Document:

Maverick Minerals Corp.: Exhibit 10.20 - Filed by newsfilecorp.com

DATA PURCHASE AGREEMENT 

          This
Data Purchase Agreement (the “Agreement”) is made and entered into as of the
27th day of July, 2010 by and between Maverick Minerals Corporation, a Nevada
corporation with an address at 2501 Lansdowne Avenue, Saskatoon, Saskatchewan
S7J 1H3 (the “Purchaser”), Leighton F. Young Jr. of 10046 Wickersham Lane
Houston, Texas 77042 and Robert Fendley of P.O. Box 22 Simonton, Texas 77476
(together the “Vendors”). Purchaser and Vendors are referred to collectively in
this Agreement as the “Parties,” and individually as a “Party”. 

RECITALS

          WHEREAS,
the Vendors own data relating to certain oil and gas mineral leases located in
Fort Bend and Wharton Counties, Texas (the “Properties”), including among other
things: electric logs, seismic work, seismic reprocessing, data from the Texas
Railroad Commission (such as production information and completion information),
and draft maps (referred to herein collectively as the “Geologic Data”). 

          WHEREAS,
Purchaser desires to purchase the Geologic Data from the Vendors that pertains
to the Properties (the “Purchased Geologic Data”).

          WHEREAS,
the Vendors wish to grant the Purchaser the exclusive right to purchase the
Purchased Geologic Data from the Vendors under the terms and conditions set
forth in this Agreement. 

          NOW
THEREFORE, in consideration of the premises and of the mutual promises,
representations, covenants, conditions and agreements contained herein, the
parties hereto, intending to be legally bound by the terms hereof, covenant and
agree as follows: 

1.       PURCHASE AND SALE OF
DATA. 

          In
accordance with the terms and conditions of this Agreement, the Vendors hereby
agree to sell, and Purchaser agrees to purchase, at and on the date of the
Closing described in Section 3 below, the Purchased Geologic Data.

2.       PURCHASE PRICE. 

          The
consideration to be paid by Purchaser to the Vendors for the Purchased Geologic
Data shall be $350,000 (the “Purchase Price”). The Purchase Price shall be paid
by the Purchaser by way of issuance of an aggregate of 350,000 shares (the
“Shares”) of the common stock of the Purchaser at a deemed price of $1.00 per
Share, to be allocated as follows: (i) 175,000 Shares to Leighton F. Young Jr.;
and (ii) 175,000 Shares to Robert Fendley. 

3.       CLOSING. 

          Closing
of the acquisition of the Purchased Geologic Data shall be July 27, 2010 or such
other date acceptable to Purchaser and the Vendors.

          At
the Closing for the Purchased Geologic Data, Purchaser shall deliver to the
Vendors share certificates representing the Shares. Purchaser shall also pay any
sales or use taxes, if any, applicable to the sale of the Purchased Geologic
Data.

          At
the Closing the Vendors shall deliver to Purchaser a Bill of Sale for the
Purchased Geologic Data, in the form of Exhibit A attached hereto. At the
Closing, title to the Purchased Geologic Data and risk of loss with respect
thereto shall pass to Purchaser upon delivery of the Bill of Sale by the
Vendors. 

4.       CONDITIONS TO CLOSING.

          Neither
Party shall be obligated to consummate the Closing of the sale of the Purchased
Geologic Data if any court, arbitrator or governmental agency shall have issued
any order, decree or ruling, or if there exists any statute, rule or regulation
restraining, enjoining or prohibiting the consummation of the transactions
contemplated hereby. 

5.       WARRANTY BY THE VENDORS

          Nothing
in this Agreement, or otherwise, shall be construed to obligate the Vendors to
furnish any information other than the Purchased Geologic Data to the
Purchaser.

          THE
PURCHASED GEOLOGIC DATA IS SOLD “AS IS” AND THE VENDORS EXPRESSLY DISCLAIM ALL
OTHER REPRESENTATIONS AND WARRANTIES OF ANY KIND OR NATURE, EXPRESS OR IMPLIED,
WITH RESPECT TO THE PURCHASED GEOLOGIC DATA, INCLUDING, BUT NOT LIMITED TO, THE
ACCURACY, RELIABILITY, QUALITY OR COMPLETENESS OF THE PURCHASED GEOLOGIC DATA,
ITS FITNESS OR SUITABILITY FOR ANY PARTICULAR PURPOSE OR USE, THE PRESENCE OR
ABSENCE OF COMMERCIAL QUANTITIES OF OIL OR NATURAL GAS IN ANY PROPERTIES OWNED
OR TO BE ACQUIRED BY PURCHASER, OR THE PAST, PRESENT OR FUTURE VALUE OF THE
PURCHASED GEOLOGIC DATA. PURCHASER AGREES THAT IT SHALL RELY ON THE PURCHASED
GEOLOGIC DATA AT ITS SOLE RISK. 

6.       NOTICES. 

          Any
notices and other communications required by this Agreement shall be in writing
and shall be deemed given on the day when delivered personally or by facsimile
transmission (with confirmation), on the next business day when delivered to a
nationally recognized overnight courier, or three (3) business days after
deposited as certified mail, return receipt requested, addressed to the
recipient Party at its address set forth below, or at such other address or
facsimile number for a Party as shall be specified by like notice: 

	 	If to Vendors: 	If to Purchaser: 
	 	  	  
	 	To the respective Vendor at the address on 	Maverick Minerals Corporation 
	 	the initial page of this Agreement. 	2501 Lansdowne Avenue, Saskatoon, 
	 	  	Saskatchewan S7J 1H3 

2

Attention: Robert Kinloch

           President

Facsimile: 306-343-5799 

	7. 	
      ACKNOWLEDGEMENTS OF THE VENDORS

	 	 	 
		
      Each of the Vendors jointly and severally acknowledge and
      agree that:

	 	 	 
		(a) 	
      none of the Shares have been or will be registered under
      the Securities Act of 1933 (the “1933 Act”), or under any state securities
      or "blue sky" laws of any state of the United States, and, unless so
      registered, may not be offered or sold in the United States or, directly
      or indirectly, to U.S. Persons, as that term is defined in Regulation S
      under the 1933 Act ("Regulation S"), except pursuant to an effective
      registration statement under the 1933 Act, or pursuant to an exemption
      from, or in a transaction not subject to, the registration requirements of
      the 1933 Act and in each case only in accordance with applicable
      securities laws;

	 	 	 
		(b) 	
      the Purchaser has not undertaken, and will have no
      obligation, to register any of the Shares under the 1933 Act or any other
      applicable securities legislation;

	 	 	 
		(c) 	
      the Vendors have received and carefully read this
      Agreement;

	 	 	 
		(d) 	
      the decision to execute this Agreement and acquire the
      Shares hereunder has not been based upon any oral or written
      representation as to fact or otherwise made by or on behalf of the
      Purchaser and such decision is based entirely upon a review of any public
      information which has been filed by the Purchaser with the Securities and
      Exchange Commission ("SEC") in compliance, or intended compliance, with
      applicable securities legislation;

	 	 	 
		(e) 	
      the Vendors and the Vendors’ advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Purchaser in connection with the issuance of the Shares hereunder, and to
      obtain additional information, to the extent possessed or obtainable by
      the Purchaser without unreasonable effort or expense;

	 	 	 
		(f) 	
      upon the issuance thereof, and until such time as the
      same is no longer required under the applicable securities laws and
      regulations, the certificates representing any of the Shares will bear a
      legend in substantially the following form:

	 	 	 
			
      THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE
      SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
      STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
      ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
      FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
      THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
  LAWS.

3

	 	(g) 	
      the Vendors have been advised to consult the Vendors' own
      legal, tax and other advisors with respect to the merits and risks of an
      investment in the Shares and with respect to applicable resale
      restrictions, and it is solely responsible (and the Purchaser is not in
      any way responsible) for compliance with applicable resale
      restrictions;

	 	 	 
	 	(h) 	
      none of the Shares are listed on any stock exchange or
      automated dealer quotation system and no representation has been made to
      the Vendors that any of the Shares will become listed on any stock
      exchange or automated dealer quotation system, except that currently
      certain market makers make market in the shares of common stock of the
      Purchaser on the Financial Industry Regulatory Authority's Over-the-
      Counter Bulletin Board;

	 	 	 
	 	(i) 	
      neither the SEC nor any other securities commission or
      similar regulatory authority has reviewed or passed on the merits of the
      Shares;

	 	 	 
	 	(j) 	
      no documents in connection with the sale of the Shares
      hereunder have been reviewed by the SEC or any state securities
      administrators; and

	 	 	 
	 	(k) 	
      there is no government or other insurance covering any of
      the Shares.

8.      
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE VENDORS 

          The
Vendors hereby jointly and severally represent and warrant to and covenants with
the Purchaser (which representations, warranties and covenants shall survive the
Closing) that: 

	 	(a) 	
      each of the Vendors is a U.S. resident;

	 	 	 
	 	(b) 	
      the Vendors are aware that an investment in the Purchaser
      is speculative and involves certain risks, including the possible loss of
      the entire investment;

	 	 	 
	 	(c) 	
      the Vendors have made an independent examination and
      investigation of an investment in the Shares and the Purchaser and has
      depended on the advice of its legal and financial advisors and agrees that
      the Purchaser will not be responsible in any way whatsoever for the
      Vendors' decision to invest in the Shares and the Purchaser;

	 	 	 
	 	(d) 	
      each of the Vendors: (i) has adequate net worth and means
      of providing for its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, (iii) is
      able to fend for itself in the Subscription; (iv) has such knowledge and
      experience in financial and business matters as to be capable of
      evaluating the merits and risks of its investment in the Securities
    and the Purchaser; and (v) has the ability to bear the
      economic risks of its prospective investment and can afford the complete
  loss of such investment;

4

	 	(e) 	
      the Vendors understand and agree that the Purchaser and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations and agreements contained in this Agreement and agrees that
      if any of such acknowledgements, representations and agreements are no
      longer accurate or have been breached, the Vendors shall promptly notify
      the Purchaser;

	 	 	 
	 	(f) 	
      the Vendors have the legal capacity and competence to
      enter into and execute this Agreement and to take all actions required
      pursuant hereto;

	 	 	 
	 	(g) 	
      each of the Vendors is an ‘accredited investor’ in the
      United States, as that term is defined in Rule 501 of Regulation D,
      promulgated by the SEC under the 1933 Act;

	 	 	 
	 	(h) 	
      the Vendors are acquiring the Shares as principal for
      their own account for investment purposes only and not with a view to, or
      for, resale, distribution or fractionalisation thereof, in whole or in
      part, and no other person has a direct or indirect beneficial interest in
      the Shares;

	 	 	 
	 	(i) 	
      the decision to execute this Agreement and acquire the
      Shares has not been based upon any oral or written representation as to
      fact or otherwise made by or on behalf of the Purchaser and such decision
      is based solely upon the Purchaser’s public filings with the
SEC.

	 	 	 
	 	(j) 	
      the Vendors have duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the Vendors
      enforceable against the Vendors in accordance with its terms;

	 	 	 
	 	(k) 	
      the Vendors are not an underwriter of, or dealer in, the
      common shares of the Purchaser, nor are the Vendors participating,
      pursuant to a contractual agreement or otherwise, in the distribution of
      the Shares;

	 	 	 
	 	(l) 	
      the Vendors are not a broker or a dealer in securities,
      nor is the Vendors affiliated with any securities broker or
  dealer;

	 	 	 
	 	(m) 	
      the Vendors understand and agree not to engage in any
      hedging transactions involving any of the Shares unless such transactions
      are in compliance with the provisions of the 1933 Act and in each case
      only in accordance with applicable state and provincial securities
      laws;

	 	 	 
	 	(n) 	
      the Vendors understand and agree that the Purchaser will
      refuse to register any transfer of the Shares not made in accordance with
      the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from
      the registration requirements of the 1933 Act;

5

	 	(o) 	
      the Vendors have the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Shares and the
  Purchaser;

	 	 	 	 
	 	(p) 	
      the Vendors are not aware of any advertisement of any of
      the Shares and is not acquiring the Shares as a result of any form of
      general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising; and

	 	 	 	 
	 	(q) 	
      no person has made to the Vendors any written or oral
      representations,

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Shares,

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Shares,

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Shares,
      or

	 	 	 	 
	 		(iv) 	
      that any of the Shares will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Shares of the
      Purchaser on any stock exchange or automated dealer quotation system, with
      the exception that the Purchaser acknowledges that the Purchaser’s shares
      of common stock are presently quoted and trading on the Financial Industry
      Regulatory Authority's Over-the-Counter Bulletin Board (the “OTC Bulletin
      Board”) and that Shares following the applicable hold periods will
      available for trading on the OTC Bulletin Board.

In this Agreement, the term "U.S. Person" shall have the
meaning ascribed thereto in Regulation S. 

9.       ASSIGNMENT. 

          Purchaser
shall not assign or delegate its rights, interests or obligations under this
Agreement to any third party.

10.     GOVERNING LAW. 

          The
validity, performance, and enforcement of this Agreement shall be governed by
the laws of the State of Nevada without giving effect to the principles of
conflicts of law of such state. 

11.     TERMINATION. 

          This
Agreement shall terminate automatically if the Closing has not occurred, for
whatever reason, by July 30, 2010.

6

12.     ENTIRE AGREEMENT. 

          This
Agreement constitutes the entire agreement and understanding between the Parties
and integrates all prior discussions and writings between them related to the
subject matter hereof. This Agreement may be amended or modified only pursuant
to a written instrument executed by an authorized representative of each Party.
This Agreement may be executed in two counterparts which shall together
constitute a single instrument. 

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

	/s/ Robert
      Fendley                                  
       	MAVERICK MINERALS CORPORATION 
	ROBERT FENDLEY 	  
	  	By: /s/ Robert
      Kinloch                         
       
	  	  
	  	Name: Robert
      Kinloch                           
	  	  
	  	Title:
      President                                     
       
	  	  
	  	  
	  	  
	/s/ Leighton F.
      Young                             
       	  
	LEIGHTON F. YOUNG JR. 	  

7

EXHIBIT A 
TO 
DATA PURCHASE AGREEMENT 
DATED JULY 27,
2010 

BILL OF SALE 

          Leighton
F. Young Jr. of 10046 Wickersham Lane Houston, Texas 77042 and Robert Fendley of
P.O. Box 22 Simonton, Texas 77476 (together the “Sellers”), in consideration of
Ten Dollars ($10.00) and other good and valuable consideration paid by Maverick
Minerals Corporation, a Nevada corporation, (the “Purchaser”), the receipt and
sufficiency of which are hereby acknowledged, does hereby grant, sell, transfer
and deliver to Purchaser the Purchased Geologic Data more particularly described
in the data purchase agreement among the parties dated July 27, 2010 attached
hereto and made a part hereof.

          THE
GEOLOGIC DATA IS SOLD “AS IS” AND SELLERS EXPRESSLY DISCLAIM ALL REPRESENTATIONS
AND WARRANTIES OF ANY KIND OR NATURE, EXPRESS OR IMPLIED, WITH RESPECT TO THE
GEOLOGIC DATA, INCLUDING, BUT NOT LIMITED TO, THE ACCURACY, RELIABILITY, QUALITY
OR COMPLETENESS OF THE GEOLOGIC DATA, ITS FITNESS OR SUITABILITY FOR ANY
PARTICULAR PURPOSE OR USE, THE PRESENCE OR ABSENCE OF COMMERCIAL QUANTITIES OF
OIL OR NATURAL GAS IN ANY PROPERTIES OWNED OR TO BE ACQUIRED BY PURCHASER, OR
THE PAST, PRESENT OR FUTURE VALUE OF THE GEOLOGIC DATA. PURCHASER AGREES THAT IT
SHALL RELY ON THE GEOLOGIC DATA AT ITS SOLE RISK. 

          IN
WITNESS WHEREOF, Seller and Purchaser have executed this Bill of Sale this ___
day of _________, 2010. 

	__________________________________	MAVERICK MINERALS CORPORATION 
	ROBERT FENDLEY 	
	 	By:
   _________________________________
	 	   
	 	Name: _______________________________
	 	  
	 	Title: ________________________________
	 	  
	 	  
	__________________________________	
	LEIGHTON F. YOUNG JR.placementagentwarrant.htm

Exhibit 4.2

EXECUTION COPY

NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN EACH CASE IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES; PROVIDED THAT IN CONNECTION WITH ANY FORECLOSURE OR TRANSFER OF THE SECURITIES, THE TRANSFEROR SHALL COMPLY WITH THE PROVISIONS HEREIN, IN THE SECURITIES PURCHASE AGREEMENT (AS THOUGH A PARTY THERETO) AND THE REGISTRATION RIGHTS AGREEMENT (AS THOUGH A PARTY THERETO), AND UPON FORECLOSURE OR TRANSFER OF THE SECURITIES, SUCH FORECLOSING PERSON OR TRANSFEREE SHALL COMPLY WITH ALL PROVISIONS CONTAINED HEREIN, IN THE SECURITIES PURCHASE AGREEMENT (AS THOUGH A PARTY THERETO) AND THE REGISTRATION RIGHTS AGREEMENT (AS THOUGH A PARTY THERETO).

 

RAPTOR PHARMACEUTICAL CORP.

 

WARRANT TO PURCHASE COMMON STOCK

 

	  	  	  
	
Warrant No. 2010-26

	
  

	
Original Issue Date: August 12, 2010

 

Raptor Pharmaceutical Corp., a Delaware corporation (the “Company”), hereby certifies that, for value received, JMP Securities LLC or its permitted registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of 97,952 shares of common stock, $0.001 par value per share (the “Common Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price per share equal to $3.075 per share (as adjusted from time to time as provided in Section 9 herein, the “Exercise Price”), at any time and from time to time on or after the sixth (6th) month anniversary of the date hereof (the “Trigger Date”) and through and including 5:30 P.M., New York City time, on August 12, 2015 (the “Expiration Date”), and subject to the following terms and conditions:

This Warrant (this “Warrant”) is issued in connection with the transactions contemplated by that certain Securities Purchase Agreement, dated August 9, 2010 by and among the Company and the Purchasers identified therein (the “Purchase Agreement”).

 

1.           Definitions. In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Purchase Agreement.

  

2.           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 Holder (which shall include the initial Holder or, as the case may be, any registered assignee to which this Warrant is permissibly assigned hereunder) 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.

 

3.           Registration of Transfers. For purposes of this Warrant, the Holder shall be subject to the restrictions on transfer set forth in Section 4.1 of the Purchase Agreement as if the Holder is a Purchaser under the Purchase Agreement.  Subject to such restrictions and compliance with all applicable securities laws, the Company shall register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached as Schedule 2 hereto duly completed and signed, to the Company at its address specified in Section 13 below and (x) delivery, at the request of the Company, of an opinion of counsel reasonably satisfactory to the Company to the effect that the transfer of such portion of this Warrant may be made pursuant to an available exemption from the registration requirements of the Securities Act and all applicable state securities or blue sky laws and (y) delivery by the transferee of a written statement to the Company certifying that the transferee is an “accredited investor” as defined in Rule 501(a) under the Securities Act and making the representations and certifications set forth in Section 3.2 of the Purchase Agreement, to the Company at its address specified in Section 13 below.  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 transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant. The Company shall prepare, issue and deliver at its own expense any New Warrant under this Section 3.

 

4.           Exercise and Duration of Warrant.

 

(a)           All or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by Section 10 of this Warrant at any time and from time to time on or after the Trigger Date and through and including 5:30 P.M. New York City time, on the Expiration Date, subject to the conditions and restrictions contained in this Warrant.  At 5:30 P.M., New York City time, on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value and this Warrant shall be terminated and no longer outstanding.

(b)           For purposes of this Warrant, the Holder hereby makes the representations and warranties of the Purchasers set forth in Section 3.2 of the Purchase Agreement to the Company as if the Holder is a Purchaser under the Purchase Agreement.  The Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1 hereto (the “Exercise Notice”), completed and duly signed,  and (ii) payment of the Exercise Price for the number of Warrant Shares as to which this Warrant is being exercised (which may take the form of a “cashless exercise” if so indicated in the Exercise Notice and if a “cashless exercise” may occur at such time pursuant to Section 10 below), and the date on which the last of such items is delivered to the Company (as determined in accordance with the notice provisions hereof) is an “Exercise Date.” The delivery by (or on behalf of) the Holder of the Exercise Notice and the applicable Exercise Price as provided above shall constitute the Holder’s certification to the Company that its representations contained in this Section 4(b) are true and correct as of the Exercise Date as if remade in their entirety (or, in the case of any transferee Holder, such transferee Holder’s certification to the Company that such representations are true and correct as to such assignee Holder as of the Exercise Date).  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 three (3) Trading Days of the date the final Exercise Notice is delivered to the Company.  Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares, if any.

 

5.           Delivery of Warrant Shares.

 

(a)           Upon exercise of this Warrant, the Company shall promptly (but in no event later than three (3) Trading Days after the Exercise Date) issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or names as the Holder may designate (provided that, if the Registration Statement is not effective and the Holder directs the Company to deliver a certificate for the Warrant Shares in a name other than that of the Holder or an Affiliate of the Holder, it shall deliver to the Company on the Exercise Date an opinion of counsel reasonably satisfactory to the Company to the effect that the issuance of such Warrant Shares in such other name may be made pursuant to an available exemption from the registration requirements of the Securities Act and all applicable state securities or blue sky laws), (i) a certificate for the Warrant Shares issuable upon such exercise, free of restrictive legends, or (ii) an electronic delivery of the Warrant Shares to the Holder’s account at the Depository Trust Company (“DTC”) or a similar organization, unless in the case of clause (i) and (ii) a registration statement covering the resale of the Warrant Shares and naming the Holder as a selling stockholder thereunder is not then effective or the Warrant Shares are not freely transferable without volume and manner of sale restrictions pursuant to Rule 144 under the Securities Act, in which case such Holder shall receive a certificate for the Warrant Shares issuable upon such exercise with appropriate restrictive legends.  The Holder, or any Person permissibly so designated by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date with respect thereto.  If the Warrant Shares can be issued without restrictive legends, the Company shall, upon the written request of the Holder, use its commercially reasonable efforts to deliver, or cause to be delivered, Warrant Shares hereunder electronically through DTC or another established clearing corporation performing similar functions, if available.

 

(b)           If by the close of the third (3rd) Trading Day after delivery of an Exercise Notice and the payment of the aggregate exercise price in any manner permitted by Section 10 of this Warrant, the Company fails to deliver to the Holder a certificate representing the required number of Warrant Shares in the manner required pursuant to Section 5(a), and if after such third (3rd) Trading Day and prior to the receipt of such Warrant Shares, the Holder purchases (in an open market transaction) 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, within three (3) Trading Days after the Holder’s request and in the Holder’s sole discretion, either (1) pay in cash to the Holder an amount equal to the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased, at which point the Company’s obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate or (2) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased in the Buy-In over the product of (A) the number of shares of Common Stock purchased in the Buy-In, times (B) the Closing Bid Price of a share of Common Stock on the Exercise Date.

 

(c)           To the extent permitted by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof  are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same. Nothing herein shall limit the 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.

 

6.           Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or this Warrant in a name other than that of the Holder or an Affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

 

7.           Replacement of Warrant.  If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case, a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.           Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable. The Company will take all commercially reasonable actions as may be necessary to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed.

 

9.           Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 9.

 

(a)           Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides its outstanding shares of Common Stock into a larger number of shares, or (iii) combines its outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.

 

(b)           Pro Rata Distributions.  If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the preceding paragraph) or (iii) rights or warrants to subscribe for or purchase any security, or (iv) any other asset (in each case, “Distributed Property”), then, upon any exercise of this Warrant that occurs after the record date fixed for determination of stockholders entitled to receive such distribution, the Holder shall be entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed Property that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the record holder of such Warrant Shares immediately prior to such record date without regard to any limitation on exercise contained therein.  Notwithstanding anything herein to the contrary, the foregoing provisions in this Section 9(b) shall not apply to, or be triggered by, any rights issued by the Company (either separately or that attach to any securities of the Company) in connection with any stockholders rights agreement, poison pill or other similar anti-takeover provision under the Company’s certificate of incorporation, bylaws or other documents.

(c)           Fundamental Transactions.  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, in which the Company is not the survivor or the stockholders of the Company immediately prior to such merger or consolidation do not own, directly or indirectly, at least 50% of the voting securities of the surviving entity, (ii) the Company effects any sale of assets with a value exceeding the lesser of $45 million or 65% of the Company’s total assets, in one or a series of related transactions (notwithstanding the foregoing, any strategic alliance or licensing transaction for the Company’s products and products in development completed in the normal course of business shall be excluded), (iii) any tender offer or exchange offer by the Company is completed pursuant to which all or substantially all of the holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (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 (other than as a result of a subdivision or combination of shares of Common Stock covered by Section 9(a) above), (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme or arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock, (vi) the Company is delisted from the Nasdaq Capital Market and the common stock of the Company is not then traded on a national securities exchange or (vii)  the Company commences a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of the Company, or the making by it of any assignment for the benefit of creditors  or authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company (in any such case, a “Fundamental Transaction”), then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”).  The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 9(c). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.  The provisions of this paragraph (c) shall similarly apply to subsequent transactions analogous of a Fundamental Transaction type. Notwithstanding the foregoing, in the event of a Fundamental Transaction, at the request of the Holder delivered before the ninetieth (90th) day after such Fundamental Transaction, the Company (or the successor entity to the Company) shall purchase this Warrant from the Holder by paying to the Holder, within five (5) Trading Days after such request (or, if later, on the effective date of the Fundamental Transaction), cash in an amount equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of such Fundamental Transaction.  For purposes hereof, “Black Scholes Value” means the value of the Warrant based on the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day immediately following the public announcement of the applicable Fundamental Transaction and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of such date of request and (ii) an expected volatility equal to the greater of (A) sixty percent (60%) and (B) the one hundred (100) day volatility obtained from the HVT function on Bloomberg determined as of the Trading Day immediately prior to the announcement of the Fundamental Transaction and (iii) the greater of (A) the closing share price on the day immediately prior to the announcement of the Fundamental Transaction and (B) the closing share price on the day immediately following the announcement of the Fundamental Transaction and (iv) dividends shall equal zero and (v) the time to expiry will be the remaining life of the warrant from the announcement of the Fundamental Transaction.

            (d)           Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this Section 9, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

(e)           Calculations. All calculations under this Section 9 shall be made to the nearest cent or the nearest share, as applicable.

 

(f)           Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will, at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent.

 

(g)           Notice of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital stock of the Company, (ii) enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice of such transaction at least ten (10) Trading Days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of its subsidiaries, the Company shall simultaneously file such notice with the United States Securities and Exchange Commission (the “Commission”) pursuant to a Current Report on Form 8-K.

 

10.           Payment of Exercise Price. The Holder shall pay the Exercise Price in immediately available funds by wire transfer to an account designated by the Company; provided, however, that if, on any Exercise Date there is not an effective Registration Statement (as defined in that certain Registration Rights Agreement, of even date herewith, by and among the Company and the several purchasers signatory thereto) registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then the Holder may, in its sole discretion, satisfy its obligation to pay the Exercise Price through a “cashless exercise”, in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

“X” equals the number of Warrant Shares to be issued to the Holder;

 

    “Y” equals the total number of Warrant Shares with respect to which this Warrant is being exercised;

 

   “A” equals the average of the Closing Sale Prices of the shares of Common Stock (as reported by Bloomberg Financial Markets) for the five (5) consecutive Trading Days ending on the date immediately preceding the Exercise Date; and

 

   “B” equals the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

For purposes of this Warrant, “Closing Sale Price” means, for any security as of any date, the last trade price for such security on the Principal Trading Market for such security, as reported by Bloomberg Financial Markets, or, if such Principal Trading Market begins to operate on an extended hours basis and does not designate the last trade price, then the last trade price of such security prior to 4:00 P.M., New York City time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg Financial Markets, or, if no last trade price is reported for such security by Bloomberg Financial Markets, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the "pink sheets" by Pink Sheets LLC.  If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder.  If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of Directors of the Company shall use its good faith judgment to determine the fair market value.  The Board of Directors’ determination shall be binding upon all parties absent demonstrable error.  All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a “cashless exercise” transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued (provided that the Commission continues to take the position that such treatment is proper at the time of such exercise).

 

11.           Limitations on Exercise. Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not exceed 9.999% of the total number of then issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise),   This provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9 of this Warrant.  This beneficial ownership limitation may not be waived by such Holder.   

12.           No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant.  In lieu of any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale Price) for any such fractional shares.

 

13.           Notices. Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified below prior to 5:30 P.M., New York City time, on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified below on a day that is not a Trading Day or later than 5:30 P.M., New York City time, on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service specifying next business day delivery, or (iv) upon actual receipt by the Person to whom such notice is required to be given, if by hand delivery. The address and facsimile number of a Person for such notices or communications shall be as set forth below unless changed by such Person by two (2) Trading Days’ prior notice to the other Persons in accordance with this Section 13:

If to the Company:               Raptor Pharmaceutical Corp.

9 Commercial Boulevard, Suite 200

Novato, California 94949

Facsimile No.: 415-382-1368

Attention: Kim Tsuchimoto, CFO

E-mail: ktsuchimoto@raptorpharma.com

If to the Holder:                    JMP Securities LLC

600 Montgomery Street, Suite 1100

San Francisco, CA 94111

Facsimile No.: 415-835-8920

Attention: Robert Carey

E-mail: bcarey@jmpsecurities.com

 

14.           Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act.  Any such successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.

 

15.           Miscellaneous.

 

(a) No Rights as a Stockholder.  The Holder, solely in such Person's capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person's capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (except upon exercise of this Warrant) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

 

(b) Authorized Shares. (i) 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 commercially reasonable actions 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).

 

(ii)           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 certificate or 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 (a) 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, (b) 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 (c) 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.

 

(c) Successors and Assigns.  Subject to the restrictions on transfer set forth in this Warrant and in Section 4.1 of the Purchase Agreement, and compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written consent of the Holder except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure to the benefit of the Company and the Holder and their respective successors and permitted assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder, or their successors and permitted assigns.

 

(d) Amendment and Waiver.  Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder of this Warrant.

 

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

 

(f) Governing Law; Jurisdiction.    ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN MARIN COUNTY, CALIFORNIA, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PERSON AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER SECTION 13 ABOVE AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY. 

 

(g)           Headings.   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.

 

(h)           Severability.  In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and the Holder will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

  

  

  

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

 

 

	  	  	  	
RAPTOR PHARMACEUTICAL CORP.

 

	  	  	
By

	
 :  /s/  Christopher M. Starr

	  	  	
Name:

Title:

	
 Christopher M. Starr, Ph.D.

 Chief Executive Officer

 

  

  

  

SCHEDULE 1

FORM OF EXERCISE NOTICE

[To be executed by the Holder to purchase shares of Common Stock under the Warrant]

 

Ladies and Gentlemen:

(1)           The undersigned is the Holder of Warrant No. __________ (the “Warrant”) issued by Raptor Pharmaceutical Corp., a Delaware corporation (the “Company”).  Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

(2)           The undersigned hereby exercises its right to purchase __________ Warrant Shares pursuant to the Warrant.

  

(3)           The Holder intends that payment of the Exercise Price shall be made as (check one):

            Cash Exercise

            “Cashless Exercise” under Section 10 of the Warrant

(4)           If the Holder has elected a Cash Exercise, the Holder shall pay the sum of $___________ in immediately available funds to the Company in accordance with the terms of the Warrant.

(5)           Pursuant to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the terms of the Warrant.

 

(6)           By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section 11 of the Warrant to which this notice relates.

 

 

Dated:____________________

 

Name of Holder:  ___________________________

 

By:__________________________________

 

Name: _______________________________

 

Title:  _______________________________

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

  

  

  

SCHEDULE 2

FORM OF ASSIGNMENT

 

[To be completed and executed by the Holder only upon transfer of the Warrant]

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                              (the “Transferee”) the right represented by the within Warrant to purchase                  shares of Common Stock of Raptor Pharmaceutical Corp. (the “Company”) to which the within Warrant relates and appoints                              attorney to transfer said right on the books of the Company with full power of substitution in the premises. In connection therewith, the undersigned represents, warrants, covenants and agrees to and with the Company that:

	
(a)

	
the offer and sale of the Warrant contemplated hereby is being made in compliance with Section 4(1) of the United States Securities Act of 1933, as amended (the “Securities Act”) or another valid exemption from the registration requirements of Section 5 of the Securities Act and in compliance with all applicable securities laws of the states of the United States;

 

	
(b)

	
the undersigned has not offered to sell the Warrant by any form of general solicitation or general advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, and any seminar or meeting whose attendees have been invited by any general solicitation or general advertising;

 

	
(c)

	
the undersigned has read the Transferee’s investment letter included herewith, and to its actual knowledge, the statements made therein are true and correct; and

 

	
(d)

	
the undersigned understands that the Company may condition the transfer of the Warrant contemplated hereby upon the delivery to the Company by the undersigned or the Transferee, as the case may be, of a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable securities laws of the states of the United States.

 

	
Dated:         

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

	  	  	  
	  	  	
Address of Transferee

	  	  	  
	  	  	  
	
In the presence of:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]