Document:

EXHIBIT 4.1

                                                              September 12, 2002

       Dear  Mr./Mrs. ....................

       On September 12, 2002 the Board of Directors of Fiat S.p.A. has adopted a
       grant cycle of the Stock Option Plan pursuant to which managers of Fiat
       Group may be granted options to purchase Fiat ordinary shares.

       This decision aims at reaffirming the objectives of strengthening the
       retention of Management and involving it in the results of the Fiat
       Group.

       Insofar as the attribution of the rights to the employees is concerned,
       the objective criteria used to designate them are governed by the level
       of responsibility exercised, the results coming from the Management
       Review process and the performance evaluation.

       We are pleased to notify you that you will participate in this grant.

       For such purpose you will find attached the individual document that
       grants the options, including the applicable Provisions.

       We call your attention to the fact that your participation in the Plan is
       subject to the return of the copy of the individual grant document, duly
       signed for acceptance and agreement.

       Confident that you will appreciate this initiative we send best regards.

       Fiat S.p.A.

       The Chairman                     The Chief Executive  Officer

       (Paolo Fresco)                    (Gabriele Galateri)

<PAGE>

                                                             September 12, 2002.

Individual form for granting of the Options

Grantee  :      ..........................................

On September 12, 2002 the Board of Directors of Fiat S.p.A. adopted a resolution
to enact a new grant cycle of Fiat Stock Option Plan reserved for specifically
designated managers of Fiat Group Companies which assigns the right to purchase
Fiat ordinary shares within September 12, 2010 (Purchase Options 2002/2).

In relation to said resolution we notify you that you will be granted:

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             N. ........................... Purchase Options 2002/2

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These Purchase Options 2002/2 can be exercised within the periods and with the
terms and conditions included in the Provisions that are an integral and
substantive part of this form and are incorporated herein for reference.

It is understood and agreed that any taxes or social contributions that may
result from the granting or holding of the Purchase Options 2002/2 or from the
subsequent purchase or sale of the shares are your exclusive responsibility and
shall be entirely borne by you, as per the applicable law.

The granting of said Options is subject to your accepting and completing this
form.

For this purpose you shall transmit to Fiat a copy of this form, duly signed for
acceptance and agreement:

a)   in box 1 for the number of options granted to you, for the accuracy of your
     personal data and for the authorization for us to utilize such data in
     accordance with applicable privacy law;

b)   in box 2 for the overall contents of the above mentioned Provisions and
     specifically for certain terms and conditions.

<PAGE>

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BOX  1

First name............................................  Last name  ............

Employing company..............................................................

Country of residence..............................Citizenship..................

Identification numb. (tax id / ss/health reg.)

................................................................................

Company address................................................................

Residence :                    Country  .......................................

                                                       City....................

                                                       Postal code ............

                                                       Street & no.............

Place and date of birth........................................................

I hereby declare to accept the number of Purchase Options 2002/2 granted to me
and acknowledge the following facts:

-    That Fiat S.p.A. is appointed as "user" and guarantees that the above
     personal data is collected and shall be utilized only for the purpose of
     enacting the Provisions of Purchase Options 2002/2 included in this form.
-    The data will be maintained by Fiat S.p.A. and be subject to manual or data
     processing procedures, all in the respect of the law and in keeping with
     best standards of security and confidentiality.
-    It is not possible for Fiat S.p.A. to implement these Provisions for me and
     grant me the Purchase Options 2002/2 without using the above data.
-    Under Italian Law my privacy rights are protected by art. 13 of Law
     6754/96.

Date ........................               Signature  .........................
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<PAGE>

PROVISIONS OF THE  " STOCK PURCHASE OPTIONS 2002/2" PLAN

       FOREWORD

       The following provisions cover the management of the September 2002 cycle
       of the stock option plan (hereinafter called the Stock Purchase Options
       2002/2) pursuant to which options (hereinafter called Purchase Options
       2002/2) will be granted to purchase Fiat S.p.A. ordinary shares
       (hereinafter called the Shares), to specifically identified Managers
       (hereinafter called the Grantees) of Fiat S.p.A. (hereinafter called
       Fiat) and of the subsidiaries of Fiat consolidated on a line by line
       basis or, even if excluded from line by line consolidation under the
       applicable law, certain other Fiat Group companies of particular
       importance (hereinafter both called Subsidiaries).

       The terms and conditions of these provisions must be considered in their
       entirety and are therefore not applicable separately or individually to
       the Grantees.

1)       PURPOSE

       The Stock Purchase Options 2002/2 provides for the granting of Purchase
       Options 2002/2 to purchase Shares from treasury stock, at a price of Euro
       11.16 per share, pursuant to the resolution of the Fiat S.p.A. Board of
       Directors dated September 12, 2002.

       The number of shares and their purchase price may vary, in accordance
       with the provisions of Section 7 hereof, related to any changes in the
       capital stock of Fiat duly authorized during the terms of the Purchase
       Options 2002/2 described herein.

       2) GRANTEES

       The Grantees of the Purchase Options 2002/2 are those managers that, on
       September 12, 2002, have the following qualifications:

       -        are employed, on an indefinite time basis (or a appointment
                believed of strategic importance on behalf of the Fiat Group,
                hereinafter called "Appointment"), by Fiat or by a Subsidiary of
                Fiat or have received an irrevocable job offer, on an indefinite
                time basis, that is positively concluded prior to December 31,
                2002;

       -        have been  highlighted  as managers of  particular  interest
                for the Group and for which  stronger retention is needed.

       A listing of the Grantees meeting such requirements was prepared and
       certified by the Chairman and by the Managing Director (CEO) of Fiat.

       3) GRANTING AND ACCEPTANCE OF THE PURCHASE OPTIONS 2002/2

       The granting of the Purchase Options 2002/2 is effective when the Grantee
       receives the individual document specifying the number of Purchase
       Options 2002/2 he or she is granted.

       The acceptance of the granting of the Purchase Options 2002/2 and of
       these terms and conditions is effective when the copy of the above
       individual document is executed by the Grantee and delivered to FIAT.

       4) CRITERIA FOR THE GRANTING OF THE PURCHASE OPTIONS 2002/2

       The number of Options 2002/2 offered to each individual Grantee will be
       determined by the Board of Directors of Fiat at its sole discretion.

       5) PURCHASE OPTIONS 2002/2 AND THEIR RESTRICTIONS

       The Purchase Options 2002/2 give each Grantee the right to purchase the
       number of Shares indicated in the individual grant document at the price,
       terms and conditions indicated in these Provisions.

       The Purchase Options 2002/2 to be granted shall be an individual right of
       the Grantee, and are not transferable in any manner and not available to
       the Grantee until the date of exercise except as provided for in Section
       6 c) hereof, in case of death of the Grantee.

       In consideration of the above non-availability, the Purchase Options
       2002/2 do not constitute, as far as Italian applicable law, income or a
       benefit and are not considered as direct or indirect compensation for the
       work performed by the Grantee for Fiat or for one of its Subsidiaries.

       6) TIME PERIOD DURING WHICH THE PURCHASE OPTIONS 2002/2 SHALL BE
          EXERCISED

       The Purchase Options 2002/2 may be exercised, in tranches determined by
       the Grantee, commencing from September 12, 2003 to September 12, 2010. In
       each of the first four years following the grant the number of options
       exercised cannot exceed, on a cumulative basis, 25% of the total number
       of Purchase Options 2002/2 granted.

       Consequently the exercise of all options will be permitted only after
       September 12, 2006.

       The Purchase Options 2002/2 may be exercised at any time during the year
       except for the following periods:

       -   between January 1 of each year and the date on which the results of
           Fiat, even if preliminary (dati preconsuntivi), for the preceding
           year are publicly announced;

       -   between the fifteenth (15th) day before the calling of the
           Stockholders' Meeting that approves the financial statements of the
           preceding year and the date on which the results of Fiat for the
           first half of the current year are publicly announced.

       Purchase Options 2002/2 not exercised before September 12, 2010 shall
       expire in all respects and be of no further effect whatsoever.

       Furthermore, before September 12, 2010:

       a)     the Purchase Options 2002/2 that have become exercisable but have
              not yet been effectively exercised shall terminate for all
              purposes in any of the following events:

       -      immediately upon termination of the employment of the Grantee,
              for cause;

       -      in all other instances of termination (hence also the expiration
              of the appointment) with Fiat or a Subsidiary, except for
              intra-group transfers or the assignement of a new appointment, 30
              (thirty) calendar days after the official date of termination,
              irrespective of any notice period;

       -      in the  instance of the  employer  company of the Grantee loosing
             its status as a  Subsidiary,  30 calendar days after such event.

       b)     the Purchase Options 2002/2 which have not yet become exercisable
              will terminate for all purposes at the time of occurrence of any
              of the following events:

       -      the  employment or the  appointment of the Grantee is terminated
              for any reason  whatsoever  except, however, for intra-group
              transfers or new appointments;

       -      the employer Company of the Grantee looses its status as
              Subsidiary.

       c)     In case of death of the Grantee, the Purchase Options 2002/2 that
              have not yet become exercisable shall terminate for all purposes
              effective on the date of death.

           The Purchase Options 2002/2 which, although exercisable have not yet
           been exercised at the date of death shall be exercisable, as provided
           herein but no later than September 12, 2010, as described above, by
           those that are entitled to do so under the applicable inheritance
           laws.

           It shall however be required that persons claiming the above right
           must establish it by providing the applicable and valid proof of
           their right and evidence of appropriate probate or other testamentary
           proceedings being opened with specification of date and place.

       7) PRICE OF THE SHARES

       The purchase price of Shares, 11.16 Euro, is the average of the official
       prices recorded on the Stock Exchange during the daily sessions of the
       month preceding September 12, 2002, namely the date of granting of the
       Purchase Options 2002/2.

       This price shall change only if the structure of the capital stock of
       Fiat is modified. In such case the change in price will be determined by
       applying to the price of the shares calculated as above the adjustment
       factor determined by the AIAF (Italian Association of Financial Analysts)
       or, if not available, by Borsa Italiana S.p.A.

       In case of free capital increase, through stock distribution or bundling
       or stock splits of the Fiat Shares, the price and number of the Shares
       purchasable under the Purchase Options 2002/2 granted will vary
       proportionally.

       8) EXERCISE OF THE PURCHASE OPTIONS 2002/2

       Once this Plan has been put into effect, but in no event later than the
       termination of the related right set forth in Section 6 hereof, the
       Grantee may exercise, subject to provisions of Section 6, in whole or in
       part, the Purchase Options 2002/2 granted to him or to her. The Grantee
       shall carry this into effect by communicating in writing to Fiat, on a
       specifically designated form, the date on which he or she intends to
       exercise the Options and assumes the obligation to pay the required
       amounts within the dates indicated.

       9) AVAILABILITY OF THE SHARES

       The Shares shall be made available to the Grantee in a share account
       ("Conto Titoli") in his or her name on the day the agreed payment for the
       Shares is made.

       The Grantee who has exercised his or her Options and purchased the Shares
       may at any time (even at the same time of the exercise of the Purchase
       Options 2002/2) request that such Shares be:

       -      sold, or

       -      transferred to any other financial intermediary ("Intermediario")
              of his or her   choice.

       10) GOVERNING LAW AND JURISDICTION ON CONTROVERSIES

       These Provisions, the granting and acceptance of the Purchase Options
       2002/2, the purchase of the Shares, and the related procedures and any
       related or connected rights or obligations whatsoever shall be governed
       by and interpreted under the laws of the Republic of Italy.

       Any controversy of any kind or character related to or connected with the
       contents of these Provisions shall be resolved under the exclusive
       jurisdiction of the Courts of Turin, Italy.

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      BOX  2

      I hereby accept and agree with the contents and the terms and conditions
      of the Provisions

      THE GRANTEE

      Signature                    .............................................

      I specifically approve and accept the contents of the Provisions of Stock
      Purchase Options 2002/2 under articles 2) Grantees ; 5) Purchase Options
      2002/2 and their restrictions; 6) Terms, lapsing and termination of
      Purchase Options 2002/2; 7) Changes in the number and in the price of
      shares that may be purchased; 10) Governing law and jurisdiction on
      controversies.

      THE GRANTEE

      Date ...........................       Signature .........................

      --------------------------------------------------------------------------exhwarrant.rtf

 

WARRANT

THE WARRANT EVIDENCED OR CONSTITUTED HEREBY, AND ALL SHARES OF COMMON STOCK ISSUABLE HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (“THE ACT”) AND MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE ACT UNLESS EITHER (i) THE
COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH DISPOSITION OR
(ii) THE SALE OF SUCH SECURITIES IS MADE PURSUANT TO SECURITIES AND EXCHANGE COMMISSION RULE 144.

WARRANT TO PURCHASE COMMON STOCK OF
VIXEL CORPORATION

	 NO.____	
      February 14, 2003

    THIS CERTIFIES THAT, for value received, ­­­­____________, or its permitted registered assigns (“Holder”), is
entitled, subject to the terms and conditions of this Warrant, at any time after
six (6) months from the date hereof (the “Effective Date”), and before 5:00 p.m. New
York Time on February 13, 2008 (the “Expiration Date”), to purchase from Vixel Corporation, a Delaware corporation (the “Company”), _______________ (_____________)
shares of Common Stock of the Company at a price per share of Two Dollars and Sixty-Three Cents ($2.63) (the “Purchase Price”).   Both the number of shares of Common
Stock purchasable upon exercise of this Warrant and the Purchase Price are subject to adjustment and change as provided herein.  This Warrant is issued pursuant to that certain Series B
Convertible Preferred Stock and Warrant Purchase Agreement, dated as of February
14, 2003 (the “Agreement”), by and among the Company and the persons listed on the Schedule of
Purchasers attached thereto.  Unless otherwise provided for herein, all capitalized terms in this Warrant shall have the meanings set forth in the Agreement.

    1.   
CERTAIN DEFINITIONS.  As used in this Warrant the following terms shall have the following respective meanings:

    “Common Stock” shall mean the Common Stock of the Company and any other securities at any time receivable or issuable upon exercise of this
Warrant.

    “Fair Market Value” of a share of Common Stock as of a particular date shall mean: 

    (a)        If traded on a securities exchange or the Nasdaq National Market, the Fair Market Value shall be deemed to be
the average of the closing prices of the Common Stock of the Company on such exchange or market over the 20 business days ending immediately prior to the applicable date of valuation;

 

    (b)        If actively traded over-the-counter, the Fair Market Value shall be deemed to be the average of the closing bid
prices over the 30‐day period ending immediately prior to the applicable date of valuation; and

    (c)        If there is no active public market, the Fair Market Value shall be the value thereof, as agreed upon by the
Company and the Holder; provided, however, that if the Company and the Holder cannot agree on such value, such value shall be determined by an independent valuation firm experienced in
valuing businesses such as the Company and jointly selected in good faith by the Company and the Holder.  Fees and expenses of the valuation firm shall be paid for by the Company.

    “Registered Holder” shall mean any Holder in whose name this Warrant is registered upon the books and records maintained by the
Company.

    “Trading Day” shall mean any day other than a day on which securities are not traded, listed or reported on the principal national
securities exchange or securities market which the Common Stock is traded, listed or reported.

    “Warrant” as used herein, shall include this Warrant and any warrant delivered in substitution or exchange therefore as provided
herein.

    2.   
EXERCISE OF WARRANT.

       
2.1    Payment.  Subject to compliance with the terms and conditions of this Warrant and applicable securities laws, this Warrant may be exercised, in whole or in part at any time after the
Effective Date until on or before the Expiration Date by the delivery (including, without limitation, delivery by facsimile) of the form of Notice of Exercise attached hereto
asExhibit 1 (the “Notice of Exercise”), duly executed by the Holder, at the principal office of the Company, and as soon as practicable after such date (the
“Exercise Date”), surrendering

           
a.    this Warrant at the principal office of the Company, and

           
b.    payment, (i) in cash (by check) or by wire transfer, (ii) by cancellation by the Holder of indebtedness of the Company to the Holder; or (iii) by a combination of (i) and (ii), of
an amount equal to the product obtained by multiplying the number of shares of Common Stock being purchased upon such exercise by the then effective Purchase Price (the “Exercise
Amount”).

       
2.2    Net Issue Exercise.  In lieu of the payment methods set forth in Section 2.1(b) above, the Holder may elect to exchange all or some of the Warrant for a number of shares (rounded
down to the nearest whole share) of Common Stock equal to the value of the amount of the Warrant being exchanged on the date of exchange.  If Holder elects to exchange this Warrant as provided
in this Section 2.2, Holder shall tender to the Company the Warrant for the amount being exchanged, along with written notice of Holder’s election to exchange some or all of the Warrant,
and the Company shall issue to Holder the number of shares (rounded down to the nearest whole share) of the Common Stock computed as of the date of surrender of this Warrant to the Company using the
following formula:

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    X = Y (A-B)

                A

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

            
Y = the number of shares of Common Stock purchasable under the amount of the Warrant being exchanged (as adjusted to the date of such calculation).

           
A = the Fair Market Value of one share of the Company’s Common Stock.

           
B = Purchase Price in effect under this Warrant on the date the net issue election is made pursuant to Section 2.2.

     All references herein to an “exercise” of the Warrant shall include an exchange pursuant to this Section 2.2.

       
2.3    Stock Certificates; Fractional Shares.  On or before the third (3rd) business day following the Exercise Date, the Company shall issue and deliver to the person or persons
entitled to receive the same a certificate or certificates for the number of whole shares of Common Stock issuable upon such exercise, rounded down to the nearest whole share.  No fractional
shares or scrip representing fractional shares shall be issued upon an exercise of this Warrant.

       
2.4    Partial Exercise; Effective Date of Exercise.  In case of any partial exercise of this Warrant, the Company shall cancel this Warrant upon surrender hereof and shall execute and
deliver a new Warrant of like tenor and date for the balance of the shares of Common Stock purchasable hereunder.  This Warrant shall be deemed to have been exercised immediately prior to the
close of business on the date of its surrender for exercise as provided above.  The person entitled to receive the shares of Common Stock issuable upon exercise of this Warrant shall be treated
for all purposes as the holder of record of such shares as of the close of business on the date the Holder is deemed to have exercised this Warrant.

    3.   
VALID ISSUANCE: TAXES.  All shares of Common Stock issued upon the exercise of this Warrant shall be validly issued, fully paid and non-assessable free and clear of all liens,
security interests, charges and other encum­brances or restrictions on sale and free and clear of all preemptive rights, except encumbrances or restrictions arising under federal or state
securities laws, and the Company shall pay all transfer or stamp taxes and other similar governmental charges that may be imposed in respect of the issue or delivery thereof.  The Company shall
not be required to pay any tax or other charge imposed in connection with any transfer involved in the issuance of any certificate for shares of Common Stock in any name other than that of the
Registered Holder of this Warrant, and in such case the Company shall not be required to issue or deliver any stock certificate or security until such tax or other charge has been paid, or it has
been established to the Company’s reasonable satisfaction that no tax or other charge is due.

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4.    ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF SHARES.  The number of shares of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities or
property receivable or issuable upon exercise of this Warrant) and the Purchase Price are subject to adjustment upon occurrence of the following events:

       
4.1    Adjustment for Stock Splits, Stock Dividends, Stock Subdivisions or Combinations of Shares.  The Purchase Price of this Warrant shall be proportionally decreased and the number of
shares of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities at the time issuable upon exercise of this Warrant) shall be proportionally increased to
reflect any changes in the outstanding Common Stock by reason of stock dividend, stock split or subdivision.  The Purchase Price of this Warrant shall be proportionally increased and the number
of shares of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities at the time issuable upon exercise of this Warrant) shall be proportionally decreased to
reflect any combination of the Company’s Common Stock.

       
4.2    Reclassification.  If the Company, by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights under this Warrant exist into the
same or a different number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as
the result of such change with respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change and the Purchase Price
therefore shall be appropriately adjusted, all subject to further adjustment as provided in this Section 4.  No adjustment shall be made pursuant to this Section 4.2 upon any
conversion or redemption of the Common Stock which is the subject of Section 4.4.

       
4.3    Adjustment for Capital Reorganization, Merger or Consolidation.  In case of any capital reorganization of the capital stock of the Company (other than a combination, reclassification,
exchange or subdivision of shares otherwise provided for herein), or any merger or consolidation of the Company with or into another corporation (other than a merger solely to effect a
reincorporation of the Company into another state), or the sale of all or substantially all the assets of the Company then, and in each such case, the Company shall provide to the Holder twenty (20)
days advance written notice of such reorganization, merger, consolidation or sale of assets and unless a Notice of Exercise, duly executed by the Holder, is delivered to the principal office of the
Company, this Warrant shall automatically be deemed to have been exercised in full, on a cashless exercise basis, in accordance with Section 2.2 hereof, immediately prior to such reorganization,
merger, consolidation or sale of assets. If the per-share consideration payable to the Holder hereof for shares in connection with any such transaction is in a form other than cash or marketable
securities, then the value of such consideration shall be determined in good faith by the Company’s Board of Directors. 

       
4.4    Conversion of Common Stock.  Except as set forth in Section 4.3 above, in case all or any portion of the authorized and outstanding shares of Common Stock of the Company are redeemed
or converted or reclassified into other securities or property pursuant to the Company’s Certificate of Incorporation or otherwise, or the Common Stock otherwise ceases to exist, then, in such
case, the Holder of this Warrant, upon exercise hereof at any time after the date on which the Common Stock is so redeemed or converted, reclassified or ceases to exist (the “Termination
Date”), shall receive, in lieu of the number of shares of Common Stock that would have been issuable upon such 

4

 

 exercise immediately prior to the Termination Date, the securities or property
that would have been received if this Warrant had been exercised in full and the Common Stock received thereupon had been simultaneously converted immediately prior to the Termination Date, all
subject to further adjustment as provided in this Warrant.  Additionally, the Purchase Price shall be immediately adjusted to equal the quotient obtained by dividing (x) the aggregate
Purchase Price of the maximum number of shares of Common Stock for which this Warrant was exercisable immediately prior to the Termination Date by (y) the number of shares of Common Stock of the
Company for which this Warrant is exercisable immediately after the Termination Date, all subject to further adjustment as provided herein.

    5.   
CERTIFICATE AS TO ADJUSTMENTS.  In each case of any adjustment in the Purchase Price, or number or type of shares issuable upon exercise of this Warrant, the Chief Financial Officer
of the Company shall compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment and showing in detail the facts upon which such
adjustment is based, including a statement of the adjusted Purchase Price.  The Company shall promptly send (by facsimile and by either first class mail, postage prepaid or overnight delivery) a
copy of each such certificate to the Holder.

    6.   
LOSS OR MUTILATION.  Upon receipt of evidence reasonably satisfactory to the Company of the ownership of and the loss, theft, destruction or mutilation of this Warrant, and of
indemnity reasonably satisfactory to it, and (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will execute and deliver in lieu thereof a new Warrant of like
tenor as the lost, stolen, destroyed or mutilated Warrant.

    7.   
RESERVATION OF COMMON STOCK.  The Company hereby covenants that at all times there shall be reserved for issuance and delivery upon exercise of this Warrant such number of shares of
Common Stock or other shares of capital stock of the Company as are from time to time issuable upon exercise of this Warrant and, from time to time, will take all steps necessary to amend its
Certificate of Incorporation to provide sufficient reserves of shares of Common Stock issuable upon exercise of this Warrant.  All such shares shall be duly authorized, and when issued upon such
exercise, shall be validly issued, fully paid and non-assessable, free and clear of all liens, security interests, charges and other encum­brances or restrictions on sale and free and clear of
all preemptive rights, except encumbrances or restrictions arising under federal or state securities laws.  Issuance of this Warrant shall constitute full authority to the Company’s
officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for shares of Common Stock upon the exercise of this Warrant.

    8.   
TRANSFER AND EXCHANGE.  Subject to the terms and conditions of this Warrant and compliance with all applicable securities laws, this Warrant and all rights hereunder (and any shares
of Common Stock acquired on exercise of the Warrant) may be transferred, in whole or in part, only (a) to one or more of its affiliates if such affiliate is an “accredited investor” under
Regulation D under the Securities Act and agrees to be bound by the terms and obligations of this Warrant and the Agreement or (b) in a sale effectuated pursuant to Rule 144
promulgated under the Securities Act, (c) in an offering registered under Section 5 of the Securities Act, or (d) in a private resale to an “accredited investor”.  Any such
transfer shall be made on the books of the Company maintained for such purpose at the principal office of the Company referred to above, by the Registered Holder hereof in person, or by duly
authorized attorney, upon surrender of this Warrant properly endorsed and upon payment of any necessary transfer tax or other governmental charge imposed upon such transfer.  Upon any 

5

 

 permitted
partial transfer of the Warrant, the Company will issue and deliver to the Registered Holder a new Warrant or Warrants with respect to the shares of Common Stock not so transferred.  Each taker
and holder of this Warrant, by taking or holding the same, consents and agrees that when this Warrant shall have been so endorsed, the person in possession of this Warrant may be treated by the
Company, and all other persons dealing with this Warrant, as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented hereby, any notice to the contrary
notwithstanding; provided, however that until a transfer of this Warrant is duly registered on the books of the Company, the Company may treat the Registered Holder hereof as the owner
for all purposes.  Upon any full or partial transfer of the Warrant or the shares of Common Stock acquired on exercise of the Warrant pursuant to clause (b) or clause (c) of the first sentence
of this Section 8, all restrictions applicable to the transfer of the Warrant or such Common Stock, or portion thereof, so transferred shall cease.

    9.   
SECURITIES LAW RESTRICTIONS ON TRANSFER.  The Holder, by acceptance hereof, agrees that, absent an effective registration statement filed with the SEC under the Securities Act
covering the disposition or sale of this Warrant or the Common Stock issued or issuable upon exercise hereof, and registration or qualification under applicable state securities laws, such Holder
will not sell, transfer, pledge, or hypothecate any or all such Warrants or Common Stock, as the case may be, unless either (i) the Company has received an opinion of counsel, in form and
substance reasonably satisfactory to the Company, to the effect that such registration is not required in connection with such disposition or (ii) the sale of such securities is made pursuant to
SEC Rule 144.

   
10.    COMPLIANCE WITH SECURITIES LAWS.  By acceptance of this Warrant, the Holder hereby represents, warrants and covenants that any shares of Common Stock purchased upon exercise of this
Warrant or acquired upon conversion thereof shall be acquired not with a view to, or for sale in connection with, any distribution thereof; that the Holder has had such opportunity as such Holder has
deemed adequate to obtain from representatives of the Company such information as is necessary to permit the Holder to evaluate the merits and risks of its investment in the company; that the Holder
is able to bear the economic risk of holding such shares as may be acquired pursuant to the exercise of this Warrant for an indefinite period; that the Holder understands that the shares of Common
Stock acquired pursuant to the exercise of this Warrant will not be registered under the Securities Act (unless otherwise required pursuant to the Agreement) and will be “restricted
securities” within the meaning of Rule 144 under the Securities Act and that the exemption from registration under Rule 144 will not be available for at least one year from the date of exercise
of this Warrant, subject to any special treatment by the SEC for exercise of this Warrant pursuant to Section 2.2, and even then will not be available unless a public market then exists for the
Common Stock, adequate information concerning the Company is then available to the public, and other terms and conditions of Rule 144 are complied with; and that all stock certificates representing
shares of Common Stock issued to the Holder upon exercise of this Warrant may have affixed thereto a legend substantially in the following form:

  

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND ARE RESTRICTED
SECURITIES AS THAT TERM IS DEFINED IN RULE 144 UNDER THE ACT.  THE

  

6

 

  

 SHARES REPRESENTED HEREUNDER MAY NOT BE PLEDGED, HYPOTHECATED, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO A REGISTRATION
STATEMENT WHICH IS EFFECTIVE UNDER THE ACT AND APPLICABLE STATE LAWS AND RULES, OR, PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE LAWS AND RULES, THE AVAILABILITY OF
WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY. 

  

In addition, the Holder agrees that the Company may place stop transfer orders with its transfer agents with respect to such certificates. 
Notwithstanding the foregoing, it is agreed that, as long as (A) the resale or transfer (including without limitation a pledge) of Warrant Shares is registered pursuant to an effective registration
statement and the Holder represents in writing to the Company that such Warrant Shares have been or are being sold pursuant to such registration statement, (B) such Warrant Shares have been publicly
sold pursuant to Rule 144 (“Rule 144”) and the Holder has delivered to the Company customary Rule 144 broker’s and seller’s representation letters, or (C) such Warrant
Shares can be publicly sold pursuant to Rule 144(k) under the Securities Act, such Warrant Shares, as the case may be, shall be issued without any legend or other restrictive language and, with
respect to Warrant Shares upon which such legend is stamped, the Company shall issue new certificates without such legend to the holder promptly upon request.

   
11.    Registration Rights.  Upon exercise of this Warrant, the Holder shall have and be entitled to exercise, together with all other holders of Registrable Securities possessing
registration rights under that certain Registration Rights Agreement, of even date herewith, by and among the Company and the parties who have executed the counterpart signature pages thereto or are
otherwise bound thereby (the “Registration Rights Agreement”), the rights of registration granted under the Registration Rights Agreement to Registrable Securities (with respect to
the shares of common stock issuable upon exercise of this Warrant).  By its receipt of this Warrant, Holder agrees to be bound by the Registration Rights Agreement.

   
12.    NO RIGHTS OR LIABILITIES AS STOCKHOLDERS.  This Warrant shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company.  In the absence of
affirmative action by such Holder to purchase Common Stock by exercise of this Warrant, no provisions of this Warrant, and no enumeration herein of the rights or privileges of the Holder hereof shall
cause such Holder hereof to be a stockholder of the Company for any purpose.

   
13.    NOTICES.  All notices and other communications from the Company to the Holder shall be given in accordance with the Agreement.

   
14.    HEADINGS.  The headings in this Warrant are for purposes of convenience in reference only, and shall not be deemed to constitute a part hereof.

7

 

   
15.    LAW GOVERNING.  This Warrant shall be construed and enforced in accordance with, and governed by, the laws of the State of New York without regard to the principles of conflicts of
laws.

   
16.    NO IMPAIRMENT.  The Company will not, by amendment of its Certificate of Incorporation or bylaws, or through reorganization, consolidation, merger, dissolution, issue or sale of
securities, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Registered Holder of this Warrant against
impairment.  Without limiting the generality of the foregoing, the Company (a) will not increase the par value of any shares of stock issuable upon the exercise of this Warrant above the amount
payable therefor upon such exercise, and (b) will take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares
of Common Stock upon exercise of this Warrant.

   
17.    NOTICES OF RECORD DATE.  In case:

       
17.1    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 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; or

       
17.2    of any consolidation or merger of the Company with or into another corporation, any capital reorganization of the Company, any reclassification of the Capital Stock of the Company, or any
conveyance of all or substantially all of the assets of the Company to another corporation in which holders of the Company’s stock are to receive stock, securities or property of another
corporation; or

       
17.3    of any voluntary dissolution, liquidation or winding-up of the Company; or

       
17.4    of any redemption or conversion of all outstanding Common Stock;

then, and in each such case, the Company will mail or cause to be mailed to the Registered Holder of this Warrant 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, or (ii) the date on which such reorganization, reclassification, consolidation,
merger, conveyance, dissolution, liquidation, winding-up, redemption or conversion 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 as at the time are 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, liquidation or winding-up.  Such notice shall be delivered at least twenty
(20) days prior to the date therein specified.

   
18.    SEVERABILITY.  If any term, provision, covenant or restriction of this Warrant is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

8

 

    19.   
COUNTERPARTS.   For the convenience of the parties, any number of counterparts of this Warrant may be executed by the parties hereto and each such executed counterpart shall
be, and shall be deemed to be, an original instrument.

   
20.    NO INCONSISTENT AGREEMENTS.   The Company will not on or after the date of this Warrant enter into any agreement with respect to its securities which is inconsistent with the
rights granted to the Holder of this Warrant or otherwise conflicts with the provisions hereof.  The rights granted to the Holder hereunder do not in any way conflict with and are not
inconsistent with the rights granted to holders of the Company’s securities under any other agreements, except rights that have been waived.

   
21.    SATURDAYS, SUNDAYS AND HOLIDAYS.  If the Expiration Date falls on a Saturday, Sunday or legal holiday, the Expiration Date shall automatically be extended until 5:00 p.m. the
next business day.

 

 

 

9

 

   IN WITNESS WHEREOF, the parties hereto have executed this Warrant as of the date first written above.

  

	
	
VIXEL CORPORATION

	
	
By:
                                                                 

	
	
Name:
                                                            

	
	
Title:
                                                               

	

  

 

 

 

 

 

SIGNATURE PAGE TO
WARRANT

 

 

EXHIBIT 1

NOTICE OF EXERCISE

(To be executed upon exercise of Warrant)

	
VIXEL CORPORATION

 

	
WARRANT NO. ___

	
 

	
The undersigned hereby irrevocably elects to exercise the right of purchase represented by the within Warrant Certificate for, and to purchase thereunder, the
securities of Vixel Corporation, as provided for therein, and (check the applicable box):

 

	
 [_] Tenders herewith payment of the exercise price in full in the form of cash or a
certified or official bank check in same-day funds in the amount of $____________ for _________ shares of such securities.

 

	
 [_]  Elects the Net Issue Exercise option pursuant to Section 2.2 of the Warrant, and
accordingly requests delivery of a net of ______________ shares of such securities, according to the following calculation:

 

	
X = Y (A-B)                 (       ) =
  (____) [(_____) - (_____)]

                        
A                                
       (_____)

 

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

 

	
Y = the number
of shares of Common Stock purchasable under the amount of the Warrant being exchanged (as adjusted to the date of such calculation).

 

	
A  = the Fair
Market Value of one share of the Company’s Common Stock.

 

	
B  =
Purchase Price in effect under this Warrant on the date the net issue election is made pursuant to Section 2.2.

 

	
Please issue a certificate or certificates for such securities in the name of, and pay any cash for any fractional share to (please print name, address and
taxpayer identification number):

	
Name:                                                                         

	
Address:                                                                      

	
Taxpayer Identification
Number:                                   

	
Signature:                                                                     

 

	
Note:  The above signature should correspond exactly with the name on the first page of this Warrant Certificate or with the name of the assignee
appearing in the assignment form below.

	
 

If said number of shares shall not be all the shares purchasable under the within Warrant Certificate, a new Warrant Certificate is to be issued in the name
of said undersigned for the balance remaining of the shares purchasable thereunder rounded up to the next higher whole number of shares.

1

 

 

EXHIBIT 2

ASSIGNMENT

	
(To be executed only upon assignment of Warrant Certificate)

	
WARRANT NO. ___

For value received, the undersigned hereby sells, assigns and transfers unto ________________ the within Warrant Certificate, together with all right, title
and interest therein, and does hereby authorize Vixel Corporation to transfer said Warrant Certificate on the books of Vixel Corporation with respect to the number of shares set forth below, with
full power of substitution in the premises:

 

  

	
Name(s) of Assignee(s)

	
Address

	
# of Shares

			
			
			
			
			
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

    If said number of shares shall not be all the shares represented by the Warrant Certificate, a new Warrant Certificate is to be issued in the name of said
undersigned for the balance remaining of the shares covered by said Warrant Certificate.

Dated:
                                                                        

Signature:
                                                                   

    Notice:  The signature to the foregoing Assignment must correspond to the name as written upon the face of this security in every particular, without
alteration or any change whatsoever; signa­ture(s) must be guaranteed by an eligible guarantor institution (banks, stock brokers, savings and loan associations and credit unions with membership
in an approved signature guarantee medallion program) pursuant to Securities and Exchange Commission Rule 17Ad‐15.

1

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