Document:

Form of Warrant to Purchase 2,604 Shares of the Company's Common Stock

 EXHIBIT 4.22 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR OFFERED FOR
SALE OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED. 

 WARRANT 
 TO PURCHASE
2,604 SHARES OF COMMON STOCK OF 
 TRI-S SECURITY CORPORATION 
  

			
	No. 12162008-    	 	Issue Date: December 16, 2008

 THIS CERTIFIES THAT, for value received,
                     and                     
(subject to the restrictions on transfer contained herein) its registered assigns (together, “Holder”) is entitled to purchase from Tri-S Security Corporation, a Georgia corporation (the “Company”), at any time or
from time to time after 9:00 a.m., Atlanta, Georgia time, after the date set forth above (the “Issue Date”) and prior to 5:00 p.m., Atlanta, Georgia time, on the date which is the fifth anniversary of the Issue Date set forth above
(the “Expiration Date”), at the place where the Warrant Agency (as hereinafter defined) is located, at the Exercise Price (as hereinafter defined), the number of shares of common stock, $0.001 par value per share (the
“Common Stock”), of the Company specified above, all subject to adjustment and upon the terms and conditions as hereinafter provided. 
 Capitalized terms used and not otherwise defined in this Warrant shall have the meanings set forth in Article IV hereof. 
 ARTICLE I 
 EXERCISE OF WARRANTS 
 1.1. Method of Exercise. To exercise this Warrant in whole or in part, the Holder shall deliver to the Company at the Warrant Agency:
(a) this Warrant; (b) a written notice, substantially in the form of the subscription notice attached hereto as Annex 1 (the “Subscription Notice”), of such Holder’s election to exercise this Warrant, which
notice shall specify the number of shares of Common Stock to be purchased, the denominations of the share certificate or certificates desired and the name or names of the Eligible Holder(s) in which such certificates are to be registered; and
(c) payment of the Exercise Price with respect to such shares of Common Stock. Such payment may be made, at the option of the Holder, by cash, money order, certified or bank cashier’s check or wire transfer. 
 The Company shall, as promptly as practicable and in any event within five (5) Business Days thereafter, execute and deliver or cause to be executed
and delivered, in accordance with such Subscription Notice, a certificate or certificates representing the aggregate number of shares of Common Stock specified in said notice. 

 The share certificate or certificates so delivered shall be in such denominations as may be specified in
such notice (or, if such notice shall not specify denominations, one certificate shall be issued) and shall be issued in the name of the Holder or such other name or names of Eligible Holder(s) as shall be designated in such notice. Such certificate
or certificates shall be deemed to have been issued, and such Holder or any other person so designated to be named therein shall be deemed for all purposes to have become holders of record of such shares, as of the date the aforementioned notice is
received by the Company. If this Warrant shall have been exercised only in part, the Company shall, at the time of delivery of the certificate or certificates, deliver to the Holder a new Warrant evidencing the right to purchase the remaining shares
of Common Stock called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. The Company shall pay all expenses payable in connection with the preparation, issuance and delivery of share certificates and
new Warrants as contemplated by Section 2.6 below (other than transfer or similar taxes in connection with the transfer of securities), except that, if share certificates or new Warrants shall be registered in a name or names other than the
name of the Holder, funds sufficient to pay all transfer taxes payable as a result of such transfer shall be paid by the Holder at the time of delivering the aforementioned notice or promptly upon receipt of a written request of the Company for
payment. 
 If this Warrant shall be surrendered for exercise within any period during which the transfer books for shares of the Common
Stock of the Company or other securities purchasable upon the exercise of this Warrant are closed for any purpose, the Company shall not be required to make delivery of certificates for the securities purchasable upon such exercise until the date of
the reopening of said transfer books. 
 1.2. Shares To Be Fully Paid and Nonassessable. All shares of Common Stock issued upon the
exercise of this Warrant shall be validly issued, fully paid and nonassessable. 
 1.3. No Fractional Shares To Be Issued. The Company
shall not be required to issue fractions of shares of Common Stock upon exercise of this Warrant. If any fraction of a share would, but for this Section, be issuable upon any exercise of this Warrant, in lieu of such fractional share the Company
shall issue to the Holder a whole share of Common Stock. 
 1.4. Securities Laws; Share Legend. The Holder, by acceptance of this
Warrant, agrees that this Warrant and all shares of Common Stock issuable upon exercise of this Warrant will be disposed of only in accordance with the Securities Act of 1933, as amended (the “Securities Act”) and the rules and
regulations of the Securities and Exchange Commission (the “Commission”) promulgated thereunder. In addition to any other legend which the Company may deem advisable under the Securities Act and applicable state securities laws, all
certificates representing shares of Common Stock (as well as any other securities issued hereunder in respect of any such shares) issued upon exercise of this Warrant shall be endorsed as follows: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY APPLICABLE STATE
SECURITIES LAWS, AND MAY NOT BE SOLD OR OFFERED FOR SALE OR OTHERWISE TRANSFERRED EXCEPT 

  

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PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED. 
 Any certificate issued at any time in exchange or substitution for any certificate
bearing such legend (except a new certificate issued upon completion of a public distribution pursuant to a registration statement under the Securities Act) shall also bear such legend unless, in the opinion of counsel (in form and substance
reasonably satisfactory to the Company) selected by the Holder of such certificate and reasonably acceptable to the Company, the securities represented thereby need no longer be subject to restrictions on resale under the Securities Act. 

ARTICLE II 
 WARRANT AGENCY;
TRANSFER, EXCHANGE AND 
 REPLACEMENT OF WARRANT 
 2.1. Warrant Agency. Until such time, if any, as an independent agency shall be appointed by the Company to perform services described herein with respect to this Warrant (the “Warrant
Agency”), the Company shall perform the obligations of the Warrant Agency provided herein at its principal office address or such other address as the Company shall specify by prior written notice to the Holder. 
 2.2. Ownership of Warrant. The Company may deem and treat the person in whose name this Warrant is registered as the Holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by any person other than the Company) for all purposes and shall not be affected by any notice to the contrary, until presentation of this Warrant for registration of transfer as
provided in this Article II. 
 2.3. Transfer of Warrant. This Warrant may only be transferred to a purchaser subject to and in
accordance with this Section 2.3, and any attempted transfer which is not in accordance with this Section 2.3 shall be null and void and the transferee shall not be entitled to exercise any of the rights of the Holder of this Warrant. The
Company agrees to maintain at the Warrant Agency books for the registration of such transfers of Warrants, and transfer of this Warrant and all rights hereunder shall be registered, in whole or in part, on such books, upon surrender of this Warrant
at the Warrant Agency in accordance with this Section 2.3, together with: (i) a written assignment of this Warrant, substantially in the form of the assignment attached hereto as Annex 2, duly executed by the Holder or its duly
authorized agent or attorney-in-fact, with signatures guaranteed by a bank or trust company or a broker or dealer registered with the FINRA, and funds sufficient to pay any transfer taxes payable upon such transfer; and (ii) an investment
representation letter, in form and substance acceptable to the Company, executed by the assignee or assignees of this Warrant. Upon surrender of this Warrant in accordance with this Section 2.3, the Company (subject to being satisfied that such
transfer is in compliance with Section 1.4) shall execute and deliver a new Warrant or Warrants of like tenor and representing in the aggregate the right to purchase the same number of shares of Common Stock in the name of the assignee or
assignees and in the denominations specified in the instrument of assignment, and this Warrant shall promptly be canceled. Notwithstanding the foregoing, a Warrant may be exercised by a new 

  

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Holder without having a new Warrant issued. The Company shall not be required to pay any Federal or state transfer tax or charge that may be payable in
respect of any transfer of this Warrant or the issuance or delivery of certificates for Common Stock in a name other than that of the registered Holder of this Warrant. 
 2.4. Division or Combination of Warrants. This Warrant may be divided or combined with other Warrants, in connection with the partial exercise of this Warrant, upon surrender hereof and of any Warrant or
Warrants with which this Warrant is to be combined at the Warrant Agency, together with a written notice specifying the names and denominations in which the new Warrant or Warrants are to be issued, signed by the Holders hereof and thereof or their
respective duly authorized agents or attorneys-in-fact. Subject to compliance with Section 2.3 as to any transfer which may be involved in the division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange
for the Warrant or Warrants to be divided or combined in accordance with such notice. 
 2.5. Loss, Theft, Destruction of Warrant
Certificates. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon receipt of indemnity or
security (in customary form) reasonably satisfactory to the Company, or, in the case of any such mutilation, upon surrender and cancellation of such Warrant and upon reimbursement of the Company’s reasonable incidental expenses, the Company
will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to purchase the same aggregate number of shares of Common Stock. 
 2.6. Expenses of Delivery of Warrants. Except as otherwise expressly provided herein, the Company shall pay all expenses (other than transfer
taxes as described in Section 2.3) and other charges payable in connection with the preparation, issuance and delivery of Warrants hereunder and shares of Common Stock upon the exercise hereof. 
 ARTICLE III 
 LIMITATIONS ON
EXERCISE; ADJUSTMENT PROVISIONS 
 3.1 Beneficial Ownership. In no event shall the Holder of this Warrant be permitted to exercise
this Warrant or any portion hereof pursuant to Article I hereof if, upon such exercise, the number of shares of Common Stock to be issued pursuant to such exercise plus the number of shares of Common Stock beneficially owned by the Holder
would exceed 9.99% of the number of shares of Common Stock then issued and outstanding, it being the intent of the Company and the Holder that the Holder not be deemed at any time to have the power to vote or dispose of greater than 9.99% of the
number of shares of Common Stock issued and outstanding at any time. Nothing contained herein shall be deemed to restrict the right of the Holder to exercise this Warrant or any portion thereof at such time as such exercise will not violate the
provisions of this Section 3.1. As used herein, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended. To the extent that the limitation contained in this
Section 3.1 applies (and without limiting any rights the Company may otherwise have), the Company may rely on the Holder’s determination of whether this Warrant is exercisable pursuant to the terms hereof, the Company shall have no
obligation whatsoever to verify or confirm the accuracy of such determination, and the submission of a Subscription Notice by the Holder shall be deemed to be the Holder’s representation that this Warrant is exercisable pursuant to the terms
hereof. 
  

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 3.2 Adjustment Provision. In the event that, after the date hereof, the Company shall:
(i) pay a dividend or make a distribution on the outstanding shares of Common Stock in the Company’s capital stock (which shall include any options, warrants or other rights to acquire capital stock); (ii) subdivide the outstanding
shares of Common Stock into a larger number of shares; (iii) combine the outstanding shares of Common Stock into a smaller number of shares; or (iv) issue any shares of the Company’s capital stock in reclassification of the Common
Stock, then, and in each such case, the Exercise Price in effect immediately prior to such event shall be adjusted so that the Holder shall, upon exercise of this Warrant, be entitled to receive the number of shares of Common Stock or other
securities of the Company that the Holder would have owned or would have been entitled to receive upon or by reason of any of the events described above, had this Warrant had been exercised prior to the occurrence of such event. In the event that
the shares of Common Stock are ever converted into a greater or lesser number of shares of another corporation or entity through a merger or similar transaction, a proportionate adjustment shall be made to the Exercise Price to account for such
change. The Company shall give prompt written notice to the Holder following the occurrence of any event which requires an adjustment to the Exercise Price pursuant to the terms hereof. 
 ARTICLE IV 
 DEFINITIONS 
 The following terms, as used in this Warrant, have the following respective meanings: 
 “Business Days” means each day in which banking institutions in Atlanta, Georgia are not required or authorized by law or executive order
to close. 
 “Commission” has the meaning set forth in Section 1.4. 
 “Common Stock” has the meaning set forth in the first paragraph of this Warrant. 
 “Company” has the meaning set forth in the first paragraph of this Warrant. 
 “Eligible Holder” means the Holder and any permitted transferee of the Holder pursuant to and in accordance with this Warrant.

 “Exchange Act” has the meaning set forth in Section 3.1. 
 “Exercise Price” means $0.75 per share of Common Stock. 
 “Expiration Date” has the meaning set forth in the first paragraph of this Warrant. 
 “FINRA” means the Financial Industry Regulatory Authority. 
 “Holder” has the meaning set forth
in the first paragraph of this Warrant. 
 “Issue Date” has the meaning set forth in the first paragraph of this Warrant.

 “Securities Act” has the meaning set forth in Section 1.4. 
  

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 “Subscription Notice” has the meaning set forth in Section 1.1. 
 “Warrant Agency” has the meaning set forth in Section 2.1. 
 “Warrant” means this Warrant. 
 ARTICLE V 
 MISCELLANEOUS 
 5.1. Governing Law. This Warrant shall be governed in all respects by the laws of the State of Georgia, without reference to its conflicts of law principles. 
 5.2. Covenants To Bind Successor and Assigns. All covenants, stipulations, promises and agreements contained in this Warrant by or on behalf of
the Company shall bind its successors and assigns, whether or not so expressed. 
 5.3. Entire Agreement. This Warrant constitutes the
full and entire understanding and agreement between the parties with regard to the subject matter hereof and no party shall be liable or bound to any other party in any manner by any warranties, representations, or covenant except as specifically
set forth herein or therein. 
 5.4. Waivers and Amendments. No failure or delay of the Holder in exercising any power or right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Holder are cumulative and not exclusive of any rights or remedies which it would otherwise have. The provisions of this Warrant may be amended, modified or waived with (and only
with) the written consent of the Company and the Holders hereof. 
 5.5. Notices. All notices or other communications required or
permitted hereunder shall be in writing and shall be mailed by express, registered or certified mail, postage prepaid, return receipt requested, sent by telecopy, or by courier service guaranteeing overnight delivery with charges prepaid, or
otherwise delivered by hand or by messenger, and shall be conclusively deemed to have been received by a party hereto and to be effective on the day on which delivered or telecopied to such party at its address set forth below (or at such other
address as such party shall specify to the other parties hereto in writing), or, if sent by registered or certified mail, on the third Business Day after the day on which mailed, addressed to such party at such address. 
 In the case of the Holder, such notices and communications shall be addressed to its address set forth under its signature below, which shall be the
address shown on the books maintained by the Warrant Agency, until the Holder shall notify the Company and the Warrant Agency in writing that notices and communications should be sent to a different address, in which case such notices and
communications shall be sent to the address specified by the Holder. In the case of the Company, such notices and communications shall be addressed as follows: Attention: Chief Executive Officer, Tri-S Security Corporation, Royal Centre One, 11675
Great Oaks Way, Suite 120, Alpharetta, Georgia 30022. 
 5.6. Survival of Agreements; Representations and Warranties, etc. All
covenants made by the Company herein shall be considered to have been relied upon by the Holder and shall survive the issuance and delivery of the Warrant, regardless of any investigation made by the Holder, and shall continue in full force and
effect so long as this Warrant is outstanding. 
  

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 5.7. Severability. In case any one or more of the provisions contained in this Warrant shall be
held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavor in good faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 5.8. Section Headings. The section headings used herein are for convenience of reference only, do not constitute a part of this Warrant and shall
not affect the construction of or be taken into consideration in interpreting this Warrant. 
 5.9. No Rights as Shareholder; No
Limitations on Company Action. This Warrant shall not entitle the Holder to any rights as a shareholder of the Company. No provision of this Warrant and no right or option granted or conferred hereunder shall in any way limit, affect or abridge
the exercise by the Company of any of its corporate rights or powers to recapitalize, amend its certificate of incorporation, reorganize, consolidate or merge with or into another corporation or to transfer all or any part of its property or assets,
or the exercise of any other of its corporate rights or powers. 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the Company and Holder have duly executed and delivered this Warrant, or
caused this Warrant to be duly executed and delivered, all as of the date first written above. 
  

			
	TRI-S SECURITY CORPORATION
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Annex 1 
 SUBSCRIPTION NOTICE 
 Dated:                     
 The undersigned hereby irrevocably elects to exercise the right of purchase evidenced by the attached Warrant for, and to purchase thereunder,              shares of Common Stock
(as defined in the attached Warrant) of Tri-s Security Corporation as provided for therein. The undersigned tenders herewith payment of the Exercise Price (as defined in the attached Warrant) for such shares in the form of cash, money order,
certified or bank cashier’s check or wire transfer. 
 Instructions for Registration of Common Stock 
 Please issue a certificate or certificates for such shares of Common Stock in the following name or names and denominations: 
  

			
	Name:	 	  

		 	(please typewrite or print in block letters)

  

			
	Address:	 	  

  

			
	Denomination:	 	  

 Representations and Warranties 
 In connection with the exercise of the attached Warrant, the undersigned hereby represents and warrants that: 
 (i) it recognizes that the shares of Common Stock issuable pursuant to the attached Warrant have not been registered under the Securities
Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws, and may not transferred, sold, or offered for sale unless registered pursuant to the Securities Act and all applicable state securities laws or unless
an exemption from such registration is available and the Company has received an opinion to that effect from counsel reasonably satisfactory to the Company; 
 (ii) it recognizes that the shares of Common Stock issuable pursuant to the attached Warrant are subject to, and are transferable only
upon compliance with, the provisions of the Warrant; 
 (iii) if the undersigned is an individual, the undersigned is an
“accredited investor” as that term is defined in Rule 501(a)(5) or (6) of Regulation D promulgated under the Securities Act by reason that the undersigned is an individual (i) having an individual net worth, or a joint net worth
with the undersigned’s spouse, at the time of the purchase that exceeds $1,000,000, or (ii) who had an individual income in excess of $200,000 in each of the two most recent years or joint income with the undersigned’s spouse in
excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or if the undersigned is a corporation or other entity, the undersigned is an “accredited investor” as that
term is defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act; and 

 (iv) it is purchasing the shares of Common Stock for investment and not with a view to
resale or distribution or any present intention to resell or distribute, except in compliance with the Securities Act and all applicable state securities laws. 
 Issuance of New Warrant 
 If said number of shares shall not be all the shares issuable upon exercise of the attached
Warrant, a new Warrant is to be issued in the name of the undersigned for the balance remaining of such shares less any fraction of a share paid in cash. 
  

			
	Signature:	 	  

		 	Note: The above signature should correspond exactly with the name on the face of the attached Warrant or with the name of the assignee appearing in the assignment form below.

 Annex 2 
 Assignment 
 For value received, the undersigned hereby sells, assigns and transfers unto:

  

			
	Name:	 	  

		 	(please typewrite or print in block letters)

  

			
	Address:	 	  

 the right to purchase Common Stock (as defined in the attached Warrant) represented by the attached Warrant to the
extent of              shares as to which such right is exercisable and does hereby irrevocably constitute and appoint
                    , attorney-in-fact, to transfer said Warrant on the books of Tri-S Security Corporation with full power of substitution in the
premises. 
  

			
	Dated:	 	  

  

			
	Signature:	 	  

		 	Note: The above signature should correspond exactly with the name on the face of the attached Warrant.Warrant to Purchase 90,000 Shares of the Company's Common Stock

 EXHIBIT 4.23 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF
UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 
 WARRANT TO PURCHASE STOCK 
 Issuer: Tri-S Security Corporation, a Georgia corporation (the
“Company”) 
 Number of Shares: as provided in that certain Amended and Restated Supplemental Agreement to Amended and Restated
Credit Agreement dated as of July 30, 2008, as may be further amended (the “Supplement”). 
 Class of Stock: 90,000 shares of
the Company’s common stock (the “Shares”) 
 Exercise Price: $3.00 per share, as the same may be from time to time adjusted
pursuant to Article 2 hereof. 
 Issue Date: January 7, 2009. 
 Expiration Date: January 7, 2013. 
 THIS WARRANT CERTIFIES THAT, for the agreed upon value of $1.00 and
for other good and valuable consideration, BRE LLC (“Holder”) is entitled to purchase the number of fully paid and nonassessable Shares of the Company at the Exercise Price per Share set forth, subject to the provisions and upon the
terms and conditions set forth in this Warrant. 
 ARTICLE 1 EXERCISE. 
 1.1 Method of Exercise. Subject to Section 1.6 below, this Warrant is exercisable, in whole or in part, at any time and from time to time on or before the Expiration Date set forth above. Holder may
exercise this Warrant by delivering a duly executed Notice of Exercise, in substantially the form attached as Appendix 1, to the principal office of the Company together with a check for the aggregate Exercise Price for Shares being purchased.

 1.2 Fair Market Value. If the Shares are traded in a public market, the fair market value of the Shares shall be the closing price
of the Shares (or the closing price of the Company’s stock into which the Shares are convertible) reported for the business day immediately before Holder delivers its Notice of Exercise to the Company. If the Shares are not traded in a public
market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. The foregoing notwithstanding, if Holder advises the Board of Directors in writing that Holder disagrees with such determination,
then the Company and Holder shall promptly agree upon a reputable investment banking firm to undertake such valuation. If the valuation of such investment banking firm is greater than that determined by the Board of Directors, then all fees and
expenses of such investment banking firm shall be paid by the Company. In all other circumstances, such fees and expenses shall be paid by Holder. 

 1.3 Delivery of Certificate and New Warrant. Promptly after Holder exercises this Warrant, the
Company shall deliver to Holder certificates for Shares acquired and, if this Warrant has not been fully exercised and has not expired, a new Warrant representing Shares not so acquired. 
 1.4 Replacement of Warrants. 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 amount 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. 
 1.5 Repurchase on Sale, Merger, or
Consolidation of the Company. For the purpose of this Warrant, “Acquisition” means any sale, license, or other disposition of all or substantially all of the assets of the Company, or any reorganization, consolidation, or merger of the
Company where the holders of the Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. Upon the closing of any Acquisition, the successor
entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property as would be payable for Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares
were outstanding on the record date for the Acquisition and subsequent closing, and the Exercise Price shall be adjusted accordingly; provided that if pursuant to such Acquisition the entire outstanding class of Shares issuable upon exercise
of the unexercised portion of this Warrant are cancelled and the total consideration payable to the holders of such class of Shares consists entirely of cash, then, upon payment to the holder of this Warrant of an amount equal to the amount such
holder would receive if such holder held Shares issuable upon exercise of the unexercised portion of this Warrant and such Shares were outstanding on the record date for the Acquisition less the aggregate Exercise Price of such Shares, this
Warrant shall be cancelled. 
 1.6 Limitations on Exercise. 
 1.6.1 Shareholder Approval. In the event that Shareholder Approval is required, the Holder of this Warrant shall not be permitted
to exercise this Warrant or any portion hereof pursuant to Article 1 hereof until the Company has obtained Shareholder Approval. If necessary, no later than thirty (30) days after the date of this Warrant, the Company shall file with the
Securities and Exchange Commission a preliminary proxy statement pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in connection with a Shareholder Meeting and shall seek to convene such meeting as promptly
thereafter as practicable. 
 1.6.2 Beneficial Ownership. In no event shall the Holder of this Warrant be permitted to
exercise this Warrant or any portion hereof pursuant to Article 1 hereof if, upon such exercise, the number of shares of common stock of the Company (the “Common Stock”) to be issued pursuant to such exercise plus the number of
shares of Common Stock beneficially owned by the Holder would exceed 9.99% of the number of shares of Common Stock then issued and outstanding, it being the intent of the Company and the Holder that the Holder not be deemed at any time to have the
power to vote or 

 
dispose of greater than 9.99% of the number of shares of Common Stock issued and outstanding at any time. Nothing contained herein shall be deemed to
restrict the right of the Holder to exercise this Warrant or any portion thereof at such time as such exercise will not violate the provisions of this Section 1.6.2. As used herein, beneficial ownership shall be determined in accordance with
Section 13(d) of the Exchange Act. To the extent that the limitation contained in this Section 1.6.2 applies (and without limiting any rights the Company may otherwise have), the Company may rely on the Holder’s determination of
whether this Warrant is exercisable pursuant to the terms hereof, the Company shall have no obligation whatsoever to verify or confirm the accuracy of such determination, and the submission of a Notice of Exercise by the Holder shall be deemed to be
the Holder’s representation that this Warrant is exercisable pursuant to the terms hereof. 
 1.6.3 Certain
Definitions. The following terms used in this Section 1.6 have the following respective meanings: 
 “Shareholder Approval” means the affirmative vote of at least a majority of the votes cast at a Shareholder Meeting at which a quorum is present to approve the potential issuance of shares of Common Stock for purpose of
complying with this warrant and the rules governing The Nasdaq Stock Market, Inc. 
 “Shareholder Meeting”
means a meeting of the Company’s shareholders. 
 1.7 General Share Limitation. Notwithstanding anything in this Warrant or in
the Supplement, this Warrant, together with all warrants of like tenor issued pursuant to the Supplement, shall not be exercisable for greater than an aggregate of 420,000 shares of Common Stock. 
 ARTICLE 2 ADJUSTMENTS. 
 2.1 Stock Dividends,
Splits, Etc. If the Company declares or pays a dividend on its common stock (or Shares if Shares are securities other than common stock) payable in common stock or other securities, subdivides the outstanding common stock into a greater amount
of common stock, or, if Shares are securities other than common stock, subdivides Shares in a transaction that increases the amount of common stock into which Shares are convertible, then upon exercise of this Warrant, for each Share acquired,
Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned Shares of record as of the date the dividend or subdivision occurred. 
 2.2 Reclassification, Exchange or Substitution. Except in the case of an Acquisition to which Section 1.5 is applicable, upon any
reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise of this Warrant, Holder shall be entitled to receive, upon exercise of this Warrant, the number and
kind of securities and property that Holder would have received for Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. The Company or its successor shall promptly issue to
Holder a new Warrant for such new securities or other property. The new Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 

 
including, without limitation, adjustments to the Exercise Price and to the number of securities or property issuable upon exercise of the new Warrant. The
provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 
 2.3
Adjustments for Combinations, Etc. If the outstanding Shares are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Exercise Price shall be proportionately increased and the number of Shares as to
which this warrant is exercisable shall be proportionately decreased. 
 2.4 [Intentionally Deleted] 
 2.5 No Impairment. The Company shall not, by amendment of its Articles of Incorporation or through a reorganization, transfer of assets,
consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all
times in good faith assist in carrying out of all the provisions of this Article 2 and in taking all such action as may be necessary or appropriate to protect Holder’s rights under this Article against impairment. 
 2.6 Fractional Shares. No fractional Shares shall be issuable upon exercise of the Warrant and the number of Shares to be issued shall be rounded
down to the nearest whole Share. If a fractional share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional share interest by paying Holder an amount computed by multiplying the fractional interest by the
fair market value of a full Share. 
 2.7 Certificate as to Adjustments. Upon each adjustment of the Exercise Price, the Company at
its expense shall promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written request,
furnish Holder a certificate setting forth the Exercise Price in effect upon the date thereof and the series of adjustments leading to such Exercise Price. 
 ARTICLE 3 COVENANTS OF THE COMPANY. 
 3.1 Valid Issuance. The Company shall take all steps necessary to insure that
all Shares which may be issued upon the exercise of this Warrant shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein
or under applicable federal and state securities laws. 
 3.2 Notice of Certain Events. If the Company proposes at any time
(a) to declare any dividend or distribution upon its common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription pro rata to the holders of any class or
series of its stock any additional shares of stock of any class or series or other rights; (c) to effect any reclassification or recapitalization of common stock; (d) to merge or consolidate with or into any other corporation, or sell,
lease, license, or convey all or substantially all of its assets, or to liquidate, dissolve or wind up; or (e) offer holders of registration rights the opportunity to participate in an underwritten public offering of the 

 
company’s securities for cash, then, in connection with each such event, the Company shall give Holder (1) in the case of the matters referred to
in (a) and (b) above at least 20 days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of common stock will be
entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (c) and (d) above; (2) in the case of the matters referred to in (c) and (d) above at least 20 days prior written
notice of the date when the same will take place (and specifying the date on which the holders of common stock will be entitled to exchange their common stock for securities or other property deliverable upon the occurrence of such event); and
(3) in the case of the matter referred to in (e) above, the same notice as is given to the holders of such registration rights. 
 3.3 Information. So long as the Holder holds this Warrant and/or any of the Shares, the Company shall deliver to Holder (a) promptly, copies of all notices or other written communications to which Holder would be entitled if it
held Shares as to which this Warrant was then exercisable and (b) such other financial statements required under and in accordance with any loan documents between Holder and the Company, or if there are no such requirements [or if the subject
loan(s) are no longer are outstanding, then within 45 days after the end of each of the first three quarters of each fiscal year, the Company’s quarterly, unaudited financial statements and within 120 days after the end of each fiscal year, the
Company’s annual, audited financial statements. 
 3.4 Notice of Expiration. The Company shall give Holder written notice of
Holder’s right to exercise this Warrant in the form attached as Appendix 2 not more than 90 days and not less than 15 days before the Expiration Date and, in the case of an Acquisition to which the proviso of Section 1.5
shall be applicable, 15 days notice of such Acquisition. If the notice is not so given, the Expiration Date shall automatically be extended until 15 days after the date the Company delivers the notice to Holder. 
 3.5 Registration Rights. The Shares issuable upon exercise of this Warrant shall have the same registration rights as the Company grants to the
investors in its next equity capital raising transaction completed after the Issue Date. 
 ARTICLE 4 MISCELLANEOUS. 
 4.1 Legends. This Warrant and the Shares shall be imprinted with a legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 
 4.2 Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant may not be transferred or
assigned in whole or in part without compliance with applicable federal and state securities laws by the transferor and the 

 
transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as
reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder or, if current information, as referenced in Rule 144(c), is available, Holder represents that
it has complied with Rule 144(d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule 144(f) and the Company is provided with a copy of Holder’s notice of proposed sale. 
 4.3 Transfer Procedure. Subject to the provisions of Section 4.3 Holder may transfer all or part of this Warrant or the Shares issuable upon
exercise of this Warrant at any time to LSQ LLC, or to any other transferee acceptable to the Company (which acceptance shall not be unreasonably withheld or delayed) by giving the Company notice of the portion of the Warrant being transferred
setting forth the name, address and taxpayer identification number of the transferee and surrendering this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable). The Company shall have the right to refuse to transfer
any portion of this Warrant to any person who directly competes with the Company. 
 4.4 Notices. All notices and other communications
from the Company to Holder, or vice versa, shall be in writing and shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, or by overnight courier, at such address as may
have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time. 
 4.5
Attorneys Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute,
including reasonable attorneys’ fees. 
 4.6 Governing Law. This Warrant shall be governed by and construed in accordance with
the laws of the State of Georgia, without giving effect to its principles regarding conflicts of law. 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized
officers, all as of the day and year first above written. 
  

			
	COMPANY
	
	TRI-S SECURITY CORPORATION
		
	By	 	  

	Name:	 	  

	Title:	 	  

  

			
	The undersigned Holder acknowledges and accepts the terms of this Warrant and represents that it is an “accredited investor,” as that term is defined in Rule 501 under the
Securities Act of 1933, as amended:
	
	BRE, LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 APPENDIX 1 
 Notice of Exercise 
 1. The undersigned hereby elects to purchase
                     shares of the Common Stock of Tri-S Security Corporation pursuant to the terms of the attached Warrant, and tenders
herewith payment of the purchase price of such shares in full. 
 2. Please issue a certificate or certificates representing said shares in
the name of the undersigned or in such other name as is specified below: 
  

			
	Name:	 	  

	Address:	 	  

	  

 3. The undersigned represents it is an “accredited investor” within the meaning of Rule
501 of the Securities Act of 1933, as amended, and it is acquiring the shares solely for its own account and not as a nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable
securities laws. 
  

	
	  

	(Signature)
	  

	(Date)

 APPENDIX 2 
 Notice that Warrant Is About to Expire 
 [Insert Date of Notice] 
  

					
	To:	 	BRE LLC
		 	Attn:	 	  

		 	  

		 	  

 The Warrant issued to you described below will expire on January 7, 2013. 
 Issuer: Tri-S Security Corporation 
 Issue Date:
January 7, 2009. 
 Class of Security Issuable: Common Stock 
 Exercise Price per Share: $3.00 
 Number of Shares Issuable: 90,000 
 Procedure for Exercise: 
 Please contact Nicolas V. Chater at
(678) 808-1540 with any questions you may have concerning exercise of the Warrant. This is your only notice of pending expiration. 
  

			
	TRI-S SECURITY CORPORATION
		
	By	 	  

		
	Its:

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