Document:

SECURITY AGREEMENT

SECURITY AGREEMENT

THIS AGREEMENT (“Agreement”) made this 1st  day of October 2013 under the laws of the State of Arizona, between IceWeb, Inc. a corporation under the laws of the State of Delaware and/or its assigns, hereinafter called the “Debtor”, whose business address is 22900 Shaw Road, Suite 111, Sterling, VA, 20166, and Agility Lease Fund-III, LLC, an Arizona limited liability company or its assigns, whose business address is 101 East Gurley Street, Suite 202, Prescott, Arizona 86301, hereinafter called the “Secured Party”.

RECITALS

A.

This Security Agreement is being issued pursuant to the terms set forth in that certain Master Lease Agreement dated October 1 2013 by and between the Debtor and the Secured Party (the “Master Lease Agreement”).

B.

Pursuant to the terms set forth in the Master Lease Agreement, the Debtor has leased, and may in the future lease, certain equipment from the Secured Party (the “Equipment”) to be used in the operation of the Debtor’s business (the “Business”).  

C.

The Secured Party and the Debtor have agreed that payment of all sums due from the Debtor to the Secured Party under the Master Lease Agreement and all schedules thereto (the “Schedules”) shall be secured in part by a first security interest in the assets of the Debtor described on Exhibit A attached hereto and incorporated herein by this reference (hereinafter collectively referred to as the “Collateral”). 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereto, intending to be legally bound, agree as follows:

1.

Grant of Security Interest. To secure the payment of all amounts due from the Debtor to the Secured Party pursuant to the Master Lease Agreement and all the Schedules, and also to secure any other indebtedness or liability of the Debtor to the Secured Party, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereinafter arising, (all hereinafter called the “Obligations”), subject to the terms and conditions of this Agreement, the Debtor hereby grants and conveys to the Secured Party a continuing first priority security interest in:

(a)

the Collateral;

(b) all accounts, equipment, property, goods and chattels of the same classes as the Collateral, acquired by the Debtor subsequent to the execution of this Agreement and prior to its termination;

(c) all proceeds, if any, of the Collateral and all proceeds of proceeds thereof, if any; and

(d) all increases, substitutions, replacements additions and accessions thereto.

2.

Warranties. Debtor warrants, covenant and agree as follows:

(a) To pay and perform all of the Obligations secured by this Agreement according to their terms.

(b) To defend the title to the Collateral against all persons and against all claims and demands whatsoever, which Collateral, except for the security interest granted hereby, is lawfully owned by the Debtor and is now free and clear of any and all liens, security interests, claims, charges, encumbrances, taxes and assessments.

(c) Upon demand of the Secured Party to furnish further assurances of title, execute any written agreement or do any other act necessary to effectuate the purposes and provisions or this Agreement, execute any instrument or statement required by law or otherwise in order to perfect, continue or terminate the security interest of the Secured Party in the Collateral and to pay all costs of filing in connection therewith.

(d) At its own expense, to keep the Collateral free and clear of all liens, charges, encumbrances, taxes and assessments.

(e) At its own expense, to pay, when due, all taxes, assessments, judgments, charges and fees relating to the Collateral.

(f) The Debtor has the right and power, and is duly authorized to enter into this Security Agreement and the execution of this Security Agreement does not constitute a breach of any provision of any agreement or any instrument to which the Debtor is a party.

3.

Default. The following shall constitute a default by the Debtor:

(a) Failure by the Debtor to pay any amount or amounts payable by the Debtor pursuant to the Master Lease Agreement, including, without limitation, any amount or amounts payable by the Debtor pursuant to any Schedules entered into by the Debtor pursuant to the terms of the Master Lease Agreement.

(b) If the Debtor (i) applies for the appointment of a receiver, trustee, or custodian of any of its assets, (ii) files a petition under any section of the bankruptcy code or similar law or regulation, (iii) makes an assignment for the benefit of creditors, (iv) is the subject of a petition under any section of the bankruptcy code or similar law or regulation which is filed against Debtor, or if any case or proceeding is filed for its dissolution or liquidation, (v) becomes insolvent or fails to pay its debts as they mature, (vi) merges or consolidates without the prior written consent of the Secured Party, (vii) dissolves or is partially or wholly liquidated, (viii) fails to comply with or perform any provision of this Agreement, the Master Lease Agreement or any Schedule, (ix) makes or gives any false or misleading representations or warranties in connection with this Agreement or any other agreement between the Secured Party and Debtor, (x) directly or indirectly subjects the Collateral to levy of execution or other judicial process, or (xi) any other act of the Debtor which in the opinion of the Secured Party imperils the prospects of full performance of the Master Lease Agreement or any of the Debtor’s other Obligations.

4.

Remedies. Upon any default of the Debtor and at the option of the Secured Party, the Obligations secured by this Agreement shall become due and payable in full without any further notice or demand, and the Secured Party shall have all the rights, remedies and privileges with respect to repossession, retention, sale of the Collateral and disposition of the proceeds as are accorded by the applicable sections of the Uniform Commercial Code of Arizona respecting such default as well as all the rights, remedies and privileges set forth in this Agreement and the Master Lease Agreement. All rights, remedies and powers of the Secured Party hereunder are cumulative, and not alternative or exclusive, and shall be in addition to all rights, remedies and powers given hereunder or in, or by, any other instruments, or by the Uniform Commercial Code, or any laws now existing or hereafter enacted. Upon any default, the Debtor shall assemble the Collateral and make it available to the Secured Party at the place and time requested by the Secured Party. Upon any default, the Secured Party’s reasonable attorneys’ fees and legal and other expenses for pursuing, searching for, receiving, taking, keeping, and selling the Collateral shall be charged to the Debtor. The Debtor shall remain liable for any deficiencies resulting from the sale of the Collateral and shall pay such deficiency forthwith upon demand. If the Debtor shall default in the performance of any of the provisions of this Agreement on the Debtor’s part to be performed, the Secured Party may, at its sole option, perform the same for the Debtor’s account and any monies expended in so doing shall be chargeable with interest to the Debtor and added to the Obligations secured hereby.

5.

Ordinary Course. So long as the Debtor is not in default hereunder, this Agreement shall not prohibit the Debtor from using the Collateral in the ordinary course of its Business. Any use of the Collateral which is other than in the ordinary course or in violation of the terms of the Master Lease Agreement or this Agreement shall be a default under this Agreement for which the Secured Party at its option, may exercise its rights hereunder including without limitation its rights of acceleration of the Obligations and demand immediate payment of all outstanding sums due under the Master Lease Agreement, the Schedules, and this Agreement.

6.

Information. The Debtor shall permit the Secured Party or its agents, upon reasonable request, to have access to and to inspect and make copies of, or extracts from, the books, records and files of the Debtor and of its successors and assigns for purposes relevant to this Agreement, and the Debtor will make the same available during reasonable business hours on prior notice for such purposes.

7.

Perfection of Security Interest. The Secured Party is authorized to file a Financing Statement perfecting the security granted by the Debtor pursuant to this Agreement. The Debtor shall execute and deliver to the Secured Party, concurrently with Debtor's execution of this Agreement, and at any time or times hereafter at the reasonable request of the Secured Party, all financing statements and continuation financing statements, and other documents that Secured Party may reasonably request, in form satisfactory to Secured Party which are necessary to perfect, and maintain perfected, the Secured Party's continuing first priority security interest in the Collateral.

8.

General. 

(a) This Agreement has been delivered in the State of Arizona and shall be construed in accordance with the laws of the State of Arizona.

(b) The rights and privileges of the Secured Party hereunder shall inure to the benefit of its successors and assigns, and this Security Agreement shall be binding on all successors of the Debtor.

(c) The Debtor agrees to pay all costs and expenses (including reasonable expenses for legal services) relating to or incidental to the Secured Party’s enforcement of its rights arising under this Security Agreement.

(d) Waiver of acquiescence of any default by the Debtor, or failure of the Secured Party to insist upon strict compliance by the Debtor of any warranties or agreements in this Security Agreement, shall not constitute a waiver of any subsequent or other notice or failure.

(e) Notice to either party shall be in writing and shall be delivered personally or by mail addressed to the party at the addresses herein set forth, or as otherwise set forth in writing.

(f) The Arizona Uniform Commercial Code shall govern the rights, duties and remedies of the parties and any provisions herein declared invalid under any law shall not invalidate any other provision of this Agreement.

9.

Release. At such time as the Debtor shall satisfy its obligation to the Secured Party under the Master Lease Agreement, the Schedules, and this Agreement, the Secured Party shall promptly execute and deliver to the Debtor any and all documents which are necessary to terminate, release and discharge the Secured party’s rights hereunder, and any other security interest given in connection herewith.

IN WITNESS WHEREOF, this Security Agreement has been duly executed as of the 1st_ day of October 2013.

Debtor: IceWEB, Inc.

By: __/s/ Rob Howe___________________

Its: __Chief Executive Officer___________

____________________________________

Secured Party: Agility Lease Fund-III, LLC 

By: ___/s/ Hal Hayden_________________

       Hal Hayden

Its:  Manager

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Security Agreement – IceWeb, Inc. 33-130

EXHIBIT A

The Collateral subject to this Security Agreement is as follows:

1.

All Equipment and peripherals wherever located heretofore or hereafter leased to Debtor by Secured Party pursuant to the Master Lease Agreement and all of Debtor's rights, title and interest in and to any software and services (collectively "Software") financed under and described in the Master Lease Agreement, including without limitation all substitutions, additions, accessions and replacements thereto ,and thereof, now or hereafter installed in, affixed to, or used in conjunction with the Equipment and Software, and proceeds thereof and refunds obtained by Debtor from a manufacturer, licensor or service provider, and other proceeds and payments due and to become due and arising from or relating to said Equipment, Software or the Master Lease Agreement.

2.

All subleases, chattel paper, accounts, security deposits, and general intangibles relating thereto, and any and all substitutions, replacements or exchanges for any such item of Equipment or other collateral, in each such case in which Debtor shall from time to time acquire an interest; 

3.

Any and all insurance and/or other proceeds of the property and other Collateral in and against which a security interest is granted hereunder;

4.

All of Debtor’s accounts, accounts receivable, instruments, documents, contract rights, chattel paper, inventory, equipment, money deposit accounts, insurance policies, reserves, reserve accounts, general intangibles and proceeds thereof presently existing or hereafter arising, now owned or hereafter acquired by Debtor;

5.

All goods and inventory relating to the Master Lease Agreement in all stages of manufacture, process or production; 

6.

All books and records pertaining to accounts; and proceeds of the foregoing property

7.

All right, title and interest in the Business trade name and trade style and any derivative thereof.

8.

All franchise rights associated with the Business.

9.

All of the leasehold interest in the premises in which the Business is operated and all of the leasehold improvements located in such premises. 

10.

All internet domain names and all websites associated with the Business.

11.

All accounts of Debtor and the Business.

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Security Agreement – IceWeb, Inc. 33-130Converted by EDGARwiz

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SHARES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT.

 

__________________________

 

IceWEB, Inc.

 

COMMON STOCK PURCHASE WARRANT “T”

 

																		
	Number of Shares: 3,675,000

	Holder: Agility Lease Fund III, LLC

	 

	 

	

	 

	 

	Original Issue Date: October 1, 2013

	

	

	 

	 

	

	 

	 

	 

	

	 

	Expiration Date: October 1, 2015

	

	 

	 

	 

	

	

	 

	Exercise Price per Share: $0.055

	

	 

	 

	

	

	

	

	

	

	

	

	

	 

 

IceWEB, Inc., a company organized and existing under the laws of the State of Delaware (the “Company”), hereby certifies that, for value received, AGILITY LEASE FUND III, LLC, or its registered assigns (the “Warrant Holder”), is entitled, subject to the terms set forth below, to purchase from the Company up to Three Million Six Hundred-Seventy Five Thousand (3,675,000) shares (as adjusted from time to time as provided in Section 7, the “Warrant Shares”) of common stock, $.001 par value (the “Common Stock”), of the Company at a price of Five and 1⁄2 Cents ($0.055) per Warrant Share (as adjusted from time to time as provided in Section 7, the “Exercise Price”), at any time and from time to time from and after the date thereof and through and including 5:00 p.m. New York City time on October 1, 2015 (the “Expiration Date”), and subject to the following terms and conditions:

 

 

1.            Registration of Warrant. 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 Warrant Holder hereof from time to time. The Company may deem and treat the registered Warrant Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Warrant Holder, and for all other purposes, and the Company shall not be affected by notice to the contrary.

 

2.            Investment Representation. The Warrant Holder by accepting this Warrant represents that the Warrant Holder is acquiring this Warrant for its own account or the account of an affiliate for investment purposes and not with the view to any offering or distribution and that the Warrant Holder will not sell or otherwise dispose of this Warrant or the underlying Warrant Shares in violation of applicable securities laws. The Warrant Holder acknowledges that the certificates representing any Warrant Shares will bear a legend indicating that they have not been registered under the United States Securities Act of 1933, as amended (the “1933 Act”) and may not be sold by the Warrant Holder except pursuant to an effective registration statement or pursuant to an exemption from registration requirements of the 1933 Act and in accordance with federal and state securities laws. If this Warrant was acquired by the Warrant Holder pursuant to the exemption from the registration requirements of the 1933 Act afforded by Regulation S thereunder, the Warrant Holder acknowledges and covenants that this Warrant may not be exercised by or on behalf of a Person during the one year distribution compliance period (as defined in Regulation S) following the date hereof. “Person” means an individual, partnership, firm, limited liability company, trust, joint venture, association, corporation, or any other legal entity.

 

3.            Validity of Warrant and Issue of Shares. The Company represents and warrants that this Warrant has been duly authorized and validly issued and warrants and agrees that all of Common Stock that may be issued upon the exercise of the rights represented by this Warrant will, when issued upon such exercise, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issue thereof. The Company further warrants and agrees that during the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved a sufficient number of Common Stock to provide for the exercise of the rights represented by this Warrant.

 

			
	 

	4.

	Registration of Transfers and Exchange of Warrants.

 

a.            Subject to compliance with the legend set forth on the face of this Warrant, the Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender of this Warrant with the Form of Assignment attached hereto duly completed and signed, to the Company at the office specified in or pursuant to Section 9. Upon any such registration or transfer, a new warrant to purchase Common Stock, in substantially the form of this Warrant (any such new warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so

 

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transferred, if any, shall be issued to the transferring Warrant Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance of such transferee of all of the rights and obligations of a Warrant Holder of a Warrant.

 

b.            This Warrant is exchangeable, upon the surrender hereof by the Warrant Holder to the office of the Company specified in or pursuant to Section 9 for one or more New Warrants, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then be purchased hereunder. Any such New Warrant will be dated the date of such exchange.

 

			
	 

	5.

	Exercise of Warrants.

 

a.            Upon surrender of this Warrant with the Form of Election to Purchase attached hereto duly completed and signed to the Company, at its address set forth in Section 9, and upon payment and delivery of the Exercise Price per Warrant Share multiplied by the number of Warrant Shares that the Warrant Holder intends to purchase hereunder, in lawful money of the United States of America, in cash or by certified or official bank check or checks, to the Company, all as specified by the Warrant Holder in the Form of Election to Purchase, the Company shall promptly (but in no event later than 7 business days after the Date of Exercise (as defined herein)) issue or cause to be issued and cause to be delivered to or upon the written order of the Warrant Holder and in such name or names as the Warrant Holder may designate (subject to the restrictions on transfer described in the legend set forth on the face of this Warrant), a certificate for the Warrant Shares issuable upon such exercise, with such restrictive legend as required by the 1933 Act. Any person so designated by the Warrant Holder to receive Warrant Shares shall be deemed to have become holder of record of such Warrant Shares as of the Date of Exercise of this Warrant.

 

b.            A “Date of Exercise” means the date on which the Company shall have received (i) this Warrant (or any New Warrant, as applicable), with the Form of Election to Purchase attached hereto (or attached to such New Warrant) appropriately completed and duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares so indicated by the Warrant Holder to be purchased.

 

c.            This Warrant shall be exercisable at any time and from time to time for such number of Warrant Shares as is indicated in the attached Form of Election To Purchase. If less than all of the Warrant Shares which may be purchased under this Warrant are exercised at any time, the Company shall issue or cause to be issued, at its expense, a New Warrant evidencing the right to purchase the remaining number of Warrant Shares for which no exercise has been evidenced by this Warrant.

 

6.            Maximum Exercise. The Warrant Holder shall not be entitled to exercise this Warrant on a Date of Exercise in connection with that number of shares of Common Stock which would be in excess of the sum of (i) the number of shares of Common Stock beneficially owned by the Warrant Holder and its affiliates on an exercise date, and (ii) the number of shares of Common Stock issuable upon the exercise of this Warrant with respect to which the determination of this limitation is being made on an exercise date, which would result in beneficial ownership by the Warrant Holder and its affiliates of more than 4.9% of the outstanding shares of Common Stock on such date. This Section 6 may be waived or amended only with the consent of the Holder and the consent of holders of a majority of the shares of outstanding Common Stock of the Company who are not Affiliates. For the purposes of the immediately preceding sentence, the term “Affiliate” shall mean any person: (a) that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company; or (b) who beneficially owns this Warrant. For the purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder.

7.            Adjustment of Exercise Price and Number of Shares. The character of the shares of stock or other securities at the time issuable upon exercise of this Warrant and the Exercise Price therefore, are subject to adjustment upon the occurrence of the following events, and all such adjustments shall be cumulative:

 

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a.            Adjustment for Stock Splits, Stock Dividends, Recapitalizations, Etc. The Exercise Price of this Warrant and the number of shares of Common Stock or other securities at the time issuable upon exercise of this Warrant shall be appropriately adjusted to reflect any stock dividend, stock split, combination of shares, reclassification, recapitalization or other similar event affecting the number of outstanding shares of stock or securities.

 

b.            Adjustment for Reorganization, Consolidation, Merger, Etc. In case of any consolidation or merger of the Company with or into any other corporation, entity or person, or any other corporate reorganization, in which the Company shall not be the continuing or surviving entity of such consolidation, merger or reorganization (any such transaction being hereinafter referred to as a “Reorganization”), then, in each case, the holder of this Warrant, on exercise hereof at any time after the consummation or effective date of such Reorganization (the “Effective Date”), shall receive, in lieu of the shares of stock or other securities at any time issuable upon the exercise of the Warrant issuable on such exercise prior to the Effective Date, the stock and other securities and property (including cash) to which such holder would have been entitled upon the Effective Date if such holder had exercised this Warrant immediately prior thereto (all subject to further adjustment as provided in this Warrant).

 

c.            Certificate as to Adjustments. In case of any adjustment or readjustment in the price or kind of securities issuable on the exercise of this Warrant, the Company will promptly give written notice thereof to the holder of this Warrant in the form of a certificate, certified and confirmed by the Board of Directors of the Company, setting forth such adjustment or readjustment and showing in reasonable detail the facts upon which such adjustment or readjustment is based.

 

8.            Fractional Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this Warrant. The number of full Warrant Shares that shall be issuable upon the exercise of this Warrant shall be computed on the basis of the aggregate number of Warrants Shares purchasable on exercise of this Warrant so presented. If any fraction of a Warrant Share would, except for the provisions of this Section 8, be issuable on the exercise of this Warrant, the Company shall, at its option, (i) pay an amount in cash equal to the Exercise Price multiplied by such fraction or (ii) round the number of Warrant Shares issuable, up to the next whole number.

 

5

 

9.            Sale or Merger of the Company. Upon a Change in Control, the restriction contained in Section 6 shall immediately be released and the Warrant Holder will have the right to exercise this Warrant concurrently with such Change in Control event. For purposes of this Warrant, the term “Change in Control” shall mean a consolidation or merger of the Company with or into another company or entity in which the Company is not the surviving entity or the sale of all or substantially all of the assets of the Company to another company or entity not controlled by the then existing stockholders of the Company in a transaction or series of transactions.

10.          Notice of Intent to Sell or Merge the Company. The Company will give Warrant Holder ten (10) business days notice before the event of a sale of all or substantially all of the assets of the Company or the merger or consolidation of the Company in a transaction in which the Company is not the surviving entity.

11.          Issuance of Substitute Warrant.   In the event of a merger, consolidation, recapitalization or reorganization of the Company or a reclassification of Company shares of stock, which results in an adjustment to the number of shares subject to this Warrant and/or the Exercise Price hereunder, the Company agrees to issue to the Warrant Holder a substitute Warrant reflecting the adjusted number of shares and/or Exercise Price upon the surrender of this Warrant to the Company.

 

12.          Notice. All notices and other communications hereunder shall be in writing and shall be deemed to have been given (i) on the date they are delivered if delivered in person; (ii) on the date initially received if delivered by facsimile transmission followed by registered or certified mail confirmation; (iii) on the date delivered by an overnight courier service; or (iv) on the third business day after it is mailed by registered or certified mail, return receipt requested with postage and other fees prepaid as follows:

 

If to the Company:

 

ICEWEB, INC.

22900 Shaw Road, Suite 111

Sterling, VA 20166

Attention: Mark Lucky, CFO

 

If to the Warrant Holder:

 

Agility Lease Fund III, LLC

Attn: Hal Hayden

 

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	13.

	Miscellaneous.

 

a.            This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Warrant may be amended only by a writing signed by the Company and the Warrant Holder.

 

b.            Nothing in this Warrant shall be construed to give to any person or corporation other than the Company and the Warrant Holder any legal or equitable right, remedy or cause of action under this Warrant; this Warrant shall be for the sole and exclusive benefit of the Company and the Warrant Holder.

 

c.            This Warrant shall be governed by, construed and enforced in accordance with the internal laws of the State of Virginia without regard to the principles of conflicts of law thereof.

 

d.            The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof.

 

e.            In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceablilty of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonably substitute therefore, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

f.             The Warrant Holder shall not, by virtue hereof, be entitled to any voting or other rights of a shareholder of the Company, either at law or equity, and the rights of the Warrant Holder are limited to those expressed in this Warrant.

 

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

 

ICEWEB, INC., a Delaware corporation

 

 

By: ___/s/ Rob Howe _____

Name: Rob Howe

Its: Chief Executive Officer

 

 

7

 

FORM OF ELECTION TO PURCHASE

 

(To be executed by the Warrant Holder to exercise the right to purchase shares of Common Stock under the foregoing Warrant)

 

To: IceWEB, Inc.:

 

In accordance with the Warrant enclosed with this Form of Election to Purchase, the undersigned hereby irrevocably elects to purchase ______________ shares of Common Stock (“Common Stock”), $.001 par value, of IceWEB, Inc, and encloses the warrant and $0.055 for each Warrant Share being purchased or an aggregate of $________________ in cash or certified or official bank check or checks, which sum represents the aggregate Exercise Price (as defined in the Warrant) together with any applicable taxes payable by the undersigned pursuant to the Warrant.

 

The undersigned requests that certificates for the shares of Common Stock issuable upon this exercise be issued in the name of:

 

__________________________________________________

 

__________________________________________________

 

__________________________________________________

(Please print name and address)

 

__________________________________________________

(Please insert Social Security or Tax Identification Number)

 

If the number of shares of Common Stock issuable upon this exercise shall not be all of the shares of Common Stock which the undersigned is entitled to purchase in accordance with the enclosed Warrant, the undersigned requests that a New Warrant (as defined in the Warrant) evidencing the right to purchase the shares of Common Stock not issuable pursuant to the exercise evidenced hereby be issued in the name of and delivered to:

 

__________________________________________________

 

__________________________________________________

 

__________________________________________________

(Please print name and address)

 

		
	Dated: _______________

	Name of Warrant Holder:

 

		
	 

	(Print) ____________________________________

 

		
	 

	(By:) ____________________________________

 

 

		
	 

	(Name:) ___________________________________

 

		
	 

	(Title:) ____________________________________

 

								
	 

	Signature must conform in all respects to name of

	 

	Warrant Holder as specified on the face of the

	 

	 

	 

	Warrant

	 

	 
	 

	

	

	

	

	 
	 

 

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