Document:

exv10w34

 

EXHIBIT 10.34

GLOBALSECURE HOLDINGS, LTD.

SALES AGENCY AGREEMENT

As of June 1, 2003

Sky Capital, LLC

110 Wall Street, 8th Floor

New York, NY 10005

Gentlemen:

          GlobalSecure Holdings, Ltd., a Delaware corporation (the “Company”) hereby confirms its
agreement with you as follows:

          1. The Offering. The Company is offering to persons who qualify as “accredited
investors,” as that term is defined in Regulation D under the Securities Act of 1933 as amended
(the “Act”), a minimum of six (6) Units (each Unit consisting of 100,000 shares of the Company’s
Common Stock, $.0001 par value per share (the “Shares”)) and a maximum of 200 Units (“Maximum
Offering”) at an initial subscription price of $150,000 per Unit (the “Offering Price”). The
foregoing offer and sale of the Shares is hereinafter referred to as the “Offering.” The Company
has the right, in its sole discretion, to reject or cut back any subscription, or any offer to
purchase Shares.

          2. Appointment of Sales Agent. Sky Capital, LLC. is hereby appointed a non-exclusive
sales agent of the Company (the “Sales Agent”) during the Offering Period (as defined herein) for
the purpose of assisting the Company in identifying Prospective Investors (as hereinafter defined)
to purchase Shares. “Prospective Investors” shall mean those persons identified by Sales Agent as
qualified prospective investors to whom Sales Agent introduces the Offering. “Purchasers” shall
mean Prospective Investors who subscribe and pay for Shares and whose subscription is accepted by
the Company. The “Offering Period” shall commence on the data hereof and shall terminate on or
before the close of business on the earliest to occur of the closing of the sale of the Maximum
Offering, termination of the Offering, or the termination of this Agreement. Sales Agent hereby
accepts such agency and agrees to assist the Company in identifying Prospective Investors on a
“best efforts” basis. The agency of Sales Agent hereunder may be terminated by the Company at any
time. It is understood that the offering and sale of the Shares is intended by all parties to be
exempt from the registration requirements of the Act pursuant to Section 4(2) thereof and the rules
and regulations of the Securities and Exchange Commission thereunder, including Rule 506 of
Regulation D (the “Rules and Regulations”).

          3. Offering Materials. The Company has prepared and delivered to the Sales Agent a
reasonable number of copies of the Private Placement Memorandum, dated June 1, 2003 (the
“Disclosure Document”). The Disclosure Document and the Subscription Agreement relating to the
Shares (the “Subscription Agreement”) are referred to herein as the “Offering

 

 

Materials,” except that if the Offering Materials shall be amended, the term “Offering
Materials” shall refer to the Offering Materials as so amended from and after the time of delivery
to Sales Agent of such amendment. The Sales Agent shall deliver the Offering Materials to each
prospective Investor prior to investment.

          4. Closing; Delivery; Sales Agent Fees.

               (a) It is anticipated that the closings of the purchase and sale of the Shares to Prospective
Investors will be effected from time to time in person or by mail (each a “Closing”), at such time,
date or place as shall be determined by the Company (each such date a “Closing Date”).

               (b) A Closing as to any Prospective Investor shall occur after delivery to the Company on
behalf of such Prospective Investor of an executed copy of the Subscription Agreement to be entered
into by the Company and such Prospective Investor, payment into escrow of the proportionate share
of the purchase price of the Shares which such Prospective Investor is to purchase, and acceptance
of the subscription by the Company. Promptly after a Closing, the Company will deliver, or cause
to be delivered, to the Purchaser a certificate representing the Shares purchased by such
Purchaser.

               (c) Promptly after each Closing, but in no event later than ten (10) business days after such
Closing, the Company shall deliver or cause to be delivered to the Sales Agent (i) a sales fee,
payable in cash, equal to ten percent (10%) of the gross proceeds from the sale of Shares sold by
the Company to the Purchaser (the “Cash Fee”), (ii) a non-accountable expense allowance equal to
three percent (3%) of the gross proceeds from the sale of the Shares sold by the Company to the
Purchaser (“Expense Allowance”) and (iii) a warrant to purchase, at the Offering Price, ten percent
(10%) of the aggregate number of Shares sold by the Company to the Purchaser (the “Warrant,” and
together with the Cash Fee and the Expense Allowance, the “Fee”). Notwithstanding the foregoing,
the Warrant need not be delivered at each Closing but may be delivered periodically thereafter and
shall be delivered not later than three (3) business days after the Sales Agent requests delivery
thereof.

          5. Representations and Warranties of the Company. The Company represents and warrants
that this Agreement has been duly authorized, executed and delivered on behalf of the Company and
constitutes a valid and binding agreement of the Company, enforceable against the Company in
accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency,
reorganization, moratorium or similar law affecting creditors’ rights generally and to general
principles of equity and except as rights to indemnity or contribution hereunder may be limited by
Federal or state securities laws. The Company represents and warrants that the Offering Materials
are in compliance with applicable securities laws.

          6. Covenants of the Company. The Company covenants and agrees with the Sales Agent
that:

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               (a) During the Offering Period, the Company will notify the Sales Agent of any event of which
it is aware as a result of which any of the Offering Materials would include an untrue statement of
a material fact or omit to state any material fact necessary to make the statements therein in
light of the circumstances under which they were made not misleading; and it will provide Sales
Agent with any amendment or supplement to the Offering Materials during the Offering Period. The
Company will conduct the Offering in compliance with Section 4(2) of the Act and the Rules and
Regulations and all applicable state securities laws and regulations.

               (b) If required by law, the Company will use its best efforts to qualify the Shares for offer
and sale under the Blue Sky or securities laws of such jurisdictions as Sales Agent may designate
and to continue such qualifications in effect for so long as may be required for purposes of the
private placement of the Shares, except that the Company shall not be required in connection
therewith or as a condition thereof to qualify as a foreign corporation or to subject itself to
taxation in any jurisdiction where it is not already subject to such taxation.

          7. Representations Warranties and Covenants of the Sales Agent. The Sales Agent
represents, warrants and covenants as follows:

               (a) This Agreement has been duly authorized, executed and delivered by the Sales Agent and
constitutes a valid and binding obligation of the Sales Agent, enforceable against it in accordance
with its terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization,
moratorium or similar law affecting creditors’ rights generally and to general principles of equity
and except as rights to indemnity or contribution hereunder may be limited by Federal or state
securities laws.

               (b) The Sales Agent will not make an offer of Shares by any form of general solicitation or
general advertising in violation of Rule 502(c) of Regulation D under the Act, and the Sales Agent
will perform its services in accordance with all federal and state securities laws applicable to
the Offering of the Shares.

               (c) The Sales Agent shall not deliver to any offeree without the consent of the Company any
information concerning the Offering other than the Offering Materials. The Sales Agent shall
deliver, or cause to be delivered, the Offering Materials to each offeree prior to the sale of any
Shares to such offeree.

               (d) The Sales Agent is a broker dealer registered with the NASD and is in good standing in
every state in which offers and sales of the Shares will be made by it.

               (e) The Sales Agent acknowledges that the Company has the right, in its sole discretion, to
reject any Prospective Investor.

               (f) If counsel to the Company determines that potential investors should receive supplemental
information regarding the Offering in order for the Company to be in compliance with, state or
Federal securities laws, or that an Offering must be rescinded, the Sales Agent shall cooperate
with the Company to provide such information, or assist in the rescission of the offer, as
reasonably requested by the Company.

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          8. Conditions of the Company’s Performance. The sale by the Company of the Shares and
the obligations of the Company as provided herein shall be subject to the following conditions:

               (a) The Company shall not have terminated the Offering, which shall be the decision of the
Company in its sole discretion;

               (b) The representations and warranties of the Sales Agent contained in Section 7 hereof are
true and correct in all material respects as of the date hereof and as of each Closing Date (as if
made on and as of such Closing Date); and

               (c) The Sales Agent shall have performed its obligations hereunder in all material respects.

          9. Conditions of Sales Agent’s Performance. The purchase and sale of the Shares and
the obligations of the Sales Agent as provided herein shall be subject to the accuracy in all
material respects, as of the date hereof and each Closing Date (as if made on and as of such
Closing Date), of the representations and warranties of the Company herein, to the performance in
all material respects by the Company of its obligations hereunder, and to the following additional
conditions:

               (a) Sales Agent, if it shall have requested, shall have received a certificate, dated as of
each Closing Date, of an authorized executive officer of the Company to the effect that:

          (i) The representations and warranties of the Company in this Agreement and in the
Subscription Agreements are true and correct in all material respects as if made on and as
of such Closing Date; and the Company has complied with all the agreements and satisfied all
the conditions in all material respects on its part required by this Agreement and the
Subscription Agreements to be performed or satisfied at or prior to such Closing Date; and

          (ii) Except as set forth, in the Offering Materials or in the Subscription Agreements
and subsequent to the date of the most recent financial statements included with the
Offering Materials, there has not been any material adverse change in the condition
(financial or otherwise), business or results of operations of the Company and its
subsidiaries taken as a whole.

               (b) The Company shall have furnished to Sales Agent such certificates, in addition to those
specifically mentioned herein, as Sales Agent may have reasonably requested, as to the accuracy and
completeness at such Closing Date of any statement in the Offering Materials (other than statements
provided by the Sales Agent for the Offering Materials) and as to such other matters as you or your
counsel may reasonably request.

          10. Indemnification. (a) The Company will indemnify and hold harmless the Sales
Agent, the directors and officers of the Sales Agent and each person, if any, who controls

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the Sales Agent within the meaning of the Act against any losses, claims, damages or
liabilities, joint or several, to which the Sales Agent or any such directors, officers or
controlling persons may become subject, under the Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any
untrue statement or alleged untrue statement of any material fact contained in the Offering
Materials, as of their respective dates, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading; or (ii) the Company’s engagement of Sky Capital, LLC, as Sales
Agent or any service the Sales Agent performs for the Company or on its behalf pursuant to this
Agreement, except to the extent that any such loss, claim, damage or liability is found by a court
of competent jurisdiction in a judgment that has become final (in that it is no longer subject to
appeal or review) to have resulted directly and primarily from such Indemnified Person’s gross
negligence or willful misconduct. Subject to subsection (c) below, the Company will reimburse the
Sales Agent or any such directors, officers or controlling persons for any legal or other expenses
reasonably incurred by the Sales Agent or any such directors, officers or controlling persons in
connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Company will not be liable in any case to the extent that any such
loss, claim, damage, liability or action arises out of, or is based upon, an untrue statement or
alleged untrue statement or omission or alleged omission made in the Offering Materials, as of
their respective dates, in reliance upon and in, conformity with written information furnished by
and with respect to the Sales Agent specifically for use in the preparation thereof. The Company
shall not be required to indemnify the Sales Agent or any such directors, officers or controlling
persons for any payment made to any claimant in settlement of any suit or claim unless such payment
is approved by the Company, which approval shall not be unreasonably withheld or delayed. This
indemnity provision will be in addition to any liability which the Company may otherwise have, but
in no event shall an indemnified party receive more than the amount of his claim.

          (b) The Sales Agent will indemnify and hold harmless the Company, its officers and directors
and each person, if any, who controls the Company within the meaning of the Act against any losses,
claims, damages or liabilities, joint or several, to which the Company, or any such directors,
officers or controlling persons may be or become subject, under the Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon any untrue statement or alleged untrue statement of any material fact contained in the
Offering Materials, as of their respective dates, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, in each case to the extent, but only to the extent,
that such untrue statement or alleged untrue statement or omission or alleged omission was made in
the Offering Materials in reliance upon and in conformity with written information furnished by and
with respect to the Sales Agent specifically for use in the preparation thereof; and (subject to
subsection (c) below) will reimburse the Company or any such directors, officers or controlling
persons for any legal or other expenses reasonably incurred by the Company or any such director,
officer or controlling person in connection with investigating or defending any such loss, claim,
damage, liability or actions. The Sales Agent shall not be required to indemnify the Company or
any such directors, officers or controlling persons for any payment made to any claimant in
settlement of any suit or claim unless payment is approved by the Sales Agent, which approval shall
not be unreasonably withheld or delayed.

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This indemnity provision will be in addition to any liability the Sales Agent may otherwise
have, but in no event shall an indemnified party receive more than the amount of his claim.

          (c) Promptly after receipt by an indemnified party under subparagraphs 10(a) or (b) of notice
of the commencement of any action or other proceeding (including governmental investigations) in
respect of which indemnity may be sought, such indemnified party will, if a claim in respect
thereof is to be made against the indemnifying party under such subparagraphs, promptly notify the
indemnifying party in writing of the commencement thereof; but the omission to so notify the
indemnifying party will not relieve it from any liability which it may have to any indemnified
party otherwise than under such subparagraph. In case any such action shall be brought against any
indemnified party, and it shall promptly notify the indemnifying party of the commencement thereof,
the indemnifying party will be entitled to participate in, and, to the extent that it may wish,
assume and control the defense thereof with counsel chosen by it and after notice from the
indemnifying party to such indemnified party of its election so to assume and control such defense
with counsel chosen by it, it shall bear all expenses of such defense. Any such indemnified party
shall have the right to employ separate counsel in any such action and to participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such
indemnified party unless:

          (i) the indemnifying party has agreed to pay such fees and expenses; or

          (ii) the indemnifying party shall have failed to assume the defense of such action or
proceeding and employ counsel reasonably satisfactory to such indemnified party in any such
action or proceeding; or

          (iii) the named parties to any such action or proceeding (including any impleaded
parties) include both such indemnified party and the indemnifying party, and such
indemnified party shall have been advised by counsel that there may be one or more legal
defenses available to such party which are different from or additional to those available
to the indemnifying party (in which case, if such indemnified party notifies the
indemnifying party in writing that it elects to employ separate counsel at the expense of
the indemnifying party, the indemnifying party shall not have the right to assume the
defense of such action or proceeding on behalf of such indemnified party).

     The indemnifying party shall not, in connection with any one such action or proceeding or
separate but substantially similar or related actions or proceedings in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the reasonable fees and
expenses of more than one separate firm of attorneys at any time for the indemnified party, which
firm shall be designated in writing by the indemnified party.

          11. Contribution. In order to provide for contribution in circumstances in which the
indemnification provided for in Section 10(a) or l0(b) hereof is for any reason held to be
unavailable to any party entitled to such indemnification, each indemnifying party shall contribute
to the amount paid or payable by such indemnified party as a result of losses, claims, damages and
liabilities of the nature contemplated by such indemnification provisions (including any
investigation, legal and other expenses incurred in connection with, and amounts paid in settlement
of, any action, suit or proceeding or any claims asserted) to which the Company and

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the Sales Agent may be subject, in such proportions so that the Sales Agent is responsible for
that portion in each case represented by the percentage that the respective sales agent fee
appearing in Section 4(c) of this Agreement bears to the offering price of the Shares, and the
Company is responsible for the remaining portion; provided, however, that no person guilty of
fraudulent misrepresentation shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. For purpose of this Section 11, each person, if any, who
controls the Sales Agent within the meaning of Section 15 of the Act shall have the same rights to
contribution as the Sales Agent, and each person, if any, who controls the Company within the
meaning of Section 15 of the Act, each officer of the Company and each director of the Company
shall have the same right to contribution as the Company, subject in each case to the prior
sentence. Any party entitled to contribution will, promptly after receipt of notice of
commencement of any action, suit or proceeding against such party in respect of which claim for
contribution maybe sought, promptly notify the other party or parties in writing of the
commencement thereof, but the omission to so notify such party or parties shall not relieve the
patty or parties from whom contribution may be sought from any other obligation it or they may have
hereunder or otherwise than under this Section 11. No party shall be liable for contribution with
respect to any action or claim settled without its consent in writing and with Notice as set forth
in Section 14.

          12. Representations and Agreements to Survive Delivery. All representations,
warranties or agreements of the Company or of the Sales Agent herein or in certificates delivered
pursuant hereto shall remain operative and in full force and effect regardless of any investigation
made by or on behalf of the Sales Agent or any controlling person, the Company, or any of its
officers, directors or controlling persons, and shall survive delivery of the Shares.

          13. Termination. Either party may terminate this Agreement at any time in writing and
with Notice as set forth in Section 14. Notwithstanding the foregoing, this Agreement shall
automatically terminate upon the sale of the Maximum Offering or termination of the Offering. Upon
any termination of this Agreement whether by the Company or the Sales Agent, the obligations of the
parties set forth in Sections 10 and 11 shall survive termination of this Agreement. In the event
that the Agreement is terminated by the Company or the Sales Agent prior to a Closing as to any
Prospective Investor, Sales Agent shall nevertheless be entitled to receive the Fee with respect to
such Prospective Investor as set forth in Section 4(c) hereof.

          14. Notices. All notices or communications hereunder, except as herein otherwise
specifically provided, shall be in writing and if sent to you shall be mailed, delivered or
telegraphed and confirmed to you c/o Sky Capital, LLC, 110 Wall Street, 8th Floor, New
York, NY 10005, Attention: Michael Recca, with a copy to: Frederic J. Gruder, Esq., 775 Park
Avenue, Suite 225, Huntington, NY 11743. or, if sent to the Company, at 8401 Corporate Drive,
Suite 230, Landover, MD 20785, Attn: C. Thomas McMillen, with a copy to: Sonia Galindo, Esq.,
Whiteford Taylor & Preston, LLP., Seven Saint Paul Street, Baltimore, MD 21202.

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          15. Benefits of the Agreement. This Agreement shall inure to the benefit of and be
binding upon the Company and the Sales Agent and their respective successors and permitted assigns.
This Agreement may not be assigned by any party without the consent of the other party in writing
and with Notice as set forth in Section 14.

          16. Applicable Law. This Agreement shall be governed by, construed and enforced in
accordance with the laws of the State of New York.

          17. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, and all of which together shall constitute one and the same
instrument.

	 	 	 	 	 
	 	Very truly yours,

GLOBALSECURE HOLDINGS, LTD.

 	 
	 	By:  	/s/ Craig R. Bandes
 	 
	 	 	Name:  	Craig R. Bandes 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	SKY CAPITAL, LLC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Michael Recca
	 	 
	 

	 	 	 	 
	 

	 	Name: Michael Recca	 	 
	 

	 	Title: President	 	 

8exv10w35

 

EXHIBIT 10.35

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 OR THE LAWS OF ANY STATE. SUCH SECURITIES AND ANY
SECURITIES ISSUED HEREUNDER MAY NOT BE SOLD OR OTHERWISE TRANSFERRED
UNLESS THEY ARE REGISTERED UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE.

Warrant Number: W02-2005-1000

147,667 Warrants

GLOBALSECURE HOLDINGS, LTD.

AMENDED AND RESTATED

WARRANT CERTIFICATE

          This amended and restated warrant certificate (“Warrant Certificate”) amends and restates in
its entirety that certain warrant certificate for 147.667 warrants issued to the Holder on
September 30, 2004 (the “Original Warrant Certificate”), which Original Warrant Certificate is
hereby voided and of no further force and effect as if it were never issued.

          This Warrant Certificate certifies that for value received in consideration for certain
services rendered pursuant to that certain letter agreement dated as of June 1, 2003 by and between
Sky Capital UK Ltd. and GlobalSecure Holdings, Ltd. (the “Sales Agency Agreement”), Sky Capital UK
Ltd. or registered assigns (the “Holder”) is the owner of the number of warrants (the “Warrants”)
specified above, each of which entitles the Holder to purchase, at any time on or before the
Expiration Date (hereinafter defined), one fully paid and non-assessable share of Common Stock,
$0.0001 par value (“Common Stock”) of GlobalSecure Holdings, Ltd., a Delaware corporation (the
“Company”), at a purchase price of $1.50 per share of Common Stock in lawful money of the United
States of America in cash or by certified or cashier’s check or a combination of cash and certified
or cashier’s check, subject to adjustment as hereinafter provided.

          1. Warrants; Purchase Price

          Each Warrant shall entitle the Holder to purchase one share of Common Stock and the purchase
price payable upon exercise of each such Warrants shall initially be $1.50 per share, subject to
adjustment as hereinafter provided (the “Purchase Price”). The Purchase Price and number of shares
of Common Stock issuable upon exercise of each Warrant are subject to adjustment as provided in
Article 6.

          2. Exercise; Expiration Date

          2.1 Each Warrant is exercisable, at the option of the Holder, at any time after issuance and
on or before the Expiration Date, upon surrender of this Warrant Certificate to the

Amended and Restated Warrant Certificate

Sky Capital UK Ltd.

 

 

Company together with a duly completed Notice of Exercise, in the form attached hereto as
Exhibit A, and payment of an amount equal to the Purchase Price times the number of
Warrants to be exercised. In the case of exercise of less than all the Warrants represented by
this Warrant Certificate, the Company shall cancel this Warrant Certificate upon the surrender
thereof and shall execute and deliver a new Warrant Certificate for the balance of such Warrants.

          2.2 In lieu of payment of the Purchase Price in cash, the Holder may elect to receive shares
of Common Stock equal to the value (as determined below) of this Warrant Certificate by surrender
of this Warrant Certificate together with the Notice of Exercise including notice of such election
in which event the Company shall issue to the Holder a number of shares of Common Stock computed
using the following formula:

	 	 	 	 	 	 	 
	 

	 	X =
	  Y(A-B)	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	A	 	 	 

	 	 	 
	Where:

	 	X = the number of shares of Common Stock to be issued to the Holder
	 

	 	Y = the number of shares of Common Stock purchasable under this
Warrant Certificate
	 

	 	A = the Fair Market Value (as defined below) of a share of Common Stock

	 

	 	B = Purchase Price

     “Fair Market Value” shall mean, as of any date, the fair market value of one share of Common
Stock determined as follows:

          (a) If the Common Stock is listed on any established stock exchange or a national
market system, including without limitation the National Market of the National Association
of Securities Dealers, Inc. Automated Quotation System (“Nasdaq”), its Fair Market Value
shall be the closing sales price for such stock (or the closing bid, if no sales were
reported) as quoted on such system or exchange, or, if there is more than one such system or
exchange, the system or exchange with the greatest volume of trading in Common Stock for the
last market trading day prior to the time of determination, as reported in The Wall Street
Journal or such other source as the Company deems reliable, including the closing price of
the Common Stock on any foreign stock exchange on which it may be admitted for trading.

          (b) If the Common Stock is quoted on the Nasdaq (but not on the National Market
thereof) or regularly quoted by a recognized securities dealer but selling prices are not
reported, its Fair Market Value shall be the mean between the high bid and low asked prices
for the Common Stock for the last market trading day prior to the time of determination, as
reported in The Wall Street Journal or such other source as the Committee deems reliable; or

          (c) In the absence of an established market for the Common Stock, the Fair Market Value
thereof shall be determined in good faith by the Company’s Board of Directors.

Amended and Restated Warrant Certificate

Sky Capital UK Ltd.

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          2.3 The term “Expiration Date” shall mean 5:00 p.m. New York time on September 30, 2009, or if
such date shall in the State of New York be a holiday or a day on which banks are authorized to
close, then 5:00 p.m. New York time the next following date which in the State of New York is not a
holiday or a day on which banks are authorized to close.

          3. Registration and Transfer on Company Books

          3.1 The Company shall maintain books for the registration and transfer of the Warrants and the
registration and transfer of the shares of Common Stock issued upon exercise of the Warrants. The
Company may, by written notice to the Holder, appoint an agent for the purpose of maintaining the
register referred to in this Section 3.1, issuing the Common Stock or other securities then
issuable upon the exercise of this Warrant Certificate, exchanging this Warrant Certificate,
replacing this Warrant Certificate, or any or all of the foregoing. Thereafter, any such
registration, issuance, exchange or replacement, as the case may be, shall be made at the office of
such agent.

          3.2 Prior to due presentment for registration of transfer of this Warrant Certificate, or the
shares of Common Stock issued upon exercise of the Warrants, the Company may deem and treat the
registered Holder as the absolute owner thereof.

          3.3 Neither this Warrant Certificate, nor the Warrants represented hereby, may be sold,
assigned, pledged or otherwise transferred by the Holder, other than to officers or directors of
the Holder, without the consent of the Company. Any transfer shall be made only if permitted by,
and made only in accordance with, all applicable federal and state securities laws. The Company
shall register upon its books any permitted transfer of a Warrant Certificate, upon surrender of
same to the Company with a written instrument of transfer duly executed by the registered Holder or
by a duly authorized attorney, and evidence of payment of all applicable transfer taxes, if any.
Upon any such registration of transfer, new Warrant Certificate(s) shall be issued to the
transferee(s) and the surrendered Warrant Certificate shall be canceled by the Company. A Warrant
Certificate may also be exchanged, at the option of the Holder, for new Warrant Certificates
representing in the aggregate the number of Warrants evidenced by the Warrant Certificate
surrendered.

          4. Reservation of Shares

          The Company covenants that it will at all times reserve and keep available out of its
authorized Common Stock, solely for the purpose of issue upon exercise of the Warrants, such number
of shares of Common Stock as shall then be issuable upon the exercise of all outstanding Warrants.
The Company covenants that all shares of Common Stock which shall be issuable upon exercise of the
Warrants shall be duly and validly issued and fully paid and non-assessable and free from all
taxes, liens and charges with respect to the issue thereof, and that upon issuance such shares
shall be listed on each national securities exchange, if any, on which the other shares of
outstanding Common Stock of the Company are then listed.

Amended and Restated Warrant Certificate

Sky Capital UK Ltd.

3

 

          5. Loss or Mutilation

          Upon receipt by the Company of reasonable evidence of the ownership of and the loss, theft,
destruction or mutilation of any Warrant Certificate and, in the case of loss, theft or
destruction, of indemnity reasonably satisfactory to the Company, or, in the case of mutilation,
upon surrender and cancellation of the mutilated Warrant Certificate, the Company shall execute and
deliver in lieu thereof a new Warrant Certificate representing an equal number of Warrants.

          6. Adjustment of Purchase Price and Number of Shares Deliverable

          The number of shares of Common Stock purchasable upon the exercise of each Warrant (such
shares being referred to in this Section 6 as the “Warrant Shares”) and the Purchase Price with
respect to the Warrant Shares shall be subject to adjustment as follows:

          6.1

          (a) If the Company at any time divides the outstanding shares of its Common Stock into
a greater number of shares (whether pursuant to a stock split, stock dividend or otherwise),
and conversely, if the outstanding shares of its Common Stock are combined into a smaller
number of shares, the Purchase Price in effect immediately prior to such division or
combination shall be proportionately adjusted to reflect the reduction or increase in the
value of each such Common Share.

          (b) If any capital reorganization or reclassification of the capital stock of the
Company or consolidation or merger of the Company with another corporation, or the sale of
all or substantially all of its assets to another corporation shall be effected in such a
way that holders of the Company’s Common Stock shall be entitled to receive stock,
securities or assets with respect to or in exchange for such Common Stock, then, as a
condition of such reorganization, reclassification, consolidation, merger or sale, the
Holder shall have the right to purchase and receive upon the basis and upon the terms and
conditions specified herein and in lieu of the shares of the Common Stock immediately
theretofore purchasable and receivable upon the exercise of the rights represented hereby,
such shares of stock, other securities or assets as would have been issued or delivered to
the Holder if Holder had exercised this Warrant Certificate and had received such shares of
Common Stock immediately prior to such reorganization, reclassification, consolidation,
merger or sale. The Company shall not effect any such consolidation, merger or sale unless
prior to the consummation thereof the successor corporation (if other than the Company)
resulting from such consolidation or merger or the corporation purchasing such assets shall
assume by written instrument executed and mailed to the Holder at the last address of the
Holder appearing on the books of the Company the obligation to
deliver to the Holder such shares of stock, securities or assets as, in accordance with the foregoing provisions, the
Holder may be entitled to purchase.

          (c) If the Company takes any other action, or if any other event occurs, which does not
come within the scope of the provisions of Section 6.1(a) or 6.1(b), but which should result
in an adjustment in the Purchase Price and/or the number of shares subject

Amended and Restated Warrant Certificate

Sky Capital UK Ltd.

4

 

to this Warrant Certificate in order to fairly protect the purchase rights of the
Holder, an appropriate adjustment in such purchase rights shall be made by the Company.

          (d) Upon each adjustment of the Purchase Price, the Holder shall thereafter be entitled
to purchase, at the Purchase Price resulting from such adjustment, the number of shares
obtained by multiplying the Purchase Price in effect immediately prior to such adjustment by
the number of shares purchasable pursuant hereto immediately prior to such adjustment and
dividing the product thereof by the Purchase Price resulting from such adjustment.

          6.2 No adjustment in the number of Warrant Shares purchasable under this Warrant Certificate,
or in the Purchase Price with respect to the Warrant Shares, shall be required unless such
adjustment would require an increase or decrease of at least 1% in the number of Warrant Shares
issuable upon the exercise of Warrants under this Warrant Certificate, or in the Purchase Price
thereof; provided, however, that any adjustments which by reason of this Section 6.3 are not
required to be made shall be carried forward and taken into account in any subsequent adjustment.
All final results of adjustments to the number of Warrant Shares and the Purchase Price thereof
shall be rounded to the nearest one thousandth of a share or the nearest cent, as the case may be.
Anything in this Section 6 to the contrary notwithstanding, the Company shall be entitled, but
shall not be required, to make such changes in the number of Warrant Shares purchasable upon the
exercise of each Warrant, or in the Purchase Price thereof, in addition to those required by such
Section, as it in its discretion shall determine to be advisable in order that any dividend or
distribution in shares of Common Stock, subdivision, reclassification or combination of shares of
Common Stock, issuance of rights, warrants or options to purchase Common Stock, or distribution of
shares of stock other than Common Stock, evidences of indebtedness or assets (other than
distributions of cash out of retained earnings) or convertible or exchangeable securities hereafter
made by the Company to the holders of its Common Stock shall not result in any tax to the holders
of its Common Stock or securities convertible into Common Stock.

          6.3 Whenever the number of Warrant Shares purchasable upon the exercise of each Warrant or the
Purchase Price of such Warrant Shares is adjusted, as herein provided, the Company shall mail to
the Holder, at the address of the Holder shown on the books of the Company, a notice of such
adjustment or adjustments, prepared and signed by the Chief Financial Officer or Secretary of the
Company, which sets forth the number of Warrant Shares purchasable upon the exercise of each
Warrant and the Purchase Price of such Warrant Shares after such adjustment, a brief statement of
the facts requiring such adjustment and the computation by which such adjustment was made.

          6.4 The form of Warrant Certificate need not be changed because of any change in the Purchase
Price, the number of Warrant Shares issuable upon the exercise of a Warrant or the number of
Warrants outstanding pursuant to this Section 6, and Warrant Certificates issued before or after
such change may state the same Purchase Price, the same number of Warrants, and the same number of
Warrant Shares issuable upon exercise of Warrants as are stated in the Warrant Certificates
theretofore issued pursuant to this Agreement. The Company may, however, at any time, in its sole
discretion, make any change in the form of

Amended and Restated Warrant Certificate

Sky Capital UK Ltd.

5

 

Warrant Certificate that it may deem appropriate and that does not affect the substance
thereof, and any Warrant Certificates thereafter issued or countersigned, whether in exchange or
substitution for an outstanding Warrant Certificate or otherwise, may be in the form as so changed.

          7. Voluntary Adjustment by the Company.

          The Company may, at its option, at any time during the term of this Warrant Certificate,
reduce the then current Purchase Price to any amount deemed appropriate by the Board of Directors
of the Company and/or extend the date of the expiration of this Warrant Certificate.

          8. Fractional Shares and Warrants.

          Anything contained herein to the contrary notwithstanding, the Company shall not be required
to issue any fraction of a share of Common Stock in connection with the exercise of Warrants.
Warrants may not be exercised in such number as would result (except for the provisions of this
paragraph) in the issuance of a fraction of a share of Common Stock unless the Holder is exercising
all Warrants then owned by the Holder. In such event, the Company shall, upon the exercise of all
of such Warrants, issue to the Holder the largest aggregate whole number of shares of Common Stock
called for thereby upon receipt of the Purchase Price for all of such Warrants and pay a sum in
cash equal to the remaining fraction of a share of Common Stock, multiplied by its Market Price Per
Share (as determined pursuant to Section 9.2 below) as of the last business day preceding the date
on which the Warrants are presented for exercise.

          9. Governing Law

          This Warrant Certificate shall be governed by and construed in accordance with the laws of the
State of New York without applicability of the doctrine of conflict of laws.

          10. Securities Law Compliance

          Notwithstanding anything to the contrary contained herein, Holder acknowledges and agrees that
neither this warrant nor the Warrant Shares have been registered under the Securities Act of 1933,
as amended (“Act”) or the laws of any state. The Warrant Shares shall be issued upon exercise of
this warrant only if an exemption from registration is available or the issuance of the Warrant
Shares by the Company has been registered under the Act. In connection with the exercise of this
warrant, the Company, therefore, may require the Holder to provide the Company with evidence that
the Holder is an accredited investor or otherwise meets the requirements to comply with an
available exemption from registration. The certificate evidencing the Warrant Shares shall bear an
appropriate restrictive legend and stop transfer instructions may be placed against such Warrant
Shares.

[signatures on following page]

Amended and Restated Warrant Certificate

Sky Capital UK Ltd.

6

 

          IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed by its
officers thereunto duly authorized and its corporate seal to be affixed hereon, as of this 28th day
of February, 2005.

	 	 	 	 	 
	 	GLOBALSECURE HOLDINGS, LTD.

 	 
	 	By:  	/s/ Craig R. Bandes
 	 
	 	 	Name:  	Craig R. Bandes 	 
	 	 	Title:  	Chief Executive Officer and President 	 
	 

ACKNOWLEDGEMENT OF HOLDER:

The Holder hereby acknowledges and agrees that the Original Warrant Certificate dated September 30,
2004 for the amount of 147.667 Warrants is void and of no further force as if it were never issued
and effect, that the Holder hereby irrevocably releases and waives any claim, right, title or
interest of any kind that it may have in and to the Original Warrant Certificate and that neither
the Holder nor any of the Holder’s assigns or persons claiming through Holder has any claim, right,
title or interest in and to the Original Warrant Certificate or the warrants issued thereunder.

SKY CAPITAL UK LTD.

	 	 	 	 	 
	By:

	 	/s/ David Scott	 	 
	 

	 	 	 	 
	Name:
	 	David Scott	 	 
	 

	 	 	 	 
	Title:
	 	Managing Director	 	 
	 

	 	 	 	 

Amended and Restated Warrant Certificate

Sky Capital UK Ltd.

7

 

EXHIBIT A

NOTICE OF EXERCISE

          The undersigned hereby irrevocably elects to exercise, pursuant to Section 2 of the Warrant
Certificate accompanying this Notice of Exercise,                      Warrants of the total number of Warrants
owned by the undersigned pursuant to the accompanying Warrant Certificate, and herewith makes
payment of the Purchase Price of such shares in full.

          If payment of the Purchase Price is made pursuant to Section 2.2 of the Warrant Certificate,
the number of shares of Common Stock to be issued shall be determined according to Section 2.2 of
the Warrant Certificate.

	 	 	 
	 	 	 
	 

	 	Name of Holder
	 
	 	 
	 	 	 
	 

	 	Signature

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