Document:

Exhibit 10.19

GRANT OF SECURITY INTEREST

IN PATENTS AND TRADEMARKS

          THIS
GRANT OF SECURITY INTEREST (“Grant”), effected as of July 31, 2007, is
executed by INCENTRA SOLUTIONS, INC., a corporation organized under the laws of
the State of Nevada (the “Company”) and MANAGEDSTORAGE INTERANTIONAL, INC., a
corporation organized under the laws of the State of Delaware (“MI” and
together with the Company, the “Grantors” and each, a “Grantor”),
in favor of CALLIOPE CAPITAL CORPORATION (the “Secured Party”). 

          A. Pursuant
to a Securities Purchase Agreement dated as of the date hereof (as amended,
restated, supplemented or otherwise modified from time to time, the “Purchase
Agreement”) among the Company and the Secured Party, the terms and
provisions of which are hereby incorporated herein as if fully set forth
herein, the Company and its direct and indirect Subsidiaries have granted a
security interest to the Secured Party in consideration of the Secured Party’s
agreement to provide financial accommodations to the Company.

          B. Each
Grantor (1) has adopted, used and are using the trademarks reflected in the
trademark registrations and trademark applications in the United States Patent
and Trademark Office more particularly described on Schedule 1 annexed
hereto as part hereof (the “Trademarks”), and (2) has registered or
applied for registration in the United States Patent and Trademark Office of
the patents more particularly described on Schedule 2 annexed hereto as
part hereof (the “Patents”).

          C. Each
Grantor wishes to confirm its grant to the Secured Party of a security interest
in all right, title and interest of such Grantor in and to the Trademarks and
Patents, and all proceeds thereof, together with the business as well as the
goodwill of the business symbolized by, or related or pertaining to, the
Trademarks, and the customer lists and records related to the Trademarks and
Patents and all causes of action which may exist by reason of infringement of
any of the Trademarks and Patents (collectively, the “T&P Collateral”),
to secure the payment, performance and observance of the Obligations (as that
term is defined in the Security Agreement).

          NOW,
THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged:

          1. Each
Grantor does hereby further grant to the Secured Party a security interest in
the T&P Collateral to secure the full and prompt payment, performance and
observance of the Obligations.

          2. Each
Grantor agrees to perform, so long as the Security Agreement is in effect, all
acts deemed necessary or desirable by the Secured Party to permit and assist
it, at such Grantor’s expense, in obtaining and enforcing the Trademarks and
Patents in any and all countries. Such acts may include, but are not limited
to, execution of documents and assistance or cooperation in legal proceedings.
Each Grantor hereby appoints the Secured Party as such Grantor’s attorney-

in-fact to
execute and file any and all agreements, instruments, documents and papers as
the Secured Party may determine to be necessary or desirable to evidence the
Secured Party’s security interest in the Trademarks and Patents or any other
element of the T&P Collateral, all acts of such attorney-in-fact being
hereby ratified and confirmed.

          3. Each
Grantor acknowledges and affirms that the rights and remedies of the Secured
Party with respect to the security interest in the T&P Collateral granted
hereby are more fully set forth in the Security Agreement and the rights and
remedies set forth herein are without prejudice to, and are in addition to,
those set forth in the Security Agreement. In the event that any provisions of
this Grant are deemed to conflict with the Security Agreement, the provisions
of the Security Agreement shall govern.

          4. Each
Grantor hereby authorizes the Secured Party to file all such financing
statements or other instruments to the extent required by the Uniform
Commercial Code and agrees to execute all such other documents, agreements and instruments
as may be required or deemed necessary by the Secured Party, in each case for
purposes of affecting or continuing Secured Party’s security interest in the
T&P Collateral.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

2

          IN
WITNESS WHEREOF, each Grantor and Calliope has caused this instrument to be
executed as of the day and year first above written.

	
 

	
 

	
 

	
 

	
INCENTRA
 SOLUTIONS, INC.

 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Name:
 Matthew G. Richman

	
 

	
 

	
Title:
 Senior Vice President. Chief 

 Corporate Development Officer & 

 Treasurer

	
 

	
 

	
 

	
MANAGEDSTORAGE
 INTERNATIONAL, INC.

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Name:
 Matthew G Richman

	
 

	
 

	
Title:
 Assistant Secretary

	
 

	
 

	
 

	
CALLIOPE CAPITAL CORPORATION

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

3

SCHEDULE 1 TO GRANT OF SECURITY INTEREST

REGISTERED TRADEMARKS AND TRADEMARK
APPLICATIONS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Trademark 

	
  

	
Registration or Application Number 

	
  

	
Registration or Application Date 

	
  

	
Country 

	

	
 

	

	
 

	

	
 

	

	
MSI
 ManagedStorage

	
 

	
2775014

	
 

	
10/21/03

	
 

	
US

	
MSI
 ManagedStorage

	
 

	
2777592

	
 

	
10/28/03

	
 

	
US

	
ManagedStorage
 International

	
 

	
2757723

	
 

	
8/26/03

	
 

	
US

	
ManagedStorage
 International

	
 

	
2757722

	
 

	
8/26/03

	
 

	
US

	
ManagedStorage
 International

	
 

	
2739321

	
 

	
7/15/03

	
 

	
US

	
Gridworks

	
 

	
2838870

	
 

	
5/4/04

	
 

	
US

	
Gridcomplete

	
 

	
3010115

	
 

	
11/1/05

	
 

	
US

	
Remotestor

	
 

	
2822979

	
 

	
3/16/04

	
 

	
US

	
MSI
 ManagedStorage

	
 

	
2785848

	
 

	
11/25/03

	
 

	
US

	
Gridwatch

	
 

	
2845385

	
 

	
5/25/04

	
 

	
US

	
Estorage for
 Ebusiness

	
 

	
2437730

	
 

	
3/20/01

	
 

	
US

SCHEDULE 2 TO GRANT OF SECURITY INTEREST

PATENTS AND PATENT APPLICATIONS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Patent 

	
  

	
Registration or Application Number 

	
  

	
Registration or Application Date 

	
  

	
Country 

	

	
 

	

	
 

	

	
 

	

	
Direct Disk Monitor

	
 

	
10/216,941
 (application)

	
 

	
8/12/02

	
 

	
USA

	
 

	
 

	
 

	
STATE
 OF ____________

	
)

	
 

	
 

	
) ss.:

	
COUNTY
 OF __________

	
)

	
 

	
 

          On
this ____ day of _________, ____, before me personally came ________________________
who, being by me duly sworn, did state as follows: that he is ______________ of
Incentra Solutions, Inc., that he is authorized to execute the foregoing Grant
on behalf of said corporation and that he did so by authority of the Board of
Directors of said corporation.

	
 

	
 

	
 

	

	
 

	

Notary Public

	
 

	
 

	
STATE
 OF ____________

	
)

	
 

	
) ss.:

	
COUNTY
 OF __________

	
)

	
 

	
 

          On
this ____ day of _________, ____, before me personally came ________________________ who, being by me duly sworn, did state as follows: that he is
______________ of ManagedStorage International, Inc., that he is authorized to
execute the foregoing Grant on behalf of said corporation and that he did so by
authority of the Board of Directors of said corporation.

	
 

	
 

	
 

	

	
 

	

Notary Public

	
 

	
 

	
STATE
 OF ___________

	
)

	
 

	
) ss

	
COUNTY
 OF _________

	
)

	
 

	
 

          On
this ____ day of _________, ____, before me personally came _____________________________ who, being by me duly sworn, did state as follows: that
[s]he is __________________ of Calliope Capital Corporation, that [s]he is
authorized to execute the foregoing Grant on behalf of said corporation and
that [s]he did so by authority of the Board of Directors of said corporation. 

	
 

	
 

	
 

	

	
 

	

Notary PublicExhibit 10.20

	
 

	
 

	
 

	
 

	
THIS WARRANT
 AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
 NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
 STATE SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE
 OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN
 THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER
 SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL
 REASONABLY SATISFACTORY TO INCENTRA SOLUTIONS, INC. THAT SUCH REGISTRATION IS
 NOT REQUIRED. 

	
 

Right to Purchase up to 600,000 Shares of
Common Stock of 

Incentra Solutions, Inc. 

(subject to adjustment as provided herein)

COMMON STOCK PURCHASE WARRANT

	
 

	
 

	
 

	
No.
 ________________________

	
 

	
Issue Date: August 20, 2007

          INCENTRA
SOLUTIONS, INC., a corporation organized under the laws of the State of Nevada
(“ICNS”), hereby certifies that, for value received, PAGEMILL PARTNERS, LLC, or
assigns (the “Holder”), is entitled, subject to the terms set forth below, to
purchase from the Company (as defined herein) from and after the Issue Date of
this Warrant and at any time or from time to time before 5:00 p.m., Denver,
Colorado time, through the close of business August 20, 2012 (the “Expiration
Date”), up to 600,000 fully paid and nonassessable shares of Common Stock (as
hereinafter defined), at the applicable Exercise Price (as defined below) per
share. The number and character of such shares of Common Stock and the
applicable Exercise Price per share are subject to adjustment as provided
herein. 

          As
used herein the following terms, unless the context otherwise requires, have
the following respective meanings: 

	
 

	
 

	
 

	
          (a)
 The term “Company” shall include ICNS and any corporation which shall
 succeed, or assume the obligations of, ICNS hereunder. 

	
 

	
 

	
 

	
          (b)
 The term “Common Stock” includes (i) the Company’s Common Stock, par value
 $0.001 per share; and (ii) any other securities into which or for which any
 of the securities described in (i) may be converted or exchanged pursuant to
 a plan of recapitalization, reorganization, merger, sale of assets or
 otherwise. 

	
 

	
 

	
 

	
          (c)
 The term “Other Securities” refers to any stock (other than Common Stock) and
 other securities of the Company or any other person (corporate or otherwise)
 which the Holder of this Warrant at any time shall be entitled to receive, or
 shall have received, on the exercise of the Warrant, in lieu of or in
 addition to Common Stock, or 

	
 

	
 

	
 

	
which at any
 time shall be issuable or shall have been issued in exchange for or in
 replacement of Common Stock or Other Securities pursuant to Section 4 or
 otherwise.

	
 

	
 

	
 

	
          (d)
 The “Exercise Price” applicable under this Warrant shall be $0.80 per share.

1. Exercise
of Warrant. 

                    1.1
Number of Shares Issuable upon Exercise. From and after the date hereof,
the Holder shall be entitled to receive, upon exercise of this Warrant in whole
or in part, by delivery of an original or fax copy of an exercise notice in the
form attached hereto as Exhibit A (the “Exercise Notice”) up to 600,000 shares
of Common Stock of the Company, subject to adjustment pursuant to Section 4. 

                    1.2
Fair Market Value. For purposes hereof, the “Fair Market Value” of a
share of Common Stock as of a particular date (the “Determination Date”) shall
mean: 

	
 

	
 

	
 

	
          (a)
 If the Company’s Common Stock is traded on the American Stock Exchange or
 another national exchange or is quoted on the National or SmallCap Market of
 The Nasdaq Stock Market, Inc. (“Nasdaq”), then the closing or last sale
 price, respectively, reported for the last business day immediately preceding
 the Determination Date. 

	
 

	
 

	
 

	
          (b)
 If the Company’s Common Stock is not traded on the American Stock Exchange or
 another national exchange or on the Nasdaq but is traded on the National
 Association of Securities Dealers, Inc. Over-the-Counter Bulletin Board, then
 the mean of the average of the closing bid and asked prices reported for the
 last business day immediately preceding the Determination Date. 

	
 

	
 

	
 

	
          (c)
 Except as provided in clause (d) below, if the Company’s Common Stock is not
 publicly traded, then as the Holder and the Company agree or in the absence of
 agreement by arbitration in accordance with the rules then in effect of the
 American Arbitration Association, before a single arbitrator to be chosen
 from a panel of persons qualified by education and training to pass on the
 matter to be decided. 

	
 

	
 

	
 

	
          (d)
 If the Determination Date is the date of a liquidation, dissolution or
 winding up, or any event deemed to be a liquidation, dissolution or winding
 up pursuant to the Company’s charter, then all amounts to be payable per
 share to holders of the Common Stock pursuant to the charter in the event of
 such liquidation, dissolution or winding up, plus all other amounts to be
 payable per share in respect of the Common Stock in liquidation under the
 charter, assuming for the purposes of this clause (d) that all of the shares
 of Common Stock then issuable upon exercise of the Warrant are outstanding at
 the Determination Date. 

                    1.3
Company Acknowledgment. The Company will, at the time of the exercise of
this Warrant, upon the request of the Holder hereof, acknowledge in writing its
continuing obligation to afford to such Holder any rights to which such Holder
shall continue to be entitled after such exercise in accordance with the
provisions of this Warrant. If the Holder 

2

shall fail to
make any such request, such failure shall not affect the continuing obligation
of the Company to afford to such Holder any such rights. 

                    1.4
Trustee for Warrant Holders. In the event that a bank or trust company
shall have been appointed as trustee for the Holder of this Warrant pursuant to
Subsection 3.2, such bank or trust company shall have all the powers and duties
of a Warrant agent (as hereinafter described) and shall accept, in its own name
for the account of the Company or such successor person as may be entitled
thereto, all amounts otherwise payable to the Company or such successor, as the
case may be, on exercise of this Warrant pursuant to this Section 1. 

2. Procedure
for Exercise. 

                    2.1
Delivery of Stock Certificates, Etc., on Exercise. The Company agrees
that the shares of Common Stock purchased upon exercise of this Warrant shall
be deemed to be issued to the Holder as the record owner of such shares as of
the close of business on the date on which this Warrant shall have been
surrendered and payment made for such shares in accordance herewith. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within three (3) business days thereafter, the Company at its expense
(including the payment by it of any applicable issue taxes) will cause to be
issued in the name of and delivered to the Holder, or as such Holder (upon
payment by such Holder of any applicable transfer taxes) may direct in
compliance with applicable securities laws, a certificate or certificates for
the number of duly and validly issued, fully paid and nonassessable shares of
Common Stock (or Other Securities) to which such Holder shall be entitled on
such exercise, plus, in lieu of any fractional share to which such Holder would
otherwise be entitled, cash equal to such fraction multiplied by the then Fair
Market Value of one full share, together with any other stock or other
securities and property (including cash, where applicable) to which such Holder
is entitled upon such exercise pursuant to Section 1 or otherwise. 

                    2.2
Exercise. (a) Payment may be made either (i) in cash or by certified or
official bank check payable to the order of the Company equal to the applicable
aggregate Exercise Price, (ii) by delivery of this Warrant, or shares of Common
Stock and/or Common Stock receivable upon exercise of this Warrant in
accordance with Section (b) below, or (iii) by a combination of any of the
foregoing methods, for the number of Common Shares specified in such Exercise
Notice (as such exercise number shall be adjusted to reflect any adjustment in
the total number of shares of Common Stock issuable to the Holder per the terms
of this Warrant); provided, however, that if at the time of delivery of an
Exercise Notice the shares of Common Stock to be issued upon payment of the
Exercise Price have been registered under the Securities Act of 1933, as
amended (the “Securities Act”), and are covered by an effective registration
statement under the Securities Act, payment of the Exercise Price may only be
made pursuant to clause (i) above and may not be made pursuant to clause (ii)
or (iii) above. Upon receipt by the Company of an Exercise Notice and proper
payment of the aggregate Exercise Price, the Holder shall thereupon be entitled
to receive the number of duly authorized, validly issued, fully-paid and
non-assessable shares of Common Stock (or Other Securities) determined as
provided herein. 

          (b)
Notwithstanding any provisions herein to the contrary, if the Fair Market Value
of one share of Common Stock is greater than the Exercise Price (at the date of
calculation as set 

3

forth below),
in lieu of exercising this Warrant for cash, the Holder may elect to receive
shares equal to the value (as determined below) of this Warrant (or the portion
thereof being exercised) by surrender of this Warrant at the principal office
of the Company together with the properly endorsed Exercise Notice, in which
event the Company shall issue to the Holder a number of shares of Common Stock
computed using the following formula: 

	
 

	
 

	
X=Y

	
(A-B)

	
 

	

	
 

	
A

	
 

	
 

	
 

	
 

	
 

	
Where X =

	
 

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

	
 

	
 

	
 

	
 

	
 

	
Y =

	
 

	
the number
 of shares of Common Stock purchasable under this Warrant or, if only a
 portion of this Warrant is being exercised, the portion of this Warrant being
 exercised (at the date of such calculation) 

	
 

	
 

	
 

	
 

	
 

	
A =

	
 

	
the Fair
 Market Value of one share of the Company’s Common Stock (at the date of such
 calculation) 

	
 

	
 

	
 

	
 

	
 

	
B =

	
 

	
the Exercise
 Price (as adjusted to the date of such calculation) 

3. Effect
of Reorganization, Etc.; Adjustment of Exercise Price. 

                    3.1
Reorganization, Consolidation, Merger, Etc. In case at any time or from
time to time, the Company shall (a) effect a reorganization, (b) consolidate
with or merge into any other person, or (c) transfer all or substantially all
of its properties or assets to any other person under any plan or arrangement
contemplating the dissolution of the Company, then, in each such case, as a
condition to the consummation of such a transaction, proper and adequate
provision shall be made by the Company whereby the Holder of this Warrant, on
the exercise hereof as provided in Section 1 at any time after the consummation
of such reorganization, consolidation or merger or the effective date of such
dissolution, as the case may be, shall receive, in lieu of the Common Stock (or
Other Securities) issuable on such exercise prior to such consummation or such effective
date, the stock and other securities and property (including cash) to which
such Holder would have been entitled upon such consummation or in connection
with such dissolution, as the case may be, if such Holder had so exercised this
Warrant, immediately prior thereto, all subject to further adjustment
thereafter as provided in Section 4. 

                    3.2
Dissolution. In the event of any dissolution of the Company following
the transfer of all or substantially all of its properties or assets, the
Company, concurrently with any distributions made to holders of its Common
Stock, shall at its expense deliver or cause to be delivered to the Holder the
stock and other securities and property (including cash, where applicable)
receivable by the Holder of this Warrant pursuant to Section 3.1, or, if the
Holder shall so instruct the Company, to a bank or trust company specified by
the Holder and having its principal office in San Francisco, CA as trustee for
the Holder of this Warrant (the “Trustee”). 

                    3.3
Continuation of Terms. Upon any reorganization, consolidation, merger or
transfer (and any dissolution following any transfer) referred to in this
Section 3, this Warrant shall continue in full force and effect and the terms
hereof shall be applicable to the shares of 

4

stock and
other securities and property receivable on the exercise of this Warrant after
the consummation of such reorganization, consolidation or merger or the
effective date of dissolution following any such transfer, as the case may be,
and shall be binding upon the issuer of any such stock or other securities,
including, in the case of any such transfer, the person acquiring all or
substantially all of the properties or assets of the Company, whether or not such
person shall have expressly assumed the terms of this Warrant as provided in
Section 4. In the event this Warrant does not continue in full force and effect
after the consummation of the transactions described in this Section 3, then
the Company’s securities and property (including cash, where applicable)
receivable by the Holders of the Warrant will be delivered to Holder or the
Trustee as contemplated by Section 3.2. 

4. Extraordinary
Events Regarding Common Stock. In the event that the Company shall (a)
issue additional shares of the Common Stock as a dividend or other distribution
on outstanding Common Stock or any preferred stock issued by the Company, (b)
subdivide its outstanding shares of Common Stock, or (c) combine its
outstanding shares of the Common Stock into a smaller number of shares of the
Common Stock (each of the preceding clauses (a) through (c), inclusive, an
“Event”), then, in each such event, the number of shares of Common Stock that
the Holder shall thereafter, on the exercise hereof as provided in Section 1,
be entitled to receive shall be increased or decreased to a number determined
by multiplying the number of shares of Common Stock that would, immediately
prior to such Event, be issuable upon the exercise of this Warrant by a fraction
of which (a) the numerator is the number of issued and outstanding shares of
Common Stock immediately after such Event, and (b) the denominator is the
number of issued and outstanding shares of Common Stock immediately prior to
such Event. 

5. Certificate
as to Adjustments. In each case of any adjustment or readjustment in the
shares of Common Stock (or Other Securities) issuable on the exercise of this
Warrant, the Company at its expense will promptly cause its Chief Financial
Officer or other appropriate designee to compute such adjustment or
readjustment in accordance with the terms of this Warrant and prepare a
certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for
any additional shares of Common Stock (or Other Securities) issued or sold or
deemed to have been issued or sold, (b) the number of shares of Common Stock
(or Other Securities) outstanding or deemed to be outstanding, and (c) the
Exercise Price and the number of shares of Common Stock to be received upon
exercise of this Warrant, in effect immediately prior to such adjustment or
readjustment and as adjusted or readjusted as provided in this Warrant. The
Company will forthwith mail a copy of each such certificate to the Holder of
this Warrant and any Warrant agent of the Company (appointed pursuant to
Section 11 hereof). 

6. Reservation
of Stock, Etc., Issuable on Exercise of Warrant. The Company will at all
times reserve and keep available, solely for issuance and delivery on the
exercise of this Warrant, shares of Common Stock (or Other Securities) from
time to time issuable on the exercise of this Warrant. 

7. Assignment;
Exchange of Warrant. Subject to compliance with applicable securities laws,
this Warrant, and the rights evidenced hereby, may be transferred by any
registered holder hereof (a “Transferor”) in whole or in part. On the surrender
for exchange of this Warrant, with the 

5

Transferor’s
endorsement in the form of Exhibit B attached hereto (the “Transferor
Endorsement Form”) and together with evidence reasonably satisfactory to the
Company demonstrating compliance with applicable securities laws, which shall
include, without limitation, the provision of a legal opinion from the
Transferor’s counsel that such transfer is exempt from the registration
requirements of applicable securities laws, and with payment by the Transferor
of any applicable transfer taxes) will issue and deliver to or on the order of
the Transferor thereof a new Warrant of like tenor, in the name of the
Transferor and/or the transferee(s) specified in such Transferor Endorsement
Form (each a “Transferee”), calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock called for on the face or
faces of the Warrant so surrendered by the Transferor. 

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

9. Registration
Rights. The Holder of this Warrant has been granted certain registration
rights by the Company. These registration rights are set forth in the
Registration Rights Agreement dated as of August 20, 2007 entered into by the
Company and the initial Holder of this Warrant, as amended, modified or
supplemented from time to time. 

10. Restriction.
Notwithstanding anything to the contrary contained herein, the Holder hereby
agrees that during the period on and after the Issue Date and prior to the date
that is the one year anniversary of the Issue Date, it shall not sell any
Common Stock acquired upon exercise of this Warrant. 

11. Warrant
Agent. The Company may, by written notice to the Holder of this Warrant,
appoint an agent for the purpose of issuing Common Stock (or Other Securities)
on the exercise of this Warrant pursuant to Section 1, exchanging this Warrant
pursuant to Section 7, and replacing this Warrant pursuant to Section 8, or any
of the foregoing, and thereafter any such issuance, exchange or replacement, as
the case may be, shall be made at such office by such agent. 

12. Transfer
on the Company’s Books. Until this Warrant is transferred on the books of
the Company, the Company may treat the registered Holder hereof as the absolute
owner hereof for all purposes, notwithstanding any notice to the contrary. 

13. Notices,
Etc. All notices and other communications from the Company to the Holder of
this Warrant shall be mailed by first class registered or certified mail,
postage prepaid, at such address as may have been furnished to the Company in
writing by such Holder or, until any such Holder furnishes to the Company an
address, then to, and at the address of, the last Holder of this Warrant who
has so furnished an address to the Company. 

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

6

construed in
accordance with the laws of State of Colorado without regard to principles of
conflicts of laws. Any action brought concerning the transactions contemplated
by this Warrant shall be brought only in the state courts of Colorado or in the
federal courts located in the state of Colorado. In the event that any provision
of this Warrant is invalid or unenforceable under any applicable statute or
rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such
statute or rule of law. Any such provision which may prove invalid or
unenforceable under any law shall not affect the validity or enforceability of
any other provision of this Warrant. The headings in this Warrant are for
purposes of reference only, and shall not limit or otherwise affect any of the
terms hereof. The invalidity or unenforceability of any provision hereof shall
in no way affect the validity or enforceability of any other provision hereof.
The Company acknowledges that legal counsel participated in the preparation of
this Warrant and, therefore, stipulates that the rule of construction that
ambiguities are to be resolved against the drafting party shall not be applied
in the interpretation of this Warrant to favor any party against the other
party. 

          IN
WITNESS WHEREOF, the Company has executed this Warrant as of the date first
written above. 

	
 

	
 

	
 

	
 

	
 

	
 

	
INCENTRA
 SOLUTIONS, INC.

	
 

	
 

	
 

	
WITNESS:

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
Matthew G. Richman

	
 

	
 

	
Title:

	
SVP, Chief Corporate Development

	
 

	
 

	
 

	
Officer and Treasurer

	

	
 

	
 

	
 

7

EXHIBIT A 

FORM OF SUBSCRIPTION
(To Be Signed Only On Exercise Of Warrant)

	
 

	
 

	
 

	
TO:

	
INCENTRA
 SOLUTIONS, INC. 

	
 

	
1140 Pearl
 Street 

	
 

	
Boulder, CO
 80302 

	
 

	
Attention:

	
Chief
 Financial Officer

          The
undersigned, pursuant to the provisions set forth in the attached Warrant
(No.____), hereby irrevocably elects to purchase (check applicable box): 

	
 

	
 

	
 

	
_____

	
 

	
_______ shares
 of the Common Stock covered by such Warrant; or

	
 

	
 

	
 

	
_____

	
 

	
the maximum
 number of shares of Common Stock covered by such Warrant pursuant to the
 cashless exercise procedure set forth in Section 2.

          The
undersigned herewith makes payment of the full Exercise Price for such shares
at the price per share provided for in such Warrant, which is $1.40. Such
payment takes the form of (check applicable box or boxes): 

	
 

	
 

	
 

	
_____

	
 

	
$_______ in
 lawful money of the United States; and/or

	
 

	
 

	
 

	
_____

	
 

	
the
 cancellation of such portion of the attached Warrant as is exercisable for a
 total of _______ shares of Common Stock (using a Fair Market Value of
 $_______ per share for purposes of this calculation); and/or

	
 

	
 

	
 

	
_____

	
 

	
the
 cancellation of such number of shares of Common Stock as is necessary, in
 accordance with the formula set forth in Section 2.2, to exercise this
 Warrant with respect to the maximum number of shares of Common Stock
 purchasable pursuant to the cashless exercise procedure set forth in Section
 2.

          The
undersigned requests that the certificates for such shares be issued in the
name of, and delivered to ______________________________________________________________ whose
address is
___________________________________________________________________________. 

          The
undersigned represents and Warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant
shall be made pursuant to registration of the Common Stock under the Securities
Act of 1933, as amended (the “Securities Act”) or pursuant to an exemption from
registration under the Securities Act. 

	
 

	
 

	
 

	
 

	
Dated:

	
 

	
 

	
 

	

	

	
 

	
 

	
  (Signature
 must conform to name of holder as

	
 

	
 

	
  specified
 on the face of the Warrant)

	
 

	
 

	
 

	
 

	
 

	
  Address:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

A-1

EXHIBIT B

FORM OF TRANSFEROR ENDORSEMENT
(To Be Signed Only On Transfer Of Warrant)

          For
value received, the undersigned hereby sells, assigns, and transfers unto the
person(s) named below under the heading “Transferees” the right represented by
the within Warrant to purchase the percentage and number of shares of Common
Stock of INCENTRA SOLUTIONS, INC. into which the within Warrant relates
specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such
person Attorney to transfer its respective right on the books of INCENTRA
SOLUTIONS, INC. with full power of substitution in the premises. 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Transferees

	
 

	
Address

	
 

	
Percentage

 Transferred

	
 

	
Number

 Transferred

	

	
 

	

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Dated:

	
 

	
 

	
 

	

	

	
 

	
 

	
  (Signature
 must conform to name of holder as

	
 

	
 

	
  specified
 on the face of the Warrant)

	
 

	
 

	
 

	
 

	
 

	
  Address:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
  SIGNED
 IN THE PRESENCE OF:

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
(Name)

	
ACCEPTED AND
 AGREED:

	
 

	
[TRANSFEREE]

	
 

	
 

	
 

	

	
 

	
(Name)      

	
 

B-1

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