Document:

Exhibit 4.14

 

SENOMYX,
INC.

 

and

 

                 ,
As Warrant Agent

 

 

FORM OF
DEBT SECURITIES

WARRANT AGREEMENT

 

 

Dated
As Of                     

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE 1

  	
  ISSUANCE OF WARRANTS AND EXECUTION AND
  DELIVERY OF WARRANT CERTIFICATES

  	
   

  
	
   

  	
   

  	
   

  
	
  1.1

  	
  Issuance
  of Warrants

  	
   

  
	
   

  	
   

  	
   

  
	
  1.2

  	
  Execution and Delivery of Warrant Certificates

  	
   

  
	
   

  	
   

  	
   

  
	
  1.3

  	
  Issuance of Warrant Certificates

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2

  	
  WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  2.1

  	
  Warrant
  Price

  	
   

  
	
   

  	
   

  	
   

  
	
  2.2

  	
  Duration
  of Warrants

  	
   

  
	
   

  	
   

  	
   

  
	
  2.3

  	
  Exercise
  of Warrants

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
  OTHER PROVISIONS RELATING TO RIGHTS OF
  HOLDERS OF WARRANT CERTIFICATES

  	
   

  
	
   

  	
   

  	
   

  
	
  3.1

  	
  No Rights as Holders of Warrant Debt Securities Conferred by Warrants
  or Warrant Certificates

  	
   

  
	
   

  	
   

  	
   

  
	
  3.2

  	
  Lost, Stolen, Mutilated or Destroyed Warrant Certificates

  	
   

  
	
   

  	
   

  	
   

  
	
  3.3

  	
  Holder of Warrant Certificate May Enforce Rights

  	
   

  
	
   

  	
   

  	
   

  
	
  3.4

  	
  Merger, Sale, Conveyance or Lease

  	
   

  
	
   

  	
   

  	
   

  
	
  3.5

  	
  Notice
  to Warrantholders

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4

  	
  EXCHANGE AND TRANSFER OF WARRANT
  CERTIFICATES

  	
   

  
	
   

  	
   

  	
   

  
	
  4.1

  	
  Exchange and Transfer of Warrant Certificates

  	
   

  
	
   

  	
   

  	
   

  
	
  4.2

  	
  Treatment of Holders of Warrant Certificates

  	
   

  
	
   

  	
   

  	
   

  
	
  4.3

  	
  Cancellation of Warrant Certificates

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
  CONCERNING THE WARRANT AGENT

  	
   

  
	
   

  	
   

  	
   

  
	
  5.1

  	
  Warrant
  Agent

  	
   

  
	
   

  	
   

  	
   

  
	
  5.2

  	
  Conditions of Warrant Agent’s Obligations

  	
   

  
	
   

  	
   

  	
   

  
	
  5.3

  	
  Resignation, Removal and Appointment of Successors

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6

  	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  6.1

  	
  Amendment

  	
   

  
	
   

  	
   

  	
   

  
	
  6.2

  	
  Notices and Demands to the Company and Warrant Agent

  	
   

  
	
   

  	
   

  	
   

  
	
  6.3

  	
  Addresses

  	
   

  
	
   

  	
   

  	
   

  
	
  6.4

  	
  Governing
  Law

  	
   

  

 

i

 

	
  6.5

  	
  Delivery
  of Prospectus

  	
   

  
	
   

  	
   

  	
   

  
	
  6.6

  	
  Obtaining of Governmental Approvals

  	
   

  
	
   

  	
   

  	
   

  
	
  6.7

  	
  Persons Having Rights Under Warrant Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  6.8

  	
  Headings

  	
   

  
	
   

  	
   

  	
   

  
	
  6.9

  	
  Counterparts

  	
   

  
	
   

  	
   

  	
   

  
	
  6.10

  	
  Inspection
  of Agreement

  	
   

  

 

ii

 

SENOMYX,
INC.

Form of Debt
Securities Warrant Agreement

 

DEBT
SECURITIES WARRANT AGREEMENT, dated as of                  
between SENOMYX, INC., a Delaware
corporation (the “Company”) and              ,
a [corporation] [national banking association] organized and existing under the
laws of              
and having a corporate trust office in               ,
as warrant agent (the “Warrant Agent”).

 

WHEREAS,
the Company has entered into an indenture dated as of [                
(the “Senior Indenture”), with                     ,
as trustee (such trustee, and any successors to such trustee, herein called the
“Senior Trustee”), providing for the
issuance from time to time of its unsubordinated debt securities, to be issued
in one or more series as provided in the Senior Indenture (the “Debt Securities”);] [              
(the “Subordinated Indenture”), with                  ,
as trustee (such trustee, and any successors to such trustee, herein called the
“Subordinated Trustee”), providing
for the issuance from time to time of its subordinated debt securities, to be
issued in one or more series as provided in the Subordinated Indenture (the “Debt Securities”);]

 

WHEREAS,
the Company proposes to sell [If Warrants are sold with other securities — title
of such other Securities being offered (the “Other
Securities”) with] warrant certificates evidencing one or more
warrants (the “Warrants” or, individually,
a “Warrant”) representing the right to
purchase [title of Debt Securities purchasable through exercise of Warrants]
(the “Warrant Debt Securities”), such
warrant certificates and other warrant certificates issued pursuant to this
Agreement being herein called the “Warrant Certificates”;
and

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing so to act, in connection with the issuance,
registration, transfer, exchange, exercise and replacement of the Warrant
Certificates, and in this Agreement wishes to set forth, among other things,
the form and provisions of the Warrant Certificates and the terms and
conditions on which they may be issued, registered, transferred, exchanged,
exercised and replaced;

 

NOW,
THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:

 

ARTICLE 1

 

ISSUANCE
OF WARRANTS AND EXECUTION AND 

DELIVERY OF WARRANT CERTIFICATES

 

1.1                               Issuance
of Warrants.  [If Warrants
alone—Upon issuance, each Warrant Certificate shall evidence one or more
Warrants.]  [If Other Securities and
Warrants—Warrant Certificates shall be [initially] issued in connection with
the issuance of the Other Securities [but shall be separately transferable on
and after                                             
(the “Detachable Date”)]
[and shall not be separately transferable] and each Warrant Certificate shall
evidence one or more Warrants.]  Each
Warrant evidenced thereby shall represent the right,

 

1

 

subject
to the provisions contained herein and therein, to purchase one Warrant Debt
Security.  [If Other Securities and
Warrants - Warrant Certificates shall be initially issued in units with the
Other Securities and each Warrant Certificate included in such a unit shall
evidence                  
Warrants for each [$            
principal amount] [            
shares] of Other Securities included in such unit.].

 

1.2                               Execution and Delivery of Warrant Certificates.  Each Warrant Certificate, whenever issued,
shall be in registered form substantially in the form set forth in Exhibit A
hereto, shall be dated the date of its countersignature by the Warrant Agent
and may have such letters, numbers, or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved
thereon as the officers of the Company executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not
inconsistent with the provisions of this Agreement, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto
or with any rule or regulation of any securities exchange on which the
Warrants may be listed, or to conform to usage. 
The Warrant Certificates shall be signed on behalf of the Company by any
of its present or future chief executive officers, presidents, senior vice
presidents, vice presidents, chief financial officers, chief legal officers,
treasurers, assistant treasurers, controllers, assistant controllers,
secretaries or assistant secretaries under its corporate seal reproduced
thereon.  Such signatures may be manual
or facsimile signatures of such authorized officers and may be imprinted or
otherwise reproduced on the Warrant Certificates.  The seal of the Company may be in the form of
a facsimile thereof and may be impressed, affixed, imprinted or otherwise
reproduced on the Warrant Certificates.

 

No Warrant Certificate
shall be valid for any purpose, and no Warrant evidenced thereby shall be
exercisable, until such Warrant Certificate has been countersigned by the
manual signature of the Warrant Agent. 
Such signature by the Warrant Agent upon any Warrant Certificate
executed by the Company shall be conclusive evidence that the Warrant
Certificate so countersigned has been duly issued hereunder.

 

In case any officer of
the Company who shall have signed any of the Warrant Certificates either
manually or by facsimile signature shall cease to be such officer before the
Warrant Certificates so signed shall have been countersigned and delivered by
the Warrant Agent, such Warrant Certificates may be countersigned and delivered
notwithstanding that the person who signed Warrant Certificates ceased to be
such officer of the Company; and any Warrant Certificate may be signed on
behalf of the Company by such persons as, at the actual date of the execution
of such Warrant Certificate, shall be the proper officers of the Company,
although at the date of the execution of this Agreement any such person was not
such officer.

 

The term “holder” or “holder
of a Warrant Certificate” as used herein shall mean any person in whose name at
the time any Warrant Certificate shall be registered upon the books to be
maintained by the Warrant Agent for that purpose [If Other Securities and
Warrants are not immediately detachable - or upon the registration of the Other
Securities prior to the Detachable Date. 
Prior to the Detachable Date, the Company will, or will cause the
registrar of the Other Securities to, make available at all times to the
Warrant Agent such information as to holders of the Other Securities as may be
necessary to keep the Warrant Agent’s records up to date].

 

2

 

1.3                               Issuance of Warrant Certificates.  Warrant Certificates evidencing the right to
purchase Warrant Debt Securities may be executed by the Company and delivered
to the Warrant Agent upon the execution of this Warrant Agreement or from time
to time thereafter.  The Warrant Agent
shall, upon receipt of Warrant Certificates duly executed on behalf of the
Company, countersign such Warrant Certificates and shall deliver such Warrant
Certificates to or upon the order of the Company.

 

ARTICLE 2

 

WARRANT
PRICE, DURATION AND

EXERCISE OF WARRANTS

 

2.1                               Warrant
Price.  During the period
specified in Section 2.2, each Warrant shall, subject to the terms of this
Warrant Agreement and the applicable Warrant Certificate, entitle the holder
thereof, to purchase the principal amount of Warrant Debt Securities specified
in the applicable Warrant Certificate at an exercise price of           %
of the principal amount thereof [plus accrued amortization, if any, of the
original issue discount of the Warrant Debt Securities] [plus accrued interest,
if any, from the most recent date from which interest shall have been paid on the
Warrant Debt Securities or, if no interest shall have been paid on the Warrant
Debt Securities, from the date of their initial issuance.]  [The original issue discount ($        
for each $1,000 principal amount of Warrant Debt Securities) will be amortized
at a           % annual rate,
computed on a[n] [semi-] annual basis [using a 360-day year consisting of
twelve 30-day months].] Such purchase price for the Warrant Debt Securities is
referred to in this Agreement as the “Warrant Price.”

 

2.2                               Duration
of Warrants.  Each Warrant may
be exercised in whole or in part at any time, as specified herein, on or after
[the date thereof] [           ]
and at or before [           ] p.m.,
[City] time, on             
or such later date as the Company may designate by notice to the Warrant Agent
and the holders of Warrant Certificates mailed to their addresses as set forth
in the record books of the Warrant Agent (the “Expiration Date”).  Each Warrant not exercised at or before [           ] p.m.,
[City] time, on the Expiration Date shall become void, and all rights of the
holder of the Warrant Certificate evidencing such Warrant under this Agreement
shall cease.

 

2.3                               Exercise
of Warrants.

 

(a)                                  During
the period specified in Section 2.2, the Warrants may be exercised to
purchase a whole number of Warrant Debt Securities in registered form by
providing certain information as set forth on the reverse side of the Warrant
Certificate and by paying in full, in lawful money of the United States of
America, [in cash or by certified check or official bank check in New York
Clearing House funds] [by bank wire transfer in immediately available funds]
the Warrant Price for each Warrant Debt Security with respect to which a
Warrant is being exercised to the Warrant Agent at its corporate trust office, provided that such exercise is subject to
receipt within five business days of such payment by the Warrant Agent of the
Warrant Certificate with the form of election to purchase Warrant Debt
Securities set forth on the reverse side of the Warrant Certificate properly
completed and duly executed.  The date on
which payment in full of the Warrant Price is received by the Warrant Agent
shall, subject to

 

3

 

receipt
of the Warrant Certificate as aforesaid, be deemed to be the date on which the
Warrant is exercised; provided, however,
that if, at the date of receipt of such Warrant Certificates and payment in
full of the Warrant Price, the transfer books for the Warrant Debt Securities
purchasable upon the exercise of such Warrants shall be closed, no such receipt
of such Warrant Certificates and no such payment of such Warrant Price shall be
effective to constitute the person so designated to be named as the holder of
record of such Warrant Debt Securities on such date, but shall be effective to
constitute such person as the holder of record of such Warrant Debt Securities
for all purposes at the opening of business on the next succeeding day on which
the transfer books for the Warrant Debt Securities purchasable upon the
exercise of such Warrants shall be opened, and the certificates for the Warrant
Debt Securities in respect of which such Warrants are then exercised shall be
issuable as of the date on such next succeeding day on which the transfer books
shall next be opened, and until such date the Company shall be under no duty to
deliver any certificate for such Warrant Debt Securities.  The Warrant Agent shall deposit all funds
received by it in payment of the Warrant Price in an account of the Company
maintained with it and shall advise the Company by telephone at the end of each
day on which a payment for the exercise of Warrants is received of the amount
so deposited to its account.  The Warrant
Agent shall promptly confirm such telephone advice to the Company in writing.

 

(b)                                  The
Warrant Agent shall, from time to time, as promptly as practicable, advise the
Company of (i) the number of Warrant Debt Securities with respect to which
Warrants were exercised, (ii) the instructions of each holder of the
Warrant Certificates evidencing such Warrants with respect to delivery of the
Warrant Debt Securities to which such holder is entitled upon such exercise, (iii) delivery
of Warrant Certificates evidencing the balance, if any, of the Warrants for the
remaining Warrant Debt Securities after such exercise, and (iv) such other
information as the Company or the [Senior] [Subordinated] Trustee shall
reasonably require.

 

(c)                                  As
soon as practicable after the exercise of any Warrant, the Company shall issue,
pursuant to the Indenture, in authorized denominations, to or upon the order of
the holder of the Warrant Certificate evidencing such Warrant, the Warrant Debt
Securities to which such holder is entitled, in fully registered form,
registered in such name or names as may be directed by such holder.  If fewer than all of the Warrants evidenced
by such Warrant Certificate were exercised, the Company shall execute, and an
authorized officer of the Warrant Agent shall manually countersign and deliver,
a new Warrant Certificate evidencing Warrants for the number of Warrant Debt
Securities remaining unexercised.

 

(d)                                  The
Company shall not be required to pay any stamp or other tax or other
governmental charge required to be paid in connection with any transfer involved
in the issue of the Warrant Debt Securities, and in the event that any such
transfer is involved, the Company shall not be required to issue or deliver any
Warrant Debt Securities until such tax or other charge shall have been paid or
it has been established to the Company’s satisfaction that no such tax or other
charge is due.

 

4

 

ARTICLE 3

 

OTHER
PROVISIONS RELATING TO RIGHTS OF 

HOLDERS OF WARRANT CERTIFICATES

 

3.1                               No Rights as Holders of Warrant Debt Securities Conferred by Warrants or
Warrant Certificates.  No
Warrant Certificate or Warrant evidenced thereby shall entitle the holder
thereof to any of the rights of a holder of Warrant Debt Securities, including,
without limitation, the right to receive the payment of principal of (or
premium, if any) or interest, if any, on the Warrant Debt Securities or to
enforce any of the covenants in the Indenture.

 

3.2                               Lost, Stolen, Mutilated or Destroyed Warrant Certificates.  Upon receipt by the Warrant Agent of evidence
reasonably satisfactory to it and the Company of the ownership of and the loss,
theft, destruction or mutilation of any Warrant Certificate and/or indemnity
reasonably satisfactory to the Warrant Agent and the Company and, in the case
of mutilation, upon surrender of the mutilated Warrant Certificate to the
Warrant Agent for cancellation, then, in the absence of notice to the Company
or the Warrant Agent that such Warrant Certificate has been acquired by a bona
fide purchaser, the Company shall execute, and an authorized officer of the
Warrant Agent shall manually countersign and deliver, in exchange for or in
lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new
Warrant Certificate of the same tenor and evidencing Warrants for a like
principal amount of Warrant Debt Securities. 
Upon the issuance of any new Warrant Certificate under this Section 3.2,
the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Warrant Agent) in connection
therewith.  Every substitute Warrant
Certificate executed and delivered pursuant to this Section 3.2 in lieu of
any lost, stolen or destroyed Warrant Certificate shall represent an additional
contractual obligation of the Company, whether or not the lost, stolen or
destroyed Warrant Certificate shall be at any time enforceable by anyone, and
shall be entitled to the benefits of this Agreement equally and proportionately
with any and all other Warrant Certificates duly executed and delivered
hereunder.  The provisions of this Section 3.2
are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement of mutilated, lost, stolen or
destroyed Warrant Certificates.

 

3.3                               Holder of Warrant Certificate May Enforce Rights.  Notwithstanding any of the provisions of this
Agreement, any holder of any Warrant Certificate, without the consent of the
Warrant Agent, the [Senior] [Subordinated] Trustee, the holder of any Warrant
Debt Securities or the holder of any other Warrant Certificate, may, in such
holder’s own behalf and for such holder’s own benefit, enforce, and may
institute and maintain any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, such holder’s right to
exercise the Warrants evidenced by such holder’s Warrant Certificate in the
manner provided in such holder’s Warrant Certificates and in this Agreement.

 

3.4                               Merger, Sale, Conveyance or Lease.  In case of (a) any share exchange,
merger or similar transaction of the Company with or into another person or
entity (other than a share exchange, merger or similar transaction in which the
Company is the acquiring or surviving corporation) or (b) the sale,
exchange, lease, transfer or other disposition of all or substantially all of
the properties and assets of the Company as an entirety (in any such case, a

 

5

 

“Reorganization Event”),
then, as a condition of such Reorganization Event, lawful provisions shall be
made, and duly executed documents evidencing the same from the Company’s
successor shall be delivered to the holders of the Warrants, so that such
successor shall succeed to and be substituted for the Company, and assume all
the Company’s obligations under, this Agreement and the Warrants.  The Company shall thereupon be relieved of
any further obligation hereunder or under the Warrants, and the Company as the
predecessor corporation may thereupon or at any time thereafter be dissolved,
wound up or liquidated.  Such successor
or assuming entity thereupon may cause to be signed, and may issue either in
its own name or in the name of the Company, any or all of the Warrants issuable
hereunder which heretofore shall not have been signed by the Company, and may
execute and deliver securities in its own name, in fulfillment of its
obligations to deliver Warrant Debt Securities upon exercise of the Warrants.  All the Warrants so issued shall in all
respects have the same legal rank and benefit under this Agreement as the
Warrants theretofore or thereafter issued in accordance with the terms of this
Agreement as though all of such Warrants had been issued at the date of the
execution hereof.  In any case of any
such Reorganization Event, such changes in phraseology and form (but not in
substance) may be made in the Warrants thereafter to be issued as may be
appropriate.

 

The Warrant Agent may receive a written opinion of legal counsel as
conclusive evidence that any such Reorganization Event complies with the
provisions of this Section 3.4.

 

3.5                               Notice to Warrantholders. 
In case the Company shall (a) effect any Reorganization Event or (b) make
any distribution on or in respect of the [title of Warrant Debt Securities] in
connection with the dissolution, liquidation or winding up of the Company, then
the Company shall mail to each holder of Warrants at such holder’s address as
it shall appear on the books of the Warrant Agent, at least ten days prior to
the applicable date hereinafter specified, a notice stating the date on which
such Reorganization Event, dissolution, liquidation or winding up is expected
to become effective, and the date as of which it is expected that holders of
[title of Warrant Debt Securities] of record shall be entitled to exchange
their shares of [title of Warrant Debt Securities] for securities or other
property deliverable upon such Reorganization Event, dissolution, liquidation
or winding up.  No failure to mail such
notice nor any defect therein or in the mailing thereof shall affect any such
transaction.

 

ARTICLE 4

 

EXCHANGE
AND TRANSFER OF WARRANT CERTIFICATES

 

4.1                               Exchange and Transfer of Warrant Certificates.  [If Other Securities with Warrants which are
immediately detachable - Upon] [If Other Securities with Warrants which are not
immediately detachable - Prior to the Detachable Date, a Warrant Certificate
may be exchanged or transferred only together with the Other Security to which
the Warrant Certificate was initially attached, and only for the purpose of
effecting or in conjunction with an exchange or transfer of such Other
Security.  Prior to any Detachable Date,
each transfer of the Other Security shall operate also to transfer the related Warrant
Certificates.  After the Detachable Date,
upon] surrender at the corporate trust office of the Warrant Agent, Warrant
Certificates evidencing Warrants may be exchanged for Warrant Certificates in
other denominations evidencing such Warrants or the transfer thereof may be
registered in whole or in part; provided
that such other Warrant Certificates evidence Warrants for the same
aggregate principal amount

 

6

 

of
Warrant Debt Securities as the Warrant Certificates so surrendered.  The Warrant Agent shall keep, at its
corporate trust office, books in which, subject to such reasonable regulations
as it may prescribe, it shall register Warrant Certificates and exchanges and
transfers of outstanding Warrant Certificates, upon surrender of the Warrant
Certificates to the Warrant Agent at its corporate trust office for exchange or
registration of transfer, properly endorsed or accompanied by appropriate
instruments of registration of transfer and written instructions for transfer,
all in form satisfactory to the Company and the Warrant Agent.  No service charge shall be made for any
exchange or registration of transfer of Warrant Certificates, but the Company
may require payment of a sum sufficient to cover any stamp or other tax or
other governmental charge that may be imposed in connection with any such
exchange or registration of transfer. 
Whenever any Warrant Certificates are so surrendered for exchange or
registration of transfer, an authorized officer of the Warrant Agent shall
manually countersign and deliver to the person or persons entitled thereto a
Warrant Certificate or Warrant Certificates duly authorized and executed by the
Company, as so requested.  The Warrant
Agent shall not be required to effect any exchange or registration of transfer
which will result in the issuance of a Warrant Certificate evidencing a Warrant
for a fraction of a Warrant Debt Security or a number of Warrants for a whole
number of Warrant Debt Securities and a fraction of a Warrant Debt
Security.  All Warrant Certificates
issued upon any exchange or registration of transfer of Warrant Certificates
shall be the valid obligations of the Company, evidencing the same obligations
and entitled to the same benefits under this Agreement as the Warrant
Certificate surrendered for such exchange or registration of transfer.

 

4.2                               Treatment of Holders of Warrant Certificates.  [If Other Securities and Warrants are not
immediately detachable—Prior to the Detachable Date, the Company, the Warrant
Agent and all other persons may treat the owner of the Other Security as the
owner of the Warrant Certificates initially attached thereto for any purpose
and as the person entitled to exercise the rights represented by the Warrants
evidenced by such Warrant Certificates, any notice to the contrary
notwithstanding.  After the Detachable
Date and prior to due presentment of a Warrant Certificate for registration of
transfer, the] [The] Company, the Warrant Agent and all other persons may treat
the registered holder of a Warrant Certificate as the absolute owner thereof
for any purpose and as the person entitled to exercise the rights represented
by the Warrants evidenced thereby, any notice to the contrary notwithstanding.

 

4.3                               Cancellation of Warrant Certificates.  Any Warrant Certificate surrendered for
exchange, registration of transfer or exercise of the Warrants evidenced
thereby shall, if surrendered to the Company, be delivered to the Warrant Agent
and all Warrant Certificates surrendered or so delivered to the Warrant Agent
shall be promptly canceled by the Warrant Agent and shall not be reissued and,
except as expressly permitted by this Agreement, no Warrant Certificate shall
be issued hereunder in exchange therefor or in lieu thereof.  The Warrant Agent shall deliver to the
Company from time to time or otherwise dispose of canceled Warrant Certificates
in a manner satisfactory to the Company.

 

7

 

ARTICLE 5

 

CONCERNING
THE WARRANT AGENT

 

5.1                               Warrant
Agent.  The Company hereby
appoints                               
as Warrant Agent of the Company in respect of the Warrants and the Warrant
Certificates upon the terms and subject to the conditions herein set forth, and
                       
hereby accepts such appointment.  The
Warrant Agent shall have the powers and authority granted to and conferred upon
it in the Warrant Certificates and hereby and such further power and authority
to act on behalf of the Company as the Company may hereafter grant to or confer
upon it.  All of the terms and provisions
with respect to such power and authority contained in the Warrant Certificates
are subject to and governed by the terms and provisions hereof.

 

5.2                               Conditions of Warrant Agent’s Obligations.  The Warrant Agent accepts its obligations
herein set forth upon the terms and conditions hereof, including the following
to all of which the Company agrees and to all of which the rights hereunder of
the holders from time to time of the Warrant Certificates shall be subject:

 

(a)                                  Compensation and Indemnification.  The Company agrees promptly to pay the
Warrant Agent the compensation to be agreed upon with the Company for all
services rendered by the Warrant Agent and to reimburse the Warrant Agent for
reasonable out-of-pocket expenses (including reasonable counsel fees) incurred
without negligence, bad faith or willful misconduct by the Warrant Agent in
connection with the services rendered hereunder by the Warrant Agent.  The Company also agrees to indemnify the
Warrant Agent for, and to hold it harmless against, any loss, liability or
expense incurred without negligence, bad faith or willful misconduct on the
part of the Warrant Agent, arising out of or in connection with its acting as
Warrant Agent hereunder, including the reasonable costs and expenses of
defending against any claim of such liability.

 

(b)                                  Agent for the Company.  In acting under this Warrant
Agreement and in connection with the Warrant Certificates, the Warrant Agent is
acting solely as agent of the Company and does not assume any obligations or
relationship of agency or trust for or with any of the holders of Warrant
Certificates or beneficial owners of Warrants.

 

(c)                                  Counsel.  The Warrant Agent may consult with counsel
satisfactory to it, which may include counsel for the Company, and the written
advice of such counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder in good
faith and in accordance with the advice of such counsel.

 

(d)                                  Documents.  The Warrant Agent shall be protected and
shall incur no liability for or in respect of any action taken or omitted by it
in reliance upon any Warrant Certificate, notice, direction, consent,
certificate, affidavit, statement or other paper or document reasonably
believed by it to be genuine and to have been presented or signed by the proper
parties.

 

(e)                                  Certain Transactions.  The Warrant Agent, and its officers,
directors and employees, may become the owner of, or acquire any interest in,
Warrants, with the same rights

 

8

 

that
it or they would have if it were not the Warrant Agent hereunder, and, to the
extent permitted by applicable law, it or they may engage or be interested in
any financial or other transaction with the Company and may act on, or as
depositary, trustee or agent for, any committee or body of holders of Warrant
Securities or other obligations of the Company as freely as if it were not the
Warrant Agent hereunder.  Nothing in this
Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as
[Senior] [Subordinated] Trustee under the [Senior] [Subordinated] Indenture.

 

(f)                                    No Liability for Interest.  Unless otherwise agreed with the Company, the
Warrant Agent shall have no liability for interest on any monies at any time
received by it pursuant to any of the provisions of this Agreement or of the
Warrant Certificates.

 

(g)                                 No Liability for Invalidity.  The Warrant Agent shall have no liability
with respect to any invalidity of this Agreement or any of the Warrant
Certificates (except as to the Warrant Agent’s countersignature thereon).

 

(h)                                 No Responsibility for Representations.  The Warrant Agent shall not be responsible
for any of the recitals or representations herein or in the Warrant
Certificates (except as to the Warrant Agent’s countersignature thereon), all
of which are made solely by the Company.

 

(i)                                    No Implied Obligations.  The Warrant Agent shall be obligated to
perform only such duties as are herein and in the Warrant Certificates
specifically set forth and no implied duties or obligations shall be read into
this Agreement or the Warrant Certificates against the Warrant Agent.  The Warrant Agent shall not be under any
obligation to take any action hereunder which may tend to involve it in any
expense or liability, the payment of which within a reasonable time is not, in
its reasonable opinion, assured to it. 
The Warrant Agent shall not be accountable or under any duty or
responsibility for the use by the Company of any of the Warrant Certificates
authenticated by the Warrant Agent and delivered by it to the Company pursuant
to this Agreement or for the application by the Company of the proceeds of the
Warrant Certificates.  The Warrant Agent
shall have no duty or responsibility in case of any default by the Company in
the performance of its covenants or agreements contained herein or in the
Warrant Certificates or in the case of the receipt of any written demand from a
holder of a Warrant Certificate with respect to such default, including,
without limiting the generality of the foregoing, any duty or responsibility to
initiate or attempt to initiate any proceedings at law or otherwise or, except
as provided in Section 6.2 hereof, to make any demand upon the Company.

 

5.3                               Resignation, Removal and Appointment of Successors.

 

(a)                                  The
Company agrees, for the benefit of the holders from time to time of the Warrant
Certificates, that there shall at all times be a Warrant Agent hereunder until
all the Warrants have been exercised or are no longer exercisable.

 

(b)                                  The
Warrant Agent may at any time resign as agent by giving written notice to the
Company of such intention on its part, specifying the date on which its desired
resignation shall become effective; provided
that such date shall not be less than three months after the date on
which such notice is given unless the Company otherwise agrees.  The Warrant

 

9

 

Agent
hereunder may be removed at any time by the filing with it of an instrument in
writing signed by or on behalf of the Company and specifying such removal and
the intended date when it shall become effective.  Such resignation or removal shall take effect
upon the appointment by the Company, as hereinafter provided, of a successor
Warrant Agent (which shall be a bank or trust company authorized under the laws
of the jurisdiction of its organization to exercise corporate trust powers) and
the acceptance of such appointment by such successor Warrant Agent.  The obligation of the Company under Section 5.2(a) shall
continue to the extent set forth therein notwithstanding the resignation or
removal of the Warrant Agent.

 

(c)                                  In
case at any time the Warrant Agent shall resign, or shall be removed, or shall
become incapable of acting, or shall be adjudged a bankrupt or insolvent, or
shall commence a voluntary case under the Federal bankruptcy laws, as now or
hereafter constituted, or under any other applicable Federal or state
bankruptcy, insolvency or similar law or shall consent to the appointment of or
taking possession by a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Warrant Agent or its property
or affairs, or shall make an assignment for the benefit of creditors, or shall
admit in writing its inability to pay its debts generally as they become due,
or shall take corporate action in furtherance of any such action, or a decree
or order for relief by a court having jurisdiction in the premises shall have
been entered in respect of the Warrant Agent in an involuntary case under the
Federal bankruptcy laws, as now or hereafter constituted, or any other
applicable Federal or state bankruptcy, insolvency or similar law, or a decree
or order by a court having jurisdiction in the premises shall have been entered
for the appointment of a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or similar official) of the Warrant Agent or of its property or
affairs, or any public officer shall take charge or control of the Warrant
Agent or of its property or affairs for the purpose of rehabilitation,
conservation, winding up or liquidation, a successor Warrant Agent, qualified
as aforesaid, shall be appointed by the Company by an instrument in writing,
filed with the successor Warrant Agent. 
Upon the appointment as aforesaid of a successor Warrant Agent and
acceptance by the successor Warrant Agent of such appointment, the Warrant
Agent shall cease to be Warrant Agent hereunder.

 

(d)                                  Any
successor Warrant Agent appointed hereunder shall execute, acknowledge and
deliver to its predecessor and to the Company an instrument accepting such
appointment hereunder, and thereupon such successor Warrant Agent, without any
further act, deed or conveyance, shall become vested with all the authority,
rights, powers, trusts, immunities, duties and obligations of such predecessor
with like effect as if originally named as Warrant Agent hereunder, and such
predecessor, upon payment of its charges and disbursements then unpaid, shall
thereupon become obligated to transfer, deliver and pay over, and such
successor Warrant Agent shall be entitled to receive, all monies, securities
and other property on deposit with or held by such predecessor, as Warrant
Agent hereunder.

 

(e)                                  Any
corporation into which the Warrant Agent hereunder may be merged or converted
or any corporation with which the Warrant Agent may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Warrant Agent shall be a party, or any corporation to which the Warrant Agent
shall sell or otherwise transfer all or substantially all the assets and
business of the Warrant Agent, provided that
it shall be qualified as aforesaid, shall be the successor Warrant Agent under
this Agreement without the execution or filing of any paper or any further act
on the part of any of the parties hereto.

 

10

 

ARTICLE 6

 

MISCELLANEOUS

 

6.1                               Amendment.  This Agreement may be amended by the parties hereto,
without the consent of the holder of any Warrant Certificate, for the purpose
of curing any ambiguity, or of curing, correcting or supplementing any
defective provision contained herein, or making any other provisions with
respect to matters or questions arising under this Agreement as the Company and
the Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely
affect the interests of the holders of the Warrant Certificates.

 

6.2                               Notices and Demands to the Company and Warrant Agent.  If the Warrant Agent shall receive any notice
or demand addressed to the Company by the holder of a Warrant Certificate
pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall
promptly forward such notice or demand to the Company.

 

6.3                               Addresses.  Any communication from the Company to the
Warrant Agent with respect to this Agreement shall be addressed to                              ,
Attention:                          
and any communication from the Warrant Agent to the Company with respect to
this Agreement shall be addressed to Senomyx, Inc., 11099 North Torrey
Pines Road, La Jolla, California 92037, Attention:  General Counsel (or such other address as
shall be specified in writing by the Warrant Agent or by the Company).

 

6.4                               Governing
Law.  This Agreement and each
Warrant Certificate issued hereunder shall be governed by and construed in
accordance with the laws of the State of New York.

 

6.5                               Delivery
of Prospectus.  The Company
shall furnish to the Warrant Agent sufficient copies of a prospectus meeting
the requirements of the Securities Act of 1933, as amended, relating to the
Warrant Debt Securities deliverable upon exercise of the Warrants (the “Prospectus”), and
the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant
Agent will deliver to the holder of the Warrant Certificate evidencing such
Warrant, prior to or concurrently with the delivery of the Warrant Debt
Securities issued upon such exercise, a Prospectus.

 

The Warrant Agent
shall not, by reason of any such delivery, assume any responsibility for the
accuracy or adequacy of such Prospectus.

 

6.6                               Obtaining of Governmental Approvals.  The Company will from time to time take all
action which may be necessary to obtain and keep effective any and all permits,
consents and approvals of governmental agencies and authorities and securities
act filings under United States Federal and state laws (including without
limitation a registration statement in respect of the Warrants and Warrant Debt
Securities under the Securities Act of 1933, as amended), which may be or
become requisite in connection with the issuance, sale, transfer, and delivery
of the Warrant Debt Securities issued upon exercise of the Warrants, the
issuance, sale, transfer and delivery of the Warrants or upon the expiration of
the period during which the Warrants are exercisable.

 

11

 

6.7                               Persons Having Rights Under Warrant Agreement.  Nothing in this Agreement shall give to any
person other than the Company, the Warrant Agent and the holders of the Warrant
Certificates any right, remedy or claim under or by reason of this Agreement.

 

6.8                               Headings.  The descriptive headings of the several
Articles and Sections of this Agreement are inserted for convenience only and
shall not control or affect the meaning or construction of any of the
provisions hereof.

 

6.9                               Counterparts.  This Agreement may be executed in any number
of counterparts, each of which as so executed shall be deemed to be an
original, but such counterparts shall together constitute but one and the same
instrument.

 

6.10                        Inspection of Agreement. 
A copy of this Agreement shall be available at all reasonable times at
the principal corporate trust office of the Warrant Agent for inspection by the
holder of any Warrant Certificate.  The
Warrant Agent may require such holder to submit his Warrant Certificate for
inspection by it.

 

12

 

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

 

	
   

  	
  SENOMYX,
  INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Its

  	
   

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  , as

  
	
   

  	
  Warrant Agent

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Its

  	
   

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
							

 

 

[SIGNATURE PAGE TO DEBT
SECURITIES WARRANT AGREEMENT]

 

13

 

EXHIBIT A

 

FORM OF
WARRANT CERTIFICATE

[Face of Warrant Certificate]

 

	
  [Form if
  Warrants are attached to Other Securities and are not immediately detachable.

  	
   

  	
  Prior to                   ,
  this Warrant Certificate cannot be transferred or exchanged unless attached
  to a [Title of Other Security].]

  
	
   

  	
   

  	
   

  
	
  [Form of
  Legend if Warrants are not immediately exercisable.

  	
   

  	
  Prior to                  ,
  Warrants evidenced by this Warrant Certificate cannot be exercised.]

  

 

EXERCISABLE ONLY
IF COUNTERSIGNED BY THE WARRANT

AGENT AS PROVIDED HEREIN

 

VOID AFTER [           ] P.M.,
[CITY] TIME, ON                   ,

 

SENOMYX, INC.

 

WARRANT
CERTIFICATE REPRESENTING

WARRANTS TO PURCHASE

[TITLE OF WARRANT DEBT SECURITIES]

 

 

	
  No.             

  	
   

  	
            
  Warrants

  

 

This certifies that                  
or registered assigns is the registered owner of the above indicated number of
Warrants, each Warrant entitling such owner [If Warrants are attached to Other
Securities and are not immediately detachable —, subject to the registered
owner qualifying as a “Holder” of this Warrant Certificate, as hereinafter
defined)] to purchase, at any time [after [            ] p.m.,
[City] time, on              
and] on or before [           ] p.m.,
[City] time, on               ,
$            
principal amount of [Title of Warrant Debt Securities] (the “Warrant Debt Securities”), of Senomyx, Inc.
(the “Company”), issued or to be issued
under the Indenture (as hereinafter defined), on the following basis:  during the period from              ,
through and including           ,
each Warrant shall entitle the Holder thereof, subject to the provisions of
this Agreement, to purchase the principal amount of Warrant Debt Securities
stated in the Warrant Certificate at the warrant price (the “Warrant Price”) of         %
of the principal amount thereof [plus accrued amortization, if any, of the
original issue discount of the Warrant Debt Securities] [plus accrued interest,
if any, from the most recent date from which interest shall have been paid on
the Warrant Debt Securities or, if no interest shall have been paid on the
Warrant Debt Securities, from the date of their original issuance].  [The original issue discount ($        
for each $1,000 principal amount of Warrant Debt Securities) will be amortized
at a        % annual rate, computed on a[n]
[semi-]annual basis [using a 360-day year consisting of twelve 30-day
months].  The Holder may exercise the
Warrants evidenced hereby by providing certain information set forth on the
back hereof and by paying in full, in lawful

 

A-1

 

money of the
United States of America, [in cash or by certified check or official bank check
in New York Clearing House funds] [by bank wire transfer in immediately
available funds], the Warrant Price for each Warrant Debt Security with respect
to which this Warrant is exercised to the Warrant Agent (as hereinafter
defined) and by surrendering this Warrant Certificate, with the purchase form
on the back hereof duly executed, at the corporate trust office of [name of
Warrant Agent], or its successor as warrant agent (the “Warrant Agent”),
which is, on the date hereof, at the address specified on the reverse hereof,
and upon compliance with and subject to the conditions set forth herein and in
the Warrant Agreement (as hereinafter defined).

 

The term “Holder” as used herein shall mean [If Warrants
are attached to Other Securities and are not immediately detachable—, prior to                      ,
          (the “Detachable Date”), the registered
owner of the Company’s [title of Other Securities] to which this Warrant
Certificate was initially attached, and after such Detachable Date,] the person
in whose name at the time this Warrant Certificate shall be registered upon the
books to be maintained by the Warrant Agent for that purpose pursuant to Section 4
of the Warrant Agreement.

 

The Warrants evidenced by
this Warrant Certificate may be exercised to purchase Warrant Debt Securities
in the principal amount of $1,000 or any integral multiple thereof in
registered form.  Upon any exercise of fewer than
all of the Warrants evidenced by this Warrant Certificate, there shall be
issued to the Holder hereof a new Warrant Certificate evidencing Warrants for
the aggregate principal amount of Warrant Debt Securities remaining
unexercised.

 

This Warrant Certificate
is issued under and in accordance with the Warrant Agreement dated as of                    ,
        (the “Warrant
Agreement”), between the Company and the Warrant Agent and is
subject to the terms and provisions contained in the Warrant Agreement, to all
of which terms and provisions the Holder of this Warrant Certificate consents
by acceptance hereof.  Copies of the Warrant Agreement
are on file at the above-mentioned office of the Warrant Agent.

 

The Warrant Debt
Securities to be issued and delivered upon the exercise of Warrants evidenced
by this Warrant Certificate will be issued under and in accordance with an
Indenture, [dated as of                     ,
           (the “Senior Indenture”), between the
Company and                  ,
as trustee (such trustee, and any successors to such trustee, the “Senior Trustee”)] [dated as of              ,
        , (the “Subordinated
Indenture”), between the Company and              ,
as trustee (such trustee, and any successors to such trustee, the “Subordinated Trustee”)] and will be
subject to the terms and provisions contained in the Warrant Debt Securities
and in the Indenture.  Copies of the [Senior]
[Subordinated] Indenture, including the form of the Warrant Debt Securities,
are on file at the corporate trust office of the Trustee.

 

[If Warrants are attached
to Other Securities and are not immediately detachable—Prior to the Detachable Date, this
Warrant Certificate may be exchanged or transferred only together with the
[Title of Other Securities] (the “Other Securities”)
to which this Warrant Certificate was initially attached, and only for the
purpose of effecting or in conjunction with, an exchange or transfer of such
Other Security.  Additionally, on or
prior to the Detachable Date, each transfer of such Other Security on the
register of the Other Securities shall operate also to transfer this Warrant
Certificate.  After such date, transfer
of this] [If Warrants are attached to Other 

 

A-2

 

Securities and are
immediately detachable — Transfer of this] Warrant Certificate may be
registered when this Warrant Certificate is surrendered at the corporate trust
office of the Warrant Agent by the registered owner or such owner’s assigns, in
the manner and subject to the limitations provided in the Warrant Agreement.

 

[If Other Securities with
Warrants which are not immediately detachable-Except as provided in the
immediately preceding paragraph, after] [If Other Securities with Warrants
which are immediately detachable or Warrants alone—After] countersignature by
the Warrant Agent and prior to the expiration of this Warrant Certificate, this
Warrant Certificate may be exchanged at the corporate trust office of the
Warrant Agent for Warrant Certificates representing Warrants for the same
aggregate principal amount of Warrant Debt Securities.

 

This Warrant Certificate
shall not entitle the Holder hereof to any of the rights of a holder of the
Warrant Debt Securities,
including, without limitation, the right to receive payments of principal of
(and premium, if any) or interest, if any, on the Warrant Debt Securities or to
enforce any of the covenants of the Indenture.

 

Reference is hereby made
to the further provisions of this Warrant Certificate set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

This Warrant Certificate
shall not be valid or obligatory for any purpose until countersigned by the
Warrant Agent.

 

A-3

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be
executed in its name and on its behalf by the facsimile signatures of its duly
authorized officers.

 

	
  Dated:

  	
   

  	
   

  	
  SENOMYX,
  INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Its

  	
   

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Countersigned:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  As Warrant Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  	
   

  	
   

  
	
   

  	
     Authorized
  Signature

  	
   

  
								

 

A-4

 

[REVERSE OF
WARRANT CERTIFICATE]

 

(Instructions for
Exercise of Warrants)

 

To exercise any Warrants
evidenced hereby for Warrant Debt Securities (as hereinafter defined), the
Holder must pay, in lawful money of the United States of America, [in cash or
by certified check or official bank check in New York Clearing House funds] [by
bank wire transfer in immediately available funds], the Warrant Price in full
for Warrants exercised, to [Warrant Agent] [address of Warrant Agent], Attn:                   ,
which payment must specify the name of the Holder and the number of Warrants
exercised by such Holder.  In addition,
the Holder must complete the information required below and present this
Warrant Certificate in person or by mail (certified or registered mail is
recommended) to the Warrant Agent at the appropriate address set forth
above.  This Warrant Certificate,
completed and duly executed, must be received by the Warrant Agent within five
business days of the payment.

 

(To be executed
upon exercise of Warrants)

 

The undersigned hereby
irrevocably elects to exercise               
Warrants, represented by this Warrant Certificate, to purchase $      
principal amount of the [Title of Warrant Debt Securities] (the “Warrant Debt Securities”)
of Senomyx, Inc. and represents that he has tendered payment for such
Warrant Debt Securities, in lawful money of the United States of America, [in
cash or by certified check or official bank check in New York Clearing House
funds] [by bank wire transfer in immediately available funds], to the order of Senomyx, Inc.,
c/o [insert name and address of Warrant Agent], in the amount of $              
in accordance with the terms hereof.  The
undersigned requests that said principal amount of Warrant Debt Securities be
in fully registered form in the authorized denominations, registered in such
names and delivered all as specified in accordance with the instructions set
forth below.

 

If the number of Warrants
exercised is less than all the Warrants evidenced hereby, the undersigned
requests that a new Warrant Certificate evidencing the Warrants for the
aggregate principal amount of Warrant Debt Securities remaining unexercised be
issued and delivered to the undersigned unless otherwise specified in the
instructions below.

 

	
  Dated

  	
   

  	
   

  	
  Name

  	
   

  
	
   

  	
   

  	
  (Please
  Print)

  
	
   

  	
   

  
	
   

  	
  Address

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Insert Social
  Security or Other Identifying

  Number of Holder)

  
						

 

A-5

 

	
   

  	
   

  
	
  Signature
  Guaranteed

  	
  Signature

  
	
   

  	
   

  
	
   

  	
  (Signature must
  conform in all respects to

  name of holder as specified on the face of

  this Warrant Certificate and must bear a

  signature guarantee by a bank, trust

  company or member broker of the New

  York, Midwest or Pacific Stock Exchange)

  
	
   

  	
   

  
	
  This Warrant may
  be exercised at the following addresses:

  	
   

  

 

	
   

  	
  By hand at

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By mail at

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

[Instructions as
to form and delivery of Warrant Debt Securities and, if applicable, Warrant
Certificates evidencing Warrants for the number of Warrant Debt Securities
remaining unexercised — complete as appropriate.]

 

A-6

 

ASSIGNMENT

 

[Form of
assignment to be executed if

Warrant Holder desires to transfer Warrant)

 

FOR VALUE RECEIVED,                                   
hereby sells, assigns and transfers unto:

 

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (Please print
  name and address including zip

  code)

  	
   

  	
  Please insert
  Social Security or other

  identifying number

  

 

the right
represented by the within Warrant to purchase $       
aggregate principal amount of [Title of Warrant Debt Securities] of Senomyx, Inc.
to which the within Warrant relates and appoints             
attorney to transfer such right on the books of the Warrant Agent with full
power of substitution in the premises.

 

	
  Dated

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
  (Signature must
  conform in all respects to

  name of holder as specified on the face of

  the Warrant)

  
	
   

  	
   

  
	
  Signature
  Guaranteed

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
						

 

A-7<PAGE>

                                                                    EXHIBIT 10.1

EXECUTION VERSION

                        SIXTH AMENDMENT TO LOAN DOCUMENTS
                              AND WAIVER AGREEMENT

      THIS SIXTH AMENDMENT TO LOAN DOCUMENTS AND WAIVER AGREEMENT (this "SIXTH
AMENDMENT") is made as of the 27th day of September, 2005, among INTELLIGROUP,
INC., a corporation organized under the laws of the State of New Jersey and
EMPOWER, INC., a corporation organized under the laws of the State of Michigan
(each a "BORROWER" and collectively "BORROWERS"), the financial institutions
which are now or which hereafter become a party hereto (collectively, the
"LENDERS" and individually a "LENDER") and PNC BANK, NATIONAL ASSOCIATION
("PNC"), as agent for Lenders (PNC, in such capacity, the "AGENT").

                                   BACKGROUND

      A. Borrowers have executed and delivered to PNC, in its capacity as the
Agent and sole Lender with respect to this transaction, one or more promissory
notes, letter agreements, loan agreements, security agreements, mortgages,
pledge agreements, collateral assignments, and other agreements, instruments,
certificates and documents, some or all of which are more fully described on
attached Exhibit A, which is made a part of this Sixth Amendment (collectively,
as amended from time to time, the "LOAN DOCUMENTS"), which Loan Documents
evidence or secure some or all of Borrowers' obligations to Lenders for one or
more loans or other extensions of credit (the "OBLIGATIONS").

      B. Borrowers, Agent and Lenders desire to amend the Loan Documents as
provided for in this Sixth Amendment.

      NOW, THEREFORE, in consideration of the mutual covenants herein contained
and intending to be legally bound hereby, the parties hereto agree as follows:

      1. Certain of the Loan Documents are amended as set forth in Exhibit A.
Any and all references to any Loan Document in any other Loan Document shall be
deemed to refer to such Loan Document as amended by this Sixth Amendment. This
Sixth Amendment is deemed incorporated into each of the Loan Documents. Any
initially capitalized terms used in this Sixth Amendment without definition
shall have the meanings assigned to those terms in the Loan Documents. To the
extent that any term or provision of this Sixth Amendment is or may be
inconsistent with any term or provision in any Loan Document, the terms and
provisions of this Sixth Amendment shall control.

      2. Borrowers hereby certify that, except as otherwise waived as set forth
in Exhibit A: (a) all of their representations and warranties in the Loan
Documents, as amended by this Sixth Amendment, are, except as may otherwise be
stated in this Sixth Amendment: (i) true and correct as of the date of this
Sixth Amendment, (ii) ratified and confirmed without condition as if made anew,
and (iii) incorporated into this Sixth Amendment by reference; (b) no Event of
Default or event which, with the passage of time or the giving of notice or
both, would constitute an Event of Default, exists under any Loan Document which
will not be cured by the execution and effectiveness of this Sixth Amendment;
(c) no consent, approval, order or authorization of, or registration or filing
with, any third party is required in connection with the execution, delivery and
carrying out of this Sixth Amendment or, if required, has been obtained; and (d)
this Sixth Amendment has been duly authorized, executed and delivered so that it
constitutes the legal, valid and binding obligation of Borrowers, enforceable in
accordance with its terms. Borrowers confirm that the Obligations remain
outstanding without defense, set off, counterclaim, discount or charge of any
kind as of the date of this Sixth Amendment.

                                       1
<PAGE>

      3. Borrowers hereby confirm that any collateral for the Obligations,
including liens, security interests, mortgages, and pledges granted by Borrowers
or third parties (if applicable), shall continue unimpaired and in full force
and effect, and shall cover and secure all of Borrowers' existing and future
Obligations, as modified by this Sixth Amendment.

      4. As a condition precedent to the effectiveness of this Sixth Amendment,
Borrowers shall comply with the terms and conditions (if any) specified in
Exhibit A.

      5. This Sixth Amendment may be signed in any number of counterpart copies
and by the parties to this Sixth Amendment on separate counterparts, but all
such copies shall constitute one and the same instrument. Delivery of an
executed counterpart of a signature page to this Sixth Amendment by facsimile
transmission shall be effective as delivery of a manually executed counterpart.
Any party so executing this Sixth Amendment by facsimile transmission shall
promptly deliver a manually executed counterpart, provided that any failure to
do so shall not affect the validity of the counterpart executed by facsimile
transmission.

      6. This Sixth Amendment will be binding upon and inure to the benefit of
Borrowers, Agent and Lenders and their respective successors and assigns.

      7. This Sixth Amendment will be interpreted and the rights and liabilities
of the parties hereto determined in accordance with the laws of the State of New
Jersey, excluding its conflict of laws rules.

      8. Except as amended hereby, the terms and provisions of the Loan
Documents remain unchanged, are and shall remain in full force and effect unless
and until modified or amended in writing in accordance with their terms, and are
hereby ratified and confirmed. Except as expressly provided herein, this Sixth
Amendment shall not constitute an amendment, waiver, consent or release with
respect to any provision of any Loan Document, a waiver of any default or Event
of Default under any Loan Document, or a waiver or release of any of Agent's or
Lenders' rights and remedies (all of which are hereby reserved). BORROWERS
EXPRESSLY RATIFY AND CONFIRM THE WAIVER OF JURY TRIAL PROVISIONS CONTAINED IN
THE LOAN DOCUMENTS.

                            [SIGNATURE PAGE FOLLOWS]

                                       2
<PAGE>

      WITNESS the due execution of this Sixth Amendment as a document under seal
as of the date first written above.

                                INTELLIGROUP, INC.

                                By: /s/ Madhu Poomalil
                                   -------------------------------
                                Name:   Madhu Poomalil
                                Title:  Chief Financial Officer and Treasurer

                                499 Thornall Street
                                Edison, New Jersey 08837

                                EMPOWER, INC.

                                By: /s/ Madhu Poomalil
                                   -------------------------------
                                Name:   Madhu Poomalil
                                Title:  Treasurer

                                c/o Intelligroup, Inc.
                                499 Thornall Street
                                Edison, New Jersey 08837

                                PNC BANK, NATIONAL ASSOCIATION, as Lender
                                and as Agent

                                By: /s/ Marc J. Hansen
                                   -------------------------------
                                Name:   Marc J. Hansen
                                Title:  Vice President

                                PNC Business Credit
                                70 East 55th Street, 14th Floor
                                New York, New York 10022

                                Commitment Percentage:  100%

                                       3
<PAGE>

                                  EXHIBIT A TO
             SIXTH AMENDMENT TO LOAN DOCUMENTS AND WAIVER AGREEMENT
                         DATED AS OF SEPTEMBER 27, 2005

A.       The "Loan Documents" that are the subject of this Sixth Amendment
         include the following (as any of the foregoing have previously been
         amended, modified or otherwise supplemented):

         1.       The Amended and Restated Revolving Credit Loan and Security
                  Agreement dated May 31, 2000, as amended by the: (a) First
                  Amendment to Loan Documents and Waiver Agreement dated March
                  27, 2002, (b) Second Amendment to Loan Documents and Waiver
                  Agreement dated January 6, 2003, (c) Third Amendment to Loan
                  Documents dated July 21, 2003, (d) Fourth Amendment to Loan
                  Documents and Waiver Agreement dated October 2, 2003, and (e)
                  Fifth Amendment to Loan Documents dated as of September 29,
                  2004, and as further amended by this Sixth Amendment to Loan
                  Documents and Waiver Agreement (as amended, the "Loan
                  Agreement");

         2.       The First Amended and Restated Secured Revolving Note dated
                  July 21, 2003 (the "Note"); and

         2.       All other documents, instruments (including, without
                  limitation, promissory notes), agreements, and certificates
                  executed and delivered in connection with the Loan Documents.

B. The Loan Documents are hereby amended as follows:

         1.       The Loan Agreement, the Note and all the other Loan Documents
                  are hereby amended to provide that (a) Borrowers shall have no
                  option at any time to elect to borrow, convert to or continue
                  a Eurodollar Rate Loan, and (b) all Advances shall bear
                  interest at the Revolving Interest Rate.

         2.       Article I of the Loan Agreement, "Definitions", Section 1.2,
                  "General Terms", is hereby amended to amend and restate the
                  definitions of "Change of Management" and "Revolving Interest
                  Rate" as follows:

                           "Change of Management" shall mean any change in
                  members of Borrowers' executive team, that is in the positions
                  of Chief Executive Officer, President or Chief Financial
                  Officer which it is not acceptable to Agent in its discretion.

                           "Revolving Interest Rate" shall mean an interest rate
                  per annum equal to the Base Rate.

                                       4
<PAGE>

                           "Undrawn Availability" at a particular date shall
                  mean an amount equal to (a) the lesser of (i) the Formula
                  Amount plus the redemption value of the BlackRock Account,
                  specifically Account No. 26198 (ii) the Maximum Revolving
                  Advance Amount, minus (b) the sum of (i) the outstanding
                  amount of Advances plus (ii) all amounts due and owing to
                  Borrowers' trade creditors which are outstanding sixty (60)
                  days beyond normal trade terms, plus (iii) fees and expenses
                  for which Borrowers are liable hereunder but which have not
                  been paid or charged to Borrowers' Account.

         3. Article XIII of the Loan Agreement, "Effective Date and
         Termination", is hereby amended to amend and restate Section 13.1,
         "Term", as follows:

                                    13.1 Term. This Agreement, which shall inure
                  to the benefit of and shall be binding upon the respective
                  successors and permitted assigns of each Borrower, Agent and
                  each Lender, shall become effective on the date hereof and
                  shall continue in full force and effect until May 31, 2006
                  (the "Term") unless sooner terminated as herein provided.
                  Borrowers may terminate this Agreement at any time upon ninety
                  (90) days' prior written notice upon payment in full of the
                  Obligations. In the event the Obligations are prepaid in full
                  prior to May 31, 2006, Borrowers shall pay to Agent for the
                  benefit of Lenders an early termination fee in an amount equal
                  to one-half of one percent (.50%) of the Maximum Revolving
                  Advance Amount. Provided, however, no Early Termination Fee
                  shall be due in the event of a refinancing of the Obligations
                  by PNC.

C. Waiver Agreement:

         1. Borrowers hereby acknowledge and disclose that:

            (a)     Under the terms of the Loan Agreement, Borrowers
                    agreed to comply with certain covenants, terms and
                    conditions. Borrowers have failed to comply with a
                    number of such covenants, terms and conditions, as
                    enumerated on Schedule A attached hereto and made a
                    part hereof.

            (b)     These failures to comply constitute Events of Default
                    under the terms and conditions of the Loan Agreement.

         2. Borrowers have requested that Lenders waive:

            (a)     the Events of Default enumerated on Schedule A; and

            (b)     the rights and remedies available as a result of the
                    existence or future occurrence of the existing and
                    prospective Events of Default enumerated on Schedule
                    A.

                                       5
<PAGE>

         3. Lenders hereby waive:

            (a)      the Events of Default enumerated on Schedule A; and

            (b)      the right to exercise the rights and remedies which
                     are available to Agent and Lenders pursuant to the
                     Loan Agreement, at law and in equity as a result of
                     the existence of the Events of Default enumerated on
                     Schedule A.

         4. Borrowers and Agent hereby agree and acknowledge, as follows:

            (a)      These waivers are specific to the Events of Default
                     enumerated on Schedule A.

            (b)      These waivers are not intended and shall not be
                     deemed to extend to any other Default or Event of
                     Default whether known or unknown which may presently
                     exist under the Loan Agreement or which may occur
                     hereafter.

            (c)      These waivers shall not obligate the Agent or any
                     Lender, or be construed to require the Agent or any
                     Lender, to waive any other Defaults or Events of
                     Default, whether now existing or which may occur
                     after the date of this waiver.

            (d)      These waivers shall not relieve or release Borrowers
                     in any way from any of their duties, obligations,
                     covenants or agreements under the Loan Agreement or
                     the other Loan Documents or from the consequences of
                     any Defaults or Events of Default thereunder, except
                     as expressly described above.

            (e)      To the extent Borrowers' Average Undrawn Availibility
                     was less than Five Million Dollars ($5,000,000.00)
                     during the month of November, 2004, any failure by
                     Borrowers to comply with the financial covenant
                     requirements set forth in Sections 7.18, "Total
                     Stockholders Equity", 7.19, "Unconsolidated
                     Stockholders Equity," and 7.21, "Fixed Charge
                     Coverage Ratio", shall not be deemed an Event of
                     Default.

            (f)      Notwithstanding anything to the contrary which may be
                     contained, or may be alleged to be contained, in any
                     prior waiver agreement delivered by Agent to
                     Borrowers, it is understood that Borrowers are
                     expected to resume timely filing of the reports and
                     financial disclosures due from time to time to the
                     listing exchange upon which Borrowers' shares are
                     traded and to any applicable governmental agency
                     beginning with the filing of the Borrowers' annual
                     report on Form 10-K for the year ended December 31,
                     2005.

                                       6
<PAGE>

D.       In consideration of the facilities being granted by Agent and Lenders
         to Borrowers under the terms and conditions of this Sixth Amendment and
         for other good and valuable consideration, the receipt and sufficiency
         of which are hereby acknowledged, the continued effectiveness of this
         Sixth Amendment is conditioned upon satisfaction by Borrowers of each
         of the following:

         1.        Borrowers' payment to Agent of a fee in the sum of Twenty
                   Five Thousand Dollars ($25,000.00) which fee, shall be due
                   and payable in full, and deemed non-refundable upon the
                   execution and delivery of this Sixth Amendment. Such fee may
                   be paid by Agent's charging an Advance against the Borrowers'
                   Revolving Loan and paying the proceeds of such Advance to
                   Lenders. Borrowers hereby consent to Agent's making such
                   charge.

         2.        Agent's receipt of a fully executed counterpart of (a) this
                   Sixth Amendment, (b) a corporate resolution by each Borrower,
                   in form and substance acceptable to Agent, authorizing this
                   Sixth Amendment, and (c) each other document and instrument
                   as may be required by Agent in conjunction with this Sixth
                   Amendment, in form and substance satisfactory to Agent.

         3.        Borrowers' submission, (i) not later than September 30, 2005,
                   of their draft, unaudited financial statements for the fiscal
                   year ending December 31, 2004, in form and substance
                   satisfactory to Agent and (ii) not later than October 15,
                   2005, of their audited financial statements for the fiscal
                   year ending December 31, 2004, and Agent's determination, in
                   its discretion, that such financial statements (a) comply
                   with the requirements of Section 9.7 of the Loan Agreement,
                   and (b) do not differ, in any material respect, from the
                   internally prepared financial statements delivered to Agent
                   by Borrowers for the same fiscal year.

         4.        Borrowers' payment to Agent's counsel, immediately upon
                   presentation of an invoice, of all reasonable fees and
                   expenses of such counsel incurred in conjunction with the
                   preparation and execution of this Sixth Amendment. Such fees
                   and expenses may be paid by Agent's charging an Advance
                   against the Borrowers' Revolving Loan and retaining the
                   proceeds of such Advance. Borrowers hereby consent to Agent's
                   making such charge.

                      [END OF EXHIBIT A TO SIXTH AMENDMENT]

                                       7
<PAGE>

                                   SCHEDULE A
                         TO EXHIBIT A TO SIXTH AMENDMENT
                            WAIVED EVENTS OF DEFAULT

1.       Borrowers' failure to comply with the requirement to timely deliver
         monthly accounts receivable ageings and accounts payable schedules as
         required by Section 9.2, "Schedules", of the Loan Agreement for the
         months of June, 2004 through and including November, 2004.

2.       Borrowers' failure to comply with the requirement to timely deliver
         quarterly financial statements as required by Section 9.8, "Quarterly
         Financial Statements", of the Loan Agreement for the quarters ending
         June 30, 2004, September 30, 2004, December 31, 2004 and March 31,
         2005.

3.       Borrowers' failure to comply with the requirement to timely deliver
         monthly financial statements as required by Section 9.9, "Monthly
         Financial Statements", of the Loan Agreement for the months of June 30,
         2004 through and including May, 2005.

4.       Borrowers' failure to comply with the requirement to deliver an annual
         financial statement as requested by Section 9.7, "Annual Financial
         Statements", of the Loan Agreement for the fiscal year ending December
         31, 2004.

5.       Borrowers' removal of Nararjun Valluripalli as Chief Executive Officer
         and President, which constitutes a Change of Management, which is an
         Event of Default pursuant to Section 10.14 of the Loan Agreement.

                                       8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]