prior written notice to the Holder, to pay or cause
to be paid to the Holder on or immediately prior to the closing date of the transactions under the Sale Agreement in full and complete satisfaction and cancellation of the Warrants, an amount in cash equal to the greater of (I) (A) the product of
(x) the price per share of Common Stock payable to the holders of Common Stock under the Sale Agreement and (y) the number of shares of Common Stock issuable upon exercise of the Warrants on such date minus (B) the product of (x) the Exercise Price
in effect at such date and (y) the number of shares of Common Stock issuable upon exercise of the Warrants on such date and (II) the Put Purchase Price (as defined in the Settlement Agreement), provided that the Put Right has 

 

-5- 

not expired by the terms of the Settlement Agreement prior to the closing date of the transactions under the Sale Agreement. 
 
(d)  Notice of
Adjustment.    Whenever the number of shares issuable upon the exercise of the Warrants or the Exercise Price is adjusted, as provided in this Section 11, the Company shall prepare and mail to the Holder a certificate setting
forth (i) the Exercise Price and the number of shares issuable upon the exercise of the Warrants after such adjustment, (ii) a brief statement of the facts requiring such adjustment and (iii) the computation by which such adjustment was made.

 
(e)  Successive
Transactions.    The provisions of this Section 11 shall similarly apply to successive transactions. 
 
Section 12.    Fractional Shares of Common Stock.    The Company may, but will not be
required to, issue fractional shares of Common Stock or to distribute shares of Common Stock certificates which evidence fractions of shares upon the exercise of the Warrants; provided, however, that in lieu of issuance of fractional shares of
Common Stock the Company may make a cash payment equal in amount to the product of the applicable fraction multiplied by the then current market price of shares of the Company’s Common Stock. 
 
Section 13.    Exercise Options.

 
(a)  Cash In Lieu
of Exercise.    At any time from and after the Exercise Date and prior to the Expiration Date, the Holder may notify the Company of its intent to exchange any of the unexercised Warrants represented by the Warrant Certificate
(a “Warrant Exchange”) into the number of fully paid and non-assessable shares of Common Stock determined in accordance with this Section 13, by surrendering such Warrant Certificate(s) (or affidavit of lost certificate and
indemnification) at the principal office of the Company or at the office of its Transfer Agent, accompanied by a notice stating such Holder’s intent to effect such exchange and the number of Warrants to be exchanged (the “Notice of
Exchange”). Upon receipt of a Notice of Exchange, the Company shall have the option in its sole discretion to pay to Holder cash in whole or in part in lieu of Common Stock issuable upon Holder’s exercise of Warrants, if, on a fully
diluted basis, Holder’s total ownership (as defined below) in the Company on the date of a Notice of Exchange exceeds ten percent (10%) of the total outstanding Common Stock on the date on which the Notice of Exchange is received by the
Company. For the purpose of this Section 13(a), “ownership” means Holder’s ownership of the Company’s Common or Preferred Stock and securities convertible into shares of Common or Preferred Stock after exercise of the Warrants,
included in the Warrant Exchange. If the Company elects to exercise its cash payment option under this Section 13(a), the Company shall notify Holder of such election within five (5) days of the Company’s receipt of the Notice of Exchange. If
the Company elects to exercise its cash payment option, the Company shall pay to Holder in cash an amount per share equal to the 

 

-6- 

difference between the Exercise Price and Market Price. The Company shall pay any cash due to Holder as follows: one third of such sum within
ten (10) days of the date of the Company’s receipt of the Notice of Exchange and the balance in cash paid one third thereof on each of the first and second anniversaries of the day after the date of Notice of Exchange. Any sums due on the first
or second anniversaries shall accrue interest at six percent (6%) per year until paid. 
 
(b)  Cashless Exercise.    At any time prior to the Expiration Date and subject to
Section 13(a), the Holder may do a Warrant Exchange for the number of fully paid and non-assessable shares of Common Stock determined in accordance with this Section 13(b), by surrendering such Warrant Certificate(s) (or affidavit of lost
certificate and indemnification) at the principal office of the Company or at the office of its Transfer Agent, accompanied by a Notice of Exchange. Certificates for the shares issuable upon such Warrant Exchange and, if applicable, a Warrant
Certificate of like tenor evidencing the balance of the shares remaining subject to the Holder’s Warrant Certificate(s), shall be issued as of the date of the Notice of Exchange and delivered to the Holder within fifteen (15) business days
following the date that the Notice of Exchange is received by the Company (the “Exchange Date”). In connection with any Warrant Exchange, the Holder’s Warrant Certificate shall represent the right to subscribe for and acquire the
number of shares of Common Stock equal to the product of (A) the number of Warrants that are being exchanged as specified by the Holder in its Notice of Exchange multiplied by (B) a fraction, the numerator of which is the Market Price (defined
below) of the Company’s Common Stock less the then existing Exercise Price per share and the denominator of which is the Market Price. 
 
(c)  For the purpose of this Section 13, Market Price shall be the last reported sale price on the date on which
the Notice of Exchange is received by the Company, or in case no such reported sale takes place on such day, the average of the last reported sale prices for the last three trading days, in either case as officially reported by the principal
securities exchange on which the Common Stock is listed or admitted to trading or as reported in the Nasdaq Market System (National or SmallCap system, as applicable) or, if the Common Stock is not listed or admitted to trading on any national
securities exchange or quoted on the Nasdaq Market System, the last reported sale price as furnished by the National Association of Securities Dealers, Inc. through Nasdaq or similar organization if Nasdaq is no longer reporting such information, or
if the Common Stock is not quoted on Nasdaq, as determined in good faith by resolution of the Board of Directors of the Company, based on the best information available to it for the two (2) days immediately preceding such issuance or sale and the
day of such issuance or sale. 
 
Section
14.    Restrictions on Transferability.    The Warrant Certificate and the shares of Common Stock issuable upon exercise of the Warrants shall not be transferable except upon the conditions specified in
this Section 14, which conditions are intended to insure compliance with the provisions of the Securities Act in respect of the transfer of 

 

-7- 

any Warrant Certificate or any shares of Common Stock issuable upon exercise of the Warrants. 
 
(a)  Restrictive Legend;
Holder’s Representation.    Unless and until otherwise permitted by this Section 14, each certificate representing shares of Common Stock issuable upon exercise of the Warrants, and any certificate issued at any time
upon transfer of, or in exchange for or replacement of, any certificate bearing the legend set forth below shall be stamped or otherwise imprinted with a legend in substantially the following form: 
 
“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND THE TRANSFER, RESALE OR OTHER DISPOSITION OF SUCH SECURITIES MAY BE MADE ONLY PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OR A VALID EXEMPTION THEREFROM AND IN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES LAWS, AND BY DELIVERY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT THERE IS SUCH AN EXEMPTION. 
 
THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF THAT CERTAIN WARRANT AGREEMENT DATED AS OF October 15, 2002 AND THAT CERTAIN SETTLEMENT AGREEMENT AND FULL RELEASE OF EVEN DATE, BY AND BETWEEN THE HOLDER AND THE COMPANY. COPIES OF SUCH
AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 
 
The Holder represents to the Company that it is acquiring the Warrants and, if required by securities laws at the time, will acquire the shares of Common Stock issuable upon exercise of the Warrants
(if at all) for its own account and not with a view to any public distribution thereof. The acquisition of any Warrants or shares of Common Stock issuable upon exercise of the Warrants by the Holder on the date of this Agreement or upon exercise of
a Warrant shall constitute the Holder’s reaffirmation of such representation. The Holder further represents to the Company that it is an “accredited investor” as defined in Regulation D under the Securities Act. The Holder understands
that the Warrants and the shares of Common Stock issuable upon exercise of the Warrants have not been registered under the Securities Act and may only be sold or otherwise disposed of in compliance with the Securities Act. The Holder by its
acceptance of such security further understands that such security may bear a legend as contemplated by this Section 14. 
 

-8- 

 
All Warrant
Certificates issued upon transfer, division or combination of, or in substitution for, any Warrant Certificate or Warrant Certificates entitled to bear such legend shall have a similar legend endorsed thereon. 
 
Section
15.    Notices.    All notices, demands or other communications hereunder shall be in writing, via registered or certified mail, return receipt requested, postage prepaid, or by nationally recognized
overnight courier services and will be deemed given when so received by hand, or if mailed by registered or certified mail, three days after mailing, or if sent by overnight courier service, one day after deposit with such service for overnight
delivery, to the following addresses (or to such other addresses as any party may designate in writing): 
 

	 	(a)	 	If to the Company, to: 

 
Mercator Software, Inc. 
45 Danbury Road, 
Wilton, Connecticut 06897 
Attention: Chief Executive Officer 
 
with a copies to: 
 
Mercator Software, Inc 
45 Danbury Road 
Wilton, Connecticut 06897 
Attention: General Counsel

 
Thompson Hine LLPs

One Chase Manhattan Plaza 
New York, N.Y. 10005-1401 
Attention: Paul A. Soden, Esq. 
 

	 	(b)	 	if to Holder, to: 

 
Vector Capital II, L.P. 
456 Montgomery St., 19th Floor 
San Francisco, CA 94104

Attention: Alexandra R. Slusky 
 
with a copy to: 
 
Fenwick & West L.L.P. 
Two Palo Alto Square 
Palo Alto, CA 94306 
Attention: Barry Kramer, Esq.

Telephone: 650/858-7273 
 

-9- 

 
or at such other address as
may have been furnished by such person in writing to the other parties. Any such notice, demand or other communication shall be deemed to have been given on the date actually delivered (or delivery is refused) or as of the date deposited with the
courier, as the case may be. 
 
Section
16.    Supplements and Amendments. 
 
(a)  The Company may from time to time supplement or amend this Agreement without the approval of the Holder in order to cure any ambiguity, to correct or supplement any provision contained
herein which may be defective or inconsistent with any provisions herein, or to make any other provisions with regard to matters or questions arising hereunder which the Company may deem necessary or desirable and which shall not adversely affect
the interests of the Holder. 
 
(b)  This Agreement may be changed, waived or terminated only with the written consent of the Company and Holder. 
 
Section 17.    No Rights as Shareholders. Nothing contained in this Agreement or in any of the Warrant
Certificates shall be construed as conferring upon the Holder any rights of a shareholder, including without limitation, the right to vote, to receive dividends or to consent to, or receive notice as a shareholder in respect of, any meeting of
shareholders for the election of directors of the Company or for any other matter. 
 
Section 18.    Successors.    All the covenants and provisions of this Agreement by or for the benefit of the Company or the Holder shall bind and inure
to the benefit of their respective successors and permitted assigns hereunder. 
 
Section 19.    Termination.    This Agreement shall terminate and be of no further force and effect at, and no Warrant may be exercised after, 5:00 p.m.
Connecticut time on the Expiration Date provided for in Section 5 of this Agreement. Notwithstanding the foregoing, this Agreement will terminate on such earlier date when all Warrants have been exercised and no Warrants remain outstanding.

 
Section 20.    Governing
Law.    This Agreement and each Warrant issued hereunder shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to its conflicts of laws provisions. 
 
Section
21.    Jurisdiction:    Service of Process. Any action or proceeding arising out of this Agreement may be brought against any of the parties in the United States District Court for the Southern District
of New York, and each of the parties consents to the jurisdiction of the such court in any such action or proceeding and waives any objection to venue laid therein. 
 
Section 22.    Benefits of this Agreement; Rights of
Action.    Nothing in this Agreement shall be construed to give to any person or corporation other than the 

 

-10- 

Company and the Holder any legal or equitable right, remedy or claim under this Agreement; and this Agreement shall be for the sole and
exclusive benefit of the Company and the Holder. 
 
Section 23.    Counterparts.    This Agreement may be executed in one or more counterparts by facsimile signature, and with counterpart signature pages, each of which shall be an
original, and all of which together shall constitute one and the same Agreement. 
 
Section 24.    Headings.    The descriptive headings of the several paragraphs of this Agreement are inserted for convenience only and do not constitute a
part of this Agreement. 
 
Section
25.    Severability.    If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 
 

-11- 

 
IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed, as of the day and year first above written. 
 

	 MERCATOR SOFTWARE, INC.

	
	 By:
	 	 /s/    DAVID GORET
        

	 	 	 Name:
	 	 David Goret

	 	 	 Title:
	 	 SVP, GC

 
Attest:

 
/s/    KENNETH J.
HALL 

 

	 VECTOR CAPITAL II, L.P.

	
	 By:
	 	 ALEX SLUSKY
        

	 	 	 Name:
	 	 Alex Slusky

	 	 	 Title:
	 	 Managing Member, Vector Capital Partners II, LLC

	 	 	 	 	 Its: General Partner

Attest: 
 
/s/    D.W. CHAMBERS 

 
 

-12- 

 
THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND THE TRANSFER, RESALE OR OTHER DISPOSITION OF SUCH SECURITIES MAY ONLY BE MADE PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR A VALID EXEMPTION THEREFROM AND IN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES LAWS, AND BY DELIVERY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT THERE IS SUCH AN EXEMPTION. 
 
THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS OF THAT CERTAIN WARRANT AGREEMENT DATED AS OF OCTOBER 15, 2002 AND THAT CERTAIN SETTLEMENT AGREEMENT AND FULL RELEASE OF EVEN DATE, BY AND BETWEEN THE HOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST
TO THE SECRETARY OF THE COMPANY. 
 
EXERCISABLE ONLY
ON OR BEFORE 5:00 p.m. CONNECTICUT TIME 
October 15, 2009 
 
No. W- Vector—1 
105,000 Warrants 
 
WARRANT
CERTIFICATE 
 
MERCATOR SOFTWARE, INC.

 
This Warrant Certificate certifies that Vector
Capital II, L.P., a Delaware limited partnership is the registered holder (the “Holder”) of one hundred five thousand (105,000) Warrants (the “Warrants”) expiring October 15, 2009 to purchase shares of common stock of Mercator
Software, Inc., a Delaware corporation (the “Company”). Each Warrant entitles the Holder to purchase from the Company, on or after the issuance hereof, and on or before 5:00 p.m. Connecticut time on October 15, 2009 one fully paid and
nonassessable share of common stock of the Company, par value $.01 per share (“Common Stock”), at the exercise price (the “Exercise Price”) at the time in effect under the Warrant Agreement (as defined on the reverse hereof),
payable in lawful money of the United States of America, upon surrender of this Warrant Certificate and payment of such Exercise Price to the Company in Wilton, Connecticut, subject to the conditions set forth herein and in the Warrant Agreement and
Settlement Agreement, provided, however, that the number or kinds of shares of Common Stock or other securities (or in certain events other property) purchasable upon exercise of the Warrants and the Exercise Price referred to on the reverse hereof
may as of the date of this Warrant Certificate have been, or may after such date be, adjusted as a result of the occurrence of certain events, as more fully provided in the Warrant Agreement. Payment of the Exercise Price shall be made by certified
or official bank check payable to the order of the Company or as provided in Section 13 of the Warrant Agreement. 
 
No Warrant may be exercised after 5:00 p.m. Connecticut time on October 15, 2009 (the “Expiration Date”). 
 
Reference is hereby made to the further provisions of this
Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 
This Warrant Certificate shall not be valid unless countersigned by the Holder by the manual signature of one
of its authorized officers. 
 
Void after October
15, 2009 
 

 
MERCATOR
SOFTWARE, INC. 
 
The Warrants evidenced by this
Warrant Certificate are part of a duly authorized issue of Warrants issued pursuant to a Warrant Agreement, dated October 15, 2002 (the “Warrant Agreement”) and a Settlement Agreement and Full Release (the “Settlement
Agreement”), between the Company and Holder, which Warrant Agreement and Settlement Agreement are hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of
rights, obligations, duties and immunities thereunder of the Company and the Holder. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Warrant Agreement. Copies of the Warrant Agreement and
Settlement Agreement are available for inspection at the Company, located at 45 Danbury Road, Wilton, Connecticut, during regular business hours. 
 
Warrants may be exercised to purchase shares of Common Stock from the Company at any time, or from time to time on or after October 15,
2002 and on or before the Expiration Date, at the Exercise Price then in effect. The Holder may exercise the Warrants represented by this Warrant Certificate by surrendering the Warrant Certificate with the Form of Exercise attached herewith
properly completed and executed, together with payment of the Exercise Price at the time in effect, to the Company. In the event that an exercise of Warrants evidenced hereby shall be an exercise of less than the total number of Warrants evidenced
hereby, there shall be issued to the Holder a new Warrant Certificate evidencing the number of Warrants not exercised. The Holder may exchange the Warrants represented by this Warrant Certificate by surrendering the Warrant Certificate with the Form
of Exercise attached herewith properly completed and executed, together with a Notice of Exchange, to the Company. In the event that an exchange of Warrants evidenced hereby shall be an exchange of less than the total number of Warrants evidenced
hereby, there shall be issued to the Holder a new Warrant Certificate evidencing the number of Warrants not exchanged. No adjustment will be made for any cash dividends on any shares of Common Stock issuable upon exercise or exchange of this
Warrant. 
 
The Warrant Agreement provides that
upon the occurrence of certain events the Exercise Price may, subject to certain conditions, be adjusted and under certain circumstances the Warrant may become exercisable for securities or other assets other than the shares of Common Stock referred
to on the face hereof. If the Exercise Price is adjusted, the Warrant Agreement provides that the number of shares of Common Stock purchasable upon the exercise of each Warrant shall be adjusted. 
 
The Company may, but shall not be required to, issue fractions
of shares of Common Stock or any certificates that evidence fractional shares of Common Stock. In lieu of fractional shares of Common Stock, the Company shall make a cash payment therefor equal in amount to the product of the applicable fraction
multiplied by the current market price then in effect. 
 
The Warrants represented by this Warrant Certificate are not transferable or assignable, in whole or in part except to affiliates and partners of the Holder. The Company shall make no service or other charge in connection with any
such exchange of this Warrant Certificate, for the purpose of any exercise hereof, any distribution to the Holder hereof, and for all other purposes, except as provided in the Warrant Agreement. 
 

	 Mercator Software, Inc.

	
	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

 
Attest:

 

	
	 By:
	 	  

Secretary 
 
 

 
FORM OF
EXERCISE 
 
To Be Executed by the Holder in Order
to Exercise Warrants 
 
THE UNDERSIGNED
HOLDER hereby irrevocably elects to exercise ____________ Warrants represented by this Warrant Certificate, and to purchase the securities issuable upon the exercise of such Warrants, and requests that certificates for such securities shall be
issued in the name of 
 

(please insert name and taxpayer identification number) 
 
and be delivered to 
 

 

 

 

 

(please print or type name and address) 
 
and if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the name of, and
delivered to, the Holder at the address stated below: 
 

 

 

(Address) 
 
 

(Date) 
 
 

(Signature of the Holder)

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