Document:

EXHIBIT 4.5

 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY
APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR OFFERED FOR SALE
OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT
REQUIRED.

 

WARRANT

 

TO PURCHASE             
SHARES OF COMMON STOCK OF

 

TRI-S SECURITY CORPORATION

 

Issue Date:                                

 

THIS
CERTIFIES THAT, for value received,                                     
or (subject to the restrictions on transfer contained herein) its registered
assigns (the “Holder”) is entitled to purchase from Tri-S Security
Corporation, a Georgia corporation (the “Company”), at any time or from
time to time after 9:00 a.m., Atlanta, Georgia time, after the date on
which Shareholder Approval (as hereinafter defined) is obtained and prior to
5:00 p.m., Atlanta, Georgia time, on the date which is the third
anniversary of the Issue Date set forth above (the “Expiration Date”),
at the place where the Warrant Agency (as hereinafter defined) is located, at
the Exercise Price (as hereinafter defined), the number of shares of common
stock, $0.001 par value per share (the “Common Stock”), of the Company
specified above, all subject to adjustment and upon the terms and conditions as
hereinafter provided.

 

Capitalized terms used and not otherwise defined in this Warrant shall
have the meanings set forth in Article V hereof.

 

ARTICLE I

 

EXERCISE OF WARRANTS

 

1.1.                              Method of Exercise.  To exercise this Warrant in whole or in part,
after the date on which Shareholder Approval is obtained, the Holder shall
deliver to the Company at the Warrant Agency: 
(a) this Warrant; (b) a written notice, substantially in the
form of the subscription notice attached hereto as Annex 1 (the “Subscription
Notice”), of such Holder’s election to exercise this Warrant, which notice
shall specify the number of shares of Common Stock to be purchased, the
denominations of the share certificate or certificates desired and the name or
names of the Eligible Holder(s) in which such certificates are to be registered;
and (c) payment of the Exercise Price with respect to such shares of
Common Stock.  Such payment may be made,
at the option of the Holder, by cash, money order, certified or bank cashier’s
check or wire transfer.

 

 

The Company shall, as promptly as practicable and in any event within
five (5) Business Days thereafter, execute and deliver or cause to be
executed and delivered, in accordance with such subscription notice, a
certificate or certificates representing the aggregate number of shares of
Common Stock specified in said notice. 
The share certificate or certificates so delivered shall be in such
denominations as may be specified in such notice (or, if such notice shall not
specify denominations, one certificate shall be issued) and shall be issued in
the name of the Holder or such other name or names of Eligible Holder(s) as
shall be designated in such notice.  Such
certificate or certificates shall be deemed to have been issued, and such
Holder or any other person so designated to be named therein shall be deemed
for all purposes to have become holders of record of such shares, as of the
date the aforementioned notice is received by the Company.  If this Warrant shall have been exercised
only in part, the Company shall, at the time of delivery of the certificate or
certificates, deliver to the Holder a new Warrant evidencing the right to
purchase the remaining shares of Common Stock called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.  The Company shall pay all expenses payable in
connection with the preparation, issuance and delivery of share certificates
and new Warrants as contemplated by Section 2.6 below (other than transfer
or similar taxes in connection with the transfer of securities), except that,
if share certificates or new Warrants shall be registered in a name or names
other than the name of the Holder, funds sufficient to pay all transfer taxes
payable as a result of such transfer shall be paid by the Holder at the time of
delivering the aforementioned notice or promptly upon receipt of a written
request of the Company for payment.

 

If this Warrant shall be surrendered for exercise within any period
during which the transfer books for shares of the Common Stock of the Company
or other securities purchasable upon the exercise of this Warrant are closed
for any purpose, the Company shall not be required to make delivery of
certificates for the securities purchasable upon such exercise until the date
of the reopening of said transfer books.

 

1.2.                              Shares To Be Fully Paid and Nonassessable.  All shares of Common Stock
issued upon the exercise of this Warrant shall be validly issued, fully paid
and nonassessable.

 

1.3.                              No Fractional Shares To Be Issued.  The Company shall not be required to issue
fractions of shares of Common Stock upon exercise of this Warrant.  If any fraction of a share would, but for
this Section, be issuable upon any exercise of this Warrant, in lieu of such
fractional share the Company shall issue to the Holder a whole share of Common
Stock.

 

1.4.                              Securities Laws; Share Legend.  The Holder, by acceptance of this Warrant,
agrees that this Warrant and all shares of Common Stock issuable upon exercise
of this Warrant will be disposed of only in accordance with the Securities Act
of 1933, as amended (the “Securities Act”) and the rules and
regulations of the Securities and Exchange Commission (the “Commission”)
promulgated thereunder.  In addition to
any other legend which the Company may deem advisable under the Securities Act and
applicable state securities laws, all certificates representing shares of
Common Stock (as well as any other securities issued hereunder in respect of
any such shares) issued upon exercise of this Warrant shall be endorsed as
follows:

 

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THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR UNDER ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT
BE SOLD OR OFFERED FOR SALE OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND ANY APPLICABLE STATE
SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER
THAT SUCH REGISTRATION IS NOT REQUIRED.

 

Any certificate issued at any time in exchange or substitution for any
certificate bearing such legend (except a new certificate issued upon
completion of a public distribution pursuant to a registration statement under
the Securities Act) shall also bear such legend unless, in the opinion of
counsel (in form and substance reasonably satisfactory to the Company) selected
by the Holder of such certificate and reasonably acceptable to the Company, the
securities represented thereby need no longer be subject to restrictions on
resale under the Securities Act.

 

ARTICLE II

 

WARRANT AGENCY; TRANSFER, EXCHANGE AND

REPLACEMENT OF WARRANT

 

2.1.                              Warrant Agency.  Until such time, if any, as an independent
agency shall be appointed by the Company to perform services described herein
with respect to this Warrant (the “Warrant Agency”), the Company shall
perform the obligations of the Warrant Agency provided herein at its principal
office address or such other address as the Company shall specify by prior
written notice to the Holder.

 

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

 

2.3.                              Transfer of Warrant.  This Warrant may only be transferred to a
purchaser subject to and in accordance with this Section 2.3, and any
attempted transfer which is not in accordance with this Section 2.3 shall
be null and void and the transferee shall not be entitled to exercise any of
the rights of the holder of this Warrant. 
The Company agrees to maintain at the Warrant Agency books for the
registration of such transfers of Warrants, and transfer of this Warrant and
all rights hereunder shall be registered, in whole or in part, on such books,
upon surrender of this Warrant at the Warrant Agency in accordance with this Section 2.3,
together with: (i) a written assignment of this Warrant, substantially in
the form of the assignment attached hereto as Annex 2, duly
executed by the Holder or its duly authorized agent or attorney-in-fact, with
signatures guaranteed by a bank or trust company or a broker or dealer
registered with the NASD, and funds sufficient to pay any transfer taxes
payable upon such transfer; and (ii) an investment representation letter,
in form and substance acceptable to the Company, executed by the assignee or
assignees of this Warrant.  Upon
surrender of this Warrant in accordance with this Section 2.3, the Company
(subject to being satisfied that such transfer is in compliance with

 

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Section 1.4) shall execute and deliver a new
Warrant or Warrants of like tenor and representing in the aggregate the right
to purchase the same number of shares of Common Stock in the name of the
assignee or assignees and in the denominations specified in the instrument of
assignment, and this Warrant shall promptly be canceled.  Notwithstanding the foregoing, a Warrant may
be exercised by a new Holder without having a new Warrant issued.  The Company shall not be required to pay any
Federal or state transfer tax or charge that may be payable in respect of any
transfer of this Warrant or the issuance or delivery of certificates for Common
Stock in a name other than that of the registered Holder of this Warrant.

 

2.4.                              Division or Combination of Warrants.  This Warrant may be divided or combined with
other Warrants, in connection with the partial exercise of this Warrant, upon
surrender hereof and of any Warrant or Warrants with which this Warrant is to
be combined at the Warrant Agency, together with a written notice specifying
the names and denominations in which the new Warrant or Warrants are to be
issued, signed by the Holders hereof and thereof or their respective duly
authorized agents or attorneys-in-fact. 
Subject to compliance with Section 2.3 as to any transfer which may
be involved in the division or combination, the Company shall execute and
deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be
divided or combined in accordance with such notice.

 

2.5.                              Loss, Theft, Destruction of Warrant Certificates.  Upon receipt by the Company
of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and, in the case of any such loss,
theft or destruction, upon receipt of indemnity or security (in customary form)
reasonably satisfactory to the Company, or, in the case of any such mutilation,
upon surrender and cancellation of such Warrant and upon reimbursement of the
Company’s reasonable incidental expenses, the Company will make and deliver, in
lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of
like tenor and representing the right to purchase the same aggregate number of
shares of Common Stock.

 

2.6.                              Expenses of Delivery of Warrants.  Except as otherwise expressly provided
herein, the Company shall pay all expenses (other than transfer taxes as
described in Section 2.3) and other charges payable in connection with the
preparation, issuance and delivery of Warrants hereunder and shares of Common
Stock upon the exercise hereof.

 

ARTICLE III

 

LIMITATIONS ON EXERCISE;
ADJUSTMENT PROVISIONS

 

3.1                                 Shareholder Approval.  In no event shall the Holder of this Warrant
be permitted to exercise this Warrant or any portion hereof pursuant to Article I
hereof until the Company has obtained Shareholder Approval.  No later than thirty (30) days after the termination of the
Offering, the Company shall file with the Commission a preliminary proxy
statement pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), in connection with a Shareholder Meeting and shall seek to convene
such meeting as promptly thereafter as practicable.  

 

3.2                                 Beneficial Ownership.  In no event shall the Holder of this Warrant
be permitted to exercise this Warrant or any portion hereof pursuant to Article I
hereof if, upon

 

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such exercise, the number of shares of Common Stock to
be issued pursuant to such exercise plus the number of shares of Common
Stock beneficially owned by the Holder would exceed 9.99% of the number of
shares of Common Stock then issued and outstanding, it being the intent of the
Company and the Holder that the Holder not be deemed at any time to have the
power to vote or dispose of greater than 9.99% of the number of shares of
Common Stock issued and outstanding at any time. Nothing contained herein shall
be deemed to restrict the right of the Holder to exercise this Warrant or any
portion thereof at such time as such exercise will not violate the provisions
of this Section 3.2.  As used
herein, beneficial ownership shall be determined in accordance with Section 13(d) of
the Exchange Act.  To the extent that the
limitation contained in this Section 3.2 applies (and without limiting any
rights the Company may otherwise have), the Company may rely on the Holder’s
determination of whether this Warrant is exercisable pursuant to the terms
hereof, the Company shall have no obligation whatsoever to verify or confirm
the accuracy of such determination, and the submission of a Subscription Notice
by the Holder shall be deemed to be the Holder’s representation that this
Warrant is exercisable pursuant to the terms hereof.

 

3.3                                 Adjustment Provision.  In the event that, after the date hereof, the
Company shall: (i) pay a dividend or make a distribution on the
outstanding shares of Common Stock in the Company’s capital stock (which shall
include any options, warrants or other rights to acquire capital stock); (ii) subdivide
the outstanding shares of Common Stock into a larger number of shares; (iii) combine
the outstanding shares of Common Stock into a smaller number of shares; or (iv) issue
any shares of the Company’s capital stock in reclassification of the Common
Stock, then, and in each such case, the Exercise Price in effect immediately
prior to such event shall be adjusted so that the Holder shall, upon exercise
of this Warrant, be entitled to receive the number of shares of Common Stock or
other securities of the Company that the Holder would have owned or would have
been entitled to receive upon or by reason of any of the events described
above, had this Warrant had been exercised prior to the occurrence of such
event.  In the event that the shares of
Common Stock are ever converted into a greater or lesser number of shares of
another corporation or entity through a merger or similar transaction, a
proportionate adjustment shall be made to the Exercise Price to account for
such change.  The Company shall give
prompt written notice to the Holder following the occurrence of any event which
requires an adjustment to the Exercise Price pursuant to the terms hereof.

 

ARTICLE IV

 

REPRESENTATIONS
AND WARRANTIES

 

4.1                                 Representations and Warranties of Holder.  The Holder represents and warrants to the
Company as follows:

 

(a)                                  Purchase for Own Account.  This Warrant and the shares of Common Stock
to be acquired upon exercise of this Warrant by the Holder will be acquired for
investment for the Holder’s account, not as a nominee or agent, and not with a
view to the public resale or distribution within the meaning of the Securities
Act, and the Holder has no present intention of selling, granting any
participation in, or otherwise distributing the same.  If not an individual, the

 

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Holder also represents that the Holder has not been
formed for the specific purpose of acquiring this Warrant or the shares of
Common Stock to be acquired upon exercise of this Warrant.

 

(b)                                 Disclosure of Information.  The Holder has received or has had full
access to all the information it considers necessary or appropriate to make an
informed investment decision with respect to the acquisition of this Warrant
and the underlying shares of Common Stock. 
The Holder further has had an opportunity to ask questions and receive answers
from the Company regarding the terms and conditions to the offering of this
Warrant and its underlying shares of Common Stock and to obtain additional
information (to the extent the Company possessed such information or could
acquire it without unreasonable effort or expense) necessary to verify any
information furnished to the Holder or to which the Holder has access.

 

(c)                                  Investment Experience.  The Holder understands that the purchase of
this Warrant and its underlying shares of Common Stock involves substantial
risk.  The Holder: (i) has
experience as an investor in securities and acknowledges that the Holder is
able to fend for itself, can bear the economic risk of such Holder’s investment
in this Warrant and its underlying shares of Common Stock and has such
knowledge and experience in financial or business matters that the Holder is
capable of evaluating the merits and risks of its investment in this Warrant
and its underlying shares of Common Stock; and/or (ii) has a preexisting
personal or business relationship with the Company and certain of its officers,
directors or controlling persons of a nature and duration that enables the
Holder to be aware of the character, business acumen and financial
circumstances of such persons.

 

(d)                                 Accredited Investor Status.  The Holder is an “accredited investor” within
the meaning of Regulation D promulgated under the Securities Act.

 

ARTICLE V

 

DEFINITIONS

 

The following terms, as used in this Warrant, have the following
respective meanings:

 

“Business Days” means each day in which banking institutions in
Atlanta, Georgia are not required or authorized by law or executive order to
close.

 

“Commission” has the meaning set forth in Section 1.4.

 

“Common Stock” has the meaning set forth in the first paragraph
of this Warrant.

 

“Company” has the meaning set forth in the first paragraph of
this Warrant.

 

“Eligible Holder” means the Holder and any permitted transferee
of the Holder pursuant to and in accordance with this Warrant.

 

“Exchange Act” has the meaning set forth in Section 3.1.

 

“Exercise Price” means $4.80 per share of Common Stock, subject
to adjustment pursuant to Article III.

 

6

 

“Expiration Date” has the meaning set forth in the first
paragraph of this Warrant.

 

“Holder” has the meaning set forth in the first paragraph of
this Warrant.

 

“Memorandum” means the Company’s Confidential Private Offering
Memorandum dated July 26, 2005, as the same may be amended or supplemented
from time to time.

 

“NASD” means The National Association of Securities Dealers, Inc.

 

“Offering” means the offer and sale of the Company’s securities
as contemplated by the Memorandum.

 

“Shareholder Approval” means the affirmative vote of at least a
majority of the votes cast at a Shareholder Meeting at which a quorum is
present to approve the potential issuance in connection with the Offering of
more than 20% of the outstanding shares of Common Stock for purpose of
complying with the rules governing The Nasdaq Stock Market, Inc.

 

“Shareholder Meeting” means a meeting of the Company’s
shareholders.

 

“Securities Act” has the meaning set forth in Section 1.4.

 

“Subscription Notice” has the meaning set forth in Section 1.1.

 

“Warrant Agency” has the meaning set forth in Section 2.1.

 

“Warrant” means this Warrant which is issued as part of a series
of similar warrants issued pursuant to the Memorandum and the terms of that
certain Subscription Agreement entered into between the Company and the Holder,
accepted by the Company on [                    ],
2005 (the “Subscription Agreement”).

 

ARTICLE VI

 

MISCELLANEOUS

 

6.1.                              Governing Law.  This Warrant shall be governed in all
respects by the laws of the State of Georgia, without reference to its
conflicts of law principles.

 

6.2.                              Covenants To Bind Successor and Assigns.  All covenants, stipulations, promises and
agreements contained in this Warrant by or on behalf of the Company shall bind
its successors and assigns, whether or not so expressed.

 

6.3.                              Entire Agreement.  This Warrant, the Memorandum and the
Subscription Agreement constitute the full and entire understanding and
agreement between the parties with regard to the subject matter hereof and no
party shall be liable or bound to any other party in any manner by any
warranties, representations, or covenant except as specifically set forth
herein or therein.

 

6.4.                              Waivers and Amendments.  No failure or delay of the Holder in
exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise

 

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of such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Holder are
cumulative and not exclusive of any rights or remedies which it would otherwise
have.  The provisions of this Warrant may
be amended, modified or waived with (and only with) the written consent of the
Company and the Holders of a majority in interest of the Warrants issued
pursuant to the Memorandum then outstanding.

 

Any such amendment, modification or waiver effected pursuant to this Section shall
be binding upon the Holders of all Warrants issued pursuant to the Memorandum
and upon the Company.  In the event of
any such amendment, modification or waiver the Company shall give prompt notice
thereof to all holders of Warrants issued pursuant to the Memorandum and, if
appropriate, notation thereof shall be made on all such Warrants thereafter
surrendered for registration of transfer or exchange.

 

6.5.                              Notices. 
All notices or other communications required or permitted hereunder
shall be in writing and shall be mailed by express, registered or certified
mail, postage prepaid, return receipt requested, sent by telecopy, or by
courier service guaranteeing overnight delivery with charges prepaid, or
otherwise delivered by hand or by messenger, and shall be conclusively deemed
to have been received by a party hereto and to be effective on the day on which
delivered or telecopied to such party at its address set forth below (or at
such other address as such party shall specify to the other parties hereto in
writing), or, if sent by registered or certified mail, on the third Business
Day after the day on which mailed, addressed to such party at such address.

 

In the case of the Holder, such notices and communications shall be
addressed to its address set forth under its signature below, which shall be
the address shown on the books maintained by the Warrant Agency, until the
Holder shall notify the Company and the Warrant Agency in writing that notices
and communications should be sent to a different address, in which case such
notices and communications shall be sent to the address specified by the
Holder.  In the case of the Company, such
notices and communications shall be addressed as follows:  Attention: 
Chief Executive Officer, Tri-S Security Corporation, 3700 Mansell Road, Suite 200,
Alpharetta, Georgia 30022.

 

6.6.                              Survival of Agreements; Representations and Warranties, etc.  All covenants made by the
Company herein shall be considered to have been relied upon by the Holder and
shall survive the issuance and delivery of the Warrant, regardless of any
investigation made by the Holder, and shall continue in full force and effect
so long as this Warrant is outstanding.

 

6.7.                              Severability.  In case any one or more of the provisions
contained in this Warrant shall be held to be invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or impaired
thereby. The parties shall endeavor in good faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible to that of the invalid, illegal or
unenforceable provisions.

 

8

 

6.8.                              Section Headings.  The section headings used herein are for
convenience of reference only, do not constitute a part of this Warrant and
shall not affect the construction of or be taken into consideration in
interpreting this Warrant.

 

6.9.                              No Rights as Shareholder; No Limitations on Company Action.  This Warrant shall not
entitle the Holder to any rights as a shareholder of the Company. No provision
of this Warrant and no right or option granted or conferred hereunder shall in
any way limit, affect or abridge the exercise by the Company of any of its
corporate rights or powers to recapitalize, amend its certificate of
incorporation, reorganize, consolidate or merge with or into another
corporation or to transfer all or any part of its property or assets, or the
exercise of any other of its corporate rights or powers.

 

 

[Signature Page Follows]

 

9

 

IN
WITNESS WHEREOF, the Company and Holder have
duly executed and delivered this Warrant, or caused this Warrant to be duly
executed and delivered, all as of the date first written above.

 

	
   

  	
  TRI-S SECURITY CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Ronald G. Farrell

  
	
   

  	
   

  	
  Title: Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  HOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
  [                                                   ]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Facsimile No.:

  	
   

  	
   

  
						

 

10

 

Annex 1

 

SUBSCRIPTION NOTICE

 

Dated:                      

 

The undersigned hereby irrevocably elects to exercise the right of
purchase evidenced by the attached Warrant for, and to purchase thereunder,                     
shares of Common Stock of Tri-s Security Corporation as provided for therein.
The undersigned tenders herewith payment of the Exercise Price (as defined in
the attached Warrant) for such shares in the form of cash, money order,
certified or bank cashier’s check or wire transfer.

 

Instructions for Registration of Common Stock

 

Please issue a certificate or certificates for such shares of Common
Stock in the following name or names and denominations:

 

	
  Name:

  	
   

  	
   

  
	
   

  	
  (Please
  typewrite or print in block letters.)

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Denomination:

  	
   

  	
   

  
					

 

Representations and Warranties

 

In connection with the exercise of the attached Warrant, the
undersigned hereby represents and warrants that:

 

(i) it recognizes that the shares of Common Stock issuable
pursuant to the attached Warrant have not been registered under the Securities
Act of 1933, as amended (the “Securities Act”), or any applicable state
securities laws, and may not transferred, sold, or offered for sale unless
registered pursuant to the Securities Act and all applicable state securities
laws or unless an exemption from such registration in available and the Company
has received an opinion to that effect from counsel reasonably satisfactory to
the Company;

 

(ii) it recognizes that the shares of Common Stock issuable
pursuant to the attached Warrant are subject to, and are transferable only upon
compliance with, the provisions of the Warrant;

 

(iii) if the undersigned is an individual, the undersigned is an “accredited
investor” as that term is defined in Rule 501(a)(5) or (6) of
Regulation D promulgated under the Securities Act by reason that the
undersigned is an individual (i) having an individual net worth, or a
joint net worth with the undersigned’s spouse, at the time of the purchase that
exceeds $1,000,000, or (ii) who had an individual income in excess of
$200,000 in each of the two most recent years or joint 

 

 

income with the undersigned’s spouse in
excess of $300,000 in each of those years and has a reasonable expectation of
reaching the same income level in the current year; or if the undersigned is a
corporation or other entity, the undersigned is an “accredited investor” as
that term is defined in Rule 501(a)(1), (2), (3) or (7) of
Regulation D promulgated under the Securities Act; and

 

(iv) it is purchasing the shares of Common Stock for investment
and not with a view to resale or distribution or any present intention to
resell or distribute, except in compliance with the Securities Act and all
applicable state securities laws.

 

Issuance of New Warrant

 

If said number of shares shall not be all the shares issuable upon
exercise of the attached Warrant, a new Warrant is to be issued in the name of
the undersigned for the balance remaining of such shares less any fraction of a
share paid in cash.

 

	
  Signature:

  	
   

  
	
   

  	
  Note:

  	
  The
  above signature should correspond exactly with the name on the face of the
  attached Warrant or with the name of the assignee appearing in the assignment
  form below.

  

 

2

 

Annex 2

 

Assignment

 

For value received, the undersigned hereby sells, assigns and transfers
unto:

 

	
  Name:

  	
   

  	
   

  
	
   

  	
  (Please
  type or print in block letters)

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
				

 

the right to
purchase Common Stock (as defined in the attached Warrant) represented by the
attached Warrant to the extent of                               
shares as to which such right is exercisable and does hereby irrevocably
constitute and appoint                                           
                                                                                                    ,
attorney-in-fact, to transfer said Warrant on the books of Verso Technologies, Inc.,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  
	
  Signature:

  	
   

  
	
   

  	
  Note:

  	
  The
  above signature should correspond exactly with the name on the face of the
  attached Warrant.EXHIBIT 4.6

 

REGISTRATION RIGHTS
AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT
(this “Agreement”), dated as of [                         ],
2005, is by and among TRI-S SECURITY
CORPORATION, a Georgia corporation (the “Company”), and each
of the investors whose names appear on the signature pages hereof (each an
“Investor” and, collectively, the “Investors”).

 

The Company has agreed, on the terms and
subject to the conditions set forth in the Company’s Confidential Private
Offering Memorandum dated July 26, 2005, as the same may be amended or
supplemented from time to time (the “Memorandum”), and the Subscription
Agreement executed by each Investor and accepted by the Company on [                     ],
2005 (collectively, the “Subscription Agreements”), to issue and sell to
each Investor a Note and Warrant (each as hereinafter defined).  The Notes are convertible into shares (the “Conversion
Shares”) of the Company’s common stock, par value $0.001 per share (the “Common
Stock”), in accordance with their terms, and the Warrants are exercisable
into shares (the “Warrant Shares”) of Common Stock in accordance with
their terms.

 

In order to induce the Investors to purchase
the Notes and Warrants, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended (the “Securities Act”),
and under applicable state securities laws.

 

In consideration of each Investor purchasing
a Note and Warrant, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.                                      DEFINITIONS.

 

For purposes of this Agreement, the following
terms shall have the meanings specified below:

 

“Business Day” means any day other
than a Saturday, a Sunday or a day on which the Commission is closed or on
which banks in the City of Atlanta, Georgia are authorized by law to be closed.

 

“Commission” means the Securities and
Exchange Commission.

 

“Effective Date” means the date on
which the Registration Statement covering the resale of the Registrable
Securities is declared effective by the Commission.

 

“Filing Deadline” the date which is
thirty (30) days after the completion of the offering of Notes and Warrants
contemplated by the Memorandum.

 

“Holder” means any person owning or
having the right to acquire, through conversion of the Notes, exercise of the
Warrants or otherwise, Registrable Securities, including initially each
Investor and thereafter any permitted assignee thereof.

 

 

“Note” means each of the 10% Callable,
Convertible Promissory Notes offered for sale pursuant to the Memorandum and
issued by the Company.

 

“Registrable Securities” means the
Conversion Shares, the Warrant Shares and any shares of capital stock issued or
issuable from time to time (with any adjustments) in replacement of, in
exchange for or otherwise in respect of, the Conversion Shares or the Warrant
Shares.

 

“Registration Deadline” means the
earlier of: (i) the date which is sixty (60) days after the Filing
Deadline; and (ii) the date on which the Company delivers a Prepayment
Notice (as defined in the Notes) to any Investor.

 

“Registration Statement” means a
registration statement or statements prepared in compliance with the Securities
Act and pursuant to Rule 415 under the Securities Act (“Rule 415”)
or any successor rule providing for the offering of securities on a
continuous or delayed basis.

 

“Warrant” means each of the Warrants
to purchase Common Stock offered for sale pursuant to the Memorandum and issued
by the Company.

 

2.                                      REGISTRATION.

 

(a)                                  Filing of Registration Statement.  On or before the Filing Deadline, the Company
shall use its best efforts to prepare and file with the Commission a
Registration Statement on Form S-3 as a “shelf” registration statement
under Rule 415 covering the resale of a number of shares of Registrable
Securities equal to one hundred percent (100%) of the number of shares of
Common Stock issuable upon conversion of the Notes and exercise of the Warrants
in full (such number to be determined without regard to any restriction on such
conversion or exercise).  Such
Registration Statement shall state, to the extent permitted by Rule 416
under the Securities Act, that it also covers such indeterminate number of
additional shares of Common Stock as may become issuable upon the conversion of
the Notes and exercise of the Warrants in order to prevent dilution resulting
from stock splits, stock dividends or similar events.

 

(b)                                 Alternative Registration Statement.  Notwithstanding the foregoing paragraph 2(a),
if on the Filing Deadline, the Company does not meet the eligibility
requirements for filing a Registration Statement on Form S-3, then in such
case the Company shall instead prepare and file with the Commission a
Registration Statement meeting the foregoing requirements on Form S-1 or Form S-2.

 

(c)                                  Effectiveness.  The Company shall use its best efforts to
cause the Registration Statement to become effective as soon as practicable
following the filing thereof, but in no event later than the Registration
Deadline.  The Company shall respond
promptly to any and all comments made by the staff of the Commission with
respect to the Registration Statement, and shall submit to the Commission,
within three (3) Business Days after the Company learns that no review of
the Registration Statement will be made by the staff of the Commission or that
the staff of the Commission has no further comments on the Registration
Statement, as the case may be, a request for acceleration of the effectiveness
of such Registration Statement to a time and date not later than

 

2

 

three (3) Business
Days after the submission of such request. 
The Company will maintain the effectiveness of each Registration
Statement filed pursuant to this Agreement until the earliest to occur of: (i) the
date on which all of the Registrable Securities eligible for resale thereunder
have been publicly sold pursuant to either the Registration Statement or Rule 144
under the Securities Act or any successor provision (“Rule 144”); (ii) the
date on which all of the Registrable Securities remaining to be sold under such
Registration Statement (in the reasonable opinion of counsel to the Company)
may be immediately sold to the public under Rule 144(k) under the
Securities Act or any successor provision; and (iii) the date that is 120
days after the Effective Date (the period beginning on the date hereof and
ending on the earliest to occur of (i), (ii) or (iii) above being
referred to herein as the “Registration Period”).

 

(d)                                 Registration of Other Securities.  The Company shall not include any securities
other than Registrable Securities on any Registration Statement filed by the
Company on behalf of the Holders pursuant to the terms hereof.

 

3.                                      OBLIGATIONS OF THE COMPANY.

 

In addition to performing its obligations
hereunder, including, without limitation, those pursuant to Section 2
above, the Company shall, with respect to each Registration Statement:

 

(a)                                  prepare and file with the Commission such amendments and supplements
to such Registration Statement and the prospectus used in connection with such
Registration Statement as may be necessary to comply with the provisions of the
Securities Act or to maintain the effectiveness of such Registration Statement
during the Registration Period, or as may be reasonably requested by a Holder
in order to incorporate information concerning such Holder or such Holder’s
intended method of distribution;

 

(b)                                 so long as a Registration Statement is effective covering the resale
of the applicable Registrable Securities owned by a Holder, furnish to each
Holder such number of copies of the prospectus included in such Registration
Statement, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as such Holder may
reasonably request in order to facilitate the disposition of such Holder’s
Registrable Securities;

 

(c)                                  use commercially reasonable efforts to register or qualify the
Registrable Securities under the securities or “blue sky” laws of such jurisdictions
within the United States as shall be reasonably requested from time to time by
a Holder, and do any and all other acts or things which may reasonably be
necessary or advisable to enable such Holder to consummate the public sale or
other disposition of the Registrable Securities in such jurisdictions; provided, that the Company shall not be
required in connection therewith or as a condition thereto to qualify to do
business or to file a general consent to service of process in any such
jurisdiction;

 

(d)                                 notify each Holder immediately after becoming aware of the
occurrence of any event (but shall not, without the prior written consent of
such Holder, disclose to such Holder any facts or circumstances constituting
material non-public information) as a result of which the prospectus included
in such Registration Statement, as then in effect, contains an untrue statement
of material fact or omits to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of
the circumstances then existing, and as promptly as

 

3

 

practicable
prepare and file with the Commission and furnish to each Holder a reasonable
number of copies of a supplement or an amendment to such prospectus as may be
necessary so that such prospectus does not contain an untrue statement of
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the
circumstances then existing;

 

(e)                                  use commercially reasonable efforts to prevent the issuance of any
stop order or other order suspending the effectiveness of such Registration
Statement and, if such an order is issued, to use commercially reasonable efforts
obtain the withdrawal thereof at the earliest possible time and to notify each
Holder in writing of the issuance of such order and the resolution thereof;

 

(f)                                    furnish to each Holder no later than two (2) Business Days
after the date that such Registration Statement, or any successor registration
statement, becomes effective, a letter, dated such date, signed by an officer
of the Company and addressed to such Holder, confirming such effectiveness; and

 

(g)                                 permit counsel for each Holder to review such Registration Statement
and all amendments and supplements thereto, and any comments made by the staff
of the Commission concerning such Holder and the Company’s responses thereto,
within a reasonable period of time prior to the filing thereof with the Commission
(or, in the case of comments made by the staff of the Commission, within a
reasonable period of time following the receipt thereof by the Company).

 

4.                                      OBLIGATIONS OF EACH HOLDER.

 

In connection with the registration of
Registrable Securities pursuant to a Registration Statement, each Holder shall:

 

(a)                                  timely furnish to the Company (i) a completed shareholder
questionnaire, in form and substance which is reasonably acceptable to the
Company, and (ii) such information in writing regarding such Holder and
the intended method of disposition of the Registrable Securities held by such
Holder as the Company shall reasonably request in order to effect the
registration thereof;

 

(b)                                 upon receipt of any notice from the Company of the happening of any
event of the kind described in paragraphs 3(d) or 3(e), immediately
discontinue any sale or other disposition of such Registrable Securities
pursuant to such Registration Statement until the filing of an amendment or
supplement as described in paragraph 3(d) or withdrawal of the stop order
referred to in paragraph 3(e), and use commercially reasonable efforts to
maintain the confidentiality of such notice and its contents;

 

(c)                                  to the extent required by applicable law, deliver a prospectus to
the purchaser of such Registrable Securities;

 

(d)                                 notify the Company when such Holder has sold all of the Registrable
Securities held by such Holder; and

 

4

 

(e)                                  notify the Company in the event that any information supplied by such
Holder in writing for inclusion in such Registration Statement or related
prospectus is untrue or omits to state a material fact required to be stated
therein or necessary to make such information not misleading in light of the
circumstances then existing; immediately discontinue any sale or other
disposition of such Registrable Securities pursuant to such Registration
Statement until the filing of an amendment or supplement to such prospectus as
may be necessary so that such prospectus does not contain an untrue statement
of material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the
circumstances then existing; and use commercially reasonable efforts to assist
the Company as may be appropriate to make such amendment or supplement
effective for such purpose.

 

5.                                      INDEMNIFICATION.

 

In the event that any Registrable Securities
are included in a Registration Statement under this Agreement:

 

(a)                                  To the extent permitted by law, the Company shall indemnify and hold
harmless each Holder, the officers, directors, employees, agents and
representatives of such Holder, and each person, if any, who controls such
Holder within the meaning of the Securities Act or the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), against any losses, claims,
damages, liabilities or reasonable out-of-pocket expenses (whether joint or
several) (collectively, including reasonable legal expenses or other expenses
reasonably incurred in connection with investigating or defending same, “Losses”),
insofar as any such Losses arise out of or are based upon: (i) any untrue
statement or alleged untrue statement of a material fact contained in such
Registration Statement under which such Registrable Securities were registered,
including any preliminary prospectus or final prospectus contained therein or
any amendments or supplements thereto; or (ii) the omission or alleged
omission to state therein a material fact required to be stated therein, or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. 
Subject to the provisions of paragraph 5(c) below, the Company will
reimburse such Holder, and each such officer, director, employee, agent,
representative or controlling person, for any reasonable legal expenses or
other out-of-pocket expenses as reasonably incurred by any such entity or
person in connection with investigating or defending any Loss; provided, however, that the foregoing
indemnity shall not apply to amounts paid in settlement of any Loss if such
settlement is effected without the consent of the Company (which consent shall
not be unreasonably withheld), nor shall the Company be obligated to indemnify
any person for any Loss to the extent that such Loss arises out of or is based
upon: (i) any disclosure or any omission or alleged omission (to state a
material fact required to be stated therein or necessary to make statements
therein not misleading) that is based upon or in conformity with written
information furnished (or not furnished, in the case of an omission) by such
person expressly for use in such Registration Statement; or (ii) a failure
of such person to deliver or cause to be delivered the final prospectus contained
in the Registration Statement and made available by the Company, if such
delivery is required by applicable law.

 

(b)                                 To the extent permitted by law, each Holder who is named in such
Registration Statement as a selling shareholder, acting severally and not
jointly, shall indemnify and hold harmless the Company, the officers,
directors, employees, agents and representatives of the Company, and each
person, if any, who controls the Company within the meaning of the Securities 

 

5

 

Act or the
Exchange Act, against any Losses to the extent (and only to the extent) that
any such Losses arise out of or are based upon: (i) any disclosure or any
omission or alleged omission (to state a material fact required to be stated
therein or necessary to make statements therein not misleading) that is based
upon or in conformity with written information furnished (or not furnished, in
the case of an omission) by such person expressly for use in such Registration
Statement; or (ii) a failure of such Holder to deliver or cause to be
delivered the final prospectus contained in the Registration Statement and made
available by the Company, if such delivery is required under applicable law.
Subject to the provisions of paragraph 5(c) below, such Holder will
reimburse any legal or other expenses as reasonably incurred by the Company and
any such officer, director, employee, agent, representative, or controlling
person, in connection with investigating or defending any such Loss; provided, however, that the foregoing
indemnity shall not apply to amounts paid in settlement of any such Loss if
such settlement is effected without the consent of such Holder (which consent
shall not be unreasonably withheld).

 

(c)                                  Promptly after receipt by an indemnified party under this Section 5
(an “Indemnified Party”) of notice of the commencement of any action
(including any governmental action), such Indemnified Party will, if a claim in
respect thereof is to be made against any indemnifying party under this Section 5
(an “Indemnifying Party”), promptly deliver to the Indemnifying Party a
written notice of the commencement thereof and the Indemnifying Party shall
have the right to participate in and to assume the defense thereof with counsel
selected by the Indemnifying Party and reasonably acceptable to the Indemnified
Party; provided, however, that an
Indemnified Party shall have the right to retain its own counsel, with the
reasonably incurred fees and expenses of one such counsel for all Indemnified
Parties to be paid by the Indemnifying Party, if representation of such
Indemnified Party by the counsel retained by the Indemnifying Party would be
inappropriate under applicable standards of professional conduct due to actual
or potential conflicting interests between such Indemnified Party and any other
party represented by such counsel in such proceeding.  The failure to deliver written notice to the
Indemnifying Party within a reasonable time of the delivery of notice of any
such action, to the extent prejudicial to its ability to defend such action,
shall relieve such Indemnifying Party of any liability to the Indemnified Party
under this Section 5 with respect to such action, but the omission so to
deliver written notice to the Indemnifying Party will not relieve it of any
liability that it may have to any Indemnified Party otherwise than under this Section 5
or with respect to any other action unless the Indemnifying Party is materially
prejudiced as a result of not receiving such notice.

 

(d)                                 In the event that the indemnity provided in paragraph (a) or (b) of
this Section 5 is unavailable or insufficient to hold harmless an
Indemnified Party for any reason, the Company and each Holder agree, severally
and not jointly, to contribute to the aggregate Losses to which the Company or
such Holder may be subject in such proportion as is appropriate to reflect the
relative fault of the Company and such Holder in connection with the statements
or omissions which resulted in such Losses. 
Relative fault shall be determined by reference to whether any alleged
untrue statement or omission relates to information provided by the Company or
by such Holder.  The Company and each
Holder agree that it would not be just and equitable if contribution were
determined by pro rata allocation
or any other method of allocation which does not take account of the equitable
considerations referred to above. 
Notwithstanding the provisions of this paragraph (d), no person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who is
not guilty of such fraudulent 

 

6

 

misrepresentation.  For purposes of this Section 5, each
person who controls a Holder within the meaning of either the Securities Act or
the Exchange Act and each officer, director, employee, agent or representative
of such Holder shall have the same rights to contribution as such Holder, and
each person who controls the Company within the meaning of either the
Securities Act or the Exchange Act and each officer, director, employee, agent
or representative of the Company shall have the same rights to contribution as
the Company, subject in each case to the applicable terms and conditions of
this paragraph (d).

 

(e)                                  The obligations of the Company and each Holder under this Section 5
shall survive the conversion of the Notes and exercise of the Warrants in full
and the completion of any offering or sale of Registrable Securities pursuant to
a Registration Statement under this Agreement or otherwise.

 

6.                                      REPORTS.

 

With a view to making available to each
Holder the benefits of Rule 144 and any other similar rule or
regulation of the Commission that may at any time permit such Holder to sell securities
of the Company to the public without registration, the Company agrees to:

 

(a)                                  make and keep public information available, as those terms are
understood and defined in Rule 144;

 

(b)                                 file with the Commission in a timely manner all reports and other
documents required of the Company under the Exchange Act; and

 

(c)                                  furnish to such Holder, so long as such Holder owns any Registrable
Securities, promptly upon written request: (i) a written statement by the
Company, if true, that it has complied with the reporting requirements of Rule 144
and the Exchange Act; (ii) to the extent not publicly available through
the Commission’s EDGAR database, a copy of the most recent annual or quarterly
report of the Company and such other reports and documents so filed by the
Company with the Commission; and (iii) such other information as may be
reasonably requested by such Holder in connection with such Holder’s compliance
with any rule or regulation of the Commission which permits the selling of
any such securities without registration.

 

7.                                      MISCELLANEOUS.

 

(a)                                  Expenses of Registration.  All reasonable expenses, other than
underwriting discounts and commissions and fees and expenses of counsel and
other advisors to each Holder, incurred in connection with the registrations,
filings or qualifications described herein, including (without limitation) all
registration, filing and qualification fees, printers’ and accounting fees,
shall be borne by the Company.

 

(b)                                 Amendment; Waiver.  Except as expressly provided herein, neither
this Agreement nor any term hereof may be amended or waived except pursuant to
a written instrument executed by the Company and the Holders of at least a
majority of the Registrable Securities into which all of the Notes and Warrants
then outstanding are convertible or exercisable (without regard

 

7

 

to any
limitation on such conversion or exercise). Any amendment or waiver effected in
accordance with this paragraph shall be binding upon each Holder, each future
Holder and the Company.  The failure of
any party to exercise any right or remedy under this Agreement or otherwise, or
the delay by any party in exercising such right or remedy, shall not operate as
a waiver thereof.

 

(c)                                  Notices. 
Any notice, demand or request required or permitted to be given by the
Company or a Holder pursuant to the terms of this Agreement 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 a reputable 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:

 

If to the Company:

 

Tri-S Security Corporation

3700 Mansell Road, Suite 220

Alpharetta, GA 30022

Attn:      Chief
Executive Officer

Tel:        (770)
625-4945

Fax:       (770) 625-4946

 

with a copy (which shall not
constitute notice) to:

 

Rogers & Hardin LLP

2700 International Tower

229 Peachtree Street NE

Atlanta, GA 30303

Attn:      Steven
E. Fox, Esq.

Tel:        (404)
522-4700

Fax:       (404)
525-2224

 

and if to a
Holder, to such address as shall be designated by such Holder in writing to the
Company.

 

(d)                                 Assignment.  Upon the transfer of any Notes, Warrants or
Registrable Securities by a Holder, the rights of such Holder hereunder with
respect to such securities so transferred shall be assigned automatically to
the transferee thereof, and such transferee shall thereupon be deemed to be a “Holder”
for purposes of this Agreement, as long as: (i) the Company is, within a
reasonable period of time following such transfer, furnished with written
notice of the name and address of such transferee; (ii) the transferee
agrees in writing with the Company to be bound by all of the provisions hereof;
and (iii) such transfer is made in accordance with the applicable
requirements of the Notes, Warrants and all applicable law.

 

(e)                                  Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original, and all of which
together shall be deemed one and the same instrument.  This Agreement, once executed by a party, may
be delivered to any other party hereto by facsimile transmission.

 

8

 

(f)                                    Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of Georgia applicable to
contracts made and to be performed entirely within the State of Georgia.

 

(g)                                 Holder of Record.  A person is deemed to be a Holder whenever
such person owns or is deemed to own of record such Registrable
Securities.  If the Company receives
conflicting instructions, notices or elections from two or more persons with
respect to the same Registrable Securities, the Company shall act upon the basis
of instructions, notice or election received from the record owner of such
Registrable Securities.

 

(h)                                 Entire Agreement. This Agreement and the
Notes, Warrants, Subscription Agreements and Memorandum (collectively, the “Transaction
Documents”) 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 Agreement and the
other Transaction Documents supersede all prior agreements and understandings
among the parties hereto with respect to the subject matter hereof and thereof.

 

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

 

(j)                                     Third Party Beneficiaries.  This Agreement is intended for the benefit of
the parties hereto and their respective permitted successors and assigns, and
is not for the benefit of, nor may any provision hereof be enforced by, any
other person.

 

[Signature Page to
Follow]

 

9

 

IN WITNESS WHEREOF, the undersigned have executed this Registration Rights Agreement
as of the date first-above written.

 

	
   

  	
  TRI-S
  SECURITY CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Ronald
  G. Farrell

  
	
   

  	
   

  	
  Title: Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
  INVESTOR:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  Investor
  Name

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
                                           ,
  its                         

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

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