Document:

Unassociated Document

    EXHIBIT
4.1

    

    THE
SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A
PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933
ACT").

     

    NONE
OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR
ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR
SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO
U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE
1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR
PURSUANT TO AN AVAILABLE 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 STATE SECURITIES LAWS.  IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE 1933 ACT.  "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED
BY REGULATION S UNDER THE 1933 ACT.

    

    

    THESE
WARRANTS WILL EXPIRE AND BECOME NULL AND VOID

    AT 4:30
P.M. (CENTRAL STANDARD TIME) ON August 12th, 2012.

     

    SHARE
PURCHASE WARRANTS

    TO
PURCHASE COMMON SHARES OF

    COBRA
OIL & GAS COMPANY

     

    incorporated
in the State of Nevada

     

    THIS IS TO CERTIFY THAT Baden Energy
Group Ltd, (the “Holder”) of 319,149 warrants has the right to purchase, upon
and subject to the terms and conditions hereinafter referred to, up to 319,149 fully paid and
non-assessable common shares (the “Shares”) in the capital of Cobra Oil &
Gas Company (hereinafter called the “Company”) on or before 4:30 p.m.
(Central Standard time) on August 12th, 2012 (the “Expiry Date”) at a price per
Share (the “Exercise Price”) of US$1.17 on the terms and conditions attached
hereto as Appendix “A” (the “Terms and Conditions”).

     

    
      	
               
      

            	
              1.

            	
              ONE
      (1) WARRANT AND THE EXERCISE PRICE ARE REQUIRED TO PURCHASE ONE
      SHARE.  THIS CERTIFICATE
      REPRESENTS  WARRANTS.

            

    

     

    
      	
               
      

            	
              2.

            	
              These
      Warrants are issued subject to the Terms and Conditions, and the Warrant
      Holder may exercise the right to purchase Shares only in accordance with
      those Terms and Conditions.

            

    

     

    
      	
               
      

            	
              3.

            	
              Nothing
      contained herein or in the Terms and Conditions will confer any right upon
      the Holder hereof or any other person to subscribe for or purchase any
      Shares at any time subsequent to the Expiry Date, and from and after such
      time, this Warrant and all rights hereunder will be void and of no
      value.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    IN WITNESS WHEREOF the Company has
executed this Warrant Certificate this 12th day of August, 2009.

     

    COBRA
OIL & GAS COMPANY

     

    

    Per:           /s/ Massimiliano
Pozzoni

      Authorized
Signatory

     

    PLEASE
NOTE THAT ALL SHARE CERTIFICATES MUST BE LEGENDED AS FOLLOWS DURING THE CURRENCY
OF APPLICABLE HOLD PERIODS:

     

    THE
SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A
PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933
ACT").

     

    NONE
OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR
ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR
SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO
U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE
1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR
PURSUANT TO AN AVAILABLE 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 STATE SECURITIES LAWS.  IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE 1933 ACT.  "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED
BY REGULATION S UNDER THE 1933 ACT.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    APPENDIX
“A”

    

    TERMS AND
CONDITIONS dated August 12th, 2009, attached to the Warrants issued by Cobra Oil
& Gas Company.

     

    
      	
              1.

            	
              INTERPRETATION

            

    

     

    1.1                      Definitions

     

    In these
Terms and Conditions, unless there is something in the subject matter or context
inconsistent therewith:

     

    
      	
               
      

            	
              (a)

            	
              “Company”
      means Cobra Oil & Gas Company until a successor corporation will have
      become such as a result of consolidation, amalgamation or merger with or
      into any other corporation or corporations, or as a result of the
      conveyance or transfer of all or substantially all of the properties and
      estates of the Company as an entirety to any other corporation and
      thereafter “Company” will mean such successor
  corporation;

            

    

     

    
      	
               
      

            	
              (b)

            	
              “Company’s
      Auditors” means an independent firm of accountants duly appointed as
      auditors of the Company;

            

    

     

    
      	
               
      

            	
              (c)

            	
              “Director”
      means a director of the Company for the time being, and reference, without
      more, to action by the directors means action by the directors of the
      Company as a Board, or whenever duly empowered, action by an executive
      committee of the Board;

            

    

     

    
      	
               
      

            	
              (d)

            	
              “herein”,
      “hereby” and similar expressions refer to these Terms and Conditions as
      the same may be amended or modified from time to time; and the expression
      “Article” and “Section,” followed by a number refer to the specified
      Article or Section of these Terms and
  Conditions;

            

    

     

    
      	
               
      

            	
              (e)

            	
              “person”
      means an individual, corporation, partnership, trustee or any
      unincorporated organization and words importing persons have a similar
      meaning;

            

    

     

    
      	
               
      

            	
              (f)

            	
              “shares”
      means the common shares in the capital of the Company as constituted at
      the date hereof and any shares resulting from any subdivision or
      consolidation of the shares;

            

    

     

    
      	
               
      

            	
              (g)

            	
              “Warrant
      Holders” or “Holders” means the holders of the Warrants;
    and

            

    

     

    
      	
               
      

            	
              (h)

            	
              “Warrants”
      means the warrants of the Company issued and presently authorized and for
      the time being outstanding.

            

    

     

    1.2                      Gender

     

    Words
importing the singular number include the plural and vice versa and words
importing the masculine gender include the feminine and neuter
genders.

     

    1.3                      Interpretation not affected
by Headings

     

    The
division of these Terms and Conditions into Articles and Sections, and the
insertion of headings are for convenience of reference only and will not affect
the construction or interpretation thereof.

     

    1.4                      Applicable
Law

     

    The
Warrants will be construed in accordance with the laws of the State of
Nevada.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              2.

            	
              ISSUE OF
      WARRANTS

            

    

     

    2.1                      Additional
Warrants

     

    The
Company may at any time and from time to time issue additional warrants or grant
options or similar rights to purchase shares of its capital stock.

     

    2.2                      Warrant to Rank Pari
Passu

     

    All
Warrants and additional warrants, options or similar rights to purchase shares
from time to time issued or granted by the Company, will rank pari passu whatever may be
the actual dates of issue or grant thereof, or of the dates of the certificates
by which they are evidenced.

     

    2.3                      Issue in substitution for
Lost Warrants

     

    
      	
               
      

            	
              (a)

            	
              In
      case a Warrant becomes mutilated, lost, destroyed or stolen, the Company,
      at its discretion, may issue and deliver a new Warrant of like date and
      tenor as the one mutilated, lost, destroyed or stolen, in exchange for and
      in place of and upon cancellation of such mutilated Warrant, or in lieu
      of, and in substitution for such lost, destroyed or stolen Warrant and the
      substituted Warrant will be entitled to the benefit hereof and rank
      equally in accordance with its terms with all other Warrants issued or to
      be issued by the Company.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      applicant for the issue of a new Warrant pursuant hereto will bear the
      cost of the issue thereof and in case of loss, destruction or theft
      furnish to the Company such evidence of ownership and of loss,
      destruction, or theft of the Warrant so lost, destroyed or stolen as will
      be satisfactory to the Company in its discretion and such applicant may
      also be required to furnish indemnity in amount and form satisfactory to
      the Company in its discretion, and will pay the reasonable charges of the
      Company in connection therewith.

            

    

     

    2.4                      Warrant Holder Not a
Shareholder

     

    The
holding of a Warrant will not constitute the Holder thereof a shareholder of the
Company, nor entitle him to any right or interest in respect thereof except as
in the Warrant expressly provided.

     

    
      	
              3.

            	
              NOTICE

            

    

     

    3.1                      Notice to Warrant
Holders

     

    Any
notice required or permitted to be given to the Holders will be in writing and
may be given by prepaid registered post, electronic facsimile transmission or
other means of electronic communication capable of producing a printed copy to
the address of the Holder appearing on the Holder’s Warrant or to such other
address as any Holder may specify by notice in writing to the Company, and any
such notice will be deemed to have been given and received by the Holder to whom
it was addressed if mailed, on the third day following the mailing thereof, if
by facsimile or other electronic communication, on successful transmission, or,
if delivered, on delivery; but if at the time or mailing or between the time of
mailing and the third business day thereafter there is a strike, lockout, or
other labour disturbance affecting postal service, then the notice will not be
effectively given until actually delivered.

     

    3.2                      Notice to the
Company

     

    Any
notice required or permitted to be given to the Company will be in writing and
may be given by prepaid registered post, electronic facsimile transmission or
other means of electronic communication capable of producing a printed copy to
the address of the Company set forth below or such other address as the Company
may specify by notice in writing to the Holder, and any such notice will be
deemed to have been given and received by the Company to whom it was addressed
if mailed, on the third day following the mailing thereof, if by facsimile or
other electronic communication, on successful transmission, or, if delivered, on
delivery; but if at the time or mailing or between the time of mailing and the
third business day thereafter there is a strike, lockout, or other labour
disturbance affecting postal service, then the notice will not be effectively
given until actually delivered:

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

       

    

    Cobra Oil
& Gas Company

    Uptown
Center

    2100 West
Loop South, Suite 900

    Houston,
Texas 77027

     

    Attention:
Max Pozzoni

     

    Fax
No.  (832) 218 3687

     

    
      	
              4.

            	
              EXERCISE OF
      WARRANTS

            

    

     

    4.1                      Method of Exercise of
Warrants

     

    The right
to purchase shares conferred by the Warrants may be exercised by the Holder
surrendering the Warrant Certificate representing same, with a duly completed
and executed subscription in the form attached hereto and a bank draft or
certified cheque payable to or to the order of the Company, in Houston, Texas
for the purchase price applicable at the time of surrender in respect of the
shares subscribed for in lawful money of the United States of America, to the
Company at the address set forth in, or from time to time specified by the
Company pursuant to, Section 3.2.

     

    4.2                      Effect of Exercise of
Warrants

     

    
      	
               
      

            	
              (a)

            	
              Upon
      surrender and payment as aforesaid the shares so subscribed for will be
      deemed to have been issued and such person or persons will be deemed to
      have become the Holder or Holders of record of such shares on the date of
      such surrender and payment, and such shares will be issued at the
      subscription price in effect on the date of such surrender and
      payment.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Within
      ten business days after surrender and payment as aforesaid, the Company
      will forthwith cause to be delivered to the person or persons in whose
      name or names the shares so subscribed for are to be issued as specified
      in such subscription or mailed to him or them at his or their respective
      addresses specified in such subscription, a certificate or certificates
      for the appropriate number of shares not exceeding those which the Warrant
      Holder is entitled to purchase pursuant to the Warrant
      surrendered.

            

    

     

    4.3                      Subscription for Less Than
Entitlement

     

    The
Holder of any Warrant may subscribe for and purchase a number of shares less
than the number which he is entitled to purchase pursuant to the surrendered
Warrant. In the event of any purchase of a number of shares less than the number
which can be purchased pursuant to a Warrant, the Holder thereof upon exercise
thereof will in addition be entitled to receive a new Warrant in respect of the
balance of the shares which he was entitled to purchase pursuant to the
surrendered Warrant and which were not then purchased.

     

    4.4                      Warrants for Fractions of
Shares

     

    To the
extent that the Holder of any Warrant is entitled to receive on the exercise or
partial exercise thereof a fraction of a share, such right may be exercised in
respect of such fraction only in combination with another Warrant or other
Warrants which in the aggregate entitle the Holder to receive a whole number of
such shares.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

       

    

    4.5                      Expiration of
Warrants

     

    After the
expiration of the period within which a Warrant is exercisable, all rights
thereunder will wholly cease and terminate and such Warrant will be void and of
no effect.

     

    4.6                      Time of
Essence

     

    Time will
be of the essence hereof.

     

    4.7                      Subscription
Price

     

    Each
Warrant is exercisable at a price per share (the “Exercise Price”) of
US$1.18.  One (1) Warrant and the Exercise Price are required to
subscribe for each share during the term of the Warrants.

     

    4.8                      Adjustment of Exercise
Price

     

    
      	
               
      

            	
              (a)

            	
              The
      Exercise Price and the number of shares deliverable upon the exercise of
      the Warrants will be subject to adjustment in the event and in the manner
      following:

            

    

     

    
      	
               
      

            	
              (i)

            	
              If
      and whenever the shares at any time outstanding are subdivided into a
      greater or consolidated into a lesser number of shares the Exercise Price
      will be decreased or increased proportionately as the case may be; upon
      any such subdivision or consolidation the number of shares deliverable
      upon the exercise of the Warrants will be increased or decreased
      proportionately as the case may be.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              In
      case of any capital reorganization or of any reclassification of the
      capital of the Company or in the case of the consolidation, merger or
      amalgamation of the Company with or into any other Company (hereinafter
      collectively referred to as a “Reorganization”), each Warrant will after
      such Reorganization confer the right to purchase the number of shares or
      other securities of the Company (or of the Company’s resulting from such
      Reorganization) which the Warrant Holder would have been entitled to upon
      Reorganization if the Warrant Holder had been a shareholder at the time of
      such Reorganization.

            

    

     

    In any
such case, if necessary, appropriate adjustments will be made in the application
of the provisions of this Article Four relating to the rights and interest
thereafter of the Holders of the Warrants so that the provisions of this
Article Four will be made applicable as nearly as reasonably possible to
any shares or other securities deliverable after the Reorganization on the
exercise of the Warrants.

     

    The
subdivision or consolidation of shares at any time outstanding into a greater or
lesser number of shares (whether with or without par value) will not be deemed
to be a Reorganization for the purposes of this clause 4.8(a)(ii).

     

    
      	
               
      

            	
              (b)

            	
              The
      adjustments provided for in this Section 4.8 are cumulative and will become
      effective immediately after the record date or, if no record date is
      fixed, the effective date of the event which results in such
      adjustments.

            

    

     

    4.9                      Determination of
Adjustments

     

    If any
questions will at any time arise with respect to the Exercise Price or any
adjustment provided for in Section 4.8, such questions will be conclusively
determined by the Company’s Auditors, or, if they decline to so act any other
firm of certified public accountants in the United States of America that the
Company may designate and who will have access to all appropriate records and
such determination will be binding upon the Company and the Holders of the
Warrants.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	
              5.

            	
              COVENANTS BY THE
      COMPANY

            

    

     

    5.1                      Reservation of
Shares

     

    The
Company will reserve and there will remain unissued out of its authorized
capital a sufficient number of shares to satisfy the rights of purchase provided
for herein and in the Warrants should the Holders of all the Warrants from time
to time outstanding determine to exercise such rights in respect of all shares
which they are or may be entitled to purchase pursuant thereto and
hereto.

     

    
      	
              6.

            	
              WAIVER OF CERTAIN
      RIGHTS

            

    

     

    6.1                      Immunity of Shareholders,
etc.

     

    The
Warrant Holder, as part of the consideration for the issue of the Warrants,
waives and will not have any right, cause of action or remedy now or hereafter
existing in any jurisdiction against any past, present or future incorporator,
shareholder, Director or Officer (as such) of the Company for the issue of
shares pursuant to any Warrant or on any covenant, agreement, representation or
warranty by the Company herein contained or in the Warrant.

     

    
      	
              7.

            	
              MODIFICATION OF TERMS,
      MERGER, SUCCESSORS

            

    

     

    7.1                      Modification of Terms and
Conditions for Certain Purposes

     

    From time
to time the Company may, subject to the provisions of these presents, modify the
Terms and Conditions hereof, for the purpose of correction or rectification of
any ambiguities, defective provisions, errors or omissions herein.

     

    7.2                      Warrants Not
Transferable

     

    The
Warrant and all rights attached to it are not transferable.

     

    DATED as
of the date first above written in these Terms and Conditions.

     

    
      
        	 	COBRA
      OIL & GAS COMPANY	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/
      Massimiliano Pozzoni	 
	 	 	MASSIMILIANO
      POZZONI	 
	 	 	 	 
	 	 	 	 

      

       

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    FORM OF
SUBSCRIPTION

     

    
      	
              TO:

            	
              Cobra
      Oil & Gas Company

                    
                Uptown
      Center

              

                    
                2100
      West Loop South, Suite 900

              

                    
                Houston,
      Texas 77027

              

            

    

     

    The
undersigned Holder of the within Warrants hereby subscribes for 319,149 common
shares (the “Shares”) of Cobra Oil & Gas Company (the “Company) pursuant to
the within Warrants at US$1.18 per Share on the terms specified in the said
Warrants.  This subscription is accompanied by a certified cheque or
bank draft payable to or to the order of the Company for the whole amount of the
purchase price of the Shares.

     

    The
undersigned Holder hereby certifies that the undersigned is not a U.S. person
and is not subscribing for the Shares on Behalf of a U.S. person.

     

    The
undersigned hereby directs that the Shares be registered as
follows:

    

    
      	
              NAME(S) IN FULL

            	 
      	
              ADDRESS(ES)

            	 
      	
              NUMBER OF SHARES

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	      
              TOTAL:

            	 
      	 
      

    

     

    (Please
print full name in which share certificates are to be issued, stating whether
Mr., Mrs. or Miss is applicable).

     

    DATED
this ________  day of __________________ , ______.

     

    In the
presence of:

     

    
      	Signature of
      Witness 	 	Signature of Warrant
      Holder	 

    

     

    Please
print below your name and address in full.

     

    
      	Name
      (Mr./Mrs./Miss)	 	 	 
	 	 	 	 
	Address	 	 	 
	 	 	 	 

    

     

    INSTRUCTIONS FOR
SUBSCRIPTION

     

    The
signature to the subscription must correspond in every particular with the name
written upon the face of the Warrant without alteration or enlargement or any
change whatever.  If there is more than one subscriber, all must
sign.

     

    In the
case of persons signing by agent or attorney or by personal representative(s),
the authority of such agent, attorney or representative(s) to sign must be
proven to the satisfaction of the Company.

     

    If the
Warrant certificate and the form of subscription are being forwarded by mail,
registered mail must be employed.Unassociated Document

     

    EXHIBIT
4.2

     

    THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY OTHER SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION
STATEMENT COVERING SUCH SECURITIES UNDER THE SECURITIES ACT AND ANY OTHER
APPLICABLE SECURITIES LAWS, OR (2) AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

    

    IN
ADDITION, THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT
BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF
ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT
IN THE EFFECTIVE ECONOMIC DISPOSITION OF SUCH SECURITIES BY ANY PERSON FOR A
PERIOD OF SIX (6) MONTHS IMMEDIATELY FOLLOWING THE DATE OF EFFECTIVENESS OF THE
PUBLIC OFFERING OF THE COMPANY’S SECURITIES PURSUANT TO REGISTRATION STATEMENT
NO.: 333-159705 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, EXCEPT IN
ACCORDANCE WITH FINRA RULE 5110(G)(2).

    

    LIHUA
INTERNATIONAL, INC.

    

    REPRESENTATIVES’
WARRANT

    

    [                  ]
shares of Common Stock

    

    [Month-Date],
2009

    

    This
REPRESENTATIVES’ WARRANT (this “Warrant”) of Lihua
International, Inc., a corporation duly organized and validly existing under the
laws of the State of Delaware (the “Company”), is being issued
pursuant to that certain Underwriting Agreement, dated as of August
[  ], 2009 (the “Underwriting Agreement”), by
and among the Company and Broadband Capital Management LLC and Rodman &
Renshaw, LLC, as the representatives of the underwriters named therein (the
“Representatives”)
relating to a firm commitment public offering (the “Offering”) of 2,000,000 shares
of common stock, $0.0001 par value per share, of the Company (the “Common Stock”) underwritten by
the Representatives and the underwriters named in the Underwriting
Agreement.

    

    FOR VALUE RECEIVED, the
Company hereby grants to [----] and its permitted successors and assigns
(collectively, the “Holder”) the right to purchase
from the Company up to [----] ([---]) shares of Common Stock (such shares
underlying this Warrant, the “Warrant Shares”), at a per
share purchase price equal to $[-.--] (the “Exercise Price”), subject to
the terms, conditions and adjustments set forth below in this
Warrant.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.           Date of Warrant
Exercise.  This Warrant shall become exercisable on the date
that is six (6) months from the Base Date (the “Exercise Date”).  As
used in this Warrant, the term “Base Date” shall mean [----],
2009.  Except as otherwise provided for herein or as permitted by
applicable rules of the Financial Industry Regulatory Authority, Inc., this
Warrant shall not be sold, transferred, assigned, pledged or hypothecated prior
to the Exercise Date.

    

    2.           Expiration of
Warrant.  This Warrant shall expire on the five (5) year
anniversary of the Base Date (the “Expiration
Date”).

    

    3.           Exercise of
Warrant.  This Warrant shall be exercisable pursuant to the
terms of this Section 3.

    

    3.1          Manner of
Exercise.

    

    (a)           This
Warrant may only be exercised by the Holder hereof on or after the Exercise Date
and on or prior to the Expiration Date, in accordance with the terms and
conditions hereof, in whole or in part (but not as to fractional shares) with
respect to any portion of this Warrant, during the Company’s normal business
hours on any day other than a Saturday or a Sunday or a day on which commercial
banking institutions in New York, New York are authorized by law to be closed (a
“Business Day”), by
surrender of this Warrant to the Company at its office maintained pursuant to
Section 10.2(a) hereof, accompanied by a written exercise notice in the form
attached as Exhibit
A to this Warrant (or a reasonable facsimile thereof) duly executed by
the Holder, together with the payment of the aggregate Exercise Price for the
number of Warrant Shares purchased upon exercise of this
Warrant.  Upon surrender of this Warrant, the Company shall cancel
this Warrant document and shall, in the event of partial exercise, replace it
with a new Warrant document in accordance with Section 3.3

    

    (b)           Except
as provided for in Section 3.1(c) below, each exercise of this Warrant must be
accompanied by payment in full of the aggregate Exercise Price in cash by check
or wire transfer in immediately available funds for the number of Warrant Shares
being purchased by the Holder upon such exercise.

    

    (c)           The
aggregate Exercise Price for the number of Warrant Shares being purchased may
also, in the sole discretion of the Holder, be paid in full or in part on a
“cashless basis” at the election of the Holder:

    

    (i)           in
the form of Common Stock owned by the Holder (based on the Fair Market Value (as
defined below) of such Common Stock on the date of exercise);

    

    (ii)          in
the form of Warrant Shares withheld by the Company from the Warrant Shares
otherwise to be received upon exercise of this Warrant having an aggregate Fair
Market Value on the date of exercise equal to the aggregate Exercise Price of
the Warrant Shares being purchased by the Holder; or

    

    (iii)         by
a combination of the foregoing, provided that the combined value of all cash and
the Fair Market Value of any shares surrendered to the Company is at least equal
to the aggregate Exercise Price for the number of Warrant Shares being purchased
by the Holder.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    For
purposes of this Warrant, the term “Fair Market Value” means with
respect to a particular date, the average closing price of the Common Stock for
the five (5) trading days immediately preceding the applicable exercise herein
as officially reported by the principal securities exchange on which the Common
Stock is then listed or admitted to trading, or, if the Common Stock is not
listed or admitted to trading on any securities exchange as determined in good
faith by resolution of the Board of Directors of the Company, based on the best
information available to it.

    

    For
purposes of illustration of a cashless exercise of this Warrant under Section
3.1(c)(ii) (or for a portion thereof for which cashless exercise treatment is
requested as contemplated by Section 3.1(c)(iii) hereof), the calculation of
such exercise shall be as follows:

    

    X = Y
(A-B)/A

    

    where:

    

    
      	
               
      

            	
              X
      =

            	
              the
      number of Warrant Shares to be issued to the Holder (rounded to the
      nearest whole share).

            

    

    

    
      	
               
      

            	
              Y
      =

            	
              the
      number of Warrant Shares with respect to which this Warrant is being
      exercised.

            

    

    

    
      	
               
      

            	
              A
      =

            	
              the
      Fair Market Value of the Common
Stock.

            

    

    

    
      	
               
      

            	
              B
      =

            	
              the
      Exercise Price.

            

    

    

    (d)          For
purposes of Rule 144 and sub-section (d)(3)(ii) thereof, it is intended,
understood, and acknowledged that the Common Stock issuable upon exercise of
this Warrant in a cashless exercise transaction as described in Section 3.1(c)
above shall be deemed to have been acquired at the time this Warrant was
issued.  Moreover, it is intended, understood, and acknowledged that
the holding period for the Common Stock issuable upon exercise of this Warrant
in a cashless exercise transaction as described in Section 3.1(c) above shall be
deemed to have commenced on the date this Warrant was issued.

    

    3.2          When Exercise
Effective.  Each exercise of this Warrant shall be deemed to
have been effected immediately prior to the close of business on the Business
Day on which this Warrant shall have been duly surrendered to the Company as
provided in Sections 3.1 and 12 hereof, and, at such time, the Holder in whose
name any certificate or certificates for Warrant Shares shall be issuable upon
exercise as provided in Section 3.3 hereof shall be deemed to have become the
holder or holders of record thereof of the number of Warrant Shares purchased
upon exercise of this Warrant.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    3.3           Delivery of Common Stock
Certificates and New Warrant.  As soon as reasonably
practicable after each exercise of this Warrant, in whole or in part, and in any
event within five (5) Business Days thereafter, the Company, at its expense
(including the payment by it of any applicable issue taxes), will cause to be
issued in the name of and delivered to the Holder hereof or, subject to Sections
9 and 10 hereof, as the Holder (upon payment by the Holder of any applicable
transfer taxes) may direct:

    

    (a)           a
certificate or certificates (with appropriate restrictive legends, as
applicable) for the number of duly authorized, validly issued, fully paid and
nonassessable Warrant Shares to which the Holder shall be entitled upon
exercise; and

    

    (b)           in
case exercise is in part only, a new Warrant document of like tenor, dated the
date hereof, for the remaining number of Warrant Shares issuable upon exercise
of this Warrant after giving effect to the partial exercise of this Warrant
(including the delivery of any Warrant Shares as payment of the Exercise Price
for such partial exercise of this Warrant).

    

    4.           Certain
Adjustments.  For so long as this Warrant is
outstanding:

    

    4.1           Mergers or
Consolidations.  If at any time after the date hereof there
shall be a capital reorganization (other than a combination or subdivision of
Common Stock otherwise provided for herein) resulting in a reclassification to
or change in the terms of securities issuable upon exercise of this Warrant (a
“Reorganization”), or a
merger or consolidation of the Company with another corporation, association,
partnership, organization, business, individual, government or political
subdivision thereof or a governmental agency (a “Person” or the “Persons”) (other than a merger
with another Person in which the Company is a continuing corporation and which
does not result in any reclassification or change in the terms of securities
issuable upon exercise of this Warrant or a merger effected exclusively for the
purpose of changing the domicile of the Company) (a “Merger”), then, as a part of
such Reorganization or Merger, lawful provision and adjustment shall be made so
that the Holder shall thereafter be entitled to receive, upon exercise of this
Warrant, the number of shares of stock or any other equity or debt securities or
property receivable upon such Reorganization or Merger by a holder of the number
of shares of Common Stock which might have been purchased upon exercise of this
Warrant immediately prior to such Reorganization or Merger.  In any
such case, appropriate adjustment shall be made in the application of the
provisions of this Warrant with respect to the rights and interests of the
Holder after the Reorganization or Merger to the end that the provisions of this
Warrant (including adjustment of the Exercise Price then in effect and the
number of Warrant Shares) shall be applicable after that event, as near as
reasonably may be, in relation to any shares of stock, securities, property or
other assets thereafter deliverable upon exercise of this
Warrant.  The provisions of this Section 4.1 shall similarly apply to
successive Reorganizations and/or Mergers.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    4.2           Splits and Subdivisions;
Dividends.  In the event the Company should at any time or from
time to time effectuate a split or subdivision of the outstanding shares of
Common Stock or pay a dividend in or make a distribution payable in additional
shares of Common Stock or Common Stock Equivalents without payment of any
consideration by such holder for the additional shares of Common Stock or Common
Stock Equivalents (including the additional shares of Common Stock issuable upon
conversion or exercise thereof), then, as of the applicable record date (or the
date of such distribution, split or subdivision if no record date is fixed), the
per share Exercise Price shall be appropriately decreased and the number of
Warrant Shares shall be appropriately increased in proportion to such increase
(or potential increase) of outstanding shares; provided, however, that no
adjustment shall be made in the event the split, subdivision, dividend or
distribution is not effectuated.

    

    4.3           Combination of
Shares.  If the number of shares of Common Stock outstanding at
any time after the date hereof is decreased by a combination of the outstanding
shares of Common Stock, the per share Exercise Price shall be appropriately
increased and the number of shares of Warrant Shares shall be appropriately
decreased in proportion to such decrease in outstanding shares.

    

    4.4           Adjustments for Other
Distributions.  In the event the Company shall declare a
distribution payable in securities of other Persons, evidences of indebtedness
issued by the Company or other Persons, assets (excluding cash dividends or
distributions to the holders of Common Stock paid out of current or retained
earnings and declared by the Company’s board of directors) or options or rights
not referred to in Sections 4.2, 4.3 or 4.4, then, in each such case for the
purpose of this Section 4.5, upon exercise of this Warrant, the Holder shall be
entitled to a proportionate share of any such distribution as though the Holder
was the actual record holder of the number of Warrant Shares as of the record
date fixed for the determination of the holders of Common Stock of the Company
entitled to receive such distribution.

    

    5.           No
Impairment.  The Company will not, by amendment of its articles
of incorporation or by-laws or through any consolidation, merger,
reorganization, transfer of assets, 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 of the terms and in the taking of all actions
necessary or appropriate in order to protect the rights of the Holder against
impairment.

    

    6.           Chief Financial Officer’s
Report as to Adjustments.  With respect to each adjustment
pursuant to Section 4 of this Warrant, the Company, at its expense, will
promptly compute the adjustment or re-adjustment in accordance with the terms of
this Warrant and cause its Chief Financial Officer to certify the computation
(other than any computation of the fair value of property of the Company, as the
case may be) and prepare a report setting forth, in reasonable detail, the event
requiring the adjustment or re-adjustment and the amount of such adjustment or
re-adjustment, the method of calculation thereof and the facts upon which the
adjustment or re-adjustment is based, and the Exercise Price and the number of
Warrant Shares or other securities purchasable hereunder after giving effect to
such adjustment or re-adjustment,  which report shall be mailed by
first class mail, postage prepaid to the Holder.  The Company will
also keep copies of all reports at its office maintained pursuant to Section
10.2(a) hereof and will cause them to be available for inspection at the office
during normal business hours upon reasonable notice by the Holder or any
prospective purchaser of the Warrant designated by the Holder
thereof.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    7.           Reservation of
Shares.  The Company shall, solely for the purpose of effecting
the exercise of this Warrant, at all times during the term of this Warrant,
reserve and keep available out of its authorized shares of Common Stock, free
from all taxes, liens and charges with respect to the issue thereof and not
subject to preemptive rights or other similar rights of shareholders of the
Company, such number of its shares of Common Stock as shall from time to time be
sufficient to effect in full the exercise of this Warrant.  If at any
time the number of authorized but unissued shares of Common Stock shall not be
sufficient to effect in full the exercise of this Warrant, in addition to such
other remedies as shall be available to Holder, the Company will promptly take
such corporate action as may, in the opinion of its counsel, be necessary to
increase the number of authorized but unissued shares of Common Stock to such
number of shares as shall be sufficient for such purposes, including without
limitation, using its Reasonable Best Efforts (as defined in Section 14 hereof)
to obtain the requisite shareholder approval necessary to increase the number of
authorized shares of Common Stock.  The Company hereby represents and
warrants that all shares of Common Stock issuable upon exercise of this Warrant
shall be duly authorized and, when issued and paid for upon exercise, shall be
validly issued, fully paid and nonassessable.

    

    8.           Registration and
Listing.

    

    8.1           Definition of Registrable
Securities; Majority.  As used herein, the term “Registrable Securities” means
any shares of Common Stock issuable upon the exercise of this Warrant, until the
date (if any) on which such shares shall have been transferred or exchanged and
new certificates for them not bearing a legend restricting further transfer
shall have been delivered by the Company and subsequent disposition of them
shall not require registration or qualification of them under the Securities Act
or any similar state law then in force.  For purposes of this Warrant,
the term “Majority”, in
reference to the holders of Registrable Securities, shall mean in excess of
fifty percent (50%) of the then outstanding Warrant Shares (assuming the
exercise of the entire Warrant) that: (i) are not held by the Company, an
affiliate, officer, creditor, employee or agent thereof or any of their
respective affiliates, members of their family, Persons acting as nominees or in
conjunction therewith and (ii) have not be resold to the public pursuant to a
registration statement filed under the Securities Act.

    

    8.2           Incidental Registration
Rights.

    

    (a)           If
the Company, at any time on or after the Exercise Date and on or before the five
(5) year anniversary of the Base Date, proposes to register any of its
securities under the Securities Act (other than in connection with a
registration on Form S-4 or S-8 or any successor forms) whether for its own
account or for the account of any holder or holders of its shares other than
Registrable Securities (any shares of such holder or holders (but not those of
the Company and not Registrable Securities) with respect to any registration are
referred to herein as, “Other
Shares”), the Company shall each such time give prompt (but not less than
thirty (30) days prior to the anticipated effectiveness thereof) written notice
to the holders of Registrable Securities of its intention to do
so.  Upon the written request of any such holder of Registrable
Securities made within ten (10) days after the receipt of any such notice (which
request shall specify the Registrable Securities intended to be disposed of by
such holder), except as set forth in Section 8.2(b), the Company will use its
Reasonable Best Efforts to effect the registration under the Securities Act of
all of the Registrable Securities which the Company has been so requested to
register by such holder, to the extent requisite to permit the disposition of
the Registrable Securities so to be registered, by inclusion of such Registrable
Securities in the registration statement which covers the securities which the
Company proposes to register; provided, however, that if,
at any time after giving written notice of its intention to register any
securities and prior to the effective date of the registration statement filed
in connection with such registration, the Company shall determine for any reason
in its sole discretion either to not register, to delay or to withdraw
registration of such securities, the Company may, at its election, give written
notice of such determination to such holder and, thereupon: (i) in the case of a
determination not to register, shall be relieved of its obligation to register
any Registrable Securities in connection with such registration (but not from
its obligation to pay the Registration Expenses in connection therewith), (ii)
in the case of a determination to delay registration, shall be permitted to
delay registering any Registrable Securities for the same period as the delay in
registering such other securities (including the Other Shares), and (iii) in the
case of a determination to withdraw registration, shall be permitted to withdraw
registration.  The Company will pay all Registration Expenses in
connection with each registration of Registrable Securities pursuant to this
Section 8.2.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b)           If
the Company at any time proposes to register any of its securities under the
Securities Act as contemplated by this Section 8.2 and such securities are to be
distributed by or through one or more underwriters, the Company will, if
requested by a holder of Registrable Securities, use its Reasonable Best Efforts
to arrange for such underwriters to include all the Registrable Securities to be
offered and sold by such holder among the securities to be distributed by such
underwriters, provided that if the managing underwriter of such underwritten
offering shall inform the Company by letter of its belief that inclusion in such
distribution of all or a specified number of such securities proposed to be
distributed by such underwriters would interfere with the successful marketing
of the securities being distributed by such underwriters (such letter to state
the basis of such belief and the approximate number of such Registrable
Securities, such Other Shares and shares held by the Company proposed so to be
registered which may be distributed without such effect), then the Company may,
upon written notice to such holder, the other holders of Registrable Securities,
and holders of such Other Shares, reduce pro rata in accordance with the number
of shares of Common Stock desired to be included in such registration (if and to
the extent stated by such managing underwriter to be necessary to eliminate such
effect) the number of such Registrable Securities and Other Shares the
registration of which shall have been requested by each holder thereof so that
the resulting aggregate number of such Registrable Securities and Other Shares
so included in such registration, together with the number of securities to be
included in such registration for the account of the Company, shall be equal to
the number of shares stated in such managing underwriter’s letter.

    

    8.3           Registration
Procedures.  Whenever the holders of Registrable Securities
have properly requested that any Registrable Securities be registered pursuant
to the terms of this Warrant, the Company shall use its Reasonable Best Efforts
to effect the registration and the sale of such Registrable Securities in
accordance with the intended method of disposition thereof, and pursuant thereto
the Company shall as expeditiously as possible:

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (a)           prepare
and file with the SEC a registration statement with respect to such Registrable
Securities and use its Reasonable Best Efforts to cause such registration
statement to become effective;

     

    (b)           notify
such holders of the effectiveness of each registration statement filed hereunder
and prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection therewith as may be
necessary to (i) keep such registration statement effective and the prospectus
included therein usable for a period commencing on the date that such
registration statement is initially declared effective by the SEC and ending on
the date when all Registrable Securities covered by such registration statement
have been sold pursuant to the registration statement or cease to be Registrable
Securities, and (ii) comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such registration
statement;

    (c)           furnish
to such holders such number of copies of such registration statement, each
amendment and supplement thereto, the prospectus included in such registration
statement (including each preliminary prospectus) and such other documents as
such seller may reasonably request in order to facilitate the disposition of the
Registrable Securities owned by such holders;

    

    (d)           use
its Reasonable Best Efforts to register or qualify such Registrable Securities
under such other securities or blue sky laws of such jurisdictions as such
holders reasonably request and do any and all other acts and things which may be
reasonably necessary or advisable to enable such holders to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such
holders; provided,
however, that the Company shall not be required to: (i) qualify generally
to do business in any jurisdiction where it would not otherwise be required to
qualify but for this subparagraph; (ii) subject itself to taxation in any such
jurisdiction; or (iii) consent to general service of process in any such
jurisdiction;

    

    (e)           notify
such holders, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of the happening of any event as a result of
which the prospectus included in such registration statement contains an untrue
statement of a material fact or omits any material fact necessary to make the
statements therein, in light of the circumstances in which they are made, not
materially misleading, and, at the reasonable request of such holders, the
Company shall prepare a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of such Registrable Securities, such
prospectus shall not contain an untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein, in light of
the circumstances in which they are made, not materially
misleading;

    

    (f)     
      provide a transfer agent and registrar for
all such Registrable Securities not later than the effective date of such
registration statement;

    

    (g)           make
available for inspection by any underwriter participating in any disposition
pursuant to such registration statement, and any attorney, accountant or other
agent retained by any such underwriter, all financial and other records,
pertinent corporate documents and properties of the Company, and cause the
Company’s officers, directors, managers, employees and independent accountants
to supply all information reasonably requested by any such underwriter,
attorney, accountant or agent in connection with such registration
statement;

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (h)          otherwise
use its Reasonable Best Efforts to comply with all applicable rules and
regulations of the SEC, and make available to its security holders, as soon as
reasonably practicable, an earnings statement of the Company, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act
and, at the option of the Company, Rule 158 thereunder;

    

    (i)           in
the event of the issuance of any stop order suspending the effectiveness of a
registration statement, or of any order suspending or preventing the use of any
related prospectus or suspending the qualification of any Registrable Securities
included in such registration statement for sale in any jurisdiction, the
Company shall use its Reasonable Best Efforts promptly to obtain the withdrawal
of such order;

    

    (j)           use
its Reasonable Best Efforts to cause any Registrable Securities covered by such
registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the sellers
thereof to consummate the disposition of such Registrable Securities;
and

    

    (k)           if
the offering is underwritten, use its Reasonable Best Efforts to furnish on the
date that Registrable Securities are delivered to the underwriters for sale
pursuant to such registration, an opinion dated such date of counsel
representing the Company for the purposes of such registration, addressed to the
underwriters covering such issues as are reasonably required by such
underwriters.

    

    8.4           Listing.  The
Company shall secure the listing of the Common Stock underlying this Warrant
upon each national securities exchange or automated quotation system upon which
shares of Common Stock are then listed or quoted (subject to official notice of
issuance) and shall maintain such listing of shares of Common
Stock.  The Company shall at all times comply in all material respects
with the Company’s reporting, filing and other obligations under the by-laws or
rules of the American Stock Exchange (or such other national securities exchange
or market on which the Common Stock may then be listed, as
applicable).

    

    8.5           Expenses.  The
Company shall pay all Registration Expenses relating to the registration and
listing obligations set forth in this Section 8.  For purposes of this
Warrant, the term “Registration
Expenses” means: (a) all registration, filing and FINRA (as defined
below) fees, (b) all reasonable fees and expenses of complying with securities
or blue sky laws, (c) all word processing, duplicating and printing expenses,
(d) the fees and disbursements of counsel for the Company and of its independent
public accountants, including the expenses of any special audits or “cold
comfort” letters required by or incident to such performance and compliance, (e)
premiums and other costs of policies of insurance (if any) against liabilities
arising out of the public offering of the Registrable Securities being
registered if the Company desires such insurance, if any, and (f) fees and
disbursements of one counsel for the selling holders of Registrable Securities;
provided however, that,
in any case where Registration Expenses are not to be borne by the Company, such
expenses shall not include (and such expenses shall be borne by the Company):
(i) salaries of Company personnel or general overhead expenses of the Company,
(ii) auditing fees, (iii) premiums or other expenses relating to liability
insurance required by underwriters of the Company, or (iv) other expenses for
the preparation of financial statements or other data, to the extent that any of
the foregoing either is normally prepared by the Company in the ordinary course
of its business or would have been incurred by the Company had no public
offering taken place.  Registration Expenses shall not include any
underwriting discounts and commissions which may be incurred in the sale of any
Registrable Securities and transfer taxes of the selling holders of Registrable
Securities.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    8.6           Information Provided by
Holders.  Any holder of Registrable Securities included in any
registration shall furnish to the Company such information as the Company may
reasonably request in writing to enable the Company to comply with the
provisions hereof in connection with any registration referred to in this
Warrant.

     

    8.7           FINRA Cobradesk
Filings.  In the event that a registration statement covering
the Registrable Securities is filed, within one (1) Business Day of the filing
of such registration statement, the Company will prepare and file the selling
stockholder resale offering described in such registration statement for review
by the Financial Industry Regulatory Authority (“FINRA”) via the FINRA’s
CobraDesk filing system (“CobraDesk Filing”) for the
purpose of having the prospectus contained within such registration statement
treated as a “base prospectus” in connection with such resale
offering.  The Company will use its Reasonable Best Efforts to have
the CobraDesk Filing approved by FINRA within thirty (30) days of such filing
date.  The Company shall bear all expenses of the CobraDesk Filing,
including fees and expenses of counsel or other advisors to the
Holder.  In all circumstances, the Company shall pay for all FINRA
filing fees associated with the CobraDesk Filing.

    

    8.8           Effectiveness
Period.  The Company shall use its Reasonable Best Efforts to
keep each registration statement contemplated hereunder continuously effective
under the Securities Act until the date which is the earlier date of when (i)
all Registrable Securities covered by such Registration Statement have been sold
or (ii) all Registrable Securities covered by such Registration Statement may be
sold immediately without registration under the Securities Act and without
volume restrictions pursuant to Rule 144 under the Securities Act, as determined
by the counsel to the Company pursuant to a written opinion letter to such
effect, addressed and reasonably acceptable to the Company’s transfer agent and
the affected holders of Registrable Securities.

    

    8.9           Net Cash
Settlement.  Notwithstanding anything herein to the contrary,
in no event will the Holder hereof be entitled to receive a net-cash settlement
as liquidated damages in lieu of physical settlement in shares of Common Stock,
regardless of whether the Common Stock underlying this Warrant is registered
pursuant to an effective registration statement; provided, however, that the
foregoing will not preclude the Holder from seeking other remedies at law or
equity for breaches by the Company of its registration obligations
hereunder.

    

    9.           Restrictions on
Transfer.

    

    9.1           Restrictive
Legends.  This Warrant and each Warrant issued upon transfer or
in substitution for this Warrant pursuant to Section 10 hereof, each certificate
for Common Stock issued upon the exercise of the Warrant and each certificate
issued upon the transfer of any such Common Stock shall be transferable only
upon satisfaction of the conditions specified in this Section 9.  Each
of the foregoing securities shall be stamped or otherwise imprinted with a
legend reflecting the restrictions on transfer set forth herein and any
restrictions required under the Securities Act or other applicable securities
laws.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    9.2          Notice of Proposed
Transfer.  Prior to any transfer of any securities which are
not registered under an effective registration statement under the Securities
Act (“Restricted
Securities”), which transfer may only occur if there is an exemption from
the registration provisions of the Securities Act and all other applicable
securities laws, the Holder will give written notice to the Company of the
Holder’s intention to effect a transfer (and shall describe the manner and
circumstances of the proposed transfer). The following provisions shall apply to
any proposed transfer of Restricted Securities:

    (i)           If
in the opinion of counsel for the Holder reasonably satisfactory to the Company
the proposed transfer may be effected without registration of the Restricted
Securities under the Securities Act (which opinion shall state in detail the
basis of the legal conclusions reached therein), the Holder shall thereupon be
entitled to transfer the Restricted Securities in accordance with the terms of
the notice delivered by the Holder to the Company.  Each certificate
representing the Restricted Securities issued upon or in connection with any
transfer shall bear the restrictive legends required by Section 9.1
hereof.

    

    (ii)           If
the opinion called for in (i) above is not delivered, the Holder shall not be
entitled to transfer the Restricted Securities until either: (x) receipt by the
Company of a further notice from such Holder pursuant to the foregoing
provisions of this Section 9.2 and fulfillment of the provisions of clause (i)
above, or (y) such Restricted Securities have been effectively registered under
the Securities Act.

    

    9.3          Certain Other Transfer
Restrictions.  Notwithstanding any other provision of this
Section 9: (i) prior to the Exercise Date, this Warrant or the Restricted
Securities thereunder may only be transferred or assigned to the persons
permitted under FINRA Rule 5110(g), and (ii) no opinion of counsel shall be
necessary for a transfer of Restricted Securities by the holder thereof to any
Person employed by or owning equity in the Holder, if the transferee agrees in
writing to be subject to the terms hereof to the same extent as if the
transferee were the original purchaser hereof and such transfer is permitted
under applicable securities laws.

    

    9.4          Termination of
Restrictions.  Except as set forth in Section 9.3 hereof, the
restrictions imposed by this Section 9 upon the transferability of Restricted
Securities shall cease and terminate as to any particular Restricted Securities:
(a) which shall have been effectively registered under the Securities Act, or
(b) when, in the opinions of both counsel for the holder thereof and counsel for
the Company, such restrictions are no longer required in order to insure
compliance with the Securities Act or Section 10 hereof.  Whenever
such restrictions shall cease and terminate as to any Restricted Securities, the
Holder thereof shall be entitled to receive from the Company, without expense
(other than applicable transfer taxes, if any), new securities of like tenor not
bearing the applicable legends required by Section 9.1 hereof.

    

    10.          Ownership, Transfer, Sale
and Substitution of Warrant.

    

    10.1         Ownership of
Warrant.  The Company may treat any Person in whose name this
Warrant is registered in the Warrant Register maintained pursuant to Section
10.2(b) hereof as the owner and holder thereof for all purposes, notwithstanding
any notice to the contrary, except that, if and when any Warrant is properly
assigned in blank, the Company may (but shall not be obligated to) treat the
bearer thereof as the owner of such Warrant for all purposes, notwithstanding
any notice to the contrary.  Subject to Sections 9 and 10 hereof, this
Warrant, if properly assigned, may be exercised by a new holder without a new
Warrant first having been issued.

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

    

    10.2         Office; Exchange of
Warrant.

    

    (a)           The
Company will maintain its principal office at the location identified in the
prospectus relating to the Offering or at such other offices as set forth in the
Company’s most current filing (as of the date notice is to be given) under the
Exchange Act or as the Company otherwise notifies the Holder.

    

    (b)           The
Company shall cause to be kept at its office maintained pursuant to Section
10.2(a) hereof a Warrant Register for the registration and transfer of the
Warrant.  The name and address of the holder of the Warrant, the
transfers thereof and the name and address of the transferee of the Warrant
shall be registered in such Warrant Register.  The Person in whose
name the Warrant shall be so registered shall be deemed and treated as the owner
and holder thereof for all purposes of this Warrant, and the Company shall not
be affected by any notice or knowledge to the contrary.

    

    (c)           Upon
the surrender of this Warrant, properly endorsed, for registration of transfer
or for exchange at the office of the Company maintained pursuant to Section
10.2(a) hereof, the Company at its expense will (subject to compliance with
Section 9 hereof, if applicable) execute and deliver to or upon the order of the
Holder thereof a new Warrant of like tenor, in the name of such holder or as
such holder (upon payment by such holder of any applicable transfer taxes) may
direct, calling in the aggregate on the face thereof for the number of shares of
Common Stock called for on the face of the Warrant so surrendered (after giving
effect to any previous adjustment(s) to the number of Warrant
Shares).

    

    10.3           Replacement of
Warrant.  Upon receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction or mutilation of this Warrant and,
in the case of any such loss, theft or destruction of this Warrant, upon
delivery of indemnity reasonably satisfactory to the Company in form and amount
or, in the case of any mutilation, upon surrender of this Warrant for
cancellation at the office of the Company maintained pursuant to Section 10.2(a)
hereof, the Company, at its expense, will execute and deliver, in lieu thereof,
a new Warrant of like tenor and dated the date hereof.

    

    10.4           Opinions.  In
connection with the sale of the Warrant Shares by Holder, the Company agrees to
cooperate with the Holder, and at the Company’s expense, have its counsel
provide any legal opinions required to remove the restrictive legends from the
Warrant Shares in connection with a sale, transfer or legend removal request of
Holder.

    

    11.          No Rights or Liabilities as
Stockholder.  No Holder shall be entitled to vote or receive
dividends or be deemed the holder of any shares of Common Stock or any other
securities of the Company which may at any time be issuable on the exercise
hereof for any purpose, nor shall anything contained herein be construed to
confer upon the Holder, as such, any of the rights of a stockholder of the
Company or any right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or to give or withhold consent
to any corporate action (whether upon any recapitalization, issuance of stock,
reclassification of stock, change of par value, consolidation, merger,
conveyance, or otherwise) or to receive notice of meetings, or to receive
dividends or subscription rights or otherwise until the Warrant shall have been
exercised and the shares of Common Stock purchasable upon the exercise hereof
shall have become deliverable, as provided herein.  The Holder will
not be entitled to share in the assets of the Company in the event of a
liquidation, dissolution or the winding up of the Company.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    12.           Notices.  Any
notice or other communication in connection with this Warrant shall be given in
writing and directed to the parties hereto as follows: (a) if to the Holder, c/o
[—name and fax and/or email address] or (b) if to the Company, to the attention
of its Chief Executive Officer at its office maintained pursuant to Section
10.2(a) hereof; provided, that the exercise
of the Warrant shall also be effected in the manner provided in Section 3
hereof.  Notices shall be deemed properly delivered and received when
delivered to the notice party (i) if personally delivered, upon receipt or
refusal to accept delivery, (ii) if sent via facsimile, upon mechanical
confirmation of successful transmission thereof generated by the sending
telecopy machine, (iii) if sent by a commercial overnight courier for delivery
on the next Business Day, on the first Business Day after deposit with such
courier service, or (iv) if sent by registered or certified mail, five (5)
Business Days after deposit thereof in the U.S. mail.

    

    13.           Payment of
Taxes.  The Company will pay all documentary stamp taxes
attributable to the issuance of shares of Common Stock underlying this Warrant
upon exercise of this Warrant; provided, however, that the
Company shall not be required to pay any tax which may be payable in respect of
any transfer involved in the transfer or registration of this Warrant or any
certificate for shares of Common Stock underlying this Warrant in a name other
that of the Holder.  The Holder is responsible for all other tax
liability that may arise as a result of holding or transferring this Warrant or
receiving shares of Common Stock underlying this Warrant upon exercise
hereof.

    

    14.           Miscellaneous.  This
Warrant and any term hereof may be changed, waived, discharged or terminated
only by an instrument in writing signed by the party against which enforcement
of the change, waiver, discharge or termination is sought.  This
Warrant shall be construed and enforced in accordance with and governed by the
laws of the State of New York.  The section headings in this Warrant
are for purposes of convenience only and shall not constitute a part
hereof.  When used herein, the term “Reasonable Best Efforts”
means, with respect to the applicable obligation of the Company, reasonable best
efforts for similarly situated, publicly-traded companies.

    

    [Signature
Page Follows]

    

    
      
        
           

        

        
          13

          
            

          

        

        
           

        

      

    

    

    IN WITNESS WHEREOF, the
Company has caused this Underwriters’ Warrant to be duly executed as of the date
first above written.

    

    
      
        
          
            
              
                
                  	 	
                          LIHUA
      INTERNATIONAL, INC.

                        
	 	 	 
	 	
                          By:

                        	 
      
	 	 
      	
                          Name:  Zhu
      Jianhua

                        
	 	 
      	
                          Title:   
      Chief Executive
Officer

                        

                

              

            

          

        

      

    

    

    
      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
A

    FORM
OF EXERCISE NOTICE

    [To be
executed only upon exercise of Warrant]

    

    To LIHUA
INTERNATIONAL, INC.:

    

    The
undersigned registered holder of the within Warrant hereby irrevocably exercises
the Warrant pursuant to Section 3.1 of the Warrant with respect to
________________________ Warrant Shares, at an exercise price per share of
$[                ],
and requests that the certificates for such Warrant Shares be issued, subject to
Sections 9 and 10, in the name of, and delivered to:

    

    
      
        

      

      
        

      

    

    
      
        

      

      
        

      

    

    

    The
undersigned is hereby making payment for the Warrant Shares in the following
manner: [check one]

    

    o         by
cash in accordance with Section 3.1(b) of the Warrant

    

    o         via
cashless exercise in accordance with Section 3.1(c) of the Warrant in the
following manner:

    

    
      
        

      

    

    
      

      
 

    The
undersigned hereby represents and warrants that it is, and has been since its
acquisition of the Warrant, the record and beneficial owner of the
Warrant.

    

    
      
        
          
            	
                    Dated:

                  	 
      

          

        

      

    

    

    
      
        
          	 
      
	
                  Print
      or Type Name

                

        

      

    

    

    
      
        
          
            	 

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

                    

            

          

        

      

    

    

    
      
        
          
            	 
	
                     (Street
      Address)

                  

          

        

      

    

    

    
      
        
          
            
              	 
      	 
      	 
      
	
                      (City)

                    	
                      (State)

                    	
                      (Zip
      Code)

                    

            

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
B

    FORM
OF ASSIGNMENT

    [To be
executed only upon transfer of Warrant]

    

    For value
received, the undersigned registered holder of the within Warrant hereby sells,
assigns and transfers unto _____________________ [include name and addresses]
the rights represented by the Warrant to purchase __________ shares of Common
Stock of LIHUA INTERNATIONAL, INC. to which the Warrant relates, and appoints
_____________________ Attorney to make such transfer on the books of LIHUA
INTERNATIONAL, INC. maintained for the purpose, with full power of substitution
in the premises.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 
      	
                                        Dated:

                                      	
                                         

                                      	 
      
	 
      	 
      	
                                        (Signature
      must conform in all respects

                                      
	 
      	 
      	
                                        to
      name of holder as specified on the

                                      
	 
      	 
      	
                                        face
      of Warrant)

                                      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                        (Street
      Address)

                                      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                        

                                          (City)                       
      (State)                       
      (Zip Code)

                                        

                                      
	 
      	 
      	 
      
	 
      	
                                        Signed
      in the presence of:

                                      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                        (Signature
      of Transferee)

                                      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                        (Street
      Address)

                                      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                        (City)                       
      (State)                       
      (Zip Code)

                                      
	 
      	
                                        Signed
      in the presence of:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}]]