Document:

trycera10_7.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY
STATE.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON PLEDGE,
TRANSFERABILITY AND RESALE AND MAY NOT BE PLEDGED, TRANSFERRED OR RESOLD EXCEPT
AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO
REGISTRATION OR EXEMPTION THEREFROM.  THE ISSUER OF THESE SECURITIES
MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE
ISSUER TO THE EFFECT THAT ANY PROPOSED PLEDGE, TRANSFER OR RESALE IS IN
COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF
TIME.  THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN
INDEBTEDNESS OF THE COMPANY AS PROVIDED IN SECTION 6 BELOW.

     

    10% SENIOR SECURED
PROMISSORY NOTE

     

    $_______________                                                                                                                                                                                                                               
_____________________, 200___

    

     

    FOR VALUE
RECEIVED, Trycera Financial, Inc., a Nevada corporation (the “Company”), promises
to pay to _________________________ (the “Holder”), or its
registered assigns, the principal sum of $___________, or such
lesser amount as shall then equal the outstanding principal amount hereof,
together with simple interest from the date of this Note on the unpaid principal
balance at a rate equal to ten percent (10%) per annum.  Interest
shall be computed on the basis of the actual number of days elapsed and a year
of 360 days.  All unpaid principal, together with the balance of
unpaid and accrued interest and other amounts payable hereunder shall be due and
payable upon closing of the definitive agreement with US Social Scene, Inc. as
provided in the letter of intent dated April 1, 2008, or upon a Change of
Control, whichever shall earlier occur (the “Maturity
Date”).  This Note is one of a series of Notes containing
substantially identical terms and conditions (collectively, the “Notes”) issued
pursuant to one or more Subscription Agreements among the Company and the
purchasers of the Notes (the “Subscription
Agreement”).

     

    The
following is a statement of the rights of the Holder and the conditions to which
this Note is subject, and to which the Holder hereof, by the acceptance of this
Note, agrees:

     

    1. Definitions.  As
used in this Note, the following capitalized terms have the following
meanings:

     

    (a)  “Change
of Control”
shall means the occurrence of any of the following:  (a) the
sale, transfer, conveyance or other disposition, other than by way of merger or
consolidation, in one or a series of related transactions, of all or
substantially all of the assets of the Company and its subsidiaries taken as a
whole to any “person,” as such term is used in Section 13(d)(3) of the Exchange
Act; (b) the adoption of a plan relating to the liquidation or dissolution of
the Company; (c) the consummation of any transaction, including, without
limitation, any merger or consolidation, the result of which is that any
“person,” as defined above, becomes the beneficial owner (as defined in Section
13(d)(3) of the Exchange Act), directly or indirectly, of more than 50% of the
voting stock of the Company (or any direct or indirect parent thereof), measured
by voting power rather than number of shares; or (d) the first day on which a
majority of the members of the Board of Directors of the Company are not
Continuing Directors (as defined herein).  “Continuing Directors”
means, as of any date of determination, any member of the Board of Directors of
the Company who: (A) was a member of such Board of Directors on the Original
Date of this Note; or (B) was nominated for election or elected to such Board of
Directors with the approval of a majority of the Continuing Directors who were
members of such Board at the time of such nomination or election.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) “Common Stock” shall
mean the common stock of the Company, par value $.001 per share.

     

    (c) “Obligations” shall
mean all principal and accrued interest due hereunder.

     

    Capitalized
terms not otherwise defined herein shall have the meanings given to them in the
Subscription Agreement.

     

    2. Events of
Default.  The occurrence of any of the following shall
constitute an “Event
of Default” under this Note:

     

    (a) Failure to
Pay.  Company shall fail to pay when due any principal payment
or interest payment required under the terms of this Note on the date due and
such payment shall not have been made within thirty (30) days of Company’s
receipt of written notice to Company of such failure to pay.

     

    (b) Voluntary Bankruptcy or
Insolvency Proceedings.  The Company shall (i) apply for
or consent to the appointment of a receiver, trustee, liquidator or custodian of
itself or of all or a substantial part of its property, (ii) be unable, or
admit in writing its inability, to pay its debts generally as they mature,
(iii) make a general assignment for the benefit of its or any of its
creditors, (iv) be dissolved or liquidated in full, or (v) commence,
by the filing of a petition for relief, a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or
its debts under any bankruptcy, insolvency or other similar law now or hereafter
in effect or consent to any such relief or to the appointment of or taking
possession of its property by any official in an involuntary case or other
proceeding commenced against it.

     

    (c) Involuntary Bankruptcy or
Insolvency Proceedings.  A receiver, trustee, liquidator or
custodian of the Company or of all or substantially all of its property shall be
appointed, or an involuntary case or other proceedings seeking liquidation,
reorganization or other relief with respect to the Company or the debts thereof
under any bankruptcy, insolvency or other similar law or hereafter in effect
shall be commenced and an order for relief entered or such proceeding shall not
be dismissed or discharged within sixty (60) days of commencement.

     

    3. Rights of Holder Upon
Default.  Upon the occurrence or existence of any Event of
Default and at any time thereafter during the continuance of such Event of
Default, the holders of at least a majority of the unpaid principal amount of
all Notes (the “Majority Holders”)
may declare all outstanding Obligations payable by the Company hereunder to be
immediately due and payable without presentment, demand, protest or any other
notice of any kind, all of which are hereby expressly waived.  In
addition to the foregoing remedies, upon the occurrence or existence of any
Event of Default, Holder, with the written consent of the Majority Holders, may
exercise any other right, power or remedy granted to it or otherwise permitted
to it by law, either by suit in equity or by action at law, or
both.

     

    
      
         

      

      
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    4. Security
Interest.  To secure the obligations of the Company under this
Note, the Company grants to the Holder, on a pro rata basis with all other
holders of the Notes, a security interest in all right, title, and interest of
the Company in and to any tangible or intangible assets of the Company, whether
now existing or hereafter acquired or created.  The rights and
remedies of the Holder with respect to the security interest granted hereunder
are in addition to those which are now or hereafter available to the Holder as a
matter of law or equity.  Each right, power and remedy of Holder
provided for herein, or now or hereafter existing at law or in equity, shall be
cumulative and concurrent and shall be in addition to every right, power or
remedy provided herein, and the exercise by the Holder of any one or more of
such rights, powers or remedies does not preclude the simultaneous or later
exercise by the Holder of any other rights, powers or remedies.

     

    5. Prepayment.  This
Note may be prepaid in whole or in part at any time by the
Company.  Any such prepayment will be applied first to interest
accrued on this Note and second, if the amount of prepayment exceeds the amount
of such accrued interest, to the payment of principal of this Note.

    

    6. Payment of
Interest.  Interest on the Notes shall be paid not later than
at the Maturity Date.

     

    7. Negative
Covenants.  The Company agrees with Holder that so long as this
Note shall remain in effect and until the principal amount and all accrued
interest thereon and all fees and all other expenses or amounts payable under
this Note have been paid in full, unless Holder shall otherwise consent in
writing, the Company shall not, nor will they cause or permit any of their subsidiaries to
incur, create, assume, guaranty or permit to exist any indebtedness that ranks
senior in priority to, or  pari  passu with,
the  obligations under this Note. 

    

    8. Successors and
Assigns.  The rights and obligations of the Company and the
Holder of this Note shall be binding upon and benefit the successors, assigns,
heirs, administrators and transferees of the parties.

     

    9. Waiver and
Amendment.  Any provision of this Note may be amended, waived
or modified upon the written consent of the Company and the Majority
Holders.  Any amendment or waiver effected in accordance with this
Section 9 shall be binding upon the Company, the Holder and each transferee
of this Note, without the consent of Holder.

     

    10. Transfer of this
Note.  This Note may not be transferred in violation of any
restrictive legend set forth hereon.  Each new Note issued upon
transfer of this Note shall bear a legend as to the applicable restrictions on
transferability in order to ensure compliance with the Securities Act, unless in
the opinion of counsel for the Company such legend is not required in order to
ensure compliance with the Act.  The Company may issue stop transfer
instructions to its transfer agent in connection with such restrictions.
Notwithstanding the foregoing, this Note may be transferred by (a) a Holder
which is a partnership to a limited or general partner of such partnership and
(b) a Holder which is a corporation to a successor entity to such Holder
pursuant to a merger, acquisition, reorganization or recapitalization if in each
case (i) the transferee agrees in writing to be subject to the terms of this
Note; and (ii) the Holder delivers written notice of such transfer to the
Company.  Prior to presentation of this Note for registration of
transfer, the Company shall treat the registered holder hereof as the owner and
holder of this Note for the purpose of receiving all payments of principal and
interest hereon and for all other purposes whatsoever, whether or not this Note
shall be overdue and the Company shall not be affected by notice to the
contrary.   

     

    
      
         

      

      
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    11. Treatment of
Note.  To the extent permitted by generally accepted accounting
principles, the Company will treat, account and report the Note as debt and not
equity for accounting purposes and with respect to any returns filed with
federal, state or local tax authorities.

     

    12. Notices.  Any
notice, request or other communication required or permitted hereunder shall be
in writing and shall be deemed to have been duly given if personally delivered
or mailed by registered or certified mail, postage prepaid, or by recognized
overnight courier or personal delivery at the respective addresses of the
parties as set forth in the records maintained by the Company.  Any
party hereto may by notice so given change its address for future notice
hereunder.  Notice shall conclusively be deemed to have been given
when received.

     

    13. Payment.  Payment
shall be made in lawful tender of the United States.

     

    14. Expenses;
Waivers.  If action is instituted to collect this Note, the
Company promises to pay all costs and expenses, including, without limitation,
reasonable attorneys’ fees and costs, incurred in connection with such
action.  The Company hereby waives notice of default, presentment or
demand for payment, protest or notice of nonpayment or dishonor and all other
notices or demands relative to this instrument.

     

    15. Governing Law.  This
Note and all actions arising out of or in connection with this Note shall be
governed by and construed in accordance with the laws of the State of
California, without regard to the conflicts of law provisions of the State of
California or of any other state.

     

    16.Arbitration.  Any
controversy, dispute or claim arising out of or relating to this Note shall be
submitted to binding arbitration administered by JAMS pursuant to its
Comprehensive Arbitration Rules & Procedures.  Any such
arbitration shall be held in Orange County, California.

     

    
      
         

      

      
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    IN
WITNESS WHEREOF, the Company has caused this Note to be issued as of the date
first written above.

     

    TRYCERA
FINANAICL, INC.

    A Nevada
corporation

    

    

    By:                                                                                 

        Bryan Kenyon,
Principal Executive Officer

    

    
      
         

      

      
        5EXHIBIT
      4.3

    Warrant
      Certificate
      No.              

    

    NEITHER
      THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE
      UPON
      THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND
      NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, ASSIGNED
      OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT
      THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE
      STATE
      SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE
      COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH
      COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY
      BE
      OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED
      WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
      APPLICABLE STATE SECURITIES
      LAWS.

    

    
      	
              Effective
                Date: December 18, 2007

            	
              Void
                After: November 2, 2015

            

    

    

    UFOOD
      RESTAURANT GROUP, INC.

    

    WARRANT
      TO PURCHASE COMMON STOCK

    

    UFood
      Restaurant Group, Inc., a Nevada corporation (the “Company”),
      for
      value received, hereby issues to
      ________________________ (the
      “Holder”)
      this
      Warrant (the “Warrant”)
      to
      purchase, ___________ shares (each such share
      as from
      time to time adjusted as hereinafter provided
      being a
“Warrant
      Share”
and
      all
      such shares being the “Warrant
      Shares”)
      of the
      Company’s Common Stock (as defined below), at the Exercise Price (as defined
      below), as adjusted from time to time as provided herein, on or before November
      2, 2015 (the “Expiration
      Date”),
      all
      subject to the following terms and conditions.

    

    As
      used
      in this Warrant, (i) “Business
      Day”
means
      any day other than Saturday, Sunday or any other day on which commercial banks
      in the City of New York, New York, are authorized or required by law or
      executive order to close; (ii) “Common
      Stock”
means
      the common stock of the Company, par value $0.001 per share, including
      any securities issued or issuable with respect thereto or into which or for
      which such shares may be exchanged for, or converted into, pursuant to any
      stock
      dividend, stock split, stock combination, recapitalization, reclassification,
      reorganization or other similar event; (iii) “Exercise
      Price”
means
      $1.00 per share of Common Stock, subject to adjustment as provided
      herein;
      and
      (iv) “Affiliate”
means
      any person that, directly or indirectly, through one or more intermediaries,
      controls, is controlled by, or is under common control with, a person, as such
      terms are used and construed in Rule 144 promulgated
      under the Securities Act of 1933, as amended (the “Securities
      Act”).

    

    1. DURATION
      AND EXERCISE OF WARRANTS

    

    (a) Exercise
      Period.
      The
      Holder may exercise this Warrant in whole or in part on any Business Day on
      or
      before 5:00 P.M., Eastern Time, on the Expiration Date, at which time this
      Warrant shall become void and of no value.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (b) Exercise
      Procedures.

    

    (i) While
      this Warrant remains outstanding and exercisable in accordance with Section
      1(a), the Holder may exercise this Warrant in whole or in part
      at any
      time and from time to time
      by:

    

    (A) delivery
      to the Company of a duly executed copy of the Notice of Exercise attached as
      Exhibit
      A;

    

    (B) surrender
      of this Warrant to the Secretary of the Company at its principal offices or
      at
      such other office or agency as the Company may specify in writing to the Holder;
      and

    

    (C) payment
      of the
      then-applicable
      Exercise
      Price per share multiplied by the number of Warrant Shares being purchased
      upon
      exercise of the Warrant (such amount, the “Aggregate
      Exercise Price”)
      made
      in
      the form of cash, or by certified check, bank draft or money order payable
      in
      lawful money of the United States of America.

    (ii) Upon
      the
      exercise of this Warrant in compliance with the provisions of this Section
      1(b),
      the Company shall promptly issue and cause to be delivered to the Holder a
      certificate for the Warrant Shares purchased by the Holder. Each
      exercise of this Warrant shall be effective immediately prior to the close
      of
      business on the date (the “Date
      of Exercise”)
      that
      the
      conditions set forth in Section 1(b)(i) have been satisfied. On
      the
      first Business Day following the date on which the Company has received each
      of
      the Notice of Exercise and the Aggregate Exercise Price (the “Exercise
      Delivery Documents”),
      the
      Company shall transmit an acknowledgment of receipt of the Exercise Delivery
      Documents to the Company’s transfer agent (the “Transfer
      Agent”).
      On or
      before the third Business Day following the date on which the Company has
      received all of the Exercise Delivery Documents, the Company shall (X) provided
      that the Transfer Agent is participating in The Depository Trust Company
      (“DTC”)
      Fast
      Automated Securities Transfer Program, upon the request of the Holder, credit
      such aggregate number of shares of Common Stock to which the Holder is entitled
      pursuant to such exercise to the Holder’s or its designee’s balance account with
      DTC through its Deposit Withdrawal Agent Commission system, or (Y) if the
      Transfer Agent is not participating in the DTC Fast Automated Securities
      Transfer Program, issue and dispatch by overnight courier to the address as
      specified in the Notice of Exercise, a certificate, registered in the Company’s
      share register in the name of the Holder or its designee, for the number of
      shares of Common Stock to which the Holder is entitled pursuant to such
      exercise. Upon delivery of the Exercise Delivery Documents, the Holder shall
      be
      deemed for all corporate purposes to have become the holder of record of the
      Warrant Shares with respect to which this Warrant has been exercised,
      irrespective of the date of delivery of the certificates evidencing such Warrant
      Shares. If this Warrant is submitted in connection with any exercise pursuant
      to
      Section 1(a) and the number of Warrant Shares represented by this Warrant
      submitted for exercise is greater than the actual
      number
      of
      Warrant Shares being acquired upon such an
      exercise, then the Company shall as soon as practicable and in no event later
      than three (3) Business Days after any exercise and at its own expense, issue
      a
      new Warrant of
      like
      tenor
      representing the right to purchase the number of Warrant Shares purchasable
      immediately prior to such exercise under this Warrant, less the number of
      Warrant Shares with respect to which this Warrant is exercised.

    
      
        
        

      

      
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    (iv) If
      the
      Company shall fail for any reason or for no reason to issue to the Holder,
      within three (3) Business Days of receipt of the Exercise Delivery Documents,
      a
      certificate for the number of shares of Common Stock to which the Holder is
      entitled and register such shares of Common Stock on the Company’s share
      register or to credit the Holder’s balance account with DTC for such number of
      shares of Common Stock to which the Holder is entitled upon the Holder’s
      exercise of this Warrant, and if on or after such Business Day the Holder
      purchases (in an open market transaction or otherwise) shares of Common Stock
      to
      deliver in satisfaction of a sale by the Holder of shares of Common Stock
      issuable upon such exercise that the Holder anticipated receiving from the
      Company (a “Buy-In”),
      then
      the Company shall, within three (3) Business Days after the Holder’s request and
      in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal
      to the Holder’s total purchase price (including brokerage commissions, if any)
      for the shares of Common Stock so purchased (the “Buy-In
      Price”),
      at
      which point the Company’s obligation to deliver such certificate (and to issue
      such shares of Common Stock) shall terminate, or (ii) promptly honor its
      obligation to deliver to the Holder a certificate or certificates representing
      such shares of Common Stock and pay cash to the Holder in an amount equal to
      the
      excess (if any) of the Buy-In Price over the product of (A) such number of
      shares of Common Stock, times (B) the closing bid price on
      the
      Date of Exercise. 

    

    (c) Partial
      Exercise.
      This
      Warrant shall be exercisable, either in its entirety or, from time to time,
      for
      part only of the number of Warrant Shares referenced by this Warrant. If this
      Warrant is exercised in part, the Company shall issue, at its expense, a new
      Warrant, in substantially the form of this Warrant, referencing such reduced
      number of Warrant Shares that remain subject to this Warrant.

    

    (d) Disputes.
      In the
      case of a dispute as to the determination of the Exercise Price or the
      arithmetic calculation of the Warrant Shares, the Company shall promptly issue
      to the Holder the number of Warrant Shares that are not disputed and resolve
      such dispute in accordance with Section 14.

    

    2. ISSUANCE
      OF WARRANT SHARES

    

    (a) The
      Company covenants that all Warrant Shares will, upon issuance in accordance
      with
      the terms of this Warrant, be (i) duly authorized, fully paid and
      non-assessable, and (ii) free from all liens, charges and security interests,
      with the exception of claims arising through the acts or omissions of any Holder
      and except as arising from applicable federal and state securities
      laws.

    

    (b) The
      Company shall register this Warrant upon records to be maintained by the Company
      for that purpose in the name of the record holder of such Warrant from time
      to
      time. The Company may deem and treat the registered Holder of this Warrant
      as
      the absolute owner thereof for the purpose of any exercise thereof, any
      distribution to the Holder thereof and for all other purposes.

    
      
        
        

      

      
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    (c) The
      Company will not, by amendment of its articles of incorporation, by-laws or
      through any reorganization, transfer of assets, consolidation, merger,
      dissolution, issue or sale of securities or any other voluntary action, avoid
      or
      seek to avoid the observance or performance of any of the terms to be observed
      or performed hereunder by the Company, but will at all times in good faith
      assist in the carrying out of all the provisions of this Warrant and in the
      taking of all action necessary or appropriate in order to protect the rights
      of
      the Holder to exercise this Warrant, or against impairment of such
      rights.

    

    3. ADJUSTMENTS
      OF EXERCISE PRICE, NUMBER AND TYPE OF WARRANT SHARES

    

    (a) The
      Exercise Price and the number of shares purchasable upon the exercise of this
      Warrant shall be subject to adjustment from time to time upon the occurrence
      of
      certain events described in this Section 3(a); provided,
      that
      notwithstanding the provisions of this Section 3, the Company shall not be
      required to make any adjustment if and to the extent that such adjustment would
      require the Company to issue a number of shares of Common Stock in excess of
      its
      authorized but unissued shares of Common Stock, less all amounts of Common
      Stock
      that have been reserved for issuance upon the conversion of all outstanding
      securities convertible into shares of Common Stock and the exercise of all
      outstanding options, warrants and other rights exercisable for shares of Common
      Stock. If the Company does not have the requisite number of authorized but
      unissued shares of Common Stock to make any adjustment, the Company shall use
      its commercially best efforts to obtain the necessary stockholder consent to
      increase the authorized number of shares of Common Stock to make such an
      adjustment pursuant to this Section 3(a).

    

    (i) Subdivision
      or Combination of Stock.
      In case
      the Company shall at any time subdivide (whether
      by way of stock dividend, stock split or otherwise) its
      outstanding shares of Common Stock into a greater number of shares, the Exercise
      Price in effect immediately prior to such subdivision shall be proportionately
      reduced
      and the
      number of Warrant Shares shall be proportionately increased, and conversely,
      in
      case the outstanding shares of Common Stock of the Company shall be combined
      (whether
      by way of stock combination, reverse stock split or otherwise) into
      a
      smaller number of shares, the Exercise Price in effect immediately prior to
      such
      combination shall be proportionately increased
      and the
      number of Warrant Shares shall be proportionately decreased. The Exercise Price
      and the Warrant Shares, as so adjusted, shall be readjusted in the same manner
      upon the happening of any successive event or events described in this Section
      3(a)(i).

    

    (ii) Dividends
      in Stock, Property, Reclassification.
      If at
      any time, or from time to time, the holders of Common Stock (or any shares
      of
      stock or other securities at the time receivable upon the exercise of this
      Warrant) shall have received or become entitled to receive, without payment
      therefore:

    

    (A) any
      shares of stock or other securities that are at any time directly or indirectly
      convertible into or exchangeable for Common Stock, or any rights or options
      to
      subscribe for, purchase or otherwise acquire any of the foregoing by way of
      dividend or other distribution, or

    
      
        
        

      

      
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    (B) additional
      stock or other securities or property (including cash) by way of spin-off,
      split-up, reclassification, combination of shares or similar corporate
      rearrangement (other than shares of Common Stock issued as a stock split or
      adjustments in respect of which shall be covered by the terms of Section 3(a)(i)
      above),

    

    then
      and
      in each such case, the Exercise
      Price and the number of Warrant Shares to be obtained upon exercise of this
      Warrant shall be adjusted proportionately, and the Holder
      hereof shall, upon the exercise of this Warrant, be entitled to receive, in
      addition to the number of shares of Common Stock receivable thereupon, and
      without payment of any additional consideration therefor, the amount of stock
      and other securities and property (including cash in the cases referred to
      above) that such Holder would hold on the date of such exercise had such Holder
      been the holder of record of such Common Stock as of the date on which holders
      of Common Stock received or became entitled to receive such shares or all other
      additional stock and other securities and property.
      The
      Exercise Price and the Warrant Shares, as so adjusted, shall be readjusted
      in
      the same manner upon the happening of any successive event or events described
      in this Section 3(a)(ii).

    

    (iii) Reorganization,
      Reclassification, Consolidation, Merger or Sale.
      If any
      recapitalization, reclassification or reorganization of the capital stock of
      the
      Company, or any consolidation or merger of the Company with another corporation,
      or the sale of all or substantially all of its assets or other
      transaction shall be effected in such a way that holders of Common Stock shall
      be entitled to receive stock, securities, or other assets or property (an
“Organic
      Change”),
      then,
      as a condition of such Organic Change, lawful and adequate provisions shall
      be
      made by the Company whereby the Holder hereof shall thereafter have the right
      to
      purchase and receive (in lieu of the shares of the Common Stock of the Company
      immediately theretofore purchasable and receivable upon the exercise of the
      rights represented by this Warrant) such shares of stock, securities or other
      assets or property as may be issued or payable with respect to or in exchange
      for a number of outstanding shares of such Common Stock equal to the number
      of
      shares of such stock immediately theretofore purchasable and receivable assuming
      the full exercise of the rights represented by this Warrant. In the event of
      any
      Organic Change, appropriate provision shall be made by the Company with respect
      to the rights and interests of the Holder of this Warrant to the end that the
      provisions hereof (including, without limitation, provisions for adjustments
      of
      the Exercise Price and of the number of shares purchasable and receivable upon
      the exercise of this Warrant) shall thereafter be applicable, in relation to
      any
      shares of stock, securities or assets thereafter deliverable upon the exercise
      hereof. The Company will not effect any such consolidation, merger or sale
      unless, prior to the consummation thereof, the successor corporation (if other
      than the Company) resulting from such consolidation or merger
      or
the
      corporation purchasing such assets shall assume by written instrument reasonably
      satisfactory in form and substance to the Holder executed and mailed or
      delivered to the registered Holder hereof at the last address of such Holder
      appearing on the books of the Company, the obligation to deliver to such Holder
      such shares of stock, securities or assets as, in accordance
      with the foregoing provisions, such Holder may be entitled to
      purchase. If
      there
      is an Organic Change, then the Company shall cause to be mailed to the Holder
      at
      its last address as it shall appear on the books and records of the Company,
      at
      least 10 calendar days before the effective date of the Organic Change, a notice
      stating the date on which such Organic Change is expected to become effective
      or
      close, and the date as of which it is expected that holders of the Common Stock
      of record shall be entitled to exchange their shares for securities, cash,
      or
      other property delivered upon such Organic Change; provided,
      that
      the failure to mail such notice or any defect therein or in the mailing thereof
      shall not affect the validity of the corporate action required to be specified
      in such notice. The Holder is entitled to exercise this Warrant during the
      10-day period commencing on the date of such notice to the effective date of
      the
      event triggering such notice. In
      any
      event, the successor corporation (if other than the Company) resulting from
      such
      consolidation or merger or the corporation purchasing such assets shall be
      deemed to assume such obligation to deliver to such Holder such shares of stock,
      securities or assets even in the absence of a written instrument assuming such
      obligation to the extent such assumption occurs by operation of law. 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    (b) Certificate
      as to Adjustments.
      Upon
      the occurrence of each adjustment or readjustment pursuant to this Section
      3,
      the Company at its expense shall promptly compute such adjustment or
      readjustment in accordance with the terms hereof and furnish to each Holder
      of
      this Warrant a certificate setting forth such adjustment or readjustment and
      showing in detail the facts upon which such adjustment or readjustment is based.
      The Company shall
      promptly
      furnish
      or cause to be furnished to such Holder a like certificate setting forth: (i)
      such adjustments and readjustments; and (ii) the number of shares and the
      amount, if any, of other property which at the time would be received upon
      the
      exercise of the Warrant.

    

    (c) Certain
      Events.
      If any
      event occurs as to which the other provisions of this Section 3 are not strictly
      applicable but the lack of any adjustment would not fairly protect the purchase
      rights of the Holder under this Warrant in accordance with the basic intent
      and
      principles of such provisions, or if strictly applicable would not fairly
      protect the purchase rights of the Holder under this Warrant in accordance
      with
      the basic intent and principles of such provisions, then the Company's Board
      of
      Directors will, in good faith, make an appropriate adjustment to protect the
      rights of the Holder; provided,
      that no
      such adjustment pursuant to this Section 3(c) will increase the Exercise Price
      or decrease the number of Warrant Shares as otherwise determined pursuant to
      this Section 3.

    

    4. TRANSFERS
      AND EXCHANGES OF WARRANT AND WARRANT SHARES

    

    (a) Registration
      of Transfers and Exchanges.
      Subject
      to Section 4(c), upon the Holder’s surrender of this Warrant, with a duly
      executed copy of the Form of Assignment attached as Exhibit
      B,
      to the
      Secretary of the Company at its principal offices or at such other office or
      agency as the Company may specify in writing to the Holder, the Company shall
      register the transfer of all or any portion of this Warrant. Upon such
      registration of transfer, the Company shall issue a new Warrant, in
      substantially the form of this Warrant, evidencing the acquisition rights
      transferred to the transferee and a new Warrant, in similar form, evidencing
      the
      remaining acquisition rights not transferred, to the Holder requesting the
      transfer.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    (b) Warrant
      Exchangeable for Different Denominations.
      The
      Holder may exchange this Warrant for a new Warrant or Warrants, in substantially
      the form of this Warrant, evidencing in the aggregate the right to purchase
      the
      number of Warrant Shares which may then be purchased hereunder, each of such
      new
      Warrants to be dated the date of such exchange and to represent the right to
      purchase such number of Warrant Shares as shall be designated by the Holder.
      The
      Holder shall surrender this Warrant with duly executed instructions regarding
      such
      re-certification of this Warrant to the Secretary of the Company at its
      principal offices or at such other office or agency as the Company may specify
      in writing to the Holder.

    

    (c) Restrictions
      on Transfers.
      This
      Warrant may not be transferred at any time without (i) registration under the
      Securities Act or (ii) an exemption from such registration and a written opinion
      of legal counsel addressed to the Company that the proposed transfer of the
      Warrant may be effected without registration under the Securities Act, which
      opinion will be in form and from counsel reasonably satisfactory to the
      Company.

    

    (d) Permitted
      Transfers and Assignments.
      Notwithstanding any provision to the contrary in this Section 4, the Holder
      may
      transfer, with or without consideration, this Warrant or any of the Warrant
      Shares (or a portion thereof) to the Holder’s Affiliates without obtaining the
      opinion from counsel that may be required by Section 4(c)(ii), provided,
      that the
      Holder delivers to the Company and its counsel certification, documentation,
      and
      other assurances reasonably required by the Company’s counsel to enable the
      Company’s counsel to render an opinion to the Company’s Transfer Agent that such
      transfer does not violate applicable securities laws.

    

    5. MUTILATED
      OR MISSING WARRANT CERTIFICATE

    

    If
      this
      Warrant is mutilated, lost, stolen or destroyed, upon request by the Holder,
      the
      Company will, at its expense,
      issue,
      in exchange for and upon cancellation of the mutilated Warrant, or in
      substitution for the lost, stolen or destroyed Warrant, a new Warrant, in
      substantially the form of this Warrant, representing the right to acquire the
      equivalent number of Warrant Shares; provided,
      that,
      as a prerequisite to the issuance of a substitute Warrant, the Company may
      require satisfactory evidence of loss, theft or destruction as well as an
      indemnity from the Holder of a lost, stolen or destroyed Warrant.

    

    6. PAYMENT
      OF TAXES

    

    The
      Company will pay all transfer and stock issuance taxes attributable to the
      preparation, issuance and delivery of this Warrant and the Warrant Shares
(and
      replacement Warrants) including,
      without limitation, all documentary and stamp taxes; provided,
      however,
      that
      the Company shall not be required to pay any tax in respect of the transfer
      of
      this Warrant, or the issuance or delivery of certificates for Warrant Shares
      or
      other securities in respect of the Warrant Shares to any person or entity other
      than to the Holder.

     

    7. FRACTIONAL
      WARRANT SHARES

    

    No
      fractional Warrant Shares shall be issued upon exercise of this Warrant. The
      Company, in lieu of issuing any fractional Warrant Share, shall round up the
      number of Warrant Shares issuable to nearest whole share.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    8. NO
      STOCK
      RIGHTS AND LEGEND

    

    No
      holder
      of this Warrant, as such, shall be entitled to vote or be deemed the holder
      of
      any other securities of the Company that may at any time be issuable on the
      exercise hereof, nor shall anything contained herein be construed to confer
      upon
      the holder of this Warrant, as such, the rights of a stockholder of the Company
      or the right to vote for the election of directors or upon any matter submitted
      to stockholders at any meeting thereof,
      or give
      or withhold consent to any corporate action or to receive notice of meetings
      or
      other actions affecting stockholders (except as provided herein), or to receive
      dividends or subscription rights or otherwise (except as provide
      herein).

    

    Each
      certificate for Warrant Shares initially issued upon the exercise of this
      Warrant, and each certificate for Warrant Shares issued to any subsequent
      transferee of any such certificate, shall be stamped or otherwise imprinted
      with
      a legend in substantially the following form:

    

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS,
      AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
      PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT
      WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE
      SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE
      COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH
      COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH
      SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER
      CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR
      APPLICABLE STATE SECURITIES LAWS.”

     

    9. NOTICES

    

    All
      notices, consents, waivers, and other communications under this Warrant must
      be
      in writing and will be deemed given to a party when (a) delivered to the
      appropriate address by hand or by nationally recognized overnight courier
      service (costs prepaid); (b) sent by facsimile or e-mail with confirmation
      of
      transmission by the transmitting equipment; (c) received or rejected by the
      addressee, if sent by certified mail, return receipt requested, if to the
      registered Holder hereof; or (d) seven days after the placement of the notice
      into the mails (first class postage prepaid), to the Holder at _________, or
      if
      to the Company, to it at 255 Washington Street, Suite 100, Newton, MA 02458,
      Attention: George Naddaff, Chief Executive Officer (or to such other address,
      facsimile number, or e-mail address as the Holder or the Company as a party
      may
      designate by notice the other party) with a copy to Robinson & Cole LLP, 695
      East Main Street, Stamford, CT 06904, Attention: Richard A. Krantz,
      Esq.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    10. SEVERABILITY

    

    If
      a
      court of competent jurisdiction holds any provision of this Warrant invalid
      or
      unenforceable, the other provisions of this Warrant will remain in full force
      and effect. Any provision of this Warrant held invalid or unenforceable only
      in
      part or degree will remain in full force and effect to the extent not held
      invalid or unenforceable.

    

    11. BINDING
      EFFECT

    

    This
      Warrant shall be binding upon and inure to the sole and exclusive benefit of
      the
      Company, its successors and assigns, the registered Holder or Holders from
      time
      to time of this Warrant and the Warrant Shares.

    

    12. SURVIVAL
      OF RIGHTS AND DUTIES

    

    This
      Warrant shall terminate and be of no further force and effect on the earlier
      of
      5:00 P.M., Eastern Time, on the Expiration Date or the date on which this
      Warrant has been exercised in full.

    

    13. GOVERNING
      LAW

    

    This
      Warrant will be governed by and construed under the laws of the Commonwealth
      of
      Massachusetts without regard to conflicts of laws principles that would require
      the application of any other law.

    

    14. DISPUTE
      RESOLUTION

    

    In
      the
      case of a dispute as to the determination of the Exercise Price or the
      arithmetic calculation of the Warrant Shares, the Company shall submit the
      disputed determinations or arithmetic calculations via facsimile within two
      Business Days of receipt of the Notice of Exercise giving rise to such dispute,
      as the case may be, to the Holder. If the Holder and the Company are unable
      to
      agree upon such determination or calculation of the Exercise Price or the
      Warrant Shares within three Business Days of such disputed determination or
      arithmetic calculation being submitted to the Holder, then the Company shall,
      within two Business Days, submit via facsimile (a) the disputed determination
      of
      the Exercise Price to an independent, reputable investment bank selected by
      the
      Company and approved by the Holder or (b) the disputed arithmetic calculation
      of
      the Warrant Shares to the Company’s independent, outside accountant. The Company
      shall cause at its expense the investment bank or the accountant, as the case
      may be, to perform the determinations or calculations and notify the Company
      and
      the Holder of the results no later than ten (10) Business Days from the time
      it
      receives the disputed determinations or calculations. Such investment bank’s or
      accountant’s determination or calculation, as the case may be, shall be binding
      upon all parties absent demonstrable error. 

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    15. NOTICES
      OF RECORD DATE

    

    Upon
      (a)
      any establishment by the Company of a record date of the holders of any class
      of
      securities for the purpose of determining the holders thereof who are entitled
      to receive any dividend or other distribution, or right or option to acquire
      securities of the Company, or any other right, or (b) any capital
      reorganization, reclassification, recapitalization, merger or consolidation
      of
      the Company with or into any other corporation, any transfer of all or
      substantially all the assets of the Company, or any voluntary or involuntary
      dissolution, liquidation or winding up of the Company, or the sale, in a single
      transaction, of a majority of the Company’s voting stock (whether newly issued,
      or from treasury, or previously issued and then outstanding, or any combination
      thereof), the Company shall mail to the Holder at least ten (10) Business Days,
      or such longer period as may be required by law, prior to the record date
      specified therein, a notice specifying (i) the date established as the record
      date for the purpose of such dividend, distribution, option or right and a
      description of such dividend, option or right, (ii) the date on which any such
      reorganization, reclassification, transfer, consolidation, merger, dissolution,
      liquidation or winding up, or sale is expected to become effective and (iii)
      the
      date, if any, fixed as to when the holders of record of Common Stock shall
      be
      entitled to exchange their shares of Common Stock for securities or other
      property deliverable upon such reorganization, reclassification, transfer,
      consolation, merger, dissolution, liquidation or winding up.

    

    16. RESERVATION
      OF SHARES

    

    The
      Company shall reserve and keep available out of its authorized but unissued
      shares of Common Stock for issuance upon the exercise of this Warrant, free
      from
      pre-emptive rights, such number of shares of Common Stock for which this Warrant
      shall from time to time be exercisable.
      The
      Company will take all such reasonable action as may be necessary to assure
      that
      such Warrant Shares may be issued as provided herein without violation of any
      applicable law or regulation. Without limiting the generality of the foregoing,
      the Company covenants that it will use commercially reasonable efforts to take
      all such action as may be necessary or appropriate in order that the Company
      may
      validly and legally issue fully paid and nonassessable Warrant Shares upon
      the
      exercise of this Warrant and use commercially reasonable efforts to obtain
      all
      such authorizations, exemptions or consents, including but not limited to
      consents from the Company’s stockholders or Board of Directors or any public
      regulatory body, as may be necessary to enable the Company to perform its
      obligations under this Warrant.

    

    17. NO
      THIRD
      PARTY RIGHTS

    

    This
      Warrant is not intended, and will not be construed, to create any rights in
      any
      parties other than the Company and the Holder, and no person or entity may
      assert any rights as third-party beneficiary hereunder.

    

    [SIGNATURE
      PAGE FOLLOWS]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      4.3

    Warrant
      Certificate
      No.             

     

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as
      of
      the date first set forth above.

    

    
      	
              UFOOD
                RESTAURANT GROUP, INC.

            
	 	 
	
              By:
                

            	 
	
              Name:          

            	
              George
                A. Naddaff

            
	
              Title:

            	
              Chief
                Executive Officer

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      EXHIBIT
        4.3

      Warrant
        Certificate
        No.             

       

    

    EXHIBIT
      A

    

    NOTICE
      OF
      EXERCISE

    

    (To
      be
      executed by the Holder of Warrant if such Holder
      desires
      to exercise Warrant)

    

    To
      UFood
      Restaurant
      Group, Inc.:

    

    The
      undersigned hereby irrevocably elects to exercise this Warrant and to purchase
      thereunder, ___________________ full shares of UFood Restaurant Group, Inc.
      common stock issuable upon exercise of the Warrant and delivery of
      $_________ (in cash as provided for in the foregoing Warrant) and any applicable
      taxes payable by the undersigned pursuant to such Warrant.

    The
      undersigned requests that certificates for such shares be issued in the name
      of:

    

    _________________________________________

    (Please
      print name, address and social security or federal employer

    identification
      number (if applicable))

    

    _________________________________________

    

    _________________________________________

    

    If
      the
      shares issuable upon this exercise of the Warrant are not all of the Warrant
      Shares which the Holder is entitled to acquire upon the exercise of the Warrant,
      the undersigned requests that a new Warrant evidencing the rights not so
      exercised be issued in the name of and delivered to:

    

    _________________________________________

    (Please
      print name, address and social security or federal employer

    identification
      number (if applicable))

    

    _________________________________________

    

    _________________________________________

    

     

    
      	
              Name
                of Holder
                (print):   _______________________

            
	
              (Signature):   ________________________________

            
	
              (By:)   _____________________________________

            
	
              (Title:) _____________________________________ 

            
	
              Dated:   _____________________________________

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      B

    

    FORM
      OF
      ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, ___________________________________ hereby sells, assigns and
      transfers to each assignee set forth below all of the rights of the undersigned
      under the Warrant (as defined in and evidenced by the attached Warrant) to
      acquire the number of Warrant Shares set opposite the name of such assignee
      below and in and to the foregoing Warrant with respect to said acquisition
      rights and the shares issuable upon exercise of the Warrant:

    

    
      	
              Name
                of Assignee

            	 	
              Address

            	 	
              Number
                of Shares

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

     

    If
      the
      total of the Warrant Shares are not all of the Warrant Shares evidenced by
      the
      foregoing Warrant, the undersigned requests that a new Warrant evidencing the
      right to acquire the Warrant Shares not so assigned be issued in the name of
      and
      delivered to the undersigned.

     

    
      	
              Name
                of Holder
                (print):   _______________________

            
	
              (Signature):   ________________________________

            
	
              (By:)   _____________________________________

            
	
              (Title:) _____________________________________ 

            
	
              Dated:   _____________________________________

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