Document:

FY2000 10K Ex4.53

Exhibit 4.53

The Warrant and the securities issuable upon exercise of
this Warrant (the "Securities") have not been registered under the
Securities Act of 1933 (the "Securities Act") or under any state
securities or Blue Sky laws ("Blue Sky Laws").  No transfer, sale,
assignment, pledge, hypothecation or other disposition of this Warrant or the
Securities or any interest therein may be made except (a) pursuant to an
effective registration statement under the Securities Act and any applicable
Blue Sky Laws or (b) if the Company has been furnished with both an opinion of
counsel for the holder, which opinion and counsel shall be reasonably
satisfactory to the Company, to the effect that no registration is required
because of the availability of an exemption from registration under the
Securities Act and applicable Blue Sky Laws, and assurances that the transfer,
sale, assignment, pledge, hypothecation or other disposition will be made only
in compliance with the conditions of any such registration or exemption.

WARRANT TO PURCHASE SHARES OF COMMON STOCK

OF POPMAIL.COM, INC.

Warrant No. ___Irving, Texas

December 21, 2000

This certifies that, for value received, The Shaar Fund, or
its successors or assigns ("Holder") is entitled to purchase from
PopMail.com, inc. (the "Company") One Hundred Thousand (100,000) fully
paid and nonassessable shares (the "Shares") of the Company's Common
Stock, $.01 par value (the "Common Stock"), at any time from the date
hereof until December 21, 2005 (the "Warrant Exercise Period"), at an
exercise price per share of 120% of the Market Price (as defined below) (the
"Exercise Price"), subject to adjustment as herein provided.
"Market Price" shall mean the lower of (i) the lowest trade of
the Company's Common Stock as reported by Nasdaq or (ii) the lowest price for
which the Company sells a share of Common Stock, each determined during the
period commencing thirty (30) days prior to the date hereof and ending thirty
(30) days after the date hereof.

This Warrant is subject to the following provisions, terms
and conditions:

1.Exercise of Warrant.  The rights represented by this Warrant
may be exercised by the Holder, in whole or in part (but not as to a fractional
share of Common Stock), by the surrender of this Warrant (properly endorsed, if
required, at the Company's principal office in Irving, Texas, or such other
office or agency of the Company as the Company may designate by notice in
writing to the Holder at the address of such Holder appearing on the books of
the Company at any time within the period above named), and upon payment to it
by certified check, bank draft or cash of the purchase price for such Shares.
The Company agrees that the Shares so purchased shall have and are 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 as aforesaid.  Certificates for the Shares of
Common Stock so purchased shall be delivered to the Holder within a reasonable
time, not exceeding ten (10) days, after the rights represented by this Warrant
shall have been so exercised, and, unless this Warrant has expired, a new
Warrant representing the number of Shares, if any, with respect to which this
Warrant shall not then have been exercised shall also be delivered to the Holder
within such time.  The Company may require that any such new Warrant or any
certificate for Shares purchased upon the exercise hereof bear a legend
substantially similar to that which is contained on the face of this
Warrant.

2.Transferability of this Warrant.  This Warrant is issued
upon the following terms, to which each Holder consents and agrees:

(a)Until this Warrant is transferred on the books of the
Company, the Company will treat the Holder of this Warrant registered as such on
the books of the Company as the absolute owner hereof for all purposes without
being affected by any notice to the contrary.

(b)This Warrant may not be exercised, and this Warrant
and the Shares underlying this Warrant shall not be transferable, except in
compliance with all applicable state and federal securities laws, regulations
and orders, and with all other applicable laws, regulations and orders.

(c)Prior to making any disposition of this Warrant or of
any of the Shares underlying this Warrant, the Holder will give written notice
to the Company describing the manner of any such proposed disposition.  The
Warrant may not be transferred, and the Shares may not be transferred, without
the Holder obtaining an opinion of counsel satisfactory in form and substance to
the Company's counsel stating that the proposed transaction will not result in a
prohibited transaction under the Securities Act, and applicable Blue Sky laws.
By accepting this Warrant, the Holder agrees to act in accordance with any
conditions reasonably imposed on such transfer by such opinion of counsel.

(d)Neither this issuance of this Warrant nor the issuance
of the Shares underlying this Warrant have been registered under the Securities
Act.

3.Certain Covenants of the Company.  The Company covenants and
agrees that all Shares which may be issued upon the exercise of the rights
represented by this Warrant, upon issuance and full payment for the Shares so
purchased, will be duly authorized and issued, fully paid and nonassessable and
free from all taxes, liens and charges with respect to the issue hereof, except
those that may be created by or imposed upon the Holder or its property, and
without limiting the generality of the foregoing, the Company covenants and
agrees that it will from time to time take all such actions as may be requisite
to assure that the par value per share of the Common Stock is at all times equal
to or less than the effective purchase price per share of the Common Stock
issuable pursuant to this Warrant.  The Company further covenants and agrees
that during the period within which the rights represented by this Warrant may
be exercised, the Company will at all times have authorized and reserved free of
preemptive or other rights for the exclusive purpose of issue upon exercise of
the purchase rights evidenced by this Warrant, a sufficient number of shares of
its Common Stock to provide for the exercise of the rights represented by this
Warrant.

4.Adjustment of Exercise Price and Number of Shares.  The
Exercise Price and number of Shares are subject to the following
adjustments:

(a)Adjustment of Exercise Price for Stock
Dividend, Stock Split or Stock Combination.  In the event that (i) any
dividends on any class of stock of the Company payable in Common Stock or
securities convertible into or exercisable for Common Stock ("Common Stock
Equivalents") shall be paid by the Company, (ii) the Company shall
subdivide its then outstanding shares of Common Stock into a greater number of
shares, or (iii) the Company shall combine its outstanding shares of Common
Stock, by reclassification or otherwise, then, in any such event, the Exercise
Price in effect immediately prior to such event shall (until adjusted again
pursuant hereto) be adjusted immediately after such event to a price (calculated
to the nearest full cent) determined by dividing (a) the number of shares of
Common Stock outstanding immediately prior to such event, multiplied by the then
existing Exercise Price, by (b) the total number of shares of Common Stock
outstanding immediately after such event, and the resulting quotient shall be
the adjusted Exercise Price per share.  No adjustment of the Exercise Price
shall be made if the amount of such adjustment shall be less than $.05 per
share, but in such case any adjustment that would otherwise be required then to
be made shall be carried forward and shall be made at the time and together with
the next subsequent adjustment which, together with any adjustment or
adjustments so carried forward, shall amount to not less than $.05 per
share.

(b)Adjustment of Number of Shares Purchasable on
Exercise of Warrants.  Upon each adjustment of the Exercise Price pursuant
to this Section, the Holder shall thereafter (until another such adjustment) be
entitled to purchase at the adjusted Exercise Price the number of shares,
calculated to the nearest full share, obtained by multiplying the number of
shares specified in such Warrant (as adjusted as a result of all adjustments in
the Exercise Price in effect prior to such adjustment) by the Exercise Price in
effect prior to such adjustment and dividing the product so obtained by the
adjusted Exercise Price.

(c)Notice as to Adjustment.  Upon any adjustment
of the Exercise Price and any increase or decrease in the number of shares of
Common Stock purchasable upon the exercise of the Warrant, then, and in each
such case, the Company within thirty (30) days thereafter shall give written
notice thereof, by first class mail, postage prepaid, addressed to each Holder
as shown on the books of the Company, which notice shall state the adjusted
Exercise Price and the increased or decreased number of shares purchasable upon
the exercise of the Warrants, and shall set forth in reasonable detail the
method of calculation and the facts upon which such calculation is based.

(d)Effect of Reorganization, Reclassification, Merger,
etc.  If at any time while any Warrant is outstanding there should be any
capital reorganization of the capital stock of the Company (other than the
issuance of any shares of Common Stock in subdivision of outstanding shares of
Common Stock by reclassification or otherwise and other than a combination of
shares provided for in Section 4(a) hereof), or any consolidation or merger of
the Company with another corporation, or any sale, conveyance, lease or other
transfer by the Company of all or substantially all of its property to any other
corporation, which is effected in such a manner that the holders of Common Stock
shall be entitled to receive cash, stock, securities, or assets with respect to
or in exchange for Common Stock, then, as a part of such transaction, lawful
provision shall be made so that each Holder shall have the right thereafter to
receive, upon the exercise hereof, the number of shares of stock or other
securities or property of the Company, or of the successor corporation resulting
from such consolidation or merger, or of the corporation to which the property
of the Company has been sold, conveyed, leased or otherwise transferred, as the
case may be, which the Holder would have been entitled to receive upon such
capital reorganization, reclassification of capital stock, consolidation,
merger, sale, conveyance, lease or other transfer, if such Warrant had been
exercised immediately prior to such capital reorganization, reclassification of
capital stock, consolidation, merger, sale, conveyance, lease or other transfer.
In any such case, appropriate adjustments (as determined by the Board of
Directors of the Company) shall be made in the application of the provisions set
forth in this Warrant (including the adjustment of the Exercise Price and the
number of Shares issuable upon the exercise of the Warrants) to the end that the
provisions set forth herein shall thereafter be applicable, as near as
reasonably may be, in relation to any shares or other property thereafter
deliverable upon the exercise of the Warrants as if the Warrants had been
exercised immediately prior to such capital reorganization, reclassification of
capital stock, such consolidation, merger, sale, conveyance, lease or other
transfer and the Warrant Holders had carried out the terms of the exchange as
provided for by such capital reorganization, consolidation or merger.  The
Company shall not effect any such capital reorganization, consolidation, merger
or transfer unless, upon or prior to the consummation thereof, the successor
corporation or the corporation to which the property of the Company has been
sold, conveyed, leased or otherwise transferred shall assume by written
instrument the obligation to deliver to each Holder such shares of stock,
securities, cash or property as in accordance with the foregoing provisions such
Holder shall be entitled to purchase.

5.No Rights as Stockholders.  This Warrant shall not entitle
the Holder as such to any voting rights or other rights as a stockholder of the
Company.

 

6.Governing Law.  This Warrant shall be governed by and
construed in accordance with the laws of the State of Minnesota.

7.Amendments and Waivers.  The provisions of this Warrant may
not be amended, modified or supplemented, and waiver or consents to departures
from the provisions hereof may not be given, unless the Company agrees in
writing and has obtained the written consent of the Holders.

8.Notices.  All notices or communications hereunder, except as
herein otherwise specifically provided, shall be in writing and if sent to the
Holder shall be mailed, delivered, or telefaxed and confirmed to the Holder at
his or her address set forth on the records of the Company; or if sent to the
Company shall be mailed, delivered, or telefaxed and confirmed to PopMail.com,
inc., 1333 Corporate Drive, Suite 350, Irving, TX  75038 or to such other
address as the Company or the Holder shall notify the other as provided in this
Section.

IN WITNESS WHEREOF, PopMail.com, inc. has caused this Warrant
to be signed by its duly authorized officer in the date set forth above.

PopMail.com, inc.

By:___________________________________

Its:________________________________

SUBSCRIPTION FORM

To be signed only upon exercise of Warrant.

The undersigned, the holder of the within Warrant, hereby
irrevocably elects to exercise the purchase right represented by such Warrant
for, and to purchase thereunder, ___________________________________________ of
the shares of Common Stock of PopMail.com, inc. (the "Shares")  to
which such Warrant relates and herewith makes payment of $______ therefor
in cash, certified check or bank draft and requests that a certificate
evidencing the Shares be delivered to, _______________________________, the
address for whom is set forth below the signature of the undersigned:

Dated: ____________________

 

(Signature)

(Address)

ASSIGNMENT FORM

To be signed only upon authorized transfer of Warrant.

FOR VALUE RECEIVED, the undersigned hereby sells, assigns,
and transfers unto _____________________________________ the right to purchase
shares of Common Stock of PopMail.com, inc. to which the within Warrant relates
and appoints ____________________ attorney, to transfer said right on the books
of _________________ with full power of substitution in the premises.

Dated: ____________________

(Signature)

(Address)FY2000 10K Ex4.54

Exhibit 4.54

Schedule of Warrants

Issued in Connection with Convertible Secured Debt
Financing

 

 

Date of         Name of                 Warrant Number          Expiration Date
Issuance        Warrant Recipient       No.     Shares

12/01/00        GSI Ventures, LLC       GSI-1   200,000         12/01/05

12/08/00        GSI Ventures, LLC       GSI-2    50,000         12/08/05

12/13/00        GSI Ventures, LLC       GSI-3    50,000         12/13/05

12/15/00        GSI Ventures, LLC       GSI-4    50,000         12/15/05

12/21/00        The Shaar Fund, Ltd.    GSI-5   100,000         12/21/05

02/08/01        GSI Ventures, LLC       GSI-6    35,000         02/08/06

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