Document:

Unassociated Document

    Exhibit
10.2

      GSV,
INC.

      

      AMENDED
AND RESTATED CONVERTIBLE PROMISSORY NOTE

       

      THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF
OR IN RESPECT OF INTEREST PAYMENTS HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS
AND MAY NOT BE SOLD OR OTHERWISE DISTRIBUTED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE
ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED UNDER SUCH ACT AND
LAWS.

       

      
        	
                $200,000

              	
                As
      of May 10, 2009

              

      

       

      FOR VALUE
RECEIVED, GSV, INC., a Delaware corporation (“Company"), with its principal
office at 191 West Post Road, Westport, Connecticut  06880, hereby
promises to pay to the order of D. EMERALD INVESTMENTS LTD., an Israeli
corporation ("Holder"), with its principal office at 85 Medinat Ha-Yehudim
Street, Herzeliya, Israel (the "Holder's Office"), or its assigns, on July 10,
2010 (the "Maturity Date"), the principal amount of TWO HUNDRED THOUSAND DOLLARS
($200,000) (the “Principal Amount”), in such coin or currency of the United
States of America as at the time of payment shall be legal tender for the
payment of public or private debts, together with interest on the unpaid balance
of said Principal Amount from time to time outstanding at the rate of eight
percent (8%) per annum ("Contract Interest").  Accrued Contract
Interest shall be payable quarterly in arrears on the last day of each calendar
quarter commencing on May 31, 2009, and on the Maturity Date (the “Interest
Payment Dates”).  Unless the Note has been converted by the Holder
prior to the Maturity Date pursuant to the terms of this Note, the unpaid
Principal Amount, together with the then accrued unpaid Contract Interest and
all other amounts owed hereunder, shall be due and payable on the Maturity
Date.  At the Holder’s option, Contract Interest shall be payable
either in cash or in shares of common stock, $.001 par value per share, of the
Company (“Common Stock”) (the number of shares to be calculated as set forth
below).  If the Holder elects to receive any Contract Interest payment
in the form of shares of the Company’s Common Stock, the Holder shall given the
Company notice of such election at least fifteen (15) business days prior to the
applicable interest Payment Date.  The number of shares of Common
Stock to be issued to the Holder shall be calculated by dividing the amount of
Contract Interest payable for the applicable period by the Conversion Price (as
defined below).  Payment of the Principal Amount and Contract Interest
hereunder shall be made by wire transfer of immediately available good funds, to
such bank account as the Holder may designate by notice to the Company prior to
any such payment, or, with respect to Contract Interest that the Holder has
elected to receive in shares of Common Stock, by delivery of share certificates
of Common Stock to the Holder at the Holder's Office, or at such other place as
the Holder , by notice to the Company, may designate from time to time for that
purpose.

       

      In the
event that the outstanding Principal Amount and all accrued and unpaid Contract
Interest are not paid in full on or before the Maturity Date, then the
outstanding Principal Amount and all accrued and unpaid Contract Interest
thereon shall thereafter bear a default interest ("Default Interest") at a rate
per annum equal to twelve percent (12%) until the outstanding Principal Amount
and all accrued and unpaid Contract Interest and Default Interest thereon shall
have been paid in full by the Company to the Holder.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      This Note
is subject to prepayment in whole or in part at any time and from time to time
without penalty or premium, but with Contract Interest on the amount prepaid to
the date of prepayment. All prepayments will first be applied to the repayment
of accrued fees and expenses, then to Default Interest accrued on this Note
through the date of such prepayment until all then outstanding accrued Default
Interest has been paid, then to Contract Interest accrued on this Note through
the date of such prepayment until all then outstanding accrued Contract Interest
has been paid, and then shall be applied to the repayment of the Principal
Amount.

       

      1.           Default.

       

      1.1.          Events of
Default.  Upon the occurrence of any of the following events
(herein "Events of Default"):

       

      (i)            The
Company shall fail to pay the Principal Amount on the Maturity Date or any
Contract Interest payment on the due date thereof;

       

      (ii)           (A) The
Company shall commence any proceeding or other action relating to it in
bankruptcy or seek reorganization, arrangement, readjustment of its debts,
receivership, dissolution, liquidation, winding-up, composition or any other
relief under any bankruptcy law, or under any other insolvency, reorganization,
liquidation, dissolution, arrangement, composition, readjustment of debt or any
other similar act or law, of any jurisdiction, domestic or foreign, now or
hereafter existing; or (B) the Company shall admit the material allegations
of any petition or pleading in connection with any such proceeding; or
(C) the Company shall apply for, or consent or acquiesce to, the
appointment of a receiver, conservator, trustee or similar officer for it or for
all or a substantial part of its property or admit generally an inability to pay
its debts as they become due; or (D) the Company shall make a general
assignment for the benefit of creditors;

       

      (iii)           (A) The
commencement of any proceedings or the taking of any other action against the
Company in bankruptcy or seeking reorganization, arrangement, readjustment of
its debts, liquidation, dissolution, arrangement, composition, or any other
relief under any bankruptcy law or any other similar act or law of any
jurisdiction, domestic or foreign, now or hereafter existing and the continuance
of any of such event for thirty (30) days undismissed, unbonded or undischarged;
or (B) the appointment of a receiver, conservator, trustee or similar
officer for the Company for any of its property and the continuance of any of
such event for thirty (30) days undismissed, unbonded or undischarged; or
(C) the issuance of a warrant of attachment, execution or similar process
against any of the property of the Company and the continuance of such event for
thirty (30) days undismissed, unbonded and undischarged;

       

      (iv)          Any
of the Company’s representations or warranties contained herein or in the
Purchase Agreement (the “Purchase Agreement”) between the Company and the Holder
or the Warrant to Purchase Stock (the “Warrant”) issued to the Holder, each such
agreement dated the date hereof, is determined by a court of competent
jurisdiction as false or misleading in any material respect;

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      (v)           The
Company shall breach or fail to perform or observe any obligation, covenant,
term, condition, provision or agreement of the Company contained in this Note,
the Purchase Agreement or the Warrant, after giving effect to any applicable
notice provisions and cure periods; provided, however, that with respect to a
failure to comply with any of the provisions of Sections 2.2(a) and (c) of this
Note, such failure is not remedied within twenty (20) days after the Company's
receipt of written notice of same; or

       

      (vi)          Failure
of the Company to ensure that any conversion of this Note or any Contract
Interest hereon properly requested by the Holder is effected by the
Company;

       

      then, and
in any such event, the Holder, at its option and without written notice to the
Company, may declare the entire Principal Amount of this Note then outstanding
together with any accrued unpaid Contract Interest thereon (payable either in
cash or shares of Common Stock) and Default Interest (if applicable) immediately
due and payable, and the same shall forthwith become immediately due and payable
without presentment, demand, protest, or other notice of any kind, all of which
are expressly waived, and exercise any and all other legal or equitable rights
resulting therefrom.  The Events of Default listed herein are solely
for the purpose of protecting the interests of the Holder of this
Note.

       

      1.2.          Non-Waiver and Other
Remedies.  No course of dealing, delay or omission on the part
of the Holder of this Note in exercising any right hereunder shall operate as a
waiver or otherwise prejudice the right of the Holder of this
Note.  Holder shall not be deemed to have waived any of its rights
under this Note unless such waiver is in writing and signed by
Holder.  A waiver in writing by Holder on one occasion shall not be
construed as a consent to or a waiver of any right or remedy on any future
occasion. No remedy conferred hereby shall be exclusive of any other remedy
referred to herein or now or hereafter available at law, in equity, by statute
or otherwise.

       

      1.3.           Collection Costs; Attorney’s
Fees.  In the event this Note is turned over to an attorney for
collection or the Holder otherwise seeks advice of an attorney in connection
with the exercise of its rights hereunder upon the occurrence of an Event of
Default, the Company agrees to pay all actual costs of collection, including
reasonable attorney's fees and expenses and all out of pocket expenses incurred
in connection with such collection efforts, which amounts may, at the Holder's
option, be added to the Principal Amount hereof.

       

      2.           Obligation to Pay Principal
and Interest; Covenants.  No provision of this Note shall alter
or impair the obligation of the Company, which is absolute and unconditional, to
pay the Principal Amount of, Contract Interest and Default Interest, if
applicable, on this Note at the place, at the respective times, at the rates,
and in the currency or securities herein prescribed.

       

      2.1.           In
no event shall the amount or rate of interest due and payable under this Note
exceed the maximum amount or rate of interest allowed by applicable law and, in
the event any such excess payment is made by Company or received by Holder, such
excess sum shall be credited as a payment of Principal Amount (or if no
Principal Amount remains outstanding, shall be refunded to the
Company).  It is the express intent hereof that the Company shall not
pay and Holder not receive, directly or indirectly or in any other manner,
interest in excess of that which may be lawfully paid under applicable
law.  All interest (including all charges, fees or other amounts
deemed to be interest) which is paid or charged under this Note shall, to the
maximum extent permitted by applicable law, be amortized, allocated and spread
on a pro rata basis throughout
the actual term of this Note.

       

      2.2.           Covenants.  The
Company covenants and agrees that, while this Note is outstanding, it
shall:

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      (a)           Pay
and discharge all taxes, assessments and governmental charges or levies imposed
upon it or upon its income and profits, or upon any properties belonging to it
before the same shall be in default; provided, however, that the Company shall
not be required to pay any such tax, assessment, charge or levy that is being
contested in good faith by proper proceedings and adequate reserves for the
accrual of same are maintained if required by generally accepted accounting
principles;

       

      (b)           Preserve
its corporate existence and continue to engage in business of the same general
type as conducted as of the date hereof;

       

      (c)           Comply
in all respects with all statutes, laws, ordinances, orders, judgments, decrees,
injunctions, rules, regulations, permits, licenses, authorizations and
requirements ("Requirement(s)") of all governmental bodies, departments,
commissions, boards, companies or associations insuring the premises, courts,
authorities, officials, or officers, that are applicable to the Company; except
when the failure to comply would not have a material adverse effect on the
Company; provided that nothing contained herein shall prevent the Company from
contesting in good faith the validity or the application of any
Requirements.

       

      3.           Conversion.

       

      3.1.           Right to
Convert.  At any time prior to July 10, 2010, the Holder may,
at its option, by written notice to the Company ("Conversion Notice"), elect to
convert this Note and all accrued and unpaid Contract Interest thereon, in whole
but not in part, into Common Stock at the price of $.70 per share of Common
Stock (the "Conversion Price"), as adjusted to reflect stock dividends, stock
splits, recapitalizations and the like pursuant to Section 3.3
below.

       

      3.2.           Conversion Process.
The Holder shall deliver to the Company the Conversion Notice in the form
attached hereto as Exhibit A. Promptly after the receipt of such Conversion
Notice, the Company shall issue and deliver to the Holder a certificate,
registered in the name of the Holder, representing the number of shares of
Common Stock to which the Holder is entitled upon such conversion.

       

      3.3.           Adjustments.

       

        (a)         Stock Dividends, Splits,
Etc.  If the outstanding shares of the Company's Common Stock
shall be subdivided or split into a greater number of shares or a dividend in
Common Stock shall be paid in respect of the outstanding Common Stock, the
Conversion Price in effect immediately prior to such subdivision or at the
record date of such dividend shall, simultaneously with the effectiveness of
such subdivision or split or immediately after the record date of such dividend
(as the case may be), be proportionately decreased.  If the
outstanding shares of Common Stock shall be combined or reverse-split into a
smaller number of shares, the Conversion Price in effect immediately prior to
such combination or reverse split shall, simultaneously with the effectiveness
of such combination or reverse split, be proportionately
increased.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      (b)          Reclassification, Exchange
or Substitution.  Upon any reclassification, recapitalization,
exchange, substitution, reorganization or other event that results in a change
of the number and/or class of the Common Stock, lawful provision shall be made
so that Holder shall be entitled thereafter to receive, upon conversion of this
Note and/or any accrued Contract Interest hereon, the number and kind of
securities and property that Holder would have been entitled to receive if the
Principal Amount of and/or accrued Contract Interest, as the case may be, as to
which conversion is requested, and as of the date conversion is requested, had
been converted immediately before such reclassification, recapitalization,
exchange, substitution, reorganization or other event.  In any such
case, appropriate adjustment (as reasonably determined by the Board of Directors
of the Company) shall be made in the application of the provisions set forth
herein with respect to the rights and interests thereafter of Holder such that
the provisions set forth in this Section 3 (including provisions with respect to
the Conversion Price) shall thereafter be applicable, as nearly as is reasonably
practicable, in relation to any shares of stock or other securities or property
thereafter deliverable upon the conversion of this Note and/or any accrued
interest hereon.  The provisions of this Section 3.3(b) shall
similarly apply to successive reclassifications, recapitalizations, exchanges,
substitutions, reorganizations or other events.

       

      (c)           Adjustments for Diluting
Issuances.  If the Company shall issue, after the date of this
Note, any Equity Securities (as defined below) at a price per share or
conversion price or exercise price lower than the Conversion Price in effect
immediately before such Equity Securities are issued, in all such cases the
Conversion Price shall be adjusted to equal the price per share or the
conversion price or the exercise price of such Equity Securities, as applicable.
The foregoing shall not apply to issuance of common stock or preferred stock the proceeds of which will be payable to the Company in
immediately available funds upon issuance thereof.

       

      For
purposes of this Note, the term “Equity Securities” shall mean any securities
evidencing an ownership interest in the Company, or any securities having voting
rights in the election of the Board of Directors of the Company not contingent
upon default, or any securities convertible into or exercisable for any class of
shares of the Company, or any agreement or commitment to issue any of the
foregoing.

       

      (d)           Fractional
Shares.  No fractional shares shall be issuable upon conversion
of this Note and/or any accrued Contract Interest hereon and the number of
shares to be issued shall be rounded up to the nearest whole share.

       

      (e)           Certificate as to
Adjustments.  Upon each adjustment of the Conversion Price or
number of shares, the Company at its expense, shall promptly compute such
adjustment, and furnish the 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 the Holder
with a certificate setting forth the new Conversion Price and/or number of
shares of Common Stock or other securities and the series of adjustments leading
thereto.

       

      (f)           Price
Adjustment.  No adjustment in the Conversion Price shall be
required unless such adjustment would require an increase or decrease in the
Conversion Price of at least $0.01; provided, however, that any adjustments that
by reason of this subsection are not required to be made shall be carried
forward and taken into account in any subsequent adjustment.  All
calculations under this Section 3 shall be made to the nearest cent or to the
nearest 1/100th of a share, as the case may be.

       

      3.4.           No
Impairment.  The Company shall not, by amendment of its
Certificate of Incorporation, as amended, 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 Note by the Company,
but shall at all times in good faith assist in carrying out of all the
provisions of this Section 3 and in taking all such action as may be necessary
or appropriate to protect the Holder’s rights under this Article against
impairment.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      4.           Miscellaneous.

       

      4.1.           Required
Consent.  The Company may not modify any of the terms of this
Note without the prior written consent of the Holder.

       

      4.2.           Lost
Documents.  Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Note or
any Note exchanged for it, and (in the case of loss, theft or destruction) of
indemnity satisfactory to it, and upon surrender and cancellation of such Note,
if mutilated, the Company will make and deliver in lieu of such Note a new Note
of like tenor and unpaid principal amount and dated as of the original date of
the Note.

       

      4.3.           Legends.  This
Note and any Common Stock or other securities issued upon conversion of this
Note and/or conversion of any accrued interest hereon shall be imprinted with a
legend in substantially the following form:

       

      THIS
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, OR ANY OTHER STATE SECURITIES LAWS AND MAY
NOT BE SOLD OR OTHERWISE DISTRIBUTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE ISSUER
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER SUCH ACT AND LAWS.

       

      4.4.           Benefit.  This
Note shall be binding upon and inure to the benefit of the parties hereto and
their legal representatives, successors and assigns.

       

      4.5.           Notices and
Addresses.  All notices, offers, acceptances and any other acts
under this Note (except payment) shall be in writing, and shall be sufficiently
given if delivered to the addressee in person, by overnight courier service or
similar receipted delivery, or, if mailed, postage prepaid, by certified mail,
return receipt requested, as follows:

       

      
        	
                To
      the Holder:

              	
                To
      the Holder’s address on page 1 of this Note,

                Attn.:
      Roy Harel, Manager

              
	 
      	 
      
	
                With
      a copy to:

              	
                Kantor,
      Elhanani, Tal & Co. Law Offices

                74
      -76 Rothschild Blvd.

                Tel-Aviv,
      Israel  65785

                Attn:
      Dana Yagur, Adv.

              
	 
      	 
      
	
                To
      the Company:

              	
                To
      the Company’s address on page 1 of this Note,

              
	 
      	 
      
	 
      	
                Attn:
      Gilad Gat, Chief Executive Office and
      President

              
	 
      	 
      
	
                With
      a copy to:

              	
                Davis
      & Gilbert LLP

                1740
      Broadway

                New
      York, New York 10019

                Attn:
      Ralph W. Norton, Esq.

              

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      

      or to
such other address as any party, by notice to the other parties, may designate
from time to time.  Time shall be counted to, or from, as the case may
be, the delivery in person or five business days after mailing.

       

      4.6.          Governing Law and
Jurisdiction.  This Note will be deemed to have been made and
delivered in New York City and will be governed as to validity, interpretation,
construction, effect and in all other respects by the internal laws of the State
of New York.  Each of the Company and the Holder hereby (i) agrees
that any legal suit, action or proceeding arising out of or relating to this
Agreement will be instituted exclusively in New York State Supreme Court, County
of New York or in the United States District Court for the Southern District of
New York, (ii) waives any objection to the venue of any such suit, action or
proceeding and the right to assert that such forum is not a convenient forum for
such suit, action or proceeding, (iii) irrevocably consents to the jurisdiction
of the New York State Supreme Court, County of New York and the United States
District Court for the Southern District of New York in any such suit, action or
proceeding, (iv) agrees to accept and acknowledge service of any and all process
that may be served in any such suit, action or proceeding in New York State
Supreme Court, County of New York or in the United States District Court for the
Southern District of New York and (v) agrees that service of process upon it
mailed by certified mail to its address set forth in Section 4.4 above will be
deemed in every respect effective service of process upon it in any suit, action
or proceeding.

       

      4.7.          Section
Headings.  Section headings herein have been inserted for
reference only and shall not be deemed to limit or otherwise affect, in any
matter, or be deemed to interpret in whole or in part any of the terms or
provisions of this Note.

       

      4.8.          Interpretation.
Whenever possible, each provision of this Note shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision
of this Note shall be prohibited by or invalid under applicable law, such
provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Note.

       

      4.9.          Assignment. All
rights of Holder under this Note may be assigned by Holder to any third party
and all rights of Holder hereunder shall inure to the benefit of its
transferees, successors and assigns.

       

      4.10.        No Rights as
Stockholder.  Until the conversion of this Note or conversion
of any accrued interest hereon, the Holder of this Note shall not have or
exercise any rights by virtue hereof as a stockholder of the
Company.

       

      4.11.        Restatement.  This
Note is an amendment and restatement of the Convertible Promissory Note dated as
of May 10, 2005, issued by the Company to the Holder and shall in all respects
substitute for such note.  As of May 10, 2009 the accrued and unpaid
interest on this Note is $93,866.

       

      ******

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, this Note has been executed and delivered on the date specified
above by the duly authorized representatives of the Company and the
Holder.

       

      
        
          
            	
                    GSV,
      INC.

                  
	 
      
	
                    By: 

                  	
                    /s/ Gilad Gat

                  
	 
      	
                    Gilad
      Gat

                  
	 
      	
                    Chief
      Executive Officer and President

                  
	 
      
	
                    Accepted
      and Agreed:

                  
	 
      
	
                    D.
      EMERALD INVESTMENTS LTD.

                     

                  
	
                    By: 

                  	
                    /s/ Roy Harel

                  
	 
      	
                    Roy
      Harel

                  
	 
      	
                    Manager

                  

          

        

      

      
        
           

        

        
          8Unassociated Document

    Exhibit
10.3

     

    THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOTE BE SOLD OR OTHERWISE
DISTRIBUTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN
OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION
IS NOT REQUIRED UNDER SUCH ACT AND LAWS.

    

    

    AMENDED
AND RESTATED

    WARRANT
TO PURCHASE STOCK

    

    Issuer:  GSV,
Inc., a Delaware corporation

    Number of
Shares:  1,142,857 subject to adjustment as set forth
below

    Class of
Stock:  Common Stock, $.001 par value per share

    Exercise
Price:  $.70, subject to adjustment as set forth below

    Original
Issue Date:  As of May 11, 2004

    Re-Issue
Date: As of May 10, 2009

    Expiration
Date: May 10, 2010

    

    THIS WARRANT CERTIFIES THAT, for the
agreed upon value of $1.00 and for other good and valuable consideration, this
Warrant is issued to D. Emerald Investments Ltd., a corporation organized and
existing under the laws of Israel (“Holder”) by GSV, Inc., a Delaware
corporation (the “Company”).

    

    Subject to the terms of the Purchase
Agreement dated as of May 11, 2004, by and between the Company and the Holder
(the "Purchase Agreement") and subject to the terms and conditions hereinafter
set forth below, the Holder is entitled upon surrender of this Warrant and the
duly executed Notice of Exercise form annexed hereto as Appendix 1, at the
office of the Company, 191 Post Road West, Westport, Connecticut 06880, or such
other office as the Company shall notify the Holder of in writing (the
“Principal Office”), to purchase from the Company One Million, One Hundred and
Forty-Two Thousand and Eight Hundred and Fifty-Seven (1,142,857), duly
authorized, validly issued, fully paid and
non-assessable shares, free and clear of all liens, pledges, security interests,
charges, and encumbrances (the “Shares”) of the Company’s common stock, $.001
par value per share (“Common Stock”).  The purchase price per Share
shall be the Exercise Price, subject to adjustment as set forth in Article 2
below.  This Warrant may be exercised in whole or in part at any time
and from time to time until 5:00 PM, Eastern time, on May 10, 2010 (the
“Expiration Date”).  Until such time as this Warrant is exercised in
full or expires, the Exercise Price and the number of Shares shall be subject to
adjustment as hereinafter provided.

    

    ARTICLE
1

    

    EXERCISE

    

    1.1     Method of
Exercise.  Holder may exercise this Warrant, in whole or in
part, by delivering a duly executed Notice of Exercise in substantially the form
attached as Appendix 1 to
the Principal Office of the Company.  Holder shall also deliver to the
Company a certified check for the aggregate Exercise Price for the Shares being
purchased.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    1.2     Delivery of Certificate and
New Warrant.  Promptly after Holder exercises this Warrant, the
Company shall issue to the Holder the Shares to which the Holder shall be
entitled thereby, duly authorized, validly issued, fully paid, non assessable
and free and clear of all liens, pledges, security interests, charges and
encumbrances and shall deliver to Holder certificates for the Shares acquired
and, if this Warrant has not been fully exercised and has not expired, a new
Warrant representing the right to purchase the balance of the Shares not yet so
acquired. Upon receipt by the Company of the Notice of Exercise and the
aggregate Exercise Price, the Holder shall be deemed to be the holder of the
Shares issuable upon such exercise, notwithstanding that the share transfer
books of the Company shall then be closed and that certificates representing
such shares shall not then be actually delivered to the Holder.

    

    1.3     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. The term “Warrant” as used herein shall include this Warrant and any
warrants subsequently delivered in substitution or exchange therefore as
provided herein.

    

    1.4     Sale, Merger, or
Consolidation of the Company.

    

    1.4.1        “Acquisition”.  For
the purpose of this Warrant, “Acquisition” means any sale, transfer, exclusive
license, or other conveyance or disposition of all or substantially all of the
assets or business of the Company, or any securities transaction,
reorganization, consolidation or merger of the Company in which the holders of
the Company’s outstanding voting equity securities immediately prior to the
transaction beneficially own less than 50.1% of the outstanding voting equity
securities of the surviving or successor entity immediately after the
transaction.

    

    1.4.2        Assumption of
Warrant.  This Warrant shall automatically and immediately be
binding upon any successor or surviving entity succeeding the Company as a
result of an Acquisition (other than an Acquisition in which the consideration
received by the Company or its stockholders, as the case may be, consists solely
of cash).  Upon the closing of any such Acquisition, this Warrant
shall be exercisable for the same securities and property as would be payable
for the 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.  The Exercise Price shall be adjusted
accordingly.

    
      
         

      

      
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    ARTICLE
2

    

    ADJUSTMENTS

    

    2.1     Stock Dividends, Splits,
Etc.  If the outstanding shares of the Company's Common Stock at any time
while this Warrant remains outstanding and unexpired shall be subdivided or
split into a greater number of shares or a dividend in Common Stock shall be
paid in respect of the outstanding Common Stock, the Exercise Price in effect
immediately prior to such subdivision or at the record date of such dividend
shall, simultaneously with the effectiveness of such subdivision or split or
immediately after the record date of such dividend (as the case may be), be
proportionately decreased.  If the outstanding shares of Common Stock
shall be combined or reverse-split into a smaller number of shares, the Exercise
Price in effect immediately prior to such combination or reverse split shall,
simultaneously with the effectiveness of such combination or reverse split, be
proportionately increased.  When any adjustment is required to be made
in the Exercise Price, the number of Shares purchasable upon the exercise of
this Warrant shall be changed to the number determined by dividing (i) an amount
equal to the number of Shares issuable upon the exercise of this Warrant
immediately prior to such adjustment, multiplied by the Exercise Price in effect
immediately prior to such adjustment, by (ii) the Exercise Price in effect
immediately after such adjustment.

    

    2.2     Reclassification, Exchange
or Substitution.  Upon any reclassification, recapitalization,
exchange, substitution, reorganization or other event that results in a change
of the number and/or class of the Common Stock, lawful provision shall be made
so that Holder shall be entitled thereafter to receive, upon exercise of this
Warrant, the number and kind of securities and property that Holder would have
been entitled to receive if this Warrant had been exercised immediately before
such reclassification, exchange, substitution, reorganization or other
event.  In any such case, appropriate adjustment (as reasonably
determined by the Board of Directors of the Company) shall be made in the
application of the provisions set forth herein with respect to the rights and
interests thereafter of Holder such that the provisions set forth in this
Section 2 (including provisions with respect to the Exercise Price) shall
thereafter be applicable, as nearly as is reasonably practicable, in relation to
any shares of stock or other securities or property thereafter deliverable upon
the exercise of this Warrant.  The provisions of this Section 2.2
shall similarly apply to successive reclassifications, exchanges, substitutions,
reorganizations or other events.

    

    2.3     Price
Adjustment.  No adjustment in the per share Exercise Price
shall be required unless such adjustment would require an increase or decrease
in the Exercise Price of at least $0.01; provided, however, that any adjustments
that by reason of this subsection are not required to be made shall be carried
forward and taken into account in any subsequent adjustment.  All
calculations under this Section 2 shall be made to the nearest cent or to the
nearest 1/100th of a share, as the case may be.

    

    2.4     No
Impairment.  The Company shall not, by amendment of its
Certificate of Incorporation, as amended, 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, covenants, stipulations or conditions 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.  The Company further
agrees that it will maintain and reserve at all times, free from pre-emptive
rights, and after giving effect to all other options, warrants, convertible
securities and other rights to acquire shares of the Company, such number of
authorized but unissued Shares to permit the exercise of this Warrant for the
full number of Shares herein and so that this Warrant, and any subsequent
Warrants issued to the Holder, may be exercised without additional
authorization.  The Company further covenants that the Shares, when
issued pursuant to the exercise of this Warrant, will be dully authorized,
validly issued, fully paid and non-assessable shares, free and clear of all
liens, pledges, security interests, charges, and encumbrances.

    
      
         

      

      
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    2.5     Adjustments for Diluting
Issuances.  If the Company shall issue, after the Issue Date
set forth on the face of this Warrant, any Equity Securities (as defined below)
at a price per share or conversion price or exercise price lower than the
Exercise Price in effect immediately before such Equity Securities are issued,
(as such Exercise Price may have been previously adjusted pursuant to the
provisions of this Article 2), the Exercise Price for the Shares of Common Stock
issuable hereunder shall be adjusted to equal the price per share or the
conversion price or the exercise price of such Equity Securities, as applicable.
The foregoing shall not apply to issuance of common stock or preferred stock the proceeds
of which will be payable to the Company in
immediately available funds upon issuance thereof.

    

    For
purposes of this Warrant, the term “Equity Securities” shall mean any securities
evidencing an ownership interest in the Company, or any securities having voting
rights in the election of the Board of Directors of the Company not contingent
upon default, or any securities convertible into or exercisable for any class of
shares of the Company, or any agreement or commitment to issue any of the
foregoing.

    

    2.6     Fractional
Shares.  No fractional Shares shall be issuable upon exercise
or conversion of the Warrant and the number of Shares to be issued shall be
rounded up to the nearest whole Share.

    

    2.7     Certificate as to
Adjustments.  Upon the occurrence of each event that results in
an adjustment of the Exercise Price or number of Shares, the Company, at its
sole cost and 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 and the number of Shares resulting from such event and
setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based.

    

    ARTICLE
3

    

    COVENANTS OF THE
COMPANY

    

    3.1     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 its Common Stock
any additional shares of stock of any class or series or other rights;
(c) to effect any reclassification,  recapitalization, exchange
or substitution of any of its securities; or (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 business, or to liquidate, dissolve or wind
up; then, in connection with each such event, the Company shall give Holder
(1) at least 15 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 securities of the Company will
be entitled to receive such dividend, distribution or subscription rights) or
for determining rights to vote, if any, in respect of the matters referred to in
(c) and (d) above; and (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 securities
of the Company will be entitled to exchange their securities of the Company for
securities or other property deliverable upon the occurrence of such
event).

    
      
         

      

      
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    ARTICLE
4

    

    MISCELLANEOUS

    

    4.1     Legends.  This
Warrant and the Shares shall be imprinted with a legend in substantially the
following form:

    

    THIS
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, OR ANY OTHER STATE SECURITIES LAWS AND MAY
NOT BE SOLD OR OTHERWISE DISTRIBUTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE ISSUER
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER SUCH ACT AND LAWS.

    

    4.2     Compliance with Securities
Laws on Transfer.  This Warrant and the Shares 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
(i) there is no material question as to the availability of current information
as referenced in Rule 144(c), (ii) Holder represents that it has complied
with Rule 144(d) and (e) in reasonable detail, (iii) the selling broker
represents that it has complied with Rule 144(f), and (iv) the Company is
provided with a copy of Holder’s notice of proposed sale.

    

    4.3     Transfer
Procedure.  Subject to the provisions of Section 4.2,
Holder may transfer all or part of this Warrant and/or the Shares issuable upon
exercise of this Warrant at any time 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, if applicable and surrendering this
Warrant to the Company for reissuance to the transferee(s) (and Holder if
applicable in case of a partial transfer).

    

    4.4     No Rights as
Stockholder.  Until the exercise of this Warrant, the
registered Holder of this Warrant shall not have or exercise any rights by
virtue hereof as a stockholder of the Company.

    

    4.5     Successors.  The
rights and obligations of the parties to this Warrant will inure to the benefit
of and be binding upon the parties hereto and their respective heirs,
successors, assigns, pledgees, transferees and purchasers

    

    4.6     Headings.  The
headings in this Warrant are for purposes of reference only and shall not limit
or otherwise affect the meaning of any provision of this
Warrant.

    
      
         

      

      
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    4.7     Governing Law and
Jurisdiction.  This Warrant will be deemed to have been made
and delivered in New York City and will be governed as to validity,
interpretation, construction, effect and in all other respects by the internal
laws of the State of New York.  Each of the Company and Holder hereby
(i) agrees that any legal suit, action or proceeding arising out of or relating
to this Agreement will be instituted exclusively in New York State Supreme
Court, County of New York or in the United States District Court for the
Southern District of New York, (ii) waives any objection to the venue of any
such suit, action or proceeding and the right to assert that such forum is not a
convenient forum for such suit, action or proceeding, (iii) irrevocably consents
to the jurisdiction of the New York State Supreme Court, County of New York and
the United States District Court for the Southern District of New York in any
such suit, action or proceeding, (iv) agrees to accept and acknowledge service
of any and all process that may be served in any such suit, action or proceeding
in New York State Supreme Court, County of New York or in the United States
District Court for the Southern District of New York and (v) agrees that service
of process upon it mailed by certified mail to its address set forth in Section
4.6 below will be deemed in every respect effective service of process upon it
in any suit, action or proceeding.

    

    4.8     Notices.  Any
notice or other communications required or permitted hereunder shall be
sufficiently given if delivered in person or sent by facsimile or certified
mail, postage prepaid, if to the Company, to it at GSV, Inc., 191 Post Road
West, Westport, Connecticut 06880, Attention: President, with a copy to Davis
& Gilbert LLP, 1740 Broadway, New York, New York 10019, Attention: Ralph W.
Norton, Esq., and if to Holder, to D. Emerald Investments Ltd., 85 Medinat
Ha-Yehudim, Herzelia, Israel, Attention:  Roy Harel, Manager, with a
copy to Kantor, Elhanani, Tal & Co., Mozes House, 74-76 Rothschild Blvd.,
Tel-Aviv Israel  65785, Attention: Adv. Dana Yagur.

    

    4.9     Waiver.  This
Warrant and any term hereof may be changed, waived, discharged or terminated
only by an instrument in writing signed by the party against which enforcement
of such change, waiver, discharge or termination is sought.

    

    4.10   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.

    

    4.11   Severability. In case
any one or more of the provisions contained in this Warrant shall 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.

    

    4.12   Restatement. This
Warrant is an amendment and restatement of the Warrant originally issued as of
May 11, 2004, and reissued as of May 10, 2008, by the Company to the Holder (the
“Original Warrant”) and shall in all respects substitute for the Original
Warrant.

    
      
         

      

      
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                GSV,
      INC.

              
	 
      	 
      
	
                By:

              	
                /s/ Gilad Gat

              
	 
      	
                Name:
      Gilad Gat

              
	 
      	
                Title:   Chief
      Executive Officer and

              
	 
      	
                 President

              

      

    

    
      
         

      

      
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    APPENDIX
1

    

    NOTICE OF
EXERCISE

    

    1.           The
undersigned hereby elects to purchase __________ shares of the ____________
stock of GSV, Inc. pursuant to Section 1.1 of the attached Warrant, and tenders
herewith payment of the Exercise 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 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)

    
      
         

      

      
        8

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