Document:

THIS
COMMON STOCK PURCHASE WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
ACT, AS AMENDED (THE “1933  ACT”). THE HOLDER HEREOF, BY PURCHASING THIS
COMMON STOCK PURCHASE WARRANT, AGREES FOR THE BENEFIT OF THE COMPANY THAT  SUCH
SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B)
PURSUANT TO AN EXEMPTION FROM  REGISTRATION UNDER THE 1933 ACT, OR (C) IF
REGISTERED UNDER THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS. IN 
ADDITION, A SECURITIES PURCHASE AGREEMENT (“PURCHASE AGREEMENT”), DATED THE
DATE HEREOF, A COPY OF WHICH MAY BE  OBTAINED FROM THE COMPANY AT ITS PRINCIPAL
EXECUTIVE OFFICE, CONTAINS CERTAIN ADDITIONAL AGREEMENTS AMONG THE PARTIES, 
INCLUDING, WITHOUT LIMITATION, PROVISIONS WHICH LIMIT THE EXERCISE RIGHTS OF THE HOLDER
AND SPECIFY MANDATORY REDEMPTION  OBLIGATIONS OF THE COMPANY. 

     _________________ 

WIDEPOINT CORPORATION 

COMMON STOCK PURCHASE
WARRANT 

Number of shares: 511,428 

Holder: Westcap
Securities, Inc.                                                                    c/o

Thomas S Rubin, CEO 
18201 Von Karman, Suite 550 
Irvine, CA 92612 

Expiration Date: October
17th, 2009 

Exercise Price per Share:
$0.40 

Widepoint Corporation, a company
organized and existing under the laws of the State of Delaware (the
“Company”), hereby certifies that, for value received,
Westcap Securities, Inc., or its registered assigns (the “Warrant
Holder”), is entitled, subject to the terms set forth below, to
purchase from the Company up to shares (the “Warrant
Shares”) of common stock, $0.001 par value (the “Common
Stock”), of the Company (each such share, a “Warrant
Share” and all such shares, the “Warrant
Shares”) in exchange for (a) one (1) Warrant and (b) $0.40 per Warrant
Share (as adjusted from time to time as provided in Section 7) (the “Exercise
Price”), at any time and from time to time from and after the date
thereof and through and including 5:00 p.m. New York City time on October 17th,
2009 (or eighteen months of effectiveness of a Registration Statement subsequent to the
issuance herein, whichever is longer)(the “Expiration Date”), and subject to the
following terms and conditions: 

        1.    Registration
of Warrant. The Company shall register this Warrant upon           records to be
maintained by the Company for that purpose (the           “Warrant Register”),
in the name of the record           Warrant Holder hereof from time to time. The Company
may deem and treat the           registered Warrant Holder of this Warrant as the
absolute owner hereof for the           purpose of any exercise hereof or nay
distribution to the Warrant Holder, and           for all other purposes, and the Company
shall not be affected by notice to the           contrary.  

        2.    Investment
Representation. The Warrant Holder by accepting this Warrant           represents
that the Warrant Holder is acquiring this Warrant for its own account           or the
account of an affiliate for investment purposes and not with the view to           any
offering or distribution and that the Warrant Holder will not sell or           otherwise
dispose of this Warrant or the underlying Warrant Shares in violation           of
applicable securities laws. The Warrant Holder acknowledges that the
          certificates representing any Warrant Shares will bear a legend indicating that
          they have not been registered under the United States Securities Act of 1933,
as           amended (the “1933 Act”) and may not be sold
by           the Warrant Holder except pursuant to an effective registration statement or
          pursuant to an exemption from registration requirements of the 1933 Act and in
          accordance with federal and state securities laws. If this Warrant was acquired
          by the Warrant Holder pursuant to the exemption from the registration
          requirements of the 1933 Act afforded by Regulation S thereunder, the Warrant
          Holder acknowledges and covenants that this Warrant may not be exercised by or
          on behalf of a Person during the one year distribution compliance period (as
          defined in Regulation S) following the date hereof. “Person”means
an individual, partnership, firm, limited liability company, trust,           joint
venture, association, corporation, or any other legal entity.  

        3.    Validity
of Warrant and Issue of Shares. The Company represents and           warrants that
this Warrant has been duly authorized and validly issued and           warrants and
agrees that all of Common Stock that may be issued upon the           exercise of the
rights represented by this Warrant will, when issued upon such           exercise, be
duly authorized, validly issued, fully paid and nonassessable and           free from all
taxes, liens and charges with respect to the issue thereof. The           Company further
warrants and agrees that during the period within which the           rights represented
by this Warrant may be exercised, the Company will at all           times have authorized
and reserved a sufficient number of Common Stock to           provide for the exercise of
the rights represented by this Warrant.  

2 

        4.    Registration
of Transfers and Exchange of Warrants. 

                a.       Subject
to compliance with the legend set forth on the face of this Warrant,           the
Company shall register the transfer of any portion of this Warrant in the
          Warrant in the Warrant Register, upon surrender of this Warrant with the Form
of           Assignment attached hereto duly completed and signed, to the Company at the
          office specified in or pursuant to Section 9. Upon any such registration or
          transfer, a new warrant to purchase Common Stock, in substantially the form of
          this Warrant (any such new warrant, a “New           Warrant”),
evidencing the portion of this Warrant so           transferred shall be issued to the
transferee and a New Warrant evidencing the           remaining portion of this Warrant
not so transferred, if any, shall be issued to           the transferring Warrant Holder.
The acceptance of the New Warrant by the           transferee thereof shall be deemed the
acceptance of such transferee of all of           the rights and obligations of a Warrant
Holder of a Warrant.  

                b.       This
Warrant is exchangeable, upon the surrender hereof by the Warrant           Holder to the
office of the Company specified in or pursuant to Section 9 for           one or more New
Warrants, evidencing in the aggregate the right to purchase the           number of
Warrant Shares which may then be purchased hereunder. Any such New           Warrant will
be dated the date of such exchange.  

        5.    
Exercise of Warrants.  

                a.       Upon
surrender of this Warrant with the Form of Election to Purchase           attached hereto
duly completed and signed to the Company, at its address set           forth in Section
9, and upon payment and delivery of the Exercise Price per           Warrant Share
multiplied by the number of Warrant Shares that the Warrant Holder           intends to
purchase hereunder, in lawful money of the United States of America,           in cash or
by certified or official bank check or checks, to the Company, all as           specified
by the Warrant Holder in the Form of Election to Purchase, the Company           shall
promptly (but in no event later than seven (7) business days after the           Date of
Exercise [as defined herein]) issue or cause to be issued and cause to           be
delivered to or upon the written order of the Warrant Holder and in such name
          or names as the Warrant Holder may designate (subject to the restrictions on
          transfer described in the legend set forth on the face of this Warrant), a
          certificate for the Warrant Shares issuable upon such exercise, with such
          restrictive legend as required by the 1933 Act. Any person so designated by the
          Warrant Holder to receive Warrant Shares shall be deemed to have become holder
          of record of such Warrant Shares as of the Date of Exercise of this Warrant.  

                b.                 A
“Date of Exercise” means the date on which the Company shall have
          received (i) this Warrant (or any New Warrant, as applicable), with the Form of
          Election to Purchase attached hereto (or attached to such New Warrant)
          appropriately completed and duly signed, and (ii) payment of the Exercise Price
          for the number of Warrant Shares so indicated by the Warrant Holder to be
          purchased.  

3 

                c.       This
Warrant shall be exercisable at any time and from time to time for such           number
of Warrant Shares as is indicated in the attached Form of Election To           Purchase.
If less than all of the Warrant Shares which may be purchased under           this
Warrant are exercised at any time, the Company shall issue or cause to be
          issued, at its expense, a New Warrant evidencing the right to purchase the
          remaining number of Warrant Shares for which no exercise has been evidenced by
          this Warrant.  

                d.                 (i)Notwithstanding
anything contained herein to the contrary, the holder           of this Warrant may, at
its election exercised in its sole discretion, exercise           this Warrant in whole
or in part and, in lieu of making the cash payment           otherwise contemplated to be
made to the Company upon such exercise in payment           of the Aggregate Exercise
Price, elect instead to receive upon such exercise the           “Net Number” of
shares of Common Stock determined according to           the following formula (a “Cashless
Exercise”):  

Net Number = (A x (B
— C))/B 

                (ii)                 For
purposes of the foregoing formula:  

	 	
A=
the total number shares with respect to which this Warrant is then being exercised. 

	 	
B=
the last reported sale price (as reported by Bloomberg) of the Common Stock on
immediately preceding the date of the Exercise Notice.

	 	
C=
the Warrant Exercise Price then in effect at the time of such exercise. 

                e.                 The
holder of this Warrant agrees not to elect for a period of one (1) year a
          Cashless Exercise. The holder of this Warrant also agrees not to elect a
          Cashless Exercise so long as there is an effective registration statement for
          the shares underlying this Warrant.  

        6.    Maximum
Exercise. The Warrant Holder shall not be entitled to exercise           thisWarrant
to purchase that number of whole shares of Common Stock           which would result in
beneficial ownership by the Warrant Holder and its           affiliates of more than
4.99% of the outstanding shares of Common Stock on such           date; provided,
however, that the Holder may revoke the restriction described in           this paragraph
upon sixty-one (61) days prior written notice from the Holder to           the Company,
but in such event the Warrant Holder hereby agrees that no person           or entity
(including but not limited to the Warrant Holder and its affiliates)           shall have
any right to vote twenty-five percent (25%) of the shares of Common           Stock,
including but not limited to all shares of Common Stock issued upon           exercise of
the Warrant, then held by or at the direction of or for the benefit           of the
Warrant Holder and/or its affiliates. For the purposes of the immediately
          preceding sentence, beneficial ownership shall be determined in accordance with
          Section 13(d) of the Securities Exchange Act of 1934, as amended, and
Regulation           13d-3 thereunder.  

4 

        7.    Adjustment
of Exercise Price and Number of Shares. The character of the           shares of
stock or other securities at the time issuable upon exercise of this           Warrant
and the Exercise Price therefore, are subject to adjustment upon the           occurrence
of the following events, and all such adjustments shall be           cumulative;
provided, however, that no adjustment shall be made to this Warrant           as a result
of any agreement to which the Company is a party as of the date of           this
Warrant:  

                a.       Adjustment
for Stock Splits, Stock Dividends, Recapitalizations, Etc. The           Exercise
Price of this Warrant and the number of shares of Common Stock or other
          securities at the time issuable upon exercise of this Warrant shall be
          appropriately adjusted to reflect any stock dividend, stock split, combination
          of shares, reclassification, recapitalization or other similar event affecting
          the number of outstanding shares of stock or securities.  

                b.       Adjustment
for Reorganization, Consolidation, Merger, Etc. In case of any
          consolidation or merger of the Company with or into any other corporation,
          entity or person, or any other corporate reorganization, in which the Company
          shall not be the continuing or surviving entity of such consolidation, merger
or           reorganization (any such transaction being hereinafter referred to as a “Reorganization”), then,
in each case, the holder           of this Warrant, on exercise hereof at any time after
the consummation or           effective date of such Reorganization (the “Effective
          Date”), shall receive, in lieu of the shares of stock or
          other securities at any time issuable upon the exercise of the Warrant issuable
          on such exercise prior to the Effective Date, the stock and other securities
and           property (including cash) to which such holder would have been entitled
upon the           Effective Date if such holder had exercised this Warrant immediately
prior           thereto (all subject to further adjustment as provided in this Warrant).  

                c.    Certificate
as to Adjustments. In case of any adjustment or           readjustment in the
price or kind of securities issuable on the exercise of this           Warrant pursuant
to Section 7(a) or (b) above, the Company will promptly give           written notice
thereof to the holder of this Warrant in the form of a           certificate, certified
and confirmed by the Board of Directors of the Company,           setting forth such
adjustment or readjustment and showing in reasonable detail           the facts upon
which such adjustment or readjustment is based.  

        8.    Fractional
Shares. The Company shall not be required to issue or cause to           be issued
fractional Warrant Shares on the exercise of this Warrant. The number           of full
Warrant Shares that shall be issuable upon the exercise of this Warrant           shall
be computed on the basis of the aggregate number of Warrants Shares           purchasable
on exercise of this Warrant so presented. If any fraction of a           Warrant Share
would, except for the provisions of this Section 8, be issuable on           the exercise
of this Warrant, the Company shall, at its option, (i) pay an           amount in cash
equal to the Exercise Price multiplied by such fraction or (ii)           round the
number of Warrant Shares issuable, up to the next whole number.  

5 

        9.    Sale
or Merger of the Company. In the event of a sale or merger of           substantially
all of the Company or an underwritten public offering of the           Common Stock, then
(i) the Company will give the Warrant Holder at least 70 days           notice before the
closing of such a transaction, with the Investor having the           right to waive such
notice requirement, and (ii) in the event of the closing of           any such
transaction, the 4.99% restriction will immediately be terminated and           the
Warrant Holder will have the right to exercise the Warrants concurrent with           the
closing of the sale or underwritten public offering; provided, however that,           so
long as the Warrant Holder and/or its affiliates own, directly or           beneficially,
in excess of 4.99% of the then outstanding number of shares of           Common Stock,
the restrictions on the voting rights of the Warrant Holder shall           remain and
continue in effect with respect to twenty-five percent (25%) of the           shares of
Common Stock which the Warrant Holder and/or its affiliates then own.  

        10.    Notice. All
notices and other communications hereunder shall be in           writing and shall be
deemed to have been given (i) on the date they are           delivered if delivered in
person; (ii) on the date initially received if           delivered by facsimile
transmission followed by registered or certified mail           confirmation; (iii) on
the date delivered by an overnight courier service; or           (iv) on the third
business day after it is mailed by registered or certified           mail, return receipt
requested with postage and other fees prepaid as follows:  

	 	
If
to the Company:  

	 	
WidePoint
Corporation                            
One Lincoln Centre
                           
Suite 1100                            
Oakbrook Terrace, IL
60181                            
Attn: James T. McCubbin 

	 	
If
to the Warrant Holder:  

	 	
Westcap
Securities, Inc.                             
c/o Thomas S Rubin, CEO
                            
18201 Von Karman, Suite 550
                            
Irvine, CA 92612 

        11.    
Miscellaneous.  

                a.       This
Warrant shall be binding on and inure to the benefit of the parties           hereto and
their respective successors and permitted assigns. This Warrant may           be amended
only in writing and signed by the Company and the Warrant Holder.  

                b.       Nothing
in this Warrant shall be construed to give to any person or           corporation other
than the Company and the Warrant Holder any legal or equitable           right, remedy or
cause of action under this Warrant; this Warrant shall be for           the sole and
exclusive benefit of the Company and the Warrant Holder.  

6 

                c.                 This
Warrant shall be governed by, construed and enforced in accordance with the
          internal laws of the State of New York without regard to the principles of
          conflicts of law thereof.  

                d.       The
headings herein are for convenience only, do not constitute a part of           this
Warrant and shall not be deemed to limit or affect any of the provisions
          hereof.  

                e.       In
case any one or more of the provisions of this Warrant shall be invalid           or
unenforceable in any respect, the validity and enforceablilty of the           remaining
terms and provisions of this Warrant shall not in any way be affected           or
impaired thereby and the parties will attempt in good faith to agree upon a
          valid and enforceable provision which shall be a commercially reasonably
          substitute therefore, and upon so agreeing, shall incorporate such substitute
          provision in this Warrant.  

                f.       The
Warrant Holder shall not, by virtue hereof, be entitled to any voting or           other
rights of a shareholder of the Company, either at law or equity, and the           rights
of the Warrant Holder are limited to those expressed in this Warrant.  

        IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by the authorized
officer as of October 29, 2004. 

		WidePoint Corporation
	

 	By: /s/ James T. McCubbin
	
 	Name: James T. McCubbin
		Title: Vice President and C.F.O.

7   

FORM OF ELECTION TO
PURCHASE 

(To be executed by the Warrant Holder
to exercise the right to purchase shares of Common Stock under the foregoing Warrant) 

To: WidePoint
Corporation:  

In accordance with the Warrant enclosed
with this Form of Election to Purchase, the undersigned hereby irrevocably elects to
purchase ______________ shares of Common Stock (“Common Stock”), $0.001 par
value, of WidePoint Corporation and encloses one warrant and $0.40 for each Warrant Share
being purchased or an aggregate of $________________ in cash or certified or official bank
check or checks, which sum represents the aggregate Exercise Price (as defined in the
Warrant) together with any applicable taxes payable by the undersigned pursuant to the
Warrant. 

The undersigned requests that
certificates for the shares of Common Stock issuable upon this exercise be issued in the
name of: 

_____________________________________________ 

_____________________________________________ 

_____________________________________________

(Please print name and address) 

_____________________________________________

(Please insert Social Security or Tax Identification Number) 

If the number of shares of Common
Stock issuable upon this exercise shall not be all of the shares of Common Stock which the
undersigned is entitled to purchase in accordance with the enclosed Warrant, the
undersigned requests that a New Warrant (as defined in the Warrant) evidencing the right
to purchase the shares of Common Stock not issuable pursuant to the exercise evidenced
hereby be issued in the name of and delivered to: 

_____________________________________________ 

_____________________________________________ 

_____________________________________________

(Please print name and address) 

			
	Dated: ____________	Name of Warrant Holder:
	
 	(Print)	_____________________________________________
	
 	(By:)	_____________________________________________
	
 	(Name:)	_____________________________________________
	
 	(Title:)	_____________________________________________
	

 	Signature must conform in all respects to name of
Warrant Holder as specified on the face of the Warrant

8THIRD AMENDMENT TO
RIGHTS AGREEMENT 

        This
Third Amendment (the “Amendment”), dated as of December 31, 2004, between
REGAL-BELOIT Corporation, a Wisconsin corporation (the “Company”), and EquiServe
Trust Company, N.A. (“EquiServe”), to the Rights Agreement between the Company
and EquiServe (as successor Rights Agent to BankBoston, N.A. (“BankBoston”)),
dated as of January 28, 2000, and as amended by the First Amendment to Rights
Agreement, dated as of June 11, 2002 and the Second Amendment to Rights Agreement,
dated as of November 12, 2004 (as so amended, the “Rights Agreement”). 

W I T N E S S E T H 

        WHEREAS,
the Company and BankBoston previously entered into the Rights Agreement, pursuant to which
BankBoston was appointed to serve as the Rights Agent; and 

        WHEREAS,
on June 11, 2002, EquiServe became the Rights Agent under the Rights Agreement by
operation of Section 21 thereof, and the Company and EquiServe entered into the First
Amendment to Rights Agreement, dated as of June 11, 2002, and the Second Amendment to
Rights Agreement, dated as of November 12, 2004; and 

        WHEREAS,
pursuant to Section 27 of the Rights Agreement, under circumstances set forth therein, (i)
the Company may supplement or amend any provision of the Rights Agreement without the
approval of any holders of certificates representing Common Shares of the Company, and
(ii) upon the delivery of a certificate from an appropriate officer of the Company which
states that the proposed supplement or amendment is in compliance with the terms of
Section 27 of the Rights Agreement, the Rights Agent shall execute such supplement or
amendment; and 

        WHEREAS,
the Company desires to amend the Rights Agreement as set forth herein and to direct
EquiServe as Rights Agent to execute this Amendment. 

        NOW,
THEREFORE, in consideration of the promises and the mutual agreements herein set
forth, the parties hereby agree as follows: 

        Section
1. Direction to Rights Agent. The Company hereby directs EquiServe, in its capacity
as Rights Agent and in accordance with the terms of Section 27 of the Rights Agreement, to
execute this Amendment. 

        Section
2. Certification of Appropriate Officer. The undersigned officer of the Company,
being duly authorized on behalf of the Company, hereby certifies on behalf of the Company
to EquiServe that (a) he is an “appropriate officer” as such term is used in
Section 27 of the Rights Agreement, and (b) this Amendment is in compliance with Section
27 of the Rights Agreement. 

        Section
3. Amendments of Rights Agreement. The Rights Agreement shall be amended as
follows: 

        (a)                 Section
9a of the Rights Agreement shall be amended to read in its entirety as           follows:  

          		    “a.       
               The Company covenants and agrees that, at such time as the Company’s Board
               of Directors (or any such appropriate officer of the Company authorized by the
               Board of Directors) determines appropriate, it will cause to be reserved and
               kept available out of its authorized and unissued Common Shares or any
               authorized and issued Common Shares held in its treasury the number of Common
               Shares that will be sufficient to permit the exercise in full of all outstanding
               Rights in accordance with Section 7.” 

               

        (b)                 Section
21 of the Rights Agreement shall be amended by inserting between the           first and
second sentences of such section a new second sentence which shall           read in its
entirety as follows:  

	 	
“In
the event the transfer agency relationship in effect between the Company and the Rights
Agent terminates, the Rights Agent will be deemed to resign automatically on the effective
date of such termination; and any required notice will be sent by the Company.” 

        (c)                 The
Rights Agreement shall be amended by adding after Section 34 thereof an new
          Section 35 which shall read in its entirety as follows:  

          		    “35.       
               Force Majeure. Notwithstanding anything to the contrary contained herein, the
               Rights Agent shall not be liable for any delays or failures in performance
               resulting from acts beyond its reasonable control including, without limitation,
               acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions,
               interruptions or malfunction of computer facilities, or loss of data due to
               power failures or mechanical difficulties with information storage or retrieval
               systems, labor difficulties, war, or civil unrest.” 

               

        Section
4. Effectiveness and Continued Effectiveness. The amendment to the Rights Agreement
set forth in Section 3 above is effective as of the day and year first above written. The
parties hereto hereby acknowledge and agree that, except as specifically supplemented and
amended, changed or modified in Section 3 above, the Rights Agreement, as previously
amended to the date hereof, shall be unaffected by this Amendment and remain in full force
and effect in accordance with its terms. 

        Section
5. Execution in Counterparts. This Amendment may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute one and the same instrument. 

        Section
6. Defined Terms. Except as otherwise expressly provided herein, or unless the
context otherwise requires, all terms used but not defined herein shall have the meanings
assigned to them in the Rights Agreement. 

        Section
7. Governing Law. This Amendment shall be deemed to be a contract made under the
laws of the State of Wisconsin and for all purposes shall be governed by and construed in
accordance with the laws of such State applicable to contracts to be made and performed
entirely within such State. 

[Signature Page
Follows] 

-2- 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as
of the day and year above written. 

		REGAL-BELOIT CORPORATION
	

 	By:  /s/ Henry W. Knueppel
		        Henry W. Knueppel
		        President and Chief Operating Officer
	

 	EQUISERVE TRUST COMPANY, N.A.
	

 	By:  /s/______________________________
		        Its:  Managing Director

-3-

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