Document:

Warrant issued by Delphax to Whitebox Delphax, Ltd.

 EXHIBIT 4.7 
 THE WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT (COLLECTIVELY, THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES (COLLECTIVELY, THE “ACTS”). THE SECURITIES MAY NOT BE SOLD, DISTRIBUTED, OFFERED, PLEDGED, ENCUMBERED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF THE FOLLOWING: (1) AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE ACTS COVERING THE TRANSACTION, (2) THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACTS, OR (3) THE COMPANY OTHERWISE
SATISFIES ITSELF THAT REGISTRATION IS NOT REQUIRED UNDER THE ACTS. 
  

			
	Warrant No.: 02	  	Number of Shares:     6,300,000
	Date of Issuance: September 10, 2007	  	(subject to adjustment)

 STOCK PURCHASE WARRANT 
 To Subscribe for and Purchase 
 Common Stock of 
 Delphax Technologies Inc. 
 THIS
CERTIFIES THAT, for value received, Whitebox Delphax, Ltd. (“Investor”), or registered assigns, is entitled to subscribe for and purchase from Delphax Technologies Inc. (the “Company”), a corporation organized and existing under
the laws of the State of Minnesota, at the price specified below (subject to adjustment as noted below) at any time after the date hereof to and including September 10, 2012 (the “Expiration Date”) 6,300,000 (the “Share
Number”) fully paid and nonassessable shares of the Company’s common stock (the “Common Stock”) (subject to adjustment as noted below). This Warrant has been issued pursuant to a Securities Purchase Agreement dated as of
March 26, 2007 by and among the Investor, the other Investors named on the signature pages thereto, the Company and Delphax Technologies Canada Limited (“Delphax Canada”) (as from time to time amended, the “Purchase
Agreement”), pursuant to which, among other things, Delphax Canada agreed to issue its Secured Subordinated Notes in the original principal amount of up to $7,000,000 to the Investor (the “Notes”). 
 The warrant purchase price (subject to adjustment as noted below) shall be $1.28 per share (“Initial Exercise Price”). 

 This Warrant is subject to the following provisions, terms and conditions: 
 1. The rights represented by this Warrant may be exercised by the holder hereof, in whole or in part, by written notice of exercise delivered to the
Company and by the surrender of this Warrant (properly endorsed if required) at the principal office of the Company and upon payment to it by wire transfer, certified check, bank draft or cash of the purchase price for such shares or by cashless
exercise pursuant to paragraph 10 or surrender of Notes pursuant to paragraph 11. The Company agrees that the shares so purchased shall be and are deemed to be issued to the holder hereof 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. Subject to the provisions of the next succeeding paragraph, certificates for the shares of stock so purchased, together with a
check in payment of any fractional share and, in the case of a partial exercise, a new warrant evidencing the shares remaining subject to this Warrant, shall be delivered to the holder hereof within a reasonable time, not exceeding 5 business days,
after the rights represented by this Warrant shall have been so exercised. 
 2. Notwithstanding the foregoing, however, the Company shall
not be required to deliver any certificate for shares of stock upon exercise of this Warrant except in accordance with the provisions, and subject to the limitations, of paragraph 6 hereof. 
 3. The Company represents and warrants that this Warrant has been duly authorized by all necessary corporate action, has been duly executed and delivered
and is a legal and binding obligation 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 according to the terms hereof will, upon issuance, be duly
authorized and issued, fully paid and nonassessable. 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
for the purpose of issue or transfer upon exercise of the subscription 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. The Company further
covenants and agrees that the Company will not, by amendment of its Articles of Incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities 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 items and in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the holder hereof against dilution or other impairment. Without limiting the generality of the foregoing, the Company will not increase the par value of any shares of stock receivable on the exercise of this Warrant above the
amount payable therefor on such exercise. 
 4. The above provisions are, however, subject to the following: 
 (a) The Initial Exercise Price shall, from and after the date of issuance of this Warrant, be subject to adjustment from time to time as hereinafter
provided. Upon each adjustment of the Initial Exercise Price, the holder of this Warrant shall thereafter be entitled to purchase, at the Initial Exercise Price resulting from such adjustment, the number of shares obtained by multiplying the warrant
purchase price in effect immediately prior to such adjustment by the number of shares purchasable pursuant hereto immediately prior to such adjustment and dividing the product thereof by the warrant purchase price resulting from such adjustment.

  

 2 

 (b) Except for (i) options to purchase shares of Common Stock and the issuance of awards of Common
Stock pursuant to key employee and consultant benefit plans adopted by the Company and except for shares of Common Stock issued upon the exercise of such options granted pursuant to such plans (provided that the aggregate number of shares thus
awarded and covered by unexercised options and thus issued pursuant to such options shall not be in excess of 500,000 shares (appropriately adjusted to reflect stock splits, stock dividends, reorganizations, consolidations and similar changes)), and
(ii) issuances of securities as consideration for a merger, acquisition, consolidation or purchase of assets, or in connection with any strategic investments, joint venture or similar commercial relationship (the primary purpose of which is not
to raise equity capital), if and whenever the Company shall issue or sell any shares of its Common Stock for a consideration per share less than the warrant purchase price in effect immediately prior to the time of such issue or sale, then,
forthwith upon such issue or sale, the warrant purchase price shall be reduced to the price (calculated to the nearest cent) determined by dividing (A) an amount equal to the sum of (1) the number of shares of Common Stock outstanding
immediately prior to such issue or sale multiplied by the then existing warrant purchase price, and (2) the consideration, if any, received by the Company upon such issue or sale, by (B) an amount equal to the sum of (1) the number of
shares of Common Stock outstanding immediately prior to such issue or sale and (2) the number of shares of Common Stock thus issued or sold. 
 (c) For the purposes of paragraph (b), the following provisions (i) to (v), inclusive, shall also be applicable: 
 (i) In case at any time the Company shall grant (whether directly or by assumption in a merger or otherwise) any rights to subscribe for or to purchase, or any options for the purchase of, (aa) Common Stock or (bb) any obligations
or any shares of stock of the Company which are convertible into or exchangeable for Common Stock (any of such obligations or shares of stock being hereinafter called “Convertible Securities”) whether or not such rights or options or the
right to convert or exchange any such Convertible Securities are immediately exercisable, and the price per share for which Common Stock is issuable upon the exercise of such rights or options or upon conversion or exchange of such Convertible
Securities (determined by dividing (aa) the total amount, if any, received or receivable by the Company as consideration for the granting of such rights or options, plus the minimum aggregate amount of additional consideration payable to the
Company upon the exercise of such rights or options, plus, in the case of such rights or options which relate to Convertible Securities, the minimum aggregate amount of additional consideration, if any, payable upon the issue or sale of such
Convertible Securities and upon the conversion or exchange thereof, by (bb) the total maximum number of shares of Common Stock issuable upon the exercise of such rights or options or upon the conversion or exchange of all such Convertible
Securities issuable upon the exercise of such rights or options) shall be less than the warrant purchase price in effect immediately prior to the time of the granting of such 

  

 3 

 
rights or options, then the total maximum number of shares of Common Stock issuable upon the exercise of such rights or options or upon conversion or
exchange of the total maximum amount of such Convertible Securities issuable upon the exercise of such rights or options shall (as of the date of granting of such rights or options) be deemed to have been issued for such price per share. Except as
provided in paragraph (f) below, no further adjustments of the warrant purchase price shall be made upon the actual issue of such Common Stock or of such Convertible Securities upon exercise of such rights or options or upon the actual issue of
such Common Stock upon conversion or exchange of such Convertible Securities. 
 (ii) In case the Company shall issue or sell
(whether directly or by assumption in a merger or otherwise) any Convertible Securities, whether or not the rights to exchange or convert thereunder are immediately exercisable, and the price per share for which Common Stock is issuable upon such
conversion or exchange (determined by dividing (aa) the total amount received or receivable by the Company as consideration for the issue or sale of such Convertible Securities, plus the minimum aggregate amount of additional consideration, if
any, payable to the Company upon the conversion or exchange thereof, by (bb) the total maximum number of shares of Common Stock issuable upon the conversion or exchange of all such Convertible Securities) shall be less than the warrant purchase
price in effect immediately prior to the time of such issue or sale, then the total maximum number of shares of Common Stock issuable upon conversion or exchange of all such Convertible Securities shall (as of the date of the issue or sale of such
Convertible Securities) be deemed to be outstanding and to have been issued for such price per share, provided that (x) except as provided in paragraph (f) below, no further adjustments of the warrant purchase price shall be made upon the
actual issue of such Common Stock upon conversion or exchange of such Convertible Securities, and (y) if any such issue or sale of such Convertible Securities is made upon exercise of any rights to subscribe for or to purchase or any option to
purchase any such Convertible Securities for which adjustments of the warrant purchase price have been or are to be made pursuant to other provisions of this paragraph (c), no further adjustment of the warrant purchase price shall be made by
reason of such issue or sale. 
 (iii) In case any shares of Common Stock or Convertible Securities or any rights or options
to purchase any such Common Stock or Convertible Securities shall be issued or sold for cash, the consideration received therefor shall be deemed to be the amount received by the Company therefor, without deduction therefrom of any expenses incurred
or any underwriting commissions, discounts or concessions paid or allowed by the Company in connection therewith. In case any shares of Common Stock or Convertible Securities or any rights or options to purchase any such Common Stock or Convertible
Securities shall be issued or sold for a consideration other than cash, the amount of the consideration other than cash received by the Company shall be deemed to be the fair value of such consideration 

  

 4 

 
as determined by the Board of Directors of the Company, without deducting therefrom of any expenses incurred or any underwriting commissions, discounts or
concessions paid or allowed by the Company in connection therewith. In case any shares of Common Stock or Convertible Securities or any rights or options to purchase such Common Stock or Convertible Securities shall be issued in connection with any
merger or consolidation in which the Company is the surviving corporation, the amount of consideration therefor shall be deemed to be the fair value as determined by the Board of Directors of the Company of such portion of the assets and business of
the non-surviving corporation or corporations as such Board shall determine to be attributable to such Common Stock, Convertible Securities, rights or options, as the case may be. In the event of any consolidation or merger of the Company in which
the Company is not the surviving corporation or in the event of any sale of all or substantially all of the assets of the Company for stock or other securities of any other corporation, the Company shall be deemed to have issued a number of shares
of its Common Stock for stock or securities of the other corporation computed on the basis of the actual exchange ratio on which the transaction was predicated and for a consideration equal to the fair market value on the date of such transaction of
such stock or securities of the other corporation, and if any such calculation results in adjustment of the warrant purchase price, the determination of the number of shares of Common Stock issuable upon exercise of this Warrant immediately prior to
such merger, conversion or sale, for purposes of paragraph (g) below, shall be made after giving effect to such adjustment of the warrant purchase price. 
 (iv) In case the Company shall take a record of the holders of its Common Stock for the purpose of entitling them (aa) to receive a
dividend or other distribution payable in Common Stock or in Convertible Securities, or in any rights or options to purchase any Common Stock or Convertible Securities, or (bb) to subscribe for or purchase Common Stock or Convertible
Securities, then such record date shall be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the
granting of such rights of subscription or purchase, as the case may be. 
 (v) The number of shares of Common Stock
outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock for the purposes of this paragraph (c).

 (d) In case the Company shall (i) declare a dividend upon the Common Stock payable in Common Stock (other than a dividend declared to
effect a subdivision of the outstanding shares of Common Stock, as described in subparagraph (e) below) or Convertible Securities, or in any rights or options to purchase any Common Stock or Convertible Securities, or (ii) declare any
other dividend or make any other distribution upon the Common Stock payable otherwise than out of earnings or earned surplus, then thereafter the holder of this Warrant upon the 

  

 5 

 
exercise hereof will be entitled to receive the number of shares of Common Stock to which such holder shall be entitled upon such exercise, and, in addition
and without further payment therefor, such number of shares of Common Stock, such that upon exercise hereof, such holder would receive such number of shares of Common Stock as a result of each dividend described in clause (i) above and each
dividend or distribution described in clause (ii) above which such holder would have received by way of any such dividend or distribution if continuously since the record date for any such dividend or distribution such holder (i) had been
the record holder of the number of shares of Common Stock then received, and (ii) had retained all dividends or distributions in stock or securities (including Common Stock or Convertible Securities, or in any rights or options to purchase any
Common Stock or Convertible Securities) payable in respect of such Common Stock or in respect of any stock or securities paid as dividends or distributions and originating directly or indirectly from such Common Stock. For the purposes of the
foregoing, a dividend or distribution other than in cash shall be considered payable out of earnings or surplus only to the extent that such earnings or surplus are charged an amount equal to the fair value of such dividend as determined by the
Board of Directors of the Company. 
 (e) In case the Company shall at any time subdivide its outstanding shares of Common Stock into a
greater number of shares, the warrant purchase price in effect immediately prior to such subdivision shall be proportionately reduced, and conversely, in case the outstanding shares of Common Stock of the Company shall be combined into a smaller
number of shares, the warrant purchase price in effect immediately prior to such combination shall be proportionately increased. 
 (f) If
(i) the purchase price provided for in any right or option referred to in clause (i) of paragraph (c), or (ii) the additional consideration, if any, payable upon the conversion or exchange of Convertible Securities referred to in
clause (i) or clause (ii) of paragraph (c), or (iii) the rate at which any Convertible Securities referred to in clause (i) or clause (ii) of paragraph (c) are convertible into or exchangeable for Common Stock
shall change at any time (other than under or by reason of provisions designed to protect against dilution), the warrant purchase price then in effect shall forthwith be increased or decreased to such warrant purchase price which would have obtained
had the adjustments made upon the issuance of such rights, options or Convertible Securities been made upon the basis of (i) the issuance of the number of shares of Common Stock theretofore actually delivered upon the exercise of such options
or rights or upon the conversion or exchange of such Convertible Securities, and the total consideration received therefor, and (ii) the issuance at the time of such change of any such options, rights or Convertible Securities then still
outstanding for the consideration, if any, received by the Company therefor and to be received on the basis of such changed price; and on the expiration of any such option or right or the termination of any such right to convert or exchange such
Convertible Securities, the warrant purchase price then in effect hereunder shall forthwith be increased to such warrant purchase price which would have obtained had the adjustments made upon the issuance of such rights or options or Convertible
Securities been made upon the basis of the issuance of the shares of Common Stock theretofore actually delivered (and the total consideration received therefor) upon the exercise of such rights or options or upon the conversion or exchange of such
Convertible Securities. If the purchase price provided for in any such right or option referred to in clause (i) of paragraph (c) or the rate at which any Convertible Securities referred to in clause (i) or clause (ii) of
paragraph (c) are convertible into 

  

 6 

 
or exchangeable for Common Stock shall decrease at any time under or by reason of provisions with respect thereto designed to protect against dilution, then
in case of the delivery of Common Stock upon the exercise of any such right or option or upon conversion or exchange of any such Convertible Security, the warrant purchase price then in effect hereunder shall forthwith be decreased to such warrant
purchase price as would have obtained had the adjustments made upon the issuance of such right, option or Convertible Securities been made upon the basis of the issuance of (and the total consideration received for) the shares of Common Stock
delivered as aforesaid. 
 (g) If any capital reorganization or reclassification of the capital stock of the Company, or consolidation or
merger of the Company with another corporation, or the sale of all or substantially all of its assets to another corporation shall be effected in such a way that holders of Common Stock shall be entitled to receive stock, securities or assets with
respect to or in exchange for Common Stock, then, as a condition of such reorganization, reclassification, consolidation, merger or sale, lawful and adequate provision shall be made whereby the holder hereof shall thereafter have the right to
purchase and receive, upon the basis and upon the terms and conditions specified in this Warrant and in lieu of the shares of the Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights
represented hereby, such shares of stock, securities or assets as may be issued or payable with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number of shares of such stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented hereby had such reorganization, reclassification, consolidation, merger or sale not taken place, and in any such case appropriate provision shall be made with respect to the
rights and interests of the holder of this Warrant to the end that the provisions hereof (including without limitation provisions for adjustments of the warrant purchase price and of the number of shares purchasable upon the exercise of this
Warrant) shall thereafter be applicable, as nearly as may be, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof. The Company shall not effect any such consolidation, merger or sale, unless prior
to the consummation thereof the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall assume, by written instrument executed and mailed to the registered holder
hereof at the last address of such holder appearing on the books of the Company, the obligation to deliver to such holder such shares of stock, securities or assets as, in accordance with the foregoing provisions, such holder may be entitled to
purchase. 
 (h) Upon any adjustment of the warrant purchase price, then and in each such case the Company shall give written notice thereof,
by first-class mail, postage prepaid, addressed to the registered holder of this Warrant at the address of such holder as shown on the books of the Company, which notice shall state the warrant purchase price resulting from such adjustment and the
increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 
 (i) In case any time: 
 (1)
the Company shall declare any cash dividend on its capital stock at a rate in excess of the rate of the last cash dividend theretofore paid; 
  

 7 

 (2) the Company shall pay any dividend payable in stock upon its capital stock or make
any distribution (other than regular cash dividends) to the holders of its capital stock; 
 (3) the Company shall offer for
subscription pro rata to the holders of its capital stock any additional shares of stock of any class or other rights; 
 (4)
there shall be any capital reorganization, or reclassification of the capital stock of the Company, or consolidation or merger of the Company with, or sale of all or substantially all of its assets to, another corporation; or 
 (5) there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company; 
 then, in any one or more of said cases, the Company shall give written notice, by first-class mail, postage prepaid, addressed to the registered holder of this Warrant
at the address of such holder as shown on the books of the Company, of the date on which (aa) the books of the Company shall close or a record shall be taken for such dividend, distribution or subscription rights, or (bb) such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or winding up, or conversion or redemption shall, or is expected to, take place, as the case may be. Such notice shall also specify the date as of which the holders of capital
stock of record shall participate in such dividend, distribution or subscription rights, or shall be entitled to exchange their capital stock for securities or other property deliverable upon such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding up, or conversion or redemption, as the case may be. Such written notice shall be given at least 20 days prior to the action in question and not less than 20 days prior to the record date or the date
on which the Company’s transfer books are closed in respect thereto. 
 (j) If any event occurs as to which in the opinion of the Board
of Directors of the Company the other provisions of this paragraph 4 are not strictly applicable or if strictly applicable would not fairly protect the purchase rights of the holder of this Warrant or of Common Stock in accordance with the
essential intent and principles of such provisions, then the Board of Directors shall make an adjustment in the application of such provisions, in accordance with such essential intent and principles, so as to protect such purchase rights as
aforesaid. 
 (k) No fractional shares of Common Stock shall be issued upon the exercise of this Warrant, but, instead of any fraction of a
share which would otherwise be issuable, the Company shall pay a cash adjustment (which may be effected as a reduction of the amount to be paid by the holder hereof upon such exercise) in respect of such fraction in an amount equal to the same
fraction of the Market Price per share of Common Stock as of the close of business on the date of the notice required by paragraph l above. “Market Price” shall mean, if the Common Stock is traded on a securities exchange or on the
NASDAQ National Market, the average of the closing 

  

 8 

 
prices of the Common Stock on such exchange or the NASDAQ National Market on the 20 trading days ending on the trading day prior to the date of
determination, or, if the Common Stock is otherwise traded in the over-the-counter market, the average of the closing bid prices on the 20 trading days ending on the trading day prior to the date of determination. If at any time the Common Stock is
not traded on an exchange or the NASDAQ National Market, or otherwise traded in the over-the-counter market, the Market Price shall be deemed to be the higher of (i) the book value thereof as determined by any firm of independent public
accountants of recognized standing selected by the Board of Directors of the Company as of the last day of any month ending within 60 days preceding the date as of which the determination is to be made, or (ii) the fair value thereof determined
in good faith by the Board of Directors of the Company as of a date which is within 15 days of the date as of which the determination is to be made. 
 5. This Warrant shall not entitle the holder hereof to any voting rights or other rights as a shareholder of the Company. 
 6. The holder of this Warrant, by acceptance hereof, agrees to give written notice to the Company before transferring this Warrant or transferring any Common Stock issuable or issued upon the exercise hereof (if and
only if there is no effective Registration Statement) of such holder’s intention to do so, describing briefly the manner of any proposed transfer of this Warrant or such holder’s intention as to the disposition to be made of shares of
Common Stock issuable or issued upon the exercise hereof. If applicable, such holder shall also provide the Company with an opinion of counsel satisfactory to the Company to the effect that the proposed transfer of this Warrant or disposition of
shares may be effected without registration or qualification (under any federal or state law) of this Warrant or the shares of Common Stock issuable or issued upon the exercise hereof. Upon receipt of such written notice and opinion (if applicable)
by the Company, such holder shall be entitled to transfer this Warrant, or to exercise this Warrant in accordance with its terms and dispose of the shares received upon such exercise or to dispose of shares of Common Stock received upon the previous
exercise of this Warrant, all in accordance with the terms of the notice delivered by such holder to the Company, provided that an appropriate legend respecting the aforesaid restrictions on transfer and disposition may be endorsed on this Warrant
or the certificates for such shares. 
 7. Subject to the provisions of paragraph 6 hereof, this Warrant and all rights hereunder are
transferable, in whole or in part, at the principal office of the Company by the holder hereof in person or by duly authorized attorney, upon surrender of this Warrant properly endorsed. Each taker and holder of this Warrant, by taking or holding
the same, consents and agrees that the bearer of this Warrant, when endorsed, 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 by this Warrant, or to the transfer hereof on the books of the Company, any notice to the contrary notwithstanding; but until such transfer on such books, the Company may treat the registered holder hereof as the owner for all
purposes. 
 8. This Warrant is exchangeable, upon the surrender hereof by the holder hereof at the principal office of the Company, for new
Warrants of like tenor representing in the aggregate the right to subscribe for and purchase the number of shares which may be subscribed for and 

  

 9 

 
purchased hereunder, each of such new Warrants to represent the right to subscribe for and purchase such number of shares as shall be designated by said
holder hereof at the time of such surrender. 
 9. The Company covenants and agrees that the holder hereof shall have the rights of an
Investor under the Purchase Agreement and Registration Rights Agreement, each dated as of March 26, 2007 among the Company and the Investors named on the signature pages thereto. 
 10. (a) In addition to and without limiting the rights of the holder of this Warrant under the terms of this Warrant, the holder of this
Warrant shall have the right (the “Conversion Right”) to convert this Warrant or any portion thereof into shares of Common Stock as provided in this paragraph 10 at any time or from time to time prior to its expiration. Upon exercise
of the Conversion Right with respect to a particular number of shares subject to this Warrant (the “Converted Warrant Shares”), the Company shall deliver to the holder of this Warrant, without payment by the holder of any exercise price or
any cash or other consideration, that number of shares of Common Stock equal to the quotient obtained by dividing the Net Value (as hereinafter defined) of the Converted Warrant Shares by the fair market value (as defined in paragraph (c)
below) of a single share of Common Stock, determined in each case as of the Conversion Date (as hereinafter defined). The “Net Value” of the Converted Warrant Shares shall be determined by subtracting the aggregate warrant purchase price
of the Converted Warrant Shares from the aggregate fair market value of the Converted Warrant Shares. Notwithstanding anything in this paragraph 10 to the contrary, the Conversion Right cannot be exercised with respect to a number of Converted
Warrant Shares having a Net Value below $100. No fractional shares shall be issuable upon exercise of the Conversion Right, and if the number of shares to be issued in accordance with the foregoing formula is other than a whole number, the Company
shall pay to the holder of this Warrant an amount in cash equal to the fair market value of the resulting fractional share. 
 (b) For
purposes of this paragraph 10, the “fair market value” of a share of Common Stock as of a particular date shall be its Market Price, calculated as described in paragraph 4(k) hereof (assuming for this purpose that references to
“date of determination” (or words of similar import) in paragraph 4(k) shall be deemed references to “Conversion Date”). 
 11. In addition to and without limiting the rights of the holder of this Warrant, the holder of this Warrant shall have the right to pay the warrant purchase price by surrendering $1.00 of principal amount of Notes for each $1.28 of warrant
purchase price. 
 12. No holder of this Warrant shall have the right to exercise this Warrant, to the extent that after giving effect to
such exercise, such holder (together with such holder’s affiliates) would beneficially own in excess of 4.99% of the shares of the Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing
sentence, the aggregate number of shares of Common Stock beneficially owned by such holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such
sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining, 

  

 10 

 
unexercised portion of this Warrant beneficially owned by such holder and its affiliates and (ii) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by such holder and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, a holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Quarterly
Report on Form 10-Q, Annual Report on Form 10-K or other public filing with the SEC, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or its transfer agent setting forth the
number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the holder of this Warrant, the Company shall, within three (3) business days, confirm orally or in writing to the holder of this
Warrant the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company by the holder of this
Warrant and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The restriction described in this paragraph 12 may be revoked upon 60 days prior written notice by the holder hereof to the
Company. 
 13. No holder of this Warrant shall have the right to exercise this Warrant, to the extent that after giving effect to such
exercise, such holder (together with such holder’s affiliates) would beneficially own in excess of 9.99% of the shares of the Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the
aggregate number of shares of Common Stock beneficially owned by such holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is
being made, but shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such holder and its affiliates and (ii) exercise or conversion of
the unexercised or unconverted portion of any other securities of the Company beneficially owned by such holder and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a
limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, a holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the
Company’s most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K or other public filing with the SEC, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or
its transfer agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the holder of this Warrant, the Company shall, within three (3) business days, confirm orally or
in writing to the holder of this Warrant the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the 

  

 11 

 
conversion or exercise of securities of the Company by the holder of this Warrant and its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. The restriction described in this paragraph 13 may not be revoked. 
 14. All questions concerning this
Warrant will be governed and interpreted and enforced in accordance with the internal law, not the law of conflicts, of the State of Minnesota. 
 15. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, upon the making of an affidavit of the fact that the person claiming the Warrant to be lost, stolen, mutilated or destroyed and on such terms as to indemnity or
otherwise as the Company may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. 

16. Receipt of this Warrant by the holder hereof shall constitute acceptance of and agreement to all of the terms and conditions contained herein.

 [signature page follows] 
  

 12 

 IN WITNESS WHEREOF, Delphax Technologies Inc. has caused this Warrant to be signed by its duly authorized
officer and this Warrant to be dated as of the date first written above. 
  

			
	DELPHAX TECHNOLOGIES INC.
	
	 /s/ Gregory S. Furness

	By:	 	Gregory S. Furness
	Its:	 	Vice President and CFO

 [Signature Page to Warrant] 

 SUBSCRIPTION FORM 
 To be Executed by the Holder of this Warrant if such Holder 
 Desires to Exercise this Warrant in Whole or in
Part: 
 To: Delphax Technologies Inc. (the “Company”) 
 The undersigned
                                        
                                        
                 
 Please insert Social Security or other

 identifying number of Subscriber: 
  

									
		 		  	 	 		  	

 hereby irrevocably elects to exercise the right of purchase represented by this Warrant for, and to purchase
thereunder,                      shares of the Common Stock (the “Common Stock”) provided for therein and [Circle either (a),
(b) or (c)] (a) tenders payment herewith to the order of the Company in the amount of $            , such payment being made as provided on the face of this Warrant;
(b) hereby exercises the Conversion Right as to the number of shares of Common Stock set forth above in accordance with paragraph 10 of the Warrant or (c) tenders Notes in accordance with paragraph 11 of the Warrant. 
 By delivering this exercise notice, the undersigned owner represents and warrants (“X” next to applicable provision): 
  

					
	 ̈	  	1.	  	that it does not now, nor after giving effect to this exercise will it, beneficially own in excess of 4.99% of the outstanding shares of Common Stock of the Company, calculated pursuant to the
provisions of Paragraph 12 of the Warrant; or
			
	 ̈	  	2.	  	that it has provided, at least 60 days prior to the date of this notice of exercise, notice to the Company of its revocation of the application of Paragraph 12 of the Warrant.
			
		  		  	and
			
	 ̈	  	3.	  	that it does not now, nor after giving effect to this exercise will it, beneficially own in excess of 9.99% of the outstanding shares of Common Stock of the Company, calculated pursuant to the
provisions of Paragraph 13 of the Warrant.

  

 14 

 The undersigned requests that certificates for such shares of Common Stock be issued as follows:

  

			
	Name:	 	  

			
		
	Address:	 	  

			
		
	Deliver to:	 	  

			
		
	Address:	 	  

 and, if such number of shares of Common Stock shall not be all the shares of Common Stock purchasable hereunder,
that a new Warrant for the balance remaining of the shares of Common Stock purchasable under this Warrant be registered in the name of, and delivered to, the undersigned at the address stated above. 
 Dated: 
  

					
	Signature	 	  

		 	Note: The signature on this Subscription Form must correspond with the name as written upon the face of this Warrant in every particular, without alteration or enlargement or any
change whatever.

  

 15 

 FORM OF ASSIGNMENT 
 (To Be Signed Only Upon Assignment) 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto this Warrant, and
appoints                                      
                                        
                               to transfer this Warrant on the books of the Company with the
full power of substitution in the premises. 
 Dated:
                             
  

			
	In the presence of:	 	
		
	  
	 	

  

	
	  

	(Signature must conform in all respects to the name of the holder as specified on the face of this Warrant without alteration, enlargement or any change whatsoever, and the signature must be
guaranteed in the usual manner)

  

 16Guaranty by Delphax in favor of Whitebox Delphax, Ltd.

 EXHIBIT 4.8 
 This instrument and the rights and obligations evidenced hereby are subordinate in the manner and to the extent set forth in that certain Subordination Agreement (the “Subordination Agreement”) dated as of September 10, 2007,
by and among Whitebox Delphax, Ltd., Delphax Technologies Inc. (“US Borrower”), Wells Fargo Bank National Association, acting through its Wells Fargo Business Credit operating division (“Wells US”), Delphax Technologies Canada
Limited (“Canadian Borrower”), Wells Fargo Financial Corporation Canada (“Wells Canada”) to (A) the indebtedness (including interest) owed by US Borrower pursuant to that certain Credit and Security Agreement dated as of
September 10, 2007 between US Borrower and Wells US and (B) the indebtedness (including interest) owed by Canadian Borrower pursuant to that certain Credit and Security Agreement dated as of September 10, 2007 between Canadian
Borrower and Wells Canada, as each such Loan and Security Agreement has been and hereafter may be amended, supplemented or otherwise modified from time to time; and each holder of this instrument, by its acceptance hereof, shall be bound by the
provisions of the Subordination Agreement. 
 GUARANTY 
 This Guaranty, dated as of March 26, 2007 (as the same may be amended, restated, supplemented or otherwise modified from time to time the “Guaranty”), is made by Delphax Technologies Inc., a Minnesota
corporation (the “Guarantor”) for the benefit of Whitebox Delphax Ltd., a British Virgin Islands business company (the “Investor”). 
 RECITALS 
 A. Pursuant to that certain Securities Purchase Agreement dated as of March 26, 2007 (as the
same may be amended, restated, modified or supplemented from time to time, the “Purchase Agreement”) among Delphax Technologies Canada Limited (“Delphax Canada”), the Guarantor and the Investor, the Investor has agreed, subject
to the terms and conditions set forth in the Purchase Agreement, to purchase the Secured Subordinated Notes of Delphax Canada in the aggregate principal amount of up to $7,000,000. Such Secured Subordinated Notes, together with any additional
Secured Subordinated Notes issued pursuant to Section 1.6 of the Purchase Agreement, and any Secured Subordinated Notes issued in substitution or exchange for any other Secured Subordinated Note in accordance with the terms of the Purchase
Agreement, as the same may be amended, restated, modified or supplemented from time to time, are collectively called the “Notes” and individually called a “Note”. 
 B. The Investor requires as a condition to the purchase of the Notes that the Guarantor guarantee the Notes and the other Guaranteed Obligations.

 C. Delphax Canada is a wholly-owned subsidiary of the Guarantor and the Guarantor will derive substantial
economic benefit, direct and indirect, from the issuance of the Notes by Delphax Canada pursuant to the terms of the Purchase Agreement. 
 D. The Guarantor has determined that the execution, delivery and performance of this Guaranty are in its best business and pecuniary interest. 
 ACCORDINGLY, the Guarantor, in consideration of the Recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby agrees as follows: 
 1. Definitions. All terms defined in the Purchase Agreement that are not otherwise defined herein shall have the meanings given them in the
Purchase Agreement. 
 2. Indebtedness Guaranteed. The Guarantor hereby absolutely and unconditionally guarantees to the Investor the
full and prompt payment when due, whether at maturity or earlier by reason of acceleration or otherwise, of any and all sums which may become due to the Investor under the terms of the Purchase Agreement or the Notes, including without limitation,
the payment when due, whether at maturity or earlier by reason of acceleration or otherwise, of the principal of, premium, if any, and interest on the Notes, and the due and punctual payment and performance of any and all covenants contained in the
Purchase Agreement or in any Notes (all of said obligations being hereinafter called the “Guaranteed Obligations”). 
 3. Terms
of Guaranty. No act or thing need occur to establish the liability of the Guarantor hereunder. No act or thing, except full payment and discharge of all of the Guaranteed Obligations shall in any way exonerate the Guarantor hereunder or modify,
reduce, limit or release the Guarantor’s liability hereunder. This is an absolute and continuing guaranty of payment of the Guaranteed Obligations and shall continue to be in force and be binding upon the Guarantor until this Guaranty is
revoked prospectively as to future transactions, by written notice actually received by the Investor, and such revocation shall not be effective as to the amount of Guaranteed Obligations existing or committed for at the time of actual receipt of
such notice by the Investor, or as to any renewals, extensions, refinancings or refundings thereof. 
 4. Subrogation, etc. The
Guarantor hereby waives all rights that the Guarantor may now have or hereafter acquire, whether by subrogation, contribution, reimbursement, recourse, exoneration, contract or otherwise, to recover from Delphax Canada or from any property of
Delphax Canada any sums paid under this Guaranty. The Guarantor will not exercise or enforce any right of contribution to recover any such sums from any person who is a co-obligor with Delphax Canada or a guarantor or surety of the Guaranteed
Obligations or from any property of any such person until all of the Guaranteed Obligations shall have been fully paid and discharged. 
  

 - 2 - 

 5. Enforcement Expenses. The Guarantor will pay or reimburse the Investor for all costs, expenses
and reasonable attorneys’ fees paid or incurred by the Investor in endeavoring to collect and enforce the Guaranteed Obligations and in enforcing this Guaranty. 
 6. Investor’s Rights. The Investor shall not be obligated by reason of its acceptance of this Guaranty to engage in any transactions with or for Delphax Canada. Whether or not any existing relationship
between the Guarantor and Delphax Canada has been changed or ended and whether or not this Guaranty has been revoked, the Investor may enter into transactions resulting in the creation or continuance of the Guaranteed Obligations and may otherwise
agree, consent to or suffer the creation or continuance of any of the Guaranteed Obligations, without any consent or approval by the Guarantor and without any prior or subsequent notice to the Guarantor. The Guarantor’s liability shall not be
affected or impaired by any of the following acts or things (which the Investor is expressly authorized to do, omit or suffer from time to time, both before and after revocation of this Guaranty, without consent or approval by or notice to the
Guarantor): (i) any acceptance of collateral security, guarantors, accommodation parties or sureties for any or all of the Guaranteed Obligations; (ii) one or more extensions or renewals of the Guaranteed Obligations (whether or not for
longer than the original period) or any modification of the interest rates, maturities, if any, or other contractual terms applicable to any of the Guaranteed Obligations or any amendment or modification of any of the terms or provisions of any loan
agreement or other agreement under which the Guaranteed Obligations or any part thereof arose; (iii) any waiver or indulgence granted to Delphax Canada, any delay or lack of diligence in the enforcement of the Guaranteed Obligations or any
failure to institute proceedings, file a claim, give any required notices or otherwise protect any of the Guaranteed Obligations; (iv) any full or partial release of, compromise or settlement with, or agreement not to sue, Delphax Canada or any
guarantor or other person liable in respect of any of the Guaranteed Obligations; (v) any release, surrender, cancellation or other discharge of any evidence of the Guaranteed Obligations or the acceptance of any instrument in renewal or
substitution therefor; (vi) any failure to obtain collateral security (including rights of setoff) for the Guaranteed Obligations, or to see to the proper or sufficient creation and perfection thereof, or to establish the priority thereof, or
to preserve, protect, insure, care for, exercise or enforce any collateral security; or any modification, alteration, substitution, exchange, surrender, cancellation, termination, release or other change, impairment, limitation, loss or discharge of
any collateral security; (vii) any collection, sale, lease or disposition of, or any other foreclosure or enforcement of or realization on, any collateral security; (viii) any assignment, pledge or other transfer of any of the Guaranteed
Obligations or any evidence thereof; (ix) any manner, order or method of application of any payments or credits upon the 

  

 - 3 - 

 
Guaranteed Obligations; and (x) any election by the Investor under Section 1111(b) of the United States Bankruptcy Code. The Guarantor waives any
and all defenses and discharges available to a surety, guarantor or accommodation co-obligor, except for the defense of discharge by payment in full of the Guaranteed Obligations. 
 7. Waivers by Guarantor. The Guarantor waives any and all defenses, claims, setoffs and discharges of Delphax Canada, or any other obligor,
pertaining to the Guaranteed Obligations, except the defense of discharge by payment in full. Without limiting the generality of the foregoing, the Guarantor will not assert, plead or enforce against the Investor any defense of waiver, release,
discharge or disallowance in bankruptcy, statute of limitations, res judicata, statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality or unenforceability which may be available to Delphax Canada or any other
person liable in respect of any of the Guaranteed Obligations, or any setoff available against the Investor to Delphax Canada or any other such person, whether or not on account of a related transaction. The Guarantor expressly agrees that the
Guarantor shall be and remain liable for any deficiency remaining after foreclosure of any mortgage or security interest securing the Guaranteed Obligations, whether or not the liability of Delphax Canada or any other obligor for such deficiency is
discharged pursuant to statute or judicial decision. The liability of the Guarantor shall not be affected or impaired by any voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all the assets,
marshalling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar event or proceeding affecting, Delphax Canada or any
of its assets. The Guarantor will not assert, plead or enforce against the Investor any claim, defense or setoff available to the Guarantor against Delphax Canada. The Guarantor waives presentment, demand for payment, notice of dishonor or
nonpayment and protest of any instrument evidencing the Guaranteed Obligations. 
 8. If Payments Set Aside, etc. If any payment
applied by the Investor to the Guaranteed Obligations is thereafter set aside, recovered, rescinded or required to be returned for any reason (including, without limitation, the bankruptcy, insolvency or reorganization of Delphax Canada or any other
obligor), the Guaranteed Obligations to which such payment was applied shall for the purpose of this Guaranty be deemed to have continued in existence, notwithstanding such application, and this Guaranty shall be enforceable as to such Guaranteed
Obligations as fully as if such application had never been made. 
 9. Additional Obligation of Guarantor. The Guarantor’s
liability under this Guaranty is in addition to and shall be cumulative with all other liabilities of the Guarantor to the Investor as guarantor, surety, endorser, accommodation co-obligor or otherwise of any of the Guaranteed Obligations or
obligation of Delphax Canada, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 
  

 - 4 - 

 10. No Duties Owed by Investor. The Guarantor acknowledges and agrees that the Investor
(i) has not made any representations or warranties with respect to, (ii) does not assume any responsibility to the Guarantor for, and (iii) has no duty to provide information to the Guarantor regarding, the enforceability of any of
the Guaranteed Obligations or the financial condition of Delphax Canada or any guarantor. The Guarantor has independently determined the creditworthiness of Delphax Canada and the enforceability of the Guaranteed Obligations and until the Guaranteed
Obligations are paid in full will independently and without reliance on the Investor continue to make such determinations. 
 11.
Miscellaneous. This Guaranty shall be effective upon delivery to the Investor, without further act, condition or acceptance by the Investor, shall be binding upon the Guarantor and the heirs, representatives, successors and assigns of the
Guarantor and shall inure to the benefit of the Investor and its participants, successors and assigns, including, without limitation, each holder from time to time of any of the Notes. Any invalidity or unenforceability of any provision or
application of this Guaranty shall not affect other lawful provisions and application thereof, and to this end the provisions of this Guaranty are declared to be severable. This Guaranty may not be waived, modified, amended, terminated, released or
otherwise changed except by a writing signed by the Guarantor and the Investor. This Guaranty shall be governed by and construed in accordance with the substantive laws (other than conflict laws) of the State of Minnesota. The Guarantor hereby
(i) consents to the personal jurisdiction of the state and federal courts located in the State of Minnesota in connection with any controversy related to this Guaranty; (ii) waives any argument that venue in any such forum is not
convenient, (iii) agrees that any litigation initiated by the Investor or the Guarantor in connection with this Guaranty may be venued in the state or federal courts located in Minneapolis, Minnesota; and (iv) agrees that a final judgment
in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 12. Waiver of Jury Trial. THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, BASED ON OR PERTAINING TO THIS GUARANTY. 
 [signature page follows] 
  

 - 5 - 

 IN WITNESS WHEREOF, this Guaranty has been duly executed by the Guarantor as of the date first written
above. 
  

			
	DELPHAX TECHNOLOGIES INC.
		
	By	 	 /s/ Gregory S. Furness

	Its	 	Chief Financial Officer
	
	Address:
	6100 West 110th Street
	Bloomington, Minnesota 55438
	Attention: Chief Financial Officer

  

 - 6 - 

 [Signature Page to Guaranty] 
  

 - 7 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]