Document:

EXHIBIT
        10.3

      

      AMENDMENT
        TO EMPLOYMENT AGREEMENT

      

      This
        Amendment
        (“Amendment”) to the Employment Agreement by and between NetSol Technologies,
        Inc. (“Netsol” or the “Company”) and Naeem Ghauri (“Executive”), dated January
        1, 2007 (the “Employment Agreement”) is made effective as of January 1, 2008.
        Other than the specific amendments enumerated in the Amendment, all of the
        terms
        of the Employment Agreement shall remain in the full force and effect, and
        shall
        not be obviated or affected by this Amendment.

      

      In
        the event of a conflict between the terms of this Amendment and the Employment
        Agreement, the terms of this Amendment shall govern. All capitalized terms
        contained herein are, unless otherwise stated, as defined in the
        Agreement.

      

      Now
        therefore, for
        good and valuable consideration, the sufficiency of which is hereby
        acknowledged, the parties agree as follows:

      

      Section
        1.1 of the
        Employment Agreement is modified to read:

      

      1.1 The
        Company hereby
        enters into this Agreement with Executive, and Executive hereby accepts
        employment under the terms and conditions set forth in this Agreement for
        a
        period of three years thereafter (the “Employment Period”); provided, however,
        that the Employment Period may be terminated earlier as provided herein.
        The
        Employment Period shall be automatically extended for additional three-year
        periods unless either party notifies the other in writing six months before
        the
        end of the term to elect not to so extend the Employment Period. 

      

      Section
        3.1 of the
        Employment Agreement is modified to read:

      

      3.1 The
        Company shall
        pay Executive a base salary of One Hundred Twenty-Two Thousand British Pounds
        Sterling (£122,000) per year (the "Base Salary"), payable in accordance with the
        Company policy. Such salary shall be pro rated for any partial year of
        employment on the basis of a 365-day fiscal year. Executive will be eligible
        for
        bonuses from time to time as determined by the Board.

      

      A
        new section 3.8 shall be added to read as follows:

      

      3.8
        Only upon the
        achievement of company-wide revenue of $32,230,000 for fiscal year 2007-2008;
        and, earnings per share of $0.22 (the “Minimum Bonus Benchmark”), Executive
        shall be granted stock options for 525,000 shares of the common stock of
        the
        Company (the "Options") pursuant to an option agreement (the "Option Agreement")
        issued pursuant to the Company’s 2005 Employee Stock Option Plan and shall vest
        equally over twenty four months beginning on the grant date and will be
        exercisable based on the customary provisions of such plan. The Option Agreement
        will have customary provisions relating to adjustments for stock splits and
        similar events. The exercise price of the Options will be $2.62 for 175,000
        shares and, $3.90 for 350,000 shares. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      A
        new section 3.9 shall be added to read as follows:

      

      3.9
        Pursuant to the
        power granted to the board to provide bonuses to the Executive in section
        3.1 of
        this Agreement, the compensation committee has authorized the following bonus
        structure. The bonus structure contemplates a bonus being awarded on the
        basis
        of a benchmark and accelerators. A bonus of Twenty-Four Thousand Two Hundred
        Fifty Dollars ($24,250) is payable upon achieving the minimum bonus benchmark
        of: company-wide revenue of $32,230,000 for fiscal year 2007-2008; and, earnings
        per share of $0.22 (the “Minimum Bonus Benchmark”). Additional bonuses may be
        earned if certain “accelerator goals” are achieved. The bonus is accelerated to
        200% of the bonus amount if revenue of $35,000,000 is attained and earnings
        per
        share of $0.27; and, to 300% if revenue of $40,000,000 and earnings per share
        $0.32. Once the Minimum Bonus Benchmark is attained the additional bonus
        may be
        earned based on a percentage of accelerator goals achieved. Additionally,
        so
        long as Executive is the head of the mergers and acquisition team, Executive
        shall receive a bonus of Twenty-Four Thousand Two Hundred Fifty Dollars
        ($24,250) per successfully closed acquisition which involves minimal
        participation (with fees of no more than $10,000) from mergers and acquisition
        advisors. 

       

      The
        Amendment is agreed entered into on February 11, 2008 and shall become effective
        as of the date first written above.

       

    

    
      	Employee	 	 	 
	 	 	 	 
	By:
              /s/ Naeem
              Ghauri	 	 	 
	
              

              
                Naeem
                  Ghauri

              

            	 	 	
            
	
               

               

            	 	 	 

    

    
      	
              NetSol
                Technologies, Inc.

            	 	 	 
	 	 	 	 
	By:
              /s/ Tina
              Gilger	 	 	By:
              /s/ Patti
              L. W. McGlasson
	
              

            	 	 	
              

            
	Tina
              Gilger
Chief Financial Officer	 	 	Patti
              L. W. McGlasson
SecretaryUnassociated Document

    EXHIBIT
      B 

    

    
      	 	
              WARRANT

            	 
	
              NO.
                GOCH - ____

            	
              GEEKS
                ON CALL HOLDINGS, INC. 

            	
              _________ Shares

            

    

     

    WARRANT
      TO PURCHASE COMMON STOCK

     

    VOID
      AFTER 5:30 P.M., EASTERN 

    TIME,
      ON THE EXPIRATION DATE

     

    THIS
      WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT
      BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT
      BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED WITHOUT
      COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION PROVISIONS OF APPLICABLE
      FEDERAL AND STATE SECURITIES LAWS OR APPLICABLE EXEMPTIONS
      THEREFROM.

     

    FOR
      VALUE
      RECEIVED, GEEKS ON CALL HOLDINGS, INC., a Delaware corporation (the
“Company”),
      hereby agrees to sell upon the terms and on the conditions hereinafter set
      forth, but no later than 5:30 p.m., Eastern Time, on the Expiration Date (as
      hereinafter defined) to ________________
      or
      registered assigns (the “Holder”),
      under
      the terms as hereinafter set forth, __________________
      (_____________)
      fully
      paid and non-assessable shares of the Company’s Common Stock, par value $0.001
      per share (the “Warrant
      Stock”),
      at an
      exercise price of ONE DOLLAR AND FIFTY CENTS ($1.50) per share (the
“Warrant
      Price”),
      pursuant to this warrant (this “Warrant”).
      The
      number of shares of Warrant Stock to be so issued and the Warrant Price are
      subject to adjustment in certain events as hereinafter set forth. The term
      “Common
      Stock”
shall
      mean, when used herein, unless the context otherwise requires, the stock and
      other securities and property at the time receivable upon the exercise of this
      Warrant.

     

    1. Exercise
      of Warrant.

     

    a.    The
      Holder may exercise this Warrant according to its terms by (i) surrendering
      this
      Warrant, properly endorsed, to the Company at the address set forth in Section
      10, (ii) the subscription form attached hereto having then been duly executed
      by
      the Holder, and (iii) payment of the purchase price being made to the Company
      for the number of shares of the Warrant Stock specified in the subscription
      form, or as otherwise provided in this Warrant, prior to 5:30 p.m., Eastern
      Time, on __________________, 2012 (the
      “Expiration
      Date”).

     

    b.    (i)
      The
      aggregate purchase price for the shares of Warrant Stock being purchased may
      be
      paid (1) either by cash, certified check or bank draft or wire transfer of
      immediately available funds, or (2) subject to Section 1b.(ii) below, by
      surrender of a number of shares of Warrant Stock having a fair market value
      equal to the aggregate purchase price of the Warrant Stock being purchased
      (“Cashless
      Exercise”)
      as
      determined herein. If the Holder elects the Cashless Exercise method of payment,
      the Company shall issue to the Holder a number of shares of Warrant Stock
      determined in accordance with the following formula:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    X      =     Y(A
      -
      B)

    A

    

    with:     X
      =      the
      number of shares of Warrant Stock to be issued to the Holder;

    

    Y
      =     the
      number of shares of Warrant Stock with respect to which the Warrant is being
      exercised;

    

    A
      =     the
      fair
      value per share of Common
      Stock on
      the
      date of exercise of this Warrant;
      and

    

    B
      =     the
      then-current Warrant Price of
      the
      Warrant

    

    For
      the
      purposes of this Section 1b., “fair value” per share of Common Stock shall mean
      (A) the average of the closing sales prices, as quoted on the primary national
      or regional stock exchange on which the Common Stock is listed, or,
      if not
      listed,
      the OTC
      Bulletin Board if quoted thereon, on the five
      consecutive trading days immediately preceding the date of exercise, or (B)
      if
      the Common Stock is not publicly traded as set forth above, as reasonably and
      in
      good faith determined by the Board of Directors of the Company as of the date
      which the notice of exercise is deemed to have been sent to the
      Company.

    

    (ii)
      Notwithstanding the foregoing, the Cashless Exercise option set forth in clause
      (i) of Section 1b. above shall only be available so long as the Company is
      not
      in material compliance with its registration rights obligations set forth on
      Exhibit A to that certain Subscription Agreement and Investors Questionnaire
      between the Company and the Holder (the “Subscription
      Agreement”).

    

    c.    This
      Warrant may be exercised in whole or in part so long as any exercise in part
      hereof would not involve the issuance of fractional shares of Warrant Stock.
      If
      exercised in part, the Company shall deliver to the Holder a new Warrant,
      identical in form, in the name of the Holder, evidencing the right to purchase
      the number of shares of Warrant Stock as to which this Warrant has not been
      exercised, which new Warrant shall be signed by the Chairman, Chief Executive
      Officer or President and the Secretary or Assistant Secretary of the Company.
      The term Warrant as used herein shall include any subsequent Warrant issued
      as
      provided herein.

     

    d.     No
      fractional shares or scrip representing fractional shares shall be issued upon
      the exercise of this Warrant. The Company shall pay cash in lieu of fractions
      with respect to the Warrants based upon the fair market value of such fractional
      shares of Common Stock (which for purposes of this Section 1d. shall be the
      closing price of the Company’s Common Stock on the date of exercise of this
      Warrant as reported by the exchange or market on which the Common Stock is
      then
      traded) at the time of exercise of this Warrant.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    e.     In
      the
      event of any exercise of the rights represented by this Warrant, a certificate
      or certificates for the Warrant Stock so purchased, registered in the name
      of
      the Holder, shall be delivered to the Holder within three (3) business days
      after the date of delivery of this Warrant and the payment of the Warrant Price
      in accordance with this Warrant. The person or entity in whose name any
      certificate for the Warrant Stock is issued upon exercise of the rights
      represented by this Warrant shall for all purposes be deemed to have become
      the
      holder of record of such shares immediately prior to the close of business
      on
      the date on which the Warrant was surrendered and payment of the Warrant Price
      and any applicable taxes was made, irrespective of the date of delivery of
      such
      certificate, except that, if the date of such surrender and payment is a date
      when the stock transfer books of the Company are closed, such person shall
      be
      deemed to have become the holder of such shares at the opening of business
      on
      the next succeeding date on which the stock transfer books are open. The Company
      shall pay any and all documentary stamp or similar issue or transfer taxes
      payable in respect of the issue or delivery of shares of Common Stock on
      exercise of this Warrant.

     

    f.     Warrant
      Solicitation Fee.  The
      holder of this Warrant acknowledges and understands that the Company has
      retained First Montauk Securities Corp. as its warrant solicitation agent in
      connection with any solicitation of the exercise of this Warrant, in whole
      or in
      part.  The Company has agreed, subject to compliance with applicable FINRA
      rules and regulations, to pay First Montauk Securities Corp a fee equal to
      5% of
      the gross exercise price in the event that this Warrant is exercised in whole
      or
      in part, whether pursuant to this Section 1 or otherwise under the terms
      hereof.

     

    2.     Disposition
      of Warrant Stock and Warrant.

     

    a.     The
      Holder hereby acknowledges that this Warrant and any Warrant Stock purchased
      pursuant hereto are, as of the date hereof, not registered: (i) under the
      Securities Act of 1933, as amended (the “Act”),
      on
      the ground that the issuance of this Warrant is exempt from registration under
      Section 4(2) of the Act as not involving any public offering or (ii) under
      any
      applicable state securities law because the issuance of this Warrant does not
      involve any public offering; and that the Company’s reliance on the Section 4(2)
      exemption of the Act and under applicable state securities laws is predicated
      in
      part on the representations hereby made to the Company by the Holder that it
      is
      acquiring this Warrant and will acquire the Warrant Stock for investment for
      its
      own account, with no present intention of dividing its participation with others
      or reselling or otherwise distributing the same, subject, nevertheless, to
      any
      requirement of law that the disposition of its property shall at all times
      be
      within its control.

     

    If,
      at the
time
      of
      the surrender of this Warrant in connection with any transfer of this Warrant,
      the transfer of this Warrant shall not be registered pursuant to an effective
      registration
      statement under the Securities Act
      and
under
      applicable state securities or blue sky laws, the Company may require, as a
      condition of allowing such transfer, that (i) the Holder or transferee of this
      Warrant, as the case may be, furnish to the Company a written opinion of counsel
      (which opinion shall be in form, substance and scope customary for opinions
      of
      counsel in comparable transactions) to the effect that such transfer may be
      made
      without
      registration under
      the
      Securities Act and under applicable state securities or blue sky laws, and
      (ii)
      the Holder or transferee execute and deliver to the Company an investment letter
      in form and substance acceptable to the Company, and (iii) the transferee be
      an
“accredited
      investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), or (a)(8)
      promulgated under the Securities Act or a “qualified institutional buyer” as
      defined in Rule 144A(a) promulgated under the Securities Act.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    b.     If,
      at
      the time of issuance of the shares issuable upon exercise of this Warrant,
      no
      registration statement is in effect with respect to such shares under applicable
      provisions of the Act, the Company may at its election require that the Holder
      provide the Company with written reconfirmation of the Holder’s investment
      intent and that any stock certificate delivered to the Holder of a surrendered
      Warrant shall bear legends reading substantially as follows:

     

    “THE
      SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
      DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
      SECURITIES ACT OF 1933 OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER
      OF
      THIS CERTIFICATE THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.”

     

    In
      addition, so long as the foregoing legend may remain on any stock certificate
      delivered to the Holder, the Company may maintain appropriate “stop transfer”
orders with respect to such certificates and the shares represented thereby
      on
      its books and records and with those to whom it may delegate registrar and
      transfer functions.

     

    3.    Reservation
      of Shares.
      The
      Company hereby agrees that at all times there shall be reserved for issuance
      upon the exercise of this Warrant such number of shares of its Common Stock
      as
      shall be required for issuance upon exercise of this Warrant. The Company
      further agrees that all shares which may be issued upon the exercise of the
      rights represented by this Warrant will be duly authorized and will, upon
      issuance and against payment of the exercise price, be validly issued, fully
      paid and non-assessable, free from all taxes, liens, charges and preemptive
      rights with respect to the issuance thereof, other than taxes, if any, in
      respect of any transfer occurring contemporaneously with such issuance and
      other
      than transfer restrictions imposed by federal and state securities
      laws.

     

    4.     Exchange,
      Transfer or Assignment of Warrant.
      This
      Warrant is exchangeable, without expense, at the option of the Holder, upon
      presentation and surrender hereof to the Company or at the office of its stock
      transfer agent, if any, for other Warrants of different denominations, entitling
      the Holder or Holders thereof to purchase in the aggregate the same number
      of
      shares of Common Stock purchasable hereunder. Upon surrender of this Warrant
      to
      the Company or at the office of its stock transfer agent, if any, with the
      Assignment Form annexed hereto duly executed and funds sufficient to pay any
      transfer tax, the Company shall, without charge, execute and deliver a new
      Warrant in the name of the assignee named in such instrument of assignment
      and
      this Warrant shall promptly be canceled. This Warrant may be divided or combined
      with other Warrants that carry the same rights upon presentation hereof at
      the
      office of the Company or at the office of its stock transfer agent, if any,
      together with a written notice specifying the names and denominations in which
      new Warrants are to be issued and signed by the Holder hereof.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    5.     Capital
      Adjustments.
      This
      Warrant is subject to the following further provisions:

     

    a.      Adjustments
      for Dilutive Issuances.
      Until
      a
      date which is twelve (12) months following the effectiveness of a registration
      statement filed by the Company pursuant to its registration rights obligations
      set forth on Exhibit A of the Subscription Agreement, in the event the Company
      issues or sells any shares of the Company’s common stock at a price less than
      the then current Warrant Price (“New
      Issuance Price”)or
      any
      Common Stock Equivalents entitling any person to acquire shares of Common Stock
      at an effective price per share that is lower than the then current Warrant
      Price (in any such instances each a “Dilutive
      Issuance”)
      other
      than Excluded Securities, then immediately after such Dilutive Issuance, the
      Warrant Price then in effect shall be reduced to the New Issuance Price.

     

    b.    “Common
      Stock Equivalents”
shall
      mean any securities of the Company or any of its subsidiaries which would
      entitle the holder thereof to acquire at any time Common Stock, including,
      without limitation, any debt, preferred stock, rights, options, warrants or
      other instrument that is at any time convertible into or exercisable or
      exchangeable for, or otherwise entitles the holder thereof to receive, Common
      Stock.

     

    c.     “Excluded
      Securities”
shall
      mean the issuance of: (a) shares of Common Stock or options to employees,
      officers, directors, or consultants of the Company pursuant to any stock or
      option plan duly adopted for such purpose by a majority of the non-employee
      members of the Board of Directors of the Company or a majority of the members
      of
      a committee of non-employee directors established and the stockholders of the
      Company, (b) securities upon the exercise or exchange of or conversion of any
      securities issued hereunder and/or other securities exercisable or exchangeable
      for or convertible into shares of Common Stock issued and outstanding on the
      date of this Warrant, provided that such securities have not been amended since
      the date of this Warrant to increase the number of such securities or to
      decrease the exercise, exchange or conversion price of such securities; and
      (c)
      securities issued pursuant to acquisitions or strategic transactions with an
      unaffiliated third party approved by a majority of the disinterested directors
      of the Company, provided that any such issuance shall only be to a person which
      is either an owner of, or an entity that is, itself or through its subsidiaries,
      an operating company in a business synergistic with the business of the Company
      and in which the Company receives benefits in addition to the investment of
      funds, but shall not include a transaction in which the Company is issuing
      securities primarily for the purpose of raising capital or to an entity whose
      primary business is investing in securities.

     

    d.     Recapitalization,
      Reclassification and Succession.
      If any
      recapitalization of the Company or reclassification of its Common Stock or
      any merger or consolidation of the Company into or with a corporation or other
      business entity, or the sale or transfer of all or substantially all of the
      Company’s assets or of any successor corporation’s assets to any other
      corporation or business entity (any such corporation or other business entity
      being included within the meaning of the term “successor corporation”) shall be
      effected, at any time while this Warrant remains outstanding and unexpired,
      then, as a condition of such recapitalization, reclassification, merger,
      consolidation, sale or transfer, lawful and adequate provision shall be made
      whereby the Holder of this Warrant thereafter shall have the right to receive
      upon the exercise hereof as provided in Section 1 and in lieu of the shares
      of
      Common Stock immediately theretofore issuable upon the exercise of this Warrant,
      such shares of capital stock, securities or other property as may be issued
      or
      payable with respect to or in exchange for a number of outstanding shares of
      Common Stock equal to the number of shares of Common Stock immediately
      theretofore issuable upon the exercise of this Warrant had such
      recapitalization, reclassification, merger, consolidation, sale or transfer
      not
      taken place, and in each such case, the terms of this Warrant shall be
      applicable to the shares of stock or other securities or property receivable
      upon the exercise of this Warrant after such consummation.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    e.     Subdivision
      or Combination of Shares.
      If the
      Company at any time while this Warrant remains outstanding and unexpired shall
      subdivide or combine its Common Stock, the number of shares of Warrant Stock
      purchasable upon exercise of this Warrant and the Warrant Price shall be
      proportionately adjusted.

     

    f.     Stock
      Dividends and Distributions.
      If the
      Company at any time while this Warrant is outstanding and unexpired shall issue
      or pay the holders of its Common Stock, or take a record of the holders of
      its
      Common Stock for the purpose of entitling them to receive, a dividend payable
      in, or other distribution of, Common Stock, then (i) the Warrant Price shall
      be
      adjusted in accordance with Section 5(f) and (ii) the number of shares of
      Warrant Stock purchasable upon exercise of this Warrant shall be adjusted to
      the
      number of shares of Common Stock that the Holder would have owned immediately
      following such action had this Warrant been exercised immediately prior
      thereto.

     

    g.     Stock
      and Rights Offering to Shareholders.
      If the
      Company shall at any time after the date of issuance of this Warrant distribute
      to all holders of its Common Stock any shares of capital stock of the Company
      (other than Common Stock) or evidences of its indebtedness or assets (excluding
      cash dividends or distributions paid from retained earnings or current year’s or
      prior year’s earnings of the Company) or rights or warrants to subscribe for or
      purchase any of its securities (excluding those referred to in the immediately
      preceding paragraph) (any of the foregoing being hereinafter in this paragraph
      called the “Securities”), then in each such case, the Company shall reserve
      shares or other units of such securities for distribution to the Holder upon
      exercise of this Warrant so that, in addition to the shares of the Common Stock
      to which such Holder is entitled, such Holder will receive upon such exercise
      the amount and kind of such Securities which such Holder would have received
      if
      the Holder had, immediately prior to the record date for the distribution of
      the
      Securities, exercised this Warrant.

     

    h.     Warrant
      Price Adjustment.
      Except
      as otherwise provided herein, whenever the number of shares of Warrant Stock
      purchasable upon exercise of this Warrant is adjusted, as herein provided,
      the
      Warrant Price payable upon the exercise of this Warrant shall be adjusted to
      that price determined by multiplying the Warrant Price immediately prior to
      such
      adjustment by a fraction (i) the numerator of which shall be the number of
      shares of Warrant Stock purchasable upon exercise of this Warrant immediately
      prior to such adjustment, and (ii) the denominator of which shall be the number
      of shares of Warrant Stock purchasable upon exercise of this Warrant immediately
      thereafter.

     

    i.     Certain
      Shares Excluded.
      The
      number of shares of Common Stock outstanding at any given time for purposes
      of
      the adjustments set forth in this Section 5 shall exclude any shares then
      directly or indirectly held in the treasury of the Company.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    j.     Deferral
      and Cumulation of De Minimis Adjustments.
      The
      Company shall not be required to make any adjustment pursuant to this Section
      5
      if the amount of such adjustment would be less than one percent (1%) of the
      Warrant Price in effect immediately before the event that would otherwise have
      given rise to such adjustment. In such case, however, any adjustment that would
      otherwise have been required to be made shall be made at the time of and
      together with the next subsequent adjustment which, together with any adjustment
      or adjustments so carried forward, shall amount to not less than one percent
      (1%) of the Warrant Price in effect immediately before the event giving rise
      to
      such next subsequent adjustment.

     

    k.     Duration
      of Adjustment.
      Following each computation or readjustment as provided in this Section 5, the
      new adjusted Warrant Price and number of shares of Warrant Stock purchasable
      upon exercise of this Warrant shall remain in effect until a further computation
      or readjustment thereof is required.

     

    l.     Voluntary
      Adjustment By Company.
      The
      Company may at any time during the term of this Warrant reduce the then current
      Warrant Price to any amount and for any period of time deemed appropriate by
      the
      Board of Directors of the Company.

     

    6.     Notice
      to Holders.

     

    a.     Notice
      of Record Date.
      In
      case:

     

    (i)     the
      Company shall take a record of the holders of its Common Stock (or other stock
      or securities at the time receivable upon the exercise of this Warrant) for
      the
      purpose of entitling them to receive any dividend (other than a cash dividend
      payable out of earned surplus of the Company) or other distribution, or any
      right to subscribe for or purchase any shares of stock of any class or any
      other
      securities, or to receive any other right;

     

    (ii)     of
      any
      capital reorganization of the Company, any reclassification of the capital
      stock
      of the Company, any consolidation with or merger of the Company into another
      corporation, or any conveyance of all or substantially all of the assets of
      the
      Company to another corporation; or

     

    (iii)     of
      any
      voluntary dissolution, liquidation or winding-up of the Company;

     

    then,
      and
      in each such case, the Company will mail or cause to be mailed to the Holder
      hereof at the time outstanding a notice specifying, as the case may be, (i)
      the
      date on which a record is to be taken for the purpose of such dividend,
      distribution or right, and stating the amount and character of such dividend,
      distribution or right, or (ii) the date on which such reorganization,
      reclassification, consolidation, merger, conveyance, dissolution, liquidation
      or
      winding-up is to take place, and the time, if any, is to be fixed, as of which
      the holders of record of Common Stock (or such stock or securities at the
      time receivable upon the exercise of this Warrant) shall be entitled to exchange
      their shares of Common Stock (or such other stock or securities) for securities
      or other property deliverable upon such reorganization, reclassification,
      consolidation, merger, conveyance, dissolution or winding-up. Such notice shall
      be mailed at least thirty (30) days prior to the record date therein specified,
      or if no record date shall have been specified therein, at least thirty (30)
      days prior to such specified date, provided, however, failure to provide any
      such notice shall not affect the validity of such transaction.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    b.     Certificate
      of Adjustment.
      Whenever any adjustment shall be made pursuant to Section 5 hereof, the Company
      shall promptly make a certificate signed by its Chairman, Chief Executive
      Officer, President, Vice President, Chief Financial Officer or Treasurer,
      setting forth in reasonable detail the event requiring the adjustment, the
      amount of the adjustment, the method by which such adjustment was calculated
      and
      the Warrant Price and number of shares of Warrant Stock purchasable upon
      exercise of this Warrant after giving effect to such adjustment, and shall
      promptly cause copies of such certificates to be mailed (by first class mail,
      postage prepaid) to the Holder of this Warrant.

     

    7.    Loss,
      Theft, Destruction or Mutilation.
      Upon
      receipt by the Company of evidence satisfactory to it, in the exercise of its
      reasonable discretion, of the ownership and the loss, theft, destruction or
      mutilation of this Warrant and, in the case of loss, theft or destruction,
      of
      indemnity reasonably satisfactory to the Company and, in the case of mutilation,
      upon surrender and cancellation thereof, the Company will execute and deliver
      in
      lieu thereof, without expense to the Holder, a new Warrant of like tenor dated
      the date hereof.

     

    8.    Warrant
      Holder Not a Stockholder.
      The
      Holder of this Warrant, as such, shall not be entitled by reason of this Warrant
      to any rights whatsoever as a stockholder of the Company.

     

    9.     Notices.
      Any
      notice required or contemplated by this Warrant shall be deemed to have been
      duly given if transmitted by first class mail, by registered or certified mail,
      return receipt requested, or nationally recognized overnight delivery
      service,
      to
      the
      Company at its principal executive offices located at 814 Kempsville Road,
      Norfolk, Virginia 23502 Attention: Richard T. Cole, Chief Executive Officer,
      or
      to the Holder at the name and address set forth in the Warrant Register
      maintained by the Company.

     

    10.     Choice
      of Law.
      THIS
      WARRANT IS ISSUED UNDER AND SHALL FOR ALL PURPOSES BE GOVERNED BY AND CONSTRUED
      IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING
      EFFECT TO PRINCIPLES OF CONFLICTS OF LAW.

     

    11.    Jurisdiction
      and Venue.
      The
      Company and Holder hereby agree that any dispute which may arise between them
      arising out of or in connection with this Warrant shall be adjudicated before
      a
      court located in Kent County, Delaware and they hereby submit to the exclusive
      jurisdiction of the federal and state courts of the State of Delaware located
      in
      Kent County with respect to any action or legal proceeding commenced by any
      party, and irrevocably waive any objection they now or hereafter may have
      respecting the venue of any such action or proceeding brought in such a court
      or
      respecting the fact that such court is an inconvenient forum, relating to or
      arising out of this Warrant or any acts or omissions relating to the sale of
      the
      securities hereunder, and consent to the service of process in any such action
      or legal proceeding by means of registered or certified mail, return receipt
      requested, in care of the address set forth herein or such other address as
      either party shall furnish in writing to the other.

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    12.    Saturdays,
      Sundays, Holidays, etc.
      If the
      last or appointed day for the taking of any action or the expiration of any
      right required or granted herein shall be a Saturday, Sunday or a legal holiday,
      then such action may be taken or such right may be exercised on the next
      succeeding day not a Saturday, Sunday or legal holiday.

     

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

     

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

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has duly caused this Warrant to be signed on its
      behalf, in its corporate name and by its duly authorized officers, as of this
      __
      day of _____________________, 20__.

     

    
      	 	 	 
	 	
              
                GEEKS
                  ON CALL HOLDINGS,
                  INC.

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                Richard T. Cole

              Title:
                Chief Executive Officer

            

    

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    FORM
      OF
      EXERCISE

     

    (to
      be
      executed by the registered holder hereof)

     

    The
      undersigned hereby exercises the right to purchase _________ shares of common
      stock, par value $0.001 per share (“Common Stock”), of Geeks
      on
      Call Holdings,
      Inc.
      evidenced by the within Warrant Certificate for a Warrant Price of $1.50 per
      share (subject to adjustment in accordance with the Warrant) and herewith makes
      payment of the purchase price in full of (i) $__________ in cash or (ii) solely
      in the event that the Company is not in material compliance with its
      registration rights obligations set forth in the Subscription Agreement, shares
      of Common Stock (pursuant to a Cashless Exercise in accordance with Section
      1b.). Kindly issue certificates for shares of Common Stock (and for the
      unexercised balance of the Warrants evidenced by the within Warrant Certificate,
      if any) in accordance with the instructions given below.

     

     

    Dated:__________________
      , 20___ .

     

    o
      By checking this box, I
      confirm that First Montauk Securities Corp. is entitled to a fee of 5% of the
      warrant exercise price and that the undersigned exercised this Warrant as a
      result of the efforts of First Montauk Securities Corp.

    

    ______________________________

    

    Instructions
      for registration of stock

    

    

    _____________________________

      Name
      (Please Print)

    

    Social
      Security or other identifying Number:

    

    Address:__________________________________

       City/State
      and Zip Code

     

    

    Instructions
      for registration of certificate representing 

    the
      unexercised balance of Warrants (if any)

    

    _____________________________
      

    Name
      (Please Print)

     

    Social
      Security or other identifying Number: ___________

    

    Address:____________________________________

       City,
      State and Zip Code

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    [FORM
      OF
      ASSIGNMENT]

     

    (To
      be
      executed by the registered holder if such holder

    desires
      to transfer the Warrant Certificate.)

     

     

    FOR
      VALUE
      RECEIVED _________________________________________________
      hereby
      sells, assigns and transfers unto

    (Please
      print name and address of transferee)

    this
      Warrant Certificate, together with all right, title and interest therein, and
      does hereby irrevocably constitute and
      appoint _________________,
      Attorney, to transfer the within Warrant Certificate on the books of
      _________________, with full power of substitution.

     

    
      	 	 	 	 
	Dated: ______________________	 	 	Signature:
              
	
            	 	 	
            
	 	 	 	
              (Signature must conform in all respects to 

              name of holder as specified on the face of 

              the Warrant
                Certificate)

            

    

     

    
      
        
        

      

      
        -12-

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