Document:

exv10w14

 

EXHIBIT 10.14

SIXTH AMENDMENT TO CREDIT AGREEMENT

     THIS SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Sixth Amendment”), dated as of July
31, 2007, by and among the lender listed on the signature pages hereof as Lender (the
“Lender”), DYNAMEX INC., a Delaware corporation (the “Borrower”), DYNAMEX
OPERATIONS EAST, INC., a Delaware corporation, DYNAMEX OPERATIONS WEST, INC., a Delaware
corporation, DYNAMEX CANADA HOLDINGS, INC., a Delaware corporation, DYNAMEX PROVINCIAL COURIERS,
INC., a Delaware corporation, DYNAMEX FRANCHISE HOLDINGS, INC., a Delaware corporation, DYNAMEX
DOMESTIC FRANCHISING, INC., a Delaware corporation, DYNAMEX FLEET SERVICES, INC., a Delaware
corporation, BANK OF AMERICA, N.A., in its capacity as a lender (the “Lender”), and BANK OF
AMERICA, N.A., as administrative agent for itself and the Lender (in such capacity, the
“Administrative Agent”).

BACKGROUND

     A. The Borrower, the other Loan Parties (as defined in the Credit Agreement defined below),
the Lender and the Administrative Agent are parties to that certain Credit Agreement, dated as of
March 2, 2004, as amended by that certain First Amendment to Credit Agreement, dated as of April
22, 2005, that certain Second Amendment to Credit Agreement, dated as of November 10, 2005, that
certain Third Amendment to Credit Agreement, dated as of December 23, 2005, that certain Fourth
Amendment to Credit Agreement, dated as of July 21, 2006, and that certain Fifth Amendment, dated
as of October 5, 2006 (said Credit Agreement, as amended, the “Credit Agreement”; the terms
defined in the Credit Agreement and not otherwise defined herein shall be used herein as defined in
the Credit Agreement).

     B. The Borrower has requested an amendment to the Credit Agreement.

     C. The Lender and the Administrative Agent hereby agree to such request, subject to the terms
and conditions set forth herein.

     NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set
forth, and for other good and valuable consideration, the receipt and adequacy of which are all
hereby acknowledged, the parties hereto covenant and agree as follows:

     1. AMENDMENT. Section 9.4 of the Credit Agreement is hereby amended by
amending clause (g) thereof to read as follows:

     (g) the Borrower may make Treasury Stock Purchases not to exceed $20,000,000 in
aggregate amount during any fiscal year.

     2. REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT. By its execution and
delivery hereof, the Borrower represents and warrants that, as of the date hereof, after giving
effect to the amendment provided for in Section 1 of this Sixth Amendment:

     (a) the representations and warranties contained in the Credit Agreement and the other Loan
Documents are true and correct on and as of the date hereof as made on and as of such date;

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     (b) no event has occurred and is continuing which constitutes a Default or an Event of
Default;

     (c) (i) the Borrower has full power and authority to execute and deliver this Sixth Amendment,
(ii) this Sixth Amendment has been duly executed and delivered by the Borrower, and (iii) this
Sixth Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid and
binding obligations of the Borrower, enforceable in accordance with their respective terms, except
as enforceability may be limited by applicable debtor relief laws and by general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and except
as rights to indemnity may be limited by federal or state securities laws;

     (d) neither the execution, delivery and performance of this Sixth Amendment or the Credit
Agreement, as amended hereby, nor the consummation of any transactions contemplated herein or
therein, will violate any Law or conflict with any organizational documents of the Borrower, or any
indenture, agreement or other instrument to which the Borrower or any of its property is subject;
and

     (e) no authorization, approval, consent, or other action by, notice to, or filing with, any
governmental authority or other Person (including the Board of Directors of the Borrower) not
previously obtained is required for the execution, delivery or performance by the Borrower of this
Sixth Amendment.

     3. CONDITIONS OF EFFECTIVENESS. This Sixth Amendment shall be effective as of July
31, 2007, upon satisfaction of the following conditions:

     (a) the representations and warranties set forth in Section 2 of this Sixth Amendment shall be
true and correct;

     (b) the Administrative Agent shall have received counterparts of this Sixth Amendment executed
by the Lender;

     (c) the Administrative Agent shall have received counterparts of this Sixth Amendment executed
by the Borrower and acknowledged by each other Loan Party; and

     (d) the Administrative Agent shall have received in form and substance satisfactory to the
Administrative Agent, such other documents, certificates and instruments as the Lenders shall
require.

     4. LOAN PARTY’S ACKNOWLEDGMENT. By signing below, each Loan Party (i) acknowledges,
consents and agrees to the execution, delivery and performance by the Borrower of this Sixth
Amendment, (ii) acknowledges and agrees that its obligations in respect of the Loan Documents to
which it is a party are not released, diminished, waived, modified, impaired or affected in any
manner by this Sixth Amendment, or any of the provisions contemplated herein, (iii) ratifies and
confirms its obligations under the Loan Documents to which it is a party, and (iv) acknowledges and
agrees that it has no claim or offsets against, or defenses or counterclaims to, its obligations
under the Loan Documents to which it is a party.

     5. RELEASE. IN CONSIDERATION OF THE LENDER’S EXECUTION OF THIS SIXTH AMENDMENT, EACH
OF THE LOAN PARTIES, IN EACH CASE ON BEHALF OF ITSELF AND EACH OF THEIR SUCCESSORS AND ASSIGNS
(COLLECTIVELY, THE “RELEASORS”), DOES VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER DISCHARGE EACH
LENDER, EACH EXITING LENDER AND ADMINISTRATIVE AGENT AND THEIR RESPECTIVE PREDECESSORS, OFFICERS,
DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS (EACH, A “RELEASED PARTY”) FROM ALL POSSIBLE
CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER,
KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR
CONDITIONAL, AT LAW OR IN EQUITY, ARISING ON OR BEFORE THE DATE THIS SIXTH AMENDMENT IS EXECUTED,
WHICH BORROWER OR ANY LOAN PARTY MAY NOW HAVE AGAINST ANY RELEASED PARTY, IF ANY, AND IRRESPECTIVE
OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR

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OTHERWISE, AND ARISING
FROM ANY “OBLIGATIONS”, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING,
RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE
EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT OR OTHER LOAN DOCUMENTS, AND
NEGOTIATION FOR AND EXECUTION OF THIS SIXTH AMENDMENT.

     6. REFERENCE TO THE CREDIT AGREEMENT.

     (a) Upon and during the effectiveness of this Sixth Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, or words of like import shall mean and be a reference
to the Credit Agreement, as affected by this Sixth Amendment.

     (b) Except as expressly set forth herein, this Sixth Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights or remedies of the
Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents,
and shall not alter, modify, amend, or in any way affect the terms, conditions, obligations,
covenants, or agreements contained in the Credit Agreement or the other Loan Documents, all of
which are hereby ratified and affirmed in all respects and shall continue in full force and effect.

     7. COSTS AND EXPENSES. The Borrower shall be obligated to pay the costs and expenses
of the Administrative Agent in connection with the preparation, reproduction, execution and
delivery of this Sixth Amendment and the other instruments and documents to be delivered hereunder.

     8. EXECUTION IN COUNTERPARTS. This Sixth Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which when taken together shall
constitute but one and the same instrument. For purposes of this Sixth Amendment, a counterpart
hereof (or signature page thereto) signed and transmitted by any Person party hereto to the
Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic mail is to be
treated as an original. The signature of such Person thereon, for purposes hereof, is to be
considered as an original signature, and the counterpart (or signature page thereto) so transmitted
is to be considered to have the same binding effect as an original signature on an original
document.

     9. GOVERNING LAW; BINDING EFFECT. This Sixth Amendment shall be governed by and
construed in accordance with the laws of the State of Texas (without giving effect to conflict of
laws) and the United States of America, and shall be binding upon the Borrower and each Lender and
their respective successors and assigns.

     10. HEADINGS. Section headings in this Sixth Amendment are included herein for
convenience of reference only and shall not constitute a part of this Sixth Amendment for any other
purpose.

     11. ENTIRE AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THIS SIXTH AMENDMENT, AND
THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AS TO THE SUBJECT MATTER
THEREIN AND HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS BETWEEN THE PARTIES.

REMAINDER OF PAGE LEFT INTENTIONALLY BLANK

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     IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amendment as of the date first
above written.

	 	 	 	 	 
	 	DYNAMEX INC.

 	 
	 	By:  	/S/ Ray Schmitz
 	 
	 	 	Name:  	Ray E. Schmitz 	 
	 	 	Title:  	Vice President — CFO 	 
	 
	 	DYNAMEX OPERATIONS EAST, INC.

DYNAMEX OPERATIONS WEST, INC.

DYNAMEX CANADA HOLDINGS, INC.

DYNAMEX PROVINCIAL COURIERS, INC.

DYNAMEX FRANCHISE HOLDINGS, INC.

DYNAMEX DOMESTIC FRANCHISING, INC.

DYNAMEX FLEET SERVICES, INC.

 	 
	 	By:  	/S/ Ray Schmitz
 	 
	 	 	Name:  	Ray E. Schmitz 	 
	 	 	Title:  	Vice President — CFO 	 
	 
	 	ADMINISTRATIVE AGENT:

BANK OF AMERICA, N.A.,

as Administrative Agent

 	 
	 	By:  	/S/ Michael F. Murray
 	 
	 	 	Name:  	Michael F. Murray 	 
	 	 	Title:  	SVP 	 
	 
	 	LENDER:

BANK OF AMERICA, N.A.,

 	 
	 	By:  	/S/ Michael F. Murray
 	 
	 	 	Name:  	Michael F. Murray 	 
	 	 	Title:  	SVP 	 
	 

EXHIBIT G

FORM OF COMPLIANCE CERTIFICATE

EXHIBIT
G — FORM OF COMPLIANCE CERTIFICATE — COVER PAGE  

 

 

COMPLIANCE CERTIFICATE

FOR                      ENDED                                         , 200     (THE “SUBJECT PERIOD”)

Date:                                         , 200    

Bank of America, N.A., as Administrative Agent

901 Main Street, 7th Floor

Dallas, Texas 75202

Attention: Dallas Commercial Banking

     Re:     Dynamex Inc.

     Reference is made to that certain Credit Agreement dated as of March 2, 2004 (as the same
maybe amended and in effect from time to time, the “Credit Agreement”), among Dynamex Inc.
(the “Borrower”) and certain of its Subsidiaries, the lenders named therein (the
“Lenders”) and Bank of America, N.A., as Administrative Agent for the Lenders (in such
capacity, the “Administrative Agent”). Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to such terms in the Credit Agreement.

     The undersigned hereby certifies to the Administrative Agent and the Lenders that, on the date
of this Certificate, (a) I am a Responsible Officer of the Borrower and each of its Subsidiaries,
(b) the financial statements of the Borrower and its Subsidiaries attached to this Certificate were
prepared in accordance with GAAP and present fairly the consolidated and (where applicable)
consolidating financial condition and results of operations of the Borrower and its Subsidiaries as
of the end of and for the Subject Period, (c) a review of the activities of each of the Borrower
and its Subsidiaries during the Subject Period has been made under my supervision with a view to
determining whether, during the Subject Period, each of the Borrower and its Subsidiaries have
kept, observed, performed and fulfilled all of its covenants, agreements and other obligations
under the Loan Documents, (d) during the Subject Period, each of the Borrower and its Subsidiaries
has kept, observed, performed and fulfilled each and every covenant, agreement and other obligation
under the Loan Documents (except for the deviations, if any, set forth on a schedule annexed to
this Certificate) and no Default or Event of Default has occurred during the Subject Period or
otherwise has occurred or exists which has not been cured or waived (except the Default or Event of
Default, if any, described on the schedule annexed to this Certificate), and (e) the status of
compliance by each of the Borrower and its Subsidiaries with certain covenants contained in the
Credit Agreement for the Subject Period is as set forth below:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	In Compliance for the
	 	 	 	 	 	 	 	 	 	 	Subject Period
	 	 	 	 	 	 	 	 	 	 	(Please Indicate)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	1)	 	Financial Statements and Reports (Section 8.1)	 	 
	 	 	(a)	 	Provide annual audited fiscal year end consolidated (with
unaudited consolidating schedules attached) financial statements
within 90 days of each fiscal year end, as required by Section 8.1(a) of the Credit Agreement.	 	Yes	 	 No
	 	 	(b)	 	Provide quarterly unaudited consolidated financial statements
within 45 days of each fiscal quarter end (for first, second and
third fiscal quarters only), as required by Section 8.1(b) of the
Credit Agreement.	 	Yes	 	 No

EXHIBIT G
— FORM OF COMPLIANCE CERTIFICATE — 1

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	In Compliance for the
	 	 	 	 	 	 	 	 	 	 	Subject Period
	 	 	 	 	 	 	 	 	 	 	(Please Indicate)
	 	 	(c)	 	Provide Compliance Certificate concurrently with the delivery
of the annual and quarterly financial statements referred to in
clauses (a) and (b) of Section 8.1 of the Credit Agreement, as
required by Section 8.1(c) of the Credit Agreement.	 	Yes	 	 No
	 	 	(d)	 	Provide fiscal year budget before the beginning of each
fiscal year, as required by Section 8.1(d) of the Credit
Agreement.	 	Yes	 	 No
	 	 	(e)	 	Concurrently with the delivery of the annual and quarterly
financial statements referred to in clauses (a) and (b) of
Section 8.1 of the Credit Agreement, provide certificate setting
forth certain information regarding the Collateral, as required
by Section 8.1(l)(i) of the Credit Agreement.	 	Yes	 	 No
	 	 	(f)	 	Provide a report summarizing all material insurance coverage
within 60 days prior to each fiscal year end, as required by
Section 8.1(n) of the Credit Agreement.	 	Yes	 	 No
	 	 	(g)	 	Provide other reports and information (including, without
limitation, management letters, information regarding litigation
and Defaults) required by Section 8.1 as and when required.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	2)	 	Debt Covenant (Section 9.1)	 	 
	 	 	None, except for Debt permitted by Section 9.1. Specify amount
of Debt for borrowed money incurred during the Subject Period:
$__________	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	3)	 	Liens Covenant (Section 9.2)	 	 
	 	 	None, except for Liens permitted by Section 9.2.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	4)	 	Mergers, Etc. Covenant (Section 9.3)	 	 
	 	 	None, except as permitted by Section 9.3. Disclose on an
attached schedule mergers, dissolutions, liquidations and
acquisitions consummated during the Subject Period.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	5)	 	Restricted Payments Covenant (Section 9.4)	 	 
	 	 	None, except as permitted by Section 9.4. Specify amount of any
dividends paid by the Borrower or any payments of principal of
Subordinated Debt paid or any Treasury Stock Purchases made
during the Subject Period: $_______.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	6)	 	Investments Covenant (Section 9.5)	 	 	 	 
	 	 	None, except as permitted by Section 9.5.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	7)	 	Limitation on Issuance of Capital Stock of Subsidiaries (Section 9.6)	 	 
	 	 	None, except as permitted by Section 9.6. Disclose on an
attached schedule any Capital Stock of Subsidiaries issued during
the Subject Period.	 	Yes	 	 No

EXHIBIT G
— FORM OF COMPLIANCE CERTIFICATE — 2

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	In Compliance for the
	 	 	 	 	 	 	 	 	 	 	Subject Period
	 	 	 	 	 	 	 	 	 	 	(Please Indicate)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	8)	 	Transactions with Affiliates (Section 9.7)	 	 
	 	 	None, except as permitted by Section 9.7.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	9)	 	Disposition of Property (Section 9.8)	 	 	 	 
	 	 	None, except as permitted by Section 9.8.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	10)	 	Sale and Leaseback (Section 9.9)	 	 
	 	 	None permitted.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	11)	 	Lines of Business (Section 9.10)	 	 
	 	 	No changes except as
permitted by Section 9.10.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	12)	 	Environmental Protection Covenant (Section 9.11).	 	 
	 	 	The Loan Parties do not conduct their operations outside the
limits set forth in Section 9.11 of the Credit Agreement.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	13)	 	Intercompany Transactions Covenant (Section 9.12).	 	 	 	 
	 	 	None except as
permitted by Section 9.12 of the Credit Agreement.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	14)	 	Modification of Other Agreements (Section 9.13)	 	 	 	 
	 	 	None, except as permitted by Section 9.13.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	15)	 	Deposit Accounts (Section 9.14)	 	 
	 	 	None to be created or maintained except as permitted by Section
9.14. Disclose on an attached schedule any new deposit accounts
opened during the Subject Period.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	16)	 	ERISA and Canadian Plans (Section 9.15).	 	 	 	 
	 	 	Do not fail to maintain Plans as required in Section 9.15 of the
Credit Agreement.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	17)	 	Activities of Certain Canadian Subsidiaries (Section 9.16).	 	 	 	 
	 	 	None as to Restricted Subsidiaries except as permitted by Section
9.16 of the Credit Agreement.	 	Yes	 	 No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	18)	 	Maximum Ratio of Funded Debt to EBITDA (Section 10.1)	 	 	 	 
	 	 	Must be equal to or less than 2.00 to 1.00	 	 	 	 
	 	 	(a)	 	Funded Debt:	 	$__________	 	 	 	 
	 	 	(b)	 	EBITDA:	 	$__________	 	 	 	 
	 	 	(c)	 	Ratio:	 	______ to 1.00	 	Yes	 	No
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	19)	 	Fixed Charge Coverage Ratio (Section 10.3)	 	 	 	 
	 	 	Must be equal to or greater than:	 	 	 	 
	 	 	1.50 to 1.00	 	 	 	 
	 

	 	(a)
	 	(i)
	 	Net Income:
	 	$__________	 	 	 	 
	 

	 	 	 	(ii)
	 	plus Interest Expense
	 	$__________	 	 	 	 
	 

	 	 	 	(iii)
	 	plus income and franchise taxes
	 	$__________	 	 	 	 
	 

	 	 	 	(iv)
	 	plus depreciation and amortization
expense and other non-cash items
	 	$__________	 	 	 	 
	 

	 	 	 	(v)
	 	minus non-cash income
	 	$__________	 	 	 	 
	 

	 	 	 	(vi)
	 	plus Lease Expense
	 	$__________	 	 	 	 
	 

	 	 	 	(vii)
	 	minus Capital Expenditures
	 	$__________	 	 	 	 
	 

	 	 	 	(viii)
	 	minus Dividends
	 	$__________	 	 	 	 
	 

	 	 	 	(ix)
	 	Total:
	 	$__________	 	 	 	 
	 	 	(b)	 	Fixed Charges:	 	$__________	 	 	 	 
	 	 	(c)	 	Ratio:	 	______ to 1.00	 	Yes 	 	No

EXHIBIT G
— FORM OF COMPLIANCE CERTIFICATE — 3  

 

 

	 	 	 	 	 
	 	DYNAMEX INC.

 	 
	 	By:  	 	 
	 	 	Name: 	 	 
	 	 	Title:  	 	 

EXHIBIT G — FORM OF COMPLIANCE CERTIFICATE — 4

 

 

	 	 	 	 	 

[Schedules to be attached if applicable.]

EXHIBIT G — FORM OF COMPLIANCE CERTIFICATE — 5exv4w28

 

EXHIBIT 4.28

BIOPURE CORPORATION

WARRANT

			
	Warrant No. EW-
	 	Dated: October [___], 2007

     Biopure Corporation, a Delaware corporation (the “Company”), hereby certifies that, for value
received, ___ or its registered assigns (including permitted transferees, the “Holder”), as
registered owner of this warrant (the “Warrant”), is entitled to purchase from the Company up to a
total of ___ shares (as adjusted from time to time as provided in Section 9) of Common
Stock (as defined below), together with the associated preferred stock purchase rights under that
certain Rights Agreement (the “Rights Agreement”) dated as of September 24, 1999 between the
Company and American Stock Transfer & Trust Company, as rights agent, to the extent the Rights
Agreement is in effect on the date of such purchase, at an exercise price equal to $[___] per
share (as adjusted from time to time as provided in Section 9, the “Exercise Price”) (125%
of the public offering price per unit), at any time and from time to time from and after October
[___], 2007 (the “Initial Exercise Date”) to and including October [___], 2012 (the “Expiration
Date”), and subject to the following terms and conditions.

     1. Definitions. The capitalized terms used herein and not otherwise defined shall
have the meanings set forth below:

               “Affiliate” of any specified Person means any other person or entity directly or indirectly
controlling, controlled by or under direct or indirect common control with such specified Person.
For purposes of this definition, “control” means the power to direct the management and policies of
such Person or firm, directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise.

               “Commission” means the United States Securities and Exchange Commission.

               “Common Stock” means the Class A common stock of the Company, $0.01 par value per share.

               “Eligible Market” means any of the New York Stock Exchange, the American Stock Exchange or
Nasdaq (as defined below), and any successor markets thereto.

               “Exchange Act” means the Securities Exchange Act of 1934, as amended

               “Market Price” shall mean (i) if the principal trading market for such securities is an
exchange, the average of the last reported sale prices per share for the last ten previous Trading
Days in which a sale was reported, as officially reported on any consolidated tape, (ii) if
clause (i) is not applicable, the average of the closing bid price per share for the last ten
previous Trading Days as set forth by Nasdaq or (iii) if clauses (i) and (ii) are not applicable,
the average of the closing bid price per share for the last ten previous Trading Days as set forth
in the National Quotation Bureau sheet listing for such securities. Notwithstanding the foregoing,
if

 

 

there is no reported sales price or closing bid price, as the case may be, on any of the ten
Trading Days preceding the event requiring a determination of Market Price hereunder, then the
Market Price shall be determined in good faith after reasonable investigation by resolution of the
Board of Directors of the Company.

               “Nasdaq” means the Nasdaq Global Market or Nasdaq Capital Market, and any successor markets
thereto.

               “Other Securities” refers to any capital stock (other than Common Stock) and other securities
of the Company or any other Person which the Holder of this Warrant at any time shall be entitled
to receive, or shall have received, pursuant to the terms hereof upon the exercise of this Warrant,
in lieu of or in addition to Common Stock.

               “Person” means any court or other federal, state, local or other governmental authority or
other individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or an agency or
subdivision thereof) or other entity of any kind.

               “Registration Statement” means the Company’s Registration Statement on Form S-1 (File No.
333-138049), as such registration statement is amended, supplemented or replaced.

               “Trading Day” means (a) any day on which the Common Stock is listed or quoted and traded on
any Eligible Market or (b) if the Common Stock is not then quoted and traded on any Eligible
Market, then a day on which trading occurs on the Nasdaq Global Market (or any successor thereto).

               “Warrant Shares” shall initially mean shares of Common Stock (together with the associated
preferred stock purchase rights under the Rights Agreement to the extent the Rights Agreement is in
effect on the applicable date) and in addition may include Other Securities and Substituted
Property (as defined in Section 9(e)(x)) issued or issuable from time to time upon exercise
of this Warrant.

     2. Registration of Warrant. The Company shall register this Warrant, upon records
to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the
record Holder hereof from time to time. The Company may deem and treat the registered Holder of
this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes.

     3. Registration of Transfers. The Company shall register the transfer of any portion
of this Warrant in the Warrant Register, upon surrender of this Warrant, with the Form of
Assignment attached hereto as Appendix A duly completed and signed, to the Company at its
address specified herein. Upon any such registration and transfer, a new warrant in substantially
the form of a Warrant (any such new warrant, a “New Warrant”), evidencing the portion of this
Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining
portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder.
The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a holder of a Warrant.

-2-

 

     4. Exercise and Duration of Warrant.

          (a) This Warrant shall be exercisable, either in its entirety or for a portion of the number
of Warrant Shares, by the registered Holder at any time and from time to time from and
after the Initial Exercise Date to and including the Expiration Date. At 5:00 P.M. New York
City time on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be
and become void and of no value, and the Holder hereof shall have no right to purchase any
additional Warrant Shares hereunder.

          (b) A Holder may exercise this Warrant by delivering to the Company, in accordance with
Section 13, this Warrant, together with (i) an exercise notice, in the form attached hereto
as Appendix B (the “Exercise Notice”), appropriately completed and duly signed, and (ii)
payment of the Exercise Price for the number of Warrant Shares as to which this Warrant is being
exercised (as set forth in Section 4(c) below), and the date such items are received by the
Company is an “Exercise Date.” Execution and delivery of an Exercise Notice in respect of less
than all of the Warrant Shares issuable upon exercise of this Warrant shall result in the
cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase
the remaining number of Warrant Shares.

          (c) The Holder shall pay the Exercise Price in cash, by certified bank check payable to the
order of the Company or by wire transfer of immediately available funds in accordance with the
Company’s instructions.

          (d) Except as otherwise provided for herein, this Warrant shall not entitle the Holder to any
voting rights or other rights as a stockholder of the Company by virtue of the ownership hereof.

          (e) Notwithstanding anything to the contrary herein, after the sixth (6th) month
anniversary of the date hereof, the Company may, by written notice to the Holder, require that the
Holder execute and deliver to the Company an Exercise Notice exercising all of the Warrant Shares
then held by such Holder within twenty Business Days of the date of the Company’s notice; provided,
however, that the Company may only provide such notice if the daily volume weighted average price
per share of the Common Stock for each of the ten consecutive Trading Days ended immediately prior
to the Company’s notice is equal to or greater than the Exercise Price multiplied by 1.5. At
5:00 P.M. New York City time on such 20th Business Day, the portion of this Warrant not
exercised prior thereto shall be and become void and of no value, and the Holder hereof shall have
no right to purchase any additional Warrant Shares hereunder.

     5. Delivery of Warrant Shares.

          (a) Upon exercise of this Warrant, the Company shall promptly issue or cause to be issued and
deliver or cause to be delivered to the Holder, in such name or names as the Holder may designate,
a certificate for the Warrant Shares issuable upon such exercise (the “Certificate”) bearing no
restrictive legends. The Holder, or any Person so designated by the Holder to receive the Warrant
Shares, shall be deemed to have become holder of record of such Warrant Shares as of the Exercise
Date.

          (b) The Warrant and the Warrant Shares have been registered pursuant to the Registration
Statement, and the Company covenants and agrees to maintain the effectiveness of the

-3-

 

Registration
Statement until the Expiration Date. Notwithstanding the foregoing, in the event that, prior to
the Expiration Date, the Company ceases to be eligible under the Securities Act of 1933, as amended
(the “Act”) or the rules and regulations promulgated thereunder, to maintain a registration
statement on Form S-1, or in the event that the Warrant or the Warrant Shares cease to be eligible
for inclusion in such Registration Statement to the extent necessary
to permit the Holder to exercise the Warrant and sell the Warrant Shares without restriction under the Act,
the Company will promptly (and in any event within 10 days of the date that the Warrant or any
Warrant Shares cease to be so eligible), amend or file a new registration statement under the Act
on a form eligible for use by the Company for the registration of such securities and use its best
efforts to have such registration statement declared effective by the Commission as soon as
practicable after such filing, which registration statement shall include such information as may
be required to permit the exercise of the Warrant and the sale of the Warrant Shares without
restriction under the Act. The Holder acknowledges and agrees that the Warrant shall be
exercisable pursuant to any such registration statement only at such times as the registration
statement is effective or in accordance with any applicable exemption from the registration
requirements of the Act. Upon such Registration Statement being declared effective by the
Commission, the Company shall use its best efforts to cause the Registration Statement to remain
effective for a period of at least six (6) consecutive months from the date that the Holders of the
Warrants and Warrant Shares covered by such Registration Statement are first given the opportunity
to sell all of such securities. In the event that ninety (90) days prior to the Expiration Date,
the Registration Statement registering the Warrant Shares is not effective or is withdrawn or the
Commission issues a stop order suspending the effectiveness of such Registration Statement, the
Company hereby agrees to extend the Expiration Date for (x) an additional ninety (90) days or (y)
until the Registration Statement is declared effective by the Commission, whichever period is
longer. During such time as the Warrant Shares are registered pursuant to any registration
statement under the Act, the Company further covenants and agrees to make timely filings of all
documents required to be filed under the Act or the Exchange Act in order to ensure that the
registration statement, including the documents incorporated by reference therein, if any, do not
contain an untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary in order to make the statements therein not misleading.

          (c) This Warrant is exercisable, either in its entirety or, from time to time, for a portion
of the number of Warrant Shares. Upon surrender of this Warrant following one or more partial
exercises, the Company shall issue or cause to be issued, at its expense, a New Warrant evidencing
the right to purchase the remaining number of Warrant Shares.

     6. Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of
Common Stock upon exercise of this Warrant shall be made without charge to the Holder for any issue
or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect
of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company;
provided, however, that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the issue, delivery or registration of any certificates for
Warrant Shares or Warrant in a name other than that of the Holder and that the Holder will be
required to pay any tax with respect to cash received in lieu of fractional shares. The Holder
shall be responsible for all other tax liability that may arise as a result of holding or
transferring this Warrant or receiving Warrant Shares upon exercise hereof.

-4-

 

     7. Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed,
the Company, at the sole expense of the Holder (such expenses, if any imposed by the Company to be
reasonable), shall issue or cause to be issued in exchange and substitution for and upon
cancellation hereof, or in lieu of and in substitution for this Warrant, a New Warrant, but only
upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction
and customary and reasonable indemnity, if requested by the Company.

     8. Reservation of Warrant Shares. The Company covenants that it will at all times
reserve and keep available out of the aggregate of its authorized but unissued and otherwise
unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon
exercise of this Warrant as herein provided, the number of Warrant Shares which are then issuable
and deliverable upon the exercise of this entire Warrant, free from all taxes, liens, claims,
encumbrances with respect to the issuance of such Warrant Shares and will not be subject to any
pre-emptive rights or similar rights (taking into account the adjustments and restrictions of
Section 9 hereof). The Company covenants that all Warrant Shares so issuable and
deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance
with the terms hereof, be duly and validly authorized, issued, fully paid and nonassessable. The
Company will take all such action as may be necessary to assure that such shares of Common Stock
may be issued as provided herein without violation of any applicable law or regulation, or of any
requirements of any securities exchange or automated quotation system upon which the Common Stock
may be listed or quoted, as the case may be; provided, however, that such actions shall only
require the Company’s best efforts (or other specified standard) to the extent specifically
provided for in this Warrant.

     9. Certain Adjustments. The Exercise Price and number of Warrant Shares issuable
upon exercise of this Warrant are subject to adjustment from time to time as set forth in this
Section 9. 

          (a) Stock Dividends. If the Company, at any time while this Warrant is outstanding, pays a
dividend on its Common Stock payable in additional shares of Common Stock or otherwise makes a
distribution on any class of capital stock that is payable in shares of Common Stock, then in each
such case the Exercise Price shall be multiplied by a fraction, (A) the numerator of which shall be
the number of shares of Common Stock outstanding immediately prior to the opening of business on
the day after the record date for the determination of stockholders entitled to receive such
dividend or distribution and (B) the denominator of which shall be the number of shares of Common
Stock outstanding immediately after the distribution date of such dividend or distribution. Any
adjustment made pursuant to this Section 9(a) shall become effective immediately after the
record date for the determination of stockholders entitled to receive such dividend or
distribution; provided, however, that if following such record date the Company rescinds or
modifies such dividend or distribution, the Exercise Price shall be appropriately adjusted (as of
the date that the Company effectively rescinds or modifies such dividend or distribution) to take
into account the effect of such rescinded or modified dividend or distribution on the Exercise
Price pursuant to this Section 9(a).

          (b) Stock Splits. If the Company, at any time while this Warrant is outstanding,
(i) subdivides outstanding shares of Common Stock into a larger number of shares, or (ii) combines
outstanding shares of Common Stock into a smaller number of shares, then in each such case the
Exercise Price shall be multiplied by a fraction, (A) the numerator of which shall

-5-

 

be the number of
shares of Common Stock outstanding immediately before such event and (B) the denominator of which
shall be the number of shares of Common Stock outstanding immediately after such event. Any
adjustment pursuant to this Section 9(b) shall become effective immediately after the
effective date of such subdivision or combination.

          (c) Reclassifications. A reclassification of the Common Stock (other than any such
reclassification in connection with a merger or consolidation to which Section 9(e)
applies) into shares of any other class of stock shall be deemed:

               (i) a distribution by the Company to the holders of its Common Stock of such shares of such
other class of stock for the purposes and within the meaning of this Section 9; and

               (ii) if the outstanding shares of Common Stock shall be changed into a larger or smaller
number of shares of Common Stock as part of such reclassification, such change shall be deemed a
subdivision or combination, as the case may be, of the outstanding shares of Common Stock for the
purposes and within the meaning of Section 9(b).

          (d) Other Distributions. If the Company, at any time while this Warrant is outstanding,
distributes to holders of Common Stock (i) evidences of its indebtedness, (ii) shares of any class
of capital stock, (iii) rights or warrants to subscribe for or purchase any shares of any class of
capital stock or (iv) any other asset, other than a distribution of Common Stock covered by
Section 9(a), (in each case, “Distributed Property”), then in each such case the Exercise
Price in effect immediately prior to the record date fixed for determination of stockholders
entitled to receive such distribution (and the Exercise Price thereafter applicable) shall be
adjusted (effective on and after such record date) to equal the product of such Exercise Price
multiplied by a fraction, (A) the numerator of which shall be Market Price on such record date less
the then fair market value of the Distributed Property distributed in respect of one outstanding
share of Common Stock, which, if the Distributed Property is other than cash or marketable
securities, shall be as determined in good faith by the Board of Directors of the Company whose
determination shall be described in a board resolution, and (B) the denominator of which shall be
the Market Price on such record date; provided, however, that if following the record date for such
distribution the Company rescinds or modifies such distribution, the Exercise Price shall be
appropriately adjusted (as of the date that the Company effectively rescinds or modifies such
distribution) to take into account the effect of such rescinded or modified distribution on the
Exercise Price pursuant to this Section 9(d).

          (e) Fundamental Transactions. If, at any time following the Initial Exercise Date, (i) the
Company effects any merger or consolidation of the Company with or into another Person, (ii) the
Company effects any sale of all or substantially all of its assets in one or a series of related
transactions or (iii) there shall occur any merger of another Person into the Company whereby the
Common Stock is cancelled, converted or reclassified into or exchanged for other securities, cash
or property (in any such case, a “Fundamental Transaction”), then, as a condition to the
consummation of such Fundamental Transaction, the Company shall (or, in the case of any Fundamental
Transaction in which the Company is not the surviving entity, the Company shall take all reasonable
steps to cause such other Person to) execute and deliver to the Holder of this Warrant a written
instrument providing that:

-6-

 

                    (x) so long as this Warrant remains outstanding, upon the exercise hereof at any time on or
after the consummation of such Fundamental Transaction and on such terms and subject to such
conditions as shall be nearly equivalent as may be practicable to the provisions set forth in this
Warrant, this Warrant shall be exercisable into, in lieu of Common Stock issuable upon such
exercise prior to such consummation, the securities or other property (the “Substituted Property”)
that would have been received in connection with such Fundamental Transaction by a holder of the
number of shares of Common Stock into which this Warrant was exercisable immediately prior to such
Fundamental Transaction, assuming such holder of Common Stock:

                         (A) is not a Person with which the Company consolidated or
into which the Company merged or which merged into the Company or to which such sale or
transfer was made, as the case may be (a “Constituent Person”), or an Affiliate of a Constituent
Person; and

                         (B) failed to exercise such Holder’s rights of election, if any, as to the kind or amount of
securities, cash and other property receivable in connection with such Fundamental Transaction
(provided, however, that if the kind or amount of securities, cash or other property receivable in
connection with such Fundamental Transaction is not the same for each share of Common Stock held
immediately prior to such Fundamental Transaction by a Person other than a Constituent Person or an
Affiliate thereof and in respect of which such rights of election shall not have been exercised (a
“Non-Electing Share”), then, for the purposes of this Section 9(e), the kind and amount of
securities, cash and other property receivable in connection with such Fundamental Transaction by
each Non-Electing Share shall be deemed to be the kind and amount so receivable per share by a
plurality of the Non-Electing Shares); and

                    (y) the rights and obligations of the Company (or, in the event of a transaction in which the
Company is not the surviving Person, such other Person) and the Holder in respect of Substituted
Property shall be as nearly equivalent as may be practicable to the rights and obligations of the
Company and Holder in respect of Common Stock hereunder.

               Such written instrument shall provide for adjustments which, for events subsequent to the
effective date of such written instrument, shall be as nearly equivalent as may be practicable to
the adjustments provided for in this Section 9. The above provisions of this
Section 9(e) shall similarly apply to successive Fundamental Transactions.

          (f) Adjustment of Warrant Shares. Simultaneously with any adjustment to the Exercise Price
pursuant to paragraphs (a) through (d) of this Section 9, the number of Warrant Shares that
may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so
that after such adjustment the aggregate Exercise Price payable hereunder for the increased or
decreased number of Warrant Shares shall be the same as the aggregate Exercise Price payable for
the Warrant Shares immediately prior to such adjustment.

          (g) Calculations. All calculations under this Section 9 shall be made to the nearest
cent or the nearest 1/100th of a share, as applicable. The number of shares of Common Stock
outstanding at any given time shall not include shares owned or held by or for the account of the
Company, and the disposition of any such shares shall be considered an issue or sale of Common
Stock.

-7-

 

          (h) Adjustments. Notwithstanding any provision of this Section 9, no adjustment of
the Exercise Price shall be required if such adjustment is less than $0.01; provided, however, that
any adjustments which by reason of this Section 9(h) are not required to be made shall be
carried forward and taken into account for purposes of any subsequent adjustment required to be
made hereunder.

          (i) Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this
Section 9, the Company will promptly deliver to the Holder a certificate executed by the
Company’s Chief Financial Officer setting forth, in reasonable detail, the event requiring such
adjustment and the method by which such adjustment was calculated, the adjusted Exercise Price and
the adjusted number or type of Warrant Shares or other securities issuable upon exercise of
this Warrant (as applicable). The Company will retain at its office copies of all such
certificates and cause the same to be available for inspection at said office during normal
business hours by the Holder or any prospective purchaser of the Warrant designated by the Holder.

          (j) Notice of Corporate Events. If the Company (i) declares a dividend or any other
distribution of cash, securities or other property in respect of its Common Stock, including,
without limitation, any granting of rights or warrants to subscribe for or purchase any capital
stock of the Company or any subsidiary of the Company, (ii) authorizes, approves, enters into any
agreement contemplating, or solicits stockholder approval for, any Fundamental Transaction or
(iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the
Company, then the Company shall deliver to the Holder a notice describing the material terms and
conditions of such transaction at least 15 calendar days prior to the applicable record or
effective date on which a Person would need to hold Common Stock in order to participate in or vote
with respect to such transaction, and the Company will take all steps reasonably necessary in order
to ensure that the Holder is given the practical opportunity to exercise this Warrant prior to such
time so as to participate in or vote with respect to such transaction; provided, however, that the
failure to deliver such notice or any defect therein shall not affect the validity of the corporate
action required to be described in such notice.

     10. Fractional Shares. The Company shall not be required to issue or cause to be
issued fractional Warrant Shares on the exercise of this Warrant. If any fraction of a Warrant
Share would, except for the provisions of this Section 10, be issuable upon exercise of
this Warrant, the Company shall make a cash payment to the Holder equal to (a) such fraction
multiplied by (b) the Market Price on the Exercise Date of one full Warrant Share.

     11. Listing on Securities Exchanges. The Company has listed, and will use its best
efforts to maintain the listing of, the Warrant Shares on Nasdaq. In furtherance and not in
limitation of any other provision of this Warrant, if the Company at any time shall list any Common
Stock on any Eligible Market other than Nasdaq, the Company will, at its expense, simultaneously
list the Warrant Shares (and use its best efforts to maintain such listing) on such Eligible
Market, upon official notice of issuance following the exercise of this Warrant; and the Company
will so list, register and use its best efforts to maintain such listing on any Eligible Market any
Other Securities, if and at the time that any securities of like class or similar type shall be
listed on such Eligible Market by the Company.

-8-

 

     12. Remedies. The Company stipulates that the remedies at law of the Holder of this
Warrant in the event of any default or threatened default by the Company in the performance of or
compliance with any of the terms of this Warrant are not and will not be adequate, and that such
terms may be specifically enforced by a decree for the specific performance of any agreement
contained herein or by an injunction against a violation of any of the terms hereof or otherwise.

     13. Notices. Any and all notices or other communications or deliveries hereunder
(including without limitation any Exercise Notice) shall be in writing and shall be mailed by
certified mail, return receipt requested, or by a nationally recognized courier service or
delivered (in person or by facsimile), against receipt to the party to whom such notice or other
communication is to be given. Any notice or other communication given by means permitted by this
Section 13 shall be deemed given at the time of receipt thereof. The address for such
notices or communications shall be as set forth below:

	 	 	 	 	 
	 

	 	If to the Company:
	 	Biopure Corporation
	 

	 	 	 	11 Hurley Street
	 

	 	 	 	Cambridge, MA 02141
	 
	 	 	 	 
	 

	 	If to the Holder:
	 	c/o Biopure Corporation
	 

	 	 	 	11 Hurley Street
	 

	 	 	 	Cambridge, MA 02141

Or such other address as is provided to such other party in accordance with this Section
13.

     14. Warrant Agent. The Company shall serve as warrant agent under this Warrant.
Upon a prompt written notice to the Holder, the Company may appoint a new warrant agent. Any
Person into which any new warrant agent may be merged, any Person resulting from any consolidation
to which any new warrant agent shall be a party or any Person to which any new warrant agent
transfers substantially all of its corporate trust or shareholders services business shall be a
successor warrant agent under this Warrant without any further act. Any such successor warrant
agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class
mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.

     15. Miscellaneous.

          (a) This Warrant may be assigned by the Holder. This Warrant may not be assigned by the
Company, except to a successor in the event of a Fundamental Transaction. This Warrant shall be
binding on and inure to the benefit of the parties hereto and their respective successors and
assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to
any Person other than the Company and the Holder any legal or equitable right, remedy or cause of
action under this Warrant. This Warrant may be amended only in writing signed by the Company and
the Holder and their successors and assigns.

          (b) The Company will not, by amendment of its governing documents or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the

-9-

 

terms of this Warrant, but will at all times in good faith assist in the carrying out of all such
terms and in the taking of all such action as may be necessary or appropriate in order to protect
 the rights of the Holder against impairment. Without limiting the generality of the
foregoing, the Company (i) will not increase the par value of any Warrant Shares above the amount
payable therefor upon exercise thereof, and (ii) will take all such action as may be reasonably
necessary or appropriate in order that the Company may validly and legally issue fully paid and
nonassessable Warrant Shares on the exercise of this Warrant, free from all taxes, liens, claims
and encumbrances and (iii) will not close its shareholder books or records in any manner which
interferes with the timely exercise of this Warrant.

          (c) This Warrant shall be governed by and construed and enforced in accordance with the laws
of the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of
the state and Federal courts sitting in the City of New York, Borough of Manhattan, for the
adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in
any suit, action or proceeding that it is not personally subject to the jurisdiction of any such
court or that such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Warrant
and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. THE PARTIES HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY.

          (d) Neither party shall be deemed in default of any provision of this Warrant, to the extent
that performance of its obligations or attempts to cure a breach hereof are delayed or prevented by
any event reasonably beyond the control of such party, including, without limitation, war,
hostilities, acts of terrorism, revolution, riot, civil commotion, national emergency, strike,
lockout, unavailability of supplies, epidemic, fire, flood, earthquake, force of nature, explosion,
embargo, or any other Act of God, or any law, proclamation, regulation, ordinance, or other act or
order of any court, government or governmental agency, provided that such party gives the other
party written notice thereof promptly upon discovery thereof and uses reasonable efforts to cure or
mitigate the delay or failure to perform.

          (e) The headings herein are for convenience only, do not constitute a part of this Warrant
and shall not be deemed to limit or affect any of the provisions hereof.

          (f) In case any one or more of the provisions of this Warrant shall be deemed invalid or
unenforceable in any respect, the validity and enforceability of the remaining terms and provisions
of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt
in good faith to agree upon a valid and enforceable provision which shall be a commercially
reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision
in this Warrant.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,

SIGNATURE PAGE FOLLOWS]

-10-

 

          IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized
officer as of the date first indicated above.

	 	 	 	 	 
	 	BIOPURE CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Public Warrant]

 

 

APPENDIX A

FORM OF ASSIGNMENT

(to be completed and signed only upon transfer of Warrant)

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                     the right represented by the within Warrant to purchase
           shares of Common Stock of Biopure Corporation to which the within warrant relates and
appoints                      attorney to transfer said right on the books of Biopure
Corporation with full power of substitution in the premises.

	 	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	(Signature must conform in all respects to
name of Holder as specified on face of the
Warrant)
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address of Transferee:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	In the presence of:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

APPENDIX B

FORM OF EXERCISE NOTICE

(To be executed by the Holder to exercise the right to purchase shares of Common Stock under the
foregoing Warrant)

	To:	 	Biopure Corporation

The undersigned is the Holder of Warrant No. [               ] (the “Warrant”) issued by Biopure
Corporation, a Delaware corporation (the “Company”). Capitalized terms used herein and not
otherwise defined have the respective meanings set forth in the Warrant.

	1.	 	The Warrant is currently exercisable to purchase a total of
___ Warrant Shares.
	 
	2.	 	The undersigned Holder hereby exercises its right to purchase
___ Warrant Shares
pursuant to the Warrant.
	 
	3.	 	The Holder shall pay the sum of $___ to the
Company in accordance with the terms of the Warrant.
	 
	4.	 	Pursuant to this exercise, the Company shall deliver to the Holder Warrant Shares in
accordance with the terms of the Warrant
	 
	5.	 	Following this exercise, the Warrant shall be exercisable to purchase a total of ___
Warrant Shares.

	 	 	 	 	 	 	 	 	 
	Dated:	 	 	 	 	 	Name of Holder:
	 

	 	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Print)	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	(Signature must conform in all respects to
name of Holder as specified on face of the
Warrant)

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