Document:

ex10_8.htm

 

 

 

Exhibit 10.8

 

AGREEMENT TO CONVERT DEBT

 

          This Agreement to Convert Debt (this “Agreement”) is made as of July (Q 2010 (the “Effective Date”) by and among Inseat SoUitions LLC, a California Limited Liability Company (“Inseat”), and AuraSound, inc., a Nevada corporation.

 

RECITALS

 

          A.            Pursuant to certain promissory notes and other debt set forth in the aggregate on Schedule I attached hereto, as of July /£, 2010, the Company owes InSeat, in principal and accrued interest, the total sum of 51,957,040 (the “Debt Amount”).

 

          B.             InSeat lias agreed to convert the Debt Amount into securities of the Company in accordance with this Agreement.

 

          NOW, THEREFORE, InSeat and the Company agree as follows:

 

AGREEMENT

 

          1.              Issuance of Securities and Cancellation of Debt.

 

          (a)             Securities to be Issued. InSeat agrees to accept, and the Company agrees to issue to InSeat, as full and final payment of the Debt Amount, 326,173 shares (the “Shares”) of the Company's $0.01 par value per share common stock (“Common Stock”), and a five-year warrant, in the form attached hereto as Exhibit A, to purchase 2,243,724 shares of Common Stock at an exercise price of $0.50 per share (the “Warrant”), after giving effect to a 6-for-l reverse split of the Company's issued and outstanding and authorized Common Stock to occur on the Effective Date.

 

          (b)             Exchange of Documents. A certificate representing the Shares and the Warrant shall be delivered to InSeat as soon as commercially practicable after the Effective Date. Upon receipt of the Shares and the Warrant, (i) InSeat will return to the Company for cancellation on its books and records all the original executed promissory notes and other debt aggregated on Schedule I hereto, and (ii) the Company shall record the payment of the Debt Amount on its books and records.

 

          2.               Representations by Company.

 

            The Company hereby represents and warrants to InSeat as follows:

 

                    (i)       The Company is duly organized, validly existing and in good standing under the laws of the State of Nevada. 

 

                    (ii)      The Company has all requisite power and authority (corporate or otherwise) to execute, deliver and perform this Agreement and the transactions contemplated hereby, and the execution, delivery and performance by the Company of this Agreement has been duly authorized by all requisite action by the Company and this Agreement, when executed and delivered by the Company, constitutes a valid and binding obligation of {he Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws affecting creditors' rights and remedies generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at Jaw or in equity).

  

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                    (iii)     The execution, delivery and performance by the Company of this Agreement have been duly authorized by all requisite corporate action of the Company; and this Agreement has been duly executed and delivered by the Company.

 

                    (iv)     The Shares and, when issued, the shares issuable upon exercise of the Warrant (the “Warrant Shares”), will be duly and validly issued, fully paid and nonassessable, and free of any Hens or encumbrances.

 

              3.           Representations by lnSeat

 

            InSeat hereby represents and warrants to the Company as follows:

 

                    (i)       InSeat has all requisite power and authority (corporate or otherwise) to execute, deliver and perform this Agreement and the transactions contemplated hereby, and the execution, delivery and performance by InSeat of this Agreement has been duly authorized by all requisite action by InSeat and this Agreement, when executed and delivered by InSeat, constitutes a valid and binding obligation of InSeat, enforceable against InSeat in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws affecting creditors' rights and remedies generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

                    (ii)       InSeat has a pre-existing personal or business relationship with the Company and its officers and directors.

 

                    (iii)      InSeat is an “accredited investor”, as that term is defined in Rule 501 of Regulation D in that the sole shareholder of InSeat is a director and officer of the Company,

 

                    (iv)      InSeat understands and acknowledges that none of the Shares, the Warrant or the Warrant Shares have been registered with the Securities and Exchange Commission under Section 5 of the Securities Act or registered or qualified with any applicable state or territorial securities regulatory agency in reliance upon one or more exemptions afforded from registration or qualification.

 

                    (v)       InSeat understands and acknowledges that the Shares, the Warrant and the Warrant Shares are deemed to be “restricted” securities under the Securities Act, and may be re-sold only pursuant to exemptions provided by the Securities Act. InSeat understands and acknowledges that the Company is required to place a legend on each certificate representing the Shares and the Warrant stating that the Shares and the Warrant have not been registered under the Securities Act.

  

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                    (vi)      InSeat understands and acknowledges that: (i) prior to any sale, transfer, assignment, pledge, hypothecation or other disposition of the Shares, the Warrant or the Warrant Shares it must either: (1) furnish the Company with an opinion of counsel, in form and substance reasonably satisfactory to the Company and to its legal counsel, to the effect that such disposition is exempted from the registration and prospectus delivery requirement under the Securities Act and the securities laws of the jurisdiction in which InSeat resides, and legal counsel for the Company shall have concurred in such opinion; or (2) satisfy the Company that a registration statement under the Securities Act covering the resale of the securities proposed to be so disposed of shall then be effective; and that such disposition shall have been appropriately qualified or registered in accordance with the applicable securities laws of the jurisdiction in which InSeat resides.

 

              4.           Miscellaneous.

 

       (a)             Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and InSeat.

 

       (b)             Notices. Any and all notices or other communications or deliveries to be provided by InSeat hereunder shall be in writing and delivered personally, by facsimile or sent by a nationally recognized overnight courier service, addressed to the AuraSound, Inc. at 11839 East Smith Avenue, Santa Fe Springs, California 90670, facsimile number (562) 821-0249, Attn: Chief Executive Officer or such other address or facsimile number as the Company may specify for such purposes by notice to InSeat delivered in accordance with this Section. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile, sent by a nationally recognized overnight courier service addressed to InSeat Solutions IXC at 11839 East Smith Avenue Santa Fe Springs, California 90670, facsimile number (562) 447-1788, Attn: Chief Executive Officer. Any notice or other communication or deliveries hereunder 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 telephone number specified in this Section prior to 5:30 p.m. (Pacific time), (ii) the date after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section later than 5:30 p.m. (Pacific time) on any date and earlier than 11:59 p.m. (Pacific time) on such date, (iii) the second Business Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.

 

       (c)             Successors and Assigns. This Agreement shallinure to the benefit of and be binding upon the successors and permitted assigns of each of the parties. Neither InSeat nor the Company may assign its rights or obligations hereunder without the prior written consent of the other.

  

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       (d)               Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile or email transmission of a PDF, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile or PDF signature were the original thereof.

      

       (e)               Severabilitv. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invaiidated, and the parties hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

       (f)                Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

[SIGNATURES FOLLOW]

  

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          IN WITNESS WHEREOF, the parties have executed this Agreement to Convert Debt as of the date first written above.

 

  

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SCHEDULE I

 

Schedule of InSeat Debt

	  	  	  	  	  
	
Amount Due InSeat Solutions LLC:

	  	  	  	  
	  	  	  	  	  
	
Notes Payable

	  	
$

	
l,264,526

	  
	
Accrued interest on notes

	  	  	
232,317

	  
	
Trade accounts payable

	  	  	
460,197

	  
	  	  	  	  	  
	
Total

	  	
$

	
1,957,040

	  

  

6Unassociated Document

Exhibit 10.9

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT THERETO UNDER SUCH ACT AND APPLICABLE LAWS OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED

 

	
Dated July 10,2010

	
Warrant to Purchase 2,243,724 Shares of

Common Stock (subject to adjustment)

 

WARRANT TO PURCHASE COMMON STOCK

of

AURASOUND, INC.

 

          This certifies that, for value received, InSeat Solutions LLC, a California limited liability corporation, or registered assigns (“Holder”) is entitled, subject to the terms set forth below, to purchase from AuraSound, Inc., a Nevada corporation (the “Company”), 2,243,724 shares of the Common Stock, par value $0.01 per share, of the Company (the “Common Stock”), upon surrender hereof, at the principal office of the Company referred to below, with the Notice of Exercise attached hereto duly executed, and simultaneous payment therefore in lawful money of the United States or otherwise as hereinafter provided, at the Exercise Price as set forth in Section 2 below. The number and character of such shares of Common Stock and the Exercise Price are subject to adjustment as provided below. The term “Warrant” as used herein shall include this Warrant and any warrants delivered in substitution or exchange therefore as provided herein, This Warrant is issued pursuant to the Securities Purchase Agreement, dated the date hereof, among the Company, the Holder and the parent company of the Holder.

 

          1.           Term of Warrant. Subject to the terms and conditions set forth herein, this Warrant shall be exercisable, in whole or in part, during the term commencing on the date when the Company has increased its authorized Common Stock to a sufficient number to provide for the issuance of all Common Stock issuable upon the exercise of this Warrant and all other outstanding convertible securities of the Company that entitle the holders thereof to acquire Common Stock (the “Initial Exercise Date”), and ending at 5:00 p.m., Eastern Standard Time, on the 3rd anniversary of the Initial Exercise Date, and shall be void thereafter.

 

          2.           Exercise Price. The exercise price at which this Warrant may be exercised shall be $.50 per share of Common Stock (the “Exercise Price”), as such Exercise Price may be adjusted from time to time pursuant to Section 11 hereof.

 

          3.           Exercise of Warrant.

 

          (a)          Method of Exercise. The purchase rights represented by this Warrant are exercisable by the Holder in whole or in part, at any time, or from time to time, during the term hereof as described in Section 1 above, by the surrender of this Warrant and the Notice of Exercise annexed hereto duly completed and executed on behalf of the Holder, at the principal office of the Company (or such other office or agency of the Company as it may designate by notice in writing to the Holder at the address of the Holder appearing on the books of the Company), upon payment (A) by wire transfer or certified bank check, (B) by cancellation by the Holder of indebtedness of the Company to the Holder, or (C) by a combination of (A) and (B), of the purchase price of the shares to be purchased.

 

  

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          (b)          Issuance of Shares. This Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of its surrender for exercise as provided above, and the person entitled to receive the shares of Common Stock issuable upon such exercise shall be treated for all purposes as the holder of record of such shares as of the close of business on such date. As promptly as practicable on or after such date, the Company or the Company’s transfer agent, at the Company’s expense, shall issue and deliver to the persons or persons entitled to receive the same a certificate or certificates for the number of shares issuable upon such exercise. In the event that this Warrant is exercised in part, the Company at its expense will execute and deliver a new Warrant of like tenor exercisable for the number of shares for which this Warrant may then be exercised.

 

          4.            No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. In lieu of any fractional share to which the holder would otherwise be entitled (after aggregating all shares that are being issued upon such exercise), the Company shall make a cash payments equal to the Exercise Price multiplied by such fraction.

 

          5.            Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

 

          6.            Rights of Stockholders. The Holder shall not be entitled to vote or receive dividends or be deemed the holder of Common Stock or any other securities of the Company that may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, or change of stock to no par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise, until this Warrant shall have been exercised as provided herein.

 

          7.            Transfer of Warrant.

 

          (a)          Warrant Register. The Company will maintain a register (the “Warrant Register”) containing the names and addresses of the Holder or Holders. Any Holder of this Warrant or any portion thereof may change its address as shown on the Warrant Register by written notice to the Company requesting such change. Any notice or written communication required or permitted to be given to the Holder may be delivered or given by mail to such Holder as shown on the Warrant Register and at the address shown on the Warrant Register. Until this Warrant is transferred on the Warrant Register of the Company, the Company may treat the Holder as shown on the Warrant Register as the absolute owner of this Warrant for all purposes, notwithstanding any notice to the contrary.

 

  

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          (b)          Warrant Agent. The Company may, by written notice to the Holder appoint an agent for the purpose of maintaining the Warrant Register referred to in Section 7(a) above, issuing the Common Stock or other securities then issuable upon the exercise of this Warrant, exchanging this Warrant, replacing this Warrant, or any or all of the foregoing (the “Warrant Agent”). Thereafter, any such registration, issuance, exchange or replacement, as the case may be, shall be made at the office of the Warrant Agent.

 

          (c)          Transferability and Negotiability of Warrant. This Warrant may not be transferred or assigned in whole or in part without prior written notice to the Company and compliance with all applicable federal and state securities law by the transferor and the transferee (including the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company), if such are requested by the Company). Subject to the provisions of this Warrant with respect to compliance with the Securities Act of 1933, as amended (the “Act”), title to this Warrant may be transferred by endorsement (by the Holder executing the Assignment From annexed hereto) and delivery; provided, however, any purported transfer by the Holder without prior written notice to the Company shall be void ab initio.

 

          (d)          Exchange of Warrant Upon a Transfer. On surrender of this Warrant for exchange, properly endorsed on the Assignment Form and subject to the provisions of this Warrant with respect to compliance with the Act and with the limitations on assignments and transfers contained in this Section 7, the Company at its expense shall issue to or on the order of the Holder a new warrant or warrants of like tenor, in the name of the Holder or as the Holder (on payment by the holder of any applicable transfer by the Holder of any applicable transfer taxes) may direct, for the number of shares issuable upon exercise hereof.

 

          (e)          Compliance with Securities Laws.                                                                

 

                                       (i)        The Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant and the shares of Common Stock to be issued upon exercise hereof are being acquired for investment, and that the holder will not offer, sell or otherwise dispose of this Warrant or any shares of Common Stock to be issued upon exercise hereof except under circumstances that will not result in a violation of the Act or any state securities laws.

 

                                       (ii)       This Warrant and all shares of Common Stock issued upon exercise hereof or conversion thereof shall be stamped or imprinted with a legend in substantially the following form (in addition to any legend required by state securities laws):

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT THERETO UNDER SUCH ACT AND APPLICABLE LAWS OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

  

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  8.             Reservation of Stock. The Company covenants thai during the term this Warrant is exercisable, the Company will reserve from its authorized and I unissued Common Stock a sufficient number of shares to provide for the issuance of Common Stock upon the exercise of this Warrant and, from time to time, will take all steps necessary to amend its Articles of Incorporation to provide sufficient reserves of shares of Common Stock issuable upon exercise of this Warrant. The Company further covenants that all shares of Common Stock that may be issued upon the exercise of rights represented by this Warrant and payment of the Exercise Price, all as set forth herein will be duly and validly authorized and issued!, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously therewith). The Company agrees that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for shares of Common Stock upon the exercise of this Warrant.

 

        9.    Notices. Whenever the Exercise Price or the shares purchasable hereunder shall be adjusted pursuant to Section 11 hereof, the Company shall issue a certificate signed by its Chief Executive Officer setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Exercise Price and the shares purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such certificate to be mailed (by first-class mail, postage prepaid) to the Holder of this Warrant.

 

        10.   Amendments and Waivers.

 

          (a)          Any term or condition of this Warrant may be amended with the written consent of the Company and the Holder. Any amendment effected in accordance with this Section 10(a) shall be binding upon the Holder and each future holder of this Warrant and the Company.

 

          (b)         No waivers of, or exceptions to, any term, condition or provision of this Warrant, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

 

          11.         Adjustments. The Exercise Price and the shares purchasable hereunder are subject to adjustment from time to time as follows:

 

          (a)         Reclassification, etc. If the Company, at any time while this Warrant remains outstanding and unexpired, by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change and the Exercise Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this Section 11.

 

          (b)         Split, Subdivision or Combination of Shares. If the Company at any time while this Warrant remains outstanding and unexpired shall split, subdivide or combine the securities as to which purchase rights under this Warrant exist, into a different number of securities of the same class, the Exercise Price for such securities shall be proportionately decreased in the case of a split or subdivision or proportionately increased in the case of a combination and the number of

 

  

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         (c)          Calculations. All ca’culations under this Section 11 shall be made to the nearest four decimal points.

 

          12.          Merger, Sale of Assets, etc. If at any time while this Warrant is outstanding and unexpired there shall be (i) a reorganization (other than a combination, reclassification, exchange or subdivision of share otherwise provided for herein), (ii) a merger or consolidation of the Company with or into another corporation in which the Company is not the surviving entity, or a reverse triangular merger in which the Company is the surviving entity but the shares of the company’s capital stock outstanding immediately prior to the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise, or  (iii) a sale or transfer of the company’s properties and assets as, or substantially as, an entirety to any other corporation or other entity, then, in connection with such reorganization, merger, consolidation, sale or transfer (each, a “Fundamental Transaction”), the Company shall provide the Holder with at least 30 days notice prior to the consummation of such Fundamental Transaction, during which 30-day period the Holder may exercise this Warrant. If and to the extent this warrant is not exercised during such 30-day period, this Warrant shall be cancelled, void and of no further force or effect.

 

          13.          Saturdays, Sundays and Holidays. If the last or appointed day for the taking of any action or the expiration of any right granted herein shall be a Saturday, Sunday, or United States federal holiday, then (notwithstanding anything herein to the contrary) such action may be taken or such right may be exercised on the next succeeding day that is not a Saturday, Sunday or holiday.

 

          14.          Governing Law; Venue. This Warrant shall be governed by and construed in accordance with the laws of the State of Nevada applicable to agreement made and to be performed entirely within such State, without regard to the conflicts of low principles of such State. Any and all actions brought under this Warrant shall be brought in the state of federal courts located in the City of Los Angeles, California.

 

          15.          Binding Effect. The terms of this Warrant shall be binding upon and inure to the benefit of the Company and the Holder and their respective successors and assigns.

 

[SIGNATURES FOLLOW]

  

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          IN WITNESS WHEREOF, AURASOUND, INC. has caused this Warrant to be executed by its officers thereunto duly authorized.

 

Dated: July 10, 2009

 

  

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NOTICE OF EXERCISE

 

          (1)          The undersigned hereby elects to purchase ____________  shares of Common Stock of AURASOUND, INC., pursuant to the provisions of Section 3(a) the attached Warrant, and tenders herewith payment of the purchase price for such shares in full, as provided in Section 3(a) of the Warrant.

 

          (2)          In exercising this Warrant, the undersigned hereby confirms and acknowledges that (a) the Holder is an “accredited investor” as defined in Rule 501(a) under the Securities Act of 1933, as amended, (b) the shares of Common Stock to be issued upon exercise hereof are being acquired for investment, and (c) the undersigned will not offer, sell or otherwise dispose of any such shares of Common Stock except under circumstances that will not result in a violation of the Securities Act of 1933, as amended, or any applicable state securities laws.

 

          (3)          Please issue a certificate or certificates representing said shares of Common Stock in the name of  the undersigned or in such other name as is specified below:

	  	  
	  	
(Name)

	  	  
	  	  
	  	
(Name)

 

          (4)          Please issue a new Warrant for the unexercised portion of the attached Warrant in the name of the undersigned or in such other name as is specified below:

 

	  	  
	  	
(Name)

	  	  
	  	  
	
(Date)

	
(Signature)

 

  

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ASSIGNMENT

 

                         FOR VALUE RECEIVED, the undersigned registered owner of this Warrant hereby sells, assigns and transfers unto the Assignee named below all of the rights of the undersigned under the within Warrant, with respect to the number of shares of Common Stock set forth below:

	
Name of Assignee

	
Address

	
No. of Shares

 

and does hereby irrevocably constitute and appoint _________________ Attorney to make such transfer on the books of AURASOUND, INC., maintained for the purpose, with full power of substitution in the premises.

 

                         The undersigned also represents that, by assignment hereof, the Assignee acknowledges that this Warrant and the shares of stock to be issued upon exercise hereof are being acquired for investment, and that the Assignee will not offer, sell or otherwise dispose of this Warrant or any shares of stock to be issued upon exercise hereof except under circumstances which will not result in a violation of the Securities Act of 1933, as amended, or any applicable state securities laws.

 

Dated: __________________

 

	  	  
	  	
Signature of Holder

 

  

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