Document:

Exhibit
10.35

April
4, 2007

Mr. Ron Hadani

c/o Vision-Sciences, Inc.

40 Ramland Road, Suite 1

Orangeburg, New York 10962

Re:   Amendment to Employment Letter Agreement
dated January 24, 2003

Dear
Ron:

The
purpose of this letter (the “Amendment”) is to amend certain terms and
conditions of that certain Letter Agreement dated January 24, 2003 (the “Original
Letter Agreement”) by and between you and Vision-Sciences, Inc., a Delaware
corporation (the “Company”). 
Accordingly, the following are the amended terms and conditions of your
employment with the Company which we have agreed upon:

	
  Salary:

  	
   

  	
  $290,000 per annum, payable in accordance with the
  Company’s normal payroll schedules.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Severance:

  	
   

  	
  If the Company terminates your employment without
  cause, you will be entitled to receive, as severance, an amount equal to
  three (3) months of your base salary then in effect on the date of
  termination (“Effective Base Salary”) for each year of your employment
  with the Company (“Severance Pay”); provided, however,
  that the Severance Pay shall not exceed an amount equal to twelve (12) months
  of the Effective Base Salary. The Severance Pay shall be payable in
  accordance with the Company’s normal payroll schedules, beginning on the
  first pay day following the date of termination of your employment with the
  Company.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Governing Law:

  	
   

  	
  This Amendment will be governed by, and construed
  under and in accordance with, the internal laws of the State of New York,
  without reference to rules relating to conflicts of laws.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Integration:

  	
   

  	
  From and after the date of this Amendment, the
  Original Letter Agreement and this Amendment shall be read as one
  agreement.  Except as set forth in this Amendment, all other terms and
  conditions of the Original Letter Agreement are not being modified or
  amended, and shall remain in full force and effect.

  

 

 

 
We hope that you find the foregoing terms and conditions acceptable. You may indicate your agreement with the terms and conditions set forth in this Amendment by signing the enclosed duplicate original of this Amendment.

We
look forward to your continued employment with the Company.

	
  

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  VISION-SCIENCES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Yoav M. Cohen

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Yoav M. Cohen

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
  Chief Financial Officer

  
							

 

ACCEPTED AND AGREED:

	
  /s/ Ron
  Hadani

  	
   

  
	
  Ron Hadani

  	
   

  

 

Dated:  April 4, 2007

 2Exhibit
4.12

WARRANT

THIS WARRANT AND THE
SERIES B PREFERRED SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES
ACT”) OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAW, AND
THE WARRANT MAY NOT BE EXERCISED AND THE WARRANT AND THE SERIES B PREFERRED
SHARES ISSUABLE UPON EXERCISE MAY NOT BE SOLD, TRANSFERRED, PLEDGED, ASSIGNED
OR HYPOTHECATED, UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT COVERING THIS WARRANT AND/OR SUCH SECURITIES OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY  THAT
SUCH REGISTRATION IS NOT REQUIRED.

.

to purchase

Series
B Preferred Shares

of

Radview
Software Ltd.

at an exercise
price of $0.04 per share

VOID AFTER 17:00
p.m.

On the Expiration
Date (as hereinafter defined)

No.
PW-______                                                                                                                                        Date:
_________, 2007

Radview Software Ltd., an
Israeli company with its principal offices in Israel located at 14 Hamelacha
Street, Park Afek, Rosh Haayin 48091, Israel (the “Company”), hereby grants to _____________ (the “Holder”), the right to purchase, subject to
the terms and conditions hereof, up to _______________________ (_______) Series
B Preferred Shares, nominal value NIS 0.01 per share, of the Company (“Preferred B Shares”), exercisable at any
time from time to time, on or after the date hereof (the “Effective Date”), and until the fifth (5th) anniversary of the Effective
Date (the “Expiration Date”). The
number and type of shares which may be purchased hereunder and the Exercise
Price are subject to adjustment as provided below.

1.                   DEFINITIONS

In
this Warrant the terms below shall have the following meaning, unless otherwise
specifically provided or required by the context:

1.1.                            “Warrant Shares” means (i) the Preferred B Shares purchasable
hereunder; and (ii) any other securities into which or for which any of the
securities described in (i) may be converted or exchanged pursuant to a plan of
recapitalization, reorganization, merger, sale of assets or otherwise.

1.2.                            “Exercise Price” means the price of four cents ($0.04) for
each Warrant Share, as adjusted in the manner set forth hereinafter.

 

1.3.                            “Warrants” means this Warrant and all warrants hereafter
issued in exchange or substitution for this Warrant.

1.4.                            Capitalized
terms used herein without definition shall have the meanings ascribed thereto
in the Share Purchase Agreement, dated April 4, 2006, by and among the Company,
the Holder and the other Investors defined therein (the “SPA”).

2.                   WARRANT PERIOD; EXERCISE OF
WARRANT

2.1.                            This
Warrant may be exercised in whole at any time, or in part from time to time,
beginning on the Effective Date until the Expiration Date (the “Warrant Period”), by the surrender of this Warrant (with a
duly executed exercise form in the form attached hereto as Exhibit A),
at the principal office of the Company in Israel set forth above, together with
proper payment of the Exercise Price multiplied by the number of Warrant Shares
for which the Warrant is being exercised. Payment for Warrant Shares shall be
made by certified or official bank check(s), payable to the order of the
Company or by wire transfer to an account to be designated in writing by the
Company. Payments shall be made in United States dollars.

2.2.                            Subject
to the other limitations set forth in this Warrant, in lieu of payment of the
Exercise Price the Holder may elect to exchange this Warrant, or any portion
thereof, for a number of Warrant Shares equal to the number of Warrant Shares
computed using the following formula:

                                             X
= Y (A-B)

                                             A

Where:

X
=                 the number of
Warrant Shares (adjusted to the date of such calculation, but excluding those
shares already issued under this Warrant) to be issued to the Holder.

Y
=                  the number of
Warrant Shares purchasable under the Warrant or such part that the Holder has
chosen to exercise in this manner (adjusted to the date of such calculations in
the event of re-capitalization, but excluding those shares already issued under
this Warrant).

A
=                 the Fair Market
Value of one Warrant Share.

B
=                 Exercise Price
(as adjusted to the date of such calculation in the event of
re-capitalization).

For purposes hereof, the “Fair Market Value”
of a Warrant Share as of a particular date (the “Determination Date”) shall
mean:

(i)                                     if
the Company’s Warrant Shares are traded on the American Stock Exchange or
another national exchange or are quoted on the National or SmallCap Market of
The Nasdaq Stock Market, Inc.(“Nasdaq”), then the closing or last sale price,
respectively, reported for the last business day immediately preceding the
Determination Date.

(ii)                                  If
the Company’s Warrant Shares are not traded on the American Stock Exchange or
another national exchange or on the Nasdaq but are traded on the NASD OTC
Bulletin Board, then the mean of the average of the closing bid and asked
prices reported for the last business day immediately preceding the
Determination Date.

 2
 

 

(iii)                               Except
as provided in clause (iv) below, if the Company’s Warrant Shares are not
publicly traded, then as the Holder and the Company agree or in the absence of
agreement, by arbitration before a single arbitrator qualified by education and
training to pass on the matter to be decided.

(iv)                              If
the Determination Date is the date of a liquidation, dissolution or winding up,
or any event deemed to be a liquidation, dissolution or winding up pursuant to
the Company’s Articles of Association (the “Articles”), then all amounts to be
payable per share to holders of the Warrant Shares pursuant to the Articles in
the event of such liquidation, dissolution or winding up, assuming for the
purposes of this clause (d) that all of the Warrant Shares then issuable upon
exercise of the Warrant are outstanding at the Determination Date.

2.3.                            The
Holder of the Warrant, by its acceptance hereof, covenants and agrees that this
Warrant is being acquired as an investment and not with a view to the
distribution hereof and such Holder further covenants and agrees that it will
not sell, transfer, pledge, assign, or hypothecate the Warrant or the Warrant
Shares unless there is an effective registration statement under the Securities
Act covering the Warrant or the Warrant Shares, or the Holder of the Warrant
and/or the Warrant Shares receives an opinion of counsel satisfactory to the
Company stating that such sale, transfer, pledge, assignment, or hypothecation
is exempt from the registration and prospectus delivery requirements of the
Securities Act and the qualification requirements under applicable law.

2.4.                            If
this Warrant should be exercised in part, the Company shall, upon surrender of
this Warrant for cancellation, execute and deliver a new Warrant evidencing the
rights of the Holder to purchase the remainder of the Warrant Shares
purchasable hereunder. The Company shall pay any and all expenses, taxes and
other charges that may be payable in connection with the issuance of the
Warrant Shares and the preparation and delivery of share certificates pursuant
to this Section 2 in the name of the Holder (including without limitation the
applicable stamp duty if mandated), and to the extent required, the execution
and delivery of a new Warrant, provided,
however, that the Company shall only be required to pay taxes which are due as
a direct result of the issuance of the Warrant Shares or other securities,
properties or rights underlying such Warrants (such as the applicable stamp
duty), and will not be required to pay any tax which may be (i) due as a result
of the specific identity of the Holder or (ii) payable in respect of any
transfer involved in the issuance and delivery of any such certificates in a
name other than that of the Holder.  For
the avoidance of doubt, the Corporation shall not be liable for any income tax
or capital gains tax that the Holder will be required to pay with respect to
the issuance of such Warrant Shares.

2.5.                            No
fractions of Preferred B Shares shall be issued in connection with the exercise
of this Warrant, and the number of Preferred B Shares issued shall be rounded
up or down to the nearest whole number.

2.6.                            Upon
the issuance of Preferred B Shares resulting from the exercise in whole or in
part of this Warrant, the Company shall deliver to the Holder an irrevocable
letter of instructions to the Company’s transfer agent to issue as soon as is
reasonably practicable to the Holder share certificates reflecting the Warrant
Shares exercised 

 3
 

                                              thereby,
together with any and all other documents required for the issuance of such
certificates by the transfer agent.

3.                   RESERVATION OF SHARES

The
Company covenants that: (i) at all times during the Warrant Period it shall
have in reserve, and will keep available solely for issuance or delivery upon
exercise of the Warrant, such number of Preferred B Shares as shall be issuable
upon the exercise hereof, and (b) upon exercise of the Warrant and payment of
the Exercise Price hereunder, or upon a cashless exercise as provided herein,
the Warrant Shares issuable upon such exercise will be validly issued, fully
paid, non assessable, free and clear from any lien, encumbrance, pledge or any
other third party right and not subject to any preemptive rights.

4.                   ADJUSTMENTS TO EXERCISE PRICE
AND NUMBER OF SECURITIES

4.1.                            Subdivision
and Combination. In case the Company shall at any time subdivide or combine
the Preferred B Shares, the Exercise Price shall forthwith be proportionately
decreased in the case of subdivision or increased in the case of combination.

4.2.                            Stock
Dividends and Distributions. In case the Company shall pay a dividend on,
or make a distribution of, Preferred B Shares or of the Company’s share capital
convertible into Ordinary Shares, the Exercise Price shall forthwith be
proportionately decreased. An adjustment pursuant to this Section 4.2 shall be
made as of the record date for the subject stock dividend or distribution.

4.3.                            Adjustment
in Number of Securities. Upon each adjustment of the Exercise Price
pursuant to the provisions of Sections 4.1 and 4.2, the number of Preferred B
Shares issuable upon the exercise of each Warrant shall be adjusted to the
nearest full amount by multiplying a number equal to the Exercise Price in
effect immediately prior to such adjustment by the number of Preferred B Shares
issuable upon exercise of the Warrants immediately prior to such adjustment and
dividing the product so obtained by the adjusted Exercise Price.

4.4.                            No
Adjustment of Exercise Price in Certain Cases. No adjustment of the
Exercise Price shall be made if the amount of said adjustment shall be less
than 1 cents ($0.01) per Preferred B Share, provided, however, that in such
case any adjustment that would otherwise be required then to be made shall be
carried forward and shall be made at the time of and together with the next
subsequent adjustment which, together with any adjustment so carried forward,
shall amount to at least 1 cents ($0.01) per Preferred B Share.

4.5.                            Merger
or Consolidation. In case of any consolidation of the Company with or
merger of the Company with, or merger of the Company into (other than a merger
which does not result in any reclassification or change of the outstanding
Preferred B Shares), the Company shall cause the corporation formed by such
consolidation or merger or surviving such merger to execute and deliver to the
Holder a supplemental warrant agreement providing that the Holder of the
Warrant then outstanding or to be outstanding shall have the right thereafter
(until the expiration of such Warrant) to receive, upon exercise of such
Warrant, the kind and amount of shares of stock and other securities and
property receivable upon such consolidation or merger, by a holder of the
number of Preferred B Shares of the Company for which such Warrant might have
been exercised immediately prior to such consolidation or merger. Such
supplemental warrant agreement shall provide for adjustments, which shall be
identical to the adjustments provided in this 

 4
 

                                              Section
4. The provisions of this Section 4.5 shall similarly apply to successive
consolidations or mergers.

4.6.                             Benefit of Prior Preferred Stock
Antidilution Adjustments.  In the
event the conversion price  of the
Company’s Preferred A Shares (the “A Conversion Price”) is reduced pursuant the
applicable provisions of the Articles, the Conversion Price of the Warrant
Shares  shall be adjusted accordingly,
such that it shall at all time be not greater than 133% of the A Conversion
Price.

5.                   In
each case of any adjustment or readjustment described above, the Company at its
expense, will promptly cause its Chief Financial Officer or other appropriate
designee to compute such adjustment or readjustment in accordance with the
terms of the Warrant and prepare a certificate setting forth such adjustment or
readjustment and showing in detail the facts upon which such adjustment or
readjustment is based. The Company will forthwith mail a copy of each such
certificate to the Holder.

6.                   NOTICES TO WARRANT HOLDERS

Nothing
contained in this Warrant shall be construed as conferring upon the Holder the
right to vote or to consent or to receive notice as a shareholder in respect of
any meetings of shareholders for the election of directors or any other matter,
or as having any rights whatsoever as a shareholder of the Company. If,
however, at any time prior to the Expiration Date, any of the following events
shall occur:

6.1.                            The
Company shall take a record of the holders of its shares for the purpose of
entitling them to receive a dividend or distribution payable otherwise than in
cash, or a cash dividend or distribution payable other than out of current or
retained earnings, as indicated by the accounting treatment of such dividend or
distribution on the books of the Company;

6.2.                            The
Company shall offer to all the holders of its shares any additional shares of
the share capital of the Company or securities convertible into or exchangeable
for shares of the share capital of the Company, or any option, right or warrant
to subscribe therefor; or

6.3.                            A
dissolution, liquidation or winding up of the Company (other than in connection
with a consolidation or merger) or a sale of all or substantially all of its
property, assets and business as an entirety shall be proposed;

then,
in any one or more of said events, the Company shall give to the Holder written
notice of such event at least thirty (30) days prior to the date fixed as a
record date or the date of closing the transfer books for the determination of
the shareholders entitled to such dividend, distribution, convertible or
exchangeable securities or subscription rights, or entitled to vote on such
proposed dissolution, liquidation, winding up or sale.

7.                                   TRANSFERABILITY

7.1.                            The
Company need not register a transfer of this Warrant or the Warrant Shares
bearing the restrictive legend set forth in Section 7.2 below, unless the
conditions specified in such legend are satisfied and the transferees provide
the Company with written representations required pursuant to the Securities
Act for such transfer and such transferees agree to be bound by the terms and
conditions of this Warrant. The Company may also instruct its transfer agent
not to register the transfer of the shares of Warrant Shares unless the
conditions set forth in the previous sentence are satisfied. Any transfer of
the Warrant Shares is subject to the Company’s Articles of Association. The
Holder may, subject to applicable 

 5
 

                                              securities
laws and compliance with the foregoing, sell, transfer, assign, encumber,
pledge or otherwise dispose or undertake to dispose of the Warrant.

7.2.                            Unless
registered, the Warrant Shares issued upon exercise of the Warrants shall be
subject to a stop transfer order and the certificate or certificates evidencing
such Warrant Shares shall bear legend substantially similar to the following:

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”). THE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR THESE SHARES UNDER THE SECURITIES ACT, OR AN OPINION OF COUNSEL FOR THE
HOLDER OF THE SHARES SATISFACTORY TO THE COMPANY, THAT REGISTRATION IS NOT
REQUIRED UNDER THE SECURITIES ACT.”

8.                   LOSS, ETC. OF WARRANT

Upon
receipt of evidence satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant, and of indemnity reasonably satisfactory to the
Company, if lost, stolen or destroyed, and upon surrender and cancellation of
this Warrant, if mutilated, and upon reimbursement of the Company’s reasonable
direct expenses, the Company shall execute and deliver to the Holder a new
Warrant of like date, tenor and denomination.

9.                   HEADINGS

The
headings of this Warrant have been inserted as a matter of convenience and
shall not affect the construction hereof.

10.             NOTICES

Unless
otherwise provided, any notice required or permitted under this Warrant shall
be given in writing and shall be deemed effectively given upon personal
delivery to the party to be notified or seven (7) days after deposit with the
post authority, for dispatch by registered or certified mail, postage prepaid
and addressed to the Holder at the address set forth in the Company’s books and
to the Company at the address of its principal offices set forth above, or when
given by facsimile or other form of rapid written communication, provided that
confirming copies are sent by such airmail.

11.             GOVERNING LAW

This
Warrant shall be governed by and construed and enforced in accordance with the
laws of the State of Israel (regardless of the laws that might otherwise govern
under applicable Israel principles of conflicts of law). Except as provided
elsewhere herein, any dispute arising out of or in connection with this Warrant
is hereby submitted to the sole and exclusive jurisdiction of the competent
courts located in the District of Tel Aviv.

 6
 

 

12.                                 Rights of Shareholders. No holder of
this Warrant shall be entitled, as a Warrant holder, to vote or receive
dividends or be deemed the holder of the shares of the applicable class of
Warrant Shares or any other securities of the Company which may at any time be
issuable on the exercise of this Warrant for any purpose, nor shall anything
contained herein be construed to confer upon the holder of this Warrant, as
such, any of the rights of a shareholder of the Company or any right to vote
for the election of directors or upon any matter submitted to shareholders at
any meeting thereof, or to give or withhold consent to any corporate action
(whether upon any recapitalization, issuance of share, reclassification of
share, change of par value, consolidation, merger, conveyance, or other­wise)
or, except as specified herein, 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 the applicable class of Warrant Shares purchasable
upon the exercise hereof shall have become deliverable, as provided herein.

13.                       Additional
Representations and Warranties by the Holder. The Holder
represents and warrants to the Company as follows:

(a)                                  The
Holder understands that the Warrant and the Warrant Shares have not been
registered under the Securities Act (as defined below), or another comparable
law, by reason of their issuance in a transaction exempt from registration
under the Securities Act, and that they must be held by the Holder
indefinitely, and that the Holder must therefore bear the economic risk of such
investment indefinitely, unless the Warrant Shares have been registered for
resale under the Securities Act or such resale is exempted from such
registration. The Holder is aware of the provisions of Rule 144
promulgated under the Securities Act and its requirements for the resale of the
Warrant Shares which permits limited resale of shares purchased in a private
placement subject to the satisfaction of certain conditions. The Holder further
understands that the Warrant Shares have not been qualified under any state or
non-U.S. securities law. The Holder understands that no public market now
exists for any of the Warrant Shares and/or the Warrant and that the Company
has made no assurances that a public market will ever exist for the Warrant
Shares.

(b)                                 The
Holder has such knowledge and experience in financial and business matters that
it is capable of evaluating the merits and risks of the purchase of this
Warrant and the Warrant Shares purchasable pursuant to the terms of this
Warrant and of protecting its interests in connection therewith.

(c)                                  The
Holder is able to bear the economic risk of the purchase of the Warrant Shares
pursuant to the terms of this Warrant including an entire loss of the value of
such investment.

(d)                                 If
Holder is a resident or citizen of the United States or the offer of the
Warrant Shares was made to the Holder, while such person or entity was in the
United States, then the Holder is an “accredited investor” within the meaning
of Rule 501(a) promulgated under the Securities Act .

(e)                                  If
the Holder is not a resident or citizen of the United States and the offer of
the Warrant Shares was not made to the Holder while the Holder was in the
United States, then the Holder acknowledge and agree that the offer and sale of
the Warrant Shares is being made in reliance upon Regulation S promulgated
under the Securities Act and that the offer and sale of the Warrant Shares
constitutes an “offshore transaction” within the meaning of Regulation S, as
amended from time to time.

 7
 

 

14.                               ENTIRE AGREEMENT; AMENDMENT AND WAIVER.  This
Warrant and the Exhibit hereto constitute the full and entire understanding and
agreement between the parties with regard to the subject matters hereof and
thereof. Any term of this Warrant may be amended and the observance of any term
hereof may be waived (either prospectively or retroactively and either
generally or in a particular instance) only with the written consent of both
the Company and the Holders of a majority of the outstanding Warrants issued pursuant to the SPA, except that any
amendment that has an adverse effect on the financial terms of the Warrant
shall require the consent of the affected Holder.  Any amendment or waiver affected in
accordance with this Section 14 shall be binding upon the Company, the holders
of all Warrants and each transferee of the Warrants.

.

[SIGNATURE PAGE OF WARRANT TO FOLLOW]

 8
 

 

SIGNATURE PAGE OF WARRANT

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

	
  Radview Software Ltd.

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Jaron Lotan

  	
   

  
	
  Title:

  	
   

  	
  Chairman of the Board

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Limor Stoller

  	
   

  
	
  Title:

  	
   

  	
  Vice President of Finance

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Agreed and Accepted:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Holder

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  

 

 9
 

 

EXHIBIT A

Warrant Exercise
Form

_________________,
200_

Radview Software Ltd.

2 Habarzel Street

Tel Aviv 69710

Israel

Dear Sirs,

Re:          Exercise
of Warrant

The undersigned, pursuant to the provisions set forth
in the attached Warrant (No. PW-____), hereby elects to purchase ____________
Preferred B Shares covered by such Warrant.

The undersigned herewith makes payment of the full
Exercise Price for such shares at the price per share provided for in such
Warrant, which is $___________.  Such
payment takes the form of (check applicable box):

	
  

  	
   

  	
  $__________ in lawful money of the United States;
  and/or

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  the cancellation of such portion of the attached
  Warrant as is exercisable for a total of _______ Preferred B 

  
	
   

  	
   

  	
  Shares (using a Fair Market Value of $_______ per
  share for purposes of this calculation), pursuant to the cashless exercise
  procedure set forth in Section 2.2.

  

 

The undersigned requests
that the certificates for such shares be issued in the name of ___________ and
delivered to _____________ whose address is ______________________.

The undersigned represents and warrants that all
offers and sales by the undersigned of the securities issuable upon exercise of
the within Warrant shall be made pursuant to registration of the Ordinary
Shares under the Securities Act of 1933, as amended (the “Securities Act”) or
pursuant to an exemption from registration under the Securities Act.

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 10

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