Document:

Form of Unit Purchase Option

 Exhibit 4.4 
  

 THE REGISTERED HOLDER OF THIS UNIT PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER
OR ASSIGN THIS UNIT PURCHASE OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS UNIT PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS UNIT PURCHASE OPTION FOR A PERIOD OF ONE HUNDRED EIGHTY
(180) DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) NEWBRIDGE SECURITIES CORPORATION (“NEWBRIDGE”) I-BANKERS SECURITIES INCORPORATED (“I-BANKERS”), OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION
WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF NEWBRIDGE OR I-BANKERS OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER. 
  
 THIS UNIT PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE CONSUMMATION BY SAND HILL IT SECURITY ACQUISITION CORP. (THE “COMPANY”) OF A MERGER,
CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION (THE “BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN)) OR
            , 2005. VOID AFTER 5:00 P.M. EASTERN TIME,              2009. 
  
 UNIT PURCHASE OPTION 
  
 FOR THE PURCHASE OF 
  
 300,000 UNITS 
  
 OF 
  
 SAND HILL IT SECURITY ACQUISITION CORP. 
  
 1. Unit Purchase Option. 
  
 THIS CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of             
(the “Holder”), as registered owner of this Unit Purchase Option, to Sand Hill IT Security Acquisition Corp. (the “Company”), Holder is entitled, at any time or from time to time upon the later of the consummation of a Business
Combination or             , 2005 (the “Commencement Date”), and at or before 5:00 p.m., Eastern Time,             ,
2009 (the “Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to Three Hundred Thousand (300,000) units (the “Units”) of the Company, each Unit consisting of one share of common
stock of the Company, par value $0.01 per share (the “Common Stock”), and two warrants (the “Warrant(s)”) expiring five years from the effective date (the “Effective Date”) of the registration statement (the
“Registration Statement”) pursuant to which Units are offered for sale to the public (the “Offering”). Each Warrant is the same as the warrants included in the Units being registered for sale to the public (the “Public
Warrants”) under the Securities Act of 1933, as amended (the “Act”) except that the exercise price of the Warrants shall be $6.65 per share. If the Expiration Date is a day on which banking institutions are authorized by law to close,
then this Unit Purchase Option may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate
the Unit Purchase Option. This Unit Purchase Option is initially exercisable at $7.50 per Unit so purchased; provided, 

  

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 Exhibit 4.4 
  

 
however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Unit Purchase Option, including the exercise
price per Unit and the number of Units (and shares of Common Stock and Warrants) to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted
exercise price, depending on the context. 
  
 2. Exercise.

  
 (a) Exercise Procedure. In order to exercise this Unit
Purchase Option, the exercise form attached hereto must be duly executed and completed and delivered to the Company, together with this Unit Purchase Option and payment of the Exercise Price for the Units being purchased payable in cash or by
certified check or official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date this Unit Purchase Option shall become and be void without further force or
effect, and all rights represented hereby shall cease and expire. 
  
 (b) Legend. Each certificate for the securities purchased under this Unit Purchase Option shall bear a legend as follows unless such securities have been registered under the Securities Act of 1933, as amended (the “Act”):

  
 “The securities represented by this certificate have not
been registered under the Securities Act of 1933, as amended (the “Act”) or applicable state law. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the
Act, or pursuant to an exemption from registration under the Act and applicable state law.” 
  
 (c) Cashless Exercise. (i) In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Unit Purchase Option is
exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.(a), the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Unit
Purchase Option into Units (the “Conversion Right”) as follows: upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of shares of
Common Stock and Warrants comprising that number of Units equal to the quotient obtained by dividing (x) the “Value” (as defined below) of the portion of the Unit Purchase Option being converted by (y) the Current Market Value (as defined
below). The “Value” of the portion of the Unit Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Unit
Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Unit Purchase Option being converted. As used herein, the term “Current Market Value” per Unit at
any date means the remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying one Unit from (y) the Current Market Price of the
Common Stock multiplied by the number of shares of Common Stock underlying the Warrants and the Common Stock issuable upon exercise of one Unit. The “Current Market Price” of a share of Common Stock shall mean (i) if the Common Stock is
listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last sale price of the Common Stock in the principal trading
market for the Common Stock as reported by the exchange, Nasdaq or the NASD, as the case may be; (ii) if the Common Stock is not listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC
Bulletin Board (or successor such as the Bulletin Board Exchange), but is 

  

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 Exhibit 4.4 
  

 
traded in the residual over-the-counter market, the closing bid price for the Common Stock on the last trading day preceding the date in question for which
such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of
the Company shall determine, in good faith. 
  
 (ii) The Cashless
Exercise Right may be exercised by the Holder on any business day on or after the Commencement Date and not later than the Expiration Date by delivering the Unit Purchase Option with the duly executed exercise form attached hereto with the cashless
exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number of Units the Holder will purchase pursuant to such Cashless Exercise Right. 
  
 3. Transfer. 
  
 (a) Restrictions—General. The registered Holder of this Unit
Purchase Option, by its acceptance hereof, agrees that it will not sell, transfer, assign, pledge or hypothecate this Unit Purchase Option for a period of one hundred eighty (180) days following the Effective Date to anyone other than (i) Newbridge
or I-Bankers or an underwriter or a selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of Newbridge or I-Bankers or of any such underwriter or selected dealer. On and after the first anniversary of the Effective
Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and
completed, together with the Unit Purchase Option and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five business days transfer this Unit Purchase Option on the books of the Company and shall
execute and deliver a new Unit Purchase Option or Unit Purchase Options of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Units purchasable hereunder or such portion of such number as
shall be contemplated by any such assignment. 
  
 (b)
Restrictions—Securities. The securities evidenced by this Unit Purchase Option shall not be transferred unless and until (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant
to an exemption from registration under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Jenkens & Gilchrist
shall be deemed satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to such securities has been filed by the Company and declared effective
by the Securities and Exchange Commission (the “Commission”) and compliance with applicable state securities law has been established. 
  
 4. New Purchase Options to be Issued. 
  
  
 (a) Partial Exercise. Subject to the restrictions in Section 3
hereof, this Unit Purchase Option may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Unit Purchase Option for cancellation, together with the duly executed
exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Unit Purchase Option of like tenor to this Unit Purchase Option in the name of
the Holder evidencing the right of the Holder to purchase the number of Units purchasable hereunder as to which this Unit Purchase Option has not been exercised or assigned. 
  

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 Exhibit 4.4 
  

 (b) Loss, Theft, Destruction. Upon receipt by the Company of evidence satisfactory to it of
the loss, theft, destruction or mutilation of this Unit Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Unit Purchase Option of like tenor and date. Any such new
Unit Purchase Option executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company. 
  
 5. Registration Rights. 
  
 (a) Demand Registration. 
  
 (i) The Company, upon written demand (the “Initial Demand Notice”) of the Holder(s) of at least 51% of the Unit Purchase Options and/or
the underlying Units and/or the underlying securities (the “Majority Holders”), agrees to register on one occasion, all or any portion of the Unit Purchase Options requested by the Majority Holders in the Initial Demand Notice and all of
the securities underlying such Unit Purchase Options, including the Units, Common Stock, the Warrants and the Common Stock underlying the Warrants (collectively, the “Registrable Securities”). On such occasion, the Company will file a
registration statement or a post-effective amendment to the Registration Statement covering the Registrable Securities within sixty days after receipt of the Initial Demand Notice and use its best efforts to have such registration statement or
post-effective amendment declared effective as soon as possible thereafter. The demand for registration may be made at any time during a period of five years beginning on the Effective Date. The Company covenants and agrees to give written notice of
its receipt of any Initial Demand Notice by any Holder(s) to all other registered Holders of the Unit Purchase Options and/or the Registrable Securities within ten days from the date of the receipt of any such Initial Demand Notice. 
  
 (ii) The Company shall bear all fees and expenses attendant to registering
the Registrable Securities, including the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities, but the Holders shall pay any and all underwriting commissions. The Company
agrees to use its reasonable best efforts to qualify or register the Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be required to register the
Registrable Securities in a state in which such registration would cause (i) the Company to be obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction
or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration statement or post-effective amendment filed pursuant to the demand rights granted
under Section 5.1.1 to remain effective for a period of nine consecutive months from the effective date of such registration statement or post-effective amendment. 
  
 (b) “Piggy-Back” Registration. 
  
 (i) In addition to the demand right of registration, the Holders of the Unit Purchase Options shall have the right for a
period of seven years commencing on the Effective Date, to include the Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated
under the Act or pursuant to Form S-8); provided, however, that if, in the written opinion of the Company’s managing underwriter or underwriters, if any, for such offering, the inclusion of the Registrable Securities, when added to the
securities being registered by the Company or the selling stockholder(s), will exceed the maximum amount of the Company’s securities which can be marketed (i) at a price reasonably related to 

  

 4 

 Exhibit 4.4 
  

 
their then current market value, and (ii) without materially and adversely affecting the entire offering, then the Company will still be required to include
the Registrable Securities, but may require the Holders to agree, in writing, to delay the sale of all or any portion of the Registrable Securities for a period of 90 days from the effective date of the offering, provided, further, that if the sale
of any Registrable Securities is so delayed, then the number of securities to be sold by all stockholders in such public offering during such 90 day period shall be apportioned pro rata among all such selling stockholders, including all holders of
the Registrable Securities, according to the total amount of securities of the Company owned by said selling stockholders, including all holders of the Registrable Securities. 
  
 (ii) The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the
expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders shall pay any and all underwriting commissions related to the Registrable Securities. In the event of
such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days written notice prior to the proposed date of filing of such registration statement. Such notice to the
Holders shall continue to be given for each applicable registration statement filed (during the period in which the Unit Purchase Option is exercisable) by the Company until such time as all of the Registrable Securities have been registered and
sold. The holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice, within ten days of the receipt of the Company’s notice of its intention to file a registration
statement. The Company shall cause any registration statement filed pursuant to the above “piggyback” rights to remain effective for at least nine months from the date that the Holders of the Registrable Securities are first given the
opportunity to sell all of such securities. 
  
 (c)
Damages. Should the registration or the effectiveness thereof required by Sections 5(a) and 5(b) hereof be delayed by the Company or the Company otherwise fails to comply with such provisions, the Company shall, in addition to any other
equitable or other relief available to the Holder(s), be liable for any and all incidental, special and consequential damages sustained by the Holder(s), including, but not limited to, the loss of any profits that might have been received by the
Holder upon the sale of shares of Common Stock or Warrants (and shares of Common Stock underlying the Warrants) underlying this Unit Purchase Option. 
  
 (d) Indemnification. 
  
 (i) The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and each person,
if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), against all loss, claim, damage, expense or liability (including all
reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether arising out of any action between the Underwriter and the
Company or between the Underwriter and any third party or otherwise) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect
as the provisions pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 5 of the Underwriting Agreement between the Company, Newbridge and I-Bankers and the other Underwriters named therein dated the Effective
Date. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors and each person, if any, who
controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses 

  

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 Exhibit 4.4 
  

 
reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange Act
or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions
contained in Section 5 of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify the Company. 
  
 (ii) Nothing contained in this Unit Purchase Option shall be construed as requiring the Holder(s) to exercise their Unit Purchase Options or Warrants
underlying such Unit Purchase Options prior to or after the initial filing of any registration statement or the effectiveness thereof. 
  
 (iii) The Company shall furnish Newbridge and I-Bankers, as representatives of the Holders participating in any of the foregoing offerings, a signed
counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date
of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated
the date of the closing under the underwriting agreement) signed by the independent public accountants who have issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially
the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily
covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to Newbridge and I-Bankers, as representatives of the
Holders participating in the offering, the correspondence and memoranda described below and copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or
its staff with respect to the registration statement and permit Newbridge and I-Bankers, as representatives of the Holders, to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the
registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of the National Association of Securities Dealers, Inc. (the “NASD”). Such investigation shall include access to books, records and
properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often as Newbridge and I-Bankers, as representatives of the Holders,
shall reasonably request. The Company shall not be required to disclose any confidential information or other records to Newbridge and I-Bankers, as representatives of the Holders, or to any other person, until and unless such persons shall have
entered into reasonable confidentiality agreements (in form and substance reasonably satisfactory to the Company), with the Company with respect thereto. 
  
 (iv) The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose Registrable
Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing
underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any
underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall
also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may 
  

 6 

 Exhibit 4.4 
  

 relate to such Holders and their intended methods of distribution. Such Holders, however, shall agree to such
covenants and indemnification and contribution obligations for selling stockholders as are customarily contained in agreements of that type used by the managing underwriter. Further, such Holders shall execute appropriate custody agreements and
otherwise cooperate fully in the preparation of the registration statement and other documents relating to any offering in which they include securities pursuant to this Section 5. Each Holder shall also furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of the Registrable Securities. 
  
 (v) Notwithstanding anything contained in this Section 5 to the contrary,
the Company shall have no obligation pursuant to Sections 5(a) or 5(b) for the registration of Registrable Securities held by any Holder (i) where such Holder would then be entitled to sell under Rule 144 within any three-month period (or such other
period prescribed under Rule 144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder, and (ii) where the number of Registrable Securities held by such Holder is within the volume limitations under
paragraph (e) of Rule 144 (calculated as if such Holder were an affiliate within the meaning of Rule 144). 
  
 (vi) Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a result of which the prospectus included in
the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing, such Holder will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Holder’s receipt of the copies of a supplemental or amended
prospectus, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies, other than permanent file copies then in
such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 
  
 6. Adjustments. 
  
 (a) Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Unit Purchase Option shall be subject to
adjustment from time to time as hereinafter set forth: 
  
 (i) If
after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split-up of shares of Common Stock or other
similar event, then, on the effective date thereof, the number of shares of Common Stock underlying each of the Units purchasable hereunder shall be increased in proportion to such increase in outstanding shares. In such case, the number of shares
of Common Stock, and the exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants. For example, if the Company declares a two-for-one
stock dividend and at the time of such dividend this Unit Purchase Option is for the purchase of one Unit at $7.50 per whole Unit (each Warrant underlying the Units is exercisable for $5.00 per share), upon effectiveness of the dividend, this Unit
Purchase Option will be adjusted to allow for the purchase of one Unit at $7.50 per Unit, each Unit entitling the holder to receive two shares of Common Stock and four Warrants (each Warrant exercisable for $2.50 per share). 
  

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 Exhibit 4.4 
  

 (ii) If after the date hereof, and subject to the provisions of Section 6.4, the number of
outstanding shares of Common Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or other similar event, then, on the effective date thereof, the number of shares of Common Stock underlying each of the
Units purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares. In such case, the number of shares of Common Stock, and the exercise price applicable thereto, issuable upon exercise of the Warrants included in
each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants. 
  
 (iii) In case of any reclassification or reorganization of the outstanding shares of Common Stock other than a change covered by Section 6(a)(i) or
6(a)(ii) hereof or that solely affects the par value of such shares of Common Stock, or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the
continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an
entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Unit Purchase Option shall have the right thereafter (until the expiration of the right of exercise of this Unit Purchase Option) to
receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of shares of Common Stock of the Company obtainable upon exercise of this Unit Purchase Option and the underlying Warrants
immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Section 6(a)(i) or 6(a)(ii), then such adjustment shall be made pursuant to Sections 6(a)(i), 6(a)(ii) and this Section
6(a)(iii). The provisions of this Section 6(a)(iii) shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 
  
 (iv) This form of Unit Purchase Option need not be changed because of any change pursuant to this Section, and Unit
Purchase Options issued after such change may state the same Exercise Price and the same number of Units as are stated in the Unit Purchase Options initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Unit
Purchase Options reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof. 
  
 (b) Substitute Unit Purchase Option. In case of any consolidation of the Company with, or merger of the Company with,
or merger of the Company into, another corporation (other than a consolidation or merger which does not result in any reclassification or change of the outstanding Common Stock), the corporation formed by such consolidation or merger shall execute
and deliver to the Holder a supplemental Unit Purchase Option providing that the holder of each Unit Purchase Option then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Unit Purchase Option) to
receive, upon exercise of such Unit Purchase Option, 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 shares of Common Stock of the Company for which
such Unit Purchase Option might have been exercised immediately prior to such consolidation, merger, sale or transfer. Such supplemental Unit Purchase Option shall provide for adjustments which shall be identical to the adjustments provided in
Section 6. The above provision of this Section shall similarly apply to successive consolidations or mergers. 
  

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 Exhibit 4.4 
  

 (c) Fractional Interests. The Company shall not be required to issue certificates representing
fractions of shares of Common Stock or Warrants upon the exercise of the Unit Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests
shall be eliminated by rounding any fraction up to the nearest whole number of Warrants, shares of Common Stock or other securities, properties or rights. 
  
 7. Reservation and Listing. The Company shall at all times reserve and keep available out of its authorized shares of Common Stock, solely for the
purpose of issuance upon exercise of the Unit Purchase Options or the Warrants underlying the Unit Purchase Option, such number of shares of Common Stock or other securities, properties or rights as shall be issuable upon the exercise thereof. The
Company covenants and agrees that, upon exercise of the Unit Purchase Options and payment of the Exercise Price therefor, all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid and
non-assessable and not subject to preemptive rights of any stockholder. The Company further covenants and agrees that upon exercise of the Warrants underlying the Unit Purchase Options and payment of the respective Warrant exercise price therefor,
all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. As long as the Unit Purchase Options shall be
outstanding, the Company shall use its best efforts to cause all (i) Units and shares of Common Stock issuable upon exercise of the Unit Purchase Options, (iii) Warrants issuable upon exercise of the Unit Purchase Options and (iv) shares of Common
Stock issuable upon exercise of the Warrants included in the Units issuable upon exercise of the Unit Purchase Option to be listed (subject to official notice of issuance) on all securities exchanges (or, if applicable on the Nasdaq National Market,
SmallCap Market, OTC Bulletin Board or any successor trading market) on which the Units, the Common Stock or the Public Warrants issued to the public in connection herewith may then be listed and/or quoted. 
  
 8. Certain Notice Requirements. 
  
 (a) Right to Notice. Nothing herein shall be construed as conferring
upon the Holders the right to vote or consent as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If, however, at any time prior to the expiration of the Unit
Purchase Options and their exercise, any of the events described in Section 8(b) shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days prior to the date fixed as a record date or
the date of closing the transfer books for the determination of the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation,
winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other
stockholders of the Company at the same time and in the same manner that such notice is given to the stockholders. 
  
 (b) Enumerated Events. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events: (i)
if the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of
retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or (ii) the Company shall offer to all the holders of its Common Stock any additional shares of capital stock of the Company or
securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a 

  

 9 

 
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 shall be proposed. 
  
 (c) Change
in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof, send notice to the Holders of such event and change (the “Price Notice”). The Price Notice shall
describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s President and Chief Financial Officer. 
  
 (d) Notice Delivery. All notices, requests, consents and other communications under this Unit Purchase Option shall
be in writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) If to the registered Holder of the Unit Purchase Option, to the address of such Holder as shown on the books of
the Company, or (ii) If to the Company, to the following address or to such other address as the Company may designate by notice to the Holders: 
  
 Sand Hill IT Security Acquisition Corp. 
 3000 Sand Hill Road 
 Building 1, Suite 240 
 Menlo Park, CA 94025 
 Attn: President 
  
 9.
Miscellaneous. 
  
 (a) Amendments. The Company and
Newbridge may from time to time supplement or amend this Unit Purchase Option without the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and Newbridge may deem necessary or desirable and that the Company and Newbridge deem shall not adversely affect
the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought. 
  
 (b) Headings. The headings contained herein are for the sole purpose
of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Unit Purchase Option. 
  
 10. Entire Agreement. This Unit Purchase Option (together with the other agreements and documents being delivered
pursuant to or in connection with this Unit Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written,
with respect to the subject matter hereof. 
  
 (a) Binding
Effect. This Unit Purchase Option shall inure solely to the benefit of, and shall be binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have
or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Unit Purchase Option or any provisions herein contained. 
  

 10 

 Exhibit 4.4 
  

 (b) Governing Law. This Unit Purchase Option shall be governed by and construed and enforced
in accordance with the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Unit Purchase Option shall be
brought and enforced in the courts of the State of New York or of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder
agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with the
preparation therefor. 
  
 (c) Waivers. The failure of the
Company or the Holder to at any time enforce any of the provisions of this Unit Purchase Option shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Unit Purchase Option or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Unit Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Unit Purchase Option
shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed
to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. 
  
 (d) Counterparts. This Unit Purchase Option may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of
which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. 
  
 (e) Exchange Agreement. As a condition of the Holder’s receipt
and acceptance of this Unit Purchase Option, Holder agrees that, at any time prior to the complete exercise of this Unit Purchase Option by Holder, if the Company and Newbridge enter into an agreement (the “Exchange Agreement”) pursuant to
which they agree that all outstanding Unit Purchase Options will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement. 
  
 IN WITNESS WHEREOF, the Company has caused this Unit Purchase Option to be
signed by its duly authorized officer as of the              day of             , 2004. 
  

			
	 SAND HILL IT SECURITY ACQUISITION CORP.

		
	By:	 	 
	 	 	 Name:
 Title:

  

 11 

 Exhibit 4.4 
  

 Form To Be Used To Exercise Unit Purchase Option 
  
 Sand Hill IT Security Acquisition Corp. 
 3000 Sand Hill Road 
 Building 1, Suite 240 
 Menlo Park, CA 94025 
  
 Date:
                            , 2004 
  
 The undersigned hereby elects irrevocably to exercise all or a portion of the within Unit Purchase Option and to purchase
             Units of Sand Hill IT Security Acquisition Corp. and hereby makes payment of $             (at the
rate of $             per Unit) in payment of the Exercise Price pursuant thereto. Please issue the Common Stock and Warrants as to which this Unit Purchase Option is exercised in
accordance with the instructions given below. 
  
 or 
  
 The undersigned hereby elects irrevocably to convert its right to purchase
             Units purchasable under the within Unit Purchase Option by surrender of the unexercised portion of the attached Unit Purchase Option (with a “Value” based of
$             based on a “Market Price” of $            ). Please issue the securities comprising the
Units as to which this Unit Purchase Option is exercised in accordance with the instructions given below. 
  

			
		
	 	 	 
	 	 	 Signature

		
	 	 	 
	 	 	 Signature Guaranteed

  
 INSTRUCTIONS FOR
REGISTRATION OF SECURITIES 
  

			
	 
		
	Name	 	 
	 	 	(Print in Block Letters)

  

			
		
	Address	 	 
	 	 	 

  
 NOTICE: THE SIGNATURE TO THIS FORM
MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN UNIT PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST
COMPANY OR BY A FIRM HAVING MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE. 
  

 12 

 Exhibit 4.4 
  

 Form To Be Used To Assign Unit Purchase Option 
  
 ASSIGNMENT 
  
 (To be executed by the registered Holder to effect a transfer of the within Unit Purchase Option) 
  
 FOR VALUE RECEIVED,
                                        
                             does hereby sell, assign and transfer
unto                                       
              the right to purchase              Units of Sand Hill IT Security Acquisition Corp. (the
“Company”) evidenced by the within Unit Purchase Option and does hereby authorize the Company to transfer such right on the books of the Company. 
  
 Dated:                         , 2004

			
		
	 	 	 
	 	 	 Signature

		
	 	 	 
	 	 	 Signature Guaranteed

  
  
 NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN UNIT PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR
ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE. 
  

 13First Supplemental Indenture, dated as of June 17, 2004

 Exhibit 4.12 
  
 FIRST SUPPLEMENTAL INDENTURE 
  

THIS FIRST SUPPLEMENTAL INDENTURE dated as of June 17, 2004 is by and among U.S. BANK NATIONAL ASSOCIATION (as successor-in-interest to
State Street Bank and Trust Company of Connecticut, National Association), a national banking association (herein, together with its successors in trust, the “Trustee”) and PLACER SIERRA BANCSHARES (the “Successor
Company”), a California corporation and the successor by merger with SOUTHLAND CAPITAL CO. (the “Existing Issuer”), a California corporation and the “Company” under the Indenture referred to below. 
  
 NOW, THEREFORE, in consideration of the premises set forth herein and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the Trustee and the Successor Company hereby agree as follows: 
  
  
 PRELIMINARY STATEMENTS 
  
 The Trustee and the
Existing Issuer are parties to that certain Indenture dated as of December 18, 2001 (the “Indenture”), pursuant to which the Existing Issuer issued $12,372,000 of its Floating Rate Junior Subordinated Deferrable Interest Debentures due
2031. 
  
 As permitted by the terms of the Indenture, the Existing
Issuer has, simultaneously with the effectiveness of this First Supplemental Indenture, merged (referred to herein as the “Transaction”) with and into the Successor Company, with the Successor Company as the surviving corporation. The
parties hereto are entering into this First Supplemental Indenture pursuant to, and in accordance with, Section 9.1 of the Indenture. 
  
 SECTION 1. Definitions. All capitalized terms used herein which are defined in the Indenture, either directly or by reference therein, shall
have the respective meanings assigned them in the Indenture except as otherwise provided herein or unless the context otherwise requires. 
  
 SECTION 2. Interpretation. (a) In this first Supplemental Indenture, unless a clear contrary intention appears: 
  
 (i) the singular number includes the plural number and vice
versa; 
  
 (ii) reference to any gender includes
the other gender; 
  
 (iii) the words
“herein” “hereof” “hereto” and “hereunder” and other words of similar import refer to this First Supplemental Indenture as a whole and not to any particular Section or other subdivision; 
  
 (iv) reference to any Person includes such Persons’
successors and assigns but, if applicable, only if such successors and assigns are permitted by this First Supplemental Indenture or the Indenture, and reference to a Person in a particular capacity excludes such Person in any other capacity or
individually 

 provided that nothing in this clause (iv) is intended to authorize any assignment not otherwise permitted
by this First Supplemental Indenture or the Indenture; 
  
 (v) reference to any agreement, document or instrument means such agreement, document or instrument as amended, supplemented or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms
hereof, as well as any substitution or replacement therefor and reference to any note includes modifications thereof and any note issued in extension or renewal thereof or in substitution or replacement therefor; 
  
 (vi) reference to any Section means such Section of
this First Supplemental Indenture; and 
  
 (vii)
the word “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such term. 
  
 (b) No provision in this First Supplemental Indenture shall be interpreted or construed against any Person because that
Person or its legal representative drafted such provision. 
  
 SECTION 3. Assumption of Obligations. (a) Pursuant to, and in compliance and accordance with, Section 11.1 of the Indenture, the Successor Company hereby expressly and unconditionally assumes the due and punctual payment of
the principal of and premium, if any, and interest on, and any Additional Interest and Additional Sums with respect to, all of the Debentures and the due and punctual performance and observance of each and every covenant and condition of the Company
under the Indenture, all as if the Successor Company were the Company thereunder. 
  
 (b) Pursuant to Section 11.2 of the Indenture, the Successor Company shall succeed to, and be substituted for the Company, and may exercise every right and power of, the Company under the Indenture with the same
effect as if the Successor Company had originally been the Company under the Indenture. 
  
 SECTION 4. Representations and Warranties. The Successor Company represents and warrants that (a) it has all necessary power and authority to execute and deliver this First Supplemental Indenture and to
perform the Indenture, (b) that it is the successor by merger of the Existing Issuer pursuant to a valid merger effected in accordance with applicable law, (c) that it is a corporation organized and existing under the laws of the State of
California, (d) that, both immediately before and after giving effect to this First Supplemental Indenture, no Default or Event of Default has occurred and is continuing, and (e) that this First Supplemental Indenture is executed and delivered
pursuant to Section 9.1 of the Indenture and does not require the consent of the Securityholders. 
  
 SECTION 5. Conditions of Effectiveness. This First Supplemental Indenture shall become effective when, and only when, 

 (a) the Trustee shall have executed a counterpart of this First Supplemental Indenture and shall have
received a counterpart of this First Supplemental Indenture executed by the Successor Company; 
  
 (b) the Trustee shall have received an Officers’ Certificate stating that the Transaction and this First Supplemental Indenture comply with Article IX of the Indenture; and 
  
 (c) the Trustee shall have received an Opinion of Counsel, in form and
substance satisfactory to it, to the effect that the Transaction and the execution and delivery of this First Supplemental Indenture is permitted by and is effected in compliance with the Indenture. 
  
 SECTION 6. Reference to the Indenture. (a) Upon the
effectiveness of this First Supplemental Indenture, each reference in the Indenture to “this Indenture,” “hereunder,” “herein” or words of like import shall mean and be a reference to the Indenture, as affected, amended
and supplemented hereby. 
  
 (b) Upon the effectiveness of this
First Supplemental Indenture, all references in each of the Debentures, and in the other documents and instruments executed in connection therewith, to the Indenture, including each term defined by reference to the Indenture, shall mean and be a
reference to the Indenture or such term, as the case may be, as affected, amended and supplemented hereby. 
  
 (c) The Indenture, as amended and supplemented by the amendment and supplement referred to above, shall remain in full force and effect and is hereby
ratified and confirmed. 
  
 SECTION 7. Execution in
Counterparts. This First Supplemental Indenture may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of
which when taken together shall constitute but one and the same instrument. 
  
 SECTION 8. Governing Law; Binding Effect. This First Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York and shall be binding upon the parties
hereto and their respective successors and assigns. 
  
 SECTION
9. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or the due execution thereof by the Successor Company. The recitals of
fact contained herein shall be taken as the statements solely of the Successor Company, and the Trustee assumes no responsibility for the correctness thereof. 
  

 
 [Signatures begin on following page] 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
executed and effective as of the date first stated herein, by their respective offices thereunto duly authorized. 
  
  

			
	THE SUCCESSOR COMPANY:
	 
	PLACER SIERRA BANCSHARES
		
	By:	  	/S/    RONALD W. BACHLI
	Name:	  	Ronald Bachli
	Title:	  	Chief Executive Officer
	
	THE TRUSTEE:
	 
	U.S. BANK NATIONAL ASSOCIATION (as successor-in-interest to State Street Bank and Trust Company of Connecticut, National Association)
		
	By:	  	/S/    GERALD R. WHEELER
	Name:	  	Gerald R. Wheeler
	Title:	  	Vice President

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