Document:

Exhibit
4.1

 

THIS WARRANT AND THE
SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED
WITHOUT AN EFFECTIVE REGISTRATION THEREOF OR IN ACCORDANCE WITH APPLICABLE LAW.

 

WARRANT
TO PURCHASE STOCK

 

Corporation:                          FOCUS ENHANCEMENTS,
INC.

Number
of Shares:               75,000

Class of
Stock:                      Common

Initial
Exercise Price:            $0.80

Issue
Date:                            February 22,
2008

Expiration
Date:                    February 22,
2015

 

THIS
WARRANT CERTIFIES THAT HERITAGE COMMERCE CORP. or registered assignee (“Holder”)
is entitled to purchase the number of fully paid and nonassessable shares (the “Shares”)
of Common Stock of FOCUS ENHANCEMENTS, INC. (the “Company”), in the number, at
the price, and for the term specified above.

 

ARTICLE 1.           EXERCISE

 

1.1           Method of Exercise.  Holder may exercise this Warrant by
delivering this Warrant and a duly executed Notice of Exercise in substantially
the form attached as Appendix 1 to the principal office of the Company.  Unless Holder is exercising the conversion
right set forth in Section 1.2, Holder shall also deliver to the Company a
check for the aggregate Warrant Price for the Shares being purchased.

 

1.2           Conversion Right.  In lieu of exercising this Warrant as
specified in Section 1.1, Holder may from time to time convert this
Warrant, in whole or in part, into a number of Shares determined by dividing (a) the
aggregate fair market value of the Shares being converted or other securities
otherwise issuable upon exercise of this Warrant minus the aggregate Warrant
Price of such Shares by (b) the fair market value of one such Share.  The fair market value of the converted Shares
shall be determined pursuant to Section 1.3.

 

1.3           Fair Market Value.  If the Shares are traded regularly in a
public market, the fair market value of the Shares shall be the closing price
of the Shares (or the closing price of the Company’s stock into which the
Shares are convertible) reported for the business day immediately preceding the
day (by 5:00 p.m.  California Time
of such day)  Holder delivers its Notice
of Exercise to the Company.  If the
Shares are not regularly traded in a public market, the Board of Directors of
the Company shall determine fair market value in its reasonable good faith
judgment.  The foregoing notwithstanding,
if Holder advises the Board of Directors in writing that Holder disagrees with
such determination, then the Company and Holder shall promptly agree upon a
reputable investment banking firm to undertake such valuation.  If the valuation of such investment banking
firm is greater than that determined by the Board of Directors, then all fees
and expenses of such investment banking firm shall be paid by the Company.  In all other circumstances, such fees and
expenses shall be paid by Holder.

 

1.4           Delivery of Certificate and New
Warrant.  Promptly after Holder
exercises or converts this Warrant, the Company shall deliver to Holder
certificates for the Shares acquired and, if this Warrant has not been fully
exercised or converted and has not expired, a new Warrant representing the
Shares not so acquired.

 

1.5           Replacement of Warrants.  On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, on delivery of an
indemnity agreement reasonably satisfactory in form and amount to the Company
or, in the case of mutilation, or surrender and cancellation of this Warrant,
the Company at its expense shall execute and deliver, in lieu of this Warrant,
a new warrant of like tenor.

 

1

 

ARTICLE 2.           ADJUSTMENTS
TO THE SHARES.

 

2.1           Stock Dividends, Splits, Etc.  If the Company declares or pays a dividend on
its common stock payable in common stock, or other securities, or subdivides
the outstanding common stock into a greater amount of common stock, then upon
exercise of this Warrant, for each Share acquired, Holder shall receive,
without cost to Holder, the total number and kind of securities to which Holder
would have been entitled had Holder owned the Shares of record as of the date
the dividend or subdivision occurred.

 

2.2           Reclassification, Exchange or
Substitution.  Upon any
reclassification, exchange, substitution, or other event that results in a
change of the number and/or class of the securities issuable upon exercise or
conversion of this Warrant, Holder shall be entitled to receive, upon exercise
or conversion of this Warrant, the number and kind of securities and property
that Holder would have received for the Shares if this Warrant had been
exercised immediately before such reclassification, exchange, substitution, or
other event.    Upon the closing of any
sale, license, or other disposition of all or substantially all of the assets
(including intellectual property) of the Company, or any reorganization,
consolidation, or merger of the Company with or into a third party where the
holders of the Company’s securities before the transaction beneficially own, as
a result of such Company securities ownership before such transaction,  less than 50% of the outstanding voting
securities of the surviving entity after the transaction, the successor entity
shall assume the obligations of this Warrant, and this Warrant thereafter shall
be exercisable for the same securities, cash, and property as would be payable
for the Shares issuable upon exercise of the unexercised portion of this
Warrant as if such Shares were outstanding on the record date for such
transaction and the Warrant Price shall be adjusted accordingly.  The Company or its successor shall promptly
issue to Holder a new Warrant for such new securities or other property.  The new Warrant shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Article 2 including, without limitation, adjustments
to the Warrant Price and to the number of securities or property issuable upon
exercise of the new Warrant.  The
provisions of this Section 2.2 shall similarly apply to successive
reclassifications, exchanges, substitutions, or other events.

 

2.3           Adjustments for Combinations, Etc.  If the outstanding Shares are combined or
consolidated, by reclassification or otherwise, into a lesser number of shares,
the Warrant Price shall be proportionately increased and the number of Shares
for which this Warrant is convertible or exercisable shall be proportionately
decreased.

 

2.4           No Impairment.  The Company shall not, by amendment of its
Certificate of Incorporation or through a reorganization, transfer of assets,
consolidation, merger, dissolution, issue, or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any
of the terms to be observed or performed under this Warrant by the Company, but
shall at all times in good faith assist in carrying out all the provisions of
this Article 2 and in taking all such action as may be necessary or
appropriate to protect Holder’s rights under this Article against
impairment.

 

2.5           Certificate as to Adjustments.  Upon each adjustment of the Warrant Price,
the Company at its expense shall promptly compute such adjustment, and furnish
Holder with a certificate of its Chief Financial Officer setting forth such
adjustment and the facts upon which such adjustment is based.  The Company shall, upon written request,
furnish Holder a certificate setting forth the Warrant Price in effect upon the
date thereof and the series of adjustments leading to such Warrant Price.

 

ARTICLE 3.           REPRESENTATIONS
AND COVENANTS OF THE COMPANY.

 

3.1           Representations and Warranties.  The Company hereby represents and warrants to
the Holder as follows:

 

(a)           All Shares that may
be issued upon the exercise of the purchase right represented by this Warrant,
shall, upon issuance, be duly authorized, validly issued, fully paid and
nonassessable, and free of any liens and encumbrances except for restrictions
on transfer provided for herein or under applicable federal and state
securities laws.

 

2

 

(b)           The Company’s
capitalization is set forth in its most recent filings under the Securities Act
of 1934, as amended, and as of the date of issuance hereof has not changed
materially.

 

3.2           Notice of Certain Events.  If the Company proposes at any time (a) to
declare any dividend or distribution upon its common stock, whether in cash,
property, stock, or other securities and whether or not a regular cash
dividend; (b) to offer for subscription pro rata to the holders of any
class or series of its stock any additional shares of stock of any class or
series or other rights; (c) to effect any reclassification or
recapitalization of common stock; (d) to merge or consolidate with or into
any other corporation, or sell, lease, license, or convey all or substantially
all of its assets, or to liquidate, dissolve or wind up; or (e) offer
holders of registration rights the opportunity to participate in an
underwritten public offering of the company’s securities for cash, then, in
connection with each such event, the Company shall give Holder (1) at
least 10 days prior written notice of the date on which a record will be
taken for such dividend, distribution, or subscription rights (and specifying
the date on which the holders of common stock will be entitled thereto) or for
determining rights to vote, if any, in respect of the matters referred to in (a) and
(b) above; (2) in the case of the matters referred to in (c) and
(d) above at least 10 days prior written notice of the date when the
same will take place (and specifying the date on which the holders of common
stock will be entitled to exchange their common stock for securities or other
property deliverable upon the occurrence of such event); and (3) in the
case of the matter referred to in (e) above, the same notice as is given
to the holders of such registration rights.

 

3.3           Registration Rights.  The Shares, or the common stock into which
the Shares are convertible, shall be “Registrable Securities” as such term is
defined under the Amended and Restated Registration Rights Agreement dated as
of February 7, 2008 among the Company and the Purchasers named therein,
and Company agrees that upon any registration thereof under such Amended and
Restated Registration Rights Agreement, it shall offer  Holder the right to register  this Warrant and  the 
Shares for which this Warrant is exercisable or convertible Shares
pursuant to this Warrant under any such registration statement  pursuant to which the described Purchasers’
securities covered thereby are registeredthe Amended and Restated Registration
Rights Agreement dated as of February 7, 2008 among the Company and the
Purchasers named therein.

 

ARTICLE 4.           MISCELLANEOUS.

 

4.1           Term.  This Warrant is exercisable, in whole or in
part, at any time and from time to time on or before the Expiration Date set
forth above.

 

4.2           Legends.  This Warrant and the Shares (and the
securities issuable, directly or indirectly, upon conversion of the Shares, if
any) shall be imprinted with a legend in substantially the following form:

 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER SUCH ACT OR IN ACCORDANCE WITH APPLICABLE LAW.

 

4.3           Compliance with Securities Laws on
Transfer.  This Warrant and the
Shares issuable upon exercise this Warrant (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) may not be
transferred or assigned in whole or in part without compliance with applicable
federal and state securities laws by the transferor and the transferee.

 

4.4           Transfer Procedure.  Subject to the provisions of Section 4.3,
Holder may transfer all or part of this Warrant or the Shares issuable upon
exercise of this Warrant (or the securities issuable, directly or indirectly,
upon conversion of the Shares, if any) by giving the Company notice of the
portion of the Warrant being transferred setting forth the name, address and
taxpayer identification number of the transferee and surrendering this Warrant
to the Company for reissuance to the transferee(s) (and Holder, if
applicable), provided that no such notice shall be required for a transfer to
an affiliate of Holder.

 

3

 

4.5           Notices.  All notices and other communications from the
Company to the Holder, or vice versa, shall be deemed delivered and effective
when given personally or mailed by first-class registered or certified mail,
postage prepaid, at such address as may have been furnished to the Company or
the Holder, as the case may be, in writing by the Company or such Holder from
time to time.

 

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

 

4.7           Attorneys’ Fees.  In the event of any dispute between the
parties concerning the terms and provisions of this Warrant, the party
prevailing in such dispute shall be entitled to collect from the other party
all costs incurred in such dispute, including reasonable attorneys’ fees.

 

4.8           Governing Law.  This Warrant shall be governed by and
construed in accordance with the laws of the State of Delaware, without giving
effect to its principles regarding conflicts of law.

 

	
   

  	
   

  	
  FOCUS ENHANCEMENTS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Brett Moyer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Brett Moyer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: President & CEO

  

 

4

 

APPENDIX
1

 

NOTICE
OF EXERCISE

 

1.             The undersigned hereby elects to
purchase
                            
shares of the Common Stock of FOCUS ENHANCEMENTS, INC.  pursuant
to the terms of the attached Warrant, and tenders herewith payment of the
purchase price of such shares in full.

 

1.             The undersigned hereby elects to
convert the attached Warrant into Shares in the manner specified in the
Warrant.  This conversion is exercised
with respect to                             
of the Shares covered by the Warrant.

 

[Strike
paragraph that does not apply.]

 

2.             Please issue a certificate or
certificates representing said shares in the name of the undersigned or in such
other name as is specified below:

 

Heritage
Commerce Corp.

 

Or
Registered Assignee

 

3.             The undersigned represents it is
acquiring the shares solely for its own account and not as a nominee for any
other party and not with a view toward the resale or distribution thereof
except in compliance with applicable securities laws.

 

	
  HERITAGE COMMERCE CORP. or Registered 

  Assignee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Signature)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Date)

  	
   

  	
   

  

 

 

5Exhibit 4.2

 

THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OFFERED FOR SALE IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES OR AN OPINION
OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

FOCUS ENHANCEMENTS, INC.

 

COMMON STOCK PURCHASE WARRANT

 

1.             Issuance;
Certain Definitions. For good and valuable consideration, the receipt of
which is hereby acknowledged by FOCUS ENHANCEMENTS, INC.,
a Delaware corporation (the “Company”), Carl E. Berg,
or registered assigns (the “Holder”) is hereby granted the right to purchase at
any time until 5:00 P.M., New York City time, on March 4,
2013 (the “Expiration Date”), 200,000 (two-hundred
thousand) fully paid and non-assessable shares of the Company’s
Common Stock, $0.01 par value per share (the “Common Stock”), at an initial
exercise price  (the “Exercise Price”) of
$0.40 (forty cents) per share, subject
to further adjustment as set forth herein. 
These shares are exercisable immediately.

 

2.             Exercise
of Warrants.

 

(a)                                 This Warrant is exercisable in whole or
in part at any time and from time to time. 
Such exercise shall be effectuated by submitting to the Company (either
by delivery to the Company or by facsimile transmission as provided in Section 8
hereof) a completed and duly executed Notice of Exercise (substantially in the
form attached to this Warrant) as provided in this paragraph.  The date such Notice of Exercise is faxed to
the Company shall be the “Exercise Date,” provided that the Holder of this
Warrant tenders this Warrant Certificate to the Company within five (5) business
days thereafter and at the time of such Notice of Exercise the Company has
received payment for the shares being purchased.  The Notice of Exercise shall be executed by
the Holder of this Warrant and shall indicate the number of shares then being
purchased pursuant to such exercise. 
Upon surrender of this Warrant Certificate, together with appropriate
payment of the Exercise Price for the shares of Common Stock purchased, the
Holder shall be entitled to receive a certificate or certificates for the
shares of Common Stock so purchased.

 

(b)                                 The Exercise Price per share of Common
Stock for the shares then being exercised shall be payable in cash by wire,
certified or official bank check.

 

(c)                                  In no event shall Holder exercise this
Warrant for less than ten thousand (10,000) Warrant Shares, as defined below,
unless the Holder has a Warrant for less than ten thousand (10,000) Warrant
Shares, in which case Holder shall be required to exercise the Warrant for all
remaining Warrant Shares on the Exercise Date.

 

1

 

(d)                                 The Holder shall be deemed to be the
holder of the shares issuable to it in accordance with the provisions of this Section 2
only on and after the Exercise Date.

 

(e)                                  If at any time
after one year from the date of issuance of this Warrant there is no effective
Registration Statement registering the resale of the Warrant Shares by the
Holder, this Warrant may also be exercised 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
  Closing Price on the trading day immediately preceding the date of such
  election;

  
	
  (B) =

  	
   

  	
  the
  Exercise Price of this Warrant, as adjusted; and

  
	
  (X) =

  	
   

  	
  the
  number of Warrant Shares issuable upon exercise of this Warrant in accordance
  with the terms 

  
	
   

  	
   

  	
   

  	
  of
  this Warrant by means of a cash exercise rather than a cashless exercise.

  

 

3.             Reservation
of Shares. At all times during the term of this Warrant the Company  shall 
reserve for issuance upon exercise of this Warrant such number of shares
of its Common Stock as shall be required for issuance upon exercise of this
Warrant (the “Warrant Shares”).

 

4.             Mutilation
or Loss of Warrant.  Upon receipt by
the Company of evidence satisfactory to it of the loss, theft, destruction or
mutilation of this Warrant, and (in the case of loss, theft or destruction)
receipt of reasonably satisfactory indemnification, and (in the case of
mutilation) upon surrender and cancellation of this Warrant, the Company will
execute and deliver a new Warrant of like tenor and date and any such lost,
stolen, destroyed or mutilated Warrant shall thereupon become void.

 

5.             Rights
of the Holder.  Until the Warrant is
exercised in whole or in part, the Holder shall not, by virtue hereof, be
entitled to any rights of a stockholder in the Company, either at law or
equity, and the rights of the Holder shall be limited to those expressed in
this Warrant and are not enforceable against the Company except to the extent
set forth herein.

 

6.             Adjustments.

 

6.1          Adjustment
Mechanism.  If an adjustment of the
Exercise Price is required pursuant to this Section 6, the Holder shall be
entitled to purchase such number of shares of Common Stock as will cause (i) the
total number of shares of Common Stock Holder is entitled to purchase pursuant
to this Warrant, multiplied by (ii) the adjusted Exercise Price per share,
to equal (iii) the dollar amount of the total number of shares of Common
Stock Holder is entitled to purchase before adjustment multiplied by the total
Exercise Price immediately before adjustment.

 

2

 

6.2          Capital
Adjustments.  In case of any stock
split or reverse stock split, stock dividend, reclassification of the Common
Stock, recapitalization, merger or consolidation, or like capital adjustment
affecting the Common Stock of the Company prior to the exercise of this Warrant
or its applicable portion, the provisions of this Section 6 shall be
applied as if such capital adjustment event had occurred immediately prior to
the exercise date of this Warrant and the original Exercise Price had been
fairly allocated to the stock resulting from such capital adjustment; and in
other respects the provisions of this Section shall be applied in a fair,
equitable and reasonable manner, as determined by the Company’s Board of
Directors in its absolute discretion,  so
as to give effect, as nearly as may be practicable, to the purposes hereof.

 

6.3          Spin
Off.  If, for any reason, prior to
the exercise of this Warrant in full, the Company spins off or otherwise
divests itself of a part of its business or operations or disposes all or of a
part of its assets in a transaction (the “Spin Off”) in which the Company does
not receive compensation for such business, operations or assets, but causes
securities of another entity to be issued to Common Stock security holders of
the Company, then the Company shall 
notify the Holder at least twenty 
(20) days prior to the record date with respect to such Spin-Off.

 

7.             Transfer
to Comply with the Securities Act; Restriction on Sales; Registration Rights.

 

7.1          Transfer.  This Warrant has not been registered under
the Securities Act of 1933, as amended, (the “Act”) and has been issued to the
Holder for investment and not with a view to the distribution of either the
Warrant or the Warrant Shares.  Neither
this Warrant nor any of the Warrant Shares or any other security issued or
issuable upon exercise of this Warrant may be sold, transferred, pledged or
hypothecated in the absence of an effective registration statement under the
Act relating to such security or an opinion of counsel satisfactory to the
Company that registration is not required under the Act.  Each certificate for the Warrant, the Warrant
Shares and any other security issued or issuable upon exercise of this Warrant
shall contain a legend on the face thereof, in form and substance satisfactory
to counsel for the Company, setting forth the restrictions on transfer
contained in this Section.

 

7.2          Registration
Rights. As set forth in Exhibit 1, Holder shall have piggy-back
registration rights with respect to the Warrant Shares then held by the Holder
or then subject to issuance upon exercise of this Warrant (collectively, the “Remaining
Warrant Shares”).

 

8.  Notices.  Any notice or other communication required or
permitted hereunder shall be in writing and shall be delivered personally
(including by recognized courier), sent by facsimile transmission, or sent by
certified, registered or express mail, postage pre-paid.  Any such notice shall be deemed given when so
delivered personally, or sent by facsimile transmission, or, if mailed, four
days after the date of prepaid deposit in the United States mail, certified, registered
or overnight delivery as follows:

 

(i)                                     if to the Company, to:

 

FOCUS ENHANCEMENTS, INC.

1370 Dell Avenue

Campbell, California 95008

ATTN: Gary Williams, Chief Financial Officer

Telephone No.: (408) 866-8300

Facsimile No.:  (408)
866-4795

 

3

 

with a
copy to:

 

Manatt, Phelps & Phillips, LLP

1001 Page Mill Road, Bldg. 2

Palo Alto, California 94304

Attn: Jerrold F. Petruzzelli, Esq.

Telephone No.: (650) 812-1335

Telecopier No.: (650) 213-0260

 

(ii) if to the Holder, to:

Carl E. Berg

10050 Bandley Dr

Cupertino, CA 95014

 

Telecopier No.:

408-725-1626

 

                Any party may give notice to the
other parties designated in accordance with this Section to change its
respective address or addressee for notices.

 

9.   Supplements
and Amendments; Whole Agreement. 
This Warrant may be amended or supplemented only by an instrument in
writing signed by the parties hereto. 
This Warrant contains the full understanding of the parties with respect
to its subject matter,  and there are no
representations, warranties, agreements or understandings other than expressly
contained herein and therein.

 

10.          Governing
Law.  This Warrant shall be deemed to
be a contract made under the laws of the State of Delaware for contracts to be
wholly performed in such state and without giving effect to the principles
thereof regarding the conflict of laws. 
Each of the parties consents to the jurisdiction of the federal courts
whose districts encompass any part of the State of California, Santa Clara County
in connection with any dispute arising under this Warrant and hereby waives, to
the maximum extent permitted by law, any objection, including any objection
based on forum non conveniens, to the bringing of
any such proceeding in such jurisdictions.

 

11.  Jury
Trial Waiver.  The Company and the
Holder hereby waive a trial by jury in any action, proceeding or counterclaim
brought by either of the parties hereto against the other in respect of any
matter arising out or in connection with this Warrant.

 

4

 

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

 

13.  Descriptive
Headings.  Descriptive headings of
the several Sections of this Warrant are inserted for convenience only and
shall not control or affect the meaning or construction of any of the
provisions hereof.

 

IN WITNESS WHEREOF, the parties hereto have executed
this Warrant as of the 4th day of March, 2008.

 

	
   

  	
  FOCUS ENHANCEMENTS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gary Williams

  
	
   

  	
   

  
	
   

  	
  Name: Gary Williams

  
	
   

  	
  Title: EVP of Finance & CFO

  

 

 

5

 

NOTICE OF EXERCISE OF WARRANT

 

The
undersigned hereby irrevocably elects to exercise the right, represented by the
Warrant Certificate dated as of                         ,
       , to purchase                          shares of the Common Stock, $0.01 par value,
of FOCUS ENHANCEMENTS, INC.,  and tenders herewith payment in accordance
with Section 1 of said Common Stock Purchase Warrant.

 

                CASH:$                                                 =   (Exercise Price x Exercise Shares)

 

Payment is being made by:

 

 

 

                    enclosed check

 

 

                    wire transfer

 

 

                    other

 

 

                    the cancellation of such number of
Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 2(e), 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(e).

 

 

Please
deliver the stock certificate to:

 

Dated:

 

[Name of Holder]

 

By:

 

 

6

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