Document:

Exhibit 10.1

 

September 2, 2011

 

US Gold Corporation

99 George Street, 3rd Floor

Toronto, Ontario M5A 2N4

 

Mr. Robert McEwen

99 George Street, 3rd Floor

Toronto, Ontario M5A 2N4

 

Dear Sirs:

 

Re:                             Proposed Business Combination of US Gold Corporation and Minera Andes Inc.

 

This letter agreement relates to the proposed merger (the “Proposed Merger”) of US Gold Corporation (“US Gold”) and Minera Andes Inc. (“Minera”).

 

Agreements in Principle

 

Each of the parties agrees in principle that the Proposed Merger be effected at a ratio of 0.45 of a US Gold common share for each 1.0 Minera share held (the “Exchange Ratio”), subject to satisfactory completion of remaining due diligence and the negotiation of satisfactory binding transaction agreements.

 

Each of US Gold and Minera Andes also agrees in principle that any agreement between them to effect the Proposed Merger will include their respective agreements to pay a break fee equal to 3% of the paying party’s market capitalization, based on the paying party’s closing share price on September 1, 2011, to be payable in customary circumstances and subject to the negotiation of satisfactory binding transaction agreements. For greater certainty, for purposes of this letter agreement, including the provisions below under “Binding Agreements”, the market capitalization of US Gold is $834,075,977 and the market capitalization of Minera Andes is $653,611,853.

 

US Gold and Minera understand, and Mr. McEwen has confirmed by signing below, that Mr. McEwen has agreed in principle to support the Proposed Merger at the Exchange Ratio with a break fee in the amount described in the paragraph immediately above and to vote all of his US Gold and Minera shares in favour of the Proposed Merger, subject to satisfactory completion of remaining due diligence and the negotiation of satisfactory binding transaction agreements.

 

Binding Agreements

 

We are also writing to confirm that each of US Gold and Minera Andes (in either case, the “Paying Party”) agrees to pay a break fee (the “Break Fee”)  to the other if, at any time before the Outside Date (as defined below), the Paying Party enters into an agreement to effect or support any transaction (a “Competing Transaction”), whether by way of plan of arrangement, amalgamation, take-over bid, reorganization, recapitalization or otherwise, that would result in any other person acquiring more than 50% of the outstanding voting or equity shares of the Paying Party.  The Break Fee shall equal 3% of the Paying Party’s market capitalization based

 

 

on the Paying Party’s closing share price on September 1, 2011.  The Paying Party shall pay any required Break Fee in cash within 3 business days of the Paying Party entering into the relevant agreement.  The “Outside Date” shall mean the earlier of (i) the date that US Gold and Minera Andes enter into a definitive agreement to effect the Proposed Merger, (ii) the date that either party terminates negotiations and abandons the Proposed Merger based upon an adverse due diligence finding, (iii) the date that the parties agree in good faith to terminate discussions regarding the Proposed Merger and (iv) November 1, 2011.

 

General

 

US Gold and Minera each agree to making the joint news release attached as Schedule A hereto and each confirms the accuracy of the facts relating to it as set out in the news release.

 

Except for the obligation of each of US Gold and Minera Andes to pay the Break Fee as set out under “Binding Agreements” above, which obligations shall be binding on each of US Gold and Minera Andes, this letter does not create any legally binding obligations for any of the undersigned with respect to the Proposed Merger or otherwise.

 

This letter agreement shall be governed and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

 

This letter agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. Each counterpart may be delivered by facsimile or electronic copy.

 

[The remainder of this page has been left blank intentionally.]

 

2

 

Please confirm your agreement with the foregoing by executing this letter where indicated below and returning an executed copy of this letter to us.

 

Sincerely,

 

	
 
    	
MINERA ANDES INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Stein
    
	
 
    	
 
    	
Name: Michael Stein
    
	
 
    	
 
    	
Title: Director
    

 

 

Agreed as of September 2, 2011:

 

	
 
    	
US GOLD CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Leanne Baker
    
	
 
    	
 
    	
Name: Leanne Baker
    
	
 
    	
 
    	
Title: Director
    

 

 

	
 
    	
 
    	
/s/ Robert R. McEwen
    
	
 
    	
 
    	
Robert R. McEwen
    

 

3

 

Schedule A - News Release

 

UPDATE ON PROPOSED MERGER OF US GOLD AND MINERA ANDES

 

Toronto, Ontario (September 2, 2011)  US Gold Corporation (NYSE:UXG — TSX: UXG) and Minera Andes Inc. (TSX: MAI - OTCBB: MNEAF) are pleased to provide an update on the proposed merger of US Gold and Minera Andes. Following the June 14, 2011 announcement of Rob McEwen’s proposal to merge US Gold and Minera Andes, each of the companies’ boards of directors established an independent special committee to consider the proposed merger and each of the companies has been conducting due diligence on the other. Each of the special committee of Minera Andes and US Gold has retained independent financial advisors and legal counsel and has been considering the transaction, with input from those advisors.

 

Based upon the input of their independent financial advisors, each special committee has directed its legal counsel to continue due diligence and begin negotiation of binding transaction agreements at a ratio of 0.45 of a US Gold common share for each 1.0 Minera Andes common share held. This is a change from the exchange ratio of 0.40 of a US Gold common share for each 1.0 Minera Andes share originally proposed by Mr. McEwen. The board of directors of each company has agreed in principle to the new exchange ratio, subject to satisfactory completion of remaining due diligence and negotiation of satisfactory binding transaction agreements.

 

Each of US Gold and Minera Andes agrees in principle that any agreement between them to effect the proposed merger will include their respective agreements to pay a break fee equal to 3% of the paying party’s market capitalization, based on its closing share price on September 1, 2011, to be payable in customary circumstances and subject to the negotiation of satisfactory binding transaction agreements.  The market capitalization of US Gold is $834,075,977 and the market capitalization of Minera Andes is $653,611,853, based on their respective closing prices on September 1, 2011.

 

Mr. McEwen, Chairman, CEO, and largest shareholder of each company, has agreed in principle to support the merger at the 0.45 exchange ratio with a break fee in the above amount and to vote all of his US Gold and Minera Andres shares in favor of the proposed merger, subject to the satisfactory completion of remaining due diligence and negotiation of satisfactory binding transaction agreements.

 

In addition to agreeing in principle on the amount of the break fee as described above, each of US Gold and Minera Andes has agreed to pay a break fee in the same amount, if the party enters into an agreement to effect or support any competing transaction before the earlier of (i) entering into a definitive agreement for the proposed merger (ii) a party terminating negotiations and abandoning the proposed merger as a result of an adverse due diligence finding, (iii) a mutual good faith termination of discussions and (iv) November 1, 2011, where the competing transaction would result in any other person acquiring more than 50% of the outstanding voting or equity shares of the paying person.

 

This latter agreement to pay a break fee in limited circumstances is binding on US Gold and Minera Andes immediately.  However, the other agreements in principle described above are not binding, and there is no assurance that US Gold and Minera Andes will successfully complete the remaining negotiations, enter into binding transaction agreements or complete the proposed merger on the terms agreed in principle or otherwise.

 

US Gold and Minera Andes do not intend to comment further regarding discussions or the proposed merger until binding transaction agreements are reached or discussions have terminated.

 

ABOUT US GOLD (www.usgold.com)

 

US Gold’s objective is to qualify for inclusion in the S&P 500 by 2015. US Gold explores for gold and silver in the Americas and is advancing its El Gallo Project in Mexico and its Gold Bar Project in Nevada towards production. US Gold has a strong treasury with approximately $100 million in cash and gold and silver bullion.  US Gold’s shares are listed on the NYSE and the TSX under the symbol UXG, trading 1.9 million shares daily during the past twelve months. US Gold’s shares are included in S&P/TSX and Russell indices and Van Eck’s Junior Gold Miners ETF. Rob McEwen, Chairman and CEO, owns 20% of the shares of US Gold.

 

 

ABOUT MINERA ANDES (www.minandes.com)

 

Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: a 49% interest in Minera Santa Cruz SA, owner of the San Jose Mine in close proximity to Goldcorp’s Cerro Negro project; 100% ownership of the Los Azules copper deposit and 100% ownership of a large portfolio of exploration properties in Santa Cruz province, Argentina, including properties bordering the Cerro Negro project in Santa Cruz Province.  As of June 30, 2011, Minera Andes had $22 million in cash and short-term investments, with no bank debt. Rob McEwen, Chairman and CEO, owns 31% of the shares of Minera Andes.

 

Forward Looking and Cautionary Statements

 

This press release contains certain forward-looking statements and information by each of US Gold  and Minera Andes, including “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information express, as at the date of this press release, US Gold and Minera Andes’ estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, the completion of the proposed business combination between Minera Andes and US Gold (including the numerous approvals required in connection with such a business combination), risks related to business integration as a result of a successful business combination, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, risks related to litigation including specifically but not limited to Minera Andes’ Los Azules property, property title, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks.  Readers should not place undue reliance on forward-looking statements or information. Neither US Gold nor Minera Andes undertake any obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See (i) US Gold’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”; and, (ii) Minera Andes’ Annual Information Form as filed on SEDAR (www.sedar.com) and form 40F/A filed with the SEC, for the period ended December 31, 2011, for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

 

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of US Gold and Minera Andes.

 

Contacts:

 

 

US Gold Corporation

(647) 258-0395 / Toll Free: (866) 441-0690

info@usgold.com

 

Minera Andes Inc.

(647) 258-0395 / Toll Free: (866) 441-0690

info@minandes.com

 

5Exhibit 4.1

 

Exhibit A to Agreement and Release

FORM OF WARRANT

THIS WARRANT AND THE SHARES OF COMMON
STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE GEORGIA UNIFORM SECURITIES ACT OF 2008, AS AMENDED, IN RELIANCE
UPON EXEMPTIONS FROM SUCH REQUIREMENTS, THE FEDERAL SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY OTHER STATE.
THIS WARRANT AND ANY OF SUCH SHARES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF REGISTRATION UNDER SAID ACTS AND ALL OTHER APPLICABLE SECURITIES LAWS UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE.

WARRANT
TO PURCHASE SHARES OF

COMMON STOCK OF GUIDED THERAPEUTICS, INC.

Date of Issuance:

THIS CERTIFIES that,
for value received, _______________, or registered assigns (the “holder”), is entitled to purchase, subject to the
provisions of this warrant, from Guided Therapeutics, Inc., a Delaware corporation (“GT”), _____ shares of the Common
Stock, with $.001 par value, of GT, at the price of $0.01 per share (the “Exercise Price”). This warrant is hereinafter
referred to as the “Warrant,” and the shares of Common Stock issuable pursuant to the terms hereof are hereinafter
sometimes referred to as “Warrant Shares.”

ARTICLE
I

CERTAIN DEFINITIONS

For all purposes
of this Warrant, unless the context otherwise requires, the following terms shall have the following respective meanings:

“Act”:
the federal Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations of the Commission
promulgated thereunder, all as the same shall be in effect at the time.

“Common
Stock”: GT’s authorized Common Stock, with $.001 par value, as such class exists on the date of this Warrant.

“Commission”:
the Securities and Exchange Commission, or any other federal agency then administering the Act.

“Exercise
Price”: the purchase price for any Warrant Share purchasable under this Warrant.

“Fair
Market Value”: defined in Section 2.3.

“GT”:
Guided Therapeutics, Inc., a Delaware corporation, located at 5835 Peachtree Corners East, Suite D, Norcross, Georgia 30092, and
any other corporation assuming or required to assume the Warrants pursuant to Article V.

“Person”:
any individual, corporation, partnership, trust, unincorporated organization and any government, and any political subdivision,
instrumentality or agency thereof.

“Warrant
Office”: defined in Section 3.1.

“Warrant
Shares”: the shares of Common Stock of GT issuable upon the exercise of this Warrant.

ARTICLE
II

EXERCISE OF WARRANT

Section
2.1 Method of Exercise. This Warrant may be exercised in full or in part at any time and from time to time on or before
March 1, 2013, subject to the provisions of Article V. To exercise this Warrant, the holder hereof shall deliver to GT, at
the Warrant Office designated pursuant to Section 3.1, (a) a written notice, in substantially the form of one of the Subscription
Notices attached hereto as Schedule A and Schedule B, of such holder’s election to exercise this Warrant, which notice shall
specify the number of shares with respect to which this Warrant is being exercised; and (b) this Warrant. GT shall, as promptly
as reasonably practicable and in any event within fourteen (14) days thereafter, execute and deliver or cause to be executed and
delivered, in accordance with said notice, a certificate or certificates representing the aggregate number of shares of Common
Stock for which this Warrant is being exercised, as adjusted pursuant to Section 2.2 hereof in
the case of a cashless exercise. The stock certificate or certificates so delivered shall be in denominations of shares
as may be specified in said notice and shall be issued in the name of the holder of the Warrant at the time of exercise or such
other name as shall be designated in said notice. GT shall pay all expenses, taxes and other charges payable in connection with
the preparation, issuance and delivery of stock certificates, except that, in case stock certificates shall be registered in a
name or names other than the name of the holder of this Warrant, funds sufficient to pay all stock transfer taxes that shall be
payable upon the issuance of stock certificates shall be paid by the holder hereof at the time of delivery of the notice of exercise
mentioned above or promptly upon receipt of a written request of GT for payment.

Section
2.2 Cashless Exercise. The Exercise Price may at the election of the exercising holder be
paid by reducing the number of Warrant Shares to be issued by surrender of this Warrant at the office of GT’s principal office
(or at such other location as GT may advise the holder in writing) so that the holder
will not pay any cash consideration for the Exercise Price, together with a written notice of the
holder’s intent to exercise the Warrant in accordance with this Section 2.2, so that GT shall thereupon transfer
to the holder that number of Warrant Shares computed using the following formula:

Shares = SP x (FMV – EP)

FMV

Where:

Shares equals
the number of Warrant Shares to be transferred to the holder;

SP represents
the number of Warrant Shares (as adjusted to the date of such exercise) for which the Warrant is being exercised;

FMV equals
the Fair Market Value; and

EP equals
the Exercise Price.

Under no circumstances
will the number of Warrant Shares issuable pursuant to this Section 2.2 exceed the number of Warrant Shares (as adjusted according
to the provisions of Article V) otherwise issuable to the holder.

Section
2.3 Fair Market Value. “Fair Market Value” shall mean, at any date and with respect to one (1) Warrant
Share, (i) if a public market for the Common Stock exists at the time of such exercise, (a) the last reported sale price of the
Common Stock on any exchange on which the Common Stock is listed, or (b) the average of the closing bid and asked prices of the
Common Stock quoted in the over-the-counter market, whichever is applicable, as published or quoted for the five (5) trading days
prior to the date of determination of fair market value; or (ii) if there is no public market for the Common Stock, the price per
share determined by the Board of Directors of GT in good faith.

Section
2.4 Shares to be Authorized, Fully Paid and Non-assessable. GT promises to maintain and reserve a sufficient number of authorized
and unissued Warrant Shares to fulfill its obligations under this Warrant for so long as this Warrant is outstanding and not fully
exercised. All Warrant Shares issued upon the exercise of this Warrant shall be validly issued, fully paid and non-assessable.

ARTICLE
III

WARRANT OFFICE; TRANSFER, DIVISION

OR COMBINATION OF WARRANTS

Section
3.1 Warrant Office. GT shall maintain an office for certain purposes specified herein (the “Warrant Office”),
which office shall initially be GT’s offices at 5835 Peachtree Corners East, Suite D, Norcross, Georgia 30092, and may subsequently
be such other office of GT or of any transfer agent of the Common Stock in the continental United States as to which written notice
has previously been given to all of the holders of the Warrants.

Section
3.2 Ownership of Warrant. GT may deem and treat the person in whose name this Warrant is registered as the holder and owner
hereof (notwithstanding any notations of ownership or writing hereon made by anyone other than GT) for all purposes and shall not
be affected by any notice to the contrary, until presentation of this Warrant for registration of transfer as provided in this
Article III.

Section
3.3 Transfer of Warrant. GT agrees to maintain at the Warrant Office books for the registration of permitted transfers of
this Warrant. Subject to Article IV, this Warrant and all rights hereunder are transferable on the books at that office, upon surrender
of this Warrant at that office, together with a written assignment of this Warrant duly executed by the holder hereof or his duly
authorized agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of the transfer. Subject to
Article IV, upon surrender and payment of such funds, GT shall execute and deliver a new Warrant in the name of the assignee,
and this Warrant shall promptly be canceled. A Warrant may be exercised by a new holder for the purchase of shares of Common Stock
without having a new warrant issued.

Section
3.4 Expenses of Delivery of Warrants. GT shall pay all expenses, taxes (other than transfer taxes), and other charges payable
in connection with the preparation, issuance and delivery of new Warrants hereunder. Notwithstanding the foregoing, GT shall not
be responsible for the payment of federal, state or local income taxes for the holder hereof for which the holder is or may become
liable as a result of the exercise of this Warrant or the issuance of Warrant Shares as a result of such exercise.

ARTICLE
IV

RESTRICTION ON TRANSFER

Section
4.1 Restrictions on Transfer.

(a)               
Notwithstanding any provisions contained in this Warrant to the contrary, this Warrant shall not be exercisable or transferable
except upon the conditions specified in this Article IV, which conditions are intended, among other things, to ensure compliance
with the provisions of the Act in respect of the exercise or transfer of the Warrant.

(b)              
The holder of this Warrant, by acceptance hereof, agrees that it will not transfer, nor request transfer of, this Warrant
prior to delivery to GT of an opinion of the holder’s counsel (as the opinion and counsel are described in Section 4.2 hereof).

Section
4.2 Opinion of Counsel. In connection with any transfer of this Warrant, the following provisions shall apply:

(a)               
If in the opinion reasonably acceptable to GT of counsel reasonably acceptable to GT, a proposed transfer of this Warrant
may be effected without registration of this Warrant under the Act, the holder of this Warrant shall be entitled to transfer this
Warrant in accordance with the proposed method of disposition; provided, however, that if the method of disposition would, in the
opinion of such counsel, require that GT take any action or execute and file with the Commission or deliver to the holder or any
other person any form or document in order to establish the entitlement of the holder to take advantage of such method of disposition,
GT agrees, at the cost of the holder, promptly to take any necessary action or execute and file or deliver any necessary form or
document. Notwithstanding the foregoing, in no event will GT be obligated to effect a registration under the Act so as to permit
the proposed transfer of this Warrant or to take any action that will result in more than one transfer of this Warrant within each
calendar year.

(b)              
If in the opinion of such counsel, the proposed transfer of this Warrant may not be effected without registration of this
Warrant under the Act, the holder of this Warrant shall not be entitled to transfer this Warrant until such registration is effective.

ARTICLE
V

RECLASSIFICATION, REORGANIZATION OR MERGER

In case of any stock
dividend, stock split, combination of shares, reclassification, capital reorganization or other change of outstanding shares of
Common Stock of GT, or in case of any consolidation or merger of GT with or into another corporation (other than a merger with
a subsidiary in which merger GT is the continuing corporation or that does not result in any reclassification, capital reorganization
or other change of outstanding shares of Common Stock), the holder hereof shall have the right thereafter by exercising this Warrant
to purchase the kind and amount of shares of stock and other securities and property received by holders of shares of Common Stock
of GT, upon such stock dividend, stock split, combination of shares, reclassification, capital reorganization or other change,
consolidation or merger, in respect of the number of shares of Common Stock that could have been purchased upon exercise of this
Warrant immediately prior to such event or transaction. In addition, and notwithstanding the foregoing in the case of a merger
or consolidation wherein GT is not the surviving corporation, provided the holder is afforded written notice thereof at least twenty
(20) days prior to the consummation of such merger or consolidation, this Warrant shall expire to the extent not exercised on and
as of the closing of such merger or consolidation. The foregoing provisions of this Article V shall similarly apply to successive
stock dividends, stock splits, combinations of shares, reclassifications, capital reorganizations and changes of shares of Common
Stock and to successive consolidations and mergers.

ARTICLE
VI

MISCELLANEOUS

Section
6.1 Entire Agreement. This Warrant has been issued pursuant to a certain Agreement and Release dated August
___, 2011 by and among, GT, the holder and certain other parties (the “Settlement Agreement”). This Warrant,
the Settlement Agreement and the documents referenced herein and therein contain the entire agreement between the holder hereof
and GT with respect to the purchase of the Warrant Shares and supersede all prior arrangements or understandings with respect thereto.

Section
6.2 Waiver and Amendment. Any term or provision of this Warrant may be waived at any time by the party that is entitled
to the benefits thereof, and any term or provision of this Warrant may be amended or supplemented at any time by agreement of the
holder hereof and GT, except that any waiver of any term or condition, or any amendment or supplementation, of this Warrant must
be in writing. A waiver of any breach or failure to enforce any of the terms or conditions of this Warrant shall not in any way
affect, limit or waive a party’s rights hereunder at any time to enforce strict compliance thereafter with any term or condition
of this Warrant.

Section
6.3 Illegality. In the event that any one or more of the provisions contained in this Warrant shall be determined to be
invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision
in any other respect and the remaining provisions of this Warrant shall not, at the election of the party for whom the benefit
of the provision exists, be in any way impaired.

Section
6.4 Filing of Warrant. A copy of this Warrant shall be filed in the records of GT.

Section
6.5 Notice. Any notice or other document required or permitted to be given or delivered to the holder hereof shall be delivered
personally, or sent by certified or registered mail, to each such holder at the last address shown on the books of GT maintained
at the Warrant Office for the registration of, and the registration of transfer of, the Warrant or at any more recent address of
which any holder hereof shall have notified GT in writing. Any notice or other document required or permitted to be given or delivered
to GT shall be delivered at, or sent by certified or registered mail to, the Warrant office, attention: President, or such other
address as shall have been furnished by GT to the holder hereof.

Section
6.6 Limitation of Liability; Not Stockholders. No provision of this Warrant shall be construed as conferring upon the holder
hereof the right to vote, consent, receive dividends or receive notice in respect of meetings of stockholders for the election
of directors of GT or any other matter whatsoever as a stockholder of GT. No provision hereof, in the absence of affirmative action
by the holder hereof to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the holder hereof, shall
give rise to any liability of such holder for the purchase price of any Warrant Shares or as a stockholder of GT, whether such
liability is asserted by GT or by creditors of GT.

Section
6.7 Loss, Destruction, Etc. of Warrant. Upon receipt of evidence satisfactory to GT of the loss, theft, mutilation or destruction
of the Warrant, and in the case of any such loss, theft or destruction, upon delivery of a bond of indemnity in such form and amount
as shall be reasonably satisfactory to GT, or in the event of such mutilation, upon surrender and cancellation of the Warrant,
GT will make and deliver a new Warrant, of like tenor, in lieu of such lost, stolen, destroyed or mutilated warrant. Any Warrant
issued under the provisions of this Section 6.7 in lieu of any Warrant alleged to be lost, destroyed or stolen, or in lieu
of any mutilated Warrant, shall constitute an original contractual obligation on the part of GT.

     

     

    

 

IN WITNESS WHEREOF,
GT has caused this Warrant to be signed in its name by its authorized officer.

GUIDED THERAPEUTICS, INC.

By:

Name:

Title:

 

 

     

     

    

SCHEDULE
A

SUBSCRIPTION NOTICE

 

Dated: ________________

The undersigned
hereby irrevocably elects to exercise its right to purchase ________ shares of the Common Stock, with $.001 par value, of Guided
Therapeutics, Inc., such right being pursuant to a Warrant dated _____________, and as issued to the undersigned by Guided Therapeutics,
Inc. and hereby tenders in payment of the Exercise Price $___________.

Name

(Please typewrite or print in block letters)

Address

Signature 

 

     

     

    

SCHEDULE
B

SUBSCRIPTION NOTICE

(Cashless exercise)

Dated: ________________

The undersigned
hereby irrevocably elects to exercise its right to purchase ________ shares of the Common Stock, with $.001 par value, of Guided
Therapeutics, Inc., such right being pursuant to a Warrant dated _____________, and as issued to the undersigned by Guided Therapeutics,
Inc. and acknowledges such number of shares will be reduced as necessary to pay the exercise price as contemplated by Section 2.2
of the Warrant.

Name 

 (Please typewrite
or print in block letters)

Address 

Signature

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