Document:

THE
WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES TO BE ISSUED UPON ITS
EXERCISE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933
(THE "SECURITIES ACT") OR APPLICABLE STATE SECURITIES LAWS (THE "STATE ACTS")
AND SHALL NOT BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR TRANSFER HAS BEEN
REGISTERED UNDER THE SECURITIES ACT AND STATE ACTS, OR AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS IS AVAILABLE, THE AVAILABILITY OF WHICH MUST BE
ESTABLISHED TO THE SATISFACTION OF THE COMPANY.

    

    COMMON
STOCK PURCHASE WARRANT

    

    
      
        	
                Warrant
      No. __

              	
                Number
      of
Shares:   ________________

              

      

    

    

    GLOBAL
INVESTOR SERVICES, INC.

    COMMON
STOCK, PAR VALUE $.001 PER SHARE

    VOID
AFTER 5:00 P.M. EASTERN STANDARD TIME

     

      
        

      

    

     

    This
Warrant is issued to _______________________ ("Holder") by Global Investor
Services, Inc., a Nevada corporation (hereinafter with its successors called the
"Company").

    

    For value
received and subject to the terms and conditions hereinafter set out, Holder is
entitled to purchase from the Company at a purchase price per share of $0.05,
____________ fully paid and nonassessable shares of common stock, par value
$.001 per share ("Common Shares") of the Company. Such purchase price per Common
Share, adjusted from time to time as provided herein, is referred to as the
"Purchase Price."

    

    1.           The
Holder may exercise this Warrant, in whole or in part, upon surrender of this
Warrant, with the exercise form annexed hereto duly executed, at the office of
the Company, or such other office as the Company shall notify the Holder in
writing, together with a certified or bank cashier's check payable to the order
of the Company in the amount of the Purchase Price times the number of Common
Shares being purchased.    In the event that the Company’s volume
weighted average price is greater than $0.25 for a period of 30 consecutive
days, then the Company, within 30 days of such event occurring, may send notice
to theHolder advising that the warrants must be exercised within 30 days of such
notice.

    

    2.           The
person or persons in whose name or names any certificate representing Common
Shares is issued hereunder shall be deemed to have become the holder of record
of the Common Shares represented thereby as of the close of business on the date
on which this Warrant is exercised with respect to such shares, whether or not
the transfer books of the Company shall be closed.  Until such time as
this Warrant is exercised or terminates, the Purchase Price payable and the
number and character of securities issuable upon exercise of this Warrant are
subject to adjustment as hereinafter provided.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    3.           Unless
previously exercised, this Warrant shall expire at 5:00 p.m. Eastern Standard
Time, on ___________________ __, 2014, and shall be void
thereafter.

    

    4.           The
Company covenants that it will at all times reserve and keep available a number
of its authorized Common Shares, free from all preemptive rights, which will be
sufficient to permit the exercise of this Warrant.  The Company
further covenants that such shares as may be issued pursuant to the exercise of
this Warrant will, upon issuance, be duly and validly issued, fully paid and
nonassessable and free from all taxes, liens, and charges.

    

    5.           If
the Company subdivides its outstanding Common Shares, by split-up or otherwise,
or combines its outstanding Common Shares, the Purchase Price then applicable to
shares covered by this Warrant shall forthwith be proportionately decreased in
the case of a subdivision, or proportionately increased in the case of a
combination.

    

    6.           If
(a) the Company reorganizes its capital, reclassifies its capital stock,
consolidates or merges with or into another corporation (but only if the Company
is not the surviving corporation and no longer has more than a
single shareholder) or sells, transfers or otherwise disposes of all or
substantially all its property, assets, or business to another corporation, and
(b) pursuant to the terms of such reorganization, reclassification, merger,
consolidation, or disposition of assets, shares of common stock of the successor
or acquiring corporation, or any cash, shares of stock, or other securities or
property of any nature whatsoever (including warrants or other subscription or
purchase rights) in addition to or in lieu of common stock of the successor or
acquiring corporation (“Other Property”), are to be received by or distributed
to the holders of Common Shares, then (c) Holder shall have the right thereafter
to receive, upon exercise of this Warrant, the same number of shares of common
stock of the successor or acquiring corporation and Other Property receivable
upon such reorganization, reclassification, merger, consolidation, or
disposition of assets as a holder of the number of Common Shares for which this
Warrant is exercisable immediately prior to such event. At the time of such
reorganization, reclassification, merger, consolidation or disposition of
assets, the successor or acquiring corporation shall expressly assume the due
and punctual observance and performance of each and every covenant and condition
of this Warrant to be performed and observed by the Company and all the
obligations and liabilities hereunder, subject to such modifications as may be
deemed appropriate (as determined by resolution of the Board of Directors of the
Company) in order to adjust the number of shares of the common stock of the
successor or acquiring corporation for which this Warrant is exercisable. For
purposes of this section, "common stock of the successor or acquiring
corporation" shall include stock of such corporation of any class which is not
preferred as to dividends or assets over any other class of stock of such
corporation and which is not subject to redemption and shall also include any
evidences of indebtedness, shares of stock, or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon
the arrival of a specified date or the happening of a specified event and any
warrants or other rights to  subscribe for or purchase any such stock.
The foregoing provisions of this section shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations, or disposition of
assets.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    7.           Intentionally
left blank.

    

    8.           In
no event shall any fractional Common Share of the Company be issued upon any
exercise of this Warrant.  If, upon exercise of this Warrant as an
entirety, the Holder would, except as provided in this Section 8, be entitled to
receive a fractional Common Share, then the Company shall issue the next higher
number of full Common Shares, issuing a full share with respect to such
fractional share.  If this Warrant is exercised at one time for less
than the maximum number of Common Shares purchasable upon the exercise hereof,
the Company shall issue to the Holder a new warrant of like tenor and date
representing the number of Common Shares equal to the difference between the
number of shares purchasable upon full exercise of this Warrant and the number
of shares that were purchased upon the exercise of this Warrant.

    

    9.           No
adjustments in the Purchase Price shall be required unless such adjustment would
require an increase or decrease of at least one cent in such price, provided
however, that any adjustments which by reason of this Section 9 are not required
to be made shall be carried forward and taken into account in any subsequent
adjustment.

    

    10.         Whenever
the Purchase Price is adjusted, as herein provided, the Company shall promptly
deliver to the Holder a certificate setting forth the Purchase Price after such
adjustment and setting forth a brief statement of the facts requiring such
adjustment.

    

    11.         
If, at any time when this Warrant is issued and outstanding, the Company issues
or sells any shares of Common Stock for no consideration or for a consideration
per share (before deduction of reasonable expenses or commissions or
underwriting discounts or allowances in connection therewith) less than the
Conversion Price set forth in the Notes issued in connection with this Offering
in effect on the date of such issuance of such shares of Common Stock (a
“Dilutive Issuance”), then immediately upon the Dilutive Issuance, the Exercise
Price will be reduced according to a weighted average anti-dilution
calculation.

    

    12.         The
Company will maintain a register containing the names and addresses of the
Holder and any assignees of this Warrant.  Holder may change its
address as shown on the warrant register by written notice to the Company
requesting such change.  Any notice or written communication required
or permitted to be given to the Holder may be delivered by confirmed facsimile
or telecopy or by a recognized overnight courier, addressed to Holder at the
address shown on the warrant register.

    

    13.         This
Warrant has not been registered under the Securities Act of 1933, as amended
(the "Securities Act"), or any state securities laws ("State Acts") or
regulations in reliance upon exemptions under the Securities Act, and exemptions
under the State Acts.    Subject to compliance with the
Securities Act and State Acts, this Warrant and all rights hereunder are
transferable in whole or in part, at the office of the Company at which this
Warrant is exercisable, upon surrender of this Warrant together with the
assignment hereof properly endorsed.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    14.         In
case this Warrant shall be mutilated, lost, stolen, or destroyed, the Company
may issue a new warrant of like tenor and denomination and deliver the same (a)
in exchange and substitution for and upon surrender and cancellation of any
mutilated Warrant, or (b) in lieu of any Warrant lost, stolen, or destroyed,
upon receipt of evidence satisfactory to the Company of the loss, theft or
destruction of such Warrant (including a reasonably detailed affidavit with
respect to the circumstances of any loss, theft, or destruction) and of
indemnity with sufficient surety satisfactory to the Company.

    

    15.         Unless
a current registration statement under the Securities Act, shall be in effect
with respect to the securities to be issued upon exercise of this Warrant, the
Holder, by accepting this Warrant, covenants and agrees that, at the time of
exercise hereof, and at the time of any proposed transfer of securities acquired
upon exercise hereof, the Company may require Holder to make such
representations, and may place such legends on certificates representing the
Common Shares issuable upon exercise of this Warrant, as may be reasonably
required in the opinion of counsel to the Company to permit such Common Shares
to be issued without such registration.

    

    16.         
This Warrant does not entitle Holder to any of the rights of a stockholder of
the Company.

    

    17.         Nothing
expressed in this Agreement and nothing that may be implied from any of the
provisions hereof is intended, or shall be construed, to confer upon, or give
to, any person or corporation other than the parties to this Agreement any
covenant, condition, stipulation, promise, or agreement contained herein, and
all covenants, conditions, stipulations, promises and agreements contained
herein shall be for the sole and exclusive benefit of the parties hereto and
their respective successors and assigns.

    

    18.         The
provisions and terms of this Warrant shall be construed in accordance with the
laws of the State of New York.

    

    IN
WITNESS WHEREOF, this Warrant has been duly executed by the Company as
of  DATE_________________, 2009.

    

    
      
        
          
            
              	 
      	 
      	
                      Global
      Investor Services, Inc.

                    
	 
      	 
      	 
      
	 
      	 
      	
                      By:

                    	 
      
	 
      	 
      	
                      William
      Kosoff

                    
	 
      	 
      	
                      Chief
      Financial Officer

                    
	 
      	 
      	 
      
	
                      HOLDER:

                    	 
      	 
      
	 
      	 
      	 
      
	      
                      
      	 
      	 
      

            

          

        

      

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    FORM
OF EXERCISE

    

    Date:
____________________

    

    To:         Global Investor Services, Inc.

    

    The
undersigned hereby subscribes for _______ shares of common stock of Global
Investor Services, Inc. covered by this Warrant and hereby delivers $___________
in full payment of the purchase price thereof. The certificate(s) for such
shares should be issued in the name of the undersigned or as otherwise indicated
below:

    

    
      
        
          
            
              
                
                  	 
      	 
      
	 
      	
                          Signature:

                        
	 
      	 
      
	 
      	 
      
	 
      	
                          Printed
      Name

                        
	 
      	 
      
	 
      	 
      
	 
      	
                          Name
      for Registration, if different

                        
	 
      	 
      
	 
      	 
      
	 
      	
                          Street
      Address

                        
	 
      	 
      
	 
      	 
      
	 
      	
                          City,
      State and Zip Code

                        
	 
      	 
      
	 
      	 
      
	 
      	
                          Social
      Security
Number

                        

                

              

            

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ASSIGNMENT

    

    For Value
Received, the undersigned hereby sells, assigns and transfers unto the
assignee(s) set forth below the within Warrant certificate, together with all
right, title and interest therein, and hereby irrevocably constitutes and
appoints ___________________________________ attorney, to transfer the said
Warrant on the books of the within-named Company with respect to the number of
Common Shares set forth below, with full power of substitution in the
premises.

    

    
      
        	 
      	 
      	
                Social Security or

              	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                other Identifying

              	 
      	 
      	 
      	 
      	 
      
	
                Name(s) of

              	 
      	
                Number(s) of

              	 
      	 
      	 
      	
                No. of

              	 
      
	
                Assignee(s)

              	 
      	
                Assignee(s)

              	 
      	
                Address

              	 
      	
                Shares

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      

      

    

    

    
      
        
          
            	
                    Dated:

                  	 
                          
                    
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                    Signature

                  
	 
      	 
      	 
      
	 
      	 
      	
                    NOTICE:
      THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN
      UPON THE FACE OF THE WARRANT IN EVERY PARTICULAR, WITHOUT ALTERATION OR
      ENLARGEMENT, OR ANY CHANGE WHATSOEVER.

                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                    Print
      Name and TitleSECOND
AMENDMENT TO LOAN AND SECURITY AGREEMENT

    

    THIS
SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (the “Agreement”), dated as
of June 17, 2009 among ADAMS GOLF, INC., a Delaware corporation, ADAMS GOLF
HOLDING CORP., a Delaware corporation, ADAMS GOLF GP CORP., a Delaware
corporation, ADAMS GOLF, LTD., a Texas limited partnership, ADAMS GOLF IP, L.P.,
a Delaware limited partnership, ADAMS GOLF MANAGEMENT CORP., a Delaware
corporation, WGU, LLC, a Texas limited liability company (hereinafter the
“Borrowers”) and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking
association) (the “Bank”);

     

    WITNESSETH:

    

    WHEREAS,
the Borrowers and Bank have entered into that certain Loan and Security
Agreement dated as of November 13, 2007, as amended (the “Existing Loan
Agreement”).

    

    WHEREAS,
the parties hereto have agreed to amend the Existing Loan Agreement as set forth
herein.

    

    NOW,
THEREFORE, in consideration of the agreements herein contained and other good
and valuable consideration, the parties hereby agree as follows:

    

    PART
I

    DEFINITIONS

    

    SUBPART
1.1.  Certain
Definitions.  Unless otherwise defined herein or the context
otherwise requires, the following terms used in this Amendment, including its
preamble and recitals, have the following meanings:

    

    “Amended Loan
Agreement” means the Existing Loan Agreement as amended
hereby.

    

    “Second Amendment Effective
Date” shall have the meaning set forth in Subpart 4.1.

    

    SUBPART
1.2.  Other
Definitions.  Unless otherwise defined herein or the context
otherwise requires, terms used in this Amendment, including its preamble and
recitals, have the meanings provided in the Amended Loan
Agreement.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    PART
II

    AMENDMENTS
TO EXISTING LOAN AGREEMENT

    

    SUBPART
3.1.  Amendment to the Definition
of “Applicable Margin”.  Effective on (and subject to the
occurrence of) the Second Amendment Effective Date, the definition
of  “Applicable Margin” is
amended in its entirety so that such definition now reads as
follows:

    

    “Applicable Margin”
means (a) 2.50% with respect to LMIR Loans and (b) 0.00% with respect to Base
Rate Loans.

     

    SUBPART 3.2.  Amendment to Section
2.2.1.  Effective on (and subject to the occurrence of) the
Second Amendment Effective Date, the following sentences are added to the end of
Section 2.2.1:

     

    Notwithstanding
the foregoing, the Borrowers shall not be required to implement any lockbox
arrangement required by this Section 2.2.1 unless Excess Availability at any
time is less than $5,000,000.  If Excess Availability at any time is
less than $5,000,000, Borrowers shall have a period of thirty (30) days
thereafter to implement any lockbox arrangement required by this Section
2.2.1.

     

    SUBPART 3.3.  Amendment to Section
7.1.  Effective on (and subject to the occurrence of) the
Second Amendment Effective Date, the last sentence of Section 7.1 is amended in
its entirety so that such sentence now reads as follows:

     

    Notwithstanding
the foregoing, the Borrowers shall not be required to maintain the foregoing
Fixed Charge Coverage Ratio as of the last day of any month if the average
amount of Excess Availability for such month exceeds $5,000,000.

     

    PART
IV

    CONDITIONS
TO EFFECTIVENESS

    

    SUBPART
4.1.  Second
Amendment Effective Date.  This Amendment shall be and become
effective as of the date hereof when all of the conditions set forth in this
Part IV
shall have been satisfied or waived (the “Second Amendment Effective
Date”), and thereafter this Amendment shall be known, and may be referred
to, as “Second
Amendment.”

    

    SUBPART
4.2.  Execution of Counterparts of
Documents.  The Bank shall have received fully executed
counterparts of this Amendment.

    

    SUBPART
4.3.  Fees
and Expenses.  The Borrowers shall have paid all fees and
expenses of the Bank in connection with this Amendment (including reasonable
attorney’s fees).

    

    PART
V

    MISCELLANEOUS

    

    SUBPART
5.1.  Cross-References.  References
in this Amendment to any Part or Subpart are, unless otherwise specified, to
such Part or Subpart of this Amendment.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    SUBPART
5.2.  References in Other Loan
Documents.  At such time as this Amendment shall become
effective pursuant to the terms of Subpart 4.1, all
references in the Existing Loan Agreement to the “Loan Agreement” and all
references in the other Loan Documents to the “Loan Agreement” shall be deemed
to refer to the Amended Loan Agreement.

    

    SUBPART
5.3.  Representations and
Warranties of the Borrower.  Each Borrower hereby represents
and warrants that (a) the representations and warranties contained in
Section 4 of the Existing Loan Agreement (as amended by this Amendment) are
correct in all material respects on and as of the date hereof as though made on
and as of such date and after giving effect to the amendments contained herein
and (b) no Default or Event of Default exists under the Existing Loan
Agreement on and as of the date hereof and after giving effect to the amendments
contained herein.

    

    SUBPART
5.4.  Counterparts.  This
Amendment may be executed by the parties hereto in several counterparts, each of
which shall be deemed to be an original and all of which shall constitute
together but one and the same agreement.

    

    SUBPART
5.5.  Governing Law. THIS
AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE
INTERNAL LAWS OF THE STATE OF TEXAS WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW
PRINCIPLES THEREOF.

    

    SUBPART
5.6.  Successors and
Assigns.  This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and
assigns.

    

    [The
remainder of this page is intentionally left blank.]

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Each of
the parties hereto has caused a counterpart of this Amendment to be duly
executed and delivered as of the date first above written.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  BORROWERS:

                                                	
                                                  ADAMS
      GOLF, INC.

                                                
	 
      	
                                                  ADAMS
      GOLF HOLDING CORP.

                                                
	 
      	
                                                  ADAMS
      GOLF GP CORP.

                                                
	 
      	
                                                  ADAMS
      GOLF MANAGEMENT CORP.

                                                
	 
      	 
      
	 
      	
                                                  By:

                                                	
                                                  /S/ OLIVER G. BREWER III

                                                
	 
      	
                                                  Name:

                                                	 
      
	 
      	
                                                  Title:

                                                	 
      
	 
      	 
      
	 
      	
                                                  ADAMS
      GOLF, LTD.

                                                
	 
      	
                                                  ADAMS
      GOLF IP, L.P.

                                                
	 
      	 
      
	 
      	
                                                  By:  
      Adams Golf GP Corp., its general Partner

                                                
	 
      	 
      
	 
      	 
      	
                                                  By:

                                                	
                                                  /S/OLIVER G. BREWERIII

                                                
	 
      	 
      	
                                                  Name:

                                                	 
      
	 
      	 
      	
                                                  Title:

                                                	 
      
	 
      	 
      
	 
      	
                                                  WGU,
      LLC.

                                                
	 
      	 
      
	 
      	
                                                  By:

                                                	
                                                  Adams
      Golf, Ltd., its sole member

                                                
	 
      	 
      	
                                                  By:

                                                	
                                                  Adams
      Golf GP Corp.,

                                                
	 
      	 
      	 
      	
                                                  its
      general partner

                                                
	 
      	 
      
	 
      	 
      	
                                                  By:

                                                	
                                                  /S/OLIVER G. BREWERIII

                                                
	 
      	 
      	
                                                  Name:

                                                	 
      
	 
      	 
      	
                                                  Title:

                                                	 
      
	 
      	 
      
	
                                                  BANK:

                                                	
                                                  WACHOVIA
      BANK, NATIONAL
ASSOCIATION

                                                

                                        

                                      

                                    

                                     

                                    
                                      
                                        
                                          	 
      	
                                                  By:

                                                	
                                                  /S/ Thomas P. Floyd

                                                
	 
      	
                                                  Name:

                                                	
                                                  Thomas
      P. Floyd

                                                
	 
      	
                                                  Title:

                                                	
                                                  Vice
      President

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