Document:

EX-4.5

    

    SPECTRUMDNA,
      INC.

    

    INVESTMENT
      AGREEMENT

    

    In
      connection with the issuance to the undersigned (hereinafter “Holder”) of shares
      of common stock (the “Shares”) of SPECTRUMNDA, INC., a Delaware corporation (the
“Company”), on a monthly basis in lieu of the Holder’s first-tier increase in
      salary of $833.33 per month commencing as of June 1, 2007 and continuing monthly
      thereafter until the earlier of (i) May 1, 2008, or (ii) the date in which
      the
      Holder is no longer a full-time employee of the Company, , the Holder hereby
      acknowledges and agrees that the Holder is entitled to receive pursuant thereto
      1,667 Shares per month for seven consecutive months from June through December
      2007 and 1,515 Shares per month for each of January and February 2008. The
      Holder further represents and warrants to the Company as follows:

    

      1.
       Investor
      Status.
      Holder
      represents that the Holder (i) is able to bear the economic risks of his or
      her
      investment in the Shares
      and
      to
      afford the complete loss of the investment; and (ii) has a pre-existing personal
      or business relationship with either the Company or any affiliate thereof of
      such duration and nature as would enable a reasonably prudent investor to be
      aware of the character, business acumen and general business and financial
      circumstances of the Company or such affiliate, or by reason of his or her
      business or financial experience or the business or financial experience of
      his
      or her professional advisors who are unaffiliated with and who are not
      compensated by the Company or any affiliate or selling agent of the Company,
      directly or indirectly, could be reasonably assumed to have the capacity to
      protect his or her own interests in connection with the investment, and is
      otherwise personally qualified to evaluate and assess the risks, nature and
      other aspects of the investment. Holder
      understands that the Shares are being offered to him in reliance upon specific
      exemptions from the registration requirements of United States federal and
      state
      securities laws and that Company is relying upon the truth and accuracy of,
      and
      Holder’s compliance with, the representations, warranties, agreements,
      acknowledgments and understandings of Holder set forth herein in order to
      determine the availability of such exemptions and the eligibility of Holder
      to
      receive the Shares.

    

      2. Investment
      Experience; Suitability.
      Holder
      is familiar with the type of risks inherent in the acquisition of securities
      such as the Shares and Holder’s financial position is such that he can afford to
      retain the Shares for an indefinite period of time without realizing any direct
      or indirect cash return on his or her investment.

    

      3.
       Investment
      Purpose.
      Holder
      represents that the Shares are being issued to the Holder for his or her own
      account, for investment purposes only and not for distribution or resale to
      others in contravention of the registration requirements of the Securities
      Act
      of 1933, as amended (the “Securities Act”). Holder agrees that he will not sell
      or otherwise transfer the Shares being issued to him unless such shares are
      registered under the Securities Act or unless an exemption from such
      registration is available.

    

      4.
       Information.
      Holder
      and his advisors, if any, have been furnished with all materials relating to
      the
      business, finances and operations of Company and materials relating to the
      offer
      and sale of the Shares which have been requested by Holder or his advisors.
      Holder and his advisors, if any, have been afforded the opportunity to ask
      questions of the Company. Notwithstanding the foregoing, Company has not
      disclosed to Holder any material nonpublic information and will not disclose
      such information unless such information is disclosed to the public prior to
      or
      promptly following such disclosure to Holder. Holder understands that his
      investment in the Shares involves a significant degree of risk. Holder
      represents that the issuance of the Shares is not being accomplished by the
      publication of any advertisement. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF,
      the
      Holder has caused this Investment Agreement to be executed as of the date
      indicated below.

    

    

    Jeffrey
      Kuehn      

    Print
      or
      Type Name  

    

    _________________________________________ 

    Signature     

    

    _________________________________________

    Address

    

    _________________________________________

    

    

    _________________________________________

    Soc.
      Sec.
      No.

    

    _________________________________________

    DateExhibit
      4.1

     

    COMMON
      STOCK PURCHASE WARRANT

     

    NUTRACEA

     

    
      
        	
                Warrant
                  Shares: [_______

              	
                Initial
                  Exercise Date: April __, 2008

              

      

    

     

    THIS
      COMMON STOCK PURCHASE WARRANT (the “Warrant”)
      certifies that, for value received, _____________ (the “Holder”)
      is
      entitled, upon the terms and subject to the limitations on exercise and the
      conditions hereinafter set forth, at any time on or after the date hereof (the
      “Initial
      Exercise Date”)
      and on
      or prior to the close of business on the five year anniversary of the Initial
      Exercise Date (the “Termination
      Date”)
      but
      not thereafter, to subscribe for and purchase from Nutracea, a California
      corporation (the “Company”),
      up to
      ______ shares (the “Warrant
      Shares”)
      of
      Common Stock. The purchase price of one share of Common Stock under this Warrant
      shall be equal to the Exercise Price, as defined in Section 2(b). 

     

    Section
      1. Definitions.
      Capitalized terms used and not otherwise defined herein shall have the meanings
      set forth in that certain Securities Purchase Agreement (the “Purchase
      Agreement”),
      dated
      April 24, 2008, among the Company and the purchasers signatory
      thereto.

     

    Section
      2. Exercise.

     

    a) Exercise
      of Warrant.
      Exercise of the purchase rights represented by this Warrant may be made, in
      whole or in part, at any time or times on or after the Initial Exercise Date
      and
      on or before the Termination Date by delivery to the Company (or such other
      office or agency of the Company as it may designate by notice in writing to
      the
      registered Holder at the address of the Holder appearing on the books of the
      Company) of a duly executed facsimile copy of the Notice of Exercise Form
      annexed hereto; provided however, within 3 Trading Days of the date said Notice
      of Exercise is delivered to the Company, the Company shall have received payment
      of the aggregate Exercise Price of the shares thereby purchased by wire transfer
      or cashier’s check drawn on a United States bank. Notwithstanding anything
      herein to the contrary, the Holder shall not be required to physically surrender
      this Warrant to the Company until the Holder has purchased all of the Warrant
      Shares available hereunder and the Warrant has been exercised in full, in which
      case, the Holder shall surrender this Warrant to the Company for cancellation
      within 3 Trading Days of the date the final Notice of Exercise is delivered
      to
      the Company. Partial exercises of this Warrant resulting in purchases of a
      portion of the total number of Warrant Shares available hereunder shall have
      the
      effect of lowering the outstanding number of Warrant Shares purchasable
      hereunder in an amount equal to the applicable number of Warrant Shares
      purchased. The Holder and the Company shall maintain records showing the number
      of Warrant Shares purchased and the date of such purchases. The Company shall
      deliver any objection to any Notice of Exercise Form within 3 Business Days
      of
      receipt of such notice. In the event of any dispute or discrepancy, the records
      of the Company shall be controlling and determinative in the absence of manifest
      error. The
      Holder and any assignee, by acceptance of this Warrant, acknowledge and agree
      that, by reason of the provisions of this paragraph, following the purchase
      of a
      portion of the Warrant Shares hereunder, the number of Warrant Shares available
      for purchase hereunder at any given time may be less than the amount stated
      on
      the face hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    b) Exercise
      Price.
      The
      exercise price per share of the Common Stock under this Warrant shall be
$1.20,
      subject
      to adjustment hereunder (the “Exercise
      Price”).

     

    c) Cashless
      Exercise.
      If at
      any time during the term of this Warrant there is no effective Registration
      Statement registering, or no current prospectus available for, the sale of
      the
      Warrant Shares to the Holder or the or resale of the Warrant Shares by the
      Holder, then this Warrant may also be exercised at such time by means of a
      “cashless exercise” in which the Holder shall be entitled to receive a
      certificate for the number of Warrant Shares equal to the quotient obtained
      by
      dividing [(A-B) (X)] by (A), where:

     

    
      	
            	(A)
              =	
              the
                [VWAP on the Trading Day immediately preceding the date of such
                election;

            

    

    

    
      	
            	(B)
              =	
              the
                Exercise Price of this Warrant, as adjusted; and
                

            

    

    

    
      	
            	(X)
              =	
              the
                number of Warrant Shares issuable upon exercise of this Warrant in
                accordance with the terms of this Warrant by means of a cash exercise
                rather than a cashless exercise.

            

    

    

    
      
        
        

      

      
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    d) Holder’s
      Restrictions.
      The
      Company shall not effect any exercise of this Warrant, and a Holder shall not
      have the right to exercise any portion of this Warrant, pursuant to Section
      2 or
      otherwise, to the extent that after giving effect to such issuance after
      exercise as set forth on the applicable Notice of Exercise, the Holder (together
      with the Holder’s Affiliates, and any other person or entity acting as a group
      together with the Holder or any of the Holder’s Affiliates), would beneficially
      own in excess of the Beneficial Ownership Limitation (as defined below). 
For purposes of the foregoing sentence, the number of shares of Common Stock
      beneficially owned by the Holder and its Affiliates shall include the number
      of
      shares of Common Stock issuable upon exercise of this Warrant with respect
      to
      which such determination is being made, but shall exclude the number of shares
      of Common Stock which would be issuable upon (A) exercise of the remaining,
      nonexercised portion of this Warrant beneficially owned by the Holder or any
      of
      its Affiliates and (B) exercise or conversion of the unexercised or nonconverted
      portion of any other securities of the Company (including, without limitation,
      any other Common Stock Equivalents) subject to a limitation on conversion or
      exercise analogous to the limitation contained herein beneficially owned by
      the
      Holder or any of its affiliates.  Except as set forth in the preceding
      sentence, for purposes of this Section 2(d), beneficial ownership shall be
      calculated in accordance with Section 13(d) of the Exchange Act and the rules
      and regulations promulgated thereunder, it being acknowledged by the Holder
      that
      the Company is not representing to the Holder that such calculation is in
      compliance with Section 13(d) of the Exchange Act and the Holder is solely
      responsible for any schedules required to be filed in accordance therewith.
      To
      the extent that the limitation contained in this Section 2(d) applies, the
      determination of whether this Warrant is exercisable (in relation to other
      securities owned by the Holder together with any Affiliates) and of which
      portion of this Warrant is exercisable shall be in the sole discretion of the
      Holder, and the submission of a Notice of Exercise shall be deemed to be the
      Holder’s determination of whether this Warrant is exercisable (in relation to
      other securities owned by the Holder together with any Affiliates) and of which
      portion of this Warrant is exercisable, in each case subject the Beneficial
      Ownership Limitation, and the Company shall have no obligation to verify or
      confirm the accuracy of such determination. In addition, a determination as
      to
      any group status as contemplated above shall be determined in accordance with
      Section 13(d) of the Exchange Act and the rules and regulations promulgated
      thereunder. For purposes of this Section 2(d), in determining the number of
      outstanding shares of Common Stock, a Holder may rely on the number of
      outstanding shares of Common Stock as reflected in (A) the Company’s most recent
      periodic annual report as the case may be, (B) a more recent public announcement
      by the Company or (C) any other notice by the Company or the Transfer Agent
      setting forth the number of shares of Common Stock outstanding.  Upon the
      written or oral request of a Holder, the Company shall within two Trading Days
      confirm orally and in writing to the Holder the number of shares of Common
      Stock
      then outstanding.  In any case, the number of outstanding shares of Common
      Stock shall be determined after giving effect to the conversion or exercise
      of
      securities of the Company, including this Warrant, by the Holder or its
      Affiliates since the date as of which such number of outstanding shares of
      Common Stock was reported. The “Beneficial
      Ownership Limitation”
shall
      be 4.99% of the number of shares of the Common Stock outstanding immediately
      after giving effect to the issuance of shares of Common Stock issuable upon
      exercise of this Warrant. The Holder, upon not less than 61 days’ prior notice
      to the Company, may increase or decrease the Beneficial Ownership Limitation
      provisions of this Section 2(d), provided that the Beneficial Ownership
      Limitation in no event exceeds 9.99% of the number of shares of the Common
      Stock
      outstanding immediately after giving effect to the issuance of shares of Common
      Stock upon exercise of this Warrant held by the Holder and the provisions of
      this Section 2(d) shall continue to apply. Any such increase or decrease will
      not be effective until the 61st
      day
      after such notice is delivered to the Company. The provisions of this paragraph
      shall be construed and implemented in a manner otherwise than in strict
      conformity with the terms of this Section 2(d) to correct this paragraph (or
      any
      portion hereof) which may be defective or inconsistent with the intended
      Beneficial Ownership Limitation herein contained or to make changes or
      supplements necessary or desirable to properly give effect to such limitation.
      The limitations contained in this paragraph shall apply to a successor holder
      of
      this Warrant.

     

    
      
        
        

      

      
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    e) Mechanics
      of Exercise.
      

     

    i. Delivery
      of Certificates Upon Exercise.
      Certificates for shares purchased hereunder shall be transmitted by the Transfer
      Agent to the Holder by crediting the account of the Holder’s prime broker with
      the Depository Trust Company through its Deposit Withdrawal Agent Commission
      (“DWAC”)
      system
      if the Company is then a participant in such system and there is an effective
      Registration Statement permitting the resale of the Warrant Shares by the Holder
      or this Warrant is being exercised via cashless exercise and the Warrant Shares
      issued are eligible for immediate resale under Rule 144, and otherwise by
      physical delivery to the address specified by the Holder in the Notice of
      Exercise within 3 Trading Days from the delivery to the Company of the Notice
      of
      Exercise Form, surrender of this Warrant (if required) and payment of the
      aggregate Exercise Price as set forth above. This Warrant shall be deemed to
      have been exercised on the date the Exercise Price is received by the Company.
      The Warrant Shares shall be deemed to have been issued, and Holder or any other
      person so designated to be named therein shall be deemed to have become a holder
      of record of such shares for all purposes, as of the date the Warrant has been
      exercised by payment to the Company of the Exercise Price (or by cashless
      exercise, if permitted) and all taxes required to be paid by the Holder, if
      any,
      pursuant to Section 2(e)(vi) prior to the issuance of such shares, have been
      paid. 

     

    ii. Delivery
      of New Warrants Upon Exercise.
      If this
      Warrant shall have been exercised in part, the Company shall, at the request
      of
      a Holder and upon surrender of this Warrant certificate, at the time of delivery
      of the certificate or certificates representing Warrant Shares, deliver to
      Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased
      Warrant Shares called for by this Warrant, which new Warrant shall in all other
      respects be identical with this Warrant.

     

    iii. Rescission
      Rights.
      If the
      Company fails to cause the Transfer Agent to transmit to the Holder a
      certificate or the certificates representing the Warrant Shares pursuant to
      Section 2(e)(i) by the Warrant Share Delivery Date, then the Holder will have
      the right to rescind such exercise.

     

    
      
        
        

      

      
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    iv. Compensation
      for Buy-In on Failure to Timely Deliver Certificates Upon
      Exercise.
      In
      addition to any other rights available to the Holder, if the Company fails
      to
      cause the Transfer Agent to transmit to the Holder a certificate or the
      certificates representing the Warrant Shares pursuant to an exercise within
      5
      Trading Days from the delivery to the Company of the Notice of Exercise Form,
      surrender of this Warrant (if required) and payment of the aggregate Exercise
      Price (“Warrant
      Share Delivery Date”),
      and
      if after such date the Holder is required by its broker to purchase (in an
      open
      market transaction or otherwise) or the Holder’s brokerage firm otherwise
      purchases, shares of Common Stock to deliver in satisfaction of a sale by the
      Holder of the Warrant Shares which the Holder anticipated receiving upon such
      exercise (a “Buy-In”),
      then
      the Company shall (A) pay in cash to the Holder the amount by which (x) the
      Holder’s total purchase price (including brokerage commissions, if any) for the
      shares of Common Stock so purchased exceeds (y) the amount obtained by
      multiplying (1) the number of Warrant Shares that the Company was required
      to
      deliver to the Holder in connection with the exercise at issue times (2) the
      price at which the sell order giving rise to such purchase obligation was
      executed, and (B) at the option of the Holder, either reinstate the portion
      of
      the Warrant and equivalent number of Warrant Shares for which such exercise
      was
      not honored or deliver to the Holder the number of shares of Common Stock that
      would have been issued had the Company timely complied with its exercise and
      delivery obligations hereunder. For example, if the Holder purchases Common
      Stock having a total purchase price of $11,000 to cover a Buy-In with respect
      to
      an attempted exercise of shares of Common Stock with an aggregate sale price
      giving rise to such purchase obligation of $10,000, under clause (1) of the
      immediately preceding sentence the Company shall be required to pay the Holder
      $1,000. The Holder shall provide the Company written notice indicating the
      amounts payable to the Holder in respect of the Buy-In and, upon request of
      the
      Company, evidence of the amount of such loss. Nothing herein shall limit a
      Holder’s right to pursue any other remedies available to it hereunder, at law or
      in equity including, without limitation, a decree of specific performance and/or
      injunctive relief with respect to the Company’s failure to timely deliver
      certificates representing shares of Common Stock upon exercise of the Warrant
      as
      required pursuant to the terms hereof.

     

    v. No
      Fractional Shares or Scrip.
      No
      fractional shares or scrip representing fractional shares shall be issued upon
      the exercise of this Warrant. As to any fraction of a share which Holder would
      otherwise be entitled to purchase upon such exercise, the Company shall, at
      its
      election, either pay a cash adjustment in respect of such final fraction in
      an
      amount equal to such fraction multiplied by the Exercise Price or round up
      to
      the next whole share.

     

    vi. Charges,
      Taxes and Expenses.
      Issuance of certificates for Warrant Shares shall be made without charge to
      the
      Holder for any issue or transfer tax or other incidental expense in respect
      of
      the issuance of such certificate, all of which taxes and expenses shall be
      paid
      by the Company, and such certificates shall be issued in the name of the Holder
      or in such name or names as may be directed by the Holder; provided,
      however,
      that in
      the event certificates for Warrant Shares are to be issued in a name other
      than
      the name of the Holder, this Warrant when surrendered for exercise shall be
      accompanied by the Assignment Form attached hereto duly executed by the Holder
      and the Company may require, as a condition thereto, the payment of a sum
      sufficient to reimburse it for any transfer tax incidental thereto.

     

    vii. Closing
      of Books.
      The
      Company will not close its stockholder books or records in any manner which
      prevents the timely exercise of this Warrant, pursuant to the terms
      hereof.

     

    
      
        
        

      

      
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    Section
      3. Certain
      Adjustments.

     

    a) Stock
      Dividends and Splits.
      If the
      Company, at any time while this Warrant is outstanding: (i) pays a stock
      dividend or otherwise make a distribution or distributions on shares of its
      Common Stock or any other equity or equity equivalent securities payable in
      shares of Common Stock (which, for avoidance of doubt, shall not include any
      shares of Common Stock issued by the Company upon exercise of this Warrant),
      (ii) subdivides outstanding shares of Common Stock into a larger number of
      shares, (iii) combines (including by way of reverse stock split) outstanding
      shares of Common Stock into a smaller number of shares, or (iv) issues by
      reclassification of shares of the Common Stock any shares of capital stock
      of
      the Company, then in each case the Exercise Price and the Trigger Price shall
      be
      multiplied by a fraction of which the numerator shall be the number of shares
      of
      Common Stock (excluding treasury shares, if any) outstanding immediately before
      such event and of which the denominator shall be the number of shares of Common
      Stock outstanding immediately after such event and the number of shares issuable
      upon exercise of this Warrant shall be proportionately adjusted such that the
      aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment
      made pursuant to this Section 3(a) shall become effective immediately after
      the
      record date for the determination of stockholders entitled to receive such
      dividend or distribution and shall become effective immediately after the
      effective date in the case of a subdivision, combination or
      re-classification.

     

    
      
        
        

      

      
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    b) Subsequent
      Equity Sales.
      If
      the
      Company shall at any time or from time to time, after the issuance of this
      Warrant but prior to the exercise hereof, issue or sell (such issuance or sale,
      a “New
      Issuance”)
      any
      shares of Common Stock or Common Stock Equivalents at a price per share of
      Common Stock (the “New
      Issue Price”)
      that
      is less than the Trigger Price then in effect as of the record date or Issue
      Date (as defined below), as the case may be (the “Relevant
      Date”)
      (treating the price per share of Common Stock, in the case of the issuance
      of
      any Common Stock Equivalent, as equal to (x) the sum of the price for such
      Common Stock Equivalent plus any additional consideration payable (without
      regard to any anti-dilution adjustments) upon the conversion, exchange or
      exercise of such Common Stock Equivalent divided by (y) the number of shares
      of
      Common Stock initially underlying such Common Stock Equivalent), other than
      (i)
      issuances or sales for which an adjustment is made pursuant to another
      subsection of this Section 3 and (ii) issuances in connection with an Exempt
      Issuance, then,
      and in
      each such case, (A) the Exercise Price then in effect shall be adjusted by
      multiplying
      the
      Exercise Price in effect on the day immediately prior to the Relevant Date
      by a
      fraction (I) the numerator of which shall be the sum of the number of shares
      of
      Common Stock outstanding on the Relevant Date plus
      the
      number of shares of Common Stock which the aggregate consideration received
      by
      the Company for the total number of such additional shares of Common Stock
      so
      issued would purchase at the Trigger Price on the Relevant Date (or, in the
      case
      of Common Stock Equivalents, the number of shares of Common Stock which the
      aggregate consideration received by the Company upon the issuance of such Common
      Stock Equivalents and receivable by the Company upon the conversion, exchange
      or
      exercise of such Common Stock Equivalents would purchase at the Trigger Price
      on
      the Relevant Date) and (II) the denominator of which shall be the sum of the
      number of shares of Common Stock outstanding on the Relevant Date plus
      the
      number of additional shares of Common Stock issued or to be issued (or, in
      the
      case of Common Stock Equivalents, the maximum number of shares of Common Stock
      into which such Common Stock Equivalents initially may convert, exchange or
      be
      exercised) and (B) the aggregate number of Warrant Shares for which this Warrant
      is exercisable immediately after the New Issuance shall be increased to equal
      the product of (i) the aggregate number of Warrant Shares for which this Warrant
      is exercisable immediately prior to the New Issuance multiplied by (ii) a
      fraction, the numerator of which shall be the Exercise Price in effect on the
      day immediately prior to the Relevant Date and the denominator of which shall
      be
      the Exercise Price in effect immediately after such adjustment. Notwithstanding
      the foregoing, the Exercise Price shall not be reduced at such time if the
      amount of such reduction would be less than $0.01, but any such amount shall
      be
      carried forward, and a reduction will be made with respect to such amount at
      the
      time of, and together with, any subsequent reduction which, together with such
      amount and any other amounts so carried forward, equal $0.01 or more in the
      aggregate.
      The
      Company shall promptly notify the Holder in writing following the issuance
      of
      any Common Stock or Common Stock Equivalents subject to this Section 3(b),
      indicating therein the applicable issuance price, or applicable reset price,
      exchange price, conversion price and other pricing terms (such notice the
“New
      Issuance Notice”).
      For
      purposes of clarification, whether or not the Company provides a New Issuance
      Notice pursuant to this Section 3(b), upon the occurrence of any New Issuance,
      after the date of such New Issuance the Holder is entitled to receive a number
      of Warrant Shares based upon the provisions of this Section 3(b) regardless
      of
      whether the Holder accurately refers to the Exercise Price in the Notice of
      Exercise.
      Any
      adjustment
      pursuant
      to the preceding provisions
      of this Section 3(b)
      shall be
      made whenever such shares of Common Stock or Common Stock Equivalents are
      issued, and shall become effective retroactively (x) in the case of an issuance
      to the stockholders of the Company, as such, to a date immediately following
      the
      close of business on the record date for the determination of shareholders
      entitled to receive such shares of Common Stock or Common Stock Equivalents
      and
      (y) in all other cases, on the date (the “Issue
      Date”)
      of
      such issuance.

     

    c) Subsequent
      Rights Offerings.
      If the
      Company, at any time while the Warrant is outstanding, shall issue rights,
      options or warrants that are not Common Stock Equivalents subject to Section
      3(b) to all holders of Common Stock (and not to Holders) entitling them to
      subscribe for or purchase shares of Common Stock at a price per share less
      than
      the VWAP at the record date mentioned below, then the Exercise Price shall
      be
      multiplied by a fraction, of which the denominator shall be the number of shares
      of the Common Stock outstanding on the date of issuance of such rights or
      warrants plus the number of additional shares of Common Stock that are
      subsequently issued in connection with such offering for subscription or
      purchase, and of which the numerator shall be the number of shares of the Common
      Stock outstanding on the date of issuance of such rights or warrants plus the
      number of shares which the aggregate offering price of the total number of
      shares so issued (upon receipt by the Company in full of all consideration
      paid
      by the holders of the Common Stock upon exercise of such rights, options or
      warrants) would purchase at such VWAP. Such adjustment shall be made whenever
      such rights or warrants are issued, and shall become effective immediately
      after
      the record date for the determination of stockholders entitled to receive such
      rights, options or warrants. 

     

    
      
        
        

      

      
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    d) Pro
      Rata Distributions.
      If the
      Company, at any time prior to the Termination Date, shall distribute to all
      holders of Common Stock (and not to Holders of the Warrants) evidences of its
      indebtedness or assets (including cash and cash dividends) or rights or warrants
      to subscribe for or purchase any security other than the Common Stock (which
      shall be subject to Section 3(b)), then in each such case the Exercise Price
      shall be adjusted by multiplying the Exercise Price in effect immediately prior
      to the record date fixed for determination of stockholders entitled to receive
      such distribution by a fraction of which the denominator shall be the VWAP
      determined as of the record date mentioned above, and of which the numerator
      shall be such VWAP on such record date less the then per share fair market
      value
      at such record date of the portion of such assets or evidence of indebtedness
      so
      distributed applicable to one outstanding share of the Common Stock as
      determined by the Board of Directors in good faith. In either case the
      adjustments shall be described in a statement provided to the Holder of the
      portion of assets or evidences of indebtedness so distributed or such
      subscription rights applicable to one share of Common Stock. Such adjustment
      shall be made whenever any such distribution is made and shall become effective
      immediately after the record date mentioned above.

     

    e) Fundamental
      Transaction.
      If, at
      any time while this Warrant is outstanding, (i) the Company effects any merger
      or consolidation of the Company with or into another Person, (ii) the Company
      effects any sale of all or substantially all of its assets in one or a series
      of
      related transactions, (iii) any tender offer or exchange offer (whether by
      the
      Company or another Person) is completed pursuant to which holders of Common
      Stock are permitted to tender or exchange their shares for other securities,
      cash or property or (iv) the Company effects any reclassification of the Common
      Stock or any compulsory share exchange pursuant to which the Common Stock is
      effectively converted into or exchanged for other securities, cash or property
      (each a “Fundamental
      Transaction”),
      then,
      upon any subsequent exercise of this Warrant, the Holder shall have the right
      to
      receive, for each Warrant Share that would have been issuable upon such exercise
      immediately prior to the occurrence of such Fundamental Transaction, the number
      of shares of Common Stock of the successor or acquiring corporation or of the
      Company, if it is the surviving corporation, and any additional consideration
      (the “Alternate
      Consideration”)
      receivable as a result of such merger, consolidation or disposition of assets
      by
      a holder of the number of shares of Common Stock for which this Warrant is
      exercisable immediately prior to such event. For purposes of any such exercise,
      the determination of the Exercise Price shall be appropriately adjusted to
      apply
      to such Alternate Consideration based on the amount of Alternate Consideration
      issuable in respect of one share of Common Stock in such Fundamental
      Transaction, and the Company shall apportion the Exercise Price among the
      Alternate Consideration in a reasonable manner reflecting the relative value
      of
      any different components of the Alternate Consideration. If holders of Common
      Stock are given any choice as to the securities, cash or property to be received
      in a Fundamental Transaction, then the Holder shall be given the same choice
      as
      to the Alternate Consideration it receives upon any exercise of this Warrant
      following such Fundamental Transaction. To the extent necessary to effectuate
      the foregoing provisions, any successor to the Company or surviving entity
      in
      such Fundamental Transaction shall issue to the Holder a new warrant consistent
      with the foregoing provisions and evidencing the Holder’s right to exercise such
      warrant into Alternate Consideration. The terms of any agreement pursuant to
      which a Fundamental Transaction is effected shall include terms requiring any
      such successor or surviving entity to comply with the provisions of this Section
      3(e) and insuring that this Warrant (or any such replacement security) will
      be
      similarly adjusted upon any subsequent transaction analogous to a Fundamental
      Transaction. Notwithstanding anything to the contrary, in the event of a
      Fundamental Transaction that is (1) an all cash transaction, (2) a “Rule 13e-3
      transaction” as defined in Rule 13e-3 under the Exchange Act, or (3) a
      Fundamental Transaction involving a person or entity not traded on a national
      securities exchange, the Nasdaq Global Select Market, the Nasdaq Global Market,
      or the Nasdaq Capital Market, the Company or any successor entity shall pay
      at
      the Holder’s option, exercisable at any time concurrently with or within 30 days
      after the consummation of the Fundamental Transaction, an amount of cash equal
      to the value of this Warrant as determined in accordance with the Black Scholes
      Option Pricing Model obtained from the “OV” function on Bloomberg L.P. using (A)
      a price per share of Common Stock equal to the VWAP of the Common Stock for
      the
      Trading Day immediately preceding the date of consummation of the applicable
      Fundamental Transaction, (B) a risk-free interest rate corresponding to the
      U.S.
      Treasury rate for 30 day period immediately prior to the consummation of the
      applicable Fundamental Transaction, (C) an expected volatility equal to the
      100
      day volatility obtained from the “HVT” function on Bloomberg L.P. determined as
      of the Trading Day immediately following the public announcement of the
      applicable Fundamental Transaction, and (D) a remaining option time equal to
      the
      time between the date of the public announcement of such transaction and the
      Termination Date.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    f) Calculations.
      All
      calculations under this Section 3 shall be made to the nearest cent or the
      nearest 1/100th of a share, as the case may be. For purposes of this Section
      3,
      the number of shares of Common Stock deemed to be issued and outstanding as
      of a
      given date shall be the sum of the number of shares of Common Stock (excluding
      treasury shares, if any) issued and outstanding.

     

    g) Notice
      to Holder.
      

     

    i. Adjustment
      to Exercise Price.
      Whenever the Exercise Price is adjusted pursuant to any provision of this
      Section 3, the Company shall promptly give notice thereof to the Holder setting
      forth the Exercise Price after such adjustment and setting forth a brief
      statement of the facts requiring such adjustment. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    ii. Notice
      to Allow Exercise by Holder.
      If (A)
      the Company shall declare a dividend (or any other distribution in whatever
      form) on the Common Stock, (B) the Company shall declare a special nonrecurring
      cash dividend on or a redemption of the Common Stock, (C) the Company shall
      authorize the granting to all holders of the Common Stock rights or warrants
      to
      subscribe for or purchase any shares of capital stock of any class or of any
      rights, (D) the approval of any stockholders of the Company shall be required
      in
      connection with any reclassification of the Common Stock, any consolidation
      or
      merger to which the Company is a party, any sale or transfer of all or
      substantially all of the assets of the Company, of any compulsory share exchange
      whereby the Common Stock is converted into other securities, cash or property,
      or (E) the Company shall authorize the voluntary or involuntary dissolution,
      liquidation or winding up of the affairs of the Company, then, in each case,
      the
      Company shall cause to be mailed to the Holder at its last address as it shall
      appear upon the Warrant Register of the Company, at least 10 calendar days
      prior
      to the applicable record or effective date hereinafter specified, a notice
      stating (x) the date on which a record is to be taken for the purpose of such
      dividend, distribution, redemption, rights or warrants, or if a record is not
      to
      be taken, the date as of which the holders of the Common Stock of record to
      be
      entitled to such dividend, distributions, redemption, rights or warrants are
      to
      be determined or (y) the date on which such reclassification, consolidation,
      merger, sale, transfer or share exchange is expected to become effective or
      close, and the date as of which it is expected that holders of the Common Stock
      of record shall be entitled to exchange their shares of the Common Stock for
      securities, cash or other property deliverable upon such reclassification,
      consolidation, merger, sale, transfer or share exchange; provided that the
      failure to mail such notice or any defect therein or in the mailing thereof
      shall not affect the validity of the corporate action required to be specified
      in such notice. The Holder is entitled to exercise this Warrant during the
      period commencing on the date of such notice to the effective date of the event
      triggering such notice.

     

    Section
      4. Transfer
      of Warrant.

     

    a) Transferability.
      Subject
      to the limitations set forth below, this Warrant and all rights hereunder are
      transferable, in whole or in part, upon surrender of this Warrant at the
      principal office of the Company or its designated agent, together with a written
      assignment of this Warrant substantially in the form attached hereto duly
      executed by the Holder or its agent or attorney and funds sufficient to pay
      any
      transfer taxes payable upon the making of such transfer. Upon such surrender
      and, if required, such payment, the Company shall execute and deliver a new
      Warrant or Warrants in the name of the assignee or assignees, as applicable,
      and
      in the denomination or denominations specified in such instrument of assignment,
      and shall issue to the assignor a new Warrant evidencing the portion of this
      Warrant not so assigned, and this Warrant shall promptly be cancelled. The
      Warrant, if properly assigned, may be exercised by a new holder for the purchase
      of Warrant Shares without having a new Warrant issued. Notwithstanding anything
      herein to the contrary, this Warrant may only be transferred to an entity that
      meets the investor suitability requirements set forth in the Purchase Agreement,
      including, without limitation, the requirements that the transferee be a
“qualified institutional buyer” and that the transferee satisfy the applicable
      definitions set forth in Exhibit 3.2(c) to the Purchase Agreement.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    b) New
      Warrants.
      This
      Warrant may be divided or combined with other Warrants upon presentation hereof
      at the aforesaid office of the Company, together with a written notice
      specifying the names and denominations in which new Warrants are to be issued,
      signed by the Holder or its agent or attorney. Subject to compliance with
      Section 4(a), as to any transfer which may be involved in such division or
      combination, the Company shall execute and deliver a new Warrant or Warrants
      in
      exchange for the Warrant or Warrants to be divided or combined in accordance
      with such notice. All Warrants issued on transfers or exchanges shall be dated
      the Initial Exercise Date and shall be identical with this Warrant except as
      to
      the number of Warrant Shares issuable pursuant thereto. 

     

    c) Warrant
      Register.
      The
      Company shall register this Warrant, upon records to be maintained by the
      Company for that purpose (the “Warrant
      Register”),
      in
      the name of the record Holder hereof from time to time. The Company may deem
      and
      treat the registered Holder of this Warrant as the absolute owner hereof for
      the
      purpose of any exercise hereof or any distribution to the Holder, and for all
      other purposes, absent actual notice to the contrary.

     

    Section
      5. Miscellaneous.

     

    a) No
      Rights as Shareholder Until Exercise.
      This
      Warrant does not entitle the Holder to any voting rights or other rights as
      a
      shareholder of the Company prior to the exercise hereof as set forth in Section
      2(e)(i). 

     

    b) Loss,
      Theft, Destruction or Mutilation of Warrant.
      The
      Company covenants that upon receipt by the Company of evidence reasonably
      satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
      or any stock certificate relating to the Warrant Shares, and in case of loss,
      theft or destruction, of indemnity or security reasonably satisfactory to it
      (which, in the case of the Warrant, shall not include the posting of any bond),
      and upon surrender and cancellation of such Warrant or stock certificate, if
      mutilated, the Company will make and deliver a new Warrant or stock certificate
      of like tenor and dated as of such cancellation, in lieu of such Warrant or
      stock certificate.

     

    c) Saturdays,
      Sundays, Holidays, etc.
      If the
      last or appointed day for the taking of any action or the expiration of any
      right required or granted herein shall not be a Business Day, then, such action
      may be taken or such right may be exercised on the next succeeding Business
      Day.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    d) Authorized
      Shares.
      

     

    The
      Company covenants that, during the period the Warrant is outstanding, it will
      reserve from its authorized and unissued Common Stock a sufficient number of
      shares to provide for the issuance of the Warrant Shares upon the exercise
      of
      any purchase rights under this Warrant. The Company further covenants that
      its
      issuance of this Warrant shall constitute full authority to its officers who
      are
      charged with the duty of executing stock certificates to execute and issue
      the
      necessary certificates for the Warrant Shares upon the exercise of the purchase
      rights under this Warrant. The Company will take all such reasonable action
      as
      may be necessary to assure that such Warrant Shares may be issued as provided
      herein without violation of any applicable law or regulation, or of any
      requirements of the Trading Market upon which the Common Stock may be listed.
      The Company covenants that all Warrant Shares which may be issued upon the
      exercise of the purchase rights represented by this Warrant will, upon exercise
      of the purchase rights represented by this Warrant, be duly authorized, validly
      issued, fully paid and nonassessable and free from all taxes, liens and charges
      created by the Company in respect of the issue thereof (other than taxes in
      respect of any transfer occurring contemporaneously with such issue).

     

    Except
      and to the extent as waived or consented to by the Holder, the Company shall
      not
      by any action, including, without limitation, amending its articles of
      incorporation or through any reorganization, transfer of assets, consolidation,
      merger, dissolution, issue or sale of securities or any other voluntary action,
      avoid or seek to avoid the observance or performance of any of the terms of
      this
      Warrant, but will at all times in good faith assist in the carrying out of
      all
      such terms and in the taking of all such actions as may be necessary or
      appropriate to protect the rights of Holder as set forth in this Warrant against
      impairment. Without limiting the generality of the foregoing, the Company will
      (i) not increase the par value of any Warrant Shares above the amount payable
      therefor upon such exercise immediately prior to such increase in par value,
      (ii) take all such action as may be necessary or appropriate in order that
      the
      Company may validly and legally issue fully paid and nonassessable Warrant
      Shares upon the exercise of this Warrant and (iii) use commercially reasonable
      efforts to obtain all such authorizations, exemptions or consents from any
      public regulatory body having jurisdiction thereof, as may be, necessary to
      enable the Company to perform its obligations under this Warrant.

     

    Before
      taking any action which would result in an adjustment in the number of Warrant
      Shares for which this Warrant is exercisable or in the Exercise Price, the
      Company shall obtain all such authorizations or exemptions thereof, or consents
      thereto, as may be necessary from any public regulatory body or bodies having
      jurisdiction thereof.

     

    e) Jurisdiction.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Warrant shall be determined in accordance with the provisions of the
      Purchase Agreement.

     

    f) Restrictions.
      The
      Holder acknowledges that the Warrant Shares acquired upon the exercise of this
      Warrant, if not registered, will have restrictions upon resale imposed by state
      and federal securities laws.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    g) Nonwaiver
      and Expenses.
      No
      course of dealing or any delay or failure to exercise any right hereunder on
      the
      part of Holder or Company shall operate as a waiver of such right or otherwise
      prejudice that party’s rights, powers or remedies, notwithstanding the fact that
      all rights of Holder hereunder terminate on the Termination Date. If either
      party willfully and knowingly fails to comply with any provision of this
      Warrant, which results in any material damages to the other party, the first
      party shall pay such amounts as shall be sufficient to cover any costs and
      expenses including, but not limited to, reasonable attorneys’ fees, including
      those of appellate proceedings, incurred by the affected party in enforcing
      any
      of its rights, powers or remedies hereunder.

     

    h) Notices.
      Any
      notice, request or other document required or permitted to be given or delivered
      to the Holder by the Company shall be delivered in accordance with the notice
      provisions of the Purchase Agreement.

     

    i) Limitation
      of Liability.
      No
      provision hereof, in the absence of any affirmative action by Holder to exercise
      this Warrant to purchase Warrant Shares, and no enumeration herein of the rights
      or privileges of Holder, shall give rise to any liability of Holder for the
      purchase price of any Common Stock or as a shareholder of the Company, whether
      such liability is asserted by the Company or by creditors of the
      Company.

     

    j) Remedies.
      The
      Holder, in addition to being entitled to exercise all rights granted by law,
      including recovery of damages, will be entitled to specific performance of
      its
      rights under this Warrant. The Company agrees that monetary damages would not
      be
      adequate compensation for any loss incurred by reason of a breach by it of
      the
      provisions of this Warrant and hereby agrees to waive and not to assert the
      defense in any action for specific performance that a remedy at law would be
      adequate.

     

    k) Successors
      and Assigns.
      Subject
      to applicable securities laws, this Warrant and the rights and obligations
      evidenced hereby shall inure to the benefit of and be binding upon the
      successors of the Company and the successors and permitted assigns of Holder.
      The provisions of this Warrant are intended to be for the benefit of all Holders
      from time to time of this Warrant and shall be enforceable by the Holder or
      holder of Warrant Shares.

     

    l) Amendment.
      This
      Warrant may be modified or amended or the provisions hereof waived with the
      written consent of the Company and the Holder. This Warrant may be modified
      or
      amended or the provisions hereof waived with the written consent of the Company
      and the holders of Warrants issued under the Purchase Agreement representing
      a
      majority of the Warrant Shares issuable under Warrants then outstanding as
      of
      the date such consent is sought; provided, however, that (i) no such
      amendment shall adversely affect any Holder differently than it affects all
      other Holders, unless such Holder consents thereto and (ii) no amendment
      may increase the Exercise Price, decrease the number of shares or class of
      shares obtainable upon exercise of this Warrant or decrease the time period
      in
      which this Warrant can be exercised without the written consent of the
      Holder.

     

    m) Severability.
      Wherever possible, each provision of this Warrant shall be interpreted in such
      manner as to be effective and valid under applicable law, but if any provision
      of this Warrant shall be prohibited by or invalid under applicable law, such
      provision shall be ineffective to the extent of such prohibition or invalidity,
      without invalidating the remainder of such provisions or the remaining
      provisions of this Warrant.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    n) Headings.
      The
      headings used in this Warrant are for the convenience of reference only and
      shall not, for any purpose, be deemed a part of this Warrant.

     

    o) Acceptance.
      Receipt
      of this Warrant by the Holder shall constitute acceptance of and agreement
      to
      all of the terms and conditions contained herein.

     

    ********************

    

    (Signature
      Pages Follow)

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

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

     

    
      	
              NUTRACEA

            
	 
	
              By:

            	 
	 	
              Name:
                Bradley Edson

            
	 	
              Title:
                Chief Executive Officer

            

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    NOTICE
      OF EXERCISE

    

    TO: NUTRACEA

    

    (1) The
      undersigned hereby elects to purchase ________ Warrant Shares of the Company
      pursuant to the terms of the attached Warrant (only if exercised in full),
      and
      tenders herewith payment of the exercise price in full, together with all
      applicable transfer taxes, if any.

     

    (2) Payment
      shall take the form of (check applicable box):

     

    o
      in lawful money of the
      United States; or

     

    o
      [if permitted] the cancellation of such
      number of Warrant Shares as is necessary, in accordance with the formula set
      forth in subsection 2(c), to exercise this Warrant with respect to the maximum
      number of Warrant Shares purchasable pursuant to the cashless exercise procedure
      set forth in subsection 2(c).

     

    (3) Please
      issue a certificate or certificates representing said Warrant Shares in the
      name
      of the undersigned or in such other name as is specified below:

     

    _______________________________

     

    (4)
      The
      undersigned is a “qualified institutional investor” as defined in Exhibit 3.2(c)
      to the Purchase Agreement.

    

    (5)
      In
      accordance with Section 2(d) of the Warrant, after giving effect to the
      number of Warrant Shares issuable upon this exercise of the Warrant, the
      undersigned will not beneficially own in excess of 4.99% (or 9.99%, if
      applicable in accordance with Section 2(d)) of the number of shares of
      Common Stock of the Company outstanding immediately after giving effect to
      the
      issuance of such Warrant Shares.

    

    The
      Warrant Shares shall be delivered to the following DWAC Account Number or by
      physical delivery of a certificate to:

    

    _______________________________

     

    _______________________________

     

    _______________________________

     

    [SIGNATURE
      OF HOLDER]

     

    Name
      of
      Investing Entity:
      ______________________________________________________________________________

    Signature
      of Authorized Signatory of Investing Entity:
      _________________________________________________________

    Name
      of
      Authorized Signatory:
      ___________________________________________________________________________

    Title
      of
      Authorized Signatory:
      ____________________________________________________________________________

    Date:
      _______________________________________________________________________________________________

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT
      FORM

    

    (To
      assign the foregoing warrant, execute

    this
      form
      and supply required information. 

    Do
      not
      use this form to exercise the warrant.)

     

    FOR
      VALUE
      RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all
      rights evidenced thereby are hereby assigned to

     

    _______________________________________________
      whose address is

    

    _______________________________________________________________.

     

    _______________________________________________________________

    

    Dated:
      ______________, _______

    

    The
      assignee is a “qualified institutional investor” as defined in Exhibit 3.2(c) to
      the Purchase Agreement.

     

    
      	
              Holder’s
                Signature:

            	 
	 	 
	
              Holder’s
                Address:

            	 
	 	 
	 	 

    

    

    Signature
      Guaranteed: ___________________________________________

     

    NOTE:
      The
      signature to this Assignment Form must correspond with the name as it appears
      on
      the face of the Warrant, without alteration or enlargement or any change
      whatsoever, and must be guaranteed by a bank or trust company. Officers of
      corporations and those acting in a fiduciary or other representative capacity
      should file proper evidence of authority to assign the foregoing
      Warrant.

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