Document:

Exhibit 4.1

 

WARRANT

 

TO
PURCHASE COMMON STOCK

 

OF

 

PROXIM
CORPORATION

 

 

	
  Issue Date: February 7, 2005

  	
   

  	
  Warrant
  No.        

  

 

THIS CERTIFIES that [                                                              ]
or any subsequent holder hereof (the “Holder”), has the right to
purchase from PROXIM CORPORATION, a Delaware corporation (the “Company”),
up to [                ]
fully paid and nonassessable shares of the Company’s common stock, par value $0.01
per share (the “Common Stock”), subject to adjustment as provided
herein, at a price per share equal to the Exercise Price (as defined below), at
any time and from time to time beginning on the date that is six months
following the date on which this Warrant is originally issued (the “Issue
Date”) and ending at 6:00 p.m., eastern time, on the date that is the fifth
(5th) anniversary of the Issue Date (or, if such date is not a
Business Day (as defined below), on the Business Day immediately following such
date) (the “Expiration Date”). 
This Warrant is issued pursuant to a Subscription Agreement dated as of February     ,
2005, (the “Subscription Agreement”). 
Capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Subscription Agreement.

 

1.                                       Exercise.

 

(a)                                  Right
to Exercise; Exercise Price.  The
Holder shall have the right to exercise this Warrant at any time and from time
to time during the period beginning on the date that is six (6) months
following the Issue Date and ending on the Expiration Date as to all or any
part of the shares of Common Stock covered hereby (the “Warrant Shares”).  The “Exercise Price” for each Warrant
Share purchased by the Holder upon the exercise of this Warrant shall be equal
to $2.35, subject to adjustment for the events specified in Section 6
below.

 

(b)                                 Exercise
Notice.  In order to exercise this
Warrant, the Holder shall send to the Company by facsimile transmission, at any
time prior to 6:00 p.m., eastern time, on the Business Day on which the Holder
wishes to effect such exercise (the “Exercise Date”), (i) a notice of
exercise in substantially the form attached hereto as Exhibit A (the “Exercise
Notice”), and (ii) a copy of the original Warrant, and, in the case of a
Cash Exercise (as defined below), the Holder shall pay the Exercise Price to
the Company by wire transfer.  (“Business
Day” means any day other than a Saturday, a Sunday or a day on which the
New York Stock Exchange or commercial banks located in New York City are
authorized or permitted by law to close.)  The Exercise Notice shall state the name or
names in which the shares of Common Stock that are issuable on such exercise
shall be issued.  In the case of a
dispute between the Company and the Holder as to

 

 

the calculation of the Exercise Price or the number of Warrant Shares
issuable hereunder (including, without limitation, the calculation of any
adjustment pursuant to Section 6 below), the Company shall issue to
the Holder the number of Warrant Shares that are not disputed within the time
periods specified in Section 2 below and shall submit the disputed
calculations to a certified public accounting firm of national reputation
(other than the Company’s regularly retained accountants) within two (2)
Business Days following the date on which the Holder’s Exercise Notice is
delivered to the Company.  The Company
shall cause such accountant to calculate the Exercise Price and/or the number
of Warrant Shares issuable hereunder and to notify the Company and the Holder
of the results in writing no later than three (3) Business Days following the
day on which such accountant received the disputed calculations (the “Dispute
Procedure”). Such accountant’s calculation shall be deemed conclusive
absent manifest error.  The fees of any
such accountant shall be borne by the party whose calculations were most at
variance with those of such accountant.

 

(c)           Holder of Record.  The Holder shall, for all purposes, be deemed
to have become the holder of record of the Warrant Shares specified in an
Exercise Notice on the Exercise Date specified therein, irrespective of the
date of delivery of such Warrant Shares. 
Except as specifically provided herein, nothing in this Warrant shall be
construed as conferring upon the Holder hereof any rights as a stockholder of the
Company prior to the Exercise Date.

 

(d)                                 Cancellation
of Warrant.  This Warrant shall be
canceled upon its exercise in full and, if this Warrant is exercised in part,
the Company shall, at the time that it delivers Warrant Shares to the Holder
pursuant to such exercise as provided herein, issue a new warrant, and deliver
to the Holder a certificate representing such new warrant, with terms identical
in all respects to this Warrant (except that such new warrant shall be
exercisable into the number of shares of Common Stock with respect to which
this Warrant shall remain unexercised); provided, however,
that the Holder shall be entitled to exercise all or any portion of such new
warrant at any time following the time at which this Warrant is exercised,
regardless of whether the Company has actually issued such new warrant or
delivered to the Holder a certificate therefor.

 

2.                                       Delivery
of Warrant Shares Upon Exercise. 
Upon receipt of a fax copy of an Exercise Notice pursuant to Section 1
above, the Company shall, (A) in the case of a Cash Exercise, no later than the
close of business on the later to occur of (i) the third (3rd) Business Day
following the Exercise Date specified in such Exercise Notice and (ii) the date
on which the Company shall have received payment of the Exercise Price, (B) in
the case of a Cashless Exercise (as defined below), no later than the close of
business on the third (3rd) Business Day following the Exercise Date specified
in such Exercise Notice, and (C) with respect to Warrant Shares that are the
subject of a Dispute Procedure, the close of business on the third (3rd)
Business Day following the determination made pursuant to Section 1(b)
(each of the dates specified in (A), (B) and (C) being referred to as a “Delivery
Date”), issue and deliver or caused to be delivered to the Holder the
number of Warrant Shares as shall be determined as provided herein.  The Company shall effect delivery of Warrant
Shares to the Holder, as long as the Company’s designated transfer agent (the “Transfer
Agent”) participates in the Depository Trust Company (“DTC”) Fast
Automated Securities Transfer program (“FAST”) and no restrictive legend
is required pursuant to the terms of this Warrant or the Subscription Agreement,
by crediting the account of the Holder or its nominee at DTC (as specified in
the applicable Exercise Notice) with the number of Warrant Shares required to
be delivered, no later than the close of

 

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business on such Delivery Date. 
In the event that the Transfer Agent is not a participant in FAST or if
the Holder so specifies in a Exercise Notice or otherwise in writing on or
before the Exercise Date, the Company shall effect delivery of Warrant Shares
by delivering to the Holder or its nominee physical certificates representing
such Warrant Shares, no later than the close of business on such Delivery
Date.  Warrant Shares delivered to the
Holder shall not contain any restrictive legend unless such legend is required
pursuant to the terms of the Subscription Agreement.

 

3.                                       Failure
to Deliver Warrant Shares.

 

(a)                                  In
the event that the Company fails for any reason to deliver to the Holder the
number of Warrant Shares specified in the applicable Exercise Notice on or
before the Delivery Date therefor (an “Exercise Default”), the Company
shall pay to the Holder payments (“Exercise Default Payments”) in the
amount of (i) (N/365) multiplied by (ii) the aggregate Exercise Price of
the Warrant Shares which are the subject of such Exercise Default multiplied
by (iii) the lower of fifteen percent (15%) per annum and the maximum rate
permitted by applicable law, where “N” equals the number of days elapsed
between the original Delivery Date of such Warrant Shares and the date on which
all of such Warrant Shares are issued and delivered to the Holder.  Cash amounts payable hereunder shall be paid
on or before the fifth (5th) Business Day of each calendar month following the
calendar month in which such amount has accrued.

 

(b)                                 In
the event of an Exercise Default, the Holder may, upon written notice to the
Company (an “Exercise Default Notice”), regain on the date of such
notice the rights of the Holder under the exercised portion of this Warrant
that is the subject of such Exercise Default. 
In the event of such Exercise Default and delivery of an Exercise
Default Notice, the Holder shall retain all of the Holder’s rights and remedies
with respect to the Company’s failure to deliver such Warrant Shares (including
without limitation the right to receive the cash payments specified in Section 3(a)
above).

 

(c)                                  The
Holder’s rights and remedies hereunder are cumulative, and no right or remedy
is exclusive of any other.  In addition
to the amounts specified herein, the Holder shall have the right to pursue all
other remedies available to it at law or in equity (including, without
limitation, a decree of specific performance and/or injunctive relief). Nothing
herein shall limit the Holder’s right to pursue actual damages for the Company’s
failure to issue and deliver Warrant Shares on the applicable Delivery Date
(including, without limitation, damages relating to any purchase of Common
Stock by the Holder to make delivery on a sale effected in anticipation of
receiving Warrant Shares upon exercise, such damages to be in an amount equal to
(A) the aggregate amount paid by the Holder for the Common Stock so purchased minus
(B) the aggregate amount of net proceeds, if any, received by the Holder from
the sale of the Warrant Shares issued by the Company pursuant to such
exercise).

 

4.                                       Exercise
Limitations.  In no event shall a
Holder be permitted to exercise this Warrant, or part hereof, if, upon such
exercise, the number of shares of Common Stock beneficially owned by the Holder
(other than shares which would otherwise be deemed beneficially owned except
for being subject to a limitation on conversion or exercise analogous to the
limitation contained in this Section 4), would exceed 4.99% of
the number of shares of Common Stock then issued and outstanding. As used
herein, beneficial ownership shall be

 

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determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended, and the rules thereunder. To the extent that
the limitation contained in this Section 4 applies, the submission
of an Exercise Notice by the Holder shall be deemed to be the Holder’s
representation that this Warrant is exercisable pursuant to the terms hereof
and the Company shall be entitled to rely on such representation without making
any further inquiry as to whether this Section 4 applies. Nothing
contained herein shall be deemed to restrict the right of a Holder to exercise
this Warrant, or part thereof, at such time as such exercise will not violate
the provisions of this Section 4. 
This Section 4 may not be amended unless such amendment is
approved by the holders of a majority of the Common Stock then outstanding; provided, however, that the limitations contained in this Section 4
shall cease to apply (x) upon sixty (60) days’ prior written notice from the
Holder to the Company, or (y) immediately upon written notice from the Holder
to the Company at any time after the public announcement or other disclosure of
a Major Transaction (as defined below) or a Change of Control.

 

5.                                       Payment
of the Exercise Price; Cashless Exercise. 
The Holder may pay the Exercise Price in either of the following forms
or, at the election of Holder, a combination thereof:

 

(a)                                  through
a cash exercise (a “Cash Exercise”) by delivering immediately available
funds, or

 

(b)                                 if,
at any time, there is not an effective and available registration statement
under the Securities Act of 1933, as amended (the “Securities Act”),
providing for the offering of securities on a continuous or delayed basis and covering
either (i) the issuance of the Warrant Shares hereunder to the Holder or (ii)
the resale of the Warrant Shares issuable hereunder by the Holder, through a
cashless exercise (a “Cashless Exercise”), as hereinafter provided.  The Holder may effect a Cashless Exercise by
surrendering this Warrant to the Company and noting on the Exercise Notice that
the Holder wishes to effect a Cashless Exercise, upon which the Company shall
issue to the Holder a number of Warrant Shares determined as follows:

 

	
   

  	
  X = Y x (A-B)/A

  
	
   

  	
   

  
	
  where:

  	
  X = the number of Warrant Shares to be issued to the Holder;

  
	
   

  	
   

  
	
   

  	
  Y = the number of Warrant Shares with
  respect to which this Warrant is being exercised;

  
	
   

  	
   

  
	
   

  	
  A = the Market Price (as defined below) as of the Exercise Date; and

  
	
   

  	
   

  
	
   

  	
  B = the Exercise Price.

  

 

 “Market
Price” means, as of a particular date, the average of each daily VWAP (as
defined below) for the five (5) consecutive Trading Days (as defined below) occurring
immediately prior to (but not including) such date.  “Trading Day” means a day on which the
Common Stock is purchased and sold on the principal securities exchange or
market on which the Common Stock is listed or traded (the “Principal Market”).  “VWAP” on a Trading Day means the
volume weighted average price of the Common Stock for such Trading Day on the
Principal Market as

 

4

 

reported by Bloomberg Financial Markets or,
if Bloomberg Financial Markets is not then reporting such prices, by a
comparable reporting service of national reputation selected by the Holders and
reasonably satisfactory to the Company. 
If the VWAP cannot be calculated for the Common Stock on such Trading
Day on any of the foregoing bases, then the Company shall submit such
calculation to an independent investment banking firm of national reputation
reasonably acceptable to the Holders, and shall cause such investment banking
firm to perform such determination and notify the Company and the Holders of
the results of determination no later than two (2) Business Days from the time
such calculation was submitted to it by the Company.  All such determinations shall be
appropriately adjusted for any stock dividend, stock split or other similar
transaction during such period.

 

For purposes of Rule 144, it is intended and
acknowledged that the Warrant Shares issued in a Cashless Exercise transaction
shall be deemed to have been acquired by the Holder, and the holding period for
the Warrant Shares required by Rule 144 shall be deemed to have been commenced,
on the Issue Date.

 

6.                                       Anti-Dilution
Adjustments; Distributions; Other Events. The Exercise Price and the number
of Warrant Shares issuable hereunder shall be subject to adjustment from time
to time as provided in this Section 6.  In the event that any adjustment of the
Exercise Price required herein results in a fraction of a cent, the Exercise
Price shall be rounded up or down to the nearest one hundredth of a cent.

 

(a)                                  Subdivision
or Combination of Common Stock.  If
the Company, at any time after the Issue Date, subdivides (by any stock split,
stock dividend, recapitalization, reorganization, reclassification or
otherwise) the outstanding shares of Common Stock into a greater number of
shares, then effective upon the close of business on the record date for
effecting such subdivision, the Exercise Price in effect immediately prior to
such subdivision will be proportionately reduced.  If the Company, at any time after the Issue
Date, combines (by reverse stock split, recapitalization, reorganization,
reclassification or otherwise) the outstanding shares of Common Stock into a
smaller number of shares, then, effective upon the close of business on the
record date for effecting such combination, the Exercise Price in effect
immediately prior to such combination will be proportionally increased. Any
adjustment made herein that results in a decrease in the Exercise Price shall
also effect a proportional increase in the number of shares of Common Stock
into which this Warrant is exercisable.

 

(b)                                 Distributions.  If, at any time after the Issue Date, the
Company declares or makes any distribution of cash or any other assets (or
rights to acquire such assets) to holders of Common Stock, as a partial
liquidating dividend or otherwise, including without limitation any dividend or
distribution to the Company’s stockholders in shares (or rights to acquire
shares) of capital stock of the Company or a subsidiary (a “Distribution”), the Company shall
deliver written notice of such Distribution (a “Distribution Notice”) to the Holder at least thirty (30) days
prior to the earlier to occur of (i) the record date for determining
stockholders entitled to such Distribution and (ii) the date on which such
Distribution is made (the earlier of such dates being referred to as the “Determination
Date”).  Following receipt of a
Distribution Notice, the Holder may by written notice to the Company elect (A)
to require the Company to deliver to such Holder, upon any exercise of this
Warrant, the same amount and type of assets being distributed in such
Distribution as though the Holder were, on the Determination Date, a holder

 

5

 

of a number of shares of Common Stock into which this Warrant is
exercisable as of such Determination Date (such number of shares to be determined
at the Exercise Price then in effect and without giving effect to any
limitations on such exercise) or (B) upon any exercise of this Warrant, to
reduce the Exercise Price applicable to such exercise by reducing the Exercise
Price in effect on the Business Day immediately preceding the Determination Date
by an amount equal to the fair market value of the assets to be distributed
divided by the number of shares of Common Stock as to which such Distribution
is to be made, such fair market value to be reasonably determined in good faith
by the Company’s Board of Directors and set forth in the Distribution Notice.  If the Holder does not notify the Company of
its election pursuant to the preceding sentence within ten (10) Business Days
following the Holder’s receipt of a Distribution Notice, the Holder shall be
deemed to have elected clause (A) of the preceding sentence.

 

(c)                                  Major
Transactions.  In the event of a
merger, consolidation, business combination, tender offer, exchange of shares,
recapitalization, reorganization, redemption or other similar event, as a
result of which a majority of the shares of Common Stock shall be changed into
the same or a different number of shares of the same or another class or
classes of stock or securities or other assets of the Company or another entity
or the Company shall sell all or substantially all of its assets (each of the
foregoing being a “Major Transaction”), the Company will give the Holder
at least twenty (20) Trading Days written notice prior to the earlier of (x)
the closing or effectiveness of such Major Transaction and (y) the record date
for the receipt of such shares of stock or securities or other assets.  In the event of a Major Transaction, the
Holder shall be permitted to require the Company, on the date on which such
Major Transaction is consummated (the “Major Transaction Closing Date”),
to repurchase this Warrant for an amount in cash equal to the value of this
Warrant calculated pursuant to the Black-Scholes pricing model (with the
volatility component of such pricing model to be equal to the lesser of: (i)
the annualized volatility of the Common Stock during the period one hundred
(100) Trading Days immediately preceding the date on which the Company (or if
such Major Transaction is a tender or exchange offer made by a third party, the
date on which such third party) publicly announces such Major Transaction, and
(ii) 75%; provided, however, that if the surviving
entity immediately following such Major Transaction (including, without
limitation, the acquiror of all or substantially all of the Company’s assets)
is, as of the Major Transaction Closing Date, irrevocably bound to issue on
such date to the Holder, in exchange for this Warrant, a new warrant
exercisable into the common stock of the surviving entity that has, on such date,
a Black-Scholes valuation (with the volatility component of such pricing model
to be equal to the lesser of: (i) the annualized volatility of the Common Stock
during the period one hundred (100) Trading Days immediately preceding the date
on which the Company (or if such Major Transaction is a tender or exchange
offer made by a third party, the date on which such third party) publicly
announces such Major Transaction, and (ii) 75%) that is the same as this
Warrant and otherwise containing the same terms as this Warrant, the Holder
shall accept such new warrant in exchange for this Warrant; and provided
further that, if the Major Transaction Closing Date shall be less than: (i) 90
days from the date hereof, the value of such Warrant (the “Warrant Value”)
shall not exceed the lesser of (y) the Black-Scholes valuation using a 75%
volatility component and (z) $.50 per Warrant Share (subject to adjustment in
the event of a stock split, stock dividend, recapitalization, reorganization,
reclassification or otherwise) plus the difference, if such difference is a
positive number, between the amount paid per share of Common Stock in the Major
Transaction (the “Transaction Price”) and the Exercise Price then in

 

6

 

effect, (ii) 180, but more than 90, days from the date hereof, the Warrant
Value shall not exceed the lesser of (y) the Black-Scholes valuation using a
75% volatility component and (z) $.75 per Warrant Share (subject to adjustment
in the event of a stock split, stock dividend, recapitalization,
reorganization, reclassification or otherwise) plus the difference, if such
difference is a positive number, between the Transaction Price and the Exercise
Price then in effect or (iii) 270, but more than 180, days from the date hereof
the Warrant Value shall not exceed the lesser of (y) the Black-Scholes
valuation using a 75% volatility component and (z) $1.14 per Warrant Share (subject
to adjustment in the event of a stock split, stock dividend, recapitalization,
reorganization, reclassification or otherwise) plus the difference, if such
difference is a positive number, between the Transaction Price and the Exercise
Price then in effect.

 

(d)                                 Adjustments;
Additional Shares, Securities or Assets. 
In the event that at any time, as a result of an adjustment made
pursuant to this Section 6, the Holder of this Warrant shall, upon
exercise of this Warrant, become entitled to receive securities or assets
(other than Common Stock) then, wherever appropriate, all references herein to
shares of Common Stock shall be deemed to refer to and include such shares
and/or other securities or assets; and thereafter the number of such shares
and/or other securities or assets shall be subject to adjustment from time to
time in a manner and upon terms as nearly equivalent as practicable to the
provisions of this Section 6. 
Any adjustment made herein that results in a decrease in the Exercise
Price shall also effect a proportional increase in the number of shares of
Common Stock into which this Warrant is exercisable.

 

7.                                       Reservation
of Common Stock.  As of the date
hereof, the Company has reserved and the Company shall continue to reserve and
keep available at all times, free of preemptive rights, up to 3,000,000 shares
of Common Stock for the purpose of enabling the Company to issue Warrant Shares
pursuant to any exercise of this Warrant and the other Warrants issued by the
Company at the Closing (the “Reserved Amount”).   The Reserved Amount shall be allocated pro rata
among the Holder and the holders of such other Warrants on the basis of the
number of Shares purchased by each Holder at the Closing.  In the event that a Holder shall sell or
otherwise transfer any of such Holder’s Warrant, each transferee shall be allocated
a pro rata portion of such transferor’s Reserved Amount.  Any portion of the Reserved Amount allocated
to a Holder or other Person which no longer holds any Warrants shall be
reallocated to the remaining Holders pro rata based on the number of Warrant
Shares issuable to each such Holder at such time. In the event that the
Reserved Amount is insufficient at any time to cover one hundred percent 100%
of the Warrant Shares issuable upon exercise of the Warrants (without regard to
any restriction on such exercise), the Company shall take such action
(including without limitation holding a meeting of its stockholders) to
increase the Reserved Amount to cover 100% of such Warrant Shares, such
increase to be effective not later than the thirtieth (30th) day (or sixtieth
(60th) day, in the event stockholder approval is required for such increase)
following the Company’s receipt of written notice of such deficiency. While any
Warrants are outstanding, the Company shall not reduce the Reserved Amount
without obtaining the prior written consent of each Investor then holding a
Warrant.

 

7

 

8.                                       Fractional
Interests.

 

No fractional shares or scrip representing fractional shares shall be
issuable upon the exercise of this Warrant, but on exercise of this Warrant,
the Holder hereof may purchase only a whole number of shares of Common
Stock.  If, on exercise of this Warrant,
the Holder hereof would be entitled to a fractional share of Common Stock or a
right to acquire a fractional share of Common Stock, the Company shall, in lieu
of issuing any such fractional share, pay to the Holder an amount in cash equal
to the product resulting from multiplying such fraction by the Market Price as
of the Exercise Date.

 

9.                                       Transfer
of this Warrant.

 

The Holder may sell, transfer, assign, pledge or otherwise dispose of
this Warrant, in whole or in part, as long as such sale or other disposition is
made in accordance with the terms of the Subscription Agreement.  Upon such transfer or other disposition
(other than a pledge), the Holder shall deliver this Warrant to the Company
together with a written notice to the Company, substantially in the form of the
Transfer Notice attached hereto as Exhibit B (the “Transfer Notice”),
indicating the person or persons to whom this Warrant shall be transferred and,
if less than all of this Warrant is transferred, the number of Warrant Shares
to be covered by the part of this Warrant to be transferred to each such
person. Within three (3) Business Days of receiving a Transfer Notice and the
original of this Warrant, the Company shall deliver to the each transferee
designated by the Holder a Warrant or Warrants of like tenor and terms for the
appropriate number of Warrant Shares and, if less than all this Warrant is
transferred, shall deliver to the Holder a Warrant for the remaining number of
Warrant Shares.

 

10.                                 Benefits
of this Warrant.

 

This Warrant shall be for the sole and exclusive benefit of the Holder
of this Warrant and nothing in this Warrant shall be construed to confer upon
any person other than the Holder of this Warrant any legal or equitable right,
remedy or claim hereunder.

 

11.                                 Loss,
theft, destruction or mutilation  of
Warrant.

 

Upon receipt by the Company of evidence of the loss, theft, destruction
or mutilation of this Warrant, and (in the case of loss, theft or destruction)
of indemnity reasonably satisfactory to the Company, and upon surrender of this
Warrant, if mutilated, the Company shall execute and deliver a new Warrant of
like tenor and date.

 

12.                                 Notice
or Demands.

 

Any notice, demand or request required or permitted to be given by the
Company or the Holder pursuant to the terms of this Warrant shall be in writing
and shall be deemed delivered (i) when delivered personally or by verifiable
facsimile transmission, unless such delivery is made on a day that is not a
Business Day, in which case such delivery will be deemed to be made on the next
succeeding Business Day, (ii) on the next Business Day after timely delivery to
an overnight courier and (iii) on the Business Day actually received if
deposited in the U.S. mail (certified or registered mail, return receipt
requested, postage prepaid), addressed as follows:

 

8

 

	
  If to the Company:

  
	
   

  
	
  Proxim Corporation

  
	
  935 Stewart Drive

  
	
  Sunnyvale, CA 94085

  
	
  Attn:  Michael Angel

  
	
  Tel:    (408) 731-2827

  
	
  Fax:    (408) 731-3680

  
	
   

  
	
  with a copy to:

  
	
   

  
	
  Wilson Sonsini Goodrich & Rosati P.C.

  
	
  650 Page Mill Road

  
	
  Palo Alto, California 94304

  
	
  Attention: Robert Day

  
	
  Fax No.: (650) 493-6811

  

 

and if to the Holder, to such address as the Holder shall have
furnished to the Company in writing.

 

13.                                 Applicable
Law.

 

This Warrant is issued under
and shall for all purposes be governed by and construed in accordance with the
laws of the State of New York applicable to contracts made and to be performed
entirely within the State of New York.

 

14.                                 Amendments.

 

No amendment, modification or
other change to, or waiver of any provision of, this Warrant may be made unless
such amendment, modification or change is (A) set forth in writing and is
signed by the Company and the Holder and (B) agreed to in writing by the
holders of at least two-thirds (2/3) of the number of shares into which the
Warrants are exercisable (without regard to any limitation contained herein on
such exercise), it being understood that upon the satisfaction of the
conditions described in (A) and (B) above, each Warrant (including any Warrant
held by the Holder who did not execute the agreement specified in (B) above)
shall be deemed to incorporate any amendment, modification, change or waiver
effected thereby as of the effective date thereof.

 

15.                                 Entire
Agreement.

 

This Warrant, the Subscription Agreement, and
the other documents and agreements executed and delivered at or in connection
with the Closing (as defined in the Subscription Agreement) constitute the
entire agreement among the parties hereto with respect to the subject matter
hereof and thereof.  There are no
restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein and therein.  This
Warrant, the Subscription Agreement, and the other documents and agreements
executed and delivered at or in connection with the Closing supersede all prior
agreements and understandings among the parties hereto with respect to the
subject matter hereof and thereof.

 

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16.           Headings.

 

The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

 

[Signature Page to Follow]

 

10

 

IN WITNESS WHEREOF, the Company has duly executed and delivered this
Warrant as of the Issue Date.

 

 

	
   

  	
  PROXIM CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Michael Angel

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  

 

 

EXHIBIT A to
WARRANT

 

EXERCISE NOTICE

 

The undersigned Holder hereby irrevocably exercises the right to
purchase
                      
of the shares of Common Stock (“Warrant Shares”) of                                                       
evidenced by the attached Warrant (the “Warrant”).  Capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Warrant.

 

1.                                       Form
of Exercise Price.  The Holder intends
that payment of the Exercise Price shall be made as:

 

            
a Cash Exercise with respect to                                   
Warrant Shares; and/or

 

            
a Cashless Exercise with respect to                              
Warrant Shares, as permitted by Section 5(b) of the attached
Warrant.

 

2.             Payment of Exercise
Price.  In the event that the Holder has
elected a Cash Exercise with respect to some or all of the Warrant Shares to be
issued pursuant hereto, the Holder shall pay the sum of $                                
to the Company in accordance with the terms of the Warrant.

 

 

	
  Date:

  	
   

  	
   

  
	
   

  
	
   

  	
   

  
	
  Name of Registered Holder

  	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

12

 

EXHIBIT B to WARRANT

 

TRANSFER NOTICE

 

FOR VALUE RECEIVED, the undersigned Holder of the attached Warrant
hereby sells, assigns and transfers unto the person or persons named below the
right to purchase
                    
shares of the Common Stock of                                           
evidenced by the attached Warrant.

 

	
  Date:

  	
   

  	
   

  
	
   

  
	
   

  	
   

  
	
  Name of Registered Holder

  	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
  Transferee Name and Address:

  
	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
					

 

13Exhibit 10.1

 

Financial
Advisor Agreement

 

 

	
   

  	
  January 22, 2005

  

 

 

	
  Proxim Corporation

  
	
  935 Stewart Drive

  
	
  Sunnyvale, CA 94085

  

 

 

Dear Sirs:

 

Section 1.                                          Appointment
of Financial Advisor.  This Agreement
confirms our understanding that Proxim Corporation, a Delaware corporation (the
“Company”), hereby appoints East Peak Advisors L.L.C. as its financial advisor
(the “Advisor”) in connection with the proposed sale (the “Offering”) of up to
$10.0 million of shares of the Company’s Class A Common Stock, par value $0.01
per share (the “Shares”), and any warrants issued in connection therewith (the “Warrants”)
pursuant to an effective Registration Statement on Form S-3, File No.
333-119975 (as amended or supplemented, the “Registration Statement”),
including any Prospectus Supplement(s) (and related final base Prospectus) (the
Prospectus and any Prospectus Supplements collectively referred to as the “Prospectus
Supplement”) relating to the Offering. 
On the basis of the representations and warranties contained herein, but
subject to the terms and conditions set forth herein, the Advisor agrees to use
its reasonable efforts to solicit and receive offers, but not act as an
underwriter, to purchase the Shares.

 

The Advisor will render
whatever services are mutually agreeable in connection with the Offering.  In particular, the Advisor agrees to:

 

a.                        Familiarize itself to the extent it deems
appropriate with respect to the business, operations, financial condition and
prospects of the Company;

 

b.                       Identify a
number of possible investors (“Purchasers”) which might have an interest in
receiving the Prospectus Supplement and evaluating participation in the
Offering;

 

c.                        Upon
authorization from the Company, the Advisor will contact one or more of such
possible investors;

 

d.                       Assist the
Company and its Board of Directors in evaluating proposals received from any
such possible investors;

 

 

e.                        Upon the
Company’s request, the Advisor will participate in meetings of the Board of
Directors of the Company (such participation to be in person or by telephone,
as appropriate) at which the Offering is to be considered and, as appropriate,
will report to the Board of Directors with respect thereto.

 

Notwithstanding anything
to the contrary contained in this Agreement, the Advisor shall have no
obligation to purchase any of the Shares, or any liability to the Company if
any prospective purchaser fails to consummate a purchase of any of the Shares.

 

In connection with
Advisor’s activities on the Company’s behalf, the Company agrees to reasonably
cooperate with the Advisor and will furnish to, or cause to be furnished to,
the Advisor all information and data concerning the Company (the “Information”)
which the Company reasonably deems appropriate. 
The Company represents and warrants that all Information made available
to the Advisor by the Company with respect to the Offering or otherwise
included or incorporated by reference in the Prospectus Supplement will not
contain any untrue statements of material fact or omit to state a material fact
necessary in order to make the statements therein not misleading in light of
the circumstances under which the statements are made and that any projections,
forecasts or other Information provided by the Company to the Advisor will have
been prepared in good faith and will be based upon reasonable assumptions.  Prior to any Offering, the Company agrees to
promptly notify the Advisor if the Company believes that any Information, which
was previously provided, has become materially misleading.  The Company acknowledges and agrees that, in
rendering its services hereunder, the Advisor will be using and relying on the
Information (and information available from public sources and other sources
deemed reliable by the Advisor) without independent verification thereof or
independent appraisal or evaluation of the Company, or any party to the
transaction.  The Advisor does not assume
responsibility for the accuracy or completeness of the Information, the
Prospectus Supplement (except with respect to the description of any plan of
distribution), or any other information regarding the Company.

 

Section 2.                                          Fees
and Expenses.  (a) Upon the
consummation of the Offering, the Company will pay the Advisor a cash fee (the “Fee”)
equal to 4% of the cash consideration received by the Company for the sale of
the Shares, less any fee paid under Section 2(b) hereunder.  The fees payable hereunder will be due upon
consummation of an Offering involving any investor in the approved investor
list appended as Schedule A hereto (as such list may be amended from time
to time by mutual agreement of the Company and the Advisor, the “Approved
Investor List”), which Approved Investor List may be amended from time to time
by agreement of the Company and the Advisor.

 

(b)                                 In the event
that the Offering is not consummated following the Company’s execution of a
letter of intent indicating the potential terms for an investment in the
Company by an investor on the Approved Investor List due to the Company’s
refusal to participate in the transaction or transactions on the terms set
forth in such letter of intent, (as such terms may be amended from time to
time), the Company shall pay an advisory fee of $50,000 at or prior to February 28,
2005.  Whether or not the Offering is
consummated the Company will also reimburse

 

2

 

the Advisor for any
out-of-pocket expenses reasonably incurred in connection with the Advisor’s
obligations hereunder, including without limitation, (1) travel expenses and
(2) reasonable fees and expenses of counsel engaged with the Company’s consent,
up to a maximum of $50,000.

 

(c)                                  The
right of the Advisor to receive the fees and reimbursements set forth in this Section 2
shall survive the termination of this Agreement in accordance with Section 11
hereof.

 

Section 3.                                          Information
Regarding the Company.  The Company
will not prepare any offering materials in connection with the Offering other
than the Prospectus Supplement, nor will it provide investors with any
materials not previously filed with Securities and Exchange Commission (the “Commission”)
pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
or the Securities Act of 1933 (the “Securities Act”).

 

Section 4.                                          Representations
and Warranties.  The Company represents
and warrants to the Advisor that:

 

(a)                                  This
Agreement has been duly authorized, executed and delivered by the Company and
represents the legal, valid and binding obligation of the Company, enforceable
in accordance with its terms;

 

(b)                                 The
representations and warranties of the Company contained in each purchase
agreement executed by a Purchaser in connection with the Offering will be true
and correct as of any closing date for the Offering (a “Closing Date”);

 

(c)                                  The Company’s public reports filed with
the Commission, and all subsequent reports (collectively, the “Exchange Act
Reports”) that have been filed by the Company with the Commission or sent to
stockholders, pursuant to Section 13 of the Exchange Act, did not when
filed and, taken as a whole and as amended to the date hereof do not as of the
date hereof contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements made therein, in the
light of the circumstances under which they were made, not misleading.  Such documents, when they were filed with the
Commission, conformed to the requirements of the Exchange Act, the Securities
Act and the rules and regulations of the Commission thereunder.

 

(d)                                 The Registration Statement has been declared
effective by the Commission under the Securities Act and no stop order has been
issued suspending the effectiveness of the Registration Statement and no
proceedings for such purpose have been instituted or are pending or, to the
knowledge of the Company, are contemplated or threatened by the
Commission.  The Registration Statement,
at the time it became effective, and at all subsequent times, and the
Prospectus Supplement in the form delivered to a Purchaser complied in all
material respects with the Securities Act and did not and will not contain any
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not
misleading.

 

3

 

Section 5.                                          Agreements.
 The Company agrees with the Advisor
that:

 

(a)                                  The
Company shall extend to all prospective Purchasers the opportunity, prior to
the Closing Date, to ask questions of, and receive answers from, the Company
concerning the Shares and the terms and conditions of the offering thereof and
to obtain any information that such prospective purchasers may consider
necessary in making an informed investment decision, to the extent the Company
possesses the same or can acquire it without unreasonable effort or expense and
in compliance with Regulation FD promulgated under the Exchange Act; and

 

(b)                                 If
any event occurs or condition exists as a result of which the information
contained in the Company’s Exchange Act Reports, the Registration Statement,
the Prospectus or the Prospectus Supplement, would include an untrue statement
of a material fact, or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances when the filings were
made not misleading, or if, in the opinion of the Advisor or the Company, it is
necessary at any time prior to the Closing to file a subsequent report to
comply with applicable law, the Company will notify the Advisor of any such
event, condition or opinion of the Company and shall prepare an amendment or
report that will correct such statement or omission or effect such compliance
and will supply such amendment or report to the Advisor.

 

Section 6.                                          Closing
Documents.  On each Closing Date, the
Company shall deliver to the Advisor:

 

(a)                                  a
copy of each officer’s certificate delivered by the Company to a Purchaser
pursuant to the applicable purchase agreement;

 

(b)                                 an
opinion of counsel to the Company dated the Closing Date to the effect that
this Agreement has been duly authorized, executed and delivered by the Company
and a letter from such counsel dated the Closing Date to the effect that the
Advisor may rely on each opinion of such counsel delivered to any Purchaser in
connection with the closing contemplated by each purchase agreement to the same
extent as if such opinion or opinions had been addressed to the Advisor;

 

(c)                                  a
copy of any “comfort letter” delivered to Purchasers of the Shares dated the
Closing Date and a letter from Company’s independent auditors dated the Closing
Date to the effect that the Advisor may rely on such “comfort letter” delivered
to any Purchaser in connection with the closing contemplated by each purchase
agreement to the same extent as if such opinion or opinions had been addressed
to the Advisor; and

 

(d)                                 copies of any other documents delivered
to Purchasers on such Closing Date as the Advisor may reasonably request in
form satisfactory to the Advisor.

 

Section 7.                                          Appointment.  During the term of the Advisor’s appointment,
the Company shall not, directly or indirectly (except through the Advisor),
sell or offer to sell any of the Shares or any substantially similar security
in a financing transaction to the parties listed on the Approved Investor
List.  The term of the Advisor’s
appointment under this Agreement will continue until the

 

4

 

earliest of (i) the
consummation of the Offering, (ii) the date of any termination of this
Agreement pursuant to Section 12 and (iii) June 30, 2005.  Any sale or disposition of such Shares or
similar securities during the term of such appointment to any of the parties
listed on the Approved Investor List will be deemed to be as if such sale or
disposition were undertaken by the Advisor directly.

 

Section 8.                                          Advertising.  Upon the completion of the Offering, Company
agrees that, the Advisor, at its own expense, has the right to place “tombstone”
style advertisements in financial and other newspapers and journals or on the
Internet describing the results of its services to the Company hereunder,
subject to approval by the Company not to be unreasonably withheld.

 

Section 9.                                          Indemnity
and Contribution.  The Company and
the Advisor agree to the indemnification and contribution arrangements set
forth in Attachment A hereto.

 

Section 10.                                   Representations,
Indemnity and Agreements to Survive. 
The respective representations, warranties and indemnities set forth
herein will remain in full force and effect regardless of any investigation
made by or on behalf of the Advisor or the Company or any of their respective
officers, directors or controlling persons, and will survive delivery of any
payment for the Shares.  The provisions
of this Section and Sections 2, 4, 7, 9, 11, and 12 hereof shall survive
the termination or cancellation of this Agreement.

 

Section 11.                                   Termination.  The Advisor’s services hereunder may be
terminated with or without cause by either the Company or the Advisor at any
time and without liability or continuing obligation to the Advisor or the
Company, except for (a) any compensation earned or expenses incurred by
the Advisor to the date of termination as specified in Section 2(b) and
(b) if the Company has terminated the Agreement, the Advisor’s right to
fees pursuant to this Agreement for any sale prior to June 30, 2005 to any
investor on the Approved Investor List.

 

Section 12.                                   Successors;
Entire Agreement; Governing Law; Amendments.  The terms and provisions of this Agreement
are solely for the benefit of the Company and the Advisor and the other
Indemnified Persons and their respective successors, assigns, heirs and
personal representatives, and no other person shall acquire or have any right
by virtue of this Agreement.  This
Agreement represents the entire understanding between the Company and the Advisor
with respect to the Offering and the Advisor’s engagement hereunder, and all
prior discussions are merged herein. 
This Agreement (including Attachment A) shall be governed by and
construed in accordance with the internal laws of the State of California,
without regard to such state’s principles of conflicts of laws, and may be
amended, modified or supplemented only by written instrument executed by each
of the parties hereto.

 

Section 13.                                   No
Rights in Equityholders, Creditors.  The
Advisor is being retained to serve as financial advisor solely to the Company,
and it is agreed that the engagement of the Advisor is not, and shall not be
deemed to be, on behalf of, and is not intended to confer rights or benefits
upon any stockholder or creditor of the Company or upon any other person or
entity.  No one other than the Company is
authorized to rely upon this engagement of the Advisor or any

 

5

 

statements, conduct or
advice of the Advisor, and no one other than the Company is intended to be a
beneficiary of this engagement.  All
opinions, advice or other assistance (whether written or oral) given by the
Advisor in connection with this engagement are intended solely for the benefit
and use of the Company and will be treated by the Company as confidential, and
no opinion, advice or other assistance of the Advisor shall be used for any
other purpose or reproduced, disseminated, quoted or referred to at any time,
in any manner or for any purpose, nor shall any public or other references to
the Advisor (or to such opinions, advice or other assistance) be made without
the express prior written consent of the Advisor.

 

Section 14.                                   Counterparts;
Headings.  This Agreement may be
signed in counterparts with the same effect as if the signatures thereto were
on the same instrument.  The headings of
the Sections of this Agreement have been inserted for convenience of reference
only and shall not be deemed a part of this Agreement.

 

6

 

If the
foregoing correctly sets forth the entire understanding and agreement between
the Advisor and the Company, please so indicate in the space provided for that
purpose below and return an executed copy to us, whereupon this letter shall
constitute a binding agreement as of the date first above written.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  East Peak Advisors L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brewer S. Stone

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Brewer S. Stone

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted as of January     ,
  2005

  	
   

  
	
   

  	
   

  
	
  Proxim Corporation

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Kevin J. Duffy

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Kevin J. Duffy

  	
   

  	
   

  
	
   

  	
  Title:

  	
  President & CEO

  	
   

  	
   

  

 

7

 

ATTACHMENT A

 

INDEMNIFICATION,
CONTRIBUTION AND LIMITATION OF LIABILITY PROVISIONS

 

This
Attachment A is a part of and is incorporated into the Financial Advisor’s
Agreement (together, the “Agreement”) dated January 22, 2005 by and
between the Company and East Peak Advisors L.L.C. (the “Advisor”).  Capitalized terms used and not otherwise
defined in this Attachment A shall have the meanings ascribed to them elsewhere
in this Agreement.

 

The
Company will indemnify and hold harmless Advisor and its affiliates, and the
respective directors, officers, and employees of Advisor and its affiliates
(Advisor and each such entity or person, an “Indemnified Person”) from and
against any losses, claims, damages, judgments, assessments, costs and other
liabilities (collectively “Liabilities”), and will reimburse each Indemnified
Person for all reasonable, documented out-of-pocket fees and expenses
(including the reasonable fees and expenses of counsel) (collectively, “Expenses”)
as they are incurred in investigating, preparing, pursuing or defending any
claim, action, proceeding or investigation, whether or not any Indemnified
Person is a party (collectively, “Actions”), arising out of or in connection
with advice or services rendered or to be rendered by any Indemnified Person
pursuant to this Agreement, the transactions contemplated hereby or any
Indemnified Person’s actions or inactions in connection with any such advice,
services or transactions (including, without limitation, any Liabilities or
Expenses arising out of the Registration Statement, the Prospectus Supplement
or any Exchange Act Report containing or allegedly containing any untrue
statement of a material fact or omitting to state a material fact necessary in
order to make the statements made therein, in light of the circumstances under
which they were made, not misleading); provided that the Company will not be
responsible to the extent that Liabilities or Expenses of any Indemnified
Person that are determined by a judgment of a court of competent jurisdiction
to have resulted primarily from such Indemnified Person’s gross negligence or
willful misconduct (in which case any reimbursements made by the Company to an
Indemnified Person relating to such Liabilities or Expenses shall promptly be
refunded to the Company and such Indemnified Persons shall not be entitled to
Contribution hereunder.  The Company also
agrees to reimburse each Indemnified Person for all Expenses as they are
incurred in connection with enforcing such Indemnified Person’s rights under
this Agreement (including, without limitation, its rights under this Attachment
A).

 

Upon
receipt by an Indemnified Person of actual notice of an Action against such
Indemnified Person with respect to which indemnity may be sought under this
Agreement, such Indemnified Person shall promptly notify the Company in
writing; provided that failure so to notify the Company shall not relieve the
Company from any liability which the Company may have on account of this
indemnity or otherwise, except to the extent the Company shall have been
materially prejudiced by such failure. 
The Company shall, if requested by Advisor, assume the defense of any
such Action including the employment of counsel reasonably satisfactory to
Advisor. Any Indemnified Person shall have the right to employ separate counsel
in any such action and participate in the defense thereof but the fees and
expenses of such counsel shall be at the expense of such Indemnified Person,
unless: (i) the Company has failed promptly to assume

 

 

the defense and employ counsel or (ii) the named
parties to any such Action (including any impleaded parties) include such
Indemnified Person and the Company, and such Indemnified Person shall have been
advised by counsel that there may be one or more legal defenses available to it
which are different from or in addition to those available to the Company;
provided that the Company shall not in such event be responsible hereunder for
the fees and expenses of more than one firm of separate counsel in connection
with any Action in the same jurisdiction, in addition to any local
counsel.  The Company shall not be liable
for any settlement of any Action effected without its written consent, which
consent shall not be unreasonably withheld. 
In addition, the Company will not, without prior written consent of
Advisor, which consent shall not be unreasonably withheld, settle, compromise
or consent to the entry of any judgment in or otherwise seek to terminate any
pending or threatened Action in respect of which indemnification or
contribution may be sought hereunder (whether or not any Indemnified Person is
a party thereto) unless such settlement, compromise, consent or termination
includes an unconditional release of each Indemnified Person from all
Liabilities arising out of such Action.

 

In the
event the foregoing indemnity is unavailable to an Indemnified Person other
than in accordance with this Agreement, the Company shall contribute to the
Liabilities and Expenses paid or payable by such Indemnified Person in such
proportion as is appropriate to reflect (i) the relative benefits to the
Company and its stockholders, on the one hand, and to Advisor, on the other
hand, of the matters contemplated by this Agreement or (ii) if the allocation
provided by the immediately preceding clause is not permitted by the applicable
law, not only such relative benefits but also the relative fault of the Company,
on the one hand, and Advisor, on the other hand, in connection with the matters
as to which such Liabilities or Expenses relate, as well as any other relevant
equitable considerations; provided that in no event shall the Company
contribute less than the amount necessary to ensure that all Indemnified
Persons, in the aggregate, are not liable for any Liabilities and Expenses in
excess of the amount of fees actually received by Advisor pursuant to this
Agreement.  For purposes of this
paragraph, the relative benefits to the Company and its stockholders, on the
one hand, and to Advisor, on the other hand, of the matters contemplated by
this Agreement shall be deemed to be in the same proportion as (a) the total
value paid or contemplated to be paid or received or contemplated to be
received by the Company or the Company’s stockholders, as the case may be, in
the transaction or transactions that are within the scope of this Agreement,
whether or not any such transaction is consummated, bears to (b) the fees paid
or to be paid to Advisor under this Agreement.

 

The
Company also agrees that no Indemnified Person shall have any liability
(whether direct or indirect, in contract or tort or otherwise) to the Company
for or in connection with advice or services rendered or to be rendered by any
Indemnified Person pursuant to this Agreement, the transactions contemplated
hereby or any Indemnified Person’s actions or inactions in connection with any
such advice, services or transactions except for Liabilities (and related
Expenses) of the Company that are determined by a judgment of a court of
competent jurisdiction have resulted primarily from such Indemnified Person’s
gross negligence or willful misconduct in connection with any such advice,
actions, inactions or services.

 

The reimbursement,
indemnity and contribution obligations of the Company set forth

 

 

herein shall apply to any
modification of this Agreement and shall remain in full force and effect
regardless of any termination of, or the completion of any Indemnified Person’s
services under or in connection with, this Agreement.

 

 

Approved
Investor List

 

Satellite Asset
Management

EBF Capital

Larry Bowman and
Affiliates

MicroCapital

O33 Growth

Seligman

Ssquared Technology

CrossLink Capital

Fort Mason Capital

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