Document:

Form of Warrant Agreement, Continental Stock Transfer & Trust Co. and Registant

 Exhibit 4.4 
  
 WARRANT AGREEMENT 
  
 Agreement made as of                 , 200  ,
between American Telecom Services Inc., a Delaware corporation with offices at 2466 Peck Road, City of Industry, California 90601 (“Company”), and Continental Stock Transfer & Trust Company, a New York corporation with offices at
17 Battery Place, New York, New York 10004, a New York corporation, (herein called “Warrant Agent”). 
  
 WHEREAS, the Company is engaged in a public offering (“Public Offering”) of Common Stock and Redeemable Common Stock Purchase Warrants
(“Public Warrants”) and in connection therewith, has determined to issue and deliver up to (i) 3,220,000 Public Warrants (including up to 420,000 Public Warrants that may be issued pursuant to the Underwriter’s over-allotment
option) to the public investors, (ii) an aggregate of 280,000 Warrants that may be issued to HCFP/Brenner Securities, LLC as representative of the several underwriters (“Representative”) or its respective designees
(“Representative’s Warrants”), up on exercise of a purchase option being granted by the Company to the Representative, (iii) 1,475,666 additional Public Warrants that will be issued upon automatic conversion of 1,475,666
outstanding private warrants upon consummation of the Public Offering (“Exchange Warrants” and, together with the Public Warrants, the “Warrant(s)”), and (iv) any and all warrants issued hereafter that are of the same class
as the Warrants. Each Warrant evidences the right of the holder thereof to purchase one share of the Company’s common stock, $.001 par value per share (“Common Stock”), for $5.05; and 
  
 WHEREAS, the Company has filed with the Securities and Exchange Commission a
Registration Statement (No. 333-            ) on Form SB-2 (“Registration Statement”), for the registration under the Securities Act of 1933, as amended, of, among others,
the Warrants and the Common Stock issuable upon exercise of the Warrants; and 
  
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of
the Warrants; and 
  
 WHEREAS, the Company desires to provide for
the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 
  
 WHEREAS, all acts and things have been done and performed which are necessary
to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this
Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual
agreements herein contained, the parties hereto agree as follows: 
  
 1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with
the terms and conditions set forth in this Agreement. 

 2. Warrants. 
  
 2.1 Form of Warrant. Each Warrant certificate shall be issued in registered form only, shall be in substantially the
form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board, President and/or Vice President and Secretary or Assistant Secretary of the
Company and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant certificate shall have ceased to be Chairman of the Board, Chief Executive Officer and/or President and
Secretary or Assistant Secretary of the Company before such Warrant certificate is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. The Warrants represented by a Warrant certificate may
not be exercised until such certificate has been countersigned by the Warrant Agent as provided in Section 2.3 hereof. 
  
 2.2 Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant certificate shall be
invalid and of no effect. 
  
 2.3 Events for
Countersignature. The Warrant Agent shall countersign a Warrant certificate only upon the occurrence of either of the following events: 
  
 (a) if the Warrant certificate is to be issued in exchange or substitution for one or more previously countersigned Warrant certificates, as hereinafter
provided, or 
  
 (b) if the Company instructs the Warrant Agent
to do so. 
  
 2.4 Registration. 
  
 2.4.1 Warrant Register. The Warrant Agent shall maintain books
(“Warrant Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the
respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. 
  
 2.4.2 Registered Holder. Prior to due presentment for registration of transfer of any Warrant certificate, the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant certificate shall be registered upon the Warrant Register (“registered holder”), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any
notation of ownership or other writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary. 
  
 2.5
Detachability of Warrants. The Warrant Agent understands that until the completion of the Public Offering, the Warrants may only be purchased and sold together with the Common Stock and, upon completion of the Public Offering, are immediately
separately transferable. 
  

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 3. Terms and Exercise of Warrants. 
  
 3.1 Warrant Price. Each Warrant certificate shall, when countersigned by the Warrant Agent, entitle the registered
holder thereof, subject to the provisions of such Warrant certificate and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $5.05 per whole share, subject to the adjustments
provided in Section 4 hereof. The term “Warrant Price” as used in this Warrant Agreement refers to the price per share at which Common Stock may be purchased at the time a Warrant is exercised. 
  
 3.2 Duration of Warrants. A Warrant may be exercised only during the
period (“Exercise Period”) commencing on                     , 200  , and terminating on the earlier of
                    , 20    , or the date fixed for redemption of the Warrant as provided in Section 6 of this
Agreement (“Expiration Date”). Each Warrant not exercised on or before its expiration date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on its
Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date. 
  
 3.3 Exercise of Warrants. 
  
 3.3.1 Payment. A Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering the
certificate representing such Warrant, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the purchase form, as set forth on the Warrant certificate
and in substantially the form of Exhibit A hereto, duly executed, and by paying in full, in lawful money of the United States, in cash, good certified check or bank draft payable to the order of the Company, the Warrant Price for each full
share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Common Stock, and the issuance of the Common Stock. 
  
 3.3.2 Issuance of Certificates. As soon as practicable after the
exercise of any Warrant and the clearance of the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he is
entitled, registered in such name or names as may be directed by him, and if such Warrant shall not have been exercised in full, a new countersigned Warrant certificate for the number of shares as to which such Warrant shall not have been exercised.
Notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant unless a registration statement under the Securities Act of 1933 with respect to the securities is effective. Warrants
may not be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful. 
  

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 3.3.3 Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in
conformity with this Agreement shall be validly issued. 
  
 3.3.4
Date of Issuance. Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant certificate was
surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person
shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. 
  
 3.3.5 Warrant Solicitation and Warrant Solicitation Fee. 
  

(a) The Company has engaged the Representative, on a non-exclusive basis, as its agent for the solicitation of the exercise of the Warrants. The
Company, at its cost, will (i) assist the Representative with respect to such solicitation, if requested by the Representative and (ii) provide to the Representative, and direct the Company’s transfer and warrant agent to deliver to
the Representative, lists of the record, and to the extent known, beneficial owners of the Company’s Warrants. Accordingly, the Company hereby instructs the Warrant Agent to cooperate with the Representative in every respect in connection with
the Representative’s solicitation activities, including, but not limited to, providing to the Representative, at the Company’s cost, a list of record and beneficial holders of the Warrants and circulating a prospectus or offering circular
disclosing the compensation arrangements referenced in Section 3.3.5(b) to holders of the Warrants at the time of exercise of the Warrants. In addition to the conditions set forth in Section 3.3.5(b), the Representative shall accept
payment of the warrant solicitation fee provided in Section 3.3.5(b) only if it has provided bona fide services in connection with the exercise of the Warrants. In addition to soliciting, either orally or in writing, the exercise of Warrants by
a Warrant holder, such services also may include disseminating information, either orally or in writing, to Warrant holders about the Company or the market for the Company’s securities, or assisting in the processing of the exercise of
Warrants. 
  
 (b) In each instance in which a Warrant is
exercised, the Warrant Agent shall promptly give written notice of such exercise to the Company and the Representative (“Warrant Agent’s Exercise Notice”). If, upon the exercise of any Warrant after the first anniversary of the
effective date of the Registration Statement, (i) the market price of the Company’s Common Stock is greater than the Warrant Price, (ii) disclosure of compensation arrangements was made both at the time of the original offering and at
the time of exercise (by delivery of the Prospectus or as otherwise required by applicable law, rule or regulation), (iii) the exercise of the Warrant was solicited by the Representative, (iv) the Warrant was not held in a discretionary
account, (v) the solicitation of the exercise of the Warrant was not in violation of Regulation M (as such rule or any successor rule may be in effect as of such time of exercise) promulgated under the Securities Exchange Act of 1934, and
(vi) the Representative is a member of the National Association of Securities Dealers, Inc., then the Warrant Agent, simultaneously with the issuance of the common stock underlying the Warrant(s), shall, on behalf of the Company, pay from the
proceeds received upon exercise of the Warrant(s), a fee of 5% of the Warrant Price to the Representative in accordance with its actual solicitation of a Warrant holder, 

  

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provided that the Representative delivers to the Warrant Agent within three (3) business days from the date on which the Representative received the
Warrant Agent’s Exercise Notice, a certificate that the conditions set forth in the preceding clauses (iii), (iv) and (v) have been satisfied. The Representative and the Company may, at any time during business hours, examine the
records of the Warrant Agent, including its ledger of original Warrant certificates returned to the Warrant Agent upon exercise of Warrants. 
  
 (c) The provisions of this Section 3.3.5 may not be modified, amended or deleted without the prior written consent of the Representative.

  
 4. Adjustments. 
  
 4.1 Stock Dividends – Split-Ups. If after the date hereof, and
subject to the provisions of Section 4.5, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split-up of shares of Common Stock or other similar event, then, on the
effective date thereof, the number of shares issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares and the then applicable Warrant Price shall be correspondingly decreased. 
  
 4.2 Aggregation of Shares. If after the date hereof, and subject to
the provisions of Section 4.5, the number of outstanding shares of Common Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or other similar event, then, upon the effective date of such
consolidation, combination or reclassification, the number of shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares and the then applicable Warrant Price shall be correspondingly
increased. 
  
 4.3 Replacement of Securities Upon
Reorganization, etc. If after the date hereof any capital reorganization or reclassification of the Common Stock of the Company, or consolidation or merger of the Company with another corporation, or the sale of all or substantially all of its
assets to another corporation or other similar event shall be effected, then, as a condition of such reorganization, reclassification, consolidation, merger, or sale, lawful and fair provision shall be made whereby the Warrant holders shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the
exercise of the rights represented thereby, such shares of stock, securities, or assets as may be issued or payable with respect to or in exchange for the number of outstanding shares of such Common Stock equal to the number of shares of such stock
immediately theretofore purchasable and receivable upon the exercise of the rights represented by the Warrants, had such reorganization, reclassification, consolidation, merger, or sale not taken place and in such event appropriate provision shall
be made with respect to the rights and interests of the Warrant holders to the end that the provisions hereof (including, without limitation, provisions for adjustments of the Warrant Price and of the number of shares purchasable upon the exercise
of the Warrants) shall thereafter be applicable, as nearly as may be in relation to any share of stock, securities, or assets thereafter deliverable upon the exercise hereof. The Company shall not effect any such consolidation, merger, or sale
unless prior to the consummation thereof the successor corporation (if other than the Company) resulting from such 

  

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consolidation or merger, or the corporation purchasing such assets, shall assume by written instrument executed and delivered to the Warrant Agent the
obligation to deliver to the Warrant holders such shares of stock, securities, or assets as, in accordance with the foregoing provisions, such holders may be entitled to purchase. 
  
 4.4 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable on
exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such
price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, or 4.3, then, in any such event,
the Company shall give written notice in the manner set forth above of the record date for such dividend, distribution, or subscription rights, or the effective date of such reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation, winding up or issuance. Such notice shall also specify the date as of which the holders of Common Stock of record shall participate in such dividend, distribution, or subscription rights, or shall be entitled to exchange their Common
Stock for stock, securities, or other assets deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation, winding up or issuance. Failure to give such notice, or any defect therein, shall not affect
the legality or validity of such event. 
  
 4.5 No Fractional
Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder
of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the number of shares of Common Stock to be received shall be rounded off to the nearest whole number. 
  
 4.6 Form of Warrant. The form of Warrant need not be changed because
of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the
Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or
substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 
  
 5. Transfer and Exchange of Warrants. 
  
 5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of a Warrant certificate for transfer,
properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant certificate representing an equal aggregate number of Warrants shall be issued and the old Warrant
certificate shall be canceled by the Warrant Agent. The Warrant certificate so canceled shall be delivered by the Warrant Agent to the Company from time to time upon request. 
  

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 5.2 Procedure for Surrender of Warrants. Warrant certificates may be surrendered to the Warrant
Agent, together with a written request for exchange, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrant certificates as requested by the registered holder of the Warrant certificates so surrendered, representing
an equal aggregate number of Warrants; provided, however, that in the event that a Warrant certificate surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant certificate and issue new Warrant
certificates in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrant certificates also must bear a restrictive legend. 

 
 5.3 Fractional Warrants. The Warrant Agent shall not be required to
effect any registration of transfer or exchange which will result in the issuance of a warrant certificate for a fraction of a warrant. The number of Warrants to be delivered shall be rounded off to the nearest whole number. 
  
 5.4 Service Charges. No service charge shall be made for any exchange
or registration of transfer of Warrants. 
  
 5.5 Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions hereof, and the Company, whenever
required by the Warrant Agent, will supply the Warrant Agent with Warrant certificates duly executed on behalf of the Company for such purpose. 
  
 6. Redemption. 
  
 6.1 Redemption. Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, prior to the Expiration Date, at the
office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $.05 per Warrant (“Redemption Price”), provided that (i) during the first three months after consummation of the Public Offering, the last
sale price of the Common Stock has been at least one hundred and ninety percent (190%) of the then effective exercise price of the Public Warrants on each of the fifteen (15) consecutive trading days ending within three business days prior
to the date on which notice of redemption is given or (ii) thereafter, the last sale price of the Common Stock has been at least one hundred and fifty percent (150%) of the then effective exercise price of the Public Warrants on each of
the fifteen (15) consecutive trading days ending within three business days prior to the date on which notice of redemption is given (the satisfaction of the applicable foregoing condition shall be certified by the Company), and (iii) the
Company has obtained the prior written consent of the Representative. The provisions of this Section 6.1 may not be modified, amended or deleted without the prior written consent of the Representative. 
  

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 6.2 Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all
or any part of the outstanding Warrants, the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company or the Company’s agent at its direction not less than 30 days
from the date fixed for redemption to the registered holders of the outstanding Warrants to be redeemed at their last address as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given whether or not the registered holder received such notice. 
  
 6.3 Exercise After Notice of Redemption. The outstanding Warrants may be exercised in accordance with Section 3 of this Agreement at any time after notice of redemption shall have been given by the Company
pursuant to Section 6.2 hereof and prior to the date fixed for redemption. On and after the redemption date, the record holder of the outstanding Warrants shall have no further rights except to receive, upon surrender of the outstanding
Warrants, the Redemption Price. 
  
 6.4 Outstanding Warrants
Only. The Company understands that the redemption rights provided for by this Section 6 apply only to outstanding Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by
redemption. However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the criteria for redemption is met. The provisions of this Section 6.4 may not be modified, amended or
deleted without the prior written consent of the Representative. 
  
 7. Other Provisions Relating to Rights of Holders of Warrants. 
  
 7.1 No Rights as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or
other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter. 
  
 7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant
certificate is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may, on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant certificate, include the
surrender thereof), issue a new Warrant certificate of like denomination, tenor, and date as the Warrant certificate so lost, stolen, mutilated, or destroyed. Any such new Warrant certificate shall constitute a substitute contractual obligation of
the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant certificate shall be at any time enforceable by anyone. 
  
 7.3 Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common
Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 
  

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 7.4 Registration of Common Stock. The Company agrees that, during such time as the Public Warrants
and Representative’s Warrants remain outstanding and exercisable, it shall file with the Securities and Exchange Commission a post-effective amendment to the Registration Statement, if possible, or a new registration statement, to maintain
registration under the Securities Act of 1933 of such Warrants and shares underlying such Warrants, and it shall take such action as is necessary to qualify for sale, in those states in which the Warrants were initially offered by the Company, the
Common Stock issuable upon exercise of the Warrants. The Company shall maintain the effectiveness of such registration statement and keep current a prospectus thereunder and maintain such qualification until the expiration of the Public Warrants and
the Representative’s Warrants in accordance with the provisions of this Agreement. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of the Representative. 
  
 8. Concerning the Warrant Agent and Other Matters. 
  
 8.1 Payment of Taxes. The Company will from time to time promptly pay
all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in
respect of the Warrants or such shares. 
  
 8.2 Resignation,
Consolidation, or Merger of Warrant Agent. 
  
 8.2.1
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities (other than those incurred prior to such resignation or
discharge) hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by a holder of Warrants (who
shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent. Any
successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized, existing and in good standing and authorized under the laws of the state in which it was incorporated to exercise corporate trust powers,
shall maintain an office in the Borough of Manhattan, City and State of New York for the transfer of the Warrants and, if not incorporated in the State of New York, shall be authorized to do business in the State of New York as a foreign
corporation, and subject to supervision or examination by federal or state authority and shall be authorized to serve as Warrant Agent for the Warrants under the Securities Exchange Act of 1934, as amended. After appointment, any successor Warrant
Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any
reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor
Warrant Agent hereunder; and upon request of any 

  

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successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 
  
 8.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment. 
  
 8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or
any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party, if it shall be eligible to serve as Warrant Agent under Section 8.2.1, shall be the successor Warrant Agent under this Agreement without any
further act. 
  
 8.3 Fees and Expenses of Warrant Agent.

  
 8.3.1 Remuneration. The Company agrees to pay the
Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

  
 8.3.2 Further Assurances. The Company agrees to
perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or
performing of the provisions of this Agreement. 
  
 8.4
Liability of Warrant Agent. 
  
 8.4.1 Reliance on
Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any
action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the President of the Company and delivered to the
Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 
  

8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own negligence or willful misconduct. The Company agrees to indemnify
the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant
Agent’s negligence, willful misconduct, or bad faith. 
  

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 8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of
this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant;
nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any
such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any
shares of Common Stock will when issued be valid and fully paid and nonassessable. 
  
 8.5 Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall
account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of the Company’s Common Stock through the exercise of
Warrants. 
  
 9. Miscellaneous Provisions. 
  
 9.1 Successors. All the covenants and provisions of this Agreement by
or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 
  
 9.2 Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder of any
Warrant to or by the Company shall be sufficiently given or made if sent by certified mail, or private courier service, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

  
 American Telecom Services Inc. 
 2466 Peck Road 
 City of Industry,
California 90601 
 Attention: Mr. Bruce Hahn 
  

with a copy to: 
  
 Sonnenschein Nath & Rosenthal 
 1221 Avenue of the Americas 
 New York, NY 10020 
 Attention: Ira Roxland, Esq. 
  
 Any notice,
statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given or made 

  

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if sent by certified mail or private courier service, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the
Company), as follows: 
  
 Continental Stock Transfer &
Trust Company 
 17 Battery Place 
 New York, New York 10004 
  
 9.3 Applicable law;
Jurisdiction. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the law of the State of New York, without giving effect to principles of conflicts of law. The Company hereby
agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New
York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenience forum. Any such process or summons to
be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action, proceeding or claim. 
  
 9.4 Persons Having Rights Under This Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Warrants and, for the purposes of Sections 3.3.5, 6.1 through 6.4 and 7.4 hereof, the
Representative, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative shall be deemed to be a third-party beneficiary of this Agreement
with respect to such Sections. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto (and the Representative to the extent set forth
above) and their successors and assigns and of the registered holders of the Warrants. 
  
 9.5 Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for
inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his or her Warrant for inspection by it. 
  
 9.6 Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be
an original, and all such counterparts shall together constitute but one and the same instrument. 
  
 9.7 Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the
interpretation thereof. 
  

 12 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto under their respective
corporate seals as of the day and year first above written. 
  

					
	Attest:	  	AMERICAN TELECOM SERVICES INC.
			
	  

	  	By:	 	  

	Name:	  	Name:	 	Bruce Hahn
	Title:	  	Title:	 	Chief Executive Officer
		
	Attest:	  	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
			
	  

	  	By:	 	  

	Name:	  	Name:	 	 
	Title:	  	Title:	 	 

  

 132005 Stock Option Plan of Registrant

 Exhibit 10.1 
  
 AMERICAN TELECOM SERVICES, INC. 2005 
 STOCK OPTION PLAN 
  
 I.
INTRODUCTION 
  
 1.1. Purposes. The purposes of
the 2005 Stock Option Plan (this “Plan”) of AMERICAN TELECOM SERVICES, INC. (the “Company”), and its subsidiaries (individually a “Subsidiary” and collectively the “Subsidiaries”)
are (i) to align the interests of the Company’s stockholders and the recipients of awards under this Plan by increasing the proprietary interest of such recipients in the Company’s growth and success, (ii) to advance the
interests of the Company by attracting and retaining officers, other employees, consultants, advisors and well-qualified persons who are not officers or employees of the Company for service as directors of the Company, and (iii) to motivate
such persons to act in the long-term best interests of the Company’s stockholders. For purposes of this Plan, references to employment by the Company shall also mean employment by a Subsidiary and, in the case of a consultant or advisor who is
not an employee, the rendering of services to the Company or a Subsidiary. 
  
 1.2. Administration. This Plan shall be administered either by the Board of Directors of the Company (the “Board”) or by a committee (the “Committee”) designated by the
Board consisting of two or more members of the Board each of whom shall be a “Non-Employee Director” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
(if the Board wishes to qualify awards under the Plan as qualified performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”)) an “outside director” within the
meaning of Section 162(m) of the Code. As used herein, the term “Committee” shall mean the Board if no such committee is designated, and shall mean such committee during such times as it is so designated. 
  
 The Committee shall, subject to the terms of this Plan, select eligible
persons for participation in this Plan and shall determine the type of award and the number of shares of Common Stock subject to each award granted hereunder, the exercise price of each option award, the time and conditions of vesting or
exercisability of each award and all other terms and conditions of each award, including, without limitation, the form of the written award agreement between the Company and the recipient that evidences each award and sets forth the terms and
conditions of such award (the “Agreement”). The Committee shall, subject to the terms of this Plan, interpret this Plan and the application thereof, establish such rules and regulations it deems necessary or desirable for the
administration of this Plan and may impose, incidental to the grant of an award, conditions with respect to the grant, such as limiting competitive employment or other activities. All such interpretations, rules, regulations and conditions shall be
final, binding and conclusive. The Committee may, in its sole discretion and for any reason at any time, subject to the requirements imposed under Section 162(m) of the Code and regulations promulgated thereunder in the case of an award
intended to be qualified performance-based compensation, take action such that any or all outstanding awards shall become vested or exercisable in part or in full. 
  
 The Committee may delegate some or all of its power and authority hereunder to the Chief Executive Officer or other
executive officer of the Company as the Committee deems appropriate; provided, however, that the Committee may not delegate its power and authority with regard to the selection for participation in this Plan of an officer or other person
subject to 

  

 1 

 
Section 16 of the Exchange Act or decisions concerning the timing, pricing or amount of an award grant to such an officer or other person. 

 
 No member of the Board of Directors or the Committee, and neither the
Chief Executive Officer nor other executive officer to whom the Committee delegates any of its power and authority hereunder, shall be liable for any act, omission, interpretation, construction or determination made in connection with this Plan in
good faith, and the members of the Board of Directors and the Committee and the Chief Executive Officer or other executive officer shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense
(including attorneys’ fees) arising therefrom to the full extent permitted by law and under any directors’ and officers’ liability insurance that may be in effect from time to time. 
  
 A majority of the Committee shall constitute a quorum. The acts of the
Committee shall be either (i) acts of a majority the members of the Committee present at any meeting at which a quorum is present or (ii) acts approved in writing by all of the members of the Committee without a meeting. 
  
 1.3. Eligibility. Participants in this Plan shall consist of
such officers, other employees, consultants and advisors of the Company and its Subsidiaries from time to time as the Committee in its sole discretion may select from time to time. The Committee’s selection of a person to participate in this
Plan at any time shall not require the Committee to select such person to participate in this Plan at any other time. Non-employee directors of the Company shall be eligible to participate in this Plan in accordance with Articles III and IV.

  
 1.4. Shares Available. Subject to adjustment as
provided in Section 5.7, 600,000 shares of the common stock, par value $0.001 per share, of the Company (“Common Stock”), shall be available for issuance pursuant to grants of awards under this Plan. To the extent that shares
of Common Stock subject to an outstanding award are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award, then such shares of Common Stock shall again be available under this Plan. If any shares
of Common Stock subject to an award granted hereunder are withheld or applied as payment in connection with the exercise of an award or the withholding or payment of taxes related thereto (“Returned Shares”), such Returned Shares, shall
again be available for under this Plan. 
  
 Shares of Common Stock
shall be made available from authorized and unissued shares of Common Stock, or authorized and issued shares of Common Stock reacquired and held as treasury shares or otherwise or a combination thereof. 
  
 1.5. Section 162(m) Compliance. To the extent the
Committee intends to grant a qualified performance-based award, this Section 1.5 shall apply. Each award that is intended to be qualified performance-based compensation and is granted to a person the Committee believes likely to be a covered
employee (as defined in Section 162(m)(3) of the Code) shall comply with the requirements of the performance-based compensation exception from the tax deductibility limitations of Code Section 162(m) contained in Code
Section 162(m)(4)(C) and the regulations issued thereunder. Notwithstanding the foregoing, to the extent Code Section 162(m) requires periodic shareholder approval of performance measures, such approval shall not be required for the
continuation of this Plan or as a condition to grant any award hereunder after such approval is 

  

 - 2 - 

 
required. The performance measures for awards other than stock options are specified in Section 3.1(c). 
  
 Except as otherwise provided in Article IV, no person may be granted awards
for options and/or performance vested stock in any calendar year with respect to more than             shares of Common Stock; provided, however, that these awards shall be subject to
adjustment as provided in Section 5.7 or 5.8. 
  
 II. STOCK
OPTIONS 
  
 2.1. Grants of Stock Options. The
Committee may, in its discretion, grant options to purchase shares of Common Stock to such eligible persons as may be selected by the Committee. Each option, or portion thereof, that is not an incentive stock option, shall be a non-qualified stock
option. An incentive stock option shall mean an option to purchase shares of Common Stock that meets the requirements of Section 422 of the Code, or any successor provision, which is intended by the Committee to constitute an incentive stock
option. Each incentive stock option shall be granted within ten years of the effective date of this Plan. To the extent that the aggregate Fair Market Value (determined as of the date of grant) of shares of Common Stock with respect to which options
designated as incentive stock options are exercisable for the first time by a participant during any calendar year (under this Plan or any other plan of the Company, or any Subsidiary as defined in Section 424 of the Code) exceeds the amount
(currently $100,000) established by the Code, such options shall constitute non-qualified stock options. “Fair Market Value” shall mean the closing transaction price of a share of Common Stock as reported in the NASDAQ National Market
System, or other exchange where the Common Stock is listed, on the date as of which such value is being determined or, if there shall be no reported transactions on such date, on the next preceding date for which transactions were reported; provided
that if Fair Market Value for any date cannot be determined as above provided, Fair Market Value shall be determined by the Committee by whatever means or method as the Committee, in the good faith exercise of its discretion, shall at such time deem
appropriate. 
  
 2.2. Terms of Stock Options.
Options shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable: 
  
 (a) Number of Shares and Purchase Price. The number
of shares of Common Stock subject to an option and the purchase price per share of Common Stock purchasable upon exercise of the option shall be determined by the Committee; provided, however, that such purchase price shall not be less than
100% of the Fair Market Value of a share of Common Stock on the date of grant of such option; provided further, that if an incentive stock option shall be granted to any person who, at the time such option is granted, owns capital stock
possessing more than ten percent of the total combined voting power of all classes of capital stock of the Company (or of any Subsidiary) (a “Ten Percent Holder”), the purchase price per share of Common Stock shall be the price
(currently 110% of Fair Market Value) required by the Code in order to constitute an incentive stock option. 
  
 (b) Option Period and Exercisability. The period during which an option may be exercised shall be determined by the Committee;
provided, however, that no stock option shall be exercisable later than five years after its date of grant. The Committee may, in its discretion, 
  

 - 3 - 

 
establish performance measures or other criteria which shall satisfied or met as a condition to the grant of an option or to the exercisability of all or a
portion of an option. The Committee shall determine whether an option shall become exercisable in cumulative or non-cumulative installments and in part or in full at any time. An exercisable option, or portion thereof, may be exercised only with
respect to whole shares of Common Stock. 
  
 (c)
Method of Exercise. An option may be exercised (i) by giving written notice to the Company specifying the number of whole shares of Common Stock to be purchased and accompanied by payment therefor in full (or arrangement made for such
payment to the Company’s satisfaction) either (A) in cash, (B) by delivery of previously owned whole shares of Common Stock (which the optionee has held for at least six months prior to the delivery of such shares or which the
optionee purchased on the open market and in each case for which the optionee has good title, free and clear of all liens and encumbrances) having an aggregate Fair Market Value, determined as of the date of exercise, equal to the aggregate purchase
price payable by reason of such exercise, (C) in cash by a broker-dealer acceptable to the Company to whom the optionee has submitted an irrevocable notice of exercise, or (D) a combination of (A), (B) and (C), in each case to the
extent not prohibited by the Agreement relating to the option and (ii) by executing such documents as the Company may reasonably request; provided, however, that notwithstanding the foregoing or anything in the Agreement relating to such option
to the contrary, the Company shall have sole discretion to disapprove of an election pursuant to clauses (B)-(D). Any fraction of a share of Common Stock which would be required to pay such purchase price shall be disregarded and the remaining
amount due shall be paid in cash by the optionee. No certificate representing Common Stock shall be delivered until the full purchase price therefor has been paid (or arrangement made for such payment to the Company’s satisfaction). 

 
 2.3. Termination of Employment. 
  
 (a) Total Disability. Unless otherwise specified in
the Agreement relating to an option, if an optionee’s employment with the Company terminates by reason of Total Disability, each option held by such optionee shall be exercisable only to the extent that such option is exercisable on the
effective date of such optionee’s termination of employment and may thereafter be exercised by such optionee (or such optionee’s legal representative or similar person) until and including the earliest to occur of (i) the date which
is one year (or such other period as set forth in the Agreement relating to such option) after the effective date of such optionee’s termination of employment, and (ii) the expiration date of the term of such option. For purposes of this
Plan, “Total Disability” shall, with respect to any award recipient who at such time has a written employment agreement with the Company, mean the permanent and total disability of such award recipient as described in such
agreement; and otherwise shall mean the inability of such award recipient substantially to perform such award recipient’s duties and responsibilities for a continuous period of six months. 
  
 (b) Death. Unless otherwise specified in the Agreement
relating to an option, if an optionee’s employment with the Company terminates by reason of death, each option held by such optionee shall be exercisable only to the extent that such option is exercisable on the date of such optionee’s
death and may thereafter be exercised by such optionee’s executor, administrator, legal representative, beneficiary or similar person until and including the earliest to occur of (i) the date which is one year (or such other period as set
forth in the Agreement 
  

 - 4 - 

 
relating to such option) after the date of death and (ii) the expiration date of the term of such option. 
  
 (c) Other Termination by Optionee. Unless otherwise
specified in the Agreement relating to an option, if an optionee’s employment with the Company is terminated by the optionee for any reason other than Total Disability or death, each option held by such optionee shall be exercisable only to the
extent that such option is exercisable on the effective date of such optionee’s termination of employment and may thereafter be exercised by such optionee (or such optionee’s legal representative or similar person) until and including the
earliest to occur of (i) the date which is 90 days (or such other period as set forth in the Agreement relating to such option) after the effective date of such optionee’s termination of employment, and (ii) the expiration date of the
term of such option. 
  
 (d) Termination by
Company for Cause. Unless otherwise specified in the Agreement relating to an option, if an optionee’s employment is terminated by the Company for Cause, each option held by such optionee shall terminate automatically on the date of such
termination. For purposes of this Plan, “Cause” shall, with respect to any award recipient who at such time has a written employment agreement with the Company, have the meaning ascribed thereto in such agreement, but shall not
include termination by reason of an award recipient’s Total Disability notwithstanding any language to the contrary in such employment agreement; and otherwise shall mean the willful and continued failure to substantially perform the duties
with the Company (other than a failure resulting from the award recipient’s Total Disability), the willful engaging in conduct which is demonstrably injurious to the Company or any Subsidiary, monetarily or otherwise, including conduct that, in
the reasonable judgment of the Company, does not conform to the standard of the Company’s executives, any act of dishonesty, commission of a felony or a significant violation of any statutory or common law duty of loyalty to the Company.

  
 (e) Termination by Company Without
Cause. Unless otherwise specified in the Agreement relating to an option, if an optionee’s employment with the Company is terminated by the Company without Cause, each option held by such optionee shall be exercisable only to the extent
that such option is exercisable on the effective date of such optionee’s termination of employment and may thereafter be exercised by such optionee (or such optionee’s legal representative or similar person) until and including the
earliest to occur of (i) the date which is 90 days (or such other period as set forth in the Agreement relating to such option) after the effective date of such optionee’s termination of employment, and (ii) the expiration date of the
term of such option; provided, however, that if the optionee’s employment with the Company is terminated by the Company without Cause within the nine-month period following the consummation of a Transaction (as defined in
Section 5.8(a)), each option held by such optionee shall become fully exercisable, and may thereafter be exercised by such holder (or such holder’s legal representative or similar person) until and including the earliest to occur of
(i) the date which is 90 days after the effective date of such optionee’s termination of employment and (ii) the expiration date of the term of such option; provided further, that if the optionee’s employment with the
Company is terminated by the Company without Cause at any other time, the Committee may, in its sole and absolute discretion, provide that each option held by such optionee shall become fully exercisable and may thereafter be exercised by such
holder (or such holder’s legal representative or similar person) until and including the earliest to occur 
  

 - 5 - 

 
of (i) the date which is 90 days after the effective date of such optionee’s termination of employment and (ii) the expiration date of the
term of such option. 
  
 (f) Death Following
Termination of Employment. Unless otherwise specified in the Agreement relating to an option, if an optionee dies during the period set forth in Section 2.3(a) following termination of employment by reason of Total Disability, or if an
optionee dies during the period set forth in Section 2.3(c) or 2.3(e) following termination of employment by the optionee for any reason other than Total Disability or death or termination by the Company without Cause, each option held by such
optionee shall be exercisable only to the extent that such option is exercisable on the date of such optionee’s death and may thereafter be exercised by such optionee’s executor, administrator, legal representative, beneficiary or similar
person, as the case may be, until and including the earliest to occur of (i) the date which is one year (or such other period as set forth in the Agreement relating to such option) after the date of death and (ii) the expiration date of
the term of such option. 
  
 III. PERFORMANCE VESTED STOCK

  
 3.1. Grants of Performance Vested Stock. The
Committee may, in its discretion, grant performance Vested stock awards with respect to shares of Common Stock to such non-employee directors, officers, consultants and advisors as may be selected by the Committee. Such awards may at the discretion
of the Committee be either current grants of shares of Common Stock or deferred grants of Common Stock. A current grant is an award of shares of Common Stock, which are subject to a substantial risk of forfeiture if the vesting conditions are not
met. A deferred grant is an award, which provides that shares of Common Stock will be issued in the future if the vesting conditions are met. 
  
 3.2. Terms of Performance Vested Stock Awards. Performance Vested stock awards shall be subject to the following terms and conditions and
shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable: 
  
 (a) Number of Shares. The number of shares of Common Stock subject to a performance vested stock award shall be determined by the
Committee, subject to the limitations in Section 1.5. 
  
 (b) Restriction Period. The period during which the transfer of shares of Common Stock subject to a performance vested stock award are limited in some way, and are subject to a substantial risk of forfeiture.

  
 (c) Performance Vesting Measures and
Targets. The performance measures and targets which shall be satisfied or met as a condition to the accelerated vesting of a performance vested stock award shall be determined by the Committee. The performance measures shall be chosen from among
the following business criteria, or such other business criteria as the Committee deems appropriate: 
  
 (i) earnings before interest, taxes, depreciation and amortization (“EBITDA”); 
  
 (ii) consolidated pre-tax earnings; 
  

 - 6 - 

 (iii) revenues; 
  
 (iv) net earnings; 
  

(v) operating income; 
  
 (vi) earnings before interest and taxes; 
  
 (vii) cash flow measures; 
  
 (viii) return on equity; 
  
 (ix) return on net assets employed; 
  
 (x) earnings per share; 
  
 (xi) net income excluding special or non-recurring items; 
  
 (xii) total shareholder return; and 
  
 (xiii) operating margin. 
  
 The Committee shall have the discretion to change such performance measures, to establish the performance targets applicable
to such performance measures on a grant-by-grant basis and to adjust the determinations of the degree of attainment of preestablished performance targets. 
  
 (d) Voting Rights. Except as otherwise provided in the Agreement relating to a performance vested stock award, the recipient of a
current performance vested stock award granted hereunder shall have the right to exercise full voting rights with respect to the shares of Common Stock subject to such performance vested stock award during the period of restriction. 
  
 (e) Dividends and Other Distributions. Except as
otherwise provided in the Agreement relating to a performance vested stock award, during the period of restriction, the recipient of a current performance vested stock award granted hereunder shall be credited with regular cash dividends paid with
respect to the underlying shares of Common Stock subject to such performance vested stock award. The Committee may apply any restrictions to the dividends that the Committee deems appropriate. 
  
 3.3. Termination of Employment 
  
 (a) Disability, Death and Termination Without Cause.
Except to the extent otherwise set forth in the Agreement relating to a performance vested stock award, if the employment of the recipient of a performance vested stock award or his or her service as a consultant or advisor terminates by reason of
Total Disability, death or termination by the Company without Cause, the period of restriction shall terminate as of the effective date of such recipient’s termination of employment or service, and any applicable performance measures shall be
computed through such date. 
  

 - 7 - 

 (b) Other Termination. Except to the extent otherwise set forth in the Agreement
relating to a performance vested stock award, if the recipient’s employment with the Company or service as a consultant or advisor terminates for any reason other than Total Disability, death or involuntary termination without Cause, the
portion of such award which is subject to a period of restriction on the effective date of such recipient’s termination of employment or service shall be forfeited to and canceled by the Company. 
  
 IV. QUARTERLY OPTION GRANTS TO NON-EMPLOYEE DIRECTORS 
  
 4.1. Eligibility. Each member of the Board of Directors of the
Company who is not an employee, either full-time or part-time, of the Company or any Subsidiary (a “non-employee director”) shall be granted options to purchase shares of Common Stock in accordance with this Article IV. All options
granted under this Article IV shall constitute non-qualified stock options. 
  
 4.2. Grants of Stock Options. Each non-employee director shall be granted non-qualified stock options as follows: 
  

(a) Upon consummation of the Company’s initial public offering (the “IPO Date”), each person who is a non-employee
director on such date shall be granted an option to purchase 15,000 shares of Common Stock at a purchase price per share of the greater of $5.05 or the Fair Market Value of a share of Common Stock on the date of grant of such options. 
  
 (b) Time of Grant. Commencing on April 1, 2006
(or, if later, on the date on which a person is first elected or begins to serve as a non-employee director other than by reason of termination of employment with the Company or any Subsidiary), and, in each successive quarter thereafter, each
person who is a non-employee director on such date shall be granted an option to purchase 5,000 shares of Common Stock (which amount shall be pro-rated if such person is first elected or begins to serve as a non-employee director on a date other
than the dates set forth above) at a purchase price per share equal to the Fair Market Value of the Common Stock on the date of grant of such option. 
  
 (c) Option Period and Exercisability. Each option granted under this Article IV shall be fully exercisable on and after its date of
grant. Each option granted under this Article IV shall expire five years after its date of grant. An exercisable option, or portion thereof, may be exercised in whole or in part only with respect to whole shares of Common Stock. Options granted
under this Article IV shall be exercisable in accordance with this Section 4.2(b) and Section 4.2(c), as applicable. 
  
 (d) Termination of Directorship. 
  
 (i) Total Disability. Unless otherwise specified in the Agreement relating to an option, if a non-employee director’s
directorship with the Company terminates by reason of Total Disability, each option held by such non-employee director shall be exercisable only to the extent that such option is exercisable on the effective date of such non-employee director’s
termination of directorship and may thereafter be exercised by such non-employee director (or such non-employee director’s legal representative or similar person) until and including the earliest to occur of (i) the date which is one year
(or such other period as set forth in the Agreement relating to such option) after the effective date of such non- 

  

 - 8 - 

 
employee director’s termination of directorship and (ii) the expiration date of the term of such option. For purposes of this Plan,
“Total Disability” of a non-employee director shall mean the inability of such non-employee director substantially to perform such non-employee director’s duties and responsibilities as a director for a continuous period
of six months. 
  
 (ii) Death. Unless
otherwise specified in the Agreement relating to an option, if a non-employee director’s directorship with the Company terminates by reason of death, each option held by such non-employee director shall be exercisable only to the extent that
such option is exercisable on the date of such non-employee director’s death and may thereafter be exercised by such non-employee director’s executor, administrator, legal representative, beneficiary or similar person until and including
the earliest to occur of (i) the date which is one year (or such other period as set forth in the Agreement relating to such option) after the date of death and (ii) the expiration date of the term of such option. 
  
 (iii) Other Termination by Non-Employee Director.
Unless otherwise specified in the Agreement relating to an option, if a non-employee director’s directorship with the Company is terminated by the non-employee director for any reason other than Total Disability or death, each option held by
such non-employee director shall be exercisable only to the extent that such option is exercisable on the effective date of such non-employee director’s termination of directorship and may thereafter be exercised by such non-employee director
(or such non-employee director’s legal representative or similar person) until and including the earliest to occur of (i) the date which is 90 days (or such other period as set forth in the Agreement relating to such option) after the
effective date of such non-employee director’s termination of directorship and (ii) the expiration date of the term of such option. 
  
 (iv) Termination for Cause. Unless otherwise specified in the Agreement relating to an option granted to a non-employee director,
if the non-employee director is removed from the Board of Directors for Cause, such option shall terminate automatically on the date of such termination. 
  
 (v) Termination by Company Without Cause. Unless otherwise specified in the Agreement relating to an option, if a non-employee
director’s directorship with the Company is terminated by the Company without Cause, each option held by such non-employee director shall be exercisable only to the extent that such option is exercisable on the effective date of such
non-employee director’s termination of directorship and may thereafter be exercised by such non-employee director (or such non-employee director’s legal representative or similar person) until and including the earliest to occur of
(i) the date which is 90 days (or such other period as set forth in the Agreement relating to such option) after the effective date of such non-employee director’s termination of directorship and (ii) the expiration date of the term
of such option. 
  
 (vi) Death Following
Termination. Unless otherwise specified in the Agreement relating to an option, if a non-employee director dies during the period 

  

 - 9 - 

 
set forth in Section 4.2(c)(i) following termination of directorship by reason of Total Disability, or if a non-employee director dies during the period
set forth in Section 4.2(c)(iii) or 4.2(c)(v) following termination of directorship by the non-employee director for any reason other than Total Disability or death or termination of directorship by the Company without Cause, each option held
by such non-employee director shall be exercisable only to the extent that such option is exercisable on the date of such non-employee director’s death and may thereafter be exercised by such non-employee director’s executor,
administrator, legal representative, beneficiary or similar person, as the case may be, until and including the earliest to occur of (i) the date which is one year (or such other period as set forth in the Agreement relating to such option)
after the date of death and (ii) the expiration date of the term of such option. 
  
 V. GENERAL 
  
 5.1.
Effective Date and Term of Plan. This Plan became effective as of September             , 2005, the date of approval of this Plan by the Board of Directors. This Plan shall
terminate ten years after its effective date, unless terminated earlier by the Board. Termination of this Plan shall not affect the terms or conditions of any award granted prior to termination. 
  
 5.2. Amendments. 
  
 (a) The Board may amend this Plan as it shall deem
advisable, subject to any requirement of stockholder approval required by applicable law, rule or regulation; provided, however, that no amendment shall be made without stockholder approval if such amendment would (a) increase the maximum
number of shares of Common Stock available under this Plan (subject to Section 5.7), or (b) extend the term of this Plan. No amendment may impair the rights of a recipient of an outstanding award without the consent of such recipient or,
in the case of an outstanding incentive stock option, effect any change inconsistent with Section 422 of the Code; provided further, that the terms of Article IV (pertaining to grants to non-employee directors) shall not be amended more than
once every six months, other than to comply with changes required by applicable law, rules or regulations or changes required to retain or obtain favorable tax treatment under the Code, or the rules and regulations thereunder. Without the prior
approval of the stockholders of the Company, except as provided in Section 5.7 or 5.8 hereof, no option issued under this Plan shall be repriced or regranted at a lower option price or replaced by an option with a lower option price.

  
 5.3. Agreement. No award shall be valid until an
Agreement is executed by the Company and the award recipient and, upon execution by the Company and the award recipient and delivery of the Agreement to the Company, such award shall be effective as of the effective date set forth in the Agreement.

  
 5.4. Non-Transferability. 
  
 (a) Except as provided in subsection (b) below,, no
award hereunder shall be transferable other than (i) by will or the laws of descent and distribution or pursuant to beneficiary designation procedures approved by the Company or (ii) pursuant to a binding domestic relations order. . Except
to the extent permitted by the foregoing sentence, each option 

  

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may be exercised during the optionee’s lifetime only by the optionee or the optionee’s legal representative or similar person. Except as permitted
by the second preceding sentence, no award hereunder shall be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar
process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of any award hereunder, such award and all rights thereunder shall immediately become null and void. 
  
 (b) Notwithstanding subsection (a) above, to the extent
provided in the Agreement or otherwise permitted by the Committee, an award may be transferred, without consideration, to a Permitted Transferee. For this purpose, a “Permitted Transferee” in respect of any grantee of an award means any
member of the Immediate Family (as defined below) of such grantee, any trust of which all of the primary beneficiaries are such grantee or members of his or her Immediate Family, or any partnership (including limited liability companies and similar
entities) of which all of the partners or members are such grantee or members of his or her Immediate Family; and the “Immediate Family” of a grantee means the grantee’s spouse, children, stepchildren, grandchildren, parents,
stepparents, siblings, grandparents, nieces and nephews or the spouse of any of the foregoing individuals. Such award may be exercised by such transferee in accordance with the terms of such award. 
  
 5.5. Tax Withholding. The Company shall have the right to
require, prior to the issuance or delivery of any shares of Common Stock, payment by the award recipient of any Federal, state, local or other taxes which may be required to be withheld or paid in connection with an award hereunder. Unless otherwise
provided in an Agreement relating to an award, (i) the recipient may elect that the Company shall withhold whole shares of Common Stock which would otherwise be delivered upon exercise or vesting of the award having an aggregate Fair Market
Value determined as of the date the obligation to withhold or pay taxes arises in connection with the award (the “Tax Date”) in the minimum statutory amount necessary to satisfy any such obligation or (ii) the recipient may
satisfy any such obligation by any of the following means: (A) a cash payment to the Company, (B) delivery to the Company of previously owned whole shares of Common Stock (which the recipient has held for at least six months prior to the
delivery of such shares or which the recipient purchased on the open market and in each case for which the recipient has good title, free and clear of all liens and encumbrances) having an aggregate Fair Market Value determined as of the Tax Date,
equal to the minimum statutory amount necessary to satisfy any such obligation, (C) a cash payment by a broker-dealer acceptable to the Company to whom the recipient of an option has submitted an irrevocable notice of exercise, or (D) any
combination of (A), (B) and (C), in each case to the extent not prohibited by the Agreement relating to the award. Any fraction of a share of Common Stock which would be required to satisfy such an obligation shall be disregarded and the
remaining amount due shall be paid in cash by the recipient; provided, however, that the Committee shall have sole discretion to disapprove of an election pursuant to any of clauses (i) or (ii)(B)-(D) and that in the case of a recipient
who is subject to Section 16 of the Exchange Act, the Company may require that the method of satisfying any such obligation be in compliance with Section 16 and the rules and regulations thereunder. Any fraction of a share of Common Stock
which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the recipient. 
  

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 5.6. Restrictions on Shares. Each award hereunder shall be subject to the requirement that
if at any time the Company determines that the listing, registration or qualification of the shares of Common Stock subject to such award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the
taking of any other action is necessary or desirable as a condition of, or in connection with, the delivery of shares thereunder, such shares shall not be delivered unless such listing, registration, qualification, consent, approval or other action
shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company may require that certificates evidencing shares of Common Stock delivered pursuant to any award hereunder bear a legend indicating that the sale,
transfer or other disposition thereof by the holder is prohibited except in compliance with the Securities Act of 1933, as amended, and the rules and regulations thereunder. 
  
 5.7. Adjustment. In the event of any stock split, stock dividend, recapitalization, reorganization, merger,
consolidation, combination, exchange of shares, liquidation, spin-off or other similar change in capitalization or event, or any distribution to holders of Common Stock other than a regular cash dividend, the number and class of securities available
under this Plan, the limitation on award grants set forth in Sections 1.4 and 1.5, the number and class of securities for which options are to be granted to non-employee directors pursuant to Article IV, the number and class of securities subject to
each outstanding award and the purchase price per security subject to an option shall be appropriately adjusted by the Committee. In the case of an adjustments to outstanding options pursuant to this Section 5.7 (i) such adjustments shall
not result in an increase in the aggregate purchase price of such options and (ii) the ratio of the purchase price of the securities subject to such options to the Fair Market Value of the securities subject to such options immediately after
such adjustment shall be no greater than the ratio of the purchase price of the Common Stock subject to such options to the Fair Market Value of the Common Stock immediately prior to such adjustment. The decision of the Committee regarding any such
adjustment shall be final and binding. If any adjustment would result in a fractional security being (a) available under this Plan, such fractional security shall be disregarded, or (b) subject to an option under this Plan, the Company
shall pay the recipient, in connection with the first exercise of the option in whole or in part occurring after such adjustment, an amount in cash determined by multiplying (A) the fraction of such security (rounded to the nearest hundredth)
by (B) the excess, if any, of (x) the Fair Market Value on the exercise date over (y) the exercise price of the option. 
  
 5.8. Effect of Certain Transactions. 
  
 (a) In the event that the Company enters into an agreement (a) to dispose of all or substantially all of its assets, in contemplation
of the distribution of the net proceeds of such sale to the Company’s shareholders, or (b) to consummate a merger or consolidation in which the Company is not the surviving or resulting corporation, or in the event the persons who, as of
the date of the adoption of this Plan by the Board of Directors, hold 60% or more of the outstanding capital stock of the Company enter into an agreement to sell all of such stock (such distribution, merger, consolidation or sale being hereinafter
referred to as a “Transaction”), then (unless otherwise specified in the Agreement relating to an option), the Committee shall provide, at its election made in its sole and absolute discretion, for one or more of the following:
(i) for each outstanding award, whether or not then vested or exercisable, to be replaced with a comparable award with respect to shares of capital stock of a successor or purchasing 

  

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corporation or parent thereof (in the manner described in Section 5.7), or (ii) for each outstanding award, whether or not then vested or
exercisable, to be assumed by a successor or purchasing corporation or parent thereof (and, in the event of such assumption, each outstanding award shall continue to be vested or exercisable, on the terms and subject to the conditions set forth in,
and in cumulative amounts at the times provided in, the Agreement relating to such award but shall, from and after the consummation of such Transaction, be with respect to the capital stock, cash and/or other property received by the common
stockholders of the Company in such Transaction in an amount equal to what the recipient of such award would have received had the award vested or been exercised immediately prior to the consummation of such Transaction), or (iii) for each
outstanding award, whether or not then vested or exercisable, to become vested or exercisable during such period prior to the scheduled consummation of such Transaction as may be specified by the Committee; provided, however, that such elections of
the Committee shall apply identically, by their terms, to all recipients of awards granted under this Plan (unless otherwise required by an Agreement). In the event the Committee elects to cause the options not then otherwise exercisable to become
exercisable prior to such Transaction (an “Accelerated Option”), any exercise of an Accelerated Option shall be conditioned upon, and shall be effective only concurrently with, the consummation of such Transaction; and if such
Transaction is not consummated, the exercise of such Accelerated Options shall be of no further force or effect (and an optionee may elect, with respect to the exercise during such period of an option that was otherwise exercisable, to so condition
such exercise upon the consummation of the Transaction). All options not exercised prior to the consummation of such Transaction (and which are not being assumed by a successor or purchasing corporation or parent thereof) shall terminate and be of
no further force or effect as of the consummation of such Transaction. 
  
 (b) With respect to any optionee who is subject to Section 16 of the Exchange Act, (i) notwithstanding the exercise periods set forth in Section 2.3 and 4.2(c), or as set forth pursuant to such Section
in any Agreement to which such optionee is a party, and (ii) notwithstanding the expiration date of the term of such option, in the event the Company is involved in a business combination pursuant to which such optionee receives a substitute
option with respect to securities of any entity, including an entity directly or indirectly acquiring the Company, then each outstanding option held by such optionee immediately prior to such Transaction (or any option in substitution thereof) shall
be exercisable to the extent set forth in the Agreement evidencing such option until and including the latest of (x) the date set forth pursuant to the then applicable paragraph of Section 2.3, 4.2 (c) or the expiration date of the
term of the option, as the case may be, and (y) the date which is six months and one day after the consummation of such business combination. 
  
 5.9. No Right of Participation or Employment. No person shall have any right to participate in this Plan. Neither this Plan nor any award
granted hereunder shall confer upon any person any right to continued employment by the Company, any Subsidiary or any affiliate of the Company or affect in any manner the right of the Company, any Subsidiary or any affiliate of the Company to
terminate the employment of any person at any time without liability hereunder. 
  
 5.10. Rights as Stockholder. No person shall have any rights as a stockholder of the Company with respect to any shares of Common Stock which are subject to an award hereunder until such person becomes a
stockholder of record with respect to such shares of Common Stock. 
  

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 5.11. Designation of Beneficiary. If permitted by the Company, an award recipient may file
with the Committee a written designation of one or more persons as such recipient’s beneficiary or beneficiaries (both primary and contingent) in the event of the recipient’s death. To the extent an outstanding option granted hereunder is
exercisable, such beneficiary or beneficiaries shall be entitled to exercise such option. 
  
 Each beneficiary designation shall become effective only when filed in writing with the Committee during the recipient’s lifetime on a form prescribed by the Committee. The spouse of a married recipient domiciled
in a community property jurisdiction shall join in any designation of a beneficiary other than such spouse. The filing with the Committee of a new beneficiary designation shall cancel all previously filed beneficiary designations. 
  
 If an optionee fails to designate a beneficiary, or if all designated
beneficiaries of an optionee predecease the optionee, then each outstanding option hereunder held by such optionee, to the extent exercisable, may be exercised by such optionee’s executor, administrator, legal representative or similar person.

  
 5.12. Governing Law. This Plan, each award
hereunder and the related Agreement, and all determinations made and actions taken pursuant thereto, to the extent not otherwise governed by the laws of the United States, shall be governed by the laws of the State of Delaware and construed in
accordance therewith without giving effect to principles of conflicts of laws. 
  
 5.13. Foreign Employees. Without amending this Plan, the Committee may grant awards to eligible persons who are foreign nationals on such terms and conditions different from those specified in this Plan
as may in the judgment of the Committee be necessary or desirable to foster and promote achievement of the purposes of this Plan and, in furtherance of such purposes the Committee may make such modifications, amendments, procedures, subplans and the
like as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries operates or has employees. 
  

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