Document:

Exhibit 10.7

 

THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OR EXERCISE
OF HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED.  THIS SECURITY AND THE
SECURITIES ISSUABLE UPON CONVERSION OR EXERCISE HEREOF MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT WITH RESPECT HERETO OR THERETO UNDER SAID ACT OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO VIRIUM PHARMACEUTICALS INC. THAT
SUCH REGISTRATION IS NOT REQUIRED.

 

	
  Certificate
  No.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Principal
  Amount

  	
   

  	
  Issue Date: December 12, 2007

  

 

CONVERTIBLE PROMISSORY NOTE

 

FOR VALUE RECEIVED, VIRIUM PHARMACEUTICALS INC., a New York corporation,
located at 116 Village Blvd., Suite 200, Princeton, NJ 08540 (hereinafter
called “Borrower”), hereby promises to pay to                           , located
                             (the “Holder”),
without demand, the sum of                     ,
plus all accrued and unpaid interest, on the earlier of (i) June 12,
2008 or (ii) the closing date of the Next Financing (as defined below),
unless the holder elects to convert this Note as set forth in Article II
(the “Maturity Date”).

 

This Note is one of a duly authorized issue of 12% Convertible
Promissory Notes of the Borrower, in aggregate principal amount of up to Five
Hundred Thousand Dollars ($500,000) (the “Promissory Notes”)
issued pursuant to the Subscription Agreement dated as of the date hereof (the “Subscription Agreement”). 
The Promissory Notes rank equally and ratably without priority over one
another.  No payment, including any
prepayment, shall be made hereunder unless payment, including any prepayment,
is offered with respect to the other Promissory Notes in an amount which bears
the same ratio to the then unpaid principal amount of such Promissory Notes as
the payment made hereon bears to the then unpaid principal amount under this
Note. Unless otherwise separately defined herein, all capitalized terms
used in this Note shall have the same meaning as is set forth in the
Subscription Agreement.  The following
terms shall apply to this Note:

 

ARTICLE I

 

GENERAL PROVISIONS

 

1.1           Interest Rate.  Interest
on the outstanding principal balance of this Note shall accrue, beginning from
the date hereof, at a rate of 12% per annum, compounded quarterly.  Interest on the outstanding principal balance
of the Note shall be computed on the basis of the actual number of days elapsed
and a year of three hundred and sixty (360) days and shall be payable on the
Maturity Date, upon earlier prepayment of this Note or in the form of shares of
New Securities (as defined below), of the Borrower upon conversion of this Note
as set forth in Section 1.2 below.

 

1.2           Conversion.  The Note shall be payable in full on the
Maturity Date, unless previously converted into the Borrower’s New Securities, in
accordance with Article II hereof.

 

1.3           Prepayment.  This Note shall not be subject
to any prepayment by the Company without the consent of the Holder in its sole
discretion.

 

 

ARTICLE
II

 

CONVERSION RIGHTS

 

The Holder shall have the right to convert
the principal and any interest due under this Note into New Securities of the
Borrower as set forth below.

 

2.1.          Conversion into the Borrower’s New
Securities.

 

(a)           Conversion Rights. Upon written
notice to the Borrower as set forth below, the Holder may, at its sole option,
upon the initial closing of the Borrower’s next round of equity financing (the “Next Financing”), convert the entire outstanding principal
hereunder and all interest accrued thereon into such number of shares of fully
paid and non-assessable securities issued by the Borrower (or the parent of the
Borrower, as the case may be) in such financing (the “New
Securities”), that is equal to the quotient of (A) the
outstanding principal hereunder plus all accrued and unpaid interest thereon
divided by (B) the Conversion Price (as defined below).  In addition, in connection with such
conversion, the Holder shall, upon execution by the Holder of the same
transaction documents as the other purchasers of the New Securities (the “Next
Financing Transaction Documents”), receive rights as a purchaser and holder of
New Securities (including, without limitation, customary registration rights)
no less favorable in the aggregate and in any single instance than those
granted to any other purchaser of New Securities.  The Borrower agrees that it has no right to
prevent the Holder from effecting such conversion without the Holder’s consent,
whether by attempting to prepay this Note (whether or not there shall have been
a default hereunder) or otherwise.  The “Conversion Price” shall (i) if the New Securities are
common stock, par value $0.001 per share of the Borrower (the “Common Stock”) (or the common stock of the parent of the Borrower,
as the case may be), be equal to the Common Stock Equivalent Price (as defined
below) or (ii) if the New Securities are convertible capital stock of the Borrower
(or of the parent of the Borrower as the case may be), the Conversion Price
shall be an amount equal to the Common Stock Equivalent Price multiplied by the
number of shares of Common Stock into which one share of such convertible
capital stock is convertible.  If the
Holder does not convert this Note into the Next Financing, then the conversion
rights under this Section 2.1 shall lapse and be of no further force and
effect, provided that the other provisions of this Note shall remain in full
force and effect. The “Common Stock Equivalent
Price” shall initially be $0.80 and shall be adjusted as set forth
in Section 2.1(d) below.

 

(b)           Fractional Shares.  Upon the conversion of this Note, fractional
shares representing New Securities shall be issued only if fractional shares
are issuable in connection with the Next Financing to investors generally.  If no fractional shares are so issuable, then
with respect to any fraction of a share called for upon the conversion of this
Note or any portion hereof, a cash amount equal to such fraction shall be paid
to the Holder.

 

(c)           Conversion Mechanics.

 

(i)            Notice of Next Financing. The Company shall notify
the Holder in writing not less than 5 business days prior to the expected
closing date of the Next Financing (the “Next Financing Closing
Date”).  Such notice shall
include all of the material terms of the proposed Next Financing and shall
include, as promptly as such documents are available, then-current drafts of
the transaction documents for the Next Financing.  Following such notice, the Company shall
provide the Holder with any transaction documents or revised drafts thereof at
the same time that such transaction documents or drafts are made generally
available to the investors in the Next Financing.

 

(ii)           Conversion Notice; Delivery of Share Certificates. The
right of conversion shall be exercised by the Holder by delivering to the
Company, no later than the business day prior to the Next Financing Closing
Date, a conversion notice substantially in the form attached hereto as Exhibit A
(the “Conversion Notice”), appropriately
completed and duly signed together with duly executed counterpart signature pages pursuant
to which the Holder agrees to be bound by the terms of the Next Financing
Transaction Documents, and by 

 

2

 

surrender not later than five (5) business
days thereafter of this original Note (or if the original Note has been lost or
destroyed, an affidavit of Holder in customary form certifying as to such loss
or destruction). Promptly after and subject to the receipt of the Conversion
Notice, the original Note (or if the original Note has been lost or destroyed,
an affidavit of Holder in customary form certifying as to such loss or
destruction) and the duly executed counterpart signature pages to the Next
Financing Transaction Documents, the Company shall issue and deliver, or cause
to be delivered, to the Holder, a certificate or certificates for the number of
shares of New Securities issuable to such Holder in accordance with Section 2.1(a).
Such conversion shall be deemed to have been effected as of the date of consummation
of the Next Financing (the “Conversion Date”),
and the person or persons entitled to receive the shares of New Securities
issuable upon conversion shall be treated for all purposes as the holder or
holders of record of such shares as of the close of business on the Conversion
Date.

 

(d)                                 The
number and kind of shares or other securities to be issued upon conversion
determined pursuant to Section 2.1(a), shall be subject to adjustment from
time to time upon the happening of certain events while this conversion right
remains outstanding, as follows:

 

(i)            Merger, Sale of Assets, etc.  Unless the conversion rights under Section 2.1
of this Note have previously lapsed, and subject to Section 2.1(d)(ii) below,
if the Borrower at any time shall consolidate with or merge into or sell or
convey all or substantially all its assets to any other corporation, this Note,
as to the unpaid principal portion thereof and accrued interest thereon, shall
thereafter be deemed to evidence the right to purchase such number and kind of
shares or other securities and property as would have been issuable or
distributable on account of such consolidation, merger, sale or conveyance,
upon or with respect to the securities subject to the conversion or purchase
right immediately prior to such consolidation, merger, sale or conveyance.  The foregoing provision shall similarly apply
to successive transactions of a similar nature by any such successor or
purchaser.  Without limiting the
generality of the foregoing, the anti-dilution provisions of this Section shall
apply to such securities of such successor or purchaser after any such
consolidation, merger, sale or conveyance.

 

(ii)           Merger with Virium Pharmaceuticals, Inc.
(Delaware).  Notwithstanding Section 2.1(d)(i) above,
upon the consummation of the merger between the Borrower and Virium Merger Sub, Inc.,
a Delaware corporation (“Merger Sub”) in
accordance with that certain Agreement and Plan of Merger dated as of the date
hereof, by and among the Borrower, REIT Americas, Inc., a Maryland
corporation, Virium Pharmaceuticals, Inc., a Delaware corporation (“Virium Delaware”) and Merger Sub, pursuant to which the
Borrower shall become a wholly-owned subsidiary of Virium Delaware, no
adjustment shall be made to the Common Stock Equivalent Price or to the type of
securities or property issuable upon conversion hereof, except that provision
shall be made for this Note to be convertible into the New Securities issued in
the Next Financing of Virium Delaware on the same terms and conditions as it
was previously so convertible into New Securities of the Borrower.

 

(iii)          Reclassification, etc.  If the Borrower at any time shall, by
reclassification or otherwise, change the Common Stock into the same or a
different number of securities of any class or classes that may be issued or
outstanding, this Note, as to the unpaid principal portion thereof and accrued
interest thereon, shall thereafter be deemed to evidence the right to purchase
an adjusted number of such securities and kind of securities as would have been
issuable as the result of such change with respect to the Common Stock
immediately prior to such reclassification or other change.

 

(iv)          Stock Splits, Combinations and Dividends.  If
the shares of Common Stock are subdivided or combined into a greater or smaller
number of shares of Common Stock, or if a dividend is paid on the Common Stock
in shares of Common Stock, the Common Stock Equivalent Price shall be
proportionately reduced in case of subdivision of shares or stock dividend or
proportionately increased in the case of combination of shares, in each such
case by the ratio which the total number of shares of Common Stock outstanding
immediately after such event bears to the total number of shares of Common
Stock outstanding immediately prior to such event.

 

3

 

(e)           Whenever any action is taken pursuant to Section 2.1(d) above, the
Borrower shall promptly mail to the Holder a notice setting forth the
Conversion Price after such adjustment and setting forth a statement of the
facts requiring such adjustment.

 

ARTICLE III

 

EVENT OF DEFAULT

 

3.1           Event of Default.  The occurrence of any of the following events
of default (“Event of Default”) shall, at the
option of the Holder hereof, make all sums of principal and interest then
remaining unpaid hereon and all other amounts payable hereunder immediately due
and payable, upon demand, without presentment, or grace period, all of which
hereby are expressly waived, except as set forth below:

 

(a)           Failure to
Pay Principal or Interest. 
The Borrower fails to pay principal, interest or other sum due under
this Note when due and such failure continues for a period of ten (10) days
after the due date.

 

(b)           Breach of
Covenant.  The Borrower
breaches any material covenant or other term or condition of the Subscription
Agreement or this Note in any material respect and such breach, if capable of
cure, continues for a period of ten (10) business days after written
notice to the Borrower from the Holder.

 

(c)           Breach of
Representations and Warranties. 
Any material representation or warranty of the Borrower made herein, in
the Subscription Agreement, or in any agreement, statement or certificate given
in writing pursuant hereto or in connection therewith shall be false or
misleading in any material respect as of the date made and the Closing Date,
and would otherwise have a material adverse effect on the Borrower.

 

(d)           Receiver or
Trustee.  The Borrower shall
make an assignment for the benefit of creditors, or apply for or consent to the
appointment of a receiver or trustee for it or for a substantial part of its
property or business; or such a receiver or trustee shall otherwise be
appointed.

 

(e)           Judgments.  Any money judgment, writ or similar final
process shall be entered or filed against Borrower or any of its property or
other assets for more than $500,000, and shall remain unvacated, unbonded or
unstayed for a period of forty-five (45) days.

 

(f)            Bankruptcy. 
Bankruptcy, insolvency, reorganization or liquidation proceedings or
other proceedings or relief under any bankruptcy law or any law, or the
issuance of any notice in relation to such event, for the relief of debtors
shall be instituted by or against the Borrower and if instituted against
Borrower are not dismissed within 45 days of initiation.

 

(g)           Failure to
Deliver New Securities. 
Borrower’s failure to timely deliver New Securities to the Holder
pursuant to and in the form required by this Note.

 

3.2           Remedies Upon An Event of Default.  If an Event of Default shall have occurred
and shall be continuing, the Holder of this Note may at any time at its option,
(a) declare the entire unpaid principal balance of this Note, together
with all interest accrued hereon, due and payable, and thereupon, the same
shall be accelerated and so due and payable; provided, however,
that upon the occurrence of an Event of Default described in (i) Sections
3.1(f), without presentment, demand, protest, or notice, all of which are
hereby expressly unconditionally and irrevocably waived by the Borrower, the
outstanding principal balance and accrued interest hereunder shall be
automatically due and payable, and (ii) Sections 3.1(a) through (e) and

 

4

 

Section 3.1(g), the Holder
 may exercise or otherwise enforce any
one or more of the Holder’s rights, powers, privileges, remedies and interests
under this Note or applicable law.  No
course of delay on the part of the Holder shall operate as a waiver thereof or
otherwise prejudice the right of the Holder. 
No remedy conferred hereby shall be exclusive of any other remedy
referred to herein or now or hereafter available at law, in equity, by statute
or otherwise.

 

ARTICLE IV

 

MISCELLANEOUS

 

4.1           Failure or Indulgence Not Waiver.  No failure or delay on the part of Holder
hereof in the exercise of any power, right or privilege hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such
power, right or privilege preclude other or further exercise thereof or of any
other right, power or privilege.  All
rights and remedies existing hereunder are cumulative to, and not exclusive of,
any rights or remedies otherwise available.

 

4.2           Notices.  All notices, demands, requests, consents,
approvals, and other communications required or permitted hereunder shall be in
writing and, unless otherwise specified herein, shall be (i) personally
served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air
courier service with charges prepaid, or (iv) transmitted by hand
delivery, telegram, or facsimile, addressed as set forth below or to such other
address as such party shall have specified most recently by written
notice.  Any notice or other communication
required or permitted to be given hereunder shall be deemed effective (a) upon
hand delivery or delivery by facsimile, with accurate confirmation generated by
the transmitting facsimile machine, at the address or number designated below
(if delivered on a business day during normal business hours where such notice
is to be received),
or the first business day following such delivery (if delivered other than on a
business day during normal business hours where such notice is to be received)
or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur.  The addresses for such communications shall
be the addresses set forth in the Subscription Agreement.

 

4.3           Assignability.  This Note shall be binding upon the Borrower
and its successors and assigns, and shall inure to the benefit of the Holder
and its successors and assigns.  This not
may not be assigned by the Holder without the prior written consent of the
Company, except to an Affiliate of Holder that is an “accredited investor” as
such term is defined in Regulation D under the 1933 Act.

 

4.4           Cost of Collection.  If default is made in the payment of this
Note, Borrower shall pay the Holder hereof reasonable costs of collection,
including reasonable attorneys’ fees.

 

4.5           Remedies, Characterizations, Other
Obligations, Breaches and Injunctive Relief.  The remedies provided in this Note shall be
cumulative and in addition to all other remedies available under this Note, at
law or in equity (including, without limitation, a decree of specific
performance and/or other injunctive relief), no remedy contained herein shall
be deemed a waiver of compliance with the provisions giving rise to such remedy
and nothing herein shall limit a Holder’s right to pursue actual damages for
any failure by the Borrower to comply with the terms of this Note.  Amounts set forth or provided for herein with
respect to payments and the like (and the computation thereof) shall be the
amounts to be received by the Holder. 
The Borrower acknowledges that a breach by it of its obligations
hereunder will cause irreparable and material harm to the Holder and that the
remedy at law for any such breach may be inadequate.  Therefore the Borrower agrees that, in the
event of any such breach or threatened breach, the Holder shall be entitled, in
addition to all other available rights and remedies, at law or in equity, to such
equitable relief, including but not limited to an injunction restraining any
such breach or threatened breach, without the necessity of showing economic
loss and without any bond or other security being required.

 

5

 

4.6           Payment Not Subject to Set-Off.  The Borrower acknowledges that it has no and
will not be permitted to assert any right of set-off or counterclaim with
respect to its obligation to pay the principal and interest as of the Maturity
Date as set forth herein and hereby waives any and all defenses it may have in
the future with respect to such payment, except to the extent that (a) this
Note is converted in accordance with Article II prior to the Maturity
Date, (b) Borrower’s defense is that Borrower has paid all principal and
interest hereon in accordance with the terms hereof or (c) the Holder has expressly
waived its right to such payment in a writing signed by Holder.

 

4.7           Governing Law.  This Note shall be governed by and construed
in accordance with the laws of the State of New York.  Any action brought by either party against
the other concerning the transactions contemplated by this Note shall be
brought only in the state courts of Florida or in the federal courts located in
the state of Florida.  The prevailing
party shall be entitled to recover from the other party its reasonable attorney’s
fees and costs.

 

4.8           Maximum Payments.  Nothing contained herein shall be deemed to
establish or require the payment of a rate of interest or other charges in
excess of the maximum permitted by applicable law.  In the event that the rate of interest
required to be paid or other charges hereunder exceed the maximum permitted by
such law, any payments in excess of such maximum shall be credited against amounts
owed by the Borrower to the Holder and thus refunded to the Borrower.

 

4.9           Shareholder Status.  The Holder shall not have rights as a
shareholder of the Borrower with respect to unconverted portions of this
Note.  However, the Holder will have all
the rights of a shareholder of the Borrower with respect to the shares of New
Securities to be received by Holder after delivery by the Holder of a
Conversion Notice, this original Note and counterpart signature pages to
the Next Financing Transaction Documents duly executed by the Holder and the effectiveness
of conversion in accordance with this Note.

 

[Signature page follows.]

 

6

 

IN WITNESS WHEREOF,
Borrower has caused this Note to be signed in its name by an authorized officer
as of the 12 day of December, 2007.

 

	
   

  	
  VIRIUM
  PHARMACEUTICALS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

7

 

EXHIBIT A

 

FORM OF CONVERSION NOTICE

 

(To be executed by the Holder in order to
convert the Note.)

 

The undersigned hereby irrevocably elects to
convert the Convertible Promissory Note (the “Note”) of Virium Pharmaceuticals
Inc., a New York corporation (the “Company”), held by the undersigned
into shares of New Securities in connection with the Next Financing, according
to the terms and conditions of the Note and the conditions hereof. The
undersigned hereby requests that certificates for the shares of New Securities
to be issued to the undersigned pursuant to this Conversion Notice be issued in
the name of, and delivered to, the undersigned as indicated below. A copy of
the Note being converted is attached hereto together with counterpart signature
pages to the Next Financing Transaction Documents (and the original Note
shall be transmitted to the Corporation pursuant to the terms thereof).  All capitalized terms used in this Conversion
Notice, but not otherwise defined herein shall have the meanings assigned in
the Note.  Execution and delivery of this
Conversion Notice by facsimile shall be valid an binding for all purposes and
shall be effective upon such facsimile transmission.

 

	
   

  	
  Date of
  Notice

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Conversion
  Information:[NAME OF HOLDER]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address of
  Holder:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name of
  Holder

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

Note: Subject to the terms and conditions of
the Note, conversion shall be effected upon consummation of the applicable
financing and the New Securities or Conversion Shares shall be delivered to
Holder only after receipt by the Company of the original Note or an affidavit
of loss in customary form.

 

8Exhibit 10.8

 

NEITHER THIS SECURITY NOR THE SECURITY INTO WHICH
THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.

 

	
  Warrant No.

  	
                           Warrants

  

 

Void after 5:00 p.m.,
Eastern Standard Time on December 12, 2012

 

COMMON STOCK

PURCHASE WARRANT

 

OF

 

VIRIUM
PHARMACEUTICALS INC.

 

VIRIUM PHARMACEUTICALS INC., a New
York corporation (the “Company”), hereby certifies that, for value
received,                 (the “Warrant Holder”) is
the owner of the number of common stock purchase warrants (“Warrants”)
specified above, each of which entitles the holder thereof to purchase, at any
time during the period commencing on the Commencement Date (as defined herein)
and ending on the Expiration Date (as defined herein), one fully paid and
non-assessable share of common stock, par value $0.001 per share, of the
Company (the “Common Stock”) at a purchase price equal to the Exercise
Price (as defined below) in lawful money of the United States of America in
cash, subject to adjustment as hereinafter provided.

 

1.                                       WARRANT; EXERCISE PRICE.

 

1.1                                 This Warrant is issued pursuant
to a Subscription Agreement dated as of the date hereof, by and among the
Company and the Subscribers set forth therein (the “Subscription Agreement”).

 

1.2                                 Each Warrant shall entitle the
Warrant Holder to purchase one share of Common Stock of the Company
(individually, a “Warrant Share” severally, the “Warrant Shares”).

 

 

1.3                                 The purchase price payable upon
exercise of each Warrant (“Exercise Price”) shall initially be $1.00.
The Exercise Price and number of Warrant Shares purchasable pursuant to each
Warrant are subject to adjustment as provided in Section 8.

 

2.                                       EXERCISE OF  WARRANT; EXPIRATION DATE.

 

2.1                                 This Warrant is exercisable at
any time and from time to time commencing the date hereof (“Commencement
Date”) and ending at 5:00 p.m., Eastern Time on December 12, 2012
(the “Expiration Date”), in whole or from time to time in part, at the
option of the Warrant Holder, upon surrender of this Warrant to the Company
together with a duly completed Notice of Exercise in the form attached hereto
and payment of an amount equal to the then applicable Exercise Price multiplied
by the number of Warrant Shares then being purchased upon such exercise.

 

2.2                                 Each exercise of this Warrant
shall be deemed to have been effected immediately prior to the close of
business on the day on which this Warrant shall have been surrendered to the Company
as provided in Section 2.1.  At such
time, the person or persons in whose name or names any certificates for Warrant
Shares shall be issuable upon such exercise as provided in Section 2.3
below shall be deemed to have become the holder or holders of record of the
Warrant Shares represented by such certificates.

 

2.3                                 Within
three business days after the exercise of the purchase right represented by
this Warrant, the Company at its expense
will use its reasonable best efforts to cause to be issued in the name of, and
delivered to, the Warrant Holder, or, subject to the terms and conditions
hereof, to such other individual or entity as such Warrant Holder (upon payment
by such Warrant Holder of any applicable transfer taxes) may direct:

 

(a)                                  a certificate or certificates
for the number of full Warrant Shares to which such Warrant Holder shall be
entitled upon such exercise plus, in lieu of any fractional share to which such
Warrant Holder would otherwise be entitled, cash in an amount determined pursuant
to Section 2.4 hereof, and

 

(b)                                 in case such exercise is in part
only, a new Warrant or Warrants (dated the date hereof) of like tenor, stating
on the face or faces thereof the number of shares currently stated on the face
of this Warrant minus the number of such shares purchased by the Warrant Holder
upon such exercise as provided in Section 2.2 (in each case prior to any
adjustments made thereto pursuant to the provisions of this Warrant).

 

2.4                                 The Company shall not be
required upon the exercise of this Warrant to issue any fractional shares, but
shall make an adjustment thereof in cash on the basis of the “last sale price”
(as defined below) of the Company’s Common Stock on the trading day immediately
prior to the date of exercise.  For
purposes of this Section 2.4, “last sale price” shall mean (i) if the
Common Stock is listed on an Exchange or quoted on the Nasdaq markets or NASD
OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last
sale price of the Common Stock in the principal trading market for the Common
Stock as reported by the Exchange, Nasdaq or the NASD, as the case may be; (ii) if
the Common Stock is not listed on an 

 

2

 

Exchange or quoted on the Nasdaq markets, or
the NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange),
but is traded in the over-the-counter market, the closing bid price for the
Common Stock on the last trading day preceding the date in question for which
such quotations are reported by the Pink Sheets, LLC or similar publisher of
such quotations; and (iii) if the fair market value of the Common Stock
cannot be determined pursuant to clause (i) or (ii) above, such price
as the Board of Directors of the Company shall determine, in good faith, in the
Board’s sole discretion.

 

3.                                       REGISTRATION AND TRANSFER ON
COMPANY BOOKS.

 

3.1                                 The Company (or an agent of the
Company) will maintain a register containing the names and addresses of the
Warrant Holders.  Any Warrant Holder may
change its, his or her address as shown on the warrant register by written
notice to the Company requesting such change.

 

3.2                                 The Company shall register upon
its books any transfer of a Warrant upon surrender of same as provided in Section 5.

 

4.                                       RESERVATION OF SHARES.  The Company will at all times reserve and
keep available, solely for issuance and delivery upon the exercise of this
Warrant, such Warrant Shares and other stock, securities and property, as from
time to time shall be issuable upon the exercise of this Warrant.  As long as the Warrant shall be
outstanding, the Company shall use its commercially reasonable efforts to cause
all Warrant Shares issuable upon exercise of the Warrants to be listed (subject
to official notice of issuance) on each Exchange (or, if applicable on Nasdaq, NASD
OTC Bulletin Board or Pink Sheets, LLC or any successor electronic quotation
service and trading market) on which the Common Stock is then listed and/or
quoted, if any.

 

5.                                       EXCHANGE,
TRANSFER, ASSIGNMENT OR LOSS OR MUTILATION OF 
WARRANTS.  This Warrant is
exchangeable, without expense, at the option of the Warrant Holder, upon
presentation and surrender hereof to the Company for other warrants of
different denominations entitling the holder thereof to purchase in the aggregate
the same number of shares of Common Stock purchasable hereunder.  Subject to the terms of Sections 6 and 7,
upon surrender of this Warrant to the Company at its principal office or at the
office of its transfer agent, if any, with the Assignment Form annexed
hereto duly executed and funds sufficient to pay any transfer tax, the Company
shall, without charge, execute and deliver a new Warrant in the name of the
assignee named in such instrument of assignment and this Warrant shall be
promptly canceled.  Subject to the terms
of Sections 6 and 7, this Warrant may be divided or combined with other
warrants which carry the same rights upon presentation hereof at the principal
office of the Company together with a written notice specifying the names and denominations
in which new Warrants are to be issued and signed by the Warrant Holder
hereof.  The term “Warrant” as used
herein includes any Warrants into which this Warrant may be divided or
exchanged.  Upon receipt by the Company
of reasonable evidence of the ownership of and the loss, theft, destruction or
mutilation of this Warrant and, in the case of loss, theft or destruction, of
indemnity reasonably satisfactory to the Company, or, in the case of
mutilation,

 

3

 

upon surrender and cancellation of the
mutilated Warrant, the Company shall execute and deliver in lieu thereof a new
Warrant of like tenor and date representing an equal number of Warrants.

 

6.                                       LIMITATION
ON EXERCISE AND SALES.

 

(a)                                  Each holder of this Warrant
acknowledges that this Warrant and the Warrant Shares have not been registered
under the Securities Act, as of the date of issuance hereof.  This Warrant only may be transferred in
compliance with this Section 6 and Section 7. The Company shall be
under no obligation to issue the shares covered by such exercise unless and
until the Warrant Holder shall have executed the form of exercise annexed
hereto that states that at the time of such exercise that it is then an “accredited
investor” within the meaning of Rule 501 of Regulation D, is acquiring
such shares for its own account, and will not transfer the Warrant Shares
unless pursuant to an effective and current registration statement under the
Securities Act or an exemption from the registration requirements of the
Securities Act and any other applicable restrictions, in which event the
Warrant Holder shall be bound by the provisions of a legend or legends to such
effect that shall be endorsed upon the certificate(s) representing the
Warrant Shares issued pursuant to such exercise.  In such event, the Warrant Shares issued upon
exercise hereof shall be imprinted with a legend in substantially the form
provided in Section 7(b).

 

(b)                                 Warrant
Holder represents and warrants that it is acquiring this Warrant for its own
account, for purposes of investment, and not with a view to, or for sale in
connection with, any distribution thereof within the meaning of the Securities
Act and the rules and regulations promulgated thereunder.  Warrant Holder represents, warrants and
agrees that it will not sell, exercise, transfer or otherwise dispose of this
Warrant (or any interest therein) or any of the Common Stock purchasable upon
exercise hereof, except pursuant to (i) an effective registration
statement under the Securities Act and applicable state securities laws or (ii) an
opinion of counsel, satisfactory to Company, that an exemption from
registration under the Securities Act and such laws is available.  Warrant Holder further acknowledges and
agrees that Company is not required, legally or contractually, so to register
or qualify the Warrant or such Common Stock or to take any action to make such
an exemption available.  Warrant Holder
understands that Company will be relying upon the truth and accuracy of the
representations and warranties contained in this Section 6 in issuing this
Warrant and such Common Stock without first registering the issuance thereof
under the Securities Act or qualifying or registering the issuance thereof
under any state securities laws that may be applicable.

 

(c)                                  Warrant
Holder acknowledges that (i) there is not now, and there may not be in the
future, any public market for the Warrant, (ii) although there currently
is not a public trading market for the Common Stock, there can be no assurance
that any such market will be created and sustained, and (iii) there can be
no assurance that Warrant Holder will be able to liquidate its investment in
Company.  Warrant Holder represents and
warrants that it is familiar with and understands the terms and conditions of Rule 144
promulgated under the Securities Act.

 

(d)                                 Warrant
Holder represents and warrants to Company that (i) it has such knowledge
and experience in financial and business matters as is necessary to enable it
to evaluate the merits and risks of any investments in Company and is not
utilizing any other person to be a purchaser representative in connection with
evaluation of such merits and risks; and (ii) it 

 

4

 

has no need for liquidity
in an investment in Company and is able to bear the risk of that investment for
an indefinite period and to afford a complete loss thereof.

 

(e)                                  Warrant
Holder represents and warrants that it has had access to, and has been
furnished with, all of the information it has requested from Company and has
had an opportunity to review the books and records of Company and to discuss
with management and members of the board of directors of Company the business
and financial affairs of Company.

 

(f)                                    Warrant
Holder agrees that at the time of each exercise of this Warrant, unless the
issuance of shares of Common Stock issuable thereupon is pursuant to an
effective registration statement under the Securities Act and under applicable
state blue sky laws, Warrant Holder will provide Company with a letter
embodying the representations and warranties set forth in subsections (b) through
(e), in form and substance satisfactory to Company, and agrees that the
certificate(s) representing any shares issued to it upon any exercise of
this Warrant may bear such restrictive legend as Company may deem necessary to
reflect the restricted status of such shares under the Securities Act unless
Company shall have received from Warrant Holder an opinion of counsel to
Warrant Holder, reasonably satisfactory in form and substance to Company and
its counsel, that such restrictive legend is not required.

 

7.                                       TRANSFER
RESTRICTIONS.

 

(a)                                  If,
at the time of the surrender of this Warrant in connection with any transfer of
this Warrant, the transfer of this Warrant shall not be registered pursuant to
an effective registration statement under the Securities Act and under
applicable state securities or blue sky laws, the Company may require, as a
condition of allowing such transfer (i) that the Warrant Holder or
transferee of this Warrant, as the case may be, furnish to the Company a
written opinion of counsel (which opinion shall be in form, substance and scope
customary for opinions of counsel in comparable transactions and reasonably satisfactory
to counsel for the Company) to the effect that such transfer may be made
without registration under the Securities Act and under applicable state
securities or blue sky laws, (ii) that the holder or transferee execute
and deliver to the Company an investment letter in form and substance
acceptable to the Company, (iii) that transferee agree in writing with the
Company to be bound by the terms and conditions of this Warrant applicable to
the Warrant Holder and (iv) that the transferee be an “accredited investor”
as defined in Regulation D promulgated under the Securities Act.

 

(b)                                 The
Common Stock issuable on the exercise of the Warrant shall bear the following
legend:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION,
OR THE SECURITIES COMMISSION OF ANY STATE, IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT

 

5

 

AND IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH
SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

(c)                                  The
Holder acknowledges that the Warrant Shares acquired upon the exercise of this
Warrant, if not registered, will have restrictions upon resale imposed by state
and federal securities laws.

 

8.                                       ADJUSTMENT OF EXERCISE PRICE AND
NUMBER OF SHARES DELIVERABLE.
 The Exercise Price and the number of
Warrant Shares purchasable pursuant to each Warrant shall be subject to
adjustment from time to time as hereinafter set forth in this Section 8:

 

(a)                                  In case, prior to the expiration
of this Warrant by exercise or by its terms, the Company shall issue any shares
of its Common Stock as a stock dividend or subdivide the number of outstanding
shares of its Common Stock into a greater number of shares, then in either of
such cases, the then applicable Exercise Price per Warrant Share purchasable
pursuant to this Warrant in effect at the time of such action shall be
proportionately reduced and the number of Warrant Shares at that time
purchasable pursuant to this Warrant shall be proportionately increased; and
conversely, in the event the Company shall reduce the number of outstanding
shares of Common Stock by combining such shares into a smaller number of
shares, then, in such case, the then applicable Exercise Price per Warrant
Share purchasable pursuant to this Warrant in effect at the time of such action
shall be proportionately increased and the number of Warrant Shares at that
time purchasable pursuant to this Warrant shall be proportionately
decreased.  If the Company shall, at any
time during the life of this Warrant, declare a dividend payable in cash on its
Common Stock and shall at substantially the same time offer to its stockholders
a right to purchase new Common Stock from the proceeds of such dividend or for
an amount substantially equal to the dividend, all Common Stock so issued
shall, for the purpose of this Warrant, be deemed to have been issued as a
stock dividend.  Any dividend paid or
distributed upon the Common Stock in stock of any other class of securities
convertible into shares of Common Stock shall be treated as a dividend paid in
Common Stock to the extent that shares of Common Stock are issuable upon
conversion thereof.

 

(b)                                 In case, prior to the expiration
of this Warrant by exercise or by its terms, the Company shall be recapitalized
by reclassifying its outstanding Common Stock, (other than a change in par
value to no par value), or the corporation or a successor corporation shall
consolidate or merge with or convey all or substantially all of its or of any
successor corporation’s property and assets to any other corporation or
corporations (any such other corporations being included within the meaning of
the term “successor corporation” hereinbefore used in the event of any
consolidation or merger of any such other corporation with, or the sale of all
or substantially all of the property of any such other corporation to, another
corporation or corporations), then, as a condition of such recapitalization,
consolidation, merger or conveyance, lawful and adequate provision shall be
made whereby the holder of this Warrant shall thereafter have the right to
purchase, upon the basis and on the terms and conditions specified in this
Warrant, in lieu of the Warrant Shares theretofore purchasable upon the
exercise of this Warrant,

 

6

 

such shares of
stock, securities or assets as may be issued or payable with respect to, or in
exchange for, the number of Warrant Shares theretofore purchasable upon the
exercise of this Warrant had such recapitalization, consolidation, merger, or
conveyance not taken place; and in any such event, the rights of the Warrant
Holder to any adjustment in the number of Warrant Shares purchasable upon the
exercise of this Warrant, as herein provided, shall continue and be preserved
in respect of any stock which the Warrant Holder becomes entitled to purchase.

 

(c)                                  In case the Company at any time
while this Warrant shall remain unexpired and unexercised shall sell all or
substantially all of its property or dissolve, liquidate, or wind up its
affairs, lawful provision shall be made as part of the terms of any such sale,
dissolution, liquidation or winding up, so that the holder of this Warrant may
thereafter receive upon exercise hereof in lieu of each Warrant Share that it
would have been entitled to receive, the same kind and amount of any securities
or assets as may be issuable, distributable or payable upon any such sale,
dissolution, liquidation or winding up with respect to each share of Common
Stock of the Company, provided, however, that in any case of any such sale or
of dissolution, liquidation or winding up, the right to exercise this Warrant
shall terminate on a date fixed by the Company; such date so fixed to be not
earlier than 5:00 p.m., Eastern Time, on the forty-fifth day next
succeeding the date on which notice of such termination of the right to
exercise this Warrant has been given by mail to the registered holder of this
Warrant at its address as it appears on the books of the Company.

 

9.                                       VOLUNTARY ADJUSTMENT BY THE
COMPANY.  The Company may, at its option, at any time
during the term of the Warrants, reduce the then current Exercise Price to any
amount deemed appropriate by the Board of Directors of the Company and/or
extend the date of the expiration of the Warrants.

 

10.                                 RIGHTS OF THE HOLDER. The Warrant Holder shall not,
by virtue hereof, be entitled to any rights of a stockholder in the Company,
either at law or equity, and the rights of the Warrant Holder are limited to
those expressed in this Warrant and are not enforceable against the Company
except to the extent set forth herein. This Warrant does not entitle the Holder
to any voting rights or other rights as a shareholder of the Company prior to
the Exercise Date and then only with respect to the Warrant Shares to be issued
with respect thereto.

 

11.                                 NOTICES OF RECORD DATE.  In case:

 

(a)                                  the Company shall take a record
of the holders of its Common Stock (or other stock or securities at the time
deliverable upon the exercise of this Warrant) for the purpose of entitling or
enabling them to receive any dividend or other distribution, or to receive any right
to subscribe for or purchase any shares of any class or any other securities,
or to receive any other right, or

 

(b)                                 of any capital reorganization of
the Company, any reclassification of the capital stock of the Company, any
consolidation or merger of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the surviving entity),
or any transfer of all or substantially all of the assets of the Company, or

 

7

 

(c)                                  of the voluntary or involuntary
dissolution, liquidation or winding-up of the Company,

 

then, and in each such case, the Company will
mail or cause to be mailed to the Warrant Holder a notice specifying, as the
case may be, (i) the date on which a record is to be taken for the purpose
of such dividend, distribution or right, and stating the amount and character
of such dividend, distribution or right, or (ii) the effective date on
which such reorganization, reclassification, consolidation, merger, transfer,
dissolution, liquidation or winding-up is to take place, and the time, if any
is to be fixed, as of which the holders of record of Common Stock (or such
other stock or securities at the time deliverable upon the exercise of this  Warrant) shall be entitled to exchange their
shares of Common Stock (or such other stock or securities) for securities or
other property deliverable upon such reorganization, reclassification,
consolidation, merger, transfer, dissolution, liquidation or winding-up.  Such notice shall be mailed at least ten days
prior to the record date or effective date for the event specified in such
notice, provided that the failure to mail such notice shall not affect the
legality or validity of any such action. 
The Company shall not be required to deliver any such notice with
respect to the transactions contemplated by the Agreement and Plan of Merger,
dated as of the date hereof, by and among the Company, REIT Americas, Inc.,
a Maryland Corporation, Virium Pharmaceuticals, Inc., a Delaware
corporation and Virium Merger Sub, Inc., a Delaware corporation.

 

12.                                 SUCCESSORS.  The rights and obligations of the parties to
this Warrant will inure to the benefit of and be binding upon the parties
hereto and their respective heirs, successors, assigns, pledgees, transferees
and purchasers.

 

13.                                 CHANGE OR WAIVER.  Any term of this Warrant may be changed or
waived only by an instrument in writing signed by the party against whom
enforcement of the change or waiver is sought.

 

14.                                 HEADINGS.  The headings in this Warrant are for purposes
of reference only and shall not limit or otherwise affect the meaning of any
provision of this Warrant. Wherever possible, each provision of this Warrant
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provisions or the remaining provisions of this Warrant.

 

15.                                 GOVERNING
LAW.  This Note shall be governed by and construed
in accordance with the laws of the State of New York.  Any action brought by either party against
the other concerning the transactions contemplated by this Note shall be
brought only in the state courts of Florida or in the federal courts located in
the state of Florida.  The prevailing
party shall be entitled to recover from the other party its reasonable attorney’s
fees and costs.

 

16.                                 MAILING
OF NOTICES, ETC.  All notices and other communications required or permitted
hereunder shall be in writing and shall be deemed to have been duly given one (1) business
day after delivery to an overnight carrier with instructions to deliver to the
applicable

 

8

 

address set forth below, or, if
sent by facsimile, upon receipt of a confirmation of delivery:

 

	
  Registered Holder:

  	
   

  	
  To his or her last known address as
  indicated on the Company’s books and records.

  
	
   

  	
   

  	
   

  
	
  The Company:

  	
   

  	
  Virium Pharmaceuticals Inc.

  
	
   

  	
   

  	
  116 Village Blvd.

  
	
   

  	
   

  	
  Suite 200

  
	
   

  	
   

  	
  Princeton, NJ 08540

  
	
   

  	
   

  	
  Attention:  President

  
	
   

  	
   

  	
  Fax: (908) 292-1096

  
	
   

  	
   

  	
   

  
	
  [Signature
  Page Follows]

  

 

9

 

IN WITNESS WHEREOF, the Company has
caused this Warrant to be signed by its duly authorized officer as of December 12,
2007

 

 

	
   

  	
  VIRIUM PHARMACEUTICALS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:
  

  

 

10

 

Notice of Exercise

To Be Executed by the Warrant
Holder

In Order to Exercise Warrants

 

TO:
  Virium Pharmaceuticals Inc.

 

The undersigned hereby: (1) irrevocably
subscribes for and offers to purchase               
shares of the common stock, par value $.001 per share (“Common Stock”),
of Virium Pharmaceuticals Inc., pursuant to Warrant No. W-DEC07-4 heretofore issued to  Kevin Lemack on December 12, 2007 and (2) encloses
a cash payment of $                    
representing the aggregate exercise price for such shares.

 

The undersigned hereby represents and warrants to
the Company that it is an “Accredited Investor” within the meaning of Rule 501
of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), and is acquiring these securities for its own account and not with a
view to, or for sale in connection with, any distribution thereof, nor with any
present intention of distributing or selling the same.  The undersigned further represents that it
does not have any contract, agreement, understanding or arrangement with any
person to sell, transfer or grant the shares of Common Stock issuable under
this Warrant.  The undersigned
understands that the shares it will be receiving are “restricted securities”
under Federal securities laws inasmuch as they are being acquired from Virium
Pharmaceuticals Inc., in transactions not including any public offering and
that under such laws, such shares may only be sold pursuant to an effective and
current registration statement under the Securities Act or an exemption from
the registration requirements of the Securities Act and any other applicable
restrictions, in which event a legend or legends will be placed upon the
certificate(s) representing the Common Stock issuable under this Warrant
denoting such restrictions.  The undersigned
understands and acknowledges that the Company will rely on the accuracy of
these representations and warranties in issuing the securities underlying the
Warrant.

 

[warrant notice of exercise
signature page to follow]

 

11

 

[warrant notice of exercise
signature page]

 

	
  Date:

  	
   

  
	
   

  
	
  Warrant Holder Name:

  	
   

  
	
   

  
	
  Taxpayer Identification Number:

  	
   

  
	
   

  
	
  By:

  	
   

  
	
   

  
	
  Printed Name:

  	
   

  
	
   

  
	
  Title:

  	
   

  
	
   

  
	
  Address:

  	
   

  
						

 

Note: The above signature should correspond exactly
with the name on the face of this Warrant or with the name of assignee
appearing in assignment form below.

 

AND,
if said number of shares shall be less than the total number of shares
purchasable under the Warrant, a new Warrant is to be issued in the name of
said undersigned for the balance remaining of the shares purchasable thereunder
less any fraction of a share paid in cash and delivered to the address stated
above.

 

 

ASSIGNMENT FORM

To
be executed by the Warrant Holder

In
order to Assign Warrants

 

FOR
VALUE RECEIVED,                                                                                                             
 hereby sell, assigns and transfer unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER

 

 

 

	
   

  
	
   

  
	
   

  
	
   

  
	
   

  

(Please print or type name
and address)

 

                                            
of the Warrants represented by this Warrant, and hereby irrevocably constitutes
and appoints                                                 
Attorney to transfer this Warrant on the books of the Company, with full power
of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature of Registered
  Holder)

  

 

 

In
addition to executing this Assignment Form, the Warrant Holder and the
transferee must comply with the other requirements for transfer set forth in
Sections 6 and 7 of the Warrant.

 

CERTIFICATION OF STATUS OF TRANSFEREE

TO BE EXECUTED BY THE TRANSFEREE OF THIS WARRANT

 

The
undersigned transferee hereby certifies to the registered holder of this
Warrant and to VIRIUM PHARMACEUTICALS INC. that the transferee is an “accredited
investor” within the meaning of Rule 501 of Regulation D promulgated under
the Securities Act of 1933, as amended.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature of Transferee)

  

 

13

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