Document:

Unassociated Document

    
      
        

        

      

      EXHIBIT 10.30

      COMMON
STOCK PURCHASE WARRANT

      

       ACCESS
PHARMACEUTICALS, INC.

       

       

      Warrant
Shares:
_______                                                                                     Initial
Exercise Date: ________ ___, 2010

      

       

      THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies
that, for value received, _____________ (the “Holder”) is entitled,
upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or after _____________ (the “Initial Exercise
Date”) and on or prior to the close of business on the ____ year
anniversary of the Initial Exercise Date (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Access Pharmaceuticals,
Inc., a Delaware corporation (the “Company”), up to
______ shares (the “Warrant Shares”) of
Common Stock.

       

      Section
1.                                Definitions.  Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in
that certain Securities Purchase Agreement (the “Purchase Agreement”),
dated January ____, 2010, among the Company and the purchasers signatory
thereto.

       

      Section
2.                                Exercise.

       

      a) Exercise of
Warrant.  Exercise of the purchase rights represented by this
Warrant may be made, in whole or in part, at any time or times on or after the
Initial Exercise Date and on or before the Termination Date by delivery to 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 the Holder
appearing on the books of the Company) of a duly executed facsimile copy of the
Notice of Exercise Form annexed hereto; and, within three (3) Trading Days of
the date said Notice of Exercise is delivered to the Company, the Company shall
have received payment of the aggregate Exercise Price of the shares thereby
purchased by wire transfer or cashier’s check drawn on a United States bank or,
if available, pursuant to the cashless exercise procedure specified in Section
2(c) below.  Notwithstanding anything herein to the contrary, the
Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Warrant Shares available hereunder and
the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation within three (3) Trading
Days of the date the final Notice of Exercise is delivered to the
Company.  Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder shall have
the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares
purchased.  The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such
purchases.  The Company shall deliver any objection to any Notice of
Exercise Form within 1 Business Day of receipt of such notice.  In the
event of any dispute or discrepancy, the records of the Holder shall be
controlling and determinative in the absence of manifest error. The Holder and any assignee, by
acceptance of this Warrant, acknowledge and agree that, by reason of the
provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder
at any given time may be less than the amount stated on the face
hereof.

       

      
        
          
          

        

        
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      b) Exercise
Price.  The exercise price per share of the Common Stock under
this Warrant shall be $_____, subject to
adjustment hereunder (the “Exercise
Price”).

       

      c) Cashless
Exercise.  If at the time of exercise hereof there is no
effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Warrant Shares to the Holder
and all of the Warrant Shares are not then registered for resale by Holder into
the market at market prices from time to time on an effective registration
statement for use on a continuous basis (or the prospectus contained therein is
not available for use), then this Warrant may also be exercised, in whole or in
part, at such time by means of a “cashless exercise” in which the Holder shall
be entitled to receive a certificate for the number of Warrant Shares equal to
the quotient obtained by dividing [(A-B) (X)] by (A), where:

       

      
        (A) = the
VWAP on the Trading Day immediately preceding the date on which Holder elects to
exercise this Warrant by means of a “cashless exercise,” as set forth in the
applicable Notice of Exercise;

      

      

      
        (B) = the
Exercise Price of this Warrant, as adjusted hereunder; and

      

      

      
        (X) = the
number of Warrant Shares that would be issuable upon exercise of this Warrant in
accordance with the terms of this Warrant if such exercise were by means of a
cash exercise rather than a cashless exercise.

      

      

      “VWAP” means, for any
date, the price determined by the first of the following clauses that applies:
(a) if the Common Stock is then listed or quoted on a Trading Market, the daily
volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed
or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time), (b)  if the OTC
Bulletin Board is not a Trading Market, the volume weighted average price of the
Common Stock for such date (or the nearest preceding date) on the OTC Bulletin
Board, (c) if the Common Stock is not then listed or quoted for trading on the
OTC Bulletin Board and if prices for the Common Stock are then reported in the
“Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or
agency succeeding to its functions of reporting prices), the most recent bid
price per share of the Common Stock so reported, or (d) in all other cases,
the fair market value of a share of Common Stock as determined by an independent
appraiser selected in good faith by the Company and reasonably acceptable to a
majority in interest of the Securities then outstanding, the fees and expenses
of which shall be paid by the Company.

       

      
        
          
          

        

        
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      Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be
automatically exercised via cashless exercise pursuant to this Section
2(c).

      

      d) Mechanics of
Exercise.

       

      i. Delivery of Certificates
Upon Exercise.  Certificates for shares purchased hereunder
shall be transmitted by the Transfer Agent to the Holder by crediting the
account of the Holder’s prime broker with the Depository Trust Company through
its Deposit Withdrawal Agent Commission (“DWAC”) system if the
Company is then a participant in such system and either (A) there is an
effective Registration Statement permitting the issuance of the Warrant Shares
to or resale of the Warrant Shares by Holder or (B) this Warrant is being
exercised via cashless exercise  more than six months after its
original issue date (or one year in the event there is not adequate current
public information available with respect to the Company as required by
subsection (c) of Rule 144) and the Holder is not and has not been an Affiliate
of the Company within 90 days of the date of exercise, and otherwise by physical
delivery of a certificate for such shares to the address specified by the Holder
in the Notice of Exercise by the date that is three (3) Trading Days after the
latest of (A) the delivery to the Company of the Notice of Exercise Form, (B)
surrender of this Warrant (if required) and (C) payment of the aggregate
Exercise Price as set forth above (including by cashless exercise, if permitted)
(such date, the “Warrant Share Delivery
Date”).  This Warrant shall be deemed to have been exercised on
the first date on which all of the foregoing have been delivered to the
Company.  The Warrant Shares shall be deemed to have been issued, and
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 exercised, with payment to the Company of the Exercise
Price (or by cashless exercise, if permitted) and all taxes required to be paid
by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of
such shares, having been paid.  If the Company fails for any reason to
deliver to the Holder certificates evidencing the Warrant Shares subject to a
Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to
the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000
of Warrant Shares subject to such exercise (based on the VWAP of the Common
Stock on the date of the applicable Notice of Exercise), $5 per Trading Day
(increasing to $10 per Trading Day on the fifth Trading Day after such
liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such certificates are delivered or Holder rescinds
such exercise.

       

      ii. Delivery of New Warrants
Upon Exercise.  If this Warrant shall have been exercised in
part, the Company shall, at the request of a Holder and upon surrender of this
Warrant certificate, at the time of delivery of the certificate or certificates
representing 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.

       

      
        
          
          

        

        
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      iii. Rescission
Rights.  If the Company fails to cause the Transfer Agent to
transmit to the Holder a certificate or the certificates representing the
Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date,
then, the Holder will have the right to rescind such exercise.

       

      iv. Compensation for Buy-In on
Failure to Timely Deliver Certificates Upon Exercise.  In
addition to any other rights available to the Holder, if the Company fails to
cause the Transfer Agent to transmit to the Holder a certificate or the
certificates representing the Warrant Shares pursuant to an exercise on or
before the Warrant Share Delivery Date, and if after such date the Holder is
required by its broker to purchase (in an open market transaction or otherwise)
or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to
deliver in satisfaction of a sale by the Holder of the Warrant Shares which the
Holder anticipated receiving upon such exercise (a “Buy-In”), then the
Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the
Holder’s total purchase price (including brokerage commissions, if any) for the
shares of Common Stock so purchased exceeds (y) the amount obtained by
multiplying (1) the number of Warrant Shares that the Company was required to
deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase obligation was
executed, and (B) at the option of the Holder, either reinstate the portion of
the Warrant and equivalent number of Warrant Shares for which such exercise was
not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of shares of Common Stock that would have been issued
had the Company timely complied with its exercise and delivery obligations
hereunder.  For example, if the Holder purchases Common Stock having a
total purchase price of $11,000 to cover a Buy-In with respect to an attempted
exercise of shares of Common Stock with an aggregate sale price giving rise to
such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The
Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company,
evidence of the amount of such loss.  Nothing herein shall limit a
Holder’s right to pursue any other remedies available to it hereunder, at law or
in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver
certificates representing shares of Common Stock upon exercise of the Warrant as
required pursuant to the terms hereof.

      
         

      

      v. 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, at its election, either pay a cash
adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole
share.

       

      
        
          
          

        

        
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      vi. Charges, Taxes and
Expenses.  Issuance of certificates for 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 certificate, all of which
taxes and expenses shall be paid by the Company, and such certificates 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 certificates for 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 Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto.

       

      vii. Closing of
Books.  The Company will not close its stockholder books or
records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

       

      e) Holder’s Exercise
Limitations.  The Company shall not effect any exercise of this
Warrant, and a Holder shall not have the right to exercise any portion of this
Warrant, pursuant to Section 2 or otherwise, to the extent that after giving
effect to such issuance after exercise as set forth on the applicable Notice of
Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s
Affiliates), would beneficially own in excess of the Beneficial Ownership
Limitation (as defined below).  For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by the Holder and its
Affiliates shall include the number of shares of Common Stock issuable upon
exercise of this Warrant with respect to which such determination is being made,
but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant
beneficially owned by the Holder or any of its Affiliates and (ii) exercise or
conversion of the unexercised or nonconverted portion of any other securities of
the Company (including, without limitation, any other  Common Stock
Equivalents) subject to a limitation on conversion or exercise analogous to the
limitation contained herein beneficially owned by the Holder or any of its
Affiliates.  Except as set forth in the preceding sentence, for purposes of
this Section 2(e), beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder, it being acknowledged by the Holder that the Company is not
representing to the Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith.   To the extent
that the limitation contained in this Section 2(e) applies, the determination of
whether this Warrant is exercisable (in relation to other securities owned by
the Holder together with any Affiliates) and of which portion of this Warrant is
exercisable shall be in the sole discretion of the Holder, and the submission of
a Notice of Exercise shall be deemed to be the Holder’s determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates) and of which portion of this Warrant is
exercisable, in each case subject to the Beneficial Ownership Limitation, and
the Company shall have no obligation to verify or confirm the accuracy of such
determination.   In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated
thereunder.  For purposes of this Section 2(e), in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of
outstanding shares of Common Stock as reflected in (A) the Company’s most recent
periodic or annual report filed with the Commission, as the case may be, (B) a
more recent public announcement by the Company or (C) a more recent written
notice by the Company or the Transfer Agent setting forth the number of shares
of Common Stock outstanding.  Upon the written or oral request of a Holder,
the Company shall within two Trading Days confirm orally and in writing to the
Holder the number of shares of Common Stock then outstanding.  In any case,
the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of securities of the Company,
including this Warrant, by the Holder or its Affiliates since the date as of
which such number of outstanding shares of Common Stock was
reported.  The “Beneficial Ownership
Limitation” shall be 4.9% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable upon exercise of this Warrant.  The Holder, upon not
less than 61 days’ prior notice to the Company, may increase or decrease the
Beneficial Ownership Limitation provisions of this Section 2(e), provided that
the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of
shares of the Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock upon exercise of this Warrant held by the
Holder and the provisions of this Section 2(e) shall continue to
apply.  Any such increase or decrease will not be effective until the
61st
day after such notice is delivered to the Company.  The provisions of
this paragraph shall be construed and implemented in a manner otherwise than in
strict conformity with the terms of this Section 2(e) to correct this paragraph
(or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of
this Warrant.

       

      
        
          
          

        

        
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      Section
3.                                Certain
Adjustments.

       

      a) Stock Dividends and
Splits. If the Company, at any time while this Warrant is outstanding:
(i) pays a stock dividend or otherwise makes a distribution or distributions on
shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not
include any shares of Common Stock issued by the Company upon exercise of this
Warrant or shares of Common Stock issued by the Company as a dividend on
then-outstanding shares of its Series A Cumulative Convertible Preferred Stock),
(ii) subdivides outstanding shares of Common Stock into a larger number of
shares, (iii) combines (including by way of reverse stock split) outstanding
shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of
the Company, then in each case the Exercise Price shall be multiplied by a
fraction of which the numerator shall be the number of shares of Common Stock
(excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock
outstanding immediately after such event, and the number of shares issuable upon
exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged.  Any
adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive
such dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or
re-classification.

       

      b) Intentionally
Deleted.

       

      c) Subsequent Rights
Offerings.  If the Company, at any time while the Warrant is
outstanding, shall issue rights, options or warrants to all holders of Common
Stock (and not to the Holders) entitling them to subscribe for or purchase
shares of Common Stock at a price per share less than the VWAP on the record
date mentioned below, then, the Exercise Price shall be multiplied by a
fraction, of which the denominator shall be the number of shares of the Common
Stock outstanding on the date of issuance of such rights, options or warrants
plus the number of additional shares of Common Stock offered for subscription or
purchase, and of which the numerator shall be the number of shares of the Common
Stock outstanding on the date of issuance of such rights, options or warrants
plus the number of shares which the aggregate offering price of the total number
of shares so offered (assuming receipt by the Company in full of all
consideration payable upon exercise of such rights, options or warrants) would
purchase at such VWAP.  Such adjustment of the Exercise Price shall be
made whenever such rights, options or warrants are issued, and shall become
effective immediately after the record date for the determination of
stockholders entitled to receive such rights, options or warrants.

       

      d) Pro Rata
Distributions.  If the Company, at any time while this Warrant
is outstanding, shall distribute to all holders of Common Stock (and not to the
Holders) evidences of its indebtedness or assets (including cash and cash
dividends) or rights or warrants to subscribe for or purchase any security other
than the Common Stock (which shall be subject to Section 3(b)), then in each
such case the Exercise Price shall be adjusted by multiplying the Exercise Price
in effect immediately prior to the record date fixed for determination of
stockholders entitled to receive such distribution by a fraction of which the
denominator shall be the VWAP determined as of the record date mentioned above,
and of which the numerator shall be such VWAP on such record date less the then
per share fair market value at such record date of the portion of such assets or
evidence of indebtedness so distributed applicable to one outstanding share of
the Common Stock as determined by the Board of Directors in good
faith.  In either case the adjustments shall be described in a
statement provided to the Holder of the portion of assets or evidences of
indebtedness so distributed or such subscription rights applicable to one share
of Common Stock.  Such adjustment shall be made whenever any such
distribution is made and shall become effective immediately after the record
date mentioned above.

       

      
        
          
          

        

        
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      e) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the
Company, directly or indirectly, in one or more related transactions effects any
merger or consolidation of the Company with or into another Person, (ii) the
Company, directly or indirectly, effects any sale, lease, license, assignment,
transfer, conveyance or other disposition of all or substantially all of its
assets in one or a series of related transactions, (iii) any, direct or
indirect, purchase offer, tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of Common Stock are
permitted to sell, tender or exchange their shares for other securities, cash or
property and has been accepted by the holders of 50% or more of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of
the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or
property, (v) the Company, directly or indirectly, in one or more related
transactions consummates a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person whereby such other Person
acquires more than 50% of the outstanding shares of Common Stock (not including
any shares of Common Stock held by the other Person or other Persons making or
party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a
“Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the
Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction, at the option of the Holder (without regard to any
limitation in Section 2(e) on the 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 any additional consideration
(the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by
a holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such Fundamental Transaction (without regard to
any limitation in Section 2(e) on the exercise of this Warrant).  For
purposes of any such exercise, the determination of the Exercise Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the
Exercise Price among the Alternate Consideration in a reasonable manner
reflecting the relative value of any different components of the Alternate
Consideration.  If holders of Common Stock are given any choice as to
the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental
Transaction.  Notwithstanding anything to the contrary, in the event
of a Fundamental Transaction that is (1) an all cash transaction, (2) a “Rule
13e-3 transaction” as defined in Rule 13e-3 under the Exchange Act, or (3) a
Fundamental Transaction involving a person or entity not traded on a national
securities exchange, including, but not limited to, the Nasdaq Global Select
Market, the Nasdaq Global Market, or the Nasdaq Capital Market, the Company or
any Successor Entity (as defined below) shall, at the Holder’s option,
exercisable at any time concurrently with, or within 30 days after, the
consummation of the Fundamental Transaction, purchase this Warrant from the
Holder by paying to the Holder an amount of cash equal to the Black Scholes
Value of the remaining unexercised portion of this Warrant on the date of the
consummation of such Fundamental Transaction.  “Black Scholes Value”
means the value of this Warrant based on the Black and Scholes Option Pricing
Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”)
determined as of the day of consummation of the applicable Fundamental
Transaction for pricing purposes and reflecting (A) a risk-free interest rate
corresponding to the U.S. Treasury rate for a period equal to the time between
the date of the public announcement of the applicable Fundamental Transaction
and the Termination Date, (B) an expected volatility equal to the greater of
100% and the 100 day volatility obtained from the HVT function on Bloomberg as
of the Trading Day immediately following the public announcement of the
applicable Fundamental Transaction, (C) the underlying price per share used in
such calculation shall be the sum of the price per share being offered in cash,
if any, plus the value of any non-cash consideration, if any, being offered in
such Fundamental Transaction and (D) a remaining option time equal to the time
between the date of the public announcement of the applicable Fundamental
Transaction and the Termination Date.  The Company shall cause any
successor entity in a Fundamental Transaction in which the Company is not the
survivor (the “Successor Entity”) to
assume in writing all of the obligations of the Company under this Warrant and
the other Transaction Documents in accordance with the provisions of this
Section 3(e) pursuant to written agreements in form and substance reasonably
satisfactory to the Holder and approved by the Holder (without unreasonable
delay) prior to such Fundamental Transaction and shall, at the option of the
holder of this Warrant, deliver to the Holder in exchange for this Warrant a
security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a
corresponding number of shares of capital stock of such Successor Entity (or its
parent entity) equivalent to the shares of Common Stock acquirable and
receivable upon exercise of this Warrant (without regard to any limitations on
the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of
capital stock (but taking into account the relative value of the shares of
Common Stock pursuant to such Fundamental Transaction and the value of such
shares of capital stock, such number of shares of capital stock and such
exercise price being for the purpose of protecting the economic value of this
Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon
the occurrence of any such Fundamental Transaction, the Successor Entity shall
succeed to, and be substituted for (so that from and after the date of such
Fundamental Transaction, the provisions of this Warrant and the other
Transaction Documents referring to the “Company” shall refer instead to the
Successor Entity), and may exercise every right and power of the Company and
shall assume all of the obligations of the Company under this Warrant and the
other Transaction Documents with the same effect as if such Successor Entity had
been named as the Company herein.

       

      
        
          
          

        

        
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      f) Calculations. All
calculations under this Section 3 shall be made to the nearest cent or the
nearest 1/100th of a share, as the case may be. For purposes of this Section 3,
the number of shares of Common Stock deemed to be issued and outstanding as of a
given date shall be the sum of the number of shares of Common Stock (excluding
treasury shares, if any) issued and outstanding.

       

      g) Notice to
Holder.

       

      i. Adjustment to Exercise
Price. Whenever the Exercise Price is adjusted pursuant to any provision
of this Section 3, the Company shall promptly mail to the Holder a notice
setting forth the Exercise Price after such adjustment and setting forth a brief
statement of the facts requiring such adjustment.

       

      ii. Notice to Allow Exercise by
Holder. If (A) the Company shall declare a dividend (or any other
distribution in whatever form) on the Common Stock, (B) the Company shall
declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common
Stock rights or warrants to subscribe for or purchase any shares of capital
stock of any class or of any rights, (D) the approval of any stockholders of the
Company shall be required in connection with any reclassification of the Common
Stock, any consolidation or merger to which the Company is a party, any sale or
transfer of all or substantially all of the assets of the Company, or any
compulsory share exchange whereby the Common Stock is converted into other
securities, cash or property, or (E) the Company shall authorize the voluntary
or involuntary dissolution, liquidation or winding up of the affairs of the
Company, then, in each case, the Company shall cause to be mailed to the Holder
at its last address as it shall appear upon the Warrant Register of the Company,
at least 20 calendar days prior to the applicable record or effective date
hereinafter specified, a notice stating (x) the date on which a record is to be
taken for the purpose of such dividend, distribution, redemption, rights or
warrants, or if a record is not to be taken, the date as of which the holders of
the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which
such reclassification, consolidation, merger, sale, transfer or share exchange
is expected to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record shall be entitled to
exchange their shares of the Common Stock for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided that the failure to mail such notice or any defect
therein or in the mailing thereof shall not affect the validity of the corporate
action required to be specified in such notice.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

         

      

      Section
4.                                Transfer of
Warrant.

       

      a) Transferability.  This
Warrant and all rights hereunder (including, without limitation, any
registration rights) are transferable, in whole or in part, upon surrender of
this Warrant at the principal office of the Company or its designated agent,
together with a written assignment of this Warrant substantially in the form
attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such
transfer.  Upon such surrender and, if required, such payment, the
Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a
new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled.  The Warrant, if properly
assigned in accordance herewith, may be exercised by a new holder for the
purchase of Warrant Shares without having a new Warrant issued.

       

      b) New Warrants. 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 4(a), as to any transfer which may be involved in such division or
combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated
the initial issuance date set forth on the first page of this Warrant and shall
be identical with this Warrant except as to the number of Warrant Shares
issuable pursuant thereto.

       

      c) Warrant Register. 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 Holder hereof from time to time.  The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the
contrary.

       

      d) Understandings or
Arrangements. Such Holder is acquiring this Warrant as principal for
its own account and has no direct or indirect arrangement or understandings with
any other persons to distribute or regarding the distribution of such Warrant
(this representation and warranty not limiting such Holder’s right to sell the
Warrant pursuant to the Registration Statement or otherwise in compliance with
applicable federal and state securities laws.) Such Holder is acquiring this
Warrant hereunder in the ordinary course of its business.

       

      Section
5.                                Miscellaneous.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

         

      

      a) No Rights as Stockholder
Until Exercise.  This Warrant does not entitle the Holder to
any voting rights, dividends or other rights as a stockholder of the Company
prior to the exercise hereof as set forth in Section 2(d)(i).

       

      b) 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 (which, in the case of the Warrant, shall
not include the posting of any bond), 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.

       

      c) 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 not
be a Business Day, then, such action may be taken or such right may be exercised
on the next succeeding Business Day.

       

      d) 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 the Warrant Shares upon the
exercise of the purchase rights under this Warrant.  The Company will
take all such reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law
or regulation, or of any requirements of the Trading Market upon which the
Common Stock may be listed.  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 and payment for such Warrant Shares in accordance herewith, be duly
authorized, validly issued, fully paid and nonassessable and free from all
taxes, liens and charges created by the Company in respect of the issue thereof
(other than taxes in respect of any transfer occurring contemporaneously with
such issue).

       

      Except
and to the extent as waived or consented to by the Holder, the Company shall not
by any action, including, without limitation, amending its certificate of
incorporation or through any 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 of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of Holder as set forth in this Warrant against
impairment.  Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in
par value, (ii) take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable
Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof, as may be,
necessary to enable the Company to perform its obligations under this
Warrant.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

         

      

      Before
taking any action which would result in an adjustment in the number of Warrant
Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents
thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.

       

      e) Jurisdiction. All
questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be determined in accordance with the provisions of the
Purchase Agreement.

       

      f) Restrictions.  The
Holder acknowledges that the Warrant Shares acquired upon the exercise of this
Warrant, if not registered, will have restrictions upon resale imposed by state
and federal securities laws unless the Holder utilizes the cashless exercise
provisions hereof after at least one year has elapsed from the original issue
date (or six months as long as there is adequate current public information
available with respect to the Company as required by subsection (c) of Rule 144)
and the Holder is not and has not been an Affiliate of the Company within 90
days of the date of exercise.

       

      g) Nonwaiver and
Expenses.  No course of dealing or any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice Holder’s rights, powers or
remedies.  Without limiting any other provision of this Warrant or the
Purchase Agreement, if the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the
Holder, the Company shall pay to Holder such amounts as shall be sufficient to
cover any costs and expenses including, but not limited to, reasonable
attorneys’ fees, including those of appellate proceedings, incurred by Holder in
collecting any amounts due pursuant hereto or in otherwise enforcing any of its
rights, powers or remedies hereunder.

       

      h) Notices.  Any
notice, request or other document required or permitted to be given or delivered
to the Holder by the Company shall be delivered in accordance with the notice
provisions of the Purchase Agreement.

       

      i) Limitation of
Liability.  No provision hereof, in the absence of any
affirmative action by Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of Holder, shall
give rise to any liability of Holder for the purchase price of any Common Stock
or as a stockholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

         

      

      j) Remedies.  The
Holder, in addition to being entitled to exercise all rights granted by law,
including recovery of damages, will be entitled to specific performance of its
rights under this Warrant.  The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach
by it of the provisions of this Warrant and hereby agrees to waive and not to
assert the defense in any action for specific performance that a remedy at law
would be adequate.

       

      k) 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 and permitted assigns of the Company and the
successors and permitted assigns of Holder.  The provisions of this
Warrant are intended to be for the benefit of any Holder from time to time of
this Warrant and shall be enforceable by the Holder or holder of Warrant
Shares.

       

      l) Amendment.  This
Warrant may be modified or amended or the provisions hereof waived with the
written consent of the Company and the Holders holding Warrants at least equal
to a majority of the Warrant Shares issuable upon exercise of all then
outstanding Warrants.

       

      m) 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.

       

      n) 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.

       

      

      ********************

      

      (Signature
Pages Follow)

      

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

         

      

      IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
officer thereunto duly authorized as of the date first above
indicated.

       

      

      
 

      
        	
                ACCESS
      PHARMACEUTICALS, INC.

                 

                 

              
	
                By:__________________________________________

                     Name:

                     Title:

                 

              

      

      

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

         

      

      

      NOTICE
OF EXERCISE

      

      TO:           ACCESS
PHARMACEUTICALS, INC.

      

      (1) The
undersigned hereby elects to purchase ________ Warrant Shares of the Company
pursuant to the terms of the attached Warrant (only if exercised in full), and
tenders herewith payment of the exercise price in full, together with all
applicable transfer taxes, if any.

       

      (2) Payment
shall take the form of (check applicable box):

       

      [  ]
in lawful money of the United States; or

       

      [ ] [if
permitted] the cancellation of such number of Warrant Shares as is necessary, in
accordance with the formula set forth in subsection 2(c), to exercise this
Warrant with respect to the maximum number of Warrant Shares purchasable
pursuant to the cashless exercise procedure set forth in subsection
2(c).

       

      (3) Unless said Warrant Shares will be
delivered electronically via DWAC, please issue a certificate or certificates
representing said Warrant Shares in the name of the undersigned or in such other
name as is specified below:

      

      

      and
deliver the physical certificate representing said Warrant Shares to the
following address:

      

      

      

      

      

      If the
Warrant Shares will be delivered electronically via DWAC, please issue them to
the following account:

      

      Name of
DTC Participant (broker-dealer at which the account of Holder to be

      credited
with the Warrant Shares is maintained):

      

      DTC
Participant Number:

      

      

      

      

      Name of
Account at DTC Participant to be credited with the Shares:

      

      Account
Number at DTC Participant to be credited with the Shares:

      

      [SIGNATURE
OF HOLDER]

      

      Name of
Investing Entity:
________________________________________________________________________

      Signature of Authorized Signatory of
Investing Entity:
_________________________________________________

      Name of
Authorized Signatory:
___________________________________________________________________

      Title of
Authorized Signatory:
____________________________________________________________________

      Date:
________________________________________________________________________________________

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

       

      ASSIGNMENT
FORM

      

      (To
assign the foregoing warrant, execute

      this form
and supply required information.

      Do not
use this form to exercise the warrant.)

      

      

      

      FOR VALUE
RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all
rights evidenced thereby are hereby assigned to

       

      

      _______________________________________________
whose address is

      

      _______________________________________________________________.

      

      

      

      _______________________________________________________________

      

      Dated:  ______________,
_______

      

      

      Holder’s
Signature:                                           _____________________________

      

      Holder’s
Address:                                           _____________________________

      

      _____________________________

      

      

      

      Signature
Guaranteed:  ___________________________________________

      

      

      NOTE:  The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Warrant, without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank or trust
company.  Officers of corporations and those acting in a fiduciary or
other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.amendtocreditagreement.htm

     

    Exhibit 4.1

     

    
      AMENDMENT
NO. 1

       

      dated
as of  November 12, 2009

       

      to

       

      Credit
Agreement

       

      dated
as of

      November
30, 2007

       

      Among

       

      ESCO
TECHNOLOGIES INC.,

      as
Borrower,

       

      

      THE
LENDING INSTITUTIONS NAMED HEREIN,

      as
Lenders,

      

      and

      

      PNC
BANK, NATIONAL ASSOCIATION,

      as
an LC Issuer, Swing Line Lender and as the

      Lead
Arranger, Administrative Agent and Syndication Agent

    

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    AMENDMENT NO. 1 TO CREDIT
AGREEMENT

    

    This
AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) is
entered into as of November 12, 2009 among the following:  (i) ESCO
TECHNOLOGIES INC., a Missouri corporation (the “Borrower”); (ii) the
lenders from time to time party hereto (each a “Lender” and
collectively, the “Lenders”); and (iii)
PNC BANK, NATIONAL ASSOCIATION (successor to National City Bank), as the
administrative agent (the “Administrative
Agent”).

     

    RECITALS:

    

    A.           The
Borrower, the Administrative Agent, the Lenders, Bank of America, N.A. and
JPMorgan Chase Bank, N.A., as Co-Syndication Agents, are parties to the Credit
Agreement, dated as of November 30, 2007 (as the same may from time to time be
amended, restated or otherwise modified, the “Credit
Agreement”).

     

    B.           The
Borrower, the Administrative Agent and the Lenders desire to amend the Credit
Agreement to modify certain provisions thereof.

     

    AGREEMENT:

    

    In
consideration of the premises and mutual covenants herein and for other valuable
consideration, the Borrower, the Administrative Agent and the Lenders agree as
follows:

     

    Section
1.   Definitions.  Unless
otherwise defined herein, each capitalized term used in this Amendment and not
defined herein shall be defined in accordance with the Credit
Agreement.

     

    Section
2.   Amendments.

     

    2.1 New
Definitions.  Article I of the Credit Agreement is hereby
amended to add the following new definitions thereto:

     

    “Amendment No. 1”
means Amendment No. 1 to Credit Agreement dated as of November 12, 2009, among
the Borrower, the Administrative Agent and the Lenders.

     

    “Amendment No. 1 Effective
Date” means November 12, 2009.

     

    2.2 Omnibus
Amendments.  All references in the Credit Agreement and the
exhibits thereto, the Notes, the Security Documents, the Subsidiary Guaranty and
each of the other Loan Documents to “National City Bank, a national banking
association” or “National City Bank” are deemed to be references to “PNC Bank,
National Association.”

     

    2.3 Amendment to Section
7.06.  Section 7.06 of the Credit Agreement is hereby amended
by adding a new clause (d) thereto which shall read in its entirety as
follows:

     

    “(d)           the
Borrower may declare and pay or make Capital Distributions consisting of
dividends that are payable in cash, provided that (i) no Default
or Event of Default shall have occurred and be continuing or would result
therefrom, (ii) the Borrower will be in compliance with the financial covenants
set forth in Section 7.07 both before and after giving pro forma effect to each such
Capital Distribution, and (iii) the aggregate amount of all such Capital
Distributions made by the Borrower pursuant to this clause (d) during any fiscal
year shall not exceed $15,000,000.”

     

    Section
3.   Fees.  As
consideration for the modifications to the Credit Agreement contemplated in this
Amendment, the Borrower shall pay to the Administrative Agent, for the benefit
of each Lender that delivers a fully executed copy of its signature page to the
Administrative Agent by 5:00 P.M. (eastern time), December 10, 2009, an
amendment fee in an amount equal to 12.5 basis points times the amount of
such Lender’s Commitment.

     

    Section
4.   Effectiveness.

     

    4.1 Conditions Precedent.
The effectiveness of this Amendment is subject to the satisfaction of the
following conditions precedent:

     

    (i) Amendment
Executed.  This Amendment shall have been executed by the
Borrower, each Subsidiary Guarantor, the Administrative Agent and the Required
Lenders, and counterparts hereof as so executed shall have been delivered to the
Administrative Agent.

     

    (ii) Officer’s Certificate;
Resolutions.  The Borrower and each Subsidiary Guarantor shall
have delivered to the Administrative Agent an officer’s certificate certifying
the names of the officers of the Borrower or such Subsidiary Guarantor
authorized to sign this Amendment and the other Loan Documents, if any, required
to be executed in connection herewith, together with the true signatures of such
officers.

     

    (iii) Fees.  The
Borrower shall have (i) paid to the Administrative Agent, for the benefit of the
Lenders, the fees required to be paid by it pursuant to Section 3 above and
(ii) paid all legal
fees and expenses of the Administrative Agent in connection with the preparation
and negotiation of this Amendment and the other documents being executed or
delivered in connection herewith.

     

    (iv) Other
Matters.  The Borrower and each Subsidiary Guarantor shall have
provided such other items and shall have satisfied such other conditions as may
be reasonably required by the Administrative Agent.

     

    4.2 Amendment Effective
Date.  This Amendment shall be effective on the date (the
“Amendment Effective
Date”) upon which the conditions precedent set forth in Section 4.1 above
are satisfied.  The Administrative Agent shall provide the Borrower
and the Lenders written notice immediately upon the occurrence of the Amendment
Effective Date.  Upon the occurrence of the Amendment Effective Date,
unless otherwise specifically set forth herein, each of the amendments and other
modifications set forth in this Amendment shall be effective on and after the
Amendment Effective Date, but with retroactive effect to the Amendment No. 1
Effective Date.

     

    Section
5.   Miscellaneous.

     

    5.1 Representations and
Warranties.  The Borrower and each Subsidiary Guarantor, by
signing below, hereby represents and warrants to the Administrative Agent and
the Lenders that:

     

    (i) the
Borrower and each Subsidiary Guarantor has the legal power and authority to
execute and deliver this Amendment;

     

    (ii) the
officers executing this Amendment on behalf of the Borrower and each Subsidiary
Guarantor have been duly authorized to execute and deliver the same and bind the
Borrower or such Subsidiary Guarantor with respect to the provisions
hereof;

     

    (iii) the
execution and delivery hereof by the Borrower or each Subsidiary Guarantor and
the performance and observance by the Borrower and each Subsidiary Guarantor of
the provisions hereof do not violate or conflict with the Organizational
Documents of the Borrower or any Subsidiary Guarantor or any law applicable to
the Borrower or any Subsidiary Guarantor or result in a breach of any provision
of or constitute a default under any other agreement, instrument or document
binding upon or enforceable against the Borrower or such Subsidiary
Guarantor;

     

    (iv) no
Default or Event of Default exists under the Credit Agreement, nor will any
occur immediately after the execution and delivery of this Amendment or by the
performance or observance of any provision hereof;

     

    (v) neither
the Borrower nor any Subsidiary Guarantor has any claim or offset against, or
defense or counterclaim to, any obligations or liabilities of the Borrower or
such Subsidiary Guarantor under the Credit Agreement or any other Loan
Document;

     

    (vi) this
Amendment constitutes a valid and binding obligation of the Borrower and each
Subsidiary Guarantor in every respect, enforceable in accordance with its terms,
except as the enforceability thereof may be limited by bankruptcy, insolvency or
other similar laws of general application affecting the enforcement of
creditors’ rights or by general principles of equity limiting the availability
of equitable remedies; and

     

    (vii) each of
the representations and warranties set forth in Article V of the Credit
Agreement is true and correct in all material respects as of the date hereof,
except to the extent that any thereof expressly relate to an earlier date, in
which case such representations and warranties are reaffirmed true and correct
as of such earlier date.

     

    5.2 Credit Agreement
Unaffected.  Each reference to the Credit Agreement or in any
other Loan Document shall hereafter be construed as a reference to the Credit
Agreement as amended hereby.  Except as herein otherwise specifically
provided, all provisions of the Credit Agreement shall remain in full force and
effect and be unaffected hereby.  This Amendment is a Loan
Document.

     

    5.3 Subsidiary Guarantor
Acknowledgment.  Each Subsidiary Guarantor, by signing this
Amendment:

     

    (i) consents
and agrees to and acknowledges the terms of this Amendment;

     

    (ii) acknowledges
and agrees that all of the Loan Documents to which such Subsidiary Guarantor is
a party or otherwise bound shall continue in full force and effect and that all
of such Subsidiary Guarantor’s obligations thereunder shall be valid and
enforceable and shall not be impaired or limited by the execution or
effectiveness of this Amendment;

     

    (iii) represents
and warrants to the Administrative Agent and the Lenders that all
representations and warranties made by such Subsidiary Guarantor and contained
in this Amendment or any other Loan Document to which it is a party are true and
correct in all material respects on and as of the Amendment No. 1 Effective Date
to the same extent as though made on and as of the Amendment No. 1 Effective
Date, except to the extent that any thereof expressly relate to an earlier date;
and

     

    (iv) acknowledges
and agrees that (A) notwithstanding the conditions to effectiveness set
forth in this Amendment, such Subsidiary Guarantor is not required by the terms
of the Credit Agreement or any other Loan Document to which such Subsidiary
Guarantor is a party to consent to the amendments to the Credit Agreement
effected pursuant to this Amendment and (B) nothing in the Credit
Agreement, this Amendment or any other Loan Document shall be deemed to require
the consent of such Subsidiary Guarantor to any future amendments or
modifications to the Credit Agreement.

     

    5.4 Waiver.  The
Borrower and each Subsidiary Guarantor, by signing below, hereby waives and
releases the Administrative Agent and each of the Lenders and their respective
Related Parties from any and all claims, offsets, defenses and counterclaims of
which the Borrower and any Subsidiary Guarantor is aware, such waiver and
release being with full knowledge and understanding of the circumstances and
effect thereof and after having consulted legal counsel with respect
thereto.

     

    5.5 Entire
Agreement.  This Agreement, together with the Credit Agreement
and the other Loan Documents, integrate all the terms and conditions mentioned
herein or incidental hereto and supersede all oral representations and
negotiations and prior writings with respect to the subject matter
hereof.

     

    5.6 Counterparts  This
Amendment may be executed in any number of counterparts, by different parties
hereto in separate counterparts and by facsimile signature, each of which when
so executed and delivered shall be deemed to be an original and all of which
taken together shall constitute but one and the same agreement.

     

    5.7 Governing
Law.  THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW
YORK.  TO THE FULLEST EXTENT PERMITTED BY LAW, THE BORROWER HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY
JURISDICTION OTHER THAN THE STATE OF NEW YORK GOVERNS THIS AMENDMENT OR ANY OF
THE OTHER LOAN DOCUMENTS.

     

    5.8 JURY
TRIAL WAIVER.  EACH OF THE PARTIES TO THIS AMENDMENT
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OF THE OTHER
LOAN DOCUMENTS (INCLUDING, WITHOUT LIMITATION, ANY AMENDMENTS, WAIVERS OR OTHER
MODIFICATIONS RELATING TO ANY OF THE FOREGOING), OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY.

     

    [Signature
pages follow.]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN WITNESS WHEREOF, this Amendment has
been duly executed and delivered as of the date first above
written.

    

    
      	 
      	
              ESCO
      TECHNOLOGIES INC.

               

              By: s/Alyson
      S.
      Barclay                                                                      

              Name:

              Title:

               

               

            
	 
      	
              PNC
      BANK, NATIONAL ASSOCIATION,

                 as
      the Administrative Agent and as a Lender

               

              By:  s/Thomas
      S.
      Sherman                                                                     

              Name:

              Title:

               

            

    

    

    
      	 
      	
              JPMORGAN
      CHASE BANK, N.A.,

              as a Lender

               

               

               

              By:
      s/Krys Szremski

              Name:

              Title:

               

            

    

    

    
      	 
      	
              BANK
      OF AMERICA, N.A.,

              as a Lender

               

               

               

              By:
      s/Stephen Bode

              Name:

              Title:

               

            

    

    

    

    
      	 
      	
              BANK
      OF TOKYO-MITSUBISHI, LTD.,

              as a Lender

               

               

               

              By:
      s/Victor Pierzchalski

              Name:

              Title:

               

            

    

    

    

    
      	 
      	
              SUNTRUST
      BANK,

              as a Lender

               

               

               

              By:
      s/J. Matthew Rowand

              Name:

              Title:

               

            

    

    

    

    
      	 
      	
              THE
      GOVERNOR AND COMPANY OF THE BANK OF IRELAND,

              as a Lender

               

               

               

              By: 
      s/Aoife M. Quinn

              Name:

              Title:

               

            

    

    

    

    
      	 
      	
              FIFTH
      THIRD BANK,

              as a Lender

               

               

               

              By:
      s/Mary Ann Lemonds

              Name:

              Title:

               

            

    

    

    

    
      	 
      	
              WACHOVIA
      BANK,

              as a Lender

               

               

               

              By:
      s/Bradford Vieira

              Name:

              Title:

               

            

    

    

    

    
      	 
      	
              COMERICA
      BANK,

              as a Lender

               

               

               

              By:
      s/Mark J. Leveille

              Name:

              Title:

               

            

    

    

    

    
      	 
      	
              REGIONS
      BANK,

              as a Lender

               

               

               

              By:
      s/John Holland

              Name:

              Title:

               

            

    

    

    

    
      	 
      	
              HSBC
      BANK USA,

              as a Lender

               

               

               

              By:
      s/Andrew Bicker

              Name:

              Title:

               

            

    

    

    

    
      	 
      	
              ASSOCIATED
      BANK,

              as a Lender

               

               

               

              By:
      s/Mark Weitekamp

              Name:

              Title:

               

            

    

    

    

    
      	 
      	
              FIRST
      BANK,

              as a Lender

               

               

               

              By:
      s/Brenda J. Laux

              Name:

              Title:

               

            

    

    

    

    
      	 
      	
              NORTHERN
      TRUST,

              as a Lender

               

               

               

              By:
      s/Rick J. Gomez

              Name:

              Title:

               

            

    

    

    

    
      	 
      	
              FIRSTMERIT
      BANK, N.A.,

              as a Lender

               

               

               

              By:
      s/Robert G. Morlan

              Name: Robert G.
      Morlan

              Title: Senior Vice
      President

               

               

            

    

    

    
      	 
      	
              COMMERCE
      BANK,

              as a Lender

               

               

               

              By:
      s/T. William White

              Name:

              Title:

               

            

    

    

    
      	
              Each
      of the undersigned acknowledge the terms of and consent to the
      foregoing:

            	 
      
	 
      	 
      
	
              ESCO
      TECHNOLOGIES HOLDING INC.

               

               

              By: 
      s/Alyson S.
      Barclay                                                     

              Name:

              Title:

               

            	 
      
	
              VACCO
      INDUSTRIES

               

               

              By: 
      s/Alyson S.
      Barclay                                                     

              Name:

              Title:

               

            	 
      
	
              LINDGREN
      R.F. ENCLOSURES, INC.

               

               

              By:
      s/Alyson S.
      Barclay                                                      

              Name:

              Title:

               

            	 
      
	
              LINDGREN,
      INC.

               

               

              By: 
      s/Alyson S.
      Barclay                                                     

              Name:

              Title:

               

            	 
      
	
              DOBLE
      ENGINEERING COMPANY

               

               

              By: 
      Alyson S.
      Barclay                                                     

              Name:

              Title:

               

            	 
      
	
              PTI
      TECHNOLOGIES INC.

               

               

              By:  s/Alyson
      S.
      Barclay                                                    

              Name:

              Title:

               

            	 
      
	
              ACLARA
      POWER-LINE SYSTEMS INC.

               

               

              By:  s/Alyson
      S. Barclay                                                    

              Name:

              Title:

               

            	 
      
	
              ACLARA
      RF SYSTEMS INC.

               

               

              By:  s/Alyson
      S. Barclay                                                    

              Name:

              Title:

               

            	 
      
	
              ETS-LINDGREN
      L.P.

               

              By:  Rantec
      Commercial, Inc., its General Partner

               

               

              By:  s/Gary
      E.
      Muenster                                                    

              Name:

              Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]