Document:

Exhibit 10.5

 

EXHIBIT B-3

 

NEITHER THESE SECURITIES NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE 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 OR BLUE SKY LAWS.  THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

RADVIEW SOFTWARE LTD.

 

WARRANT C

 

	
  Warrant No. [  ]

  	
   

  	
  Dated: 
  March 11, 2004

  

 

RadView Software Ltd., an Israeli corporation
(the “Company”), hereby certifies
that, for value received, [Name of Holder] or its registered assigns (the “Holder”), is entitled to purchase from the
Company up to a total of
[         ](1) Ordinary Shares,
NIS 0.01 par value per share (the “Ordinary Shares”), plus 10% of Ordinary
Shares issued upon the exercise of the Additional Investment Right prior to the
Commencement Date, of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price equal
to $0.992 per share (as adjusted from time to time as provided in Section 9,
the “Exercise Price”), at any time
commencing on the later of (a) the date on which the Company’s Ordinary Shares
are delisted from the NASDAQ SmallCap Market or (b) the date that is six months
following the Closing Date (the “Commencement
Date”) and through and including the date that is four years and six
months after the later of (a) the Effective Date or (b) the Commencement Date
(the “Expiration Date”), and
subject to the following terms and conditions. This Warrant (this “Warrant”) is one of a series of similar
warrants issued pursuant to that certain Securities Purchase Agreement, dated
as of the date hereof, by and among the Company and the Purchasers identified
therein (the “Purchase Agreement”).  All such warrants are referred to herein,
collectively, as the “Warrants.”

 

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 hereof from time to
time.  The Company may deem and treat
the registered Holder of this Warrant as the

 

(1)  10% warrant coverage on the Shares issued at Closing.

 

 

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.  The Company shall register the transfer of any portion of this
Warrant in the Warrant Register, upon surrender of this Warrant, with the Form
of Assignment attached hereto duly completed and signed, to the Transfer Agent
or to the Company at its address specified herein.  Upon any such registration or transfer, a new warrant to purchase
Ordinary Shares, 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 of a holder of a Warrant.

 

4.                                       Exercise and Duration of
Warrants.

 

(a)                                  This Warrant shall be
exercisable by the registered Holder at any time and from time to time on or
after the Commencement Date to and including the Expiration Date.  At 6:30 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; provided that, if the average of the
Closing Prices for the five Trading Days immediately prior to (but not
including) the Expiration Date exceeds the Exercise Price on the Expiration
Date, then this Warrant shall be deemed to have been exercised in full (to the
extent not previously exercised) on a “cashless exercise” basis at 6:30 P.M.
New York City time on the Expiration Date if a “cashless exercise” may occur at
such time pursuant to Section 10 below. Notwithstanding anything to the
contrary herein, the Expiration Date shall be extended for each day following
the Effective Date that the Registration Statement is not effective.

 

(b)                                 A Holder may exercise this
Warrant by delivering to the Company (i) an exercise notice, in the form
attached hereto (the “Exercise Notice”),
appropriately 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 this Section 10 below), and the date such items are delivered
to the Company (as determined in accordance with the notice provisions hereof)
is an “Exercise Date.”  The Holder shall not be required to deliver the original Warrant
in order to effect an exercise hereunder. 
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.

 

5.                                       Delivery of Warrant Shares.

 

(a)                                  Upon exercise of this Warrant,
the Company shall promptly (but in no event later than three 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, a certificate for the Warrant Shares issuable upon such
exercise, free of restrictive legends unless a registration statement covering
the resale of the Warrant Shares and naming the Holder as a selling shareholder
thereunder is not then effective and the Warrant Shares are not freely
transferable without volume restrictions and other requirements pursuant to
Rule 144 under the Securities Act.  The
Holder, or any Person so designated by the Holder to receive Warrant Shares,
shall be deemed to have become holder of record of such Warrant Shares as of
the Exercise Date.  The Company shall,
upon request of the Holder, use its best efforts to deliver Warrant Shares
hereunder electronically through the Depository Trust Company or another
established clearing corporation performing similar functions.

 

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(b)                                 This Warrant is exercisable,
either in its entirety or, from time to time, for a portion of the number of
Warrant Shares.  Upon surrender of this
Warrant following one or more partial exercises, the Company shall issue or
cause to be issued, at its expense, a New Warrant evidencing the right to
purchase the remaining number of Warrant Shares.

 

(c)                                  In addition to any other rights
available to a Holder, if the Company fails to deliver to the Holder a
certificate representing Warrant Shares on the date on which delivery of such
certificate is required by this Warrant, and if after such date the Holder
purchases (in an open market transaction or otherwise) Ordinary Shares to
deliver in satisfaction of a sale by the Holder of the Warrant Shares that the
Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three Trading Days after
the Holder’s request and in the Holder’s discretion, either (i) pay cash to the
Holder in an amount equal to the Holder’s total purchase price (including
brokerage commissions, if any) for the Ordinary Shares so purchased (the “Buy-In Price”), at which point the Company’s
obligation to deliver such certificate (and to issue such Ordinary Shares)
shall terminate, or (ii) promptly honor its obligation to deliver to the Holder
a certificate or certificates representing such Ordinary Shares and pay cash to
the Holder in an amount equal to the excess (if any) of the Buy-In Price over
the product of (A) such number of Ordinary Shares, times (B) the Closing Price
on the date of the event giving rise to the Company’s obligation to deliver
such certificate. Notwithstanding anything to the contrary, this
Section 5(c) shall not apply if the Company has used its best efforts to
deliver the certificates, but such certificates were not delivered due to the
Transfer Agent’s gross negligence to deliver the certificates in accordance
with timely instructions from the Company.

 

(d)                                 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, the recovery of any judgment against any Person or
any action to enforce the same, or any setoff, counterclaim, recoupment,
limitation or termination, or any breach or alleged breach by the Holder or any
other Person of any obligation to the Company or any violation or alleged
violation of law by the Holder or any other Person, and irrespective of any
other circumstance which might otherwise limit such obligation of the Company
to the Holder in connection with the issuance of Warrant Shares.  Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver
certificates representing Ordinary Shares upon exercise of the Warrant  as required pursuant to the terms hereof.

 

6.                                       Charges, Taxes and Expenses.   Issuance and delivery of certificates for Ordinary Shares upon
exercise of this Warrant shall be made without charge to the Holder for any
issue or transfer tax, withholding 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 which may be payable in respect of
any transfer involved in the registration of any certificates for Warrant
Shares or Warrants 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 and customary and reasonable bond or
indemnity, if requested.  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.

 

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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 Ordinary Shares, solely for the purpose of enabling it to issue
Warrant Shares upon exercise of this Warrant as herein provided, the number of
Warrant Shares which are then 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 (after giving effect to the adjustments
and restrictions of Section 9, if any). 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 such action
as may be necessary to assure that such Ordinary Shares 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 Ordinary Shares 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; provided, however, that in
no event would any adjustment to the Exercise Price pursuant to Section 9(d)
result in the Exercise Price being reduced below the Closing Price on the date
hereof or the average of the Closing Prices of the preceding five consecutive
Trading Days ending on the date hereof.

 

(a)                                  Stock Dividends and Splits.  If the Company, at any time while this Warrant is outstanding,
(i) pays a stock dividend on its Ordinary Shares or otherwise makes a
distribution on any class of capital stock that is payable in Ordinary Shares, (ii)
subdivides outstanding Ordinary Shares into a larger number of shares, or (iii)
combines outstanding Ordinary Shares into a smaller number of shares, then in
each such case the Exercise Price shall be multiplied by a fraction of which
the numerator shall be the number of Ordinary Shares outstanding immediately
before such event and of which the denominator shall be the number of Ordinary
Shares 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 holders of Ordinary Shares (i) evidences of its indebtedness,
(ii) any security (other than a distribution of Ordinary Shares covered by the
preceding paragraph), (iii) rights or warrants to subscribe for or
purchase any security, or (iv) any other asset (in each case, “Distributed Property”), then, the Company will
deliver to such Holder the Distributed Property that such Holder would have
been entitled to receive in respect of the Warrant Shares for which this
Warrant could have been exercised immediately prior to such record date.  If such Distributed Property is not
delivered to a Holder pursuant to the preceding sentence, then upon expiration
of or any exercise of the Warrant that occurs after such record date, such
Holder shall remain entitled to receive, in addition to the Warrant Shares
otherwise issuable upon such exercise (if applicable), such Distributed
Property.

 

(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, (ii) the Company effects any sale of all or substantially all of its
assets in one or a series of related transactions, (iii) any tender offer or
exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Ordinary Shares are permitted to tender or exchange their
shares for other securities, cash or property, or (iv) the Company effects any
reclassification of the Ordinary Shares or any compulsory share exchange
pursuant to which the Ordinary Shares is effectively converted into or
exchanged for other securities, cash or property (other than as a result of a
subdivision or combination of Ordinary Shares covered by Section 9(a)
above) (in any such case, a “Fundamental Transaction”), then

 

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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 (the “Alternate Consideration”).  The aggregate Exercise Price for this Warrant will not be
affected by any such Fundamental Transaction, but the Company shall apportion
such aggregate Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the
Alternate Consideration.  If holders of
Ordinary Shares are given any choice as to the securities, cash or property to
be received in a Fundamental Transaction, then the Holder shall be given the
same choice as to the Alternate Consideration it receives upon any exercise of
this Warrant following such Fundamental Transaction.  At the Holder’s request, any successor to the Company or
surviving entity in such Fundamental Transaction shall issue to the Holder a
new warrant consistent with the foregoing provisions and evidencing the
Holder’s right to purchase the Alternate Consideration for the aggregate
Exercise Price upon exercise thereof. If any Fundamental Transaction
constitutes or results in (a) a “going private” transaction as defined in Rule
13e-3 under the Exchange Act, or (b) an acquisition for cash, or (c) an
acquisition, merger or sale with or into a Person not traded on an Eligible
Market, then the Company (or any such successor or surviving entity) will
redeem this Warrant from the Holder for a purchase price, payable in cash on
the closing date of such “going private” transaction, equal to the Black
Scholes value of the remaining unexercised portion of this Warrant on the
closing date of such “going private” transaction.

 

(d)                                 Subsequent Equity Sales.

 

(i)                                     If, at any time while this
Warrant is outstanding, the Company or any Subsidiary issues additional
Ordinary Shares or rights, warrants, options or other securities or debt
convertible, exercisable or exchangeable for Ordinary Shares or otherwise
entitling any Person to acquire Ordinary Shares (collectively, “Ordinary Shares Equivalents”) at an effective net price to
the Company per share of Ordinary Shares (the “Effective Price”) less than the Exercise Price (as adjusted hereunder to
such date), then the Exercise Price shall be reduced to equal the product of
(A) the Exercise Price in effect immediately prior to such issuance of Ordinary
Shares or Ordinary Share Equivalents times (B) a fraction, the numerator of
which is the sum of (1) the number of shares of Ordinary Shares outstanding
immediately prior to such issuance, plus (2) the number of shares of Ordinary Shares
which the aggregate Effective Price of the Ordinary Shares issued (or deemed to
be issued) would purchase at the Exercise Price, and the denominator of which
is the aggregate number of shares of Ordinary Shares outstanding or deemed to
be outstanding immediately after such issuance.  For purposes of this paragraph, in connection with any issuance
of any Ordinary Shares Equivalents, (A) the maximum number of Ordinary Shares
potentially issuable at any time upon conversion, exercise or exchange of such
Ordinary Shares Equivalents (the “Deemed Number”)
shall be deemed to be outstanding upon issuance of such Ordinary Shares
Equivalents, (B) the Effective Price applicable to such Ordinary Shares shall
equal the minimum dollar value of consideration payable to the Company to
purchase such Ordinary Shares Equivalents and to convert, exercise or exchange
them into Ordinary Shares (net of any discounts, fees, commissions and other
expenses), divided by the Deemed Number, and (C) no further adjustment shall be
made to the Exercise Price upon the actual issuance of Ordinary Shares upon
conversion, exercise or exchange of such Ordinary Shares Equivalents.

 

(ii)                                  If, at any time while this
Warrant is outstanding, the Company or any Subsidiary issues Ordinary Shares
Equivalents with an Effective Price or a number of underlying shares that
floats or resets or otherwise varies or is subject to adjustment based
(directly or

 

5

 

indirectly) on market prices of the Ordinary Shares (a “Floating Price Security”), then for purposes of
applying the preceding paragraph in connection with any subsequent exercise,
the Effective Price will be determined separately on each Exercise Date and
will be deemed to equal the lowest Effective Price at which any holder of such
Floating Price Security is entitled to acquire Ordinary Shares on such Exercise
Date (regardless of whether any such holder actually acquires any shares on
such date).

 

(iii)                               Notwithstanding the foregoing,
no adjustment will be made under this paragraph (d) in respect of any Excluded
Stock.

 

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

 

(f)                                    Calculations.  All calculations under this Section 9 shall be made
to the nearest cent or the nearest 1/100th of a share, as applicable.  The number of Ordinary Shares outstanding at
any given time shall not include shares owned or held by or for the account of
the Company, and the disposition of any such shares shall be considered an
issue or sale of Ordinary Shares.

 

(g)                                 Notice of Adjustments.  Upon the occurrence of each adjustment pursuant to this Section 9,
the Company at its expense will promptly compute such adjustment 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.

 

(h)                                 Notice of Corporate Events.  If the Company (i) declares a dividend or any other distribution
of cash, securities or other property in respect of its Ordinary Shares,
including without limitation any granting of rights or warrants to subscribe
for or purchase any capital stock of the Company or any Subsidiary, (ii)
authorizes or approves, 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 the Company shall deliver to the Holder a notice describing the material
terms and conditions of such transaction, at least 10 calendar days prior to
the applicable record or effective date on which a Person would need to hold
Ordinary Shares in order to participate in or vote with respect to such
transaction, and the Company will take all steps reasonably necessary in order
to insure that the Holder is given the practical opportunity to exercise this
Warrant prior to such time so as 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.

 

10.                                 Payment of Exercise Price.  The Holder shall pay the Exercise Price in immediately available
funds; provided, however, that the Holder may 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 = the number of Warrant Shares to be
  issued to the Holder.

  

 

6

 

	
   

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

  
	
   

  	
   

  
	
   

  	
  A = the average of the Closing Prices for
  the five Trading Days immediately prior to (but not including) the Exercise
  Date.

  
	
   

  	
   

  
	
   

  	
  B = the Exercise Price.

  

 

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 pursuant to the Purchase Agreement.

 

11.                                 Call Right.

 

(a) Subject to the provisions of this Section 11,
if following the date hereof and through and including the Expiration Date, the
Closing Prices for each of any 20 consecutive Trading Days exceeds 200% of the
Exercise Price (the “Threshold Price”)
and the arithmetic average of the volume for such 20 consecutive Trading Days
is equal to or greater than 250,000 Ordinary Shares, excluding blocks of
Ordinary Shares equal to or greater than 25,000 Ordinary Shares, then the
Company will have the right, but not the obligation (the “Call Right”), on 10 Trading Days prior
written notice to the Holder, to redeem any unexercised portion of this Warrant
for which an Exercise Notice has not yet been delivered (the “Call Amount”).

 

(b) To exercise this Call Right, the Company
shall deliver to the Holder (a) an irrevocable written notice (a “Call Notice”), indicating the Call
Amount.  The date that the Company
delivers the Call Notice to the Holders will be referred to as the “Call Date.” Within 10 Trading Days of
receipt of the Call Notice, the Holder shall exercise this Warrant for up to
the Call Amount in accordance with Section 4(b) above.  Any portion of the Call Amount that is not
exercised by 6:30 p.m. (New York City time) on the 10th Trading Day following
the date of receipt of the Call Notice (the “Redemption Date”) shall be cancelled. 
Any unexercised portion of this Warrant to which the Call Notice does
not pertain (the “Remaining Portion”)
will be unaffected by such Call Notice. 
The Company covenants and agrees that it will honor any Exercise Notice
with respect to the Call Amount that are tendered from the Call Date through
and including 6:30 p.m. (New York City time) on the Redemption Date.

 

(c) Notwithstanding anything to the contrary
set forth in this Warrant, the Company may not require the cancellation of any
unexercised Call Amount (and any Call Notice will be void), unless from the
beginning of the 20 consecutive Trading Days used to determine whether the
Ordinary Shares has achieved the Threshold Price through the Redemption Date
(the “Call Period”)
(i) the Closing Prices for each Trading Day during such Call Period exceeds the
Threshold Price, (ii) the Company shall have honored in accordance with the
terms of this Warrant any Exercise Notice delivered by 6:30 p.m. (New York City
time) on the Redemption Date, and (iii) the Registration Statement shall be
effective as to all Warrant Shares and the Prospectus thereunder available for
use by the Holder for the resale all such Warrant Shares.

 

12.                                 Limitation
on Exercise.  Notwithstanding anything to the
contrary contained herein, the number of Ordinary 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 insure that, following such
exercise (or other issuance), the total number of Ordinary Shares then
beneficially owned by such Holder and its

 

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Affiliates and any
other Persons whose beneficial ownership of Ordinary Shares would be aggregated
with the Holder’s for purposes of Section 13(d) of the Exchange Act, does
not exceed 4.999% (the “Maximum Percentage”)
of the total number of issued and outstanding Ordinary Shares (including for
such purpose the Ordinary Shares issuable upon such exercise). The Company’s
obligation to issue shares in excess of the foregoing limitation shall be
suspended until such time, if any, as such Ordinary Shares may be issued in
compliance with such limitation. For such purposes, beneficial ownership shall
be determined in accordance with Section 13(d) of the Exchange Act and the
rules and regulations promulgated thereunder. Each delivery of an Exercise
Notice hereunder will constitute a representation by the Holder that it has
evaluated the limitation set forth in this paragraph and determined that
issuance of the full number of Warrant Shares requested in such Exercise Notice
is permitted under this paragraph.  The
Company’s obligation to issue Ordinary Shares in excess of the limitation
referred to in this Section shall be suspended (and shall not terminate or
expire notwithstanding any contrary provisions hereof) until such time, if any,
as such Ordinary Shares may be issued in compliance with such limitation, but
in no event later than the Expiration Date. 
By written notice to the Company, the Holder may waive the provisions of
this Section 12 or increase or decrease the Maximum Percentage to any
other percentage specified in such notice, but (i) any such waiver or increase
will not be effective until the 61st day after such notice is delivered to the
Company, and (ii) any such waiver or increase or decrease will apply only to
the Holder and not to any other holder of Warrants.

 

(b)                                 Notwithstanding
anything to the contrary contained herein, the maximum number of Ordinary
Shares that the Company may issue pursuant to the Transaction Documents at an
effective purchase price less than the Closing Price on the Trading Day
immediately preceding the Closing Date equals 19.99% of the outstanding shares
of Ordinary Shares immediately preceding the Closing Date (the “Issuable
Maximum”).  If, at the time
any Holder requests an exercise of any of the Warrants, the Actual Minimum
(excluding any shares issued or issuable at an effective purchase price in
excess of the Closing Price on the Trading Day immediately preceding the
Closing Date) exceeds the Issuable Maximum (and if the Company has not
previously obtained the required stockholder approval), then the Company shall
issue to the Holder requesting such exercise a number of Ordinary Shares not exceeding
such Holder’s pro-rata portion of the Issuable Maximum (based on such Holder’s
share (vis-à-vis other Holders) of the aggregate purchase price paid under the
Purchase Agreement and taking into account any Warrant Shares previously issued
to such Holder).  For the purposes
hereof, “Actual Minimum” shall
mean, as of any date, the maximum aggregate number of Ordinary Shares then
issued or potentially issuable in the future pursuant to the Transaction
Documents, including any Underlying Shares issuable upon exercise in full of
all Warrants, without giving effect to (x) any limits on the number of Ordinary
Shares that may be owned by a Holder at any one time, or (y) any additional
Underlying Shares that could be issuable as a result of any future possible adjustments
made under Section 9(d).

 

13.                                 Fractional Shares.  The Company shall not be required to issue or cause to be issued
fractional Warrant Shares on the exercise of this Warrant.  If any fraction of a Warrant Share would,
except for the provisions of this Section, be issuable upon exercise of this
Warrant, the number of Warrant Shares to be issued will be rounded up to the
nearest whole share.

 

14.                                 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 in this Section prior to 6:30 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 in this Section on a day that is not a Trading
Day or later than 6:30 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, or (iv) upon actual receipt by the party to whom

 

8

 

such notice is
required to be given.  The address for
such notices or communications shall be as set forth in the Purchase Agreement.

 

15.                                 Warrant Agent.  The Company shall serve as warrant agent under this Warrant.  Upon 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 stockholders 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.

 

16.                                 Miscellaneous.

 

(a)                                  Subject to the restrictions on
transfer set forth on the first page hereof, this Warrant may be assigned by
the Holder.  This Warrant may not be
assigned by the Company except to a successor in the event of a Fundamental
Transaction.  This Warrant shall be
binding on and inure to the benefit of the parties hereto and their respective
successors and 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 and their successors and assigns.

 

(b)                                 The Company will not, by
amendment of its governing documents 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 action as may
be necessary or appropriate in order to protect the rights of the Holder
against impairment.  Without limiting
the generality of the foregoing, the Company (i) will not increase the par
value of any Warrant Shares above the amount payable therefor on such exercise,
(ii) will take all such action as may be reasonably necessary or appropriate in
order that the Company may validly and legally issue fully paid and
nonassessable Warrant Shares on the exercise of this Warrant, and (iii) will
not close its stockholder books or records in any manner which interferes with
the timely exercise of this Warrant.

 

(c)                                  GOVERNING LAW; VENUE; WAIVER OF
JURY TRIAL.  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 NEW
YORK.  EACH PARTY HEREBY IRREVOCABLY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING
IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION
CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE
ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), 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, THAT
SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. 
EACH PARTY 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 PARTY AT THE ADDRESS IN EFFECT FOR NOTICES
TO IT UNDER THIS AGREEMENT 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.  THE COMPANY HEREBY
WAIVES ALL RIGHTS TO A TRIAL BY JURY.

 

9

 

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

 

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

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,

SIGNATURE PAGE FOLLOWS]

 

10

 

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

 

 

	
   

  	
  RADVIEW SOFTWARE LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

11

 

FORM OF EXERCISE NOTICE

 

(To be executed by the Holder to exercise the
right to purchase Ordinary Shares under the foregoing Warrant)

 

To: 
RADVIEW SOFTWARE LTD.

 

The undersigned is the Holder of Warrant No.
                 
(the “Warrant”) issued by RadView
Software Ltd., an Israeli corporation (the “Company”).  Capitalized terms used herein and not
otherwise defined have the respective meanings set forth in the Warrant.

 

1.                                       The
Warrant is currently exercisable to purchase a total of
                               
Warrant Shares.

 

2.                                       The
undersigned Holder 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” under Section 10

 

                “Cashless Exercise” under
Section 10

 

4.                                       If
the holder has elected a Cash Exercise, the holder shall pay the sum of
$                      
to the Company in accordance with the terms of the Warrant.

 

5.                                       Pursuant
to this exercise, the Company shall deliver to the holder
                          
Warrant Shares in accordance with the terms of the Warrant.

 

6.                                       Following
this exercise, the Warrant shall be exercisable to purchase a total of
                       
Warrant Shares.

 

 

	
  Dated:

  	
   

  	
  ,

  	
   

  	
   

  	
  Name of Holder:

  
	
   

  	
   

  
	
   

  	
  (Print)

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

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

  
										

 

 

FORM OF ASSIGNMENT

 

[To be completed and signed only upon
transfer of Warrant]

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto
                                       the
right represented by the within Warrant to purchase 
                      
Ordinary Shares of RadView Software Ltd. to which the within Warrant relates
and appoints
                      
attorney to transfer said right on the books of RadView Software Ltd. 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 the Warrant)

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address of Transferee

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  In the presence of:Exhibit 10.6

 

EXHIBIT B-4

 

NEITHER THESE SECURITIES NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE 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 OR BLUE SKY LAWS.  THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

RADVIEW SOFTWARE LTD.

 

WARRANT D

 

	
  Warrant No. [  ]

  	
   

  	
  Dated: 
  March 11, 2004

  

 

RadView Software Ltd., an Israeli corporation
(the “Company”), hereby certifies
that, for value received, [Name of Holder] or its registered assigns (the “Holder”), is entitled to purchase from the
Company up to a total of
[             ](1)
Ordinary Shares, NIS 0.01 par value per share (the “Ordinary Shares”), plus 10%
of Ordinary Shares issued upon the exercise of the Additional Investment Right
prior to the Commencement Date, of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price equal
to $0.873 per share (as adjusted from time to time as provided in Section 9,
the “Exercise Price”), at any time
commencing (a) the date on which the Company’s Ordinary Shares are delisted
from the NASDAQ SmallCap Market or (b) the date that is six months following
the Closing Date (the “Commencement Date”)
and through and including the date that is two years after the Commencement
Date (the “Expiration Date”), and
subject to the following terms and conditions. This Warrant (this “Warrant”) is one of a series of similar
warrants issued pursuant to that certain Securities Purchase Agreement, dated
as of the date hereof, by and among the Company and the Purchasers identified
therein (the “Purchase Agreement”).  All such warrants are referred to herein,
collectively, as the “Warrants.”

 

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 hereof from time to
time.  The Company may deem and treat
the registered Holder of this Warrant as the 

(1)  10% warrant coverage on the Shares issued at Closing.

 

 

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.  The Company shall register the transfer of any portion of this
Warrant in the Warrant Register, upon surrender of this Warrant, with the Form
of Assignment attached hereto duly completed and signed, to the Transfer Agent
or to the Company at its address specified herein.  Upon any such registration or transfer, a new warrant to purchase
Ordinary Shares, 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 of a holder of a Warrant.

 

4.                                       Exercise and Duration of
Warrants.

 

(a)                                  This Warrant shall be
exercisable by the registered Holder at any time and from time to time on or
after the Commencement Date to and including the Expiration Date.  At 6:30 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; provided that, if the average of the
Closing Prices for the five Trading Days immediately prior to (but not including)
the Expiration Date exceeds the Exercise Price on the Expiration Date, then
this Warrant shall be deemed to have been exercised in full (to the extent not
previously exercised) on a “cashless exercise” basis at 6:30 P.M. New York City
time on the Expiration Date if a “cashless exercise” may occur at such time
pursuant to Section 10 below. Notwithstanding anything to the contrary
herein, the Expiration Date shall be extended for each day following the
Effective Date that the Registration Statement is not effective.

 

(b)                                 A Holder may exercise this
Warrant by delivering to the Company (i) an exercise notice, in the form
attached hereto (the “Exercise Notice”),
appropriately 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 this Section 10 below), and the date such items are delivered
to the Company (as determined in accordance with the notice provisions hereof)
is an “Exercise Date.”  The Holder shall not be required to deliver the original Warrant
in order to effect an exercise hereunder. 
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.

 

5.                                       Delivery of Warrant Shares.

 

(a)                                  Upon exercise of this Warrant,
the Company shall promptly (but in no event later than three 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, a certificate for the Warrant Shares issuable upon such
exercise, free of restrictive legends unless a registration statement covering
the resale of the Warrant Shares and naming the Holder as a selling shareholder
thereunder is not then effective and the Warrant Shares are not freely
transferable without volume restrictions and other requirements pursuant to
Rule 144 under the Securities Act.  The
Holder, or any Person so designated by the Holder to receive Warrant Shares,
shall be deemed to have become holder of record of such Warrant Shares as of
the Exercise Date.  The Company shall,
upon request of the Holder, use its best efforts to deliver Warrant Shares
hereunder electronically through the Depository Trust Company or another
established clearing corporation performing similar functions.

 

2

 

(b)                                 This Warrant is exercisable,
either in its entirety or, from time to time, for a portion of the number of
Warrant Shares.  Upon surrender of this
Warrant following one or more partial exercises, the Company shall issue or
cause to be issued, at its expense, a New Warrant evidencing the right to
purchase the remaining number of Warrant Shares.

 

(c)                                  In addition to any other rights
available to a Holder, if the Company fails to deliver to the Holder a
certificate representing Warrant Shares on the date on which delivery of such
certificate is required by this Warrant, and if after such date the Holder
purchases (in an open market transaction or otherwise) Ordinary Shares to
deliver in satisfaction of a sale by the Holder of the Warrant Shares that the
Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three Trading Days after
the Holder’s request and in the Holder’s discretion, either (i) pay cash to the
Holder in an amount equal to the Holder’s total purchase price (including
brokerage commissions, if any) for the Ordinary Shares so purchased (the “Buy-In Price”), at which point the Company’s
obligation to deliver such certificate (and to issue such Ordinary Shares)
shall terminate, or (ii) promptly honor its obligation to deliver to the Holder
a certificate or certificates representing such Ordinary Shares and pay cash to
the Holder in an amount equal to the excess (if any) of the Buy-In Price over
the product of (A) such number of Ordinary Shares, times (B) the Closing Price
on the date of the event giving rise to the Company’s obligation to deliver
such certificate. Notwithstanding anything to the contrary, this
Section 5(c) shall not apply if the Company has used its best efforts to
deliver the certificates, but such certificates were not delivered due to the
Transfer Agent’s gross negligence to deliver the certificates in accordance
with timely instructions from the Company.

 

(d)                                 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, the recovery of any judgment against any Person or
any action to enforce the same, or any setoff, counterclaim, recoupment,
limitation or termination, or any breach or alleged breach by the Holder or any
other Person of any obligation to the Company or any violation or alleged
violation of law by the Holder or any other Person, and irrespective of any
other circumstance which might otherwise limit such obligation of the Company
to the Holder in connection with the issuance of Warrant Shares.  Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver
certificates representing Ordinary Shares upon exercise of the Warrant  as required pursuant to the terms hereof.

 

6.                                       Charges, Taxes and Expenses.   Issuance and delivery of certificates for Ordinary Shares upon
exercise of this Warrant shall be made without charge to the Holder for any
issue or transfer tax, withholding 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 which may be payable in respect of
any transfer involved in the registration of any certificates for Warrant
Shares or Warrants 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 and customary and reasonable bond or
indemnity, if requested.  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.

 

3

 

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 Ordinary Shares, solely for the purpose of enabling it to issue
Warrant Shares upon exercise of this Warrant as herein provided, the number of
Warrant Shares which are then 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 (after giving effect to the adjustments
and restrictions of Section 9, if any). 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 such action
as may be necessary to assure that such Ordinary Shares 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 Ordinary Shares 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; provided, however, that in
no event would any adjustment to the Exercise Price pursuant to Section 9(d)
result in the Exercise Price being reduced below the Closing Price on the date
hereof or the average of the Closing Prices of the preceding five consecutive
Trading Days ending on the date hereof.

 

(a)                                  Stock Dividends and Splits.  If the Company, at any time while this Warrant is outstanding, (i)
pays a stock dividend on its Ordinary Shares or otherwise makes a distribution
on any class of capital stock that is payable in Ordinary Shares, (ii)
subdivides outstanding Ordinary Shares into a larger number of shares, or (iii)
combines outstanding Ordinary Shares into a smaller number of shares, then in
each such case the Exercise Price shall be multiplied by a fraction of which
the numerator shall be the number of Ordinary Shares outstanding immediately
before such event and of which the denominator shall be the number of Ordinary
Shares 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 holders of Ordinary Shares (i) evidences of its indebtedness,
(ii) any security (other than a distribution of Ordinary Shares covered by the
preceding paragraph), (iii) rights or warrants to subscribe for or
purchase any security, or (iv) any other asset (in each case, “Distributed Property”), then, the Company will
deliver to such Holder the Distributed Property that such Holder would have
been entitled to receive in respect of the Warrant Shares for which this
Warrant could have been exercised immediately prior to such record date.  If such Distributed Property is not
delivered to a Holder pursuant to the preceding sentence, then upon expiration
of or any exercise of the Warrant that occurs after such record date, such
Holder shall remain entitled to receive, in addition to the Warrant Shares
otherwise issuable upon such exercise (if applicable), such Distributed
Property.

 

(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, (ii) the Company effects any sale of all or substantially all of its
assets in one or a series of related transactions, (iii) any tender offer or
exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Ordinary Shares are permitted to tender or exchange their
shares for other securities, cash or property, or (iv) the Company effects any
reclassification of the Ordinary Shares or any compulsory share exchange
pursuant to which the Ordinary Shares is effectively converted into or
exchanged for other securities, cash or property (other than as a result of a
subdivision or combination of Ordinary Shares covered by Section 9(a)
above) (in any such case, a “Fundamental Transaction”), then

 

4

 

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 (the “Alternate Consideration”).  The aggregate Exercise Price for this Warrant will not be
affected by any such Fundamental Transaction, but the Company shall apportion
such aggregate Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the
Alternate Consideration.  If holders of
Ordinary Shares are given any choice as to the securities, cash or property to
be received in a Fundamental Transaction, then the Holder shall be given the
same choice as to the Alternate Consideration it receives upon any exercise of
this Warrant following such Fundamental Transaction.  At the Holder’s request, any successor to the Company or
surviving entity in such Fundamental Transaction shall issue to the Holder a
new warrant consistent with the foregoing provisions and evidencing the
Holder’s right to purchase the Alternate Consideration for the aggregate
Exercise Price upon exercise thereof. If any Fundamental Transaction
constitutes or results in (a) a “going private” transaction as defined in Rule
13e-3 under the Exchange Act, or (b) an acquisition for cash, or (c) an
acquisition, merger or sale with or into a Person not traded on an Eligible
Market, then the Company (or any such successor or surviving entity) will
redeem this Warrant from the Holder for a purchase price, payable in cash on
the closing date of such “going private” transaction, equal to the Black
Scholes value of the remaining unexercised portion of this Warrant on the
closing date of such “going private” transaction.

 

(d)                                 Subsequent Equity Sales.

 

(i)                                     If, at any time while this
Warrant is outstanding, the Company or any Subsidiary issues additional
Ordinary Shares or rights, warrants, options or other securities or debt
convertible, exercisable or exchangeable for Ordinary Shares or otherwise
entitling any Person to acquire Ordinary Shares (collectively, “Ordinary Shares Equivalents”) at an effective net price to
the Company per share of Ordinary Shares (the “Effective Price”) less than the Exercise Price (as adjusted hereunder to
such date), then the Exercise Price shall be reduced to equal the product of
(A) the Exercise Price in effect immediately prior to such issuance of Ordinary
Shares or Ordinary Share Equivalents times (B) a fraction, the numerator of
which is the sum of (1) the number of shares of Ordinary Shares outstanding
immediately prior to such issuance, plus (2) the number of shares of Ordinary
Shares which the aggregate Effective Price of the Ordinary Shares issued (or
deemed to be issued) would purchase at the Exercise Price, and the denominator
of which is the aggregate number of shares of Ordinary Shares outstanding or
deemed to be outstanding immediately after such issuance.  For purposes of this paragraph, in connection
with any issuance of any Ordinary Shares Equivalents, (A) the maximum number of
Ordinary Shares potentially issuable at any time upon conversion, exercise or
exchange of such Ordinary Shares Equivalents (the “Deemed Number”) shall be deemed to be outstanding upon issuance of such
Ordinary Shares Equivalents, (B) the Effective Price applicable to such
Ordinary Shares shall equal the minimum dollar value of consideration payable
to the Company to purchase such Ordinary Shares Equivalents and to convert,
exercise or exchange them into Ordinary Shares (net of any discounts, fees,
commissions and other expenses), divided by the Deemed Number, and (C) no
further adjustment shall be made to the Exercise Price upon the actual issuance
of Ordinary Shares upon conversion, exercise or exchange of such Ordinary
Shares Equivalents.

 

(ii)                                  If, at any time while this
Warrant is outstanding, the Company or any Subsidiary issues Ordinary Shares
Equivalents with an Effective Price or a number of underlying shares that floats
or resets or otherwise varies or is subject to adjustment based (directly or

 

5

 

indirectly) on market prices of the Ordinary Shares (a “Floating Price Security”), then for purposes of
applying the preceding paragraph in connection with any subsequent exercise,
the Effective Price will be determined separately on each Exercise Date and
will be deemed to equal the lowest Effective Price at which any holder of such
Floating Price Security is entitled to acquire Ordinary Shares on such Exercise
Date (regardless of whether any such holder actually acquires any shares on
such date).

 

(iii)                               Notwithstanding the foregoing,
no adjustment will be made under this paragraph (d) in respect of any Excluded
Stock.

 

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

 

(f)                                    Calculations.  All calculations under this Section 9 shall be made
to the nearest cent or the nearest 1/100th of a share, as applicable.  The number of Ordinary Shares outstanding at
any given time shall not include shares owned or held by or for the account of
the Company, and the disposition of any such shares shall be considered an
issue or sale of Ordinary Shares.

 

(g)                                 Notice of Adjustments.  Upon the occurrence of each adjustment pursuant to this Section 9,
the Company at its expense will promptly compute such adjustment 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.

 

(h)                                 Notice of Corporate Events.  If the Company (i) declares a dividend or any other distribution
of cash, securities or other property in respect of its Ordinary Shares,
including without limitation any granting of rights or warrants to subscribe
for or purchase any capital stock of the Company or any Subsidiary, (ii)
authorizes or approves, 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 the Company shall deliver to the Holder a notice describing the material
terms and conditions of such transaction, at least 10 calendar days prior to
the applicable record or effective date on which a Person would need to hold
Ordinary Shares in order to participate in or vote with respect to such
transaction, and the Company will take all steps reasonably necessary in order
to insure that the Holder is given the practical opportunity to exercise this
Warrant prior to such time so as 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.

 

10.                                 Payment of Exercise Price.  The Holder shall pay the Exercise Price in immediately available
funds; provided, however, that the Holder may 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 = the number of Warrant Shares to be
  issued to the Holder.

  

 

6

 

	
   

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

  
	
   

  	
   

  
	
   

  	
  A = the average of the Closing Prices for
  the five Trading Days immediately prior to (but not including) the Exercise
  Date.

  
	
   

  	
   

  
	
   

  	
  B = the Exercise Price.

  

 

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 pursuant to the Purchase Agreement.

 

11.                                 Call Right.

 

(a) Subject to the provisions of this Section 11,
if following the date hereof and through and including the Expiration Date, the
Closing Prices for each of any 20 consecutive Trading Days exceeds 200% of the
Exercise Price (the “Threshold Price”)
and the arithmetic average of the volume for such 20 consecutive Trading Days
is equal to or greater than 250,000 Ordinary Shares, excluding blocks of
Ordinary Shares equal to or greater than 25,000 Ordinary Shares, then the
Company will have the right, but not the obligation (the “Call Right”), on 10 Trading Days prior
written notice to the Holder, to redeem any unexercised portion of this Warrant
for which an Exercise Notice has not yet been delivered (the “Call Amount”).

 

(b) To exercise this Call Right, the Company
shall deliver to the Holder an irrevocable written notice (a “Call Notice”), indicating the Call
Amount.  The date that the Company
delivers the Call Notice to the Holders will be referred to as the “Call Date.” Within 10 Trading Days of
receipt of the Call Notice, the Holder shall exercise this Warrant for up to
the Call Amount in accordance with Section 4(b) above.  Any portion of the Call Amount that is not
exercised by 6:30 p.m. (New York City time) on the 10th Trading Day following
the date of receipt of the Call Notice (the “Redemption Date”) shall be cancelled. 
Any unexercised portion of this Warrant to which the Call Notice does
not pertain (the “Remaining Portion”)
will be unaffected by such Call Notice. 
The Company covenants and agrees that it will honor any Exercise Notice
with respect to the Call Amount that are tendered from the Call Date through
and including 6:30 p.m. (New York City time) on the Redemption Date.

 

(c) Notwithstanding anything to the contrary
set forth in this Warrant, the Company may not require the cancellation of any
unexercised Call Amount (and any Call Notice will be void), unless from the
beginning of the 20 consecutive Trading Days used to determine whether the
Ordinary Shares has achieved the Threshold Price through the Redemption Date
(the “Call Period”)
(i) the Closing Prices for each Trading Day during such Call Period exceeds the
Threshold Price, (ii) the Company shall have honored in accordance with the
terms of this Warrant any Exercise Notice delivered by 6:30 p.m. (New York City
time) on the Redemption Date, and (iii) the Registration Statement shall be
effective as to all Warrant Shares and the Prospectus thereunder available for
use by the Holder for the resale all such Warrant Shares.

 

12.                                 Limitation
on Exercise.  Notwithstanding anything to the
contrary contained herein, the number of Ordinary 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 insure that, following such
exercise (or other issuance), the total number of Ordinary Shares then
beneficially owned by such Holder and its

 

7

 

Affiliates and any
other Persons whose beneficial ownership of Ordinary Shares would be aggregated
with the Holder’s for purposes of Section 13(d) of the Exchange Act, does
not exceed 4.999% (the “Maximum Percentage”)
of the total number of issued and outstanding Ordinary Shares (including for
such purpose the Ordinary Shares issuable upon such exercise). The Company’s
obligation to issue shares in excess of the foregoing limitation shall be
suspended until such time, if any, as such Ordinary Shares may be issued in
compliance with such limitation. For such purposes, beneficial ownership shall
be determined in accordance with Section 13(d) of the Exchange Act and the
rules and regulations promulgated thereunder. Each delivery of an Exercise
Notice hereunder will constitute a representation by the Holder that it has
evaluated the limitation set forth in this paragraph and determined that
issuance of the full number of Warrant Shares requested in such Exercise Notice
is permitted under this paragraph.  The
Company’s obligation to issue Ordinary Shares in excess of the limitation
referred to in this Section shall be suspended (and shall not terminate or
expire notwithstanding any contrary provisions hereof) until such time, if any,
as such Ordinary Shares may be issued in compliance with such limitation, but
in no event later than the Expiration Date. 
By written notice to the Company, the Holder may waive the provisions of
this Section 12 or increase or decrease the Maximum Percentage to any
other percentage specified in such notice, but (i) any such waiver or increase
will not be effective until the 61st day after such notice is delivered to the
Company, and (ii) any such waiver or increase or decrease will apply only to
the Holder and not to any other holder of Warrants.

 

(b)                                 Notwithstanding
anything to the contrary contained herein, the maximum number of Ordinary
Shares that the Company may issue pursuant to the Transaction Documents at an
effective purchase price less than the Closing Price on the Trading Day
immediately preceding the Closing Date equals 19.99% of the outstanding shares
of Ordinary Shares immediately preceding the Closing Date (the “Issuable
Maximum”).  If, at the time
any Holder requests an exercise of any of the Warrants, the Actual Minimum
(excluding any shares issued or issuable at an effective purchase price in
excess of the Closing Price on the Trading Day immediately preceding the
Closing Date) exceeds the Issuable Maximum (and if the Company has not
previously obtained the required stockholder approval), then the Company shall
issue to the Holder requesting such exercise a number of Ordinary Shares not
exceeding such Holder’s pro-rata portion of the Issuable Maximum (based on such
Holder’s share (vis-à-vis other Holders) of the aggregate purchase price paid
under the Purchase Agreement and taking into account any Warrant Shares
previously issued to such Holder).  For
the purposes hereof, “Actual Minimum”
shall mean, as of any date, the maximum aggregate number of Ordinary Shares
then issued or potentially issuable in the future pursuant to the Transaction
Documents, including any Underlying Shares issuable upon exercise in full of
all Warrants, without giving effect to (x) any limits on the number of Ordinary
Shares that may be owned by a Holder at any one time, or (y) any additional
Underlying Shares that could be issuable as a result of any future possible
adjustments made under Section 9(d).

 

13.                                 Fractional Shares.  The Company shall not be required to issue or cause to be issued
fractional Warrant Shares on the exercise of this Warrant.  If any fraction of a Warrant Share would,
except for the provisions of this Section, be issuable upon exercise of this
Warrant, the number of Warrant Shares to be issued will be rounded up to the
nearest whole share.

 

14.                                 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 in this Section prior to 6:30 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 in this Section on a day that is not a Trading
Day or later than 6:30 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, or (iv) upon actual receipt by the party to whom

 

8

 

such notice is
required to be given.  The address for
such notices or communications shall be as set forth in the Purchase Agreement.

 

15.                                 Warrant Agent.  The Company shall serve as warrant agent under this Warrant.  Upon 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 stockholders 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.

 

16.                                 Miscellaneous.

 

(a)                                  Subject to the restrictions on
transfer set forth on the first page hereof, this Warrant may be assigned by
the Holder.  This Warrant may not be
assigned by the Company except to a successor in the event of a Fundamental
Transaction.  This Warrant shall be
binding on and inure to the benefit of the parties hereto and their respective
successors and 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 and their successors and assigns.

 

(b)                                 The Company will not, by
amendment of its governing documents 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 action as may be
necessary or appropriate in order to protect the rights of the Holder against
impairment.  Without limiting the
generality of the foregoing, the Company (i) will not increase the par value of
any Warrant Shares above the amount payable therefor on such exercise, (ii) will
take all such action as may be reasonably necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable
Warrant Shares on the exercise of this Warrant, and (iii) will not close its
stockholder books or records in any manner which interferes with the timely
exercise of this Warrant.

 

(c)                                  GOVERNING LAW; VENUE; WAIVER OF
JURY TRIAL.  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 NEW
YORK.  EACH PARTY HEREBY IRREVOCABLY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING
IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION
CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE
ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), 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, THAT
SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. 
EACH PARTY 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 PARTY AT THE ADDRESS IN EFFECT FOR NOTICES
TO IT UNDER THIS AGREEMENT 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.  THE COMPANY HEREBY
WAIVES ALL RIGHTS TO A TRIAL BY JURY.

 

9

 

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

 

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

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,

SIGNATURE PAGE FOLLOWS]

 

10

 

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

 

	
   

  	
  RADVIEW SOFTWARE LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

11

 

FORM OF EXERCISE NOTICE

 

(To be executed by the Holder to exercise the
right to purchase Ordinary Shares under the foregoing Warrant)

 

To: 
RADVIEW SOFTWARE LTD.

 

The undersigned is the Holder of Warrant No.
             (the “Warrant”) issued by RadView Software Ltd.,
an Israeli corporation (the “Company”).  Capitalized terms used herein and not
otherwise defined have the respective meanings set forth in the Warrant.

 

1.                                       The
Warrant is currently exercisable to purchase a total of
                            
Warrant Shares.

 

2.                                       The
undersigned Holder 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” under Section 10

 

                “Cashless Exercise” under Section 10

 

4.                                       If
the holder has elected a Cash Exercise, the holder shall pay the sum of
$                   
to the Company in accordance with the terms of the Warrant.

 

5.                                       Pursuant
to this exercise, the Company shall deliver to the holder
                           
Warrant Shares in accordance with the terms of the Warrant.

 

6.                                       Following
this exercise, the Warrant shall be exercisable to purchase a total of
                          
Warrant Shares.

 

 

	
  Dated:

  	
   

  	
  ,

  	
   

  	
   

  	
  Name of Holder:

  
	
   

  	
   

  
	
   

  	
  (Print)

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

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

  
										

 

 

FORM OF ASSIGNMENT

 

[To be completed and signed only upon
transfer of Warrant]

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto
                                                            the
right represented by the within Warrant to purchase
                        
Ordinary Shares of RadView Software Ltd. to which the within Warrant relates
and appoints
                        attorney
to transfer said right on the books of RadView Software Ltd. 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 the Warrant)

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address of Transferee

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  In the presence of:

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