Document:

EX-10.15

 Exhibit 10.15

AGENCY AGREEMENT — PRIVATE PLACEMENT

THIS AGREEMENT dated for reference June 29, 2007, is made

BETWEEN

ICUITI CORPORATION, 75 Town Centre Drive, Rochester,

New York, 14623 U.S.A. Fax: 585.240.8003

(the “Issuer”);

AND

CANACCORD CAPITAL CORPORATION, #2200-609

Granville Street, Vancouver, BC V7Y 1H2, Fax: 604.643.7733

(the “Agent”).

WHEREAS:

A. The Issuer wishes to privately place with purchasers a minimum of 2,500,000 Shares and a maximum
of 4,375,000 Shares at a price of $1.60 per Share;

B. The Issuer wishes to appoint the Agent to distribute the Shares, and the Agent is willing to
accept such appointment on the terms and conditions of this Agreement;

THE PARTIES to this Agreement therefore agree:

1. DEFINITIONS

In this Agreement and the Recitals hereto:

	 	(a)	 	“Accredited Investor” means an “accredited investor” as defined in Rule 501(a)
of Regulation D;
	 
	 	(b)	 	“Administration Fee” means the fee payable to the Agent by the Issuer in
connection with the Agent’s services in connection with the administration and
co-ordination of the Private Placement;
	 
	 	(c)	 	“Agent’s Fee” means the fee which is set out in this Agreement and which is
payable by the Issuer to the Agent in consideration of the services performed by the
Agent under this Agreement;
	 
	 	(d)	 	“Agent’s Warrants” means the non-transferable share purchase warrants of the
Issuer which will be issued as part of the Agent’s Fee and the Administration Fee and
which have the terms provided in this Agreement and the certificates representing such
share purchase warrants;

 

 

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	 	(e)	 	“Agent’s Warrant Shares” means the previously unissued Common Shares which will
be issued upon the exercise of the Agent’s Warrants;
	 
	 	(f)	 	“Applicable Legislation” means the securities acts in the Selling Provinces,
together with all the regulations and rules made and promulgated thereunder and all
administrative policy statements, instruments, blanket orders and rulings, notices and
administrative directions issued by the Commissions;
	 
	 	(g)	 	“Closing” means completion of the issuance of Shares pursuant to this Agreement
and the Subscription Agreements;
	 
	 	(h)	 	“Closing Date” means each day on which Shares are issued to the Purchasers;
	 
	 	(i)	 	“Commissions” means the securities commission or equivalent regulatory
authority in the Selling Provinces;
	 
	 	(j)	 	“Common Shares” means the $.001 par value common stock of the Issuer, after
giving effect to the consolidation referred to in Section 10.1(e) of this Agreement;
	 
	 	(k)	 	“Corporate Finance Shares” means the previously unissued Common Shares which
will be issued in consideration of the corporate finance and structuring services
provided by the Agent;
	 
	 	(l)	 	“Directed Selling Efforts” means “directed selling efforts” as defined in Rule
902(c) of Regulation S;
	 
	 	(m)	 	“Exemptions” means the exemptions from the prospectus requirements of the
Applicable Legislation and exemptions from registration under the U.S. Securities Act
and as set forth the in the Subscription Agreement;
	 
	 	(n)	 	“Foreign Private Issuer” means “foreign private issuer” as defined in Rule 405
promulgated under the U.S. Securities Act;
	 
	 	(o)	 	“Final Closing” means the final Closing of the Private Placement;
	 
	 	(p)	 	“Financial Statements” means the unaudited financial statements of the Issuer
as at May 31, 2007 and the audited financial statements of the Issuer for the fiscal
year ended December 31, 2006;
	 
	 	(q)	 	“First Closing” means the first Closing of the Private Placement;
	 
	 	(r)	 	“Material Adverse Effect” means any event, change or effect that, individually
or when taken together with any related events, is or is reasonably likely to be
materially adverse to the business, prospects, operations, condition (financial or
otherwise) or liabilities of the Issuer or to the value or price of any Securities of
the Issuer;
	 
	 	(s)	 	“Material Change” has the meaning defined in the Applicable Legislation;

 

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	 	(t)	 	“Material Fact” has the meaning defined in the Applicable Legislation;
	 
	 	(u)	 	“Private Placement” means the offering of the Shares on the terms and
conditions of this Agreement;
	 
	 	(v)	 	“Purchasers” means the purchasers of the Shares pursuant to the Private
Placement;
	 
	 	(w)	 	“Registrable Securities” means the Shares and the Agent’s Warrant Shares until
all Shares and Agent’s Warrant Shares (i) have been disposed of pursuant to the
registration statement described in Section 14.1, (ii) have been sold under
circumstances under which all of the applicable conditions of Rule 144 (or any similar
provision then in force) under the U.S. Securities Act are met, (iii) have been
otherwise transferred to persons who may trade such Securities without restriction
under the U.S. Securities Act, and the Issuer has delivered a new certificate or other
evidence of ownership for such Securities not bearing a restrictive legend or and/or
(iv) in the opinion of counsel to the Issuer, may be sold without any time, volume or
manner limitations pursuant to Rule 144(k) (or any similar provision then in effect)
under the U.S. Securities Act. In the event of any merger, reorganization,
consolidation, recapitalization or other change in corporate structure affecting the
Shares and Agent’s Warrant Shares, such adjustment shall be deemed to be made in the
definition of “Registrable Security” as is appropriate in order to prevent any dilution
or enlargement of the registration rights granted pursuant to this Agreement;
	 
	 	(x)	 	“Regulation D” means Regulation D promulgated under the U.S. Securities Act;
	 
	 	(y)	 	“Regulation S” means Regulation S promulgated under the U.S. Securities Act;
	 
	 	(z)	 	“Regulatory Authorities” means the Commissions;
	 
	 	(aa)	 	“Securities” means the Shares, the Agent’s Warrants, the Agent’s Warrant
Shares, the Corporate Finance Shares;
	 
	 	(bb)	 	“Selling Provinces” means the Provinces of Canada;
	 
	 	(cc)	 	“Shares” means the previously unissued Common Shares that are contemplated to
be issued pursuant to this Agreement, other than the Agent’s Warrant Shares;
	 
	 	(dd)	 	“Subscription Agreement” means the form of subscription agreement prepared in
connection with this Private Placement and approved by the Issuer and the Agent;
	 
	 	(ee)	 	“Subsidiaries” has the meaning ascribed thereto in Delaware General Corporate
Law;
	 
	 	(ff)	 	“U.S. Affiliate” has the meaning in paragraph 6.3(a);

 

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	 	(gg)	 	“U.S. Person” means “U.S. Person” as defined in Rule 902(k) of Regulation S;
and
	 
	 	(hh)	 	“U.S. Securities Act” means the United States Securities Act of 1933, as
amended.

2. CURRENCY

Unless otherwise specified, all references to “$” or currency in this Agreement is reference to US
dollars.

3. APPOINTMENT OF AGENT

The Issuer appoints the Agent as its exclusive agent and the Agent accepts the appointment and
agrees to act as the exclusive agent of the Issuer to use its commercially reasonable efforts to
find and introduce to the Issuer potential purchasers to purchase a minimum of 2,500,000 Shares and
a maximum of 4,375,000 Shares, at a price of $1.60 per Share, by way of private placement under the
Exemptions.

4. AGENT’S FEE AND CORPORATE FINANCE SHARES

In consideration of the services performed by the Agent under this Agreement, the Issuer agrees to
pay to the Agent on each Closing an Agent’s Fee consisting of:

	 	(a)	 	a cash payment equal to 7% of the gross proceeds received by the Issuer from
the sale of the Shares on such Closing which will be paid in lawful U.S. currency; and

	 	(b)	 	that number of Agent’s Warrants which is equal to 10.0% of the number of Shares
sold on such Closing.

4.2 The Issuer will also pay the Agent an Administration Fee, at the First Closing, consisting of
$2,600 and the issuance of 4,062 Agent’s Warrants,

4.3 The right to purchase an Agent’s Warrant Share under an Agent’s Warrant may be exercised at any
time until the close of business on the day which is 24 months from the date such Agent’s Warrant
was issued to the initial holder.

4.4 Each Agent’s Warrant will entitle the holder, on exercise, to purchase one Agent’s Warrant
Share at a price of $1.60 per Agent’s Warrant Share.

4.5 The Agent’s Warrants will be non-transferable.

4.6 The certificates representing the Agent’s Warrants will, among other things, include provisions
for the appropriate adjustment in the class, number and price of the Agent’s Warrant Shares issued
upon exercise of the Agent’s Warrants upon the occurrence of certain events, including any
subdivision, consolidation or reclassification of the Issuer’s common shares, the payment of stock
dividends and the amalgamation of the Issuer.

 

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4.7 The issue of the Agent’s Warrants will not restrict or prevent the Issuer from obtaining any
other financing, or from issuing additional securities or rights, during the period within which
the Agent’s Warrants may be exercised.

4.8 The Issuer will issue to the Agent on the First Closing that number of Corporate Finance Shares
equal to the 1% of the Issuer’s issued and outstanding common shares as of the completion of the
First Closing.

4.9 On Closings after the First Closing, the Issuer will issue to the Agent that number of
Corporate Finance Shares equal to 1% of the Issuer’s issued and outstanding common shares as of the
completion of such Closing less the number of Corporate Finance Shares previously issued to the
Agent.

5. OFFERING RESTRICTIONS

5.1 The Agent covenants and agrees that it and, if applicable, the U.S. Affiliate, will only
solicit subscriptions for Shares and sell the Shares in accordance with the terms and conditions of
this Agreement and in compliance with the Applicable Legislation and U.S. securities laws, to
persons who represent themselves as being:

	 	(a)	 	a resident in one of the Selling Provinces who meets the requirement of one of
the Exemptions;
	 
	 	(b)	 	an Accredited Investor (and the Agent and the U.S. Affiliate, after customary
inquiry and investigation, have no reason to believe otherwise) if a U.S. Person or a
person in the United States in accordance with Section 6 of this Agreement; or
	 
	 	(c)	 	a resident of a jurisdiction outside of Canada and the United States for whom
an Exemption is available for the sale of Shares to such person and in compliance with
the securities laws applicable to such resident or jurisdiction.

5.2 The Agent covenants and agrees with the Issuer that it will:

	 	(a)	 	conduct all activities in connection with the Private Placement and the sale of
the Shares, in compliance with this Agreement and all Applicable Legislation, Exchange
Policies and applicable U.S. securities laws; and

	 	(b)	 	not advertise the proposed offering or sale of the Shares in printed public
media, radio, television or telecommunications, including electronic display.

5.3 No selling or promotional expenses will be paid or incurred in connection with the Private
Placement, except for professional services or for services performed by a registered dealer.

6. U.S. LAW

6.1 The Issuer represents, warrants, covenants and agrees that:

 

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	 	(a)	 	it is not, as a result of the sale of the Securities will not be, and agrees to
use its best efforts not to become, at any time prior to the expiration of three years
after the Closing Day, an “investment company” as defined in the United States
Investment Company Act of 1940, as amended;
	 
	 	(b)	 	during the period in which the Shares are offered for sale or during the term
of the Agent’s Warrants, neither it nor any of its affiliates, nor any person acting on
their behalf (other than the Agent, its respective affiliates or any person acting on
their behalf, in respect of which no representation is made) has made or will make any
Directed Selling Efforts in the United States or has taken or will take any action in
violation of Regulation M under the United States Securities Exchange Act of 1934, as
amended, the “1934 Act”), with respect to distributions under Regulation S, or has
taken or will take any action that would cause the exemption from registration under
Rule 506 of Regulation D or Regulation S to be unavailable for offers and sales of the
Securities, pursuant to this Agreement;
	 
	 	(c)	 	none of the Issuer, any of its affiliates or any person acting on its or their
behalf (other than the Agent, the U.S. Affiliate, their respective affiliates or any
person acting on their behalf, in respect of which no representation is made) has
offered or will offer to sell, or has solicited or will solicit offers to buy, any of
the Securities in the United States by means of any form of general solicitation or
general advertising, which includes any advertisements, articles, notices or other
communications published in any newspaper, magazine or similar media or broadcast over
radio or television, or any seminar or meeting whose attendees had been invited by
general solicitation or general advertising, or in any manner involving a public
offering within the meaning of Section 4(2) of the U.S. Securities Act;
	 
	 	(d)	 	the Issuer has not, for a period of six months prior to the commencement of the
offering of Securities, sold, offered for sale or solicited any offer to buy any of its
securities and will not sell, offer for sale or solicit any offer to buy any of its
securities, in a manner that would be integrated with the offer and sale of the
Securities and would cause the exemption from registration set forth in Rule 506 of
Regulation D to become unavailable with respect to the offer and sale of the Shares in
the United States or to or for the benefit or account of U.S. Persons;
	 
	 	(e)	 	neither the Issuer nor any of its predecessors or affiliates has been subject
to any order, judgment, or decree of any court of competent jurisdiction temporarily,
preliminarily or permanently enjoining such person for failure to comply with Rule 503
of Regulation D;
	 
	 	(f)	 	the Issuer covenants and agrees with the Agent to execute or procure the
execution of all documents and to use its commercially reasonable efforts to take or
cause to be taken both before each Closing, all such steps as may be reasonably
necessary or desirable to establish, to the reasonable satisfaction of counsel for the
Agent and counsel for the Issuer, any and all legal requirements to enable the Agent to
offer the Shares for sale in the United States under Rule 506 of

 

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	 	 	 	Regulation D in accordance with this Agreement and the applicable exemption from
registration under applicable state securities laws; and
	 
	 	(g)	 	except with respect to offers or sales of Shares to Accredited Investors in
reliance upon an exemption from registration under Rule 506 of Regulation D, neither
the Issuer nor any of its affiliates, nor any person acting on their behalf (other than
the Agent, the U.S. Affiliate, their respective affiliates or any person acting on
their behalf, in respect of which no representation is made), has made in a transaction
that would be integrated with the offer and sale of the Securities or will make:

	 	(i)	 	any offer to sell, or any solicitation of an offer to
buy, any Shares to or for the benefit or account of a U.S. Person, or a
person in the United States; or
	 
	 	(ii)	 	any sale of Shares unless, at the time the buy order was
or will have been originated, the purchaser is:

	 	(A)	 	outside the United States; or
	 
	 	(B)	 	the Issuer, its affiliates, and any person
acting on their behalf reasonably believe that the purchaser is outside
the United States.

6.2 Except as otherwise provided in this Section 6, the Agent agrees with the Issuer that with
respect to each offer and sale of the Shares they will offer the Shares only in accordance with
Rule 903 of Regulation S and accordingly neither the Agent, its affiliates, nor any person acting
on their behalf has made or will make (except as permitted by Section 6.3):

	 	(a)	 	any offer to sell, or any solicitation of an offer to buy, Shares to any U.S.
Person, to any person purchasing for the benefit or account of a U.S. Person, or any
person in the United States;
	 
	 	(b)	 	any sale of Securities unless, at the time the buy order was or will have been
originated the Purchaser is:

	 	(i)	 	outside the United States; or
	 
	 	(ii)	 	the Agent, its affiliates and any person acting on their
behalf reasonably believe that the Subscriber is outside the United States;
nor

	 	(c)	 	any Directed Selling Efforts in the United States with respect to the
Securities.

6.3 The Agent acknowledges that the Shares have not been registered under the U.S. Securities Act
and may not be offered or sold, with respect to offers and sales to or for the benefit or account
of U.S. Persons, except pursuant to Rule 506 of Regulation D. Accordingly, the Agent, on its own
behalf and on behalf of its affiliates, represents, warrants and covenants to the Issuer that, with
respect to each offer or sale of Shares to or for the benefit or account of U.S. Persons, they have
offered and sold, and will offer and sell, securities to Purchasers in the United States only in
the following manner:

 

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	 	(a)	 	the Agent will offer the Shares in the United States only through a broker
dealer registered pursuant to Section 15(b) of the 1934 Act and in good standing with
the National Association of Securities Dealers Inc. (“U.S. Affiliate”), solely to
Accredited Investors, and only in states of the United States where such broker-dealer
is registered, or otherwise exempt from registration;
	 
	 	(b)	 	no form of general solicitation or general advertising (as those terms are used
in Regulation D) or any manner involving a public offering within the meaning of
Section 4(2) of the U.S. Securities Act has been or will be used by the Agent, the U.S.
Affiliate, their affiliates or anyone acting on their behalf, including advertisements,
articles, notices or other communications published in any newspaper, magazine, or
similar media or broadcast over radio or television, or any seminar or meeting whose
attendees had been invited by general solicitation or general advertising, in
connection with the offer or sale of the Shares to U.S. Persons;
	 
	 	(c)	 	any offer, sale or solicitation of an offer to buy the Shares that has been
made or will be made to U.S. Persons was or will be made only to Accredited Investors,
and in transactions that are exempt from registration under applicable state securities
laws and require no filings or actions pre-offer or pre-sale except as otherwise agreed
by the Issuer;
	 
	 	(d)	 	it has not entered and will not enter into any contractual arrangement with
respect to the distribution of the Securities, except with its affiliates, any selling
group members or with the prior written consent of the Issuer and it shall use its
commercially reasonable efforts to ensure the each selling group member complies with
the applicable provisions of this Section 6;
	 
	 	(e)	 	all offers of Shares in the United States or to or for the benefit or account
of a U.S. Person have been and will be made through a U.S. Affiliate and all sales of
the Shares in the United States or to or for the benefit or account of a U.S. Person
will be made by the Issuer to Accredited Investors designated by the U.S. Affiliate or
by the Agent acting through a U.S. Affiliate;
	 
	 	(f)	 	immediately prior to soliciting any Purchaser that is in the United States or
for the benefit or account of a U.S. Person, the Agent, the U.S. Affiliate, their
respective affiliates, and any person acting on their behalf, had or will have had, as
the case may be, reasonable grounds to believe and did or will, as the case may be,
believe that each such Purchaser was or is an Accredited Investor, and at the time of
completion of each sale to or for the benefit or account of a U.S. Person or a person
in the United States, the Agent, the U.S. Affiliate, their respective affiliates, and
any person acting on their behalf will have reasonable grounds to believe and will
believe, that each Purchaser designated by such Agent or the U.S. Affiliate to purchase
Shares from the Issuer is an Accredited Investor;
	 
	 	(g)	 	on each Closing, the Agent together with the U.S. Affiliate, will provide a
certificate, substantially in the form of Appendix I, relating to the manner of the

 

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	 	 	 	offer and sale of the Shares in the United States and to or for the benefit or
account of U.S. Persons, or a written confirmation that it did not sell any Shares
in the United States or to or for the benefit or account of U.S. Persons or arrange
for any purchasers that are in the United States or are U.S. Persons;

	 	(h)	 	neither the Agent, the U.S. Affiliate, their respective affiliates, or any
person acting on their behalf, has taken or will take, directly or indirectly, any
action in violation of Regulation M under the 1934 Act in connection with the offer and
sale of the Securities;
	 
	 	(i)	 	prior to completion of any sale of Shares to a person in the United States or
to a U.S. Person, the Agent shall cause each such Purchaser of Shares to execute an
agreement in the form agreed upon by the Agent and the Issuer;
	 
	 	(j)	 	the Agent shall give the Issuer reasonable notice of the U.S. jurisdictions in
which it proposes to offer and sell the Shares, so as to assist the Issuer in
satisfying its obligations under Paragraph 6.1(f) and to permit the Issuer to timely
submit any and all filings required of the U.S. Securities Act and applicable state
laws;
	 
	 	(k)	 	the representations and warranties and covenants of the Agent contained in this
Section 6 shall be true and correct as of the Closing, with the same force and effect
as if then made by the Agent.

7. SUBSCRIPTIONS

7.1 The Agent will obtain from each Purchaser introduced by the Agent, and deliver to the Issuer,
on or before each Closing duly completed and signed Subscription Agreements and executed by the
Purchaser.

8. FILINGS WITH THE COMMISSIONS AND US SECURITIES AND EXCHANGE COMMISSION

8.1 Within 10 days of each Closing of the Private Placement, the Issuer will:

	 	(a)	 	file with the Commissions any report required to be filed by the Applicable
Legislation in connection with the Private Placement, in the required form; and

	 	(b)	 	provide the Agent’s solicitor with copies of the report or reports.

8.2 The Issuer will, within 15 days after the first sale of Shares in the United States pursuant to
the Private Placement, prepare and file with the United States Securities and Exchange Commission a
notice on Form D with respect to the Shares being offered in the Private Placement and will file
all amendments required to be filed as a result of subsequent sales of Shares in the United States.
The Issuer shall also prepare and file within prescribed time periods any notices required to be
filed with state securities authorities under applicable blue sky laws in connection with the sale
of the Shares in the Private Placement.

 

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9. CLOSINGS

9.1 In this Section:

	 	(a)	 	“Certificates” means the certificates representing the Shares, Agent’s Warrants
and Corporate Finance Shares to be issued on a Closing in the names and denominations
reasonably requested by the Agent or the Purchasers, as the case may be; and

	 	(b)	 	“Proceeds” means the gross proceeds of the sale of Shares on a Closing, less:

	 	(i)	 	any portion of the Agent’s Fee which is payable in cash;
	 
	 	(ii)	 	the reasonable expenses of the Agent in connection with
the Private Placement which have not been paid by the Issuer; and
	 
	 	(iii)	 	on the First Closing, the Administration Fee;
	 
	 	(iv)	 	any amount paid directly to the Issuer by purchasers in
connection with the Private Placement.

9.2 The Issuer and the Agent will cause the Closing to take place in one or more closings, however,
the Final Closing will not occur after August 10, 2007 without the prior consent of the Issuer and
the Agent.

9.3 The Issuer will, on each Closing, issue and deliver the Certificates to the Agent, or at the
Agent’s request, to the Purchasers, against payment of the Proceeds.

9.4 If the Issuer has satisfied all of its material obligations under this Agreement, the Agent
will, on each Closing, pay the Proceeds to the Issuer against delivery of the Certificates.

9.5 The Issuer will endorse the Certificates, and, upon issuance, the certificates representing the
Agent’s Warrant Shares with such legends as required by the Applicable Legislation and the U.S.
Securities Act.

10. CONDITIONS OF CLOSINGS

10.1 The obligations of the Agent on each Closing will be conditional upon the following:

	 	(a)	 	the Issuer will have delivered to the Agent and its solicitor a favourable
opinion of the Issuer’s US and Canadian solicitors dated as of the date of such
Closing, in a form reasonably acceptable to the Agent and its solicitor as to all legal
matters reasonably requested by the Agent relating to the Issuer and the creation,
issuance and sale of the Securities;

	 	(b)	 	the Issuer will have delivered to the Agent and its solicitor such certificates
of its officers other documents relating to the Private Placement or the affairs of the
Issuer as the Agent or its solicitor may reasonably request;

 

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	 	(c)	 	each representation and warranty of the Issuer which is contained in this
Agreement continues to be true, and the Issuer has performed or complied with all of
its covenants, agreements and obligations under this Agreement;
	 
	 	(d)	 	the completion of due diligence satisfactory to the Agent, on the Issuer, the
Issuer’s management, business, assets and technology; and
	 
	 	(e)	 	the Issuer has completed a consolidation of its common shares on a 7 old for 1
new basis;

10.2 Each Closing and the obligations of the Issuer and the Agent to complete the issue and sale of
the Securities are subject to:

	 	(a)	 	receipt of all required regulatory approval for or acceptance of the Private
Placement; and

	 	(b)	 	the removal or partial revocation of any cease trading order or trading
suspension made by any competent authority to the extent necessary to complete the
Private Placement.

11. TERMINATION

11.1 The Agent may terminate its obligations under this Agreement by notice in writing to the
Issuer at any time before the Final Closing if:

	 	(a)	 	an adverse Material Change, or an adverse change in a Material Fact relating to
any of the Securities, occurs or is announced by the Issuer;
	 
	 	(b)	 	there is an event, accident, governmental law or regulation or other occurrence
of any nature which, in the opinion of the Agent, acting reasonably, seriously affects
or will seriously affect the financial markets, or the business of the Issuer or its
subsidiaries or the ability of the Agent to perform its obligations under this
Agreement, or a Purchaser’s decision to purchase the Shares;
	 
	 	(c)	 	following a consideration of the history, business, products, property or
affairs of the Issuer or its principals and promoters, or of the state of the financial
markets in general, or the state of the market for the Issuer’s securities in
particular, the Agent determines, in its sole discretion, that it is not in the
interest of the Purchasers to complete the purchase and sale of the Shares;
	 
	 	(d)	 	the Securities cannot, in the opinion of the Agent, acting reasonably, be
marketed due to the state of the financial markets, or the market for the Shares in
particular;
	 
	 	(e)	 	an enquiry or investigation (whether formal or informal) in relation to the
Issuer, or the Issuer’s directors, officers or promoters, is commenced or threatened by
an officer or official of any competent authority;

 

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	 	(f)	 	any order to cease, halt or suspend trading (including an order prohibiting
communications with persons in order to obtain expressions of interest) in the
securities of the Issuer prohibiting or restricting the Private Placement is made by a
competent regulatory authority and that order is still in effect;
	 
	 	(g)	 	the Issuer is in breach of any material term of this Agreement; or
	 
	 	(h)	 	any of the representations or warranties made by the Issuer in this Agreement
is false or has become false.

12. WARRANTIES, REPRESENTATIONS AND COVENANTS

12.1 The Issuer warrants and represents to and covenants with the Agent that:

	 	(a)	 	the Issuer has no Subsidiaries;
	 
	 	(b)	 	the Issuer is a valid and subsisting corporation duly incorporated and in good
standing under the laws of the jurisdiction in which it is incorporated, continued or
amalgamated;
	 
	 	(c)	 	the Issuer is duly registered and licenced to carry on business in the
jurisdictions in which it carries on business or owns property where so required by the
laws of that jurisdiction and are not otherwise precluded from carrying on business or
owning property in such jurisdictions by any other commitment, agreement or document,
except to the extent that the failure to so register or become licensed would not have
a Material Adverse Effect;
	 
	 	(d)	 	the Issuer has full corporate power and authority to carry on its business as
now carried on by it and to undertake the Private Placement and this Agreement has
been, or will be by the First Closing, duly authorized by all necessary corporate
action on the part of the Issuer;
	 
	 	(e)	 	all of the material transactions of the Issuer have been promptly and properly
recorded or filed in its books or records and its minute books or records contain all
records of the meetings and proceedings of its directors, shareholders, and other
committees, if any, since conception;
	 
	 	(f)	 	as of the date hereof, the authorized capital of the Issuer consists of (a)
400,000,000 shares of Common Stock, $.001 par value per share, of which 21,658,507
shares are issued and outstanding and (b) 6,745,681 shares of Preferred Stock, $.001
par value per share, of which (i) 725,000 shares are designated as Series A Redeemable
Preferred Stock, of which zero (0) shares are issued and outstanding, (ii) 1,020,681
shares are designated as Series B Convertible Preferred Stock, of which zero (0) shares
are issued and outstanding, and (iii) 500,000 shares are designated as Series C 6%
Convertible Preferred Stock, of which 168,500 shares are issued and outstanding and,
except as set out in Schedule “A” hereto, no person has any right, agreement or option,
present or

 

- 13 -

	 	 	 	future, contingent or absolute, or any right capable of becoming such a right,
agreement or option, for the issue or allotment of any unissued shares in the
capital of the Issuer or its subsidiary or any other security convertible into or
exchangeable for any such shares, or to require the Issuer or its subsidiary to
purchase, redeem or otherwise acquire any of the issued and outstanding shares in
its capital;
	 
	 	(g)	 	the Issuer will reserve or set aside sufficient shares in its treasury to issue
the Shares, the Agent’s Warrant Shares and the Corporate Finance Shares and all such
shares will be duly and validly issued as fully paid and non-assessable shares in the
capital of the Issuer and upon due exercise of the Agent’s Warrants, the Agent’s
Warrant Shares will be duly and validly issued as fully paid and non-assessable shares
in the capital of the Issuer;
	 
	 	(h)	 	except for such securities, liens and encumbrances reflected in the Financial
Statements and in the due diligence materials provided to the Agent, the Issuer is the
legal and beneficial owner of and has good and marketable title to the properties,
business and assets or the interests in the properties, business or assets referred to
in any materials provided to the Agent, all agreements by which the Issuer holds an
interest in a property, business or assets are in good standing according to their
terms and the properties are in good standing under the applicable laws of the
jurisdictions in which they are situated and all filings and commitments required to
maintain the properties or assets in good standing have been properly recorded and
filed in a timely manner with the appropriate regulatory body , except to the extent
that the failure to do any of the foregoing would not have a Material Adverse Effect;
	 
	 	(i)	 	all financial, marketing, sales and operational information provided to the
Agent in writing do not contain any misrepresentations (as such term is defined in the
Applicable Legislation) and are accurate in all material respects;
	 
	 	(j)	 	the Subscription Agreement and all other written representations made by the
Issuer to a Purchaser or potential Purchaser in connection with the Private Placement
were accurate in all material respects and did not omit any material fact, the omission
of which will make such representations materially misleading or incorrect;
	 
	 	(k)	 	the Financial Statements have been prepared in accordance with U.S. generally
accepted accounting principles, present fairly, in all material respects, the financial
position and all material liabilities (accrued, absolute, contingent or otherwise) of
the Issuer as of the date thereof, and there have been no adverse material changes in
the financial position of the Issuer since the date thereof and the business of the
Issuer has been carried on in the usual and ordinary course consistent with past
practice since the date thereof;
	 
	 	(l)	 	the auditors of the Issuer who audited the Financial Statements of the Issuer
for the most recent financial year-end and who provided their audit report thereon are

 

- 14 -

	 	 	 	independent public accountants and there has never been any material disagreement
with the present auditors of the Issuer;

	 	(m)	 	the Issuer has complied and will comply fully with the requirements of all
applicable corporate and securities laws and administrative policies and directions,
including, without limitation, the Applicable Legislation and the U.S. Securities Act
in relation to the issue of its securities and in all matters relating to the Private
Placement;
	 
	 	(n)	 	the Issuer is in compliance with all applicable laws, regulations and statutes
(including all environmental laws and regulations) in the jurisdictions in which it
carries on business and which may materially affect the Issuer, has not received a
notice of non-compliance, nor know of, nor have reasonable grounds to know of, any
facts that could give rise to a notice of non-compliance with any such laws,
regulations and statutes, and is not aware of any pending change or contemplated change
to any applicable law or regulation or governmental position that would materially
affect the business of the Issuer or the business or legal environment under which the
Issuer operates;
	 
	 	(o)	 	there is not presently any Material Change or change in any Material Fact
relating to the Issuer which has not been fully disclosed to the Agent ;
	 
	 	(p)	 	the issue and sale of the Securities by the Issuer and the Agent does not and
will not conflict with, and does not and will not result in a breach of, or constitute
a default under (A) any statute, rule or regulation applicable to the Issuer including,
without limitation, the Applicable Legislation and the U.S. Securities Act; (B) the
constituting documents, by-laws or resolutions of the Issuer which are in effect at the
date hereof; (C) any agreement, debt instrument, mortgage, note, indenture, instrument,
lease or other document to which the Issuer is a party or by which it is bound; or (D)
any judgment, decree or order binding the Issuer or the property or assets of the
Issuer;
	 
	 	(q)	 	the Issuer is not a party to any actions, suits or proceedings which could
materially affect its business or financial condition, and to the best of the Issuer’s
knowledge no such actions, suits or proceedings are contemplated or have been
threatened;
	 
	 	(r)	 	there are no judgments against the Issuer which are unsatisfied, nor are there
any consent decrees or injunctions to which the Issuer is subject;
	 
	 	(s)	 	no order prohibiting the sale of the securities of the Issuer has been issued
to and is outstanding against the Issuer or its directors, officers or promoters or
against any other companies that have common directors, officers or promoters and no
investigations or proceedings for such purposes are pending or threatened;
	 
	 	(t)	 	the Issuer has filed all federal, state, local and foreign tax returns which
are required to be filed, or has requested extensions thereof, and has paid all taxes
required to be paid by it and any other assessment, fine or penalty levied against

 

- 15 -

	 	 	 	it, or any amounts due and payable to any governmental authority, to the extent that
any of the foregoing is due and payable;

	 	(u)	 	the Issuer has established on its books and records reserves which are adequate
for the payment of all taxes not yet due and payable and there are no liens for taxes
on the assets of the Issuer except for taxes not yet due, and there are no audits of
any of the tax returns of the Issuer which are known by the Issuer’s management to be
pending, and there are no claims which have been or may be asserted relating to any
such tax returns which, if determined adversely, would result in the assertion by any
governmental agency of any deficiency which would have a material adverse effect on the
properties, business or assets of the Issuer;
	 
	 	(v)	 	the Issuer owns or possesses adequate rights to use all material patents,
trademarks, service marks, trade names, copyrights, trade secrets, information,
proprietary rights and other intellectual property necessary for the business of the
Issuer now conducted and proposed to be conducted, without any conflict with or
infringement of the rights of others.;
	 
	 	(w)	 	the Issuer has received no communication alleging that the Issuer has violated
or, by conducting its business as proposed, would violate any of the patents,
trademarks, service marks, trade names, copyrights or trade secrets or other
proprietary rights of any other person or entity;
	 
	 	(x)	 	except as set out in Schedule “B”, the Issuer does not have any loans or other
indebtedness outstanding which has been made to any of its shareholders, officers,
directors or employees, past or present, or any person not dealing at “arm’s length”
(as such term is used in the Income Tax Act (Canada);
	 
	 	(y)	 	in respect of both the hardware equipment and software components of the
information management and computers systems (collectively, the “Systems”) of the
Issuer:

	 	(i)	 	the Systems have been maintained and supported in
accordance with prudent industry practices;
	 
	 	(ii)	 	there is an appropriate disaster recovery plan in place
in respect of such Systems;
	 
	 	(iii)	 	appropriate controls are in place to control access and
security to such Systems and there are appropriate firewalls and virus
protection programs in place;
	 
	 	(iv)	 	all software being used is supported by valid licences
and all licences in respect of such software are in good standing in all
material respects and not in default in any respect; and
	 
	 	(v)	 	all related data, content and programs are backed-up
regularly with copies stored safely and securely off-site;

 

- 16 -

	 	(z)	 	other than the Agent, no person, firm or corporation acting or purporting to
act at the request of the Issuer is entitled to any brokerage, agency or finder’s fee
in connection with the transactions described herein; and
	 
	 	(aa)	 	the warranties and representations in this Section are true and correct and
will remain so as of the Final Closing.

12.2 The Agent warrants and represents to the Issuer that:

	 	(a)	 	it is a valid and subsisting corporation under the law of the jurisdiction in
which it was incorporated;
	 
	 	(b)	 	it is duly registered under the Applicable Legislation;
	 
	 	(c)	 	it will not advertise the offering;
	 
	 	(d)	 	it will market and sell the Shares in compliance with the Applicable
Legislation, the U.S. Securities Act and this Agreement.

13. EXPENSES OF AGENT

13.1 The Issuer will pay all of the reasonable expenses of the Private Placement and all the
expenses reasonably incurred by the Agent in connection with the Private Placement, including,
without limitation, the reasonable fees and expenses of the solicitor for the Agent.

13.2 The Issuer will pay the expenses referred to in the previous Subsection even if the
transactions contemplated by this Agreement are not completed or this Agreement is terminated,
unless the failure of acceptance or completion or the termination is the result of a breach of this
Agreement by the Agent.

13.3 The Agent may, from time to time, render accounts for its expenses in connection with the
Private Placement to the Issuer for payment on or before the dates set out in the accounts.

13.4 The Issuer authorizes the Agent to deduct its reasonable expenses in connection with Private
Placement from the proceeds of the Private Placement and any advance payments made by the Issuer,
including expenses for which an account has not yet been rendered. The Agent will provide a
reconciliation letter outlining deductions from proceeds of any expenses.

14. INITIAL PUBLIC OFFERING, EXCHANGE LISTING AND REGISTRATION STATEMENT

14.1 If, at any time any Registrable Securities are not at the time covered by any effective
registration statement, and at such time the Issuer shall determine to register under the U.S.
Securities Act any of its shares of the Common Stock (other than its initial registered offering of
shares to the public, or in connection with a merger or other business combination transaction that
has been consented to in writing by holders of the Series A Preferred Stock, or pursuant to Form
S-8), the Issuer covenants that it shall send to each holder of Shares (the “Holder”) written

 

- 17 -

notice of such determination and, if within 20 days after receipt of such notice, such Holder shall
so request in writing, the Issuer shall its best efforts to include in such registration statement
all or any part of the Registrable Securities that such Holder requests to be registered.
Notwithstanding the foregoing, if, in connection with any offering involving an underwriting of
Common Shares to be issued by the Issuer, the managing underwriter shall impose a limitation on the
number of shares of the Common Shares that may be included in any such registration statement
because, in such underwriter’s judgment, such limitation is necessary based on market conditions:
(a) the Issuer may exclude, to the extent so advised by the underwriters, the Registrable
Securities from the underwriting, it being understood that the Registrable Securities will be
excluded from such underwriting prior to the exclusion from such offering of any securities with
respect to which piggyback registration rights have been granted prior to the date of this
Agreement. If the underwriters do not entirely exclude the Registrable Securities from such
offering, the Issuer shall be obligated to include in such registration statement, with respect to
the requesting Holder, only an amount of Registrable Securities equal to the product of (i) the
number of Registrable Securities that remain available for registration after the underwriter’s
cutback and (ii) such Holder’s percentage of ownership of all the Registrable Securities then
outstanding (the “Registrable Percentage”). If any Holder disapproves of the terms of any
underwriting referred to in this paragraph, it may elect to withdraw therefrom by written notice to
the Issuer and the underwriter.

14.2 Each Holder will cooperate with the Issuer in all respects in connection with this Agreement,
including timely supplying all information reasonably requested by the Issuer (which shall include
all information regarding such Holder and proposed manner of sale of the Registrable Securities
required to be disclosed in any Registration Statement) and executing and returning all documents
reasonably requested in connection with the registration and sale of the Registrable Securities and
entering into and performing its obligations under any underwriting agreement, if the offering is
an underwritten offering, in usual and customary form, with the managing underwriter or
underwriters of such underwritten offering. Nothing in this Agreement shall obligate any Holder to
consent to be named as an underwriter in any Registration Statement. The obligation of the Issuer
to register the Registrable Securities shall be absolute and unconditional as to those Registrable
Securities which the United States Securities and Exchange Commission will permit to be registered
without naming any Holder as underwriters.

14.3 In conjunction with any initial public offering or listing of its securities on a recognized
stock exchange, the Issuer covenants that it will use its commercially reasonable efforts to ensure
that Shares held by Canadian Purchasers will be free of any resale restrictions under Canadian
securities laws upon the completion of the initial public offering or stock exchange listing.

15. INDEMNITY

15.1 The Issuer (the “Indemnitor”) hereby agrees to indemnify and hold the Agent, and its
affiliates, and each of their directors, officers, employees and agents (hereinafter referred to as
the “Personnel”) harmless from and against any and all expenses, losses (other than loss of
profits), fees, claims, actions (including shareholder actions, derivative actions or otherwise),
damages, obligations, or liabilities, whether joint or several, and the reasonable fees and
expenses of their counsel, that may be incurred in advising with respect to and/or defending any
actual or threatened claims, actions, suits, investigations or proceedings to which the Agent

 

- 18 -

and/or its Personnel may become subject or otherwise involved in any capacity under any statute or
common law, or otherwise insofar as such expenses, losses, claims, damages, liabilities or actions
arise out of or are based, directly or indirectly, upon the performance of professional services
rendered to the Indemnitor by the Agent and its Personnel hereunder, or otherwise in connection
with the matters referred to in this Agreement (including the aggregate amount paid in reasonable
settlement of any such actions, suits, investigations, proceedings or claims that may be made
against the Agent and/or its Personnel, provided that the Indemnitor has agreed to such
settlement), provided, however, that this indemnity shall not apply to the extent that a court of
competent jurisdiction in a final judgment that has become non-appealable shall determine that:

	 	(a)	 	the Agent and/or its Personnel have been negligent, have exercised bad faith,
have contravened any applicable law or have committed wilful misconduct or any
fraudulent act in the course of such performance; and

	 	(b)	 	the expenses, losses, claims, damages or liabilities, as to which
indemnification is claimed, were directly caused by the negligence, bad faith, wilful
misconduct or fraud referred to in 15.1(a).

15.2 Without limiting the generality of the foregoing, this indemnity shall apply to all expenses
(including reasonable legal expenses), losses, claims and liabilities (excluding lost profits) that
the Agent may incur as a result of any action or litigation that may be threatened or brought
against the Agent.

15.3 If for any reason (other than the occurrence of any of the events itemized in 15.1(a) and
15.1(b) above), the foregoing indemnification is unavailable to the Agent or any Personnel or
insufficient to hold the Agent or any Personnel harmless, then the Indemnitor shall contribute to
the amount paid or payable by the Agent or any Personnel as a result of such expense, loss, claim,
damage or liability in such proportion as is appropriate to reflect not only the relative benefits
received by the Indemnitor on the one hand and the Agent or any Personnel on the other hand but
also the relative fault of the Indemnitor and the Agent or any Personnel, as well as any relevant
equitable considerations; provided that the Indemnitor shall in any event contribute to the amount
paid or payable by the Agent or any Personnel as a result of such expense, loss, claim, damage or
liability and any excess of such amount over the amount of the fees received by the Agent
hereunder.

15.4 The Indemnitor agrees that in case any legal proceeding shall be brought against the
Indemnitor and/or the Agent by any governmental commission or regulatory authority or any stock
exchange or other entity having regulatory authority, either domestic or foreign, or shall
investigate the Indemnitor and/or the Agent, and/or any Personnel of the Agent shall be required to
testify in connection therewith or shall be required to respond to procedures designed to discover
information regarding, in connection with, or by reason of the performance of professional services
rendered to the Indemnitor by the Agent, the Agent shall have the right to employ its own counsel
in connection therewith provided the Agent acts reasonably in selecting such counsel, and the
reasonable fees and expenses of such counsel as well as the reasonable costs and out-of-pocket
expenses incurred by their Personnel in connection therewith shall be paid by the Indemnitor as
they occur.

 

- 19 -

15.5 Promptly after receipt of notice of the commencement of any legal proceeding against the Agent
or any of the Agent’s Personnel or after receipt of notice of the commencement or any
investigation, which is based, directly or indirectly, upon any matter in respect of which
indemnification may be sought from the Indemnitor, the Agent will notify the Indemnitor in writing
of the commencement thereof and, throughout the course thereof, will provide copies of all relevant
documentation to the Indemnitor, will keep the Indemnitor advised of the progress thereof and will
discuss with the Indemnitor all significant actions proposed. However, the failure by the Agent to
notify the Indemnitor will not relieve the Indemnitor of its obligations to indemnify the Agent
and/or any Personnel. The Indemnitor shall, on behalf of itself and the Agent and/or any
Personnel, as applicable, be entitled to (but not required) to assume the defence of any suit
brought to enforce such legal proceeding; provided, however, that the defence shall be conducted
through legal counsel acceptable to the Agent and/or any Personnel, as applicable, acting
reasonably, that no settlement of any such legal proceeding may be made by the Indemnitor without
the prior written consent of the Agent and/or any Personnel, as applicable, and none of the Agent
and/or any Personnel, as applicable, shall be liable for any settlement of any such legal
proceeding unless it has consented in writing to such settlement, such consent not to be
unreasonably withheld.

15.6 The Agent and/or Personnel may retain counsel to separately represent it in the defence of a
legal proceeding or investigation, which shall be at the Indemnitor’s reasonable expense, if (i)
the Indemnitor agrees to separate representation or (ii) the Agent or any of the Personnel, as the
case may be, is advised by counsel, in writing, acting reasonably, that there is an actual or
potential conflict in the Indemnitor’s (on the one hand) and the Agent’s or Personnel’s (on the
other hand) respective interest or additional defences are available to the Agent or Personnel,
which makes representation by the same counsel inappropriate.

15.7 The indemnity and contribution obligations of the Indemnitor shall be in addition to any
liability which the Indemnitor may otherwise have, shall extend upon the same terms and conditions
to the Personnel of the Agent and shall be binding upon and inure to the benefit of any successors,
assigns, heirs and personal representatives of the Indemnitor, the Agent and any of the Personnel
of the Agent. The foregoing provisions shall survive the completion of professional services
rendered under this Agreement or any termination of this Agreement.

16. ASSIGNMENT AND SELLING GROUP PARTICIPATION

16.1 The Agent will not assign this Agreement or any of its rights under this Agreement or, with
respect to the Securities, enter into any agreement in the nature of an option or a sub-option
unless and until, for each intended transaction, the Agent has obtained the consent of the Issuer,
and any required notice has been given to and accepted by the Regulatory Authorities.

16.2 The Agent may offer selling group participation in the normal course of the brokerage business
to selling groups of other licensed dealers, brokers and investments dealers, who may or who may
not be offered part of the Agent’s Fee. The Agent will use its commercially reasonable efforts to
cause members of its selling group, if any, to ensure they comply with the terms of this Agreement
otherwise applicable to the Agent.

 

- 20 -

17. NOTICE

17.1 Any notice under this Agreement will be given in writing and must be delivered, sent by
facsimile transmission or mailed by prepaid post and addressed to the party to which notice is to
be given at the following address (or at another address designated by the party in writing):

If to the Agent:

Canaccord Capital Corporation

P.O. Box 10337, Pacific Centre

2200-609 Granville Street,

Vancouver, B.C. V7Y 1H2

Attention: David Rentz, Senior Vice President, Investment Banking

Fax: 604.643.7733

If to the Issuer:

Icuiti Corporation

75 Town Centre Drive,

Rochester, New York,

14623 U.S.A.

Attention: Grant Russell, Chief Financial Officer

Fax: 585.240.8003

17.2 If notice is sent by facsimile transmission or is delivered during normal business hours, it
will be deemed to have been given at the time of transmission or delivery, otherwise, if not
transmitted or delivered during normal business hours, it will be deemed to have been given the
next business day.

17.3 If notice is mailed, it will be deemed to have been received 48 hours following the date of
mailing of the notice.

17.4 If there is an interruption in normal mail service due to strike, labour unrest or other cause
at or prior to the time a notice is mailed the notice will be sent by facsimile transmission or
will be delivered.

18. TIME

Time is of the essence of this Agreement and will be calculated in accordance with the provisions
of the Interpretation Act (Ontario).

19. SURVIVAL OF REPRESENTATIONS AND WARRANTIES

The representations, warranties, covenants and indemnities of the Issuer and the Agent contained in
this Agreement will survive the Final Closing.

 

- 21 -

20. LANGUAGE

This Agreement is to be read with all changes in gender or number as required by the context.

21. ENUREMENT

This Agreement enures to the benefit of and is binding on the parties to this Agreement and their
successors and permitted assigns.

22. HEADINGS

The headings in this Agreement are for convenience of reference only and do not affect the
interpretation of this Agreement.

23. ENGAGEMENT LETTER

The terms of this Agreement constitutes the entire agreement and supersedes any other previous
agreement between the parties with respect to the Private Placement. The Agent and the Issuer
agree that the terms and conditions contained in the Engagement Letter dated March 19, 2007 with
respect to the Issuer’s initial public offering and stock exchange listing remain in force and
effect between the parties.

24. COUNTERPARTS

This Agreement may be executed in two or more counterparts and may be delivered by facsimile
transmission, each of which will be deemed to be an original and all of which will constitute one
agreement, effective as of the reference date given above.

25. LAW

This Agreement is governed by the law of Ontario, and the parties hereto irrevocably attorn and
submit to the jurisdiction of the courts of City of Toronto in the Province of Ontario with respect
to any dispute related to this Agreement.

This document was executed and delivered as of the date given above:

	 	 	 	 	 
	 	ICUITI CORPORATION

 	 
	 	Per:  	/s/ Paul J. Travers
 	 
	 	 	Authorized Signatory 	 
	 
	 	Per:  	     /s/ Grant Russell
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

- 22 -

	 	 	 	 	 

	 	 	 	 	 
	 	
}
	CANACCORD CAPITAL CORPORATION
	 
	 	 	 
	 

	Per:	 	 
	 

	 	 	 
	 

	 	 	Authorized Signatory
	c/s 
	 	 	 
	 
	 	 	 
	 

	Per:	 	 
	 

	 	 	 
	 

	 	 	Authorized Signatory
	 
	 	 	 
	 

	 	 	 	I/We have the authority to bind the corporation

 

- 23 -

APPENDIX I

AGENT’S CERTIFICATE

In connection with the private placement in the United States of Shares of Icuiti Corporation (the
“Issuer”) pursuant to the Agency Agreement dated for reference June l, 2007, among the Issuer
and the Agent named therein (the “Agency Agreement”), the undersigned Agent and l, as the
U.S. Affiliate, do hereby certify as follows:

	 	(a)	 	the Shares have been offered and sold in the United States or to or for the
benefit or account of U.S. Persons only through the U.S. Affiliate, which was on the
dates of such offers and sales, and is on the date hereof, a duly registered broker or
dealer pursuant to Section 15(b) of the 1934 Act and under the securities laws of each
state in which such offers and sales were made (unless exempted from the respective
state’s broker-dealer registration requirements) and was and is a member in good
standing with the National Association of Securities Dealers, Inc.
	 
	 	(b)	 	all offers and sales of Shares in the United States or to or for the benefit or
account of U.S. Persons have been effected through the U.S. Affiliate in accordance
with all applicable federal and states laws and regulations governing the registration
and conduct of securities brokers and dealers;
	 
	 	(c)	 	each offeree that was in the United States or for the benefit or account of a
U.S. Person was provided with a copy of the Subscription Agreement relating to the
offering of the Shares;
	 
	 	(d)	 	immediately prior to transmitting the Subscription Agreement to such offerees,
we had reasonable grounds to believe and did believe that each such offeree was an
Accredited Investor and, on the date hereof, we have reasonable grounds to believe and
do believe that each person in the United States and each U.S. Person that we have
arranged to purchase Shares from the Issuer is an Accredited Investor;
	 
	 	(e)	 	no form of general solicitation or general advertising (as those terms are used
in Regulation D) was used by us, including any advertisements, articles, notices or
other communications published in any newspaper, magazine or similar media or broadcast
over radio or television, or any seminar or meeting whose attendees had been invited by
general solicitation or general advertising, in connection with the offer or sale of
the Shares in the United States;
	 
	 	(f)	 	the offering of the Securities has been conducted in accordance with the terms
of the Agency Agreement; and
	 
	 	(g)	 	prior to any sale of Shares in the United States or to or for the benefit or
account of a U.S. Person we caused purchaser to execute a Subscription Agreement,
including the Certification of U.S. Purchaser contained therein.

 

- 24 -

Terms used in this certificate have the meanings given to them in the Agency Agreement unless
otherwise defined herein.

Dated this                      day of                                         , 2007.

	 	 	 	 	 
	 	CANACCORD CAPITAL CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[US AFFILIATE]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

Schedule A

Existing Dilution

	 	 	 	 	 
	Stock Options granted and outstanding
	 	 	1,802,283	 
	Warrants outstanding
	 	 	432,647	 
	Series C Preferred convertible into Common
	 	 	722,143	 
	Debt convertible in to Common
	 	 	429,177	 
	 
	 	 	 
	Total dilution
	 	 	3,392,250	 

 

 

Schedule B

Loans or other indebtedness outstanding which has bee mat to any of its shareholders, officers,
directors or employees, past or present, or any person not dealing at “arm’s length” (as such term
is used in the Income Tax Act (Canada)):

1. Paul Churnetski:

a. 2002 Secured Non-Recourse Promissory Note Given to the Company for original principal
amount of $93,740

2. Grant Russell:

a. 2002 Secured Non-Recourse Promissory Note Given to the Company for original principal
amount of $58,377.51

3. Steve Ward:

a. 2002 Secured Non-Recourse Promissory Note Given to the Company for original principal
amount of $15,724.16

4. Craig Travers:

a. 2002 Secured Non-Recourse Promissory Note Given to the Company for original principal
amount of $31,448.28EX-10.16

Exhibit 10.16

WARRANT CERTIFICATE

THE WARRANTS REPRESENTED BY THIS WARRANT CERTIFICATE MAY NOT BE EXERCISED BY ANY PERSON OTHER THAN
THE REGISTERED HOLDER.

UNLESS PERMITTED UNDER CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE
THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF: (I) JUNE 29, 2007;
AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
REGULATION D PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THIS WARRANT
SHALL NOT CONSTITUTE AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES IN ANY
JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. THE SECURITIES ARE
“RESTRICTED” AND MAY NOT BE RESOLD OR TRANSFERRED EXCEPT AS PERMITTED UNDER THE ACT PURSUANT TO
REGISTRATION OR EXEMPTION THEREFROM.

VOID AFTER 5:00 P.M. (TORONTO TIME) ON THE EXPIRATION DATE (AS DEFINED BELOW).

ICUITI CORPORATION

(Incorporated under the laws of the State of Delaware)

NON-TRANSFERABLE WARRANTS TO PURCHASE COMMON SHARES

			
	 	 	 
	CERTIFICATE NO.: W-2007-___
	 	                    WARRANTS

THIS IS TO
CERTIFY that                      (the “Holder”) is the registered holder of                    
non-transferable warrants (each a “Warrant”) of Icuiti Corporation (the “Corporation”). Each
Warrant entitles the Holder to purchase from the Corporation, subject to the terms and conditions
set forth in this Warrant Certificate, one share of common stock in the capital of the Corporation
(each, a “Common Share”) in the capital of the Corporation at an exercise price of $1.60 per Common
Share (the “Exercise Price”). The number of Common Shares which the Holder is entitled to acquire
upon exercise of these Warrants is subject to adjustment as hereinafter provided. The Warrants
shall become wholly void and the unexercised portion of the subscription rights represented hereby
will expire and terminate at 5:00 p.m. (Toronto time) (the “Expiration Time”) on June 29, 2009 (the
“Expiration Date”).

	1.	 	At any time or times prior to the Expiration Time on the Expiration Date, the Holder may
exercise all or any number of Warrants represented hereby, by delivering to the Corporation at
its principal office at 75 Town Centre Drive, Rochester, New York, 14623, U.S.A. facsimile:
(585) 240-8003, a duly completed and executed exercise notice in the form attached as Schedule
“A” hereto (the “Exercise Notice”) evidencing the election (which on delivery to the
Corporation shall be irrevocable) of the Holder to exercise the number of Warrants set forth
in the Exercise Notice and a certified cheque or bank draft in lawful money of the United
States of America payable to the Corporation for the aggregate Exercise Price of all Warrants
being exercised. If the Holder is not exercising all Warrants represented by this Warrant
Certificate, the Holder shall be entitled to receive a Warrant certificate representing the
number of Warrants which is the difference between the number of Warrants represented by this
Warrant Certificate and the number of Warrants being so exercised.
	 
	 	 	To the extent that the Warrants represented by this Warrant Certificate confer the right to
acquire a fraction of a Common Share, such right may be exercised in respect of such
fraction only in combination with one or more Warrants which in the aggregate entitle the
Holder to acquire a whole number of Common Shares.

 

 

	 	 	No fractional Common Share will be issued upon the exercise of any Warrant and the Holder
will not be entitled to any cash payment as compensation in lieu of a fractional Common
Share.
	 
	2.	 	The Holder shall be deemed to have become the holder of record of Common Shares on the date
(the “Exercise Date”) on which the Corporation has received both a duly completed Exercise
Notice and payment in full in respect of the Common Shares; provided, however, that if such
date is not a business day then the Common Shares shall be deemed to have been issued and the
Holder shall be deemed to have become the holder of record of the Common Shares on the next
following business day. Within three business days of the Exercise Date, the Corporation
shall issue and deliver (or cause to be delivered) to the Holder, by registered mail to the
Holder’s address specified in the register of the Corporation, a certificate for the
appropriate number of Common Shares.
	 
	3.	 	The Corporation hereby covenants and agrees with the Holder that:

	 	(a)	 	each Common Share issued upon the due exercise of each Warrant will, upon issuance, be
fully paid and non-assessable and free and clear of any lien, claim, charge or encumbrance
and at all times the Corporation will have authorized and reserved for issuance a
sufficient number of Common Shares to provide for the exercise of the Warrants;
	 
	 	(b)	 	except as expressly provided herein, this Warrant Certificate shall not entitle the
Holder to any rights as a shareholder of the Corporation including, without limitation, any
voting rights;
	 
	 	(c)	 	it will use commercially reasonable efforts at all times prior to the Expiration Date
to maintain its corporate existence;
	 
	 	(d)	 	if required, it will give written notice of the issue of Common Shares pursuant to the
exercise of the Warrants to the securities regulatory authority in the jurisdiction in
which the Holder is resident; and
	 
	 	(e)	 	it will perform and carry out all acts and things required to be done by it as provided
for herein.

	4.	 	(a)     If, prior to the Expiration Time on the Expiration Date, the Corporation,

	 	(i)	 	subdivides, redivides, combines or consolidates its then outstanding Common
Shares into a greater or lesser number of Common Shares, or
	 
	 	(ii)	 	distributes Common Shares or securities exchangeable or convertible for Common
Shares by way of stock dividend or otherwise (other than as a dividend paid in the
ordinary cause, a distribution of Common Shares on exercise of Warrants or pursuant
to the exercise of options granted under the Corporation’s stock option plan) to
holders of all or substantially all of its then outstanding Common Shares,

(any of such events herein called a “Share Reorganization”), then the Exercise
Price shall be adjusted effective immediately after the record date determined for
purposes, on the date or the effective date, as the case may be, of such Share
Reorganization by multiplying the Exercise Price in effect immediately prior to
such record date or effective date, as the case may be, by a fraction, the
numerator of which shall be the number of Common Shares outstanding on such record
date or effective date, as the case may be, before giving effect to the Share
Reorganization and the denominator of which shall be the number of Common Shares
outstanding immediately after giving effect to such Share Reorganization including,
in the case where securities exchangeable for or convertible into Common Shares are
distributed, the number of Common Shares that would be outstanding if such
securities were exchanged for or converted into Common Shares. From and after any
adjustment of the Exercise Price pursuant to this section 4(a), the number of
Common Shares issuable pursuant to the Warrants shall also be adjusted by
multiplying the number of Common Shares then otherwise issuable by a fraction, the
numerator of which shall be the

- 2 -

 

Exercise Price in effect immediately prior to the adjustment and the denominator of which
shall be the Exercise Price resulting from such adjustment.

	 	(b)	 	If, prior to the Expiration Time on the Expiration Date, the Corporation fixes a record date
for the issue of options, rights or warrants exercisable during a period expiring not more than 45
days after the record date for such issue (the “Rights Period”) to all or substantially all the
holders of Common Shares entitling them to acquire Common Shares or other securities convertible or
exchangeable into Common Shares at less than 95% of their Current Market Price (any of such event
herein called a “Rights Offering”) then the Exercise Price shall be adjusted effective immediately
after the end of the Rights Period to a price determined by multiplying the Exercise Price in
effect immediately after such record date by a fraction,

	 	(i)	 	the numerator of which shall be the aggregate of:

	 	(1)	 	the number of Common Shares outstanding as of the record date for the Rights
Offering; and
	 
	 	(2)	 	a number determined by dividing either

	 	(A)	 	the product of the number of Common Shares issued or subscribed for
during the Rights Period and the price at which such Common Shares are
offered, or
	 
	 	(B)	 	the product of the exchange or conversion price of such securities
offered and the number of Common Shares for or into which the securities
so offered pursuant to the Rights Offering have been exchanged or
converted during the Rights Period,

by the Current Market Price of the Common Shares on the record date for
the Rights Offering; and

	 	(ii)	 	the denominator of which shall be the number of Common Shares outstanding after giving
effect to the Rights Offering, including the number of Common Shares actually issued or
subscribed for (or securities for or into which the securities so offered pursuant to the
Rights Offering have been exchanged or converted) during the Rights Period.

If the Holder has exercised any of the Warrants at any time during the period commencing
immediately after the record date for a Rights Offering and expiring on the last day of the
Rights Period, the Holder shall be entitled to receive from the Corporation, not later than
30 days after the end of the Rights Period, an amount equal to the difference, if any,
between the Exercise Price in effect immediately prior to the end of such Rights Period and
the Exercise Price as adjusted for such Rights Offering pursuant to this section 4(b)
multiplied by the number of Common Shares acquired upon such exercise of any Warrants.
Payment of any such amount shall be mailed to the address to which the Common Shares
purchased upon such exercise are to be sent.

	 	(c)	 	If, prior to the Expiration Time on the Expiration Date, the Corporation distributes evidences
of its indebtedness or any property or other assets (other than by way of a Common Share
Reorganization or Rights Offering and excluding cash dividends paid in the ordinary course) to
holders of all or substantially all of its then outstanding Common Shares, the number of Common
Shares to be issued by the Corporation under the Warrants shall, at the time of exercise, be
appropriately adjusted and the Holder shall receive, in lieu of the number of Common Shares in
respect of which the right is then being exercised, the aggregate number of Common Shares or other
securities or property that the Holder would have been entitled to receive as a result of such
event, if, on the record date therefor, the Holder had been the registered holder of the number of
Common Shares to which the Holder was theretofore entitled upon the exercise of the Warrants.

- 3 -

 

	 	(d)	 	If, prior to the Expiration Time on the Expiration Date, there is a capital reorganization of
the Corporation or a reclassification or other change in the Common Shares (other than a Common
Share Reorganization) or a consolidation, merger or amalgamation of the Corporation with or into
any other corporation or entity (other than a consolidation, merger or amalgamation which does not
result in any reclassification of the outstanding Common Shares or a change of the Common Shares
into other securities) or a transfer of all or substantially all of the Corporation’s undertaking
and assets to another corporation or entity in which the holders of Common Shares are entitled to
receive shares, other securities or property (any of such events being called a “Capital
Reorganization”), the Holder, where the Holder has not exercised the Warrants prior to the
effective date of such Capital Reorganization, shall be entitled to receive and shall accept, upon
the exercise of such right, on such date or any time thereafter, for the same aggregate
consideration in lieu of the number of Common Shares to which the Holder was theretofore entitled
to subscribe for and purchase, the aggregate number of shares or other securities or property which
the Holder would have been entitled to receive as a result of such Capital Reorganization if, on
the effective date thereof, the Holder had been the registered holder of the number of Common
Shares to which the Holder was theretofore entitled to acquire hereunder.
	 
	 	(e)	 	Any adjustments made pursuant to this section 4 shall be subject to the following rules and
procedures:

	 	(i)	 	the adjustments provided for in section 4 are cumulative and shall be made successively
whenever an event referred to herein shall occur, provided no adjustment shall be made
unless the cumulative effect of all such adjustments would change the Exercise Price by at
least 1% of the current Exercise Price or if the Holder is allowed to participate in the
specified event as though the Holder had exercised the Warrants prior to such occurrence of
such event;
	 
	 	(ii)	 	if the Corporation sets a record date to take any action and thereafter and before
taking such action abandons its plan to take such action, then no adjustment to the
Exercise Price shall be required by reason of setting such record date;
	 
	 	(iii)	 	upon the occurrence of each and every event set out in this section 4, the provisions
of the Warrants, including the Exercise Price, shall be deemed to be amended accordingly
and the Corporation shall take all necessary action to comply with such provisions as so
amended;
	 
	 	(iv)	 	“Current Market Price” of the Common Shares at any date means the price per Common
Share equal to the fair market value thereof as determined by the board of directors of the
Corporation, acting reasonably;
	 
	 	(v)	 	in the event of any question arising with respect to the adjustments provided in
Section 4, such question shall be conclusively determined, absent manifest error, by a firm
of chartered accountants appointed by the Corporation, acting reasonably (who may be the
Corporation’s auditors), such accountants shall have access to all necessary records of the
Corporation and such determination shall be binding upon the Corporation and the Holder;
	 
	 	(vi)	 	as a condition precedent to the taking of any action which would result in an
adjustment to the number of Common Shares purchaseable upon exercise of these Warrants, the
Corporation shall take any corporate action which may be necessary in order that the Common
Shares to which the Holder is entitled on the full exercise of its exercise right in
accordance with the provisions hereof shall be available for such purpose and that such
Common Shares may be validly and legally issued as fully paid and non-assessable Common
Shares; and

- 4 -

 

	 	(vii)	 	the Corporation shall from time to time immediately after the occurrence of
any event which requires an adjustment in the Exercise Price and/or number of
Common Shares purchaseable upon exercise of Warrants as provided for herein,
deliver a certificate of an officer of the Corporation to the Holder specifying the
nature of the event requiring the adjustment and the amount of the adjustment
thereby necessitated and setting forth in reasonable detail the adjusted Exercise
Price and/or number of Common Shares purchasable upon exercise of Warrants, the
method of calculation and the facts upon which such calculation is based.

	5.	 	If at any time there occurs any Change in Control Transaction, then the Holder shall be
deemed to have exercised the entirety of the Warrants represented by this Warrant Certificate
immediately prior to the effectiveness of such Change in Control Transaction becoming
effective or immediately prior to the applicable record date thereof, if earlier
(notwithstanding any restrictions imposed upon the ability of the Holder to do so), and the
Holder shall be entitled to receive upon or after such change in control becoming effective,
and upon payment of the Exercise Price then in effect, the number of shares or other
securities of the Corporation, the number of shares or other securities of any other entity
and/or any other property which would have been received by the Holder for the shares of stock
subject to this Warrant Certificate had the entirety of the Warrants represented by this
Warrant Certificate been exercised immediately prior to such Change in Control Transaction
becoming effective or immediately prior to the applicable record date thereof, if earlier.
“Change in Control Transaction” shall mean the occurrence of (x) any consolidation or merger
of the Corporation with or into any other corporation or other entity or person (whether or
not the Corporation is the surviving corporation) (excluding a consolidation or merger in
connection with a corporate reorganization in which the ultimate beneficial owners of the
Corporation before and after such transaction are the same), or (y) any other corporate
reorganization or transaction or series of related transactions in which in excess of 50% of
the Corporation’s voting power is transferred through a merger, consolidation or similar
transaction, or (z) the liquidation or distribution to shareholders of the Corporation of all
or substantially all of its assets.
	 
	6.	 	If, in case at any time:

(a) the Corporation pays any dividend payable in stock upon the Common Shares or makes any
distribution to the holders of the Common Shares;

(b) the Corporation offers for subscription pro rata to the holders of its Common Shares
any additional shares of stock of any class or other rights;

(c) there is a voluntary or involuntary dissolution, liquidation or winding-up of the
Common Shares; or

(d) in case of any Share Reorganization;

	 	 	then, and in any one or more of such cases, the Corporation will give to the Holder at
least 15 business days’ prior written notice of the date on which the books of the
Corporation will close or a record will be taken for such dividend, distribution or offer
of subscription rights, or for determining rights to vote with respect to such dissolution,
liquidation or winding-up or Share Reorganization and, in the case of such dissolution,
liquidation or winding-up or Share Reorganization, at least 15 business days’ prior written
notice of the date when the same will take place. Such notice in accordance with the
foregoing clause will also specify, in the case of any such dividend, distribution or offer
of subscriptions rights, the date on which the holders of the Common Shares will be
entitled thereto, and such notice in accordance with the foregoing will also specify the
date on which the holders of the Common Shares will be entitled to exchange the Common
Shares for securities or other property deliverable upon such dissolution, liquidation or
winding-up or Share Reorganization, as the case may be.
	 
	7.	 	Except as hereinafter provided, all or any of the rights conferred upon the Holder by the
terms hereof may be enforced by the Holder by appropriate legal proceedings. No recourse under
or upon any obligation, covenant or agreement contained herein shall be had against any
shareholder, director or officer of the Corporation either directly or through the
Corporation, it being expressly agreed and declared that the

- 5 -

 

	 	 	obligations under the Warrants are solely corporate obligations and that no personal
liability whatever shall attach to or be incurred by the shareholders, directors or
officers of the Corporation or any of them in respect thereof, any and all rights and
claims against every such shareholder, officer or director being hereby expressed waived as
a condition of and as a consideration for the issue of the Warrants.
	 
	8.	 	The Warrants evidenced by this Warrant Certificate are not transferable.
	 
	9.	 	If any Warrant certificate becomes stolen, lost, mutilated or destroyed, the Corporation,
shall, on such terms as it may in its discretion acting reasonably impose, issue and deliver
to the Holder a new Warrant certificate of like denomination, tenor and date as the Warrant
certificate so stolen, lost, mutilated or destroyed.
	 
	10.	 	The Corporation shall maintain at its principal office a register of the names and addresses of
the holders of the Warrants.
	 
	11.	 	The Warrants evidenced by this Warrant Certificate and the Common Shares issuable upon exercise
thereof are subject to statutory resale restrictions under applicable securities legislation and
may not be traded until the expiry of certain hold periods, except as permitted by and in
compliance with applicable securities legislation.
	 
	12.	 	If any date upon or by which any action is required to be taken by the Corporation or the
Holder is not a business day then such action shall be required to be taken on or by the next day
which is a business day. In the event the Expiration Date falls on a date which is not a business
day, the Expiration Date shall be extended to the next succeeding day that is a business day.
	 
	13.	 	Words importing the singular number also include the plural and vice versa and words importing
any gender include all genders.
	 
	14.	 	The division of this Warrant Certificate into sections or other subdivisions and the insertion
of headings are for convenience of reference only and shall not affect the construction or
interpretation of this Warrant Certificate or the Warrants.
	 
	15.	 	If any provision of this Warrant Certificate shall be void or unenforceable for any reason, it
shall be severed from the remainder of the provisions and such remainder shall remain in full force
and effect notwithstanding such severance. Any court with jurisdiction over any dispute relating to
the Warrants may amend the provisions of this Warrant Certificate and the terms of the Warrants to
the minimum extent required to render the impugned provision valid and enforceable.
	 
	16.	 	Time shall be of the essence hereof.
	 
	17.	 	Unless otherwise indicated, any reference to dollar amounts or “$” is expressed in Canadian
dollars.
	 
	18.	 	As used in this Warrant Certificate, “business day” means a day other than a Saturday, Sunday,
any statutory or civic holiday or any other day on which banks are generally closed in Rochester,
New York.
	 
	19.	 	Except as otherwise provided in this Warrant Certificate, any notice or other communication
required or permitted to be given in respect of the Warrants shall be in writing and shall be given
by facsimile or by hand-delivery as provided below. Any notice or other communication, if sent by
facsimile, shall be deemed to have been received on the business day on which it was sent, or if
delivered by hand shall be deemed to have been received at the time it is delivered. Notice of
change of address shall also be governed by this section. Notices and other communications shall be
addressed and delivered as follows:

	 	(a)	 	in the case of the Corporation:

75 Town Centre Drive

- 6 -

 

Rochester, New York, 14623

U.S.A.

Attention:      Chief Financial Officer

Facsimile:      (585) 240-8003

	 	(b)	 	in the case of the Holder, by personal or couriered delivery to such holder at the
address of the Holder as set forth on the register maintained by the Corporation, as
described in section 8.

	20.	 	The Corporation may deem and treat the Holder as the absolute owner of these Warrants for all
purposes and shall not be affected by any notice or knowledge to the contrary. The receipt by the
Holder for Common Shares purchasable pursuant to the Warrants evidenced hereby shall be a good
discharge to the Corporation for the same and the Corporation shall not be bound to inquire into
such Holder’s title.
	 
	21.	 	The terms and conditions of the Warrants shall enure to the benefit of and be binding upon the
Holder, and the Holder’s heirs, personal representatives, successors and assigns (as the case may
be) and shall enure to the benefit of and be binding upon the Corporation and its successors and
assigns. In the case of the consolidation, amalgamation, arrangement, merger or transfer of the
undertaking or assets of the Corporation as an entirety, or substantially as an entirety, to
another corporation, the successor corporation resulting from such consolidation, amalgamation,
arrangement, merger or transfer (if not the Corporation) will be bound by the provisions hereof and
for the due and punctual performance and observance of each and every covenant and obligation
contained in this Warrant to be performed by the Corporation.
	 
	22.	 	The Warrants shall be governed by the laws of the State of New York and the laws of the United
States of America applicable therein. The parties irrevocably attorn and submit to the non-exclusive
jurisdiction of the courts of New York with respect to any matter arising hereunder or
related hereto.
	 
	23.	 	These Warrants and the Common Shares issuable upon the exercise of these warrants have not been
and will not be registered under the United States Securities Act of 1933, as amended (the “U.S.
Securities Act”) or any state securities laws. These Warrants may not be exercised in the United
States (as defined in regulations under the U.S. Securities Act) unless the Warrants and Common
Shares issuable upon exercise hereof have been registered under the U.S. Securities Act and any
applicable state securities laws or unless as exemption from such registration is available, and
the Corporation receives an opinion of counsel in form and substance satisfactory to it to such
effect.

[Remainder of page intentionally left blank, signature page to follow]

- 7 -

 

IN WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed by its duly
authorized officer as of the 29th day of June, 2007.

	 	 	 	 	 
	 	ICUITI CORPORATION

 	 
	 	By:  	 	 
	 	 	Paul J. Travers, President and CEO 	 
	 	 	 	 
	 

- 8 -

 

SCHEDULE “A”

EXERCISE NOTICE

	 	 	 
	TO:
ICUITI CORPORATION (the “Corporation”)

The undersigned registered holder of Warrants hereby irrevocably elects to exercise Warrants to
purchase
                     Common Shares issuable upon the exercise of such Warrants and tenders
herewith a bank draft or a certified cheque payable to or to the order of the Corporation in the
aggregate amount of
$                     and hereby requests that a certificate representing the Common
Shares be issued in the name(s) of and delivered to:

	 	 	 	 	 
	Name in Full	 	Address	 	Number of Common Shares
	 
	 	 	 	 

By executing this Exercise Notice, the undersigned represents and warrants that the undersigned is
not a U.S. Person and is not exercising the Warrants within the United States and that the Common
Shares are not being subscribed for on behalf of a U.S. Person (as such capitalized terms are
defined under the United States Securities Act of 1933, as amended).

                DATED this ___day of                     , 200___.

	 	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

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