Document:

exv10w3

 

Exhibit 10.3

Form of Warrant

This warrant and the securities issuable upon exercise of this warrant have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), and may not be sold, offered
for sale, assigned, transferred or otherwise disposed of, unless registered pursuant to the
provisions of the Securities Act or an opinion of counsel is obtained stating that such disposition
is in compliance with an available exemption from such registration.

October 28, 2005

O2Diesel Corporation

Warrant for the Purchase of Common Stock (Void after May 1, 2011)

No. W-191

     For value received, this Warrant is hereby issued by O2Diesel Corporation, a Delaware
corporation (the “Company”), to                                         , a                                          (the “Holder”). Subject to the
provisions of this Warrant, the Company hereby grants to Holder the right to purchase 2,853,262
shares of the Company’s common stock, par value $.0001 per share (“Common Stock”), at US$0.85 per
share during the period of six (6) months to forty two (42) months following the Closing (as
defined in the Common Stock and Warrant Purchase Agreement (the “Purchase Agreement”)) or at an
exercise price of US$1.13 per share during the period forty three (43) to sixty six (66) months
after the Closing (“Exercise Price”).

     The Holder agrees with the Company that this Warrant is issued, and all the rights hereunder
shall be held, subject to all of the conditions, limitations and provisions set forth herein.

     1. Exercise of Warrant. Subject to the terms and conditions set forth herein, the Holder may
exercise this Warrant on or after May 1, 2006, and no later than May 1, 2011. To exercise this
Warrant the Holder shall present and surrender this Warrant to the Company at its principal office,
with the Warrant Exercise Form, attached hereto as Appendix A, duly executed by the Holder and
accompanied by payment in cash or by check, payable to the order of the Company, of the aggregate
Exercise Price for the total aggregate number of securities for which this Warrant is exercised.
The Common Stock deliverable upon such exercise, and as adjusted from time to time, are hereinafter
referred to as “Warrant Stock.”

     Upon receipt by the Company of this Warrant, together with the executed Warrant Exercise Form
and payment of the Exercise Price, if any, for the securities to be acquired, in proper form for
exercise, and subject to the Holder’s compliance with all requirements of this Warrant for the
exercise hereof, the Holder shall be deemed to be the holder of record of the Warrant Stock
issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall
then be closed or that certificates representing such securities shall not then be actually
delivered to the Holder; provided, however, that no exercise of this Warrant shall be effective,
and the Company shall have no obligation to issue any Warrant Stock to the Holder upon any
attempted exercise of this Warrant, unless the Holder shall have first delivered to the Company, in
form and substance reasonably satisfactory to the Company,

1

 

appropriate representations so as to provide the Company reasonable assurances that the securities issuable
upon exercise may be issued without violation of the registration requirements of the Securities
Act and applicable state securities laws, including without limitation representations that the
exercising Holder is an “accredited investor” as defined in Regulation D under the Securities Act
and that the Holder is familiar with the Company and its business and financial condition and has
had an opportunity to ask questions and receive documents relating thereto to his reasonable
satisfaction.

     2. Reservation of Shares. The Company will reserve for issuance and delivery upon exercise of
this Warrant all shares of Warrant Stock. All such shares shall be duly authorized and, when
issued upon such exercise, shall be validly issued, fully paid and non-assessable and free of all
preemptive rights.

     3. Assignment or Loss of Warrant. Subject to the transfer restrictions herein (including
Section 6), upon surrender of this Warrant to the Company or at the office of its stock transfer
agent, if any, with the Assignment Form, attached hereto as Appendix B, 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. Upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and of reasonably satisfactory
indemnification by the Holder, and upon surrender and cancellation of this Warrant, if mutilated,
the Company shall execute and deliver a replacement Warrant of like tenor and date.

     4. Rights of the Holder. The Holder shall not, by virtue hereof, be entitled to any rights of
a stockholder in the Company, either at law or in equity, and the rights of the Holder are limited
to those expressed in this Warrant.

     5. Adjustments.

          (a) Adjustment for Recapitalization. If the Company shall at any time after the date hereof
subdivide its outstanding shares of Common Stock by recapitalization, reclassification or split-up
thereof, or if the Company shall declare a stock dividend or distribute shares of Common Stock to
its shareholders, the number of shares of Common Stock subject to this Warrant immediately prior to
such subdivision shall be proportionately increased, and if the Company shall at any time after the
date hereof combine the outstanding shares of Common Stock by recapitalization, reclassification or
combination thereof, the number of shares of Common Stock subject to this Warrant immediately prior
to such combination shall be proportionately decreased.

          (b) Adjustment for Reorganization, Consolidation, Merger, Etc. If at any time after the date
hereof the Company has a Change in Control, the Holder agrees that, either (a) Holder shall
exercise its purchase right under this Warrant and such exercise will be deemed effective
immediately prior to the consummation of such Change in Control or (b) if the Holder elects not to
exercise the Warrant, this Warrant will expire upon the consummation of the Change of Control.

2

 

For
purposes of this Warrant, a “Change in Control” shall be deemed to occur in the event of a change
in ownership or control of the Company effected through any of
the following transactions: (i) the acquisition, directly or indirectly, by any person or
related group of persons (other than the Company or a person that immediately before the Change of
Control directly or indirectly controls, or is controlled by, or is under common control with, the
Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act
of 1934, as amended) of outstanding securities possessing more than fifty percent (50%) of the
total combined voting power of the Company’s outstanding securities; or (ii) the sale, transfer or
other disposition of all or substantially all of the Company’s assets; or (iii) the consummation of
a merger or consolidation of the Company with or into another entity or any other corporate
reorganization, if more than fifty percent (50%) of the combined voting power of the continuing or
surviving entity’s securities outstanding immediately after such merger, consolidation or other
reorganization is owned by persons who were not stockholders of the Company immediately prior to
such merger, consolidation or other reorganization.

          (c) Certificate as to Adjustments. The adjustments provided in this Section 5 shall be
interpreted and applied by the Company in such a fashion so as to reasonably preserve the
applicability and benefits of this Warrant (but not to increase or diminish the benefits
hereunder). In each case of an adjustment in the number of shares of Common Stock receivable on
the exercise of the Warrant, the Company at its expense will promptly compute such adjustment in
accordance with the terms of the Warrant and prepare a certificate executed by two executive
officers of the Company setting forth such adjustment and showing in detail the facts upon which
such adjustment is based. The Company will mail a copy of each such certificate to each Holder.

          (d) Notices of Record Date, Etc. In the event that:

               (i) the Company shall declare any dividend or other distribution to the holders of Common
Stock, or authorizes the granting to Common Stock holders of any right to subscribe for, purchase
or otherwise acquire any shares of stock of any class or any other securities; or

               (ii) the Company has a Change in Control; or

               (iii) the Company authorizes any voluntary or involuntary dissolution, liquidation or winding
up of the Company,

then, and in each such case, the Company shall mail or cause to be mailed to the holder of this
Warrant at the time outstanding a notice specifying, as the case may be, (a) 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 (b) 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 to which the holders of record
of Common Stock shall be entitled to exchange their shares of Common Stock for securities or other
property deliverable upon such reorganization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation or winding up. Such notice shall be mailed at least 20 days prior to the
date therein specified.

3

 

          (e) No Impairment. The Company will not, by any voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed hereunder by the Company,
but will at all times in good faith assist in the carrying out of all the provisions of this
Section 5 and in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Holder of this Warrant against impairment.

     6. Transfer to Comply with the Securities Act. This Warrant and any Warrant Stock may not be
sold, transferred, pledged, hypothecated or otherwise disposed of except as follows: (a) to a
person who, in the opinion of counsel to the Company, is a person to whom this Warrant or the
Warrant Stock may legally be transferred without registration and without the delivery of a current
prospectus under the Securities Act with respect thereto and then only against receipt of an
agreement of such person to comply with the provisions of this Section 6 with respect to any resale
or other disposition of such securities; or (b) to any person upon delivery of a prospectus then
meeting the requirements of the Securities Act relating to such securities and the offering thereof
for such sale or disposition, and thereafter to all successive assignees.

     7. Legend. Unless the shares of Warrant Stock have been registered under the Securities Act,
upon exercise of this Warrant and the issuance of any of the shares of Warrant Stock, all
certificates representing shares shall bear on the face thereof substantially the following legend:

The securities represented by this certificate have been acquired by the holder for
its own account, for investment purposes and not with a view to the distribution of
such securities. These securities have not been registered under the Securities Act
of 1933, as amended (the “Act”), or any applicable state securities laws and may not
be sold or otherwise transferred except (i) pursuant to an effective registration
statement under the act and compliance with such state securities laws, (ii) in
compliance with Rule 144 under the Act and applicable state securities laws, or
(iii) upon the delivery to O2Diesel Corporation (the “Company”) of an opinion of
counsel or other evidence satisfactory to the company that such registration and/ or
compliance is not required.

     8. Notices. All notices required hereunder shall be in writing and shall be deemed given when
telegraphed, delivered personally or within two days after mailing when mailed by certified or
registered mail, return receipt requested, to the Company or the Holder, as the case may be, for
whom such notice is intended, if to the Holder, at the address of such party as set forth in the
Purchase Agreement, or if to the Company, O2Diesel Corporation, 100 Commerce Drive, Suite 301,
Newark, Delaware 19713 or at such other address of which the Company or the Holder has been advised
by notice hereunder.

     9. Applicable Law. The Warrant is issued under and shall for all purposes be governed by and
construed in accordance with the laws of the State of Delaware, without regard to the conflict of
laws provisions of such State.

4

 

     In witness whereof, the Company has caused this Warrant to be signed on its behalf, in its
corporate name, by its duly authorized officer, all as of the day and year first above written.

	 	 	 	 	 
	 	O2Diesel Corporation

 	 
	 	By:  	 	 
	 	 	Alan R. Rae 	 
	 	 	Chief Executive Officer 	 

5

 

	 	 	 	 	 

Appendix A

Warrant Exercise Form

     The undersigned hereby irrevocably elects to (i) exercise the within Warrant to purchase
                    
shares of the Common Stock of O2Diesel Corporation, a Delaware corporation, pursuant to
the provisions of Section 1 of the attached Warrant, and hereby makes payment of $                    in
payment therefor, or (ii) exercise this Warrant for the purchase of                     shares of Common Stock,
pursuant to the provisions of Section 2 of the attached Warrant. The undersigned’s execution of
this form constitutes the undersigned’s agreement to all the terms of the Warrant and to comply
therewith.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Signature
	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Print Name:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Signature, if jointly held	 	 
	 
	 	 	 	 	 	 
	 

	 	Print Name:	 	 	 	 
	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 

	 	Date:
	 	 	 	 
	 	 	 	 	 	 	 

6

 

Appendix B

Assignment Form

     For value received                                                             (“Assignor”) hereby sells, assigns and
transfers unto                                                              (“Assignee”) all of Assignor’s right, title and
interest in, to and under Warrant No. W-___ issued by                                                             , dated
                                        .

Dated:                                         

	 	 	 	 	 	 	 
	 	 	Assignor:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Signature
	 	 	 	 
	 

	 	Print Name:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Signature, if jointly held	 	 
	 

	 	Print Name:	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Assignee:	 	 

The undersigned agrees to all of the terms of the Warrant and to comply therewith.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Signature
	 	 	 	 
	 

	 	Print Name:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Signature, if jointly held	 	 
	 

	 	Print Name:	 	 	 	 
	 	 	 	 	 	 	 

7exv10w3

 

EXHIBIT 10.3

CENTEX CORPORATION

EXECUTIVE DEFERRED COMPENSATION PLAN

DEFERRED COMPENSATION AGREEMENT

               This Deferred Compensation Agreement (“Agreement”) is entered into as of
____________,
[200_], by and between ____________ (the “Participant”) and Centex
Corporation (the “Company”).

               WHEREAS, the Company has established the Centex Corporation Executive Deferred Compensation
Plan (which, as amended from time to time, is referred to in this Agreement as the “Plan”), the
purpose of which is to permit Eligible Employees the option to defer receipt of cash compensation;
and

               WHEREAS, the Plan’s Committee has determined that the Participant should receive an award of
non-qualified deferred cash compensation as more fully described herein (“Deferred Cash
Compensation”), subject to the terms and conditions of this Agreement.

               NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, the
Participant and the Company agree as follows:

SECTION 1. The Plan.

               The Plan is incorporated by reference and made a part of this Agreement for all purposes.
This Agreement and the Plan shall govern the rights of the Participant and the Company with respect
to the award of Deferred Cash Compensation described below. In the event of any conflict between
this Agreement and the Plan, this Agreement will control. All capitalized terms used herein,
unless otherwise defined, have the meaning ascribed to such terms in the Plan.

SECTION 2. Amount of Award.

               The Participant is hereby awarded Deferred Cash Compensation from the Company in the amount of
$______ in accordance with the terms of this Agreement and the Plan. The Deferred Cash
Compensation shall vest as provided in this Agreement.

SECTION 3. Terms of Award.

     3.1. Account. The Committee shall cause an Account to be kept in the name of the Participant
(or, in the event of the Participant’s death, his or her Beneficiary) which shall reflect the
amount awarded pursuant to Section 2 on the effective date of this Agreement and the value of any
portion of the Deferred Cash Compensation that has vested pursuant to Section 3.4 that is payable
to the Participant or Beneficiary under the Plan. The obligation to pay to the Participant the
Deferred Cash Compensation, with

1

 

the interest provided for in this Agreement, shall be carried on the books of the Company as
an unsecured debt in an Account.

               The Participant acknowledges and agrees that nothing in this Agreement shall be deemed to
create a trust of any nature or kind or create any fiduciary relationship. Neither the
Participant, his or her estate or personal representative(s), nor his or her Beneficiary shall have
any right, title or interest in or to any funds in the Account, which is established by the Company
merely for the purpose of recording such unsecured contractual obligation. Until and except to the
extent that Deferred Cash Compensation hereunder is vested or paid to the Participant or his or her
Beneficiary, the interest of the Participant or the Beneficiary is contingent only and is subject
to forfeiture as provided in Section 3.4 below. All funds in the Account, if any, shall continue
to be part of the general funds of the Company, and title to and beneficial ownership of any
assets, whether cash or investments, which the Company may, in its sole discretion, set aside or
earmark to meet its obligations hereunder shall at all times remain in the Company until paid to
the Participant. Neither the Participant nor any Beneficiary shall under any circumstances acquire
any property interest in any specific assets of the Company.

     3.2. Beneficiary. The Participant may designate a Beneficiary in accordance with the Plan.

     3.3. Interest. The Deferred Cash Compensation shall be credited with interest, compounded
monthly, as of March 31, [200_] and each March 31 thereafter until the Deferred Cash Compensation,
as well as any interest earned and credited to the Account, shall have been distributed in
accordance with the Plan and this Agreement. Appropriate pro-ration shall be made for part year
interest credits. The rate of interest credited from time to time pursuant to this paragraph shall
be the Weighted Average Cost of Funds in effect as of the date of such credit.

     3.4. Vesting. The Participant’s contingent right to receive the Deferred Cash Compensation
(and any interest accrued thereto) shall vest on the dates and in the percentages described below.
Other than as provided in the Plan, the Participant must be an Employee of the Company in good
standing as of the applicable vesting date. The foregoing to the contrary notwithstanding, the
Participant shall be fully vested in all amounts in his or her Account, regardless of the vesting
schedule below or his or her standing with the Company, as of the date of his or her termination of
employment due to his or her death, Disability, or Vested Retirement (or as he or she may otherwise
be entitled under the Plan).

     The Deferred Cash Compensation shall vest in installments such that it is fully vested as of
March 31, [200_], as follows:

2

 

	 	 	 	 	 
	 	 	Vesting Percentage of
	Vesting Dates	 	Deferred Cash Compensation
	June 30, [200_]

	 	 	8.25	%
	September 30, [200_]

	 	 	8.25	%
	December 31, [200_]

	 	 	8.25	%
	March 31, [200_]

	 	 	8.25	%
	June 30, [200_]

	 	 	8.25	%
	September 30, [200_]

	 	 	8.25	%
	December 31, [200_]

	 	 	8.25	%
	March 31, [200_]

	 	 	8.25	%
	June 30, [200_]

	 	 	8.50	%
	September 30, [200_]

	 	 	8.50	%
	December 31, [200_]

	 	 	8.50	%
	March 31, [200_]

	 	 	8.50	%
	 

	 	 	 	 
	 

	 	 	100.00	%
	 

	 	 	 	 

     3.5. Timing and Form of Distribution. If the Participant timely elected and returned to the
Company a properly completed election form, as prescribed by the Committee (an “Election Form”),
the Participant’s vested Deferred Cash Compensation shall be distributed pursuant to the Election
Form, subject to such terms and conditions set forth in such form. If the Participant failed to
timely elect and return or properly complete an Election Form, the Participant’s Deferred Cash
Compensation (and any interest credited thereto) will be distributed in a lump sum in cash, to the
extent vested, on or as soon as administratively practicable after the first to occur of (i) the
date of the Participant’s termination of employment for any reason or (ii) December 31st,
[___] (the 7th year after the year in which this Agreement is entered into by the Company and
the Participant). The foregoing notwithstanding, if the Participant is a “key employee” for
purposes of Section 409A of the Internal Revenue Code (“Section 409A”), payment of his or her
Deferred Cash Compensation (and any interest credited thereto) due to termination of employment for
any reason (other than death) will be delayed until at least six months after such Participant’s
termination date.

               The Participant agrees that the Deferred Cash Compensation will be paid out only to the extent
that it has vested in accordance with this Agreement and the Plan. Any unvested portion of the
Deferred Cash Compensation shall be forfeited and terminate automatically upon termination of
employment of the Participant for any reason (other than death, Disability or Vested Retirement as
described in Section 3.4 above), unless otherwise provided in the Plan.

     3.6. Tax Withholding. The Participant agrees that the Company may take whatever steps the
Company, in its sole discretion, deems appropriate or necessary to satisfy the Company’s state and
federal income tax, social security, Medicare, and other tax withholding obligations arising out of
the award.

3

 

SECTION 4. General Provisions.

     4.1. This Agreement and the Plan express the entire agreement of the parties as to the
Deferred Cash Compensation Award described herein, and all promises, representations,
understandings, arrangements and prior agreements are merged herein and superseded hereby. The
foregoing notwithstanding, this Agreement shall be interpreted, and such Deferred Cash Compensation
shall in all events be deferred and paid, in a manner consistent with Section 409A. The Company
reserves the right, exercisable in its sole discretion, to amend the Plan, this Agreement and the
Participant’s Election Form (without Participant’s consent) in order to accomplish such result.

     4.2. If any of the provisions of this Agreement should be held to be invalid, the remainder
of this Agreement shall not be affected thereby.

     4.3. This Agreement and the Plan shall be governed by and construed in accordance with ERISA,
and to the extent not preempted thereby, the laws of the State of Texas.

               IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement as of the day
and year first written above.

	 	 	 	 	 
	PARTICIPANT	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	CENTEX CORPORATION	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 	 
	 	 
	 

	 	 	 	Date of Signature

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}]]