Document:

Exhibit 10.6

 

FORM OF 2003 STOCK OPTION AND
INCENTIVE PLAN NON-STATUTORY STOCK OPTION AGREEMENT (1 YEAR VESTING
SCHEDULE)

 

ACUSPHERE, INC.

NON-STATUTORY STOCK OPTION AGREEMENT

 

Acusphere,
Inc. (the “Company”) hereby grants the following stock option pursuant
to its 2003 Stock Option and Incentive Plan. The terms and conditions attached
hereto are also a part hereof.

 

	
  Name of optionee
  (the “Optionee”):

  	
   

  
	
   

  	
   

  
	
  Date of this
  option grant:

  	
   

  
	
   

  	
   

  
	
  Number of shares
  of the Company’s Common Stock subject to this option (“Shares”):

  	
   

  
	
   

  	
   

  
	
  Option exercise
  price per share:

  	
   

  
	
   

  	
   

  
	
  Shares that are
  subject to vesting schedule:

  	
   

  
	
   

  	
   

  
	
  Vesting Start
  Date:

  	
   

  

 

Vesting
Schedule:

 

	
  Vesting Start
  Date:

  	
  0%

  
	
   

  	
   

  
	
  On or after [ ]
  but prior to [ ]:

  	
  8.33% per month

  
	
   

  	
   

  
	
  On or after [ ]:

  	
  100% [one year after Vesting Start Date]

  
	
   

  	
   

  
	
  All vesting is
  dependent on the continuation of a Business Relationship with the Company, as
  provided herein.

  
	
  Payment
  alternatives:

  	
  Section 7(a)
  (i) through (iii)

  

 

This
option satisfies in full all commitments that the Company has to the Optionee
with respect to the issuance of stock, stock options or other equity
securities.

 

	
   

  	
   

  	
  Acusphere, Inc.

  
	
   

  	
   

  	
   

  
	
  Signature of
  Optionee

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name of Officer:

  
	
  Street Address

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
  City/State/Zip
  Code

  	
   

  	
   

  	
   

  

 

 

ACUSPHERE, INC.

 

NON-STATUTORY STOCK OPTION AGREEMENT — INCORPORATED
TERMS AND CONDITIONS

 

1.             Grant
Under Plan.  This option is granted
pursuant to and is governed by the Company’s 2003 Stock Option and Incentive
Plan (the “Plan”) and, unless the context otherwise requires, terms used
herein shall have the same meaning as in the Plan.

 

2.             Grant
as Non-Qualified Stock Option.  This
option is a non-statutory stock option and is not intended to qualify as an
incentive stock option under Section 422 of the Internal Revenue Code of
1986, as amended, and the regulations thereunder (the “Code”).

 

3.             Vesting
of Option.

 

(a)           Vesting
if Business Relationship Continues. The Optionee may exercise this option
on or after the date of this option grant for the number of shares of Common Stock,
if any, set forth on the cover page hereof. If the Optionee has continuously
maintained a Business Relationship (as defined below) with the Company through
the dates listed on the vesting schedule set forth on the cover page
hereof, the Optionee may exercise this option for the additional number of
shares of Common Stock set opposite the applicable vesting date. Notwithstanding
the foregoing, the Board may, in its discretion, accelerate the date that any
installment of this option becomes exercisable. The foregoing rights are
cumulative and may be exercised only before the date which is ten years from
the date of this option grant.

 

(b)           Definitions.
The following definitions shall apply:

 

“Business Relationship” means service to the
Company or its successor in the capacity of an employee, officer, director or
consultant.

 

“Cause” means: (i) gross negligence or willful
malfeasance in the performance of the Optionee’s work or a breach of fiduciary
duty or confidentiality obligations to the Company by the Optionee; (ii)
failure to follow the proper directions of the Optionee’s direct or indirect
supervisor after written notice of such failure; (iii) the commission by the
Optionee of illegal conduct relating to the Company; (iv) disregard by the
Optionee of the material rules or material policies of the Company which has
not been cured within 15 days after notice thereof from the Company; or (v)
intentional acts on the part of the Optionee that have generated material
adverse publicity toward or about the Company.

 

4.             Termination
of Business Relationship.

 

(a)           Termination.  If the Optionee’s Business Relationship with
the Company ceases, voluntarily or involuntarily, with or without cause, no
further installments of this

 

2

 

option
shall become exercisable, and this option shall expire (may no longer be
exercised) after the passage of sixty days from the date of termination, but in
no event later than the scheduled expiration date. Any determination under this
agreement as to the status of a Business Relationship or other matters referred
to above shall be made in good faith by the Board of Directors of the Company.

 

(b)           Employment
Status. For purposes hereof, with respect to employees of the Company,
employment shall not be considered as having terminated during any leave of absence if such leave of absence has been approved
in writing by the Company and if such written approval contractually obligates
the Company to continue the employment of the Optionee after the approved
period of absence; in the event of such an approved leave of absence, vesting
of this option shall be suspended (and the period of the leave of absence shall
be added to all vesting dates) unless otherwise provided in the Company’s
written approval of the leave of absence. For purposes hereof, a termination of
employment followed by another Business Relationship shall be deemed a
termination of the Business Relationship with all vesting to cease unless the
Company enters into a written agreement related to such other Business
Relationship in which it is specifically stated that there is no termination of
the Business Relationship under this agreement. This option shall not be
affected by any change of employment within or among the Company and its
Subsidiaries so long as the Optionee continuously remains an employee of the
Company or any Subsidiary.

 

(c)           Termination
for Cause.  If the Business
Relationship of the Optionee is terminated for Cause (as defined above), this
option may no longer be exercised from and after the Optionee’s receipt of
written notice of such termination.

 

5.             Death;
Disability.

 

(a)           Death.  Upon the death of the Optionee while the
Optionee is maintaining a Business Relationship with the Company, this option
may be exercised, to the extent otherwise exercisable on the date of the
Optionee’s death, by the Optionee’s estate, personal representative or
beneficiary to whom this option has been transferred pursuant to Section 10,
only at any time within 180 days after the date of death, but not later
than the scheduled expiration date.

 

(b)           Disability.  If the Optionee ceases to maintain a Business
Relationship with the Company by reason of his or her disability, this option
may be exercised, to the extent otherwise exercisable on the date of cessation
of the Business Relationship, only at any time within 180 days after such
cessation of the Business Relationship, but not later than the scheduled
expiration date. For purposes hereof, “disability” means “permanent
and total disability” as defined in Section 22(e)(3) of the Code.

 

6.             Partial
Exercise.  This option may be
exercised in part at any time and from time to time within the above limits,
except that this option may not be exercised for a fraction of a share.

 

3

 

7.             Payment
of Exercise Price.

 

(a)           Payment
Options.  The exercise price shall be
paid by one or any combination of the following forms of payment that are
applicable to this option, as indicated on the cover page hereof:

 

(i)            by check
payable to the order of the Company; or

 

(ii)           delivery
of an irrevocable and unconditional undertaking, satisfactory in form and
substance to the Company, by a creditworthy broker to deliver promptly to the
Company sufficient funds to pay the exercise price, or delivery by the Optionee
to the Company of a copy of irrevocable and unconditional instructions,
satisfactory in form and substance to the Company, to a creditworthy broker to
deliver promptly to the Company cash or a check sufficient to pay the exercise
price; or

 

(iii)          subject
to Section 7(b) below, if the Common Stock is then traded on a national
securities exchange or on the Nasdaq National Market (or successor trading
system), by delivery of shares of Common Stock having a fair market value equal
as of the date of exercise to the option price.

 

In the case of (iii) above, fair market value as of
the date of exercise shall be determined as of the last business day for which
such prices or quotes are available prior to the date of exercise and shall
mean (i) the last reported sale price (on that date) of the Common Stock
on the principal national securities exchange on which the Common Stock is
traded, if the Common Stock is then traded on a national securities exchange;
or (ii) the last reported sale price (on that date) of the Common Stock on
the Nasdaq National Market (or successor trading system), if the Common Stock
is not then traded on a national securities exchange.

 

(b)           Limitations
on Payment by Delivery of Common Stock. 
If Section 7(a)(iii) is applicable, and if the Optionee delivers
Common Stock held by the Optionee (“Old Stock”) to the Company in full
or partial payment of the exercise price and the Old Stock so delivered is
subject to restrictions or limitations imposed by agreement between the
Optionee and the Company, an equivalent number of Shares shall be subject to
all restrictions and limitations applicable to the Old Stock to the extent that
the Optionee paid for the Shares by delivery of Old Stock, in addition to any
restrictions or limitations imposed by this agreement. Notwithstanding the
foregoing, the Optionee may not pay any part of the exercise price hereof by
transferring Common Stock to the Company unless such Common Stock has been
owned by the Optionee free of any substantial risk of forfeiture for at least
six months.

 

8.             Securities
Laws Restrictions on Resale. Until registered under the Securities Act of
1933, as amended, or any successor statute (the “Securities Act”), the
Shares will be illiquid

 

4

 

and will be deemed to be “restricted
securities” for purposes of the Securities Act. Accordingly, such shares must
be sold in compliance with the registration requirements of the Securities Act
or an exemption therefrom and may need to be held indefinitely. Unless the
Shares have been registered under the Securities Act, each certificate
evidencing any of the Shares shall bear a restrictive legend specified by the
Company.

 

9.             Method
of Exercising Option.  Subject to the
terms and conditions of this agreement, this option may be exercised by written
notice to the Company at its principal executive office, or to such transfer
agent as the Company shall designate. Such notice shall state the election to
exercise this option and the number of Shares for which it is being exercised
and shall be signed by the person or persons so exercising this option. Such
notice shall be accompanied by payment of the full purchase price of such
shares, and the Company shall deliver a certificate or certificates
representing such shares as soon as practicable after the notice shall be
received. Such certificate or certificates shall be registered in the name of
the person or persons so exercising this option (or, if this option shall be exercised
by the Optionee and if the Optionee shall so request in the notice exercising
this option, shall be registered in the name of the Optionee and another person
jointly, with right of survivorship). In the event this option shall be
exercised, pursuant to Section 5 hereof, by any person or persons other
than the Optionee, such notice shall be accompanied by appropriate proof of the
right of such person or persons to exercise this option.

 

10.           Option
Not Transferable.  This option is not
transferable or assignable except by will or by the laws of descent and
distribution. During the Optionee’s lifetime only the Optionee can exercise
this option.

 

11.           No
Obligation to Exercise Option.  The
grant and acceptance of this option imposes no obligation on the Optionee to
exercise it.

 

12.           No
Obligation to Continue Business Relationship.  Neither the Plan, this agreement, nor the
grant of this option imposes any obligation on the Company to continue the
Optionee in employment or other Business Relationship.

 

13.           Adjustments.  Except as is expressly provided in the Plan
with respect to certain changes in the capitalization of the Company, no
adjustment shall be made for dividends or similar rights for which the record
date is prior to such date of exercise.

 

14.           Withholding
Taxes.  If the Company in its
discretion determines that it is obligated to withhold any tax in connection
with the exercise of this option, or in connection with the transfer of, or the
lapse of restrictions on, any Common Stock or other property acquired pursuant
to this option, the Optionee hereby agrees that the Company may withhold from
the Optionee’s wages or other remuneration the appropriate amount of tax. At
the discretion of the Company, the amount required to be withheld may be
withheld in cash from such wages or other remuneration or in kind from the
Common Stock or other property otherwise deliverable to the Optionee on
exercise of this option. The Optionee further agrees that, if the Company does
not withhold an amount from the Optionee’s wages or other remuneration
sufficient to satisfy the

 

5

 

withholding obligation of
the Company, the Optionee will make reimbursement on demand, in cash, for the
amount underwithheld.

 

15.           Lock-up
Agreement. The Optionee agrees that in the event that the Company effects
an underwritten public offering of Common Stock registered under the Securities
Act, the Shares may not be sold, offered for sale or otherwise disposed of,
directly or indirectly, without the prior written consent of the managing
underwriter(s) of the offering, for such period of time after the execution of
an underwriting agreement in connection with such offering that all of the
Company’s then directors and executive officers agree to be similarly
bound.  Any such sale or disposition
shall be made in accordance with the Company’s insider trading policy, as
amended and in effect from time to time.

 

16.           Arbitration.  Any dispute, controversy, or claim arising
out of, in connection with, or relating to the performance of this agreement or
its termination shall be settled by arbitration in the Commonwealth of
Massachusetts, pursuant to the rules then obtaining of the American Arbitration
Association. Any award shall be final, binding and conclusive upon the parties
and a judgment rendered thereon may be entered in any court having jurisdiction
thereof.

 

17.           Provision
of Documentation to Optionee.  By
signing this agreement the Optionee acknowledges receipt of a copy of this
agreement and a copy of the Plan.

 

18.           Miscellaneous.

 

(a)           Notices.  All notices hereunder shall be in writing and
shall be deemed given when sent by mail, if to the Optionee, to the address set
forth below or at the address shown on the records of the Company, and if to
the Company, to the Company’s principal executive offices, attention of the
Corporate Secretary.

 

(b)           Entire
Agreement; Modification.  This
agreement constitutes the entire agreement between the parties relative to the
subject matter hereof, and supersedes all proposals, written or oral, and all
other communications between the parties relating to the subject matter of this
agreement. This agreement may be modified, amended or rescinded only by a
written agreement executed by both parties.

 

(c)           Fractional
Shares. If this option becomes exercisable for a fraction of a share
because of the adjustment provisions contained in the Plan, such fraction shall
be rounded down.

 

(d)           Issuances
of Securities; Changes in Capital Structure. Except as expressly provided
herein or in the Plan, no issuance by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the
number or price of shares subject to this option. No adjustments need be made
for dividends paid in cash or in property other than securities of the Company.
If there shall be any change in the Common Stock of the Company through merger,
consolidation, reorganization,

 

6

 

recapitalization,
stock dividend, stock split, combination or exchange of shares, spin-off,
split-up or other similar change in capitalization or event, the restrictions
contained in this agreement shall apply with equal force to additional and/or
substitute securities, if any, received by the Optionee in exchange for, or by
virtue of his or her ownership of, Shares, except as otherwise determined by
the Board.

 

(e)           Severability.  The invalidity, illegality or unenforceability
of any provision of this agreement shall in no way affect the validity,
legality or enforceability of any other provision.

 

(f)            Successors
and Assigns.  This agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns, subject to the limitations set forth in Section 10
hereof.

 

(g)           Governing
Law.  This agreement shall be
governed by and interpreted in accordance with the laws of the State of
Delaware without giving effect to the principles of the conflicts of laws
thereof.

 

7Exhibit 4.1

 

THIS WARRANT AND
THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED
WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE
144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS
COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

 

WARRANT TO
PURCHASE STOCK

 

	
  Corporation:

  	
   

  	
  RADVIEW SOFTWARE LTD., a company organized under the
  laws of the State of Israel

  
	
  Number of Shares:

  	
   

  	
  352,941

  
	
  Class of Shares:

  	
   

  	
  Ordinary Shares

  
	
  Initial Exercise Price:

  	
   

  	
  $0.17 per share

  
	
  Issue Date:

  	
   

  	
  May 25, 2005

  
	
  Expiration Date:

  	
   

  	
  May 25, 2012

  

 

THIS WARRANT
CERTIFIES THAT, for good and valuable consideration, the receipt of which is
hereby acknowledged, COMERICA BANK or its assignee (“Holder”) is entitled to
purchase the number of fully paid and nonassessable ordinary shares, NIS 0.01
par value per share (the “Shares”) of the company (the “Company”) at the
initial exercise price per Share (the “Warrant Price”) all as set forth above
and as adjusted pursuant to Article 2 of this warrant, subject to the
provisions and upon the terms and conditions set forth in this warrant.

 

ARTICLE 1.    EXERCISE.

 

1.1           Method of Exercise.  Holder may exercise this warrant by
delivering this warrant and a duly executed Notice of Exercise in substantially
the form attached as Appendix 1 to the principal office of the Company.  Unless Holder is exercising the conversion right
set forth in Section 1.2, Holder shall also deliver to the Company a check for
the aggregate Warrant Price for the Shares being purchased.

 

1.2           Conversion Right.  In lieu of exercising this warrant as
specified in Section 1.1, Holder may from time to time convert this warrant, in
whole or in part, into a number of Shares determined by dividing (a) the
aggregate fair market value of the Shares or other securities otherwise
issuable upon exercise of this warrant minus the aggregate Warrant Price of
such Shares by (b) the fair market value of one Share.  The fair market value of the Shares shall be
determined pursuant to Section 1.3.

 

1.3           Fair Market Value.  If the Shares are traded regularly in a
public market, the “fair market value” of a Share shall, for purposes of
Section 1.2 hereof, be the average closing price per Share reported in such
public market for the 10 trading days immediately before Holder delivers its
Notice of Exercise to the Company, and for purposes of Section 2.7 and 3.1
hereof, be the closing price per Share reported in such public market on the
date of determination (or if such date is not a trading day, the immediately
preceding trading day).  If the Shares
are not regularly traded in a public market, the Board of Directors of the Company
shall determine fair market value in its reasonable good faith judgment.

 

1.4           Delivery of Certificate and New
Warrant.  Promptly after Holder
exercises or converts this warrant, the Company shall deliver to Holder
certificates for the Shares acquired and, if this warrant has not been fully
exercised or converted and has not expired, a new warrant representing the
Shares not so acquired.

 

 

1.5           Replacement of Warrants.  On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this warrant and, in the case of loss, theft or destruction, on delivery of an
indemnity agreement reasonably satisfactory in form and amount to the Company
or, in the case of mutilation, on surrender and cancellation of this warrant,
the Company at its expense shall execute and deliver, in lieu of this warrant,
a new warrant of like tenor.

 

1.6           Repurchase on Sale, Merger, or
Consolidation of the Company.

 

1.6.1            “Acquisition.”  For the purpose of this warrant,
“Acquisition” means (a) any sale, license, or other disposition of all or
substantially all of the assets (including intellectual property) of the
Company, or (b) any reorganization, consolidation, merger or sale of the voting
securities of the Company or any other transaction where the holders of the
Company’s securities before the transaction beneficially own less than 50% of
the outstanding voting securities of the surviving entity after the
transaction.

 

1.6.2            Assumption
of Warrant.  If upon the closing of
any Acquisition the successor entity assumes the obligations of this warrant,
then this warrant shall be exercisable for the same securities, cash, and
property as would be payable for the Shares issuable upon exercise of the
unexercised portion of this warrant as if such Shares were outstanding on the
record date for the Acquisition and subsequent closing.  The Warrant Price shall be adjusted
accordingly.  The Company shall use
reasonable efforts to cause the surviving corporation to assume the obligations
of this warrant.

 

1.6.3            Nonassumption.  If upon the closing of any Acquisition the
successor entity does not assume the obligations of this warrant and Holder has
not otherwise exercised this warrant in full, then this warrant shall be deemed
to have been automatically converted pursuant to Section 1.2 and thereafter
Holder shall participate in the Acquisition on the same terms as other holders
of the same class of securities of the Company.

 

ARTICLE 2.  ADJUSTMENTS TO THE SHARES.

 

2.1           Share Dividends, Splits, Etc.  If the Company declares or pays a dividend on
its ordinary shares payable in ordinary shares, or other securities, or
subdivides the outstanding ordinary shares into a greater amount of ordinary
shares, then upon exercise of this warrant, for each Share acquired, Holder
shall receive, without cost to Holder, the total number and kind of securities
to which Holder would have been entitled had Holder owned the Shares of record
as of the date the dividend or subdivision occurred.

 

2.2           Reclassification, Exchange or
Substitution.  Upon any reclassification,
exchange, substitution, or other event that results in a change of the number
and/or class of the securities issuable upon exercise or conversion of this
warrant, Holder shall be entitled to receive, upon exercise or conversion of
this warrant, the number and kind of securities and property that Holder would
have received for the Shares if this warrant had been exercised immediately
before such reclassification, exchange, substitution, or other event.  The Company or its successor shall promptly
issue to Holder a new warrant for such new securities or other property.  The new warrant shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Article 2 including, without limitation, adjustments to
the Warrant Price and to the number of securities or property issuable upon
exercise of the new warrant.  The
provisions of this Section 2.2 shall similarly apply to successive
reclassifications, exchanges, substitutions, or other events.

 

2.3           Adjustments for Combinations, Etc.  If the outstanding Shares are combined or
consolidated, by reclassification or otherwise, into a lesser number of shares,
the Warrant Price shall be

 

 

proportionately
increased. If the outstanding Shares are combined or consolidated, by
reclassification or otherwise, into a greater number of shares, the Warrant
Price shall be proportionately decreased.

 

2.4           No Impairment.  The Company shall not, by amendment of its
Articles of Association or through a 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 to be observed or performed under this warrant by the Company, but
shall at all times in good faith assist in carrying out all the provisions of
this Article 2 and in taking all such action as may be necessary or appropriate
to protect Holder’s rights under this Article against impairment.

 

2.5           Certificate as to Adjustments.  Upon each adjustment of the Warrant Price,
the Company at its expense shall promptly compute such adjustment, and furnish
Holder with a certificate of its Chief Financial Officer setting forth such
adjustment and the facts upon which such adjustment is based.  The Company shall, upon written request,
furnish Holder a certificate setting forth the Warrant Price in effect upon the
date thereof and the series of adjustments leading to such Warrant Price.

 

2.7           Fractional Shares.  No fractional Shares shall be issuable upon
exercise or conversion of the Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share.  If a fractional share interest arises upon
any exercise or conversion of the Warrant, the Company shall eliminate such
fractional share interest by paying Holder the amount computed by multiplying
the fractional interest by the fair market value of a full Share.

 

ARTICLE 3.    REPRESENTATIONS
AND COVENANTS OF THE COMPANY.

 

3.1           Representations and Warranties.  The Company hereby represents and warrants to
the Holder as follows:

 

1.             The initial Warrant Price
referenced on the first page of this warrant is not greater than the fair
market value of the Shares as of the date of this warrant.

 

2.             All Shares which may be issued upon
the exercise of the purchase right represented by this warrant shall, upon
issuance, be duly authorized, validly issued, fully paid and nonassessable, and
free of any liens and encumbrances except for restrictions on transfer provided
for herein or under applicable federal and state securities laws.

 

3.             The Company’s capitalization table
attached to this warrant is true and complete as of its date, and there has
been no material change to the Company’s capitalization since such date.

 

3.2           Notice of Certain Events.  If the Company proposes at any time (a) to
declare any dividend or distribution upon its ordinary shares, whether in cash,
property, shares, or other securities and whether or not a regular cash
dividend; (b) to offer for subscription pro rata to the holders of any class or
series of its shares any additional shares of stock of any class or series or
other rights; (c) to effect any reclassification or recapitalization of
ordinary shares; or (d) to merge or consolidate with or into any other
corporation, or sell, lease, license, or convey all or substantially all of its
assets, or to liquidate, dissolve or wind up, then, in connection with each
such event, the Company shall give Holder (1) at least 20 days prior written
notice of the date on which a record will be taken for such dividend,
distribution, or subscription rights (and specifying the date on which the
holders of ordinary shares will be entitled thereto) or for determining rights
to vote, if any, in respect of the matters referred to in (a) and (b) above;
and (2) in the case of the matters referred to in (c) and (d) above at least 20
days prior written notice of the date when the same will take place (and
specifying the date on which the holders of ordinary shares

 

 

will be entitled to
exchange their ordinary shares for securities or other property deliverable
upon the occurrence of such event).

 

3.3           Information Rights.  So long as the Holder holds this warrant
and/or any of the Shares, the Company shall deliver to the Holder (to the
extent not otherwise filed with the Securities and Exchange Commission pursuant
to the filing requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended) (a) promptly after mailing, copies of all
communications to the shareholders of the Company, (b) within one-hundred and
twenty (120) days after the end of each fiscal year of the Company, the annual
audited financial statements of the Company certified by independent public
accountants of recognized standing and (c) within forty-five (45) days after
the end of each of the first three quarters of each fiscal year, the Company’s
quarterly, unaudited financial statements.

 

3.4           Registration Under Securities Act
of 1933, as amended.  To the extent
that the Company grants incidental, or “Piggyback,” registration rights to any
holder of its equity securities, the Company shall take such actions as Holder
may reasonably request such that Holder shall be entitled to the same
incidental, or “Piggyback,” registration rights with respect to the Shares.

 

ARTICLE 4.    MISCELLANEOUS.

 

4.1           Term: Exercise Upon Expiration.  This warrant is exercisable in whole or in
part, at any time and from time to time on or before the Expiration Date set
forth above.  If this warrant has not
been exercised prior to the Expiration Date, this warrant shall be deemed to
have been automatically exercised on the Expiration Date by “cashless”
conversion pursuant to Section 1.2.

 

4.2           Legends.  This warrant and the Shares shall be
imprinted with a legend in substantially the following form:

 

THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION
THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

4.3           Compliance with Securities Laws on
Transfer.  This warrant and the
Shares issuable upon exercise of this warrant may not be transferred or assigned
in whole or in part without compliance with applicable federal and state
securities laws by the transferor and the transferee (including, without
limitation, the delivery of investment representation letters and legal
opinions reasonably satisfactory to the Company).  The Company shall not require Holder to
provide an opinion of counsel if the transfer is to an affiliate of Holder or,
unless the Company determines after consultation with its counsel regarding applicable
securities laws in effect at the time of such transfer, an opinion of counsel
is necessary, if there is no material question as to the availability of
current information as referenced in Rule 144(c), Holder represents that it has
complied with Rule 144(d) and (e) in reasonable detail, the selling broker
represents that it has complied with Rule 144(f), and the Company is provided
with a copy of Holder’s notice of proposed sale.

 

4.4           Transfer Procedure.  Subject to the provisions of Section 4.3,
Holder may transfer all or part of this warrant or the Shares issuable upon
exercise of this warrant by giving the Company notice of the portion of the
warrant being transferred setting forth the name, address and taxpayer
identification number of the transferee and surrendering this warrant to the
Company for reissuance to the transferee(s) (and Holder, if applicable); provided, however, that Holder may transfer all or
part of this warrant to its affiliates, including, without limitation, Comerica
Incorporated, at any time without notice to the

 

 

Company, and such
affiliate shall then be entitled to all the rights of Holder under this warrant
and any related agreements, and the Company shall cooperate fully in ensuring
that any shares issued upon exercise of this warrant is issued in the name of the
affiliate that exercises the warrant. 
The terms and conditions of this warrant shall inure to the benefit of,
and be binding upon, the Company and the holders hereof and their respective
permitted successors and assigns. Unless the Company is filing financial
information with the SEC pursuant to the Securities Exchange Act of 1934, the
Company shall have the right to refuse to transfer any portion of this warrant
to any person who directly competes with the Company.

 

4.5           Notices.  All notices and other communications from the
Company to the Holder, or vice versa, shall be deemed delivered and effective
when given personally or mailed by first-class registered or certified mail,
postage prepaid, at such address as may have been furnished to the Company or
the Holder, as the case may be, in writing by the Company or such Holder from
time to time.  All notices to the Holder
shall be addressed as follows:

 

Comerica Bank

Attn:  Warrant
Administrator

500 Woodward Avenue, 32nd Floor, MC 3379

Detroit, MI 48226

 

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

 

4.7           Attorneys’ Fees.  In the event of any dispute between the
parties concerning the terms and provisions of this warrant, the party
prevailing in such dispute shall be entitled to collect from the other party
all costs incurred in such dispute, including reasonable attorneys’ fees.

 

4.8           Governing Law.  This warrant shall be governed by and
construed in accordance with the laws of the State of Israel, without giving
effect to conflicts of law principles.

 

 

	
   

  	
   

  	
  RADVIEW SOFTWARE LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ ILAN KINREICH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Ilan Kinreich

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  President and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ CHRISTOPHER DINEEN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Christopher Dineen

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
								

 

Authorized signatories under Corporate Resolutions to
Borrow or an authorized signer(s) under a resolution covering warrants must
sign the warrant.

 

 

APPENDIX 1

 

NOTICE OF EXERCISE

 

1.             The undersigned hereby elects to
purchase               
ordinary shares of RADVIEW SOFTWARE LTD.
pursuant to the terms of the attached warrant, and tenders herewith payment of
the purchase price of such shares in full.

 

1.             The undersigned hereby elects to
convert the attached warrant into shares in the manner specified in the
warrant.  This conversion is exercised
with respect to               
of the shares covered by the warrant.

 

[Strike
paragraph that does not apply.]

 

2.             Please issue a certificate or
certificates representing said shares in the name of the undersigned or in such
other name as is specified below:

 

Comerica Bank

Attn:  Warrant
Administrator

500 Woodward Avenue, 32nd Floor, MC 3379

Detroit, MI 48226

 

3.             The undersigned represents it is
acquiring the shares solely for its own account and not as a nominee for any
other party and not with a view toward the resale or distribution thereof
except in compliance with applicable securities laws.

 

	
  COMERICA BANK or Registered
  Assignee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Signature)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Signature)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Date)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00089-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00089-of-00352.parquet"}]]