Document:

Exhibit
10.1

 

THIS CONVERTIBLE NOTE AND THE SHARES OF COMMON STOCK
OF IMPACT DIAGNOSTICS, INC. INTO WHICH THIS CONVERTIBLE NOTE IS CONVERTIBLE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
NOR UNDER ANY STATE SECURITIES LAW, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR
TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT WITH RESPECT THERETO IS
EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAW OR (ii) MAKER
RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF THIS CONVERTIBLE NOTE OR OF
SUCH COMMON STOCK WHICH OPINION AND COUNSEL ARE SATISFACTORY TO MAKER, THAT THE
CONVERTIBLE NOTE OR SHARES MAY BE PLEDGED, SOLD, ASSIGNED OR OTHERWISE
TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR
APPLICABLE STATE SECURITIES LAW.

 

IMPACT
DIAGNOSTICS, INC.

 

6%
CONVERTIBLE PROMISSORY NOTE

 

Due
July 15, 2007

 

	
  $350,000

  	
   

  	
  As of
  July 23, 2004

  

 

FOR VALUE RECEIVED, Impact
Diagnostics, Inc., a Utah corporation (“Maker”), with its principal
offices at 5792 South 900 East, Suite B, Salt Lake City, Utah 84121, does
hereby unconditionally promise to pay to the order of James H. Donell,
Receiver, as receiver of Citadel Capital Management, Inc. (“Payee”),
with principal offices at 12121 Wilshire Boulevard, Suite 200, Los Angeles,
California 90025, the principal sum of THREE HUNDRED FIFTY THOUSAND AND 00/100
DOLLARS ($350,000) on July 15, 2007 (the “Maturity Date”) together
with all accrued and unpaid interest. 
Interest shall accrue from the date hereof and shall be payable on the
principal amount hereof at the rate of six percent (6%) per annum.  The Company shall pay interest quarterly in
arrears on January 15, April 15, July 15 and October 15 of
each year, commencing October 15, 2004.

 

This Convertible Note and the warrant issued by Maker
on the date hereof to Payee to purchase 89,500 shares of Common Stock of Maker
(the “Warrant”) are issued in exchange and settlement of all obligations
of Maker under a promissory note in the original principal amount of $578,000
made on or about June 8, 2001 by Maker to Payee and said original note is
now null and void and of no further effect and has been surrendered to Maker
for cancellation and replacement and all debts and obligations under said
original note are fully extinguished.

 

1.                                       Interest.  Interest will be computed on the basis of a
360-day year of twelve 30-day months.

 

2.                                       Prepayment.  Maker may prepay, at any time, all or any
portion of this Convertible Note, together with all accrued and unpaid interest
thereon, without premium or

 

 

penalty; provided that Maker shall have first given
to Payee ten (10) days notice of such prepayment.

 

3.                                       Conversion
of Convertible Note.

 

3.1                                 By
Payee.

 

(a)                                  Payee
shall have the right, at its option, at any time or from time to time after the
date hereof prior to the Maturity Date, to convert the principal amount and any
unpaid interest hereof, in whole or in part, into fully-paid and non-assessable
shares of common stock, par value $0.001 per share, of Maker (the “Common
Stock”).  The number of shares of
Common Stock issuable upon conversion of this Convertible Note shall be equal
to the quotient of the principal amount of this Convertible Note (or the
portion thereof), plus all accrued and unpaid interest, submitted for
conversion, divided by the Conversion Ratio (as defined below), subject to
adjustment as provided in Section 3.8. 
As used herein, the term “Conversion Ratio” shall mean $0.84, or, in the
event an adjustment of such ratio has occurred pursuant to Section 3.8,
then such ratio as last adjusted.

 

(b)                                 Notwithstanding
any other provision hereof, should Maker give notice of its intent to prepay
this Convertible Note pursuant to Section 2 hereof, Payee shall be
entitled to convert the principal amount hereof into shares of Common Stock, at
any time before the close of business on the date that is one business day
before the date fixed for such prepayment, in accordance with the terms of this
Convertible Note.

 

(c)                                  In
order to exercise the conversion right set forth in this Section 3.1,
Payee shall surrender this Convertible Note during regular business hours at
the office of Maker stated above, accompanied by written notice to Maker that
Payee elects to convert a stated portion of the unpaid principal amount hereof.  Such notice shall also state the name(s)
(with addresses) in which the certificate(s) for shares of Common Stock
issuable upon such conversion shall be issued. 
This Convertible Note, upon surrender for conversion, shall, unless the
shares issuable upon conversion are to be issued in the name of Payee, be
accompanied by proper assignments for transfer. 
As promptly as practicable after the receipt of such notice and the
surrender of this Convertible Note, but subject to the provisions of Section 3.4
hereof, Maker shall deliver or cause to be delivered at said office to Payee,
or on Payee’s written order, a certificate or certificates for the number of
fully paid and non-assessable shares of Common Stock issued upon conversion of
this Convertible Note.  Certificates
evidencing the shares of Common Stock issued upon conversion of this
Convertible Note shall bear a legend similar to the legend on the face of this
Convertible Note.  Such conversion shall
be deemed to have been effected immediately prior to the close of business on
the date on with such notice shall have been received by Maker and this
Convertible Note shall have been surrendered (the “Date of Conversion”),
and at such time, the rights of Payee shall cease with respect to the portion
of principal converted, and the person(s) in whose name(s) any certificates for
shares of Common Sock shall be issuable upon such conversion shall be deemed to
have become the holder(s) of record of the shares represented thereby, unless
the stock transfer books of Maker shall be closed on that date, in which event
such person(s) shall be deemed to have become such holder(s) of record on the
next succeeding day on which such stock transfer books are open.  Simultaneously with the delivery of the
shares of Common Stock as provided herein, Maker shall execute and

 

 

deliver to Payee a new
convertible note in principal amount equal to the unconverted portion, if any,
of this Convertible Note.  Appropriate
adjustment shall be made in such new Convertible Note to reflect the partial
conversion of the principal amount hereof.

 

3.2                                 Conversion
By Maker.

 

(a)                                  Maker
shall have the right at any time to require Payee to convert this Convertible
Note, plus any accrued but unpaid interest hereon, into Common Stock at the
applicable Conversion Ratio, provided that
(i) the Common Stock has traded at or above $0.98 per share (the “Forced
Conversion Price”) for 10 consecutive Trading Days, and (ii) a registration
statement covering the Common Stock into which this Convertible Note is to be
converted filed under the Act has been declared effective by the Securities and
Exchange Commission (the “Commission”). 
For purposes of this Convertible Note, a Trading Day is defined as (i) a
day on which the Common Stock is traded on a Trading Market, or (ii) if the
Common Stock is not quoted on a Trading Market, a day on which the Common Stock
is quoted in the over-the-counter market as reported by the National Quotation
Bureau Incorporated (or any similar organization or agency succeeding to its
functions of reporting price); provided, that in the event that the Common
Stock is not listed or quoted as set forth in (i) and (ii) hereof, then Trading
Day shall mean a business day.  For
purposes of this Convertible Note, a Trading Market means the following markets
or exchanges on which the Common Stock is listed or quoted for trading on the
date in question: the OTC Bulletin Board, the American Stock Exchange, the New
York Stock Exchange, the Nasdaq National Market or the Nasdaq SmallCap Market.

 

(b)                                 If
Maker has required Payee to convert this Convertible Note pursuant to
Section 3.2(a), this Convertible Note shall automatically be deemed
cancelled and of no further force and effect. 
Notwithstanding the preceding sentence, Payee shall surrender this
Convertible Note during regular business hours at the office of Maker stated
above.  As promptly as practicable after
the surrender of this Convertible Note, but subject to the provisions of
Section 3.4 hereof, Maker shall deliver or cause to be delivered at said
office to Payee, or on Payee’s written order, a certificate or certificates for
the number of fully paid and non-assessable shares of Common Stock issued upon
conversion of this Convertible Note pursuant to Section 3.2(a).

 

3.3                                 Adjustment
for Accrued Interest; Dividends.  At
Maker’s option, upon conversion of this Convertible Note, Maker may either (a)
adjust the number of shares of Common Stock into which this Convertible Note
may be converted for interest accrued on this Convertible Note since the last
preceding interest payment date (the “Accrued Interest”), or (b) pay the
Accrued Interest to Payee in cash; provided, however, that in the event that
Maker shall have failed to make any payment on interest under this Convertible
Note when due, the aggregate amount of unpaid interest in arrears shall be
added to the principal amount of this Convertible Note to be converted into
Common Stock upon any conversion under this Section 3.  Any dividends declared or issued or cash
distributions made with respect to the Common Stock prior to conversion of this
Convertible Note by Payee shall not be credited to Payee upon the conversion of
this Convertible Note.

 

 

3.4                                 No
Fractional Shares.  No fractional
shares of Common Stock shall be issued upon conversion of this Convertible
Note.  In the event that the principal
amount to be converted stated in the notice shall result in the issuance of a
fractional share of Common Stock, the amount to be converted shall be rounded
to the nearest whole number of shares to prevent the issuance of such fractional
share.

 

3.5                                 Certificates
for Shares.  The issuance of
certificates for shares of Common Stock upon the conversion of this Convertible
Note shall be made without charge to Payee for any documentary, stamp or
similar issue in respect of the issuance of such certificates, and such
certificates shall be issued in the name of, or in such names as may be
directed by, Payee.  Maker shall not,
however, be required to pay any tax which may be payable in respect of any transfer
involved in the issue or transfer and delivery of shares of Common Stock in a
name other that that of Payee, and no such issue or transfer and delivery shall
be made unless and until the person requesting such transfer has paid to Maker
the amount of any such tax or has established to the satisfaction of Maker that
such tax has been paid.

 

3.6                                 Representations
and Warranties.  By acceptance
hereof, Payee acknowledges that Payee is aware that this Convertible Note and
the shares of Common Stock issuable to Payee have not been registered under the
Act.  In this connection, Payee warrants
and represents to Maker that Payee’s acquisition of this Convertible Note and,
upon conversion of this Convertible Note, his acquisition of shares of Common
Stock, are and will be acquired by Payee for investment and not with a view to
or for sale in connection with any distribution thereof or with any intention
of distributing or selling them, and he does not currently have reason to
anticipate any change in circumstances or any particular occasion or event which
would cause him to sell any of such securities.

 

3.7                                 Adjustments.  The Conversion Ratio, Forced Conversion Price
and the number of shares of Common Stock or amount of any other securities and
property as hereinafter provided into which this Convertible Note is
convertible shall be subject to adjustment from time to time effective upon
each occurrence of any of the following events. 
In case by reason of the operation of this Section 3.7, this
Convertible Note shall be convertible into any other shares of stock or other
securities or property of Maker or of any successor of Maker, or any Parent of
any of the foregoing, any reference herein to the conversion of this
Convertible Note shall be deemed to refer to and include the conversion of this
Convertible Note for such other shares of stock or other securities or
property.  Without limiting the
foregoing, Maker agrees that upon completion of the proposed merger of Maker
and a subsidiary of Grant Ventures, Inc. (“Grant”), this Convertible
Note will be convertible into shares of Common Stock of Grant at the Conversion
Price or Forced Conversion Price then in effect.

 

(a)                                  If
Maker shall declare or pay any dividend with respect to its Common Stock
payable in shares of Common Stock, subdivide the outstanding shares of Common
Stock into a greater number of shares of Common Stock, or reduce the number of
shares of Common Stock outstanding (by stock split, reverse stock split,
reclassification or otherwise than by repurchase of its Common Stock) (any of
such events being hereinafter called a “Stock Split”), the Conversion
Ratio and Forced Conversion Price shall be appropriately adjusted so as to
entitled Payee to receive upon conversion of this Convertible Note, for the
same

 

 

aggregate consideration
provided herein, the same number of shares of Common Stock as Payee would have
received as a result of such Stock Split had Payee converted this Convertible
Note in full immediately prior to such Stock Split.  Payee acknowledges that Maker has effected a
3.58:1 stock split effective July 6, 2004 and that the Conversion Ratio
and Forced Conversion Price set forth herein have already been adjusted to take
into account such stock split and no further adjustment otherwise required
pursuant to this Section 3.7 for such stock split shall be required or
effected.

 

(b)                                 If
Maker shall merge or consolidate with or into one or more entities and Maker is
the sole surviving entity, or Maker shall adopt a plan of recapitalization or
reorganization in which shares of Common Stock are exchanged for or changed
into another class of stock or other security of Maker, Payee shall, for the
same aggregate consideration provided herein, be entitled upon conversion of
this Convertible Note to receive, in lieu of the number of shares of Common Stock
into which this Convertible Note would otherwise be convertible, the number of
shares of Common Stock or other securities to which Payee would have been
entitled pursuant to the terms of the agreement or plan of merger,
consolidation, recapitalization or reorganization had Payee converted this
Convertible Note in full immediately prior to such merger, consolidation,
recapitalization or reorganization.

 

(c)                                  If
Maker is merged or consolidated with or into one of more entities under
circumstances in which Maker is not the sole surviving entity, or if Maker
sells or otherwise disposes of substantially all of its assets, and in
connection with any such merger, consolidation or sale the holders of shares of
Common Stock receive stock or other securities convertible into equity of the
surviving or acquiring entities, after the effective date of such merger,
consolidation or sale, as the case may be, Payee shall, for the same aggregate
consideration provided herein, be entitled upon conversion of this Convertible Note
to receive, in lieu of shares of Common Stock into which this Convertible Note
would otherwise be convertible, shares of such stock or other securities as
Payee would have received pursuant to the terms of the merger, consolidation or
sale had Payee converted this Convertible Note in full immediately prior to
such merger, consolidation or sale.  In
the event of any merger, consolidation or sale as described in this
Section 3.8(c), provision shall be made in connection therewith for the
surviving or acquiring entities to assume all obligations and duties of Maker
hereunder or to issue a substitute Convertible Note in lieu of this Convertible
Note with all such changes and adjustments in the number or kind of shares of
Common Stock or other securities or property thereafter subject to this
Convertible Note or in the Conversion Ratio as shall be required in connection
with this Section 3.7.

 

(d)                                 If
Maker shall declare or pay any dividend, or make any distribution, with respect
to its Common Stock that is payable in preferred stock or other securities or
rights to subscribe for or purchase any security of Maker other than Common
Stock, or that is payable in debt securities of Maker convertible into shares
of Common Stock, preferred stock or other equity securities of Maker, Payee
shall, for the same aggregate consideration provided herein, be entitled to
receive upon conversion of this Convertible Note in lieu of the shares of
Common Stock into which this Convertible Note would otherwise be convertible,
the same amount of shares of Common Stock, preferred stock and other securities
or rights to

 

 

subscribe for or purchase
any security as Payee would have received had Payee converted this Convertible
Note in full immediately prior to any such dividend or distribution.

 

4.                                       Reservation
of Capital Stock.  Maker shall (i) at
all times reserve and keep available out of its authorized capital stock,
solely for the purpose of issue upon conversion of this Convertible Note as
provided in Section 3 hereof, such number of shares of Common Stock as
shall then be issuable upon the conversion of the maximum amount of principal
and interest convertible pursuant to this Convertible Note; and (ii) all the
shares of Common Stock which shall be so issuable upon conversion of this
Convertible Note shall be duly and validly issued and fully paid and
non-assessable.

 

5.                                       Piggyback
Registration Rights.

 

(a)                                  If
Maker shall determine to prepare and file with the Commission a registration
statement relating to an offering for its own account or the account of others
under the Act of any of its common stock (other than on Form S-4 or Form S-8
(each as promulgated under the Act) or their then equivalents relating to
equity securities to be issued solely in connection with any acquisition of any
entity or business or equity securities issuable in connection with stock
option or other employee benefit plans), then Maker shall send to Payee a
written notice of such determination and, if within ten (10) days after receipt
by Payee, Maker shall receive a request in writing from Payee, Maker shall
include in such registration statement all or any part of the Common Stock
issued to Payee upon conversion of this Convertible Note that Payee requests to
be registered; provided, however, that (i) if, at any time after
giving written notice of its intention to register any securities and prior to
the effective date of the registration statement filed in connection with such
registration, Maker determines for any reason not to proceed with such
registration, Maker will be relieved of its obligation to register any Common
Stock of Payee in connection with such registration, and (ii) in case of a
determination by Maker to delay registration of its securities, Maker will be
permitted to delay the registration of the Common Stock of Payee for the same
period as the delay in registering such other securities, in any such case
without any obligation or liability to Payee. 
If Payee elects to include Common Stock in a registration statement
pursuant to this Section 5(a), Payee shall sell such Common Stock
on the same terms and conditions upon which the equity securities of Maker or
others are being sold pursuant to such registration statement.

 

(b)                                 Notwithstanding
anything in this Section 5 to the contrary, with respect to any
registration described in this Section 5 that is an underwritten
registration of Maker’s securities for Maker’s own account, if the managing
underwriter advises Maker that the inclusion of some or all of the Common Stock
of Payee requested to be included in such registration pursuant to Section 5(a)
would interfere with the successful marketing (including pricing) of the equity
securities of Maker to be registered by Maker, then the number of shares to be
included in any such registration shall be included in the following order: (i)
first, the shares to be registered by Maker; (ii) second, any securities of
other holders who are entitled to include securities in such registration on a
pro-rata basis based on such holders’ respective percentage ownership of Maker
on a fully-diluted basis; and (iii) third, the Common Stock and Warrant Shares
(as defined in the Warrant) of Payee requested to be included in such
registration pursuant to Section 5(a) of

 

 

this Convertible Note and
Section 15(a) of the Warrant, respectively, on a pro-rata basis
based on Payee’s percentage ownership of the Company on a fully-diluted basis.

 

(c)                                  Notwithstanding
anything in this Section 5 to the contrary, with respect to any
registration described in this Section 5 that is an underwritten
registration of Maker’s securities for the account of other holders of such
securities (the “Other Holders”), if the managing underwriter advises
Maker that the inclusion of some or all of the Common Stock of Payee requested
to be included in such registration pursuant to Section 5(a) would
interfere with the successful marketing (including pricing) of the equity
securities of Maker to be registered by Maker, then the number of shares to be
included in any such registration shall be included in the following order: (A)
first, the securities of the Other Holders; (B) second, any shares to be
registered by Maker for its own account; (iii) third, the Common Stock and
Warrant Shares of Payee requested to be included in such registration pursuant
to Section 5(a) of this Convertible Note and Section 15(a)
of the Warrant, respectively, on a pro-rata basis based on Payee’s percentage
ownership of Maker on a fully-diluted basis, and (iv) fourth, securities of all
other holders who are entitled to include securities in such registration, on a
pro-rata basis based on such holders’ respective percentage ownership of Maker
on a fully-diluted basis.

 

(d)                                 All
fees and expenses incident to any registration described in this Section 5
shall be borne by Maker, other than fees and expenses of counsel or any other
advisor retained by Payee and discounts, fees and commissions (including,
without limitation, any underwriters’ discounts, fees and commissions) with
respect to the sale of any Common Stock or Warrant Shares by Payee.

 

6.                                       Events
of Default.

 

6.1                                 Failure
to Pay.  If Maker shall fail to pay
any principal of, or interest on, this Convertible Note within thirty (30) days
after Maker’s receipt of written notice of such failure, then Payee, by written
notice to Maker, may declare this Convertible Note to be, and the same
thereupon shall become, immediately due and payable without presentment,
demand, protest or other notice or formality of any kind, all of which are
expressly waived.

 

6.2                                 Bankruptcy.  If any one of the following events shall
occur and be continuing:

 

(a)                                  Maker
shall commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, or shall consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case
or other proceeding commenced against it, or shall make a general assignment
for the benefit of creditors, or

 

(b)                                 an
involuntary case or other proceeding shall be commenced against Maker seeking
liquidation, reorganization or other relief with respect to it or its debts

 

 

under any bankruptcy,
insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar
official of it or any substantial part of its property, and such involuntary
case or other proceeding shall remain undismissed and unstayed for a period of
sixty (60) days; or an order for relief shall be entered against Maker under
the federal bankruptcy laws as now or hereafter in effect;

 

then, in any such event, this Convertible Note
immediately shall become due and payable without presentment, demand, protest
or notice or formality of any kind, all of which hereby are expressly waived.

 

7.                                       Miscellaneous.

 

7.1                                 Binding
Effect.  This Convertible Note shall
be binding and inure to the benefit of Payee and Payee’s successors and
assigns.  This Convertible Note shall be
binding upon Maker and its successors and assigns, whether by merger or
otherwise.

 

7.2                                 Waiver;
Amendment.  No waiver of any
provision of this Convertible Note shall in any event be effective unless the
same shall be in writing and signed by the waiving party and then such waiver
shall be effective only in the specific instance and for the specific purpose
for which given.  No course of dealing
and no delay on the part of Payee in exercising any right, power or remedy
shall operate as a waiver thereof or otherwise prejudice Payee’s rights, powers
or remedies.  This Convertible Note shall
not be amended unless in writing signed by Payee and Maker.

 

7.3                                 Notices.  All notices, requests, consents and demands
shall be made in writing and shall be mailed, registered or certified mail,
postage prepaid, to Maker at Maker’s address first above written, or to Payee
at Payee’s address first above written, or to such other address as may be
furnished in writing to the other party hereto. 
Notices hereunder shall be effective when received.

 

7.4                                 Transfer.  Payee shall not transfer, sell or otherwise
dispose of this Convertible Note without the prior written consent of Maker,
which consent shall not be unreasonably withheld.  Upon any permissibletransfer hereof, the transferor shall (i)
endorse hereon the date to which interest shall have been paid hereon and the
remaining unpaid principal balance hereof, and (ii) notify Maker in writing of
the name and address of the transferee, and until Maker shall receive such
notice, Maker may continue to treat the last previous holder of this
Convertible Note, as shown by its records, as the owner hereof for all
purposes.

 

7.5                                 Loss
or Theft.  Upon receipt by Maker of
evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Convertible Note and, in case of loss, theft or destruction, of an
indemnity satisfactory to it and upon reimbursement thereto and, if mutilated,
upon surrender and cancellation of this Convertible Note, Maker will make and deliver
in lieu of this Convertible Note and new convertible note of like tenor.

 

7.6                                 Governing
Law; Jurisdiction.  This Convertible
Note shall be governed by and construed in accordance with the internal laws of
the State of California without regard to

 

 

the conflicts of laws
principles thereof.  The parties hereto
hereby irrevocably agree that any suit or proceeding arising directly and/or
indirectly pursuant to or under this Convertible Note shall be brought solely
in a state court located in the State of California or a federal court located
in the Central District of California. 
By its execution hereof, Maker, and by its acknowledgement of this
Convertible Note, Payee, hereby covenant and irrevocably submit to the in personam jurisdiction of the federal
and state courts located in the Central District of California and the State of
California, respectively, and agree that any process in any such action may be
served upon any of them personally, or by certified mail or registered mail
upon them, return receipt requested, with the same full force and effect as if
personally served upon them in the State of California. The parties hereto
waive any claim that any such jurisdiction is not a convenient forum for any
such suit or proceeding and any defense or lack of in personam jurisdiction with respect thereto. In the event
of any such action or proceeding, the party prevailing therein shall be
entitled to payment from the other party hereto of its reasonable counsel fees
and disbursements.

 

 

IN WITNESS WHEREOF,
Maker has duly caused this Note to be signed on its behalf, in its company name
and by its duly authorized officer as of the date first set forth above.

 

 

	
   

  	
  IMPACT DIAGNOSTICS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged by:

  	
   

  
	
   

  	
   

  
	
  JAMES H. DONELL, RECEIVER

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:Exhibit 10.2

 

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS
EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
(THE “COMMISSION”) OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO THE TRANSFEROR REASONABLY ACCEPTABLE TO THE COMPANY TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.

 

Impact Diagnostics, Inc.

 

WARRANT TO PURCHASE 89,500 SHARES OF COMMON STOCK

 

(SUBJECT TO ADJUSTMENT)

 

(Void after July 23, 2009)

 

PPW -    

 

THIS COMMON STOCK PURCHASE WARRANT CERTIFIES
that, for value received, James H. Donell, Receiver (the “Holder”), as receiver of Citadel
Capital Management, Inc., with principal offices at 12121 Wilshire Boulevard,
Suite 200, Los Angeles, CA 90025, is entitled, upon the terms and subject to
the limitations on exercise and the conditions hereinafter set forth, at any
time on or after July 23, 2004 (the “Exercise
Date”) and on or prior to the close of business on July 23,
2009 (the “Termination Date”),
but not thereafter, to subscribe for and purchase from Impact Diagnostics,
Inc., a Utah corporation (the “Company”),
with its principal offices at 5792 South 900 East, Suite B, Salt Lake City,
Utah 84121, up to 89,500 shares (the “Warrant
Shares”), of common stock, par value $0.001 per share, of the
Company (the “Common Stock”).
The initial purchase price of one (1) share of Common Stock under this Warrant
shall be equal to $0.01 (the “Exercise
Price”).  The Exercise
Price and the number of Warrant Shares for which the Warrant is exercisable
shall be subject to adjustment as provided elsewhere herein.

 

1.                                       Authorization
of Shares.  The Company covenants
that all Warrant Shares which may be issued upon the exercise of the purchase
rights represented by this Warrant will, upon exercise of the purchase rights
represented by this Warrant, be duly authorized, validly 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 with such issue and liens and charges incurred by the
Holder).

 

 

2.                                       Exercise
of Warrant.

 

(a)                                  Exercise
of the purchase rights represented by this Warrant may be made at any time or
times on or after the Exercise Date and on or before the Termination Date by
the surrender of this Warrant and the Notice of Exercise Form annexed hereto
duly executed, at the office of the Company (or such other office or agency of
the Company as it may designate by notice in writing to the registered Holder
at the address of such Holder appearing on the books of the Company), and upon
payment of the Exercise Price of the Warrant Shares (subject to Section 3
below) thereby purchased by wire transfer or cashier’s check drawn on a United
States bank, the Holder shall be entitled to receive a certificate for the
number of Warrant Shares so purchased. Certificates for Warrant Shares
purchased hereunder shall be delivered to the Holder as soon as practicable
after the date on which this Warrant shall have been exercised as aforesaid.

 

This Warrant shall be deemed to have been
exercised and such Warrant Shares shall be deemed to have been issued, and the
Holder or any other person so designated to be named therein shall be deemed to
have become a holder of record of such shares for all purposes, as of the date
the Warrant has been properly exercised by receipt by the Company of the Notice
of Exercise and payment to the Company of the Exercise Price and all taxes
required to be paid by the Holder, if any, pursuant to Section 4
have been paid.

 

(b)                                 If
this Warrant shall have been exercised in part, the Company shall, at the time
of delivery of the Warrant Shares, deliver to Holder a new Warrant evidencing
the rights of Holder to purchase the unpurchased Warrant Shares called for by
this Warrant, which new Warrant shall in all other respects be identical with
this Warrant.

 

3.                                       No
Fractional Shares or Scrip.  No
fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share which the Holder
would otherwise be entitled to purchase upon such exercise, the Company shall
pay a cash adjustment in respect of such final fraction in an amount equal to
such fraction multiplied by the Exercise Price.

 

4.                                       Charges,
Taxes and Expenses.  Issuance of the
Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such
Warrant Shares, all of which taxes and expenses shall be paid by the Company,
and such Warrant Shares shall be issued in the name of the Holder or in such
name or names as may be directed by the Holder; provided, however, that in the
event the Warrant Shares are to be issued in a name other than the name of the
Holder, this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Holder; and the payment of
a sum sufficient for any transfer tax incidental thereto.

 

5.                                       Division
and Combination.

 

(a)                                  This
Warrant may be divided or combined with other Warrants upon presentation hereof
at the aforesaid office of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 6,
as to any transfer which may be involved in such division or combination, the
Company shall execute and deliver a new

 

2

 

Warrant or Warrants in exchange for the
Warrant or Warrants to be divided or combined in accordance with such notice.

 

(b)                                 The
Company shall prepare, issue and deliver at its own expense (other than
transfer taxes) the new Warrant or Warrants under this Section 5.

 

(c)                                  The
Company agrees to maintain, at its aforesaid office, books for the registration
and the registration of transfer of the Warrants.

 

(d)                                 If,
at the time of the surrender of this Warrant in connection with any transfer of
this Warrant, the transfer of this Warrant shall not be registered pursuant to
an effective registration statement under the Securities Act and under
applicable state securities or blue sky laws, the Company may require, as a
condition of allowing such transfer (i) that the Holder or transferee of this
Warrant, as the case may be, furnish to the Company a written opinion of
counsel reasonably satisfactory to the Company (which opinion shall be in form,
substance and scope reasonably satisfactory to the Company) to the effect that
such transfer may be made without registration under the Securities Act and
under applicable state securities or blue sky laws, (ii) that the holder or
transferee execute and deliver to the Company an investment letter in form and
substance acceptable to the Company and (iii) that the transferee be an
“accredited investor” as defined in Rule 501(a) promulgated under the
Securities Act.

 

6.                                       Transfer.  This Warrant and all rights hereunder may not
be transferred without the prior written consent of the Company, which consent
shall not be unreasonably withheld.

 

7.                                       No
Rights as Stockholder Until Exercise. 
This Warrant does not entitle the Holder to any voting rights or other
rights as a stockholder of the Company prior to the exercise hereof. Upon the
surrender of this Warrant and the payment of the aggregate Exercise Price, the
Warrant Shares so purchased shall be and be deemed to be issued to such Holder
as the record owner of such shares as of the close of business on the later of
the date of such surrender or payment.

 

8.                                       Loss,
Theft, Destruction or Mutilation of Warrant.  The Company covenants that upon receipt by
the Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it, and upon surrender and cancellation of
such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

 

9.                                       Saturdays,
Sundays, Holidays, etc.  If the last
or appointed day for the taking of any action or the expiration of any right
required or granted herein shall be a Saturday, Sunday or a legal holiday in
the State of California, then such action may be taken or such right may be
exercised on the next succeeding day not a Saturday, Sunday or legal holiday in
the State of California.

 

3

 

10.                                 Certain
Adjustments to Exercise Price and Number of Warrant Shares.

 

(a)                                  Stock
Splits, Etc.  The number and kind of
securities purchasable upon the exercise of this Warrant and the Exercise Price
shall be subject to adjustment from time to time upon the happening of any of
the following. In case the Company shall (i) pay a dividend in shares of Common
Stock or make a distribution in shares of Common Stock to holders of its
outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock
into a greater number of shares, (iii) combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock, or (iv) issue any shares
of its capital stock in a reclassification of the Common Stock, then the number
of Warrant Shares purchasable upon exercise of this Warrant immediately prior
thereto shall be adjusted so that the Holder shall be entitled to receive the
kind and number of Warrant Shares or other securities of the Company which it
would have owned or have been entitled to receive had such Warrant been
exercised in advance thereof. Upon each such adjustment of the kind and number
of Warrant Shares or other securities of the Company which are purchasable
hereunder pursuant to this Section 10(a), the Holder shall
thereafter be entitled to purchase the number of Warrant Shares or other
securities resulting from such adjustment at an Exercise Price per Warrant
Share or other security obtained by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of Warrant Shares
purchasable pursuant hereto immediately prior to such adjustment and dividing
by the number of Warrant Shares or other securities of the Company resulting
from such adjustment. An adjustment made pursuant to this paragraph shall
become effective immediately after the effective date of such event retroactive
to the record date, if any, for such event. 
The Holder acknowledges that the Company has effected a 3.58:1 stock
split effective July 6, 2004 and that the Exercise Price set forth herein
has already been adjusted to take into account such stock split and no further
adjustment otherwise required pursuant to this Section 10(a) for
such stock split shall be required or effected.

 

(b)                                 Reorganization,
Reclassification, Merger, Consolidation or Disposition of Assets.  In case the Company shall reorganize its
capital, reclassify its capital stock (other than as set forth in Section 10(a)),
merge with or into or consolidate with another corporation or other entity
(where the Company is not the surviving corporation or where there is a change
in or distribution with respect to any class of common stock of the Company),
or sell, transfer or otherwise dispose of all or substantially all its
property, assets or business to another corporation or other entity and,
pursuant to the terms of such reorganization, reclassification, merger,
consolidation or disposition of assets, shares of common stock of the successor
or acquiring corporation or other entity, or any cash, shares of stock or other
securities or property of any nature whatsoever (including warrants or other
subscription or purchase rights) in addition to or in lieu of common stock of
the successor or acquiring corporation or other entity (“Other Property”), are to be received by or distributed to the holders of common stock of
the Company, then the Holder shall have the right thereafter to receive, upon
exercise of this Warrant, the number of shares of common stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and Other Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) and, if an entity
different from the successor or acquiring corporation, the entity whose common
stock

 

4

 

or Other Property the holders of the Common
Stock are entitled to receive as a result of such transaction, shall expressly
assume the due and punctual observance and performance of each and every
covenant and condition of this Warrant to be performed and observed by the
Company and all the obligations and liabilities hereunder, subject to such
modifications as may be deemed appropriate (as determined in good faith by
resolution of the Board of Directors of the Company) in order to provide for
adjustments of Warrant Shares for which this Warrant is exercisable which shall
be as nearly equivalent as practicable to the adjustments provided for in this Section 10(b).
For purposes of this Section 10(b), “common stock of the successor or acquiring corporation” shall
include stock of such corporation of any class which is not preferred as to
dividends or assets over any other class of stock of such corporation and which
is not subject to redemption and shall also include any evidences of
indebtedness, shares of stock or other securities which are convertible into or
exchangeable for any such stock, either immediately or upon the arrival of a
specified date or the happening of a specified event and any warrants or other
rights to subscribe for or purchase any such stock. The foregoing provisions of
this Section 10(b) shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of
assets.  Without limiting the foregoing,
the Company agrees that upon completion of the proposed merger (the “Merger”) of the Company and a
subsidiary of Grant Ventures, Inc. (“Grant”),
this Warrant will be exerciseable in shares of Common Stock of Grant at the
Exercise Price then in effect.

 

11.                                 Notice
of Adjustment.  Whenever the number
of Warrant Shares or number or kind of securities or other property purchasable
upon the exercise of this Warrant or the Exercise Price is adjusted, as herein
provided, the Company shall give notice thereof to the Holder, which notice
shall state the number of Warrant Shares (and other securities or property)
purchasable upon the exercise of this Warrant and the Exercise Price of such
Warrant Shares (and other securities or property) after such adjustment,
setting forth a brief statement of the facts requiring such adjustment and
setting forth the computation by which such adjustment was made.

 

12.                                 Notice
of Corporate Action.  If at any time:

 

(a)                                  the
Company shall take a record of the holders of its Common Stock for the purpose
of entitling them to receive a dividend or other distribution, or any right to
subscribe for or purchase any evidences of its indebtedness, any shares of
stock of any class or any other securities or property, or to receive any other
right, or

 

(b)                                 there
shall be any capital reorganization of the Company, any reclassification or
recapitalization of the capital stock of the Company or any consolidation or
merger of the Company (other than the Merger) with, or any sale, transfer or
other disposition of all or substantially all the property, assets or business
of the Company to, another corporation or,

 

(c)                                  there
shall be a voluntary or involuntary dissolution, liquidation or winding up of
the Company;

 

then, in any one or more of such cases, the Company shall give to the
Holder (i) at least 10 days’ prior written notice of the date on which a record
date shall be selected for such dividend, distribution or right or for
determining rights to vote in respect of any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
liquidation or winding up, and

 

5

 

(ii) in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least
10 days’ prior written notice of the date when the same is expected to take
place. Such notice in accordance with the foregoing clause also shall specify
(i) the date on which the holders of Common Stock shall be entitled to receive
any such dividend, distribution or right, and the amount and character thereof,
and (ii) the time, if any such time is to be fixed, as of which the holders of
Common Stock shall be entitled to exchange their Warrant Shares for securities
or other property deliverable upon such disposition, dissolution, liquidation
or winding up. Each such written notice shall be sufficiently given if
addressed to the Holder at the last address of the Holder appearing on the
books of the Company and delivered in accordance with Section 14(e).  Failure to give such notice, or any defect
therein, shall not affect the validity of such action, so long as such failure
does not materially prejudice the rights of the Holders.

 

13.                                 Authorized
Shares. The Company covenants that during the period the Warrant is
outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares
upon the exercise of any purchase rights under this Warrant. The Company
further covenants 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 (or facilitate
electronic delivery of) the Warrant Shares upon the exercise of the purchase
rights under this Warrant.  

 

14.                                 Miscellaneous.

 

(a)                                  Governing
Law; Jurisdiction. This Agreement shall be governed by and construed in accordance
with the internal laws of the State of California without regard to the
conflicts of laws principles thereof. The parties hereto hereby irrevocably
agree that any suit or proceeding arising directly and/or indirectly pursuant
to or under this Agreement, shall be brought solely in a state court located in
the State of California or a federal court located in the Central District of
California. By its execution hereof, the Company, and by its acceptance of this
Warrant, the Holder, hereby covenant and irrevocably submit to the in personam jurisdiction of the federal
and state courts located in the Central District of California and the State of
California, respectively, and agree that any process in any such action may be
served upon any of them personally, or by certified mail or registered mail
upon them or their agent, return receipt requested, with the same full force
and effect as if personally served upon them in the State of California. The
parties hereto waive any claim that any such jurisdiction is not a convenient
forum for any such suit or proceeding and any defense or lack of in personam jurisdiction with respect
thereto. In the event of any such action or proceeding, the party prevailing
therein shall be entitled to payment from the other party hereto of its
reasonable counsel fees and disbursements.

 

(b)                                 Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of
this Warrant will have legends imprinted upon any stock certificates evidencing
such Warrant Shares and the Company will notify its transfer agent of
restrictions upon resale imposed by the applicable state and federal securities
laws.

 

(c)                                  Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any
right hereunder on the part of the Holder shall operate as a waiver of such
right or

 

6

 

otherwise prejudice the Holder’s rights,
powers or remedies, notwithstanding all rights hereunder terminate on the
Termination Date.

 

(d)                                 Notices.
All notices, requests, consents and demands shall be made in writing and shall
be mailed, registered or certified mail, postage prepaid, to the Company at the
Company’s address first above written, or to the Holder at the Holder’s address
first above written, or to such other address as may be furnished in writing to
the other party hereto.  Notices
hereunder shall be effective when received.

 

(e)                                  Successors
and Assigns. Subject to applicable securities laws, this Warrant and the
rights and obligations evidenced hereby shall inure to the benefit of and be
binding upon the successors of the Company and the successors and permitted
assigns of the Holder. The provisions of this Warrant are intended to be for
the benefit of all permissible Holders from time to time of this Warrant and
shall be enforceable by any such Holder or holder of Warrant Shares.

 

(f)                                    Amendment.
This Warrant may be modified or amended or the provisions hereof waived with
the written consent of the Company and the Holder.

 

(g)                                 Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision
of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.

 

(h)                                 Headings.
The headings used in this Warrant are for the convenience of reference only and
shall not, for any purpose, be deemed a part of this Warrant.

 

15.                                 Piggyback
Registration.

 

(a)                                  If
the Company shall determine to prepare and file with the Commission a
registration statement relating to an offering for its own account or the
account of others under the Securities Act of any of its common stock (other
than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or
their then equivalents relating to equity securities to be issued solely in
connection with any acquisition of any entity or business or equity securities
issuable in connection with stock option or other employee benefit plans), then
the Company shall send to the Holder a written notice of such determination
and, if within ten (10) days after receipt by a Holder, the Company shall
receive a request in writing from the Holder, the Company shall include in such
registration statement all or any part of the Warrant Shares the Holder
requests to be registered; provided, however, that (i) if, at any
time after giving written notice of its intention to register any securities
and prior to the effective date of the registration statement filed in
connection with such registration, the Company determines for any reason not to
proceed with such registration, the Company will be relieved of its obligation
to register any Warrant Shares in connection with such registration, and (ii)
in case of a determination by the Company to delay registration of its
securities, the Company will be permitted to delay the registration of the Warrant
Shares for the same period as the delay in registering such other securities,
in any such case without any obligation or liability to the Holder.  If the Holder elects to include Warrant
Shares in a registration statement pursuant to this Section 15(a),
the Holder

 

7

 

shall sell such Warrant Shares on the same
terms and conditions upon which the equity securities of the Company or others
are being sold pursuant to such registration statement.

 

(b)                                 Notwithstanding
anything in this Section 15 to the contrary, with respect to any
registration described in this Section 15 that is an underwritten
registration of the Company’s securities for the Company’s own account, if the
managing underwriter advises the Company that the inclusion of some or all of
the Warrant Shares requested to be included in such registration pursuant to Section 15(a)
would interfere with the successful marketing (including pricing) of the equity
securities of the Company to be registered by the Company, then the number of
shares to be included in any such registration shall be included in the
following order: (i) first, the shares to be registered by the Company; (ii)
second, any securities of other holders who are entitled to include securities
in such registration on a pro-rata basis based on such holders’ respective
percentage ownership of the Company on a fully-diluted basis; and (iii) third,
the Warrant Shares of the Holder and the Common Stock of the Holder issued to
the Holder upon conversion of that certain convertible note, dated as of the
date hereof, between the Company and the Holder (the “Convertible Note”) requested to be
included in such registration pursuant to Section 15(a) of this
Warrant and Section 5(a) of the Convertible Note, respectively, on
a pro-rata basis based on the Holder’s respective percentage ownership of the
Company on a fully-diluted basis.

 

(c)                                  Notwithstanding
anything in this Section 15 to the contrary, with respect to any
registration described in this Section 15 that is an underwritten
registration of the Company’s securities for the account of other holders of
such securities (the “Other Holders”),
if the managing underwriter advises the Company that the inclusion of some or
all of the Warrant Shares requested to be included in such registration
pursuant to Section 15(a) would interfere with the successful
marketing (including pricing) of the equity securities of the Company to be
registered by the Company, then the number of shares to be included in any such
registration shall be included in the following order: (i) first, the
securities of the Other Holders; (ii) second, any shares to be registered by
the Company for its own account; (iii) third, the Warrant Shares of the Holder
and the Common Stock of the Holder issued to the Holder upon conversion of the
Convertible Note requested to be included in such registration pursuant to Section 15(a)
of this Warrant and Section 5(a) of the Convertible Note,
respectively, on a pro-rata basis based on the Holder’s respective percentage
ownership of the Company on a fully-diluted basis, and (iv) fourth, securities
of all other holders who are entitled to include securities in such
registration, on a pro-rata basis based on such holders’ respective percentage
ownership of the Company on a fully-diluted basis.

 

(d)                                 All
fees and expenses incident to any registration described in this Section 15
shall be borne by the Company, other than fees and expenses of counsel or any
other advisor retained by the Holder and discounts, fees and commissions
(including, without limitation, any underwriters’ discounts, fees and
commissions) with respect to the sale of any Common Stock or Warrant Shares by
the Holder.

 

[Remainder of page intentionally left blank]

 

8

 

IN WITNESS
WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly
authorized. 

 

 

Dated: 
July      , 2004

 

	
   

  	
  Impact Diagnostics, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

9

 

NOTICE OF EXERCISE

 

To:                              Impact Diagnostics, Inc.

 

The undersigned hereby elects to purchase
            
Warrant Shares of Impact Diagnostics, Inc. pursuant to the terms of the
attached Warrant, and tenders herewith payment of the exercise price in full,
in lawful money of the United States, together with all applicable transfer
taxes, if any.

 

1.                                       Please issue a certificate or certificates
representing (or facilitate electronic delivery of) said Warrant Shares in the
name of the undersigned or in such other name as is specified below:

 

The Warrant Shares shall be delivered to the following:

 

2.                                       The undersigned is an “accredited investor”
as defined in Regulation D promulgated under the Securities Act of 1933, as
amended.

 

	
   

  	
  JAMES H. DONELL, RECEIVER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

* All capitalized terms not otherwise defined
herein shall have the meanings set forth in or incorporated by reference in the
Warrant.

 

 

FORM OF 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 the Warrant, with respect to the number of Warrant Shares of
Common Stock set forth below:

 

	
  Name of Assignee

  	
   

  	
  Address

  	
   

  	
  No. of Warrant Shares

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Signature)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Witness)

  

 

The undersigned Assignee of the Warrant
hereby agrees to be bound by all the terms and conditions of the Warrant.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Signature)

  

 

*  All
capitalized terms not otherwise defined herein shall have the meanings set
forth in or incorporated by reference in the Warrant.

 

11

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