Document:

Unassociated Document

    EXHIBIT
4.1

    

    NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE
SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

    

    $300,000
CONVERTIBLE NOTE

    

    FOR VALUE
RECEIVED, ICC WORLDWIDE, INC. (the “Maker” or the “Company”), a Delaware
corporation, having a mailing address at 3334 E. Coast Hwy #424 Corona del Mar,
CA 92625, hereby promises to pay to the order of The Stealth Fund, LLLP, a
Minnesota limited liability, limited partnership (“Payee”), having its principal
address at 1800 2nd Street,
Suite 758, Sarasota, FL 34236, the sum of three hundred thousand dollars
($300,000). This Convertible Note (“Note”) is issued due to loans for the
Company’s operations, for advances to be made, from time to time, as reasonably
needed for the Company’s operations.

    

    1.  Maturity.  The
amount outstanding under this Note will be due and payable at the address of
Payee or such other place as Payee may designate on January 1, 2012 (the
“Maturity Date”).  No advances shall be made by Payee after the
Maturity Date.

    

    2.  Payments of Interest and
Principal.  The first 6 months of Interest shall be added to
Principal. Thereafter, Interest under this Note shall be payable monthly,
starting July 1, 2009.

    

    3.  Interest
Rate.  The outstanding principal balance of this Note shall bear
interest at a rate per annum equal to 10% per annum.

    

    
       
  4.  Alternative
Method of Payment/Optional Prepayment

    

    

    A.  Alternate
Methods of Payment:  Subject to the conditions set forth below and
customary equity conditions (including an effective registration statement with
respect to such shares), the Company may elect to make such payments of
principal and interest under the Note, in shares of the Company’s common
stock.  Each share of the of the Company’s Common stock will be valued
at the Conversion Price (as defined in Section 5 below), as determined at the
lesser of (1) on the day the Company gives notice, or (2) on the day the Company
delivers the shares.  The Company is required to notify Payee of its
election to make such payment in shares at least ten days prior to the payment
date.  Notwithstanding anything herein to the contrary, the Company’s
right to make such payment in shares in lieu of cash can only be made if the
volume weighted average price of the Company’s common stock has been trading at
a price of $0.025 or above per share for 10 consecutive days prior to the date
of the payment date and the average daily trading volume is at least 15 times
the number of shares to be so issued hereby as payment.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    B.  Pre-Payment
Option: The Company may at any time and from time to time, upon written notice
(“Prepayment Notice”) under Section 10 below, prepay part or all of the
outstanding Notes without penalty. In the event that Maker sends a Prepayment
Notice to Payee, Payee may elect within 10 days following the receipt of such
notice to convert into common stock of ICC WORLDWIDE, INC. (“ICC WORLDWIDE, INC.
Common Stock”), pursuant to Section 5 hereof, all or part of the amount of
principal to be repaid by the proposed Prepayment instead of receiving such
prepayment.

    

    5.  Optional/Mandatory
Conversion. At any time prior to repayment of all amounts as under the Note, but
not sooner than six months from the date of this Note, all or any portion of the
principal amount of the Note shall be convertible at the option of the Payee
into fully paid and non-assessable shares of ICC WORLDWIDE, INC. Common
Stock.  The number of shares of ICC WORLDWIDE, INC. Common Stock that
Payee shall be entitled to receive upon conversion shall be equal to the number
attained by dividing the principal, including accrued interest pursuant to the
Note being converted by the Conversion Price.  The “Conversion Price”
shall be equal to $0.0015 per share as may be adjusted from time to time as set
forth below.

    

    A.  In
order to exercise the conversion privilege, Payee shall give written notice of
conversion to Maker stating Payee’s election to convert this Note or the portion
thereof (the “Conversion Notice Date”) in whole or in part, as specified in said
notice.  As promptly as practicable after receipt of the notice, Maker
shall issue and shall deliver to Payee a certificate or certificates for the
number of full shares of ICC WORLDWIDE, INC. Common Stock issuable upon the
conversion of this Note or portion thereof registered in the name of Payee in
accordance with the provisions of this Section 5.

    

    B.  Each
conversion shall be deemed to have been effected on the date the conversion
notice shall have been received by Maker, as aforesaid, and Payee shall be
deemed to have become on said date the Payee of record of the shares of Common
Stock issuable upon such conversion.  No fractional shares of Common
Stock shall be issued upon conversion of this Note.  Any amounts so
converted shall not be reborrowed.

    

    C. The Payee shall not be entitled to
shares upon conversion, if such conversion would result in beneficial ownership
by the Payee and its affiliates of more than 4.99% of the outstanding shares of
common stock of the Company on such exercise or Conversion Notice Date,
including:

    

    (i) the
number of shares of common stock beneficially owned by the Payee and its
affiliates.

    

    (ii) the
number of shares of common stock issuable upon the exercise of the warrant
and/or options and/or conversion.

    

    For the purposes of this provision,
beneficial ownership shall be determined in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended, and Regulation 13d-3
thereunder.  The Payee may void the exercise limitation described in
this Section upon 61 days prior written notice to the Company.  The
Payee may allocate which of the equity of the Company deemed beneficially owned
by the Payee shall be included in the 4.99% amount described above and which
shall be allocated to the excess above 4.99%.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    D. In the event that a conversion
notice is sent to the Maker, and the shares are not issuable to the Payee
because it would cause the Payee’s shareholdings in the Company to exceed 4.99%,
the Maker shall instead issue a two year non-interest bearing, fixed price,
convertible note, with the same terms as herein, except that the conversion
price shall be fixed and equal to the conversion price on the notice of
conversion as may be adjusted from time to time under Section 5(F)
below.  At the two year maturity of the non-interest bearing fixed
price convertible note, if Payee’s shareholdings in the Company still exceed
4.99% under this Section 5, then the conversion option shall lapse and any
principal and accrued interested shall be immediately due and payable by
Maker.

    

    E. In the event that a conversion
notice is sent to the Maker, and there are insufficient authorized shares of
Common Stock available to meet the conversion commitment requested by Payee
under the Note after giving recognition to all other direct or contingent
commitments of the Company to issue shares as of the date of this Note, the
Maker shall instead issue a 180 day  note bearing interest at 10% per
year with the same terms as herein except that the conversion price shall be
fixed and equal to the lesser of a) $.0015 or b) the closing price of the
Company’s common stock on the date of notice of conversion as may be adjusted
from time to time by Section 5(F) below. At maturity of the 180 day note, Maker
shall pay the note and any accrued interest thereon by paying cash equal to the
higher of either a) the principal plus accrued interest then due or b) the
amount equal to the daily weighted average closing price during the 180 day
period multiplied by the number of shares in the conversion commitment
unfulfilled due to insufficient authorized common shares.

    

    F. In case the Company shall at any
time subdivide or combine the outstanding shares of Common Stock, the Conversion
Price shall forthwith be proportionately decreased in the case of the
subdivision or proportionately increased in the case of combination to the
nearest one tenth of one cent. Any such adjustment shall become effective at the
close of business on the date that such subdivision or combination shall become
effective.

    

    6.  Covenants.  Maker
covenants and agrees that, so long as any indebtedness is outstanding hereunder,
it will comply with each of the following covenants (except in any case where
Payee has specifically consented otherwise in writing):

    

    A.  Financial
Reporting.  Maker shall timely file all forms required of a “Reporting
Company”, under Section 13 of the Securities Exchange Act of 1934.

    

    B.  Notice of Event of
Default.  Maker shall furnish to Payee notice of the occurrence of any
Event of Default (as defined herein) within five (5) days after it becomes known
to an executive officer of Maker.

    

    7.  Event of
Default.  For purposes of this Note, the Maker shall be in default
hereunder (and an “Event of Default” shall have occurred hereunder)
if:

    

    A.  Maker shall fail to pay
when due any payment of principal, interest, fees, costs, expenses or any other
sum payable to Payee hereunder or otherwise;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    B.  Maker shall default in
the performance of any other agreement or covenant contained herein (other than
as provided in subparagraph A above), and such default shall continue uncured
for twenty (20) days after notice thereof to Maker given by Payee, or if an
Event of Default shall occur under any other Loan Document;

    

    C.  Maker: becomes insolvent,
bankrupt or generally fails to pay its debts as such debts become due; is
adjudicated insolvent or bankrupt; admits in writing its inability to pay its
debts; or shall suffer a custodian, receiver or trustee for it or substantially
all of its property to be appointed and if appointed without its consent, not be
discharged within thirty (30) days; makes an assignment for the benefit of
creditors; or suffers proceedings under any law related to bankruptcy,
insolvency, liquidation or the reorganization, readjustment or the release of
debtors to be instituted against it and if contested by it not dismissed or
stayed within ten (10) days; if proceedings under any law related to bankruptcy,
insolvency, liquidation, or the reorganization, readjustment or the release of
debtors is instituted or commenced by Maker; if any order for relief is entered
relating to any of the foregoing proceedings; if Maker shall call a meeting of
its creditors with a view to arranging a composition or adjustment of its debts;
or if Maker shall by any act or failure to act indicate its consent to, approval
of or acquiescence in any of the foregoing.

    

    8.  Consequences of
Default.  Upon the occurrence of an Event of Default and at any time
thereafter, the entire unpaid principal balance of this Note, together with
interest accrued thereon and with all other sums due or owed by Maker hereunder,
shall become immediately due and payable.  In addition, the principal
balance and all past-due interest shall thereafter bear interest at the rate of
18% per annum until paid.

    

    9.  Liquidated
Damages/Remedies not Exclusive.

    

    A.           The
remedies of Payee provided herein or otherwise available to Payee at law or in
equity shall be cumulative and concurrent, and may be pursued singly,
successively and together at the sole discretion of Payee, and may be exercised
as often as occasion therefore shall occur; and the failure to exercise any such
right or remedy shall in no event be construed as a waiver or release of the
same.

    

    B.           Liquidated
Damages In the event that the Company fails to deliver the shares when due,
whether by Section 4 or 5, or otherwise, the number of shares otherwise due
shall increase by 5% for each month or partial month, until the Company does
deliver such shares. The parties agree that this is a reasonable amount for
liquidated damages, given the difficulty to determine, in advance, what actual
damages may lie.

    

    10.  Notice.  All
notices required to be given to any of the parties hereunder shall be in writing
and shall he deemed to have been sufficiently given for all purposes when
presented personally to such party or sent by certified or registered mail,
return receipt requested, to such party at its address set forth
below:

    

    If to the
Maker:                     ICC
WORLDWIDE, INC.

    3334 E.
Coast Hwy #424

    Corona del
Mar, CA 92625

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    If to the
Payee:                     The
Stealth Fund, LLLP

    1800
2nd
Street, Suite 758

    
      	
               
      

            	
              Sarasota,
      FL 34236

            

    

    

    Such
notice shall be deemed to be given when received if delivered personally or five
(5) business days after the date mailed.  Any notice mailed shall be
sent by certified or registered mail.  Any notice of any change in
such address shall also be given in the manner set forth
above.  Whenever the giving of notice is required, the giving of such
notice may be waived in writing by the party entitled to receive such
notice.

    

    11.  Piggyback Registration
Rights.  If, at any time prior to the maturity of this note, or
while shares converted hereunder are still held by Holder, the Company proposes to conduct an
offering of its securities so as to register any of its securities under the
Securities Act of 1933 (the “Act”), including under an S-1 Registration
Statement or otherwise, it will at such time give written notice to the Holder,
or their assigns, of its intention to do so.  Upon the written request
of the Holder, or assigns, given within ten (10) days after receipt of any such
notice, the Company will use its best efforts to cause the conversion shares to
be registered under the Act (with the securities which it at the time propose to
register). All expenses incurred by the Company in complying with this Section,
including without limitation all registration and filing fees, listing fees,
printing expenses, fees and disbursements of all independent accountants, or
counsel for the Company and the expense of any special audits incident to or
required by any such registration and the expenses of complying with the
securities or blue sky laws of any jurisdiction shall be paid by the
Company.

    

    12.  Severability.  In the
event that any provision of this Note is held to be invalid, illegal or
unenforceable in any respect or to any extent, such provision shall nevertheless
remain valid, legal and enforceable in all such other respects and to such
extent as may be permissible.  Any such invalidity, illegality or
unenforceability shall not affect any other provisions of this Note, but this
Note shall be construed as if such invalid, illegal or unenforceable provision
had never been contained herein.

    

    13.  Successors and Assigns.
This Note inures to the benefit of the Payee and binds the Maker, and its
respective successors and assigns, and the words “Payee” and “Maker” whenever
occurring herein shall be deemed and construed to include such respective
successors and assigns.

    

    14.  Entire
Agreement.  This Note embodies the entire understanding and agreement
between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, whether express or implied,
oral and written.

    

    15.  Modification of
Agreement.  This Note may not be modified, altered or amended, except
by an agreement in writing signed by both the Maker and the Payee.

    

    16.  Governing
Law.  This instrument shall be construed according to and governed by
the laws of the State of Florida.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    17.  Consent to Jurisdiction
and Service of Process.  Maker irrevocably appoints each and every
officer of Maker as its attorney upon whom may be served any notice, process or
pleading in any action or proceeding against it arising out of or in connection
with this Note; and Maker hereby consents that any action or proceeding against
it be commenced and maintained in any court within the State of Florida by
service of process on any such, officer; and Maker agrees that the courts of the
State of Florida shall have jurisdiction with respect to the subject matter
hereof and the person of Maker. Notwithstanding the foregoing, Payee, in its
absolute discretion may also initiate proceedings in the courts of any other
jurisdiction in which Maker may be found or in which any of its properties may
be located.

    

    18.  Tranches.  Maker has
requested that Payee advance funds to Maker as follows:

    $115,000
on December 12, 2008

    $ 135,000
on December 15, 2008

    $  50,000
on January 1, 2009

    

    IN
WITNESS WHEREOF, Maker has duly executed this Note on December 15,
2008.

    

    

    

    
      	
               
      

            	
              ICC
      WORLDWIDE, INC.

            

    

    

    

    

    /s/ Richard K. Lauer

    
      	
               
      

            	
              -------------------------------------

            

    

    
      	
               
      

            	
              Richard
      K. Lauer,
PresidentUnassociated Document

    EXHIBIT 4.2

    

    THIS
WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE OF THIS
WARRANT (COLLECTIVELY, THE "SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE
OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE
SECURITIES ACT.

    

    WARRANT
TO PURCHASE

    

    WARRANT
#2008-2

    

    COMMON
STOCK, PAR VALUE $.0001 PER SHARE

    

    OF

    

    ICC
WORLDWIDE, INC.

    

          This
certifies that, for value received, The Stealth Fund, LLLP, or registered
assigns ("Warrantholder"), is entitled to purchase from ICC Worldwide, Inc.,
(the "Company"), subject to the provisions of this Warrant, at any time and from
time to time until 5:00 p.m. Pacific Standard Time on January 1, 2014, four
million five hundred thousand (4,500,000) shares of the Company's Common Stock,
par value $.0001 per share ("Warrant Shares"). The purchase price payable upon
the exercise of this Warrant shall be $.0015 per Warrant Share. The Warrant
Price and the number of Warrant Shares which the Warrantholder is entitled to
purchase is subject to adjustment upon the occurrence of the contingencies set
forth in Section 3 of this Warrant, and as adjusted from time to time, such
purchase price is hereinafter referred to as the "Warrant Price."

    

    This Warrant is subject to the
following terms and conditions:

    

    I.
Exercise of Warrant.

    

                (a)
This Warrant may be exercised in whole or in part but not for a fractional
share. Upon delivery of this Warrant at the offices of the Company or at such
other address as the Company may designate by notice in writing to the
registered holder hereof with the Subscription Form annexed hereto duly
executed, accompanied by payment of the Warrant Price for the number of Warrant
Shares purchased (in cash, by certified, cashier's or other check acceptable to
the Company, by Common Stock of the Company having a Market Value (as
hereinafter defined) equal to the aggregate Warrant Price for the Warrant Shares
to be purchased, or any combination of the foregoing), the registered holder of
this Warrant shall be entitled to receive a certificate or certificates for the
Warrant Shares so purchased. Such certificate or certificates shall be promptly
delivered to the Warrantholder. Upon any partial exercise of this Warrant, the
Company shall execute and deliver a new Warrant of like tenor for the balance of
the Warrant Shares purchasable hereunder.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

                (b)
In lieu of exercising this Warrant pursuant to Section 1(a), the holder may
elect to receive shares of Common Stock equal to the value of this Warrant
determined in the manner described below (or any portion thereof remaining
unexercised) upon delivery of this Warrant at the offices of the Company or at
such other address as the Company may designate by notice in writing to the
registered holder hereof with the Notice of Cashless Exercise Form annexed
hereto duly executed. In such event the Company shall issue to the holder a
number of shares of the Company's Common Stock computed using the following
formula:

    

                      X
= Y(A-B)/A

    

    Where X =
the number of shares of Common Stock to be issued to the holder.

                
Y = the number of shares of Common Stock purchasable under this Warrant (at the
date of such calculation).

              
  A = the Market Value of the Company's Common Stock on the business
day immediately preceding the day on which the Notice of Cashless Exercise is
received by the Company.

              
  B = Warrant Price (as adjusted to the date of such
calculation).

    

                (c)
The Warrant Shares deliverable hereunder shall, upon issuance, be fully paid and
non-assessable and the Company agrees that at all times during the term of this
Warrant it shall cause to be reserved for issuance such number of shares of its
Common Stock as shall be required for issuance and delivery upon exercise of
this Warrant.

    

                (d)
For purposes of this Warrant, the Market Value of a share of Common Stock on any
date shall be equal to (i) the closing bid price per share as published by a
national securities exchange on which shares of Common Stock (or other units of
the security) are traded (an "Exchange") on such date or, if there is no bid for
Common Stock on such date, the bid price on such exchange at the close of
trading on the next earlier date or, (ii) if shares of Common Stock are not
listed on a national securities exchange on such date, the closing bid price per
share as published on the National Association of Securities Dealers Automatic
Quotation System ("NASDAQ") National Market System if the shares are quoted on
such system on such date, or (iii) the closing bid price in the over-the-counter
market at the close of trading on such date if the shares are not traded on an
exchange or listed on the NASDAQ National Market System, or (iv) if the Common
Stock is not traded on a national securities exchange or in the over-the-counter
market, the fair market value of a share of Common Stock on such date as
determined in good faith by the Board of Directors. If the holder disagrees with
the determination of the Market Value of any securities of the Company
determined by the Board of Directors under Section 1(d)(iv) the Market Value of
such securities shall be determined by an independent appraiser acceptable to
the Company and the holder (or, if they cannot agree on such an appraiser, by an
independent appraiser selected by each of them, and Market Value shall be the
median of the appraisals made by such appraisers). If there is one appraiser,
the cost of the appraisal shall be shared equally between the Company and the
holder. If there are two appraisers, each of the Company and the holder shall
pay for its own appraisal.

    

    II.
Transfer or Assignment of Warrant.

    

                (a)
Any assignment or transfer of this Warrant shall be made by surrender of this
Warrant at the offices of the Company or at such other address as the Company
may designate in writing to the registered holder hereof with the Assignment
Form annexed hereto duly executed and accompanied by payment of any requisite
transfer taxes, and the Company shall, without charge, execute and deliver a new
Warrant of like tenor in the name of the assignee for the portion so assigned in
case of only a partial assignment, with a new Warrant of like tenor to the
assignor for the balance of the Warrant Shares purchasable.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

                (b)
Prior to any assignment or transfer of this Warrant, the holder thereof shall
deliver an opinion of counsel to the Company to the effect that the proposed
transfer may be effected without registration under the Act.

    

    III.
Adjustment of Warrant Price and Warrant Shares -- Anti-Dilution
Provisions.

    

                A.
(1) Except as hereinafter provided, in case the Company shall at any time after
the date hereof issue any shares of Common Stock (including shares held in the
Company's treasury) without consideration, then, and thereafter successively
upon each issuance, the Warrant Price in effect immediately prior to each such
issuance shall forthwith be reduced to a price determined by multiplying the
Warrant Price in effect immediately prior to such issuance by a
fraction:

    

                      (a)
the numerator of which shall be the total number of shares of Common Stock
outstanding immediately prior to such issuance, and

    

                      (b)
the denominator of which shall be the total number of shares of Common Stock
outstanding immediately after such issuance.

    

                For
the purposes of any computation to be made in accordance with the provisions of
this clause (1), the following provisions shall be applicable:

    

                            (i)
Shares of Common Stock issuable by way of dividend or other distribution on any
stock of the Company shall be deemed to have been issued and to be outstanding
at the close of business on the record date fixed for the determination of
stockholders entitled to receive such dividend or other distribution and shall
be deemed to have been issued without consideration. Shares of Common Stock
issued otherwise than as a dividend, shall be deemed to have been issued and to
be outstanding at the close of business on the date of issue.

    

                            (ii)
The number of shares of Common Stock at any time outstanding shall not include
any shares then owned or held by or for the account of the Company.

    

            (2)
In case the Company shall at any time subdivide or combine the outstanding
shares of Common Stock, the Warrant Price shall forthwith be proportionately
decreased in the case of the subdivision or proportionately increased in the
case of combination to the nearest one cent. Any such adjustment shall become
effective at the close of business on the date that such subdivision or
combination shall become effective.

    

                B.
In the event that the number of outstanding shares of Common Stock is increased
by a stock dividend payable in shares of Common Stock or by a subdivision of the
outstanding shares of Common Stock, which may include a stock split, then from
and after the time at which the adjusted Warrant Price becomes effective
pursuant to the foregoing Subsection A of this Section by reason of such
dividend or subdivision, the number of shares issuable upon the exercise of this
Warrant shall be increased in proportion to such increase in outstanding shares.
In the event that the number of outstanding shares of Common Stock is decreased
by a combination of the outstanding shares of Common Stock, then, from and after
the time at which the adjusted Warrant Price becomes effective pursuant to such
Subsection A of this Section by reason of such combination, the number of shares
issuable upon the exercise of this Warrant shall be decreased in proportion to
such decrease in outstanding shares.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

                C.
In the event of an adjustment of the Warrant Price, the number of shares of
Common Stock (or reclassified stock) issuable upon exercise of this Warrant
after such adjustment shall be equal to the number determined by
dividing:

    

                      (1)
an amount equal to the product of (i) the number of shares of Common Stock
issuable upon exercise of this Warrant immediately prior to such adjustment, and
(ii) the Warrant Price immediately prior to such adjustment, by

    

                      (2)
the Warrant Price immediately after such adjustment.

    

                  D.
In the case of any reorganization or reclassification of the outstanding shares
of Common Stock (other than a change in par value, or from par value to no par
value, or from no par value to par value, or as a result of a subdivision or
combination) or in the case of any consolidation of the Company with, or merger
of the Company with, another  corporation, or in the case of any sale,
lease or conveyance of all, or substantially all, of the property, assets,
business and goodwill of the Company as an entity, the holder of this Warrant
shall thereafter have the right upon exercise to purchase the kind and amount of
shares of stock and other securities and property receivable upon such
reorganization, reclassification, consolidation, merger or sale by a holder of
the number of shares of Common Stock which the holder of this Warrant would have
received had all Warrant Shares issuable upon exercise of this Warrant been
issued immediately prior to such reorganization, reclassification,
consolidation, merger or sale, at a price equal to the Warrant Price then in
effect pertaining to this Warrant (the kind, amount and price of such stock and
other securities to be subject to adjustment as herein
provided).

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

                E.
In case the Company shall, at any time prior to the expiration of this Warrant
and prior to the exercise thereof, dissolve, liquidate or wind up its affairs,
the Warrantholder shall be entitled, upon the exercise thereof, to receive, in
lieu of the Warrant Shares of the Company which it would have been entitled to
receive, the same kind and amount of assets as would have been issued,
distributed or paid to it upon such  Warrant Shares of the Company,
had it been the holder of record of shares of Common Stock receivable upon the
exercise of this Warrant on the record date for the determination of those
entitled to receive any such liquidating distribution. After any such
dissolution, liquidation or winding up which shall result in any distribution in
excess of the Warrant Price provided for by this Warrant, the Warrantholder may
at its option exercise the same without making payment of the aggregate Warrant
Price and in such case the Company shall upon the distribution to said
Warrantholder consider that the aggregate Warrant Price has been paid in full to
it and in making settlement to said Warrantholder, shall deduct from the amount
payable to such Warrantholder an amount equal to the aggregate Warrant
Price.

    

                F.
In case the Company shall, at any time prior to the expiration
of  this Warrant and prior to the exercise thereof make a distribution
of assets (other than cash) or securities of the Company to its stockholders
(the "Distribution") the Warrantholder shall be entitled, upon the exercise
thereof, to receive, in addition to the Warrant Shares it is entitled to
receive, the same kind and amount of assets or securities as would have been
distributed to it in the Distribution had it been the holder of record of shares
of Common Stock receivable upon exercise of this Warrant on the record date for
determination of those entitled to receive the Distribution.

    

                G.
Irrespective of any adjustments in the number of Warrant Shares and the Warrant
Price or the number or kind of shares purchasable upon exercise of this Warrant,
this Warrant may continue to express the same price and number and kind of
shares as originally issued.

    

    III.
Officer's Certificate.

    

     Whenever
the number of Warrant Shares and the Warrant Price shall be adjusted pursuant to
the provisions hereof, the Company shall forthwith file, at its principal
executive office a statement, signed by the Chairman of the Board, President, or
one of the Vice Presidents of the Company and by its Chief Financial Officer or
one of its Treasurers or Assistant Treasurers, stating the adjusted number of
Warrant Shares and the new Warrant Price calculated to the nearest one hundredth
and setting forth in reasonable detail the method of calculation and the facts
requiring such adjustment and upon which such calculation is based. Each
adjustment shall remain in effect until a subsequent adjustment hereunder is
required. A copy of such statement shall be mailed to the
Warrantholder.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IV.
Charges, Taxes and Expenses

    

    The
issuance of certificates for Warrant Shares upon any exercise of this Warrant
shall be made without charge to the Warrantholder for any tax or other expense
in respect to the issuance of such certificates, all of which taxes and expenses
shall be paid by the Company, and such certificates shall be issued only in the
name of the Warrantholder.

    

    V.
Miscellaneous.

    

                (a)
The terms of this Warrant shall be binding upon and shall inure to the benefit
of any successors or assigns of the Company and of the holder or holders hereof
and of the shares of Common Stock issued or issuable upon the exercise
hereof.

    

                (b)
No holder of this Warrant, as such, shall be entitled to vote or receive
dividends or be deemed to be a stockholder of the Company for any purpose, nor
shall anything contained in this Warrant be construed to confer upon the holder
of this Warrant, as such, any rights of a stockholder of the Company or any
right to vote, give or withhold consent to any corporate action, receive notice
of meetings, receive dividends or subscription rights, or
otherwise.

    

                (c)
Receipt of this Warrant by the holder hereof shall constitute acceptance of an
agreement to the foregoing terms and conditions.

    

                (d)
The Warrant and the performance of the parties hereunder shall be construed and
interpreted in accordance with the laws of the State of Delaware and the parties
hereunder consent and agree that the State and Federal Courts which sit in the
State of Delaware and the County of Kent shall have exclusive jurisdiction with
respect to all controversies and disputes arising hereunder.

    

          IN
WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly
authorized officer and its corporate seal to be affixed hereto.

    

    Date
Warrant Effective: December 15, 2008

    

                                            ICC
WORLDWIDE, INC.

    

    

                                            BY:
/s/ Richard K.Lauer

                                                ------------------------------------

                                                Richard
K Lauer

                                                President

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    SUBSCRIPTION
FORM

    

    (TO BE
EXECUTED BY THE REGISTERED HOLDER

    IF HE
DESIRES TO EXERCISE THE WARRANT)

    

    To: ICC
WORLDWIDE, INC.

    

          The
undersigned hereby exercises the right to purchase _________ shares
of

    Common
Stock, par value $.0001 per share, covered by the attached Warrant
in

    accordance
with the terms and conditions thereof, and herewith makes payment
of

    the
Warrant Price for such shares in full.

    

    

                      Signature:
_______________________________________

    

    

                      Address:
_________________________________________

    

    

    

    DATED:
___________________________

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

                       NOTICE
OF EXERCISE OF COMMON STOCK WARRANT

                 PURSUANT
TO NET ISSUE ("CASHLESS") EXERCISE PROVISIONS

    

    Attention:
Corporate Secretary

    ICC
Worldwide, Inc.

    3334 E.
Coast Highway #424

    Corona
del Mar, CA 92625

    
      	 
      	 
      
	
              Aggregate
      Price of Warrant

            	
              $
      _______________

            
	 
      	 
      
	
              Aggregate
      Price Being Exercised

            	
              $________________

            
	 
      	 
      
	
              Warrant
      Price (per Shares)

            	
                ________________

            

    

    

    Number of
Shares of Common Stock to be Issued Under this
Notice:______________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    CASHLESS
EXERCISE

    

    Gentlemen:

    

          The
undersigned, registered holder of the Warrant to Purchase Common Stock delivered
herewith ("Warrant") hereby irrevocably exercises such Warrant for, and
purchases thereunder, shares of the Common Stock of ICC Worldwide, Inc.., a
Delaware corporation, as provided below. Capitalized terms used herein, unless
otherwise defined herein, shall have the meanings given in the Warrant. The
portion of the Aggregate Price (as hereinafter defined) to be applied toward the
purchase of Common Stock pursuant to this Notice of Exercise is $__________,
thereby leaving a remainder Aggregate Price (if any) equal to $__________. Such
exercise shall be pursuant to the net issue exercise provisions of Section I.
(b) of the Warrant; therefore, the holder makes no payment with this Notice of
Exercise.

    

    The
number of shares to be issued pursuant to this exercise shall be determined by
reference to the formula in Section I.(b)of the Warrant which requires the use
of the Market Value (as defined in Section I.(d) of the Warrant) of the
Company's Common Stock on the business day immediately preceding the day on
which this Notice is received by the Company. To the extent the foregoing
exercise is for less than the full Aggregate Price of the Warrant, the remainder
of the Warrant representing a number of Shares equal to the quotient obtained by
dividing the remainder of the Aggregate Price by the Warrant Price (and
otherwise of like form, tenor and effect) may be exercised under Section I(a) of
the Warrant. For purposes of this Notice the term "Aggregate Price" means the
product obtained by multiplying the number of shares of Common Stock for which
the Warrant is exercisable times the Warrant Price.

    

                      Signature:_____________________________________

    

                      Address:______________________________________

    

                      Date:__________________________________________

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