Document:

Exhibit 10.2

COMMON STOCK WARRANT NO. 3

METRO ONE TELECOMMUNICATIONS, INC.

THIS WARRANT HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES
LAWS.  NO SALE OR DISPOSITION MAY BE
EFFECTED WITHOUT (I) AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO,
(II) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED, (III) RECEIPT OF A NO-ACTION LETTER
FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (IV) OTHERWISE COMPLYING
WITH THE PROVISIONS OF SECTIONS 6 AND 7 OF THIS WARRANT.

WARRANT TO
PURCHASE SHARES

OF COMMON STOCK

Grant Date: July 1, 2006

(All share amounts reflect the 1 for 4 reverse stock split effected July 6,
2006)

THIS CERTIFIES THAT, for
value received, contingent upon satisfaction of certain revenue generation
requirements as provided in Section 1 below, Jingle Networks, Inc., a Delaware
corporation (“JNI” or “Holder”), is entitled to subscribe for and purchase up
to six hundred twenty-three thousand two hundred fifty (623,250) fully paid and
nonassessable shares of  common stock (as
adjusted pursuant to Section 3 hereof), no par value per share (the “Shares” or
“Common Stock”) of Metro One Telecommunications, Inc., an Oregon corporation
(the “Company”), at a purchase price of $2.60 per share (the “Warrant Price”),
as may be adjusted pursuant to Section 3, subject to the terms and conditions
set forth herein.

1.  Revenue
Generation Contingency.   The Warrant
will not be exercisable unless and until the aggregate revenues and payments
received by the Company for the period beginning on January 1, 2006 and ending
on February 28, 2007 (the “Revenue Period”) that are (i) directly attributable
to calls routed by JNI to and answered by the Company in accordance with that
certain Telecom Services Information Agreement between the Company and JNI
executed contemporaneously herewith (the “Services Agreement”) and (ii)
payments made to the Company for purchase of 
Data Services under the Services Agreement (such revenues and payments
are referred to collectively hereunder as the “JNI Revenues”) are equal to or
exceed ten million dollars ($10,000,000); provided, however, that JNI Revenues
shall not include late payment charges, penalties, damages or similar payments
received by the Company pursuant to the Services Agreement; provided, further,
if JNI Revenues are equal to or greater than eight million dollars ($8,000,000)
but less than ten million dollars ($10,000,000), then the number of Shares for
which 

 

the Warrant is exercisable
hereunder shall equal the product of (A) 623,250 and (B) the ratio of (i) JNI
Revenues and (ii) ten million (10,000,000). 
At such time, if any, as the JNI Revenues received by the Company during
the Revenue Period equal or exceed eight million dollars ($8,000,000), Holder
may exercise the Warrant for the portion of the Shares for which the Warrant is
then exercisable in accordance with the foregoing formula.  Should (i) JNI Revenues received by the
Company during the Revenue Period be less than eight million dollars
($8,000,000), (ii) the Services Agreement terminate for any reason other than
the default by the Company thereunder, or (iii) the Company no longer be a
Preferred Provider, as such term is defined in the Services Agreement, of JNI,  whichever of the foregoing shall first occur,
then this Warrant shall expire and terminate, no Shares shall be purchasable
hereunder, and JNI shall return the original of this Warrant to the Company
unexercised.  Timely payment of the
February 2007 invoice from the Company in accordance with the Services
Agreement shall be included in the determination of JNI Revenues
hereunder.  The Warrant may be exercised
as a whole or may be exercised in part or from time to time at any time up to
and including 5:00 p.m. (PT) on June 30, 2009 (the “Expiration Date”) for such
portion, if any, of the Shares for which the Warrant is then exercisable
pursuant to this Paragraph 1.

2.  Method
of Exercise; Payment; Issuance of New Warrant.

(a)  Cash Exercise. 
Subject to Section 1 hereof, the purchase right represented by this
Warrant may be exercised by the Holder hereof, in whole or in part and from
time to time, at the election of the Holder hereof, by the surrender of this
Warrant (with the notice of exercise substantially in the form attached hereto
as Exhibit A duly completed and executed) at the principal office
of the Company and by the payment to the Company, by certified or bank check or
by wire transfer to an account designated by the Company, of an amount equal to
the then applicable Warrant Price multiplied by the number of Shares then being
purchased.

(b)  Stock
Certificates.  The person or persons
in whose name(s) any certificate(s) representing the Shares shall be issuable
upon exercise of this Warrant shall be deemed to have become the holder(s) of
record of, and shall be treated for all purposes as the record holder(s) of,
the shares represented thereby (and such shares shall be deemed to have been
issued) immediately prior to the close of business on the date or dates upon
which this Warrant is exercised.  In the
event of any exercise of the rights represented by this Warrant, certificates
for the shares of stock so purchased shall be delivered to the Holder hereof as
soon as possible and in any event within fifteen (15) days after such exercise
and, unless this Warrant has been fully exercised or expired, a new Warrant
representing the portion of the Shares, if any, with respect to which this
Warrant shall not then have been exercised shall also be issued to the Holder hereof
as soon as possible and in any event within such fifteen (15) day period.

3.  Adjustment
of Warrant Price and Number of Shares. The number and kind of securities
purchasable upon the exercise of this Warrant and the Warrant Price shall be
subject to adjustment from time to time upon the occurrence of certain events,
as follows, provided that at such time, this Warrant remains outstanding and
unexpired:

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(a)  Reclassification or Merger.  In case of any reclassification or change of
securities of the class issuable upon exercise of this Warrant (other than a
change in par value, or from par value to no par value, or from no par value to
par value, or as a result of a subdivision or combination), or in case of any
merger, reorganization, consolidation or similar transaction (collectively, a “Merger”)
in which owners of the Company’s stock immediately before the Merger do not own
immediately after the Merger at least fifty percent (50%) of the voting power
of the entity resulting from the Merger, or in case of any sale of all or
substantially all of the assets of the Company, the Company, or such successor
or purchasing corporation, as the case may be, shall (A) duly execute and
deliver to the Holder of this Warrant a new Warrant subject to the revenue and payment
requirements in Section 1 above and such other provisions of this Warrant as
are then applicable, or (B) the Company shall make appropriate provision
without the issuance of a new Warrant so that the Holder of this Warrant shall
have the right to receive (without regard to the revenue requirements in
Section 1 above), at a total purchase price not to exceed that payable upon the
exercise of the unexercised portion of this Warrant, and in lieu of the shares
of Common Stock theretofore issuable upon such exercise of this Warrant,
(i) the kind and amount of shares of stock, other securities, money and
property receivable upon such reclassification, change, Merger or sale by a
Holder of the number of shares of  Common
Stock then purchased under this Warrant, or (ii) in the case of such a
Merger or sale in which the consideration paid consists all or in part of
assets other than securities of the successor or purchasing corporation, at the
option of the successor or purchasing entity, the securities of the successor
or purchasing corporation having a value at the time of the transaction
equivalent to the valuation of the Common Stock at the time of the transaction.
Should the successor or purchasing company not issue a new warrant pursuant to
subpart (A) above, and should the Holder not exercise the Warrant pursuant to
subpart (B) above prior to closing of the Merger or sale, then the Warrant
shall expire and terminate unexercised and shall be returned to the
Company.  Any new Warrant shall provide
for adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 3.  The provisions of this subparagraph (a) shall
similarly apply to successive reclassifications, changes, mergers and
transfers.

(b)  Subdivision or Combination of Shares.  If the Company at any time while this Warrant
remains outstanding and unexpired shall subdivide or combine its outstanding
shares of Common Stock, the Warrant Price shall be proportionately decreased
and the number of shares of Common Stock issuable hereunder shall be
proportionately increased in the case of a subdivision, and the Warrant Price
shall be proportionately increased and the number of shares of Common Stock
issuable hereunder shall be proportionately decreased in the case of a
combination.

(c)  Stock Dividends and Other Distributions.  If the Company at any time while this Warrant
is outstanding and unexpired shall (i) pay a dividend with respect to the
Common Stock payable in shares of Common Stock, then the Warrant Price shall be
adjusted, from and after the date of determination of shareholders entitled to
receive such dividend or distribution, to that price determined by multiplying
the Warrant Price in effect immediately prior to such date of determination by
a fraction (A) the numerator of which shall be the total number of shares
of the Common Stock outstanding immediately prior to such dividend or
distribution, and (B) the denominator of which shall be the total number
of shares of the Common Stock outstanding 

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immediately
after such dividend or distribution; or (ii) make any other distribution
with respect to the Common Stock  (except
any distribution specifically provided for in Sections 3(a) and 3(b)),
then, in each such case, provision shall be made by the Company such that the
Holder of this Warrant shall receive upon proper exercise of this Warrant in
accordance with its terms a proportionate share of any such dividend or
distribution as though it were the holder of the Shares as of the record date
fixed for the determination of the shareholders of the Company entitled to
receive such dividend or distribution.

(d)  Adjustment of Number of Shares.  Upon each adjustment in the Warrant Price,
unless otherwise provided for above, the number of shares of  Common Stock purchasable hereunder shall be
adjusted, to the nearest whole share, to the product obtained by multiplying
the number of shares of Common Stock purchasable immediately prior to such
adjustment in the Warrant Price by a fraction, the numerator of which shall be
the Warrant Price immediately prior to such adjustment and the denominator of
which shall be the Warrant Price immediately thereafter.

4.  Notice
of Adjustments.  Whenever the Warrant
Price or the number of shares of Common Stock purchasable hereunder shall be
adjusted pursuant to Section 3 hereof, the Company shall, upon the written
request by the Holder of the Warrant, make a certificate signed by one of its
executive officers setting forth, in reasonable detail, the event requiring the
adjustment, the amount of the adjustment, the method by which such adjustment
was calculated, and the Warrant Price and the number of shares of Common Stock
purchasable hereunder after giving effect to such adjustment, and shall cause
copies of such certificate to be mailed to the Holder of this Warrant.

5.  Fractional
Shares.  No fractional shares of
Common Stock will be issued in connection with any exercise hereunder, but in
lieu of such fractional share the Company shall (a) if the fraction of a
share otherwise issuable is less than one-half, round down and issue to Holder
of this Warrant only the largest whole number of shares to which the Holder is
otherwise entitled, or (b) if the fraction of a share otherwise issuable
is equal to or greater than one-half, round up and issue to the Holder one
additional share in addition to the largest whole number of shares to which the
Holder is otherwise entitled.

6.  Compliance
with Act.  The Holder of this
Warrant, by acceptance hereof, agrees that this Warrant, and the Shares to be
issued upon exercise hereof are being acquired for investment and that such
Holder will not offer, sell or otherwise dispose of this Warrant, or any Shares
to be issued upon exercise hereof except under circumstances which will not
result in a violation of the Securities Act of 1933, as amended (the “Act”) or
any applicable state securities laws.

This Warrant and
all Shares issued upon exercise of this Warrant (unless registered under the
Act and any applicable state securities laws) shall be stamped or imprinted
with a legend in substantially the following form:

“THE SECURITIES
EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.  NO SALE OR DISPOSITION MAY BE EFFECTED
WITHOUT (I) AN EFFECTIVE REGISTRATION 

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STATEMENT RELATED
THERETO, (II) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED, (III) RECEIPT OF A NO-ACTION
LETTER FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (IV) OTHERWISE
COMPLYING WITH THE PROVISIONS OF SECTIONS 6 AND 7 OF THE WARRANT UNDER WHICH
THESE SECURITIES WERE ISSUED.”

Said legend shall
be removed by the Company, upon the request of a Holder, at such time as the
restrictions on the transfer of the applicable security shall have
terminated.  In addition, in connection
with the issuance of this Warrant, the Holder specifically represents to the
Company by acceptance of this Warrant as follows:

(1)                   The
Holder is aware of the Company’s business affairs and financial condition, and
has acquired information about the Company sufficient to reach an informed and
knowledgeable decision to acquire this Warrant. 
The Holder is acquiring this Warrant for its own account for investment
purposes only and not with a view to, or for the resale in connection with, any
“distribution” thereof in violation of the Act.

(2)                   The
Holder understands that this Warrant has not been registered under the Act in
reliance upon a specific exemption therefrom, which exemption depends upon, among
other things, the bona fide nature of the Holder’s investment intent as
expressed herein.

(3)                   The
Holder further understands that this Warrant must be held indefinitely unless
subsequently registered under the Act and qualified under any applicable state
securities laws, or unless exemptions from registration and qualification are
otherwise available.  The Holder is aware
of the provisions of Rule 144, promulgated under the Act.

(4)                   The
Holder is an “accredited investor” as such term is defined in Rule 501 of
Regulation D promulgated under the Act.

7.  Disposition of Warrant or Shares.

(a)  Right
of First Refusal. Should JNI have entered into a binding written agreement
with another person or entity to sell, transfer or otherwise convey all or any
Warrants or Shares acquired by it on exercise of the Warrants, and provided
such sale is otherwise permitted under the terms of this Warrant, then at least
ten (10) business days prior to completing such sale, transfer or conveyance,
JNI shall provide written notice (the “Notice”) thereof to the Company, which
Notice shall include a copy of all agreements entered into in connection with
such contemplated sale, transfer or conveyance and such information with
respect to the potential transferee as the Company reasonably shall
request.  For a period of three (3)
business days following receipt of the Notice, the Company shall have the
right, but not the obligation, to acquire all, but not less than all, of the
Warrants or Shares proposed to be then sold on the same terms as is specified
in the Notice.  Closing of the sale of
the Warrants and/or Shares to the Company shall occur as stated in the Notice;
provided however, that such closing shall not be less than thirty (30) days following
expiration of the foregoing ten (10) business day period; provided further that
should the Company agree to acquire 

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the Warrants or Shares in
accordance with this subsection 7(c), then the commitment of the Company to do
so shall be specifically enforceable by JNI.  
Should the Company fail or refuse to notify JNI of its desire to acquire
the Warrants or Shares then to be sold within the above-specified three (3)
business day period, the Company shall be deemed to have waived its right to
acquire the Warrants and Shares pursuant to this subsection 7(a), and, subject
to the other provisions of this Warrant, JNI may convey the Warrants and/or
Shares to the party and on the precise terms specified in the Notice. Failure
timely to complete such conveyance on such terms shall again require compliance
with this subsection 7(a).

(b)  Prohibition
of Transfer to Competitor. 
Notwithstanding anything in this Warrant to the contrary, JNI covenants
and agrees that none of the Warrants and none of the Shares acquired by it upon
exercise of the Warrants directly or indirectly shall be sold, transferred or
in any manner conveyed by JNI to any competitor or reasonably foreseeable
competitor of the Company.  Prior to
transfer of any of the Warrants or Shares, JNI shall provide written notice
thereof to the Company of the proposed transferee and such information as the
Company reasonably shall require in order to determine if the transferee is a
competitor or potential competitor.  JNI
acknowledges that monetary damages for breach by it of the provisions of this
subsection 7(b) would be inadequate and that the Company may seek injunctive
relief for any actual or threatened breach by JNI of this covenant.

(c)  Right
of Repurchase.  (1) Should the
Services Agreement be terminated as a result of the breach or default by JNI
thereunder, then for a period of one hundred eighty (180) days after such
termination, by providing written notice thereof to JNI, the Company shall have
the right, but not the obligation, to repurchase some or all of the
Warrants.  The purchase price of any
unexercised Warrants shall be the difference between the Market Price,
determined as provided below, and the exercise price of the Warrants.  Payment shall be all cash, and closing shall
occur at the offices of the Company within thirty (30) days following
expiration of such one hundred eighty (180) day period.

(2)  As
used in this Section 7(c), the Market Price shall be the weighted average
closing price per share of the Company’s Common Stock on the principal national
securities exchange on which the Common Stock is then listed or admitted to
trading (including, for this purpose, the Nasdaq Stock Market), or if not then
listed or traded on any such exchange or system, the mean of the bid and asked
price per share on the Nasdaq Capital Market or in the sole discretion of a
majority of the Board of Directors of the Company, any other over-the-counter
market, including the OTC Bulletin Board, which reports bid, asked and last
sale prices and volume of sales (approval of which will not be unreasonably
withheld by such directors), in each such case averaged on a weighted average
basis over a period of twenty trading days consisting of the last trading day
prior to the effective date of the termination of the Services Agreement and
the nineteen (19) consecutive trading days prior to such day.  If at any time such quotations are not
available, the Market Price shall be the then current fair market value of a
share of Common Stock as determined in good faith by the Board of Directors of
the Company.

8.  Rights
as Shareholders; Information.    No
Holder of this Warrant, as such, shall be entitled to vote or receive dividends
or be deemed the holder of the Shares, nor shall anything 

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contained herein be construed to confer upon the
Holder of this Warrant, as such, any of the rights of a shareholder of the
Company or any right to vote for the election of directors or upon any matter
submitted to shareholders at any meeting thereof, or to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until
this Warrant shall have been exercised and the Shares purchasable upon the
exercise hereof shall have become deliverable, as provided herein.

9.  Notice
of Capital Changes.  In case:

(i)            the Company shall declare any dividend or distribution
(other than of shares of its Common Stock) payable to the holders of its Common
Stock;

(ii)           there shall be any capital reorganization or
reclassification of the capital stock of the Company, or consolidation or
merger of the Company with, or sale of all or substantially all of its assets
to, another corporation or business organization; or

(iii)          there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Company;

then,
in any one or more of said cases, the Company shall give the Holder written
notice of the date on which a record shall be taken for such dividend or
distribution, or for determining shareholders entitled to vote upon such
reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation
or winding up and of the date when any such transaction shall take place, as
the case may be.  Such written notice
shall be given at such time as notice is given to existing shareholders of the
Company, but in all events, such written notice shall be given at least 5 days
prior to the closing of the transaction in question and not less than 10 days
prior to the record date in respect thereof.

10.  Representations
and Warranties.  The Company
represents and warrants to the Holder of this Warrant as follows:

(a)  This Warrant has been duly authorized and executed by
the Company and is a valid and binding obligation of the Company enforceable in
accordance with its terms, subject to laws of general application relating to
bankruptcy, insolvency and the relief of debtors and the rules of law or
principles at equity governing specific performance, injunctive relief and
other equitable remedies;

(b)  The Shares have been duly authorized and reserved for
issuance by the Company and, when issued in accordance with the terms hereof,
will be validly issued, fully paid and non-assessable and free from all
preemptive or any similar rights of any stockholder of the Company and free of
any liens or encumbrances arising through the Company, other than restrictions
of transfer under this Warrant and applicable state and federal securities
laws;

(c)  During the period within which this Warrant may be
exercised, the Company will at all times have authorized and reserved for the
purpose of issue or transfer upon exercise of this Warrant, a sufficient number
of authorized but unissued shares of Common Stock, when and as 

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required, to
provide for the exercise of the rights represented by this Warrant.  The Company will take all such action as may
be necessary to assure that such shares of Common Stock may be issued as
provided herein without violation of any applicable law or regulation, or of
any requirements of any domestic securities exchange or automated quotation
system upon which the Common Stock is listed;

(d)  The execution and delivery of this Warrant are not, and
the issuance of the Shares upon exercise of this Warrant in accordance with the
terms hereof will not be, (i) inconsistent with the Company’s Certificate of
Incorporation or by-laws; (ii) conflict with or constitute a violation of,
or default (with the passage of time or otherwise) under: (A) any evidence
of indebtedness, or under any material lease, contract, indenture, mortgage,
deed of trust, loan agreement, joint venture or other agreement or instrument to
which the Company is a party or by which it is bound, or (B) any law,
administrative regulation applicable to the Company or any ordinance or order
of any court or governmental agency, arbitration panel or authority applicable
to and specifically naming the Company or its properties; and (iii) result
in the creation or imposition of any lien, encumbrance, claim, security
interest or restriction whatsoever upon any of the material properties or
assets of the Company or an acceleration of indebtedness pursuant to any
obligation, agreement or condition contained in any evidence of indebtedness or
any material indenture, mortgage, deed of trust or any other agreement or
instrument to which the Company is a party or by which any of them is bound or
to which any of the property or assets of the Company is subject.  No consent, approval, authorization or other
order of, or registration, qualification or filing with, any regulatory body,
administrative agency, or other governmental body in the United States is required
for the execution and delivery of the Warrant and the valid issuance and sale
of the Shares to be sold pursuant to this Warrant, other than such as have been
made or obtained, and except for any securities filings required to be made
under federal or state securities laws; provided, however, that the Holder
acknowledges and agrees that notification of and non-objection by Nasdaq to the
terms of this Warrant pursuant to NASD Rule 4310(c)(17) is required and shall
first be obtained prior to issuance of this Warrant.

(e)  There are no actions, suits, audits, investigations or
proceedings pending or, to the knowledge of the Company, threatened against the
Company in any court or before any governmental commission, board or authority
which, if adversely determined, will have a material adverse effect on the
ability of the Company to perform its obligations under this Warrant; and

(f)  For
so long as JNI shall own the Warrants or Shares, in any transaction in which
stock of the Company is issued, the Company will appropriately fulfill its
fiduciary duties to the Company and its shareholders.

11.  Registration
Rights.  The Holder of any Shares of
Common Stock acquired upon exercise of this Warrant in accordance with the
terms hereof shall have the right to cause the Company to register such Shares
in accordance with that certain Registration Rights Agreement between the
Company and Holder.

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12.  Modification
and Waiver.  This Warrant and any
provision hereof may be amended, waived, discharged or terminated with (and
only with) the written consent of the party against which enforcement of the
same is sought.  Any such amendment, modification or waiver effected pursuant to this
Section 12 shall be binding upon the Holder of this Warrant, upon any future
holder and upon the Company.

13.  Notices.  Any notice, request, communication or other
document required or permitted to be given or delivered to the Holder hereof or
the Company shall be delivered in person, by facsimile, or shall be sent by
certified or registered mail, postage prepaid, to each such Holder and the
Company at their respective addresses indicated therefor on the signature page
of this Warrant or at such other addresses as the Holder or the Company shall
have furnished to the other in writing.

14.  Lost
Warrants or Stock Certificates.  The
Company covenants to the Holder hereof that, upon receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant or any stock certificate and, in the case of any
such loss, theft or destruction, upon receipt of an indemnity reasonably
satisfactory to the Company, or in the case of any such mutilation upon
surrender and cancellation of such Warrant or stock certificate, the Company
will make and deliver a new Warrant or stock certificate, of like tenor, in
lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate.

15.  No Impairment. 
The Company will not, by amendment of its Certificate of Incorporation
or bylaws avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder of this
Warrant against impairment.  Without
limiting the generality of the foregoing, the Company (a) will not increase the
par value of any shares of stock issuable upon the exercise of this Warrant
above the amount payable therefor upon such exercise, and (b) will take all
such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and non-assessable shares of Common Stock
upon exercise of this Warrant.  The Company
also will not reorganize, consolidate, merge, dissolve, issue or sell
securities or sell assets for the purpose (as opposed to having the effect) of
avoiding the observance or performance of any of the terms of this Warrant.

16.  Descriptive
Headings.  The descriptive headings
of the several paragraphs of this Warrant are inserted for convenience only and
do not constitute a part of this Warrant. 
The language in this Warrant shall be construed as to its fair meaning
without regard to which party drafted this Warrant.

17.  Governing
Law.  This Warrant shall be construed
and enforced in accordance with, and the rights of the parties shall be
governed by, the laws of New York.

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18.  Severability.  The invalidity or unenforceability of any
provision of this Warrant in any jurisdiction shall not affect the validity or
enforceability of such provision in any other jurisdiction, or affect any other
provision of this Warrant, which shall remain in full force and effect.

19.  Entire
Agreement; Modification.  This
Warrant constitutes the entire agreement between the parties pertaining to the
subject matter contained in it and supersedes all prior and contemporaneous
agreements, representations, and undertakings of the parties, whether oral or
written, with respect to such subject matter.

[Rest of page intentionally
left blank.]

The Company has caused this Warrant to be duly
executed and delivered as of the Grant Date.

	
  

  	
  METRO
  ONE TELECOMMUNICATIONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Gary E.
  Henry

  	
   

  
	
   

  	
  Title

  	
  President and
  CEO

  	
   

  
	
   

  	
  Address:

  	
  11200 Murrary
  Scholls Place

  	
   

  
	
   

  	
   

  	
  Beaverton, OR
  97007

  	
   

  
						

 

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  WARRANT
  HOLDER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JINGLE
  NETWORKS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Scott Kliger

  	
   

  
	
   

  	
  Title:

  	
  CTO

  	
   

  
	
   

  	
  Address:

  	
  8 New England
  Executive Park,

  	
   

  
	
   

  	
   

  	
  West Wing 3rd Floor

  	
   

  
	
   

  	
   

  	
  Burlington, MA
  01803

  	
   

  
						

 

 

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EXHIBIT A

NOTICE OF EXERCISE

To:          Metro One Telecommunications, Inc.
(the “Company”)

1.             The undersigned hereby elects to
purchase            shares of
Common Stock of the Company pursuant to the terms of the attached Warrant, and
tenders herewith payment of the purchase price of such shares in full.

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

 

	
  

  	
   

  	
   

  
	
   

  	
  (Name)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Address)

  	
   

  

 

3.             The undersigned represents that the
aforesaid shares are being acquired for the account of the undersigned for
investment and not with a view to, or for resale in connection with, the
distribution thereof and that the undersigned has no present intention of
distributing or reselling such shares, all except as in compliance with
applicable securities laws.

	
  

  	
   

  	
   

  
	
   

  	
  (Signature)

  

 

(Date)Exhibit 10.3

COMMON STOCK WARRANT NO. 4

METRO ONE TELECOMMUNICATIONS, INC.

THIS WARRANT HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES
LAWS.  NO SALE OR DISPOSITION MAY BE
EFFECTED WITHOUT (I) AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO,
(II) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED, (III) RECEIPT OF A NO-ACTION LETTER
FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (IV) OTHERWISE COMPLYING
WITH THE PROVISIONS OF SECTIONS 6 AND 7 OF THIS WARRANT.

WARRANT TO
PURCHASE SHARES

OF COMMON STOCK

Grant Date: July 1, 2006

(All share amounts reflect the 1 for 4 reverse stock split effected July 6,
2006)

THIS CERTIFIES THAT, for value received, contingent upon
satisfaction of certain revenue generation requirements as provided in Section
1 below, Jingle Networks, Inc., a Delaware corporation (“JNI” or “Holder”), is entitled to subscribe for and purchase up
to 870,075 fully paid and nonassessable shares of  common stock (as adjusted pursuant to Section
3 hereof), no par value per share (the “Shares” or “Common Stock”) of Metro One
Telecommunications, Inc., an Oregon corporation (the “Company”), at a per share
purchase price equal to the price per share (the “Warrant Price”) as described
in the paragraph below, as may be adjusted pursuant to Section 3, subject to
the terms and conditions set forth herein; provided, however, that if
the sum of (i) the number of shares potentially issuable upon full exercise of
this Warrant prior to the effect of this proviso, and (ii) the number of shares
potentially issuable upon full exercise of the warrant issued to JNI
simultaneously herewith (i.e., 623,250, as such number may be adjusted
for stock splits, stock dividends and similar transactions) (the “First Warrant”)
shall exceed 19.98% of the sum of (i) the shares of Common Stock of the Company
outstanding on July 1, 2007, and (ii) the difference, if any, between (A) the
maximum potential number of shares issuable upon exercise of this Warrant and
the First Warrant (i.e., 1,493,325, as such number may be adjusted for
stock splits, stock dividends and similar transactions) and (B) the number of
shares then previously issued to Holder upon partial or complete exercise of
this Warrant and/or the First Warrant (such final number of shares issuable
upon exercise of this Warrant being referred to herein as the “Warrant
Shares”), then in such event, the number of shares
potentially issuable upon exercise of this Warrant will be automatically
decreased (but never increased) to a number equal to (x) 19.98% of the shares
of Common Stock of the Company 

outstanding on July 1, 2007,
less (y) the number of shares
potentially issuable upon exercise of the First Warrant (i.e., 623,250,
as such number may be adjusted for stock splits, stock dividends and similar
transactions).

The Warrant Price
shall equal one hundred fifteen percent (115%) of the following:  the closing price per share of the Company’s
Common Stock on the principal national securities exchange on which the Common
Stock is then listed or admitted to trading (including, for this purpose, the
Nasdaq Stock Market) or, if not then listed or traded on any such exchange or
system, the mean of the bid and asked price per share on the Nasdaq Capital
Market or in the sole discretion of a majority of the Board of Directors of the
Company, any other over-the-counter market, including the OTC Bulletin Board,
which reports bid, asked and last sale prices and volume of sales (approval of
which will not be unreasonably withheld by such directors), in each such case
averaged over a period of (20) trading days consisting of the last trading day
prior to July 1, 2007 and the nineteen (19) consecutive trading days prior to
such day.  If at any time such quotations
are not available, the Warrant Price shall be one hundred fifteen percent
(115%) of the then current fair market value of a share of Common Stock as
determined in good faith by the Board of Directors of the Company.  Notwithstanding anything in this Warrant to
the contrary, the Warrant Price never shall be less than the greater of (i) the
market value of the Company’s Common Stock on the date hereof, and (ii) the
book value of the Company’s common stock on the date hereof, determined on the
basis of the Company’s GAAP financial statements.

1.  Revenue
Generation Contingency.   The Warrant
will not be exercisable unless and until the aggregate revenues and payments
received by the Company for the period beginning on March 1, 2007 and ending on
February 29, 2008 (the “Revenue Period”) that are (i) directly attributable to
calls routed by JNI to and answered by the Company in accordance with that
certain Telecom Services Information Agreement between the Company and JNI
executed contemporaneously herewith (the “Services Agreement”) and (ii)
payments made to the Company for purchase of Data Services under the Services
Agreement (such revenues and payments being referred to collectively hereunder
as the “JNI Revenues”) are equal to or exceed thirty million dollars
($30,000,000) between March 1, 2007 and February 29, 2008; provided, however,
that JNI Revenues shall not include late payment charges, penalties, damages or
similar payments received by the Company pursuant to the Services Agreement; provided,
further, if JNI Revenues are equal to or greater than twenty four million
dollars ($24,000,000) but less than thirty million dollars ($30,000,000), then
the number of Shares for which the Warrant is exercisable hereunder shall equal
the product of (A) the Warrant Shares and (B) the ratio of (i) JNI Revenues and
(ii) thirty million (30,000,000).  At
such time, if any, as the JNI Revenues received by the Company during the
Revenue Period equal or exceed twenty four million dollars ($24,000,000),
Holder may exercise the Warrant for the portion of the Shares for which the
Warrant is then exercisable in accordance with the foregoing formula.   Should (i) JNI Revenues received by the
Company during the Revenue Period be less than twenty four million dollars
($24,000,000), (ii) the Services Agreement terminate for any reason other than
the default by the Company thereunder, or (iii) the Company no longer be a
Preferred Provider, as such term is defined in the Services Agreement, of JNI,
whichever of the foregoing shall first occur, then this Warrant shall expire
and terminate, no Shares shall be purchasable hereunder, and JNI shall return
the original of this Warrant to the Company unexercised.  Timely payment of the February 2008 invoice
from the Company in accordance with the Services Agreement shall be included in
the determination of JNI Revenues 

 2
 

hereunder.  The Warrant may be exercised as a whole or
may be exercised in part or from time to time at any time on or after the July
1, 2007 up to and including 5:00 p.m. (PT) on July 1, 2009 (the “Expiration
Date”) for such portion, if any, of the Shares for which the Warrant is then
exercisable pursuant to this Paragraph 1.

2.  Method
of Exercise; Payment; Issuance of New Warrant.

(a)  Cash Exercise.  Subject to Section 1 hereof, the
purchase right represented by this Warrant may be exercised by the Holder
hereof, in whole or in part and from time to time, at the election of the
Holder hereof, by the surrender of this Warrant (with the notice of exercise substantially
in the form attached hereto as Exhibit A duly completed and
executed) at the principal office of the Company and by the payment to the
Company, by certified or bank check or by wire transfer to an account
designated by the Company, of an amount equal to the then applicable Warrant
Price multiplied by the number of Shares then being purchased.

(b)  Stock
Certificates.  The person or persons
in whose name(s) any certificate(s) representing the Shares shall be issuable
upon exercise of this Warrant shall be deemed to have become the holder(s) of
record of, and shall be treated for all purposes as the record holder(s) of,
the shares represented thereby (and such shares shall be deemed to have been
issued) immediately prior to the close of business on the date or dates upon
which this Warrant is exercised.  In the
event of any exercise of the rights represented by this Warrant, certificates
for the shares of stock so purchased shall be delivered to the Holder hereof as
soon as possible and in any event within fifteen (15) days after such exercise
and, unless this Warrant has been fully exercised or expired, a new Warrant
representing the portion of the Shares, if any, with respect to which this
Warrant shall not then have been exercised shall also be issued to the Holder
hereof as soon as possible and in any event within such fifteen (15) day period.

3.  Adjustment
of Warrant Price and Number of Shares. The number and kind of securities
purchasable upon the exercise of this Warrant and the Warrant Price shall be
subject to adjustment from time to time upon the occurrence of certain events,
as follows, provided that at such time, this Warrant remains outstanding and
unexpired:

(a)  Reclassification or Merger.  In case of any reclassification or change of
securities of the class issuable upon exercise of this Warrant (other than a
change in par value, or from par value to no par value, or from no par value to
par value, or as a result of a subdivision or combination), or in case of any
merger, reorganization, consolidation or similar transaction (collectively, a “Merger”)
in which owners of the Company’s stock immediately before the Merger do not own
immediately after the Merger at least fifty percent (50%) of the voting power
of the entity resulting from the Merger, or in case of any sale of all or
substantially all of the assets of the Company, the Company, or such successor
or purchasing corporation, as the case may be, shall duly execute and deliver
to the Holder of this Warrant a new Warrant subject to the revenue and payment
requirements in Section 1 above and such other provisions of this Warrant as
are then applicable, or (B) the Company shall make appropriate provision
without the issuance of a new Warrant so that the Holder of this Warrant shall
have the right to receive (without regard to the revenue requirements in
Section 1 above), at a total purchase price not to exceed that payable upon the
exercise of the unexercised portion of this Warrant, and in lieu of the shares
of Common Stock theretofore issuable 

 3
 

upon such
exercise of this Warrant, (i) the kind and amount of shares of stock,
other securities, money and property receivable upon such reclassification,
change, Merger or sale by a Holder of the number of shares of  Common Stock then purchased under this
Warrant, or (ii) in the case of such a Merger or sale in which the
consideration paid consists all or in part of assets other than securities of
the successor or purchasing corporation, at the option of the successor or
purchasing entity, the securities of the successor or purchasing corporation
having a value at the time of the transaction equivalent to the valuation of
the Common Stock at the time of the transaction.  Should the successor or purchasing company
not issue a new warrant pursuant to subpart (A) above, and should the Holder
not exercise the Warrant pursuant to subpart (B) above prior to closing of the
Merger or sale, then the Warrant shall expire and terminate unexercised and
shall be returned to the Company.  Any
new Warrant shall provide for adjustments that shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Section 3.  The provisions of this subparagraph (a) shall
similarly apply to successive reclassifications, changes, mergers and
transfers.

(b)  Subdivision or Combination of Shares.  If the Company at any time while this Warrant
remains outstanding and unexpired shall subdivide or combine its outstanding
shares of Common Stock, the Warrant Price shall be proportionately decreased
and the number of shares of Common Stock issuable hereunder shall be
proportionately increased in the case of a subdivision, and the Warrant Price
shall be proportionately increased and the number of shares of Common Stock
issuable hereunder shall be proportionately decreased in the case of a
combination.

(c)  Stock Dividends and Other Distributions.  If the Company at any time while this Warrant
is outstanding and unexpired shall (i) pay a dividend with respect to the
Common Stock payable in shares of Common Stock, then the Warrant Price shall be
adjusted, from and after the date of determination of shareholders entitled to
receive such dividend or distribution, to that price determined by multiplying
the Warrant Price in effect immediately prior to such date of determination by
a fraction (A) the numerator of which shall be the total number of shares
of the Common Stock outstanding immediately prior to such dividend or
distribution, and (B) the denominator of which shall be the total number
of shares of the Common Stock outstanding immediately after such dividend or
distribution; or (ii) make any other distribution with respect to the
Common Stock  (except any distribution
specifically provided for in Sections 3(a) and 3(b)), then, in each such
case, provision shall be made by the Company such that the Holder of this
Warrant shall receive upon proper exercise of this Warrant in accordance with
its terms a proportionate share of any such dividend or distribution as though
it were the holder of the Shares as of the record date fixed for the
determination of the shareholders of the Company entitled to receive such
dividend or distribution.

(d)  Adjustment of Number of Shares.  Upon each adjustment in the Warrant Price,
unless otherwise provided for above, the number of shares of  Common Stock purchasable hereunder shall be
adjusted, to the nearest whole share, to the product obtained by multiplying
the number of shares of Common Stock purchasable immediately prior to such
adjustment in the Warrant Price by a fraction, the numerator of which shall be
the Warrant Price immediately prior to such adjustment and the denominator of
which shall be the Warrant Price immediately thereafter.

4.  Notice
of Adjustments.  Whenever the Warrant
Price or the number of shares of Common Stock purchasable hereunder shall be
adjusted pursuant to Section 3 hereof, the Company shall, upon 

 4
 

the written request by the Holder of the Warrant, make
a certificate signed by one of its executive officers setting forth, in
reasonable detail, the event requiring the adjustment, the amount of the
adjustment, the method by which such adjustment was calculated, and the Warrant
Price and the number of shares of Common Stock purchasable hereunder after
giving effect to such adjustment, and shall cause copies of such certificate to
be mailed to the Holder of this Warrant.

5.  Fractional
Shares.  No fractional shares of
Common Stock will be issued in connection with any exercise hereunder, but in
lieu of such fractional share the Company shall (a) if the fraction of a
share otherwise issuable is less than one-half, round down and issue to Holder
of this Warrant only the largest whole number of shares to which the Holder is
otherwise entitled, or (b) if the fraction of a share otherwise issuable
is equal to or greater than one-half, round up and issue to the Holder one
additional share in addition to the largest whole number of shares to which the
Holder is otherwise entitled.

6.  Compliance
with Act.  The Holder of this
Warrant, by acceptance hereof, agrees that this Warrant, and the Shares to be
issued upon exercise hereof are being acquired for investment and that such
Holder will not offer, sell or otherwise dispose of this Warrant, or any Shares
to be issued upon exercise hereof except under circumstances which will not
result in a violation of the Securities Act of 1933, as amended (the “Act”) or
any applicable state securities laws.

This Warrant and
all Shares issued upon exercise of this Warrant (unless registered under the
Act and any applicable state securities laws) shall be stamped or imprinted
with a legend in substantially the following form:

“THE SECURITIES
EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.  NO SALE OR DISPOSITION MAY BE EFFECTED
WITHOUT (I) AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO,
(II) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED, (III) RECEIPT OF A NO-ACTION LETTER
FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (IV) OTHERWISE COMPLYING
WITH THE PROVISIONS OF SECTIONS 6 AND 7 OF THE WARRANT UNDER WHICH THESE
SECURITIES WERE ISSUED.”

Said legend shall
be removed by the Company, upon the request of a Holder, at such time as the
restrictions on the transfer of the applicable security shall have
terminated.  In addition, in connection
with the issuance of this Warrant, the Holder specifically represents to the
Company by acceptance of this Warrant as follows:

(1)                   The
Holder is aware of the Company’s business affairs and financial condition, and
has acquired information about the Company sufficient to reach an informed and
knowledgeable decision to acquire this Warrant. 
The Holder is acquiring this Warrant for its own account for investment
purposes only and not with a view to, or for the resale in connection with, any
“distribution” thereof in violation of the Act.

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(2)                   The
Holder understands that this Warrant has not been registered under the Act in
reliance upon a specific exemption therefrom, which exemption depends upon,
among other things, the bona fide nature of the Holder’s investment intent as
expressed herein.

(3)                   The
Holder further understands that this Warrant must be held indefinitely unless
subsequently registered under the Act and qualified under any applicable state
securities laws, or unless exemptions from registration and qualification are
otherwise available.  The Holder is aware
of the provisions of Rule 144, promulgated under the Act.

(4)                   The
Holder is an “accredited investor” as such term is defined in Rule 501 of
Regulation D promulgated under the Act.

7.  Disposition of Warrant or Shares.

(a)  Right
of First Refusal. Should JNI have entered into a binding written agreement
with another person or entity to sell, transfer or otherwise convey all or any
Warrants or Shares acquired by it on exercise of the Warrants, and provided
such sale is otherwise permitted under the terms of this Warrant, then at least
ten (10) business days prior to completing such sale, transfer or conveyance,
JNI shall provide written notice (the “Notice”) thereof to the Company, which
Notice shall include a copy of all agreements entered into in connection with
such contemplated sale, transfer or conveyance and such information with
respect to the potential transferee as the Company reasonably shall
request.  For a period of three (3)
business days following receipt of the Notice, the Company shall have the
right, but not the obligation, to acquire all, but not less than all, of the
Warrants or Shares proposed to be then sold on the same terms as is specified
in the Notice.  Closing of the sale of
the Warrants and/or Shares to the Company shall occur as stated in the Notice;
provided however, that such closing shall not be less than thirty (30) days
following expiration of the foregoing ten (10) business day period; provided
further that should the Company agree to acquire the Warrants or Shares in
accordance with this subsection 7(a), then the commitment of the Company to do
so shall be specifically enforceable by JNI. 
Should the Company fail or refuse to notify JNI of its desire to acquire
the Warrants or Shares then to be sold within the above-specified three (3)
business day period, the Company shall be deemed to have waived its right to
acquire the Warrants and Shares pursuant to this subsection 7(a), and, subject
to the other provisions of this Warrant, JNI may convey the Warrants and/or
Shares to the party and on the precise terms specified in the Notice. Failure
timely to complete such conveyance on such terms shall again require compliance
with this subsection 7(a).

(b)  Prohibition
of Transfer to Competitor. 
Notwithstanding anything in this Warrant to the contrary, JNI covenants
and agrees that none of the Warrants and none of the Shares acquired by it upon
exercise of the Warrants directly or indirectly shall be sold, transferred or
in any manner conveyed by JNI to any competitor or reasonably foreseeable
competitor of the Company.  Prior to
transfer of any of the Warrants or Shares, JNI shall provide written notice thereof
to the Company of the proposed transferee and such information as the Company
reasonably shall require in order to determine if the transferee is a
competitor or potential competitor.  JNI
acknowledges that monetary damages for breach by it of the provisions of this
subsection 7(b) would be inadequate and that the Company may seek injunctive
relief for any actual or threatened breach by JNI of this covenant.

 6
 

(c)  Right
of Repurchase.  (1) Should the
Services Agreement be terminated as a result of the breach or default by JNI
thereunder, then for a period of one hundred eighty (180) days after such
termination, by providing written notice thereof to JNI, the Company shall have
the right, but not the obligation, to purchase some or all of the Warrants.  The purchase price of any unexercised Warrants
shall be the difference between the Market Price, determined as provided below,
and the exercise price of the Warrants. 
Payment shall be all cash, and closing shall occur at the offices of the
Company within thirty (30) days following expiration of such one hundred eighty
(180) day period.

(2)  As
used in this Section 7(c), the Market Price shall be the weighted average
closing price per share of the Company’s Common Stock on the principal national
securities exchange on which the Common Stock is then listed or admitted to
trading (including, for this purpose, the Nasdaq Stock Market), or if not then
listed or traded on any such exchange or system, the mean of the bid and asked
price per share on the Nasdaq Capital Market or in the sole discretion of a
majority of the Board of Directors of the Company, any other over-the-counter
market, including the OTC Bulletin Board, which reports bid, asked and last
sale prices and volume of sales (approval of which will not be unreasonably
withheld by such directors), in each such case averaged on a weighted average
basis over a period of twenty (20) trading days consisting of the last trading
day prior to the effective date of the termination of the Services Agreement and
the nineteen (19) consecutive trading days prior to such day.  If at any time such quotations are not
available, the Market Price shall be the then current fair market value of a
share of Common Stock as determined in good faith by the Board of Directors of
the Company.

8.  Rights
as Shareholders; Information.    No
Holder of this Warrant, as such, shall be entitled to vote or receive dividends
or be deemed the holder of the Shares, nor shall anything contained herein be
construed to confer upon the Holder of this Warrant, as such, any of the rights
of a shareholder of the Company or any right to vote for the election of
directors or upon any matter submitted to shareholders at any meeting thereof,
or to receive notice of meetings, or to receive dividends or subscription
rights or otherwise until this Warrant shall have been exercised and the Shares
purchasable upon the exercise hereof shall have become deliverable, as provided
herein.

9.  Notice
of Capital Changes.  In case:

(i)            the Company shall declare any dividend or distribution
(other than of shares of its Common Stock) payable to the holders of its Common
Stock;

(ii)           there shall be any capital reorganization or
reclassification of the capital stock of the Company, or consolidation or
merger of the Company with, or sale of all or substantially all of its assets
to, another corporation or business organization; or

(iii)          there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Company;

then,
in any one or more of said cases, the Company shall give the Holder written
notice of the date on which a record shall be taken for such dividend or
distribution, or for determining shareholders entitled to vote upon such
reorganization, reclassification, consolidation, merger, sale, 

 7
 

dissolution,
liquidation or winding up and of the date when any such transaction shall take
place, as the case may be.  Such written
notice shall be given at such time as notice is given to existing shareholders
of the Company, but in all events, such written notice shall be given at least
5 days prior to the closing of the transaction in question and not less than 10
days prior to the record date in respect thereof.

10.  Representations and Warranties.  The Company represents and warrants to the
Holder of this Warrant as follows:

(a)  This Warrant has been duly
authorized and executed by the Company and is a valid and binding obligation of
the Company enforceable in accordance with its terms, subject to laws of
general application relating to bankruptcy, insolvency and the relief of
debtors and the rules of law or principles at equity governing specific
performance, injunctive relief and other equitable remedies;

(b)  The Shares have been duly authorized and reserved for
issuance by the Company and, when issued in accordance with the terms hereof,
will be validly issued, fully paid and non-assessable and free from all
preemptive or any similar rights of any stockholder of the Company and free of
any liens or encumbrances arising through the Company, other than restrictions
of transfer under this Warrant and applicable state and federal securities
laws;

(c)  During the period within which this Warrant may be
exercised, the Company will at all times have authorized and reserved for the
purpose of issue or transfer upon exercise of this Warrant, a sufficient number
of authorized but unissued shares of Common Stock, when and as required, to
provide for the exercise of the rights represented by this Warrant.  The Company will take all such action as may
be necessary to assure that such shares of Common Stock may be issued as
provided herein without violation of any applicable law or regulation, or of
any requirements of any domestic securities exchange or automated quotation
system upon which the Common Stock is listed;

(d)  The execution and delivery of
this Warrant are not, and the issuance of the Shares upon exercise of this
Warrant in accordance with the terms hereof will not be, (i) inconsistent with
the Company’s Certificate of Incorporation or by-laws; (ii) conflict with
or constitute a violation of, or default (with the passage of time or
otherwise) under: (A) any evidence of indebtedness, or under any material
lease, contract, indenture, mortgage, deed of trust, loan agreement, joint
venture or other agreement or instrument to which the Company is a party or by
which it is bound, or (B) any law, administrative regulation applicable to
the Company or any ordinance or order of any court or governmental agency,
arbitration panel or authority applicable to and specifically naming the
Company or its properties; and (iii) result in the creation or imposition
of any lien, encumbrance, claim, security interest or restriction whatsoever
upon any of the material properties or assets of the Company or an acceleration
of indebtedness pursuant to any obligation, agreement or condition contained in
any evidence of indebtedness or any material indenture, mortgage, deed of trust
or any other agreement or instrument to which the Company is a party or by
which any of them is bound or to which any of the property or assets of the
Company is subject.  No consent,
approval, authorization or other order of, or registration, qualification or
filing with, any regulatory body, administrative agency, or other governmental
body in the United States is required for the execution and delivery of the
Warrant and the valid issuance and sale of the Shares to be sold pursuant to
this 

 8
 

Warrant, other than such as have been made or obtained, and except for
any securities filings required to be made under federal or state securities
laws; provided, however, that the Holder acknowledges and agrees that
notification of and non-objection by Nasdaq to the terms of this Warrant
pursuant to NASD Rule 4310(c)(17) is required and shall first be obtained prior
to issuance of this Warrant.

(e)  There are no actions, suits, audits, investigations or
proceedings pending or, to the knowledge of the Company, threatened against the
Company in any court or before any governmental commission, board or authority
which, if adversely determined, will have a material adverse effect on the
ability of the Company to perform its obligations under this Warrant; and

(f)  For
so long as JNI shall own the Warrants or Shares, in any transaction in which
stock of the Company is issued, the Company will appropriately fulfill its
fiduciary duties to the Company and its shareholders.

11.  Registration
Rights.  The Holder of  Shares of Common Stock acquired upon exercise
of this Warrant in accordance with the terms hereof shall have the right to
cause the Company to register such Shares in accordance with that certain
Registration Rights Agreement between the Company and Holder.

12.  Modification
and Waiver.  This Warrant and any
provision hereof may be amended, waived, discharged or terminated with (and
only with) the written consent of the party against which enforcement of the
same is sought.  Any such amendment, modification or waiver effected pursuant to this
Section 12 shall be binding upon the Holder of this Warrant, upon any future holder
and upon the Company.

13.  Notices.  Any notice, request, communication or other
document required or permitted to be given or delivered to the Holder hereof or
the Company shall be delivered in person, by facsimile, or shall be sent by
certified or registered mail, postage prepaid, to each such Holder and the
Company at their respective addresses indicated therefor on the signature page
of this Warrant or at such other addresses as the Holder or the Company shall
have furnished to the other in writing.

14.  Lost
Warrants or Stock Certificates.  The
Company covenants to the Holder hereof that, upon receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant or any stock certificate and, in the case of any
such loss, theft or destruction, upon receipt of an indemnity reasonably
satisfactory to the Company, or in the case of any such mutilation upon
surrender and cancellation of such Warrant or stock certificate, the Company
will make and deliver a new Warrant or stock certificate, of like tenor, in
lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate.

15.  No Impairment. 
The Company will not, by amendment of its Certificate of Incorporation
or bylaws avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder of this
Warrant against impairment.  Without
limiting the generality of the foregoing, the 

 9
 

Company (a) will
not increase the par value of any shares of stock issuable upon the exercise of
this Warrant above the amount payable therefor upon such exercise, and (b) will
take all such action as may be necessary or appropriate in order that the
Company may validly and legally issue fully paid and non-assessable shares of
Common Stock upon exercise of this Warrant. 
The Company also shall not reorganize, consolidate, merge, dissolve,
issue or sell securities or sell assets for the purpose (as opposed to having
the effect) of avoiding the observance or performance of any of the terms of
this Warrant.

16.  Descriptive
Headings.  The descriptive headings
of the several paragraphs of this Warrant are inserted for convenience only and
do not constitute a part of this Warrant. 
The language in this Warrant shall be construed as to its fair meaning
without regard to which party drafted this Warrant.

17.  Governing
Law.  This Warrant shall be construed
and enforced in accordance with, and the rights of the parties shall be
governed by, the laws of New York.

18.  Severability.  The invalidity or unenforceability of any
provision of this Warrant in any jurisdiction shall not affect the validity or
enforceability of such provision in any other jurisdiction, or affect any other
provision of this Warrant, which shall remain in full force and effect.

19.  Entire
Agreement; Modification.  This
Warrant constitutes the entire agreement between the parties pertaining to the
subject matter contained in it and supersedes all prior and contemporaneous
agreements, representations, and undertakings of the parties, whether oral or
written, with respect to such subject matter.

The Company has caused this Warrant to be duly
executed and delivered as of the Grant Date.

	
  

  	
  METRO
  ONE TELECOMMUNICATIONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Gary E.
  Henry

  	
   

  
	
   

  	
  Title

  	
  President and
  CEO

  	
   

  
	
   

  	
  Address:

  	
  11200 Murrary
  Scholls Place

  	
   

  
	
   

  	
   

  	
  Beaverton, OR
  97007

  	
   

  
						

 

 10
 

 

	
  

  	
  WARRANT
  HOLDER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JINGLE
  NETWORKS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Scott Kliger

  	
   

  
	
   

  	
  Title:

  	
  CTO

  	
   

  
	
   

  	
  Address:

  	
  8 New England
  Executive Park,

  	
   

  
	
   

  	
   

  	
  West Wing 3rd Floor

  	
   

  
	
   

  	
   

  	
  Burlington, MA
  01803

  	
   

  
						

 

 11

 

EXHIBIT A

NOTICE OF EXERCISE

To:          Metro One Telecommunications, Inc.
(the “Company”)

1.             The undersigned hereby elects to
purchase            shares of
Common Stock of the Company pursuant to the terms of the attached Warrant, and
tenders herewith payment of the purchase price of such shares in full.

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

 

	
  

  	
   

  	
   

  
	
   

  	
  (Name)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Address)

  	
   

  

 

3.             The undersigned represents that the
aforesaid shares are being acquired for the account of the undersigned for
investment and not with a view to, or for resale in connection with, the
distribution thereof and that the undersigned has no present intention of
distributing or reselling such shares, all except as in compliance with
applicable securities laws.

	
  

  	
   

  	
   

  
	
   

  	
  (Signature)

  

 

(Date)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]