Document:

exv4w46

 

Exhibit 4.46

THE WARRANTS REPRESENTED BY THIS CERTIFICATE ARE NOT TRANSFERABLE AND SUCH WARRANTS WILL BE
VOID AND OF NO VALUE UNLESS EXERCISED BY 4:30 P.M. (VANCOUVER TIME) ON OR BEFORE APRIL 13, 2008.

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE
SECURITY BEFORE FEBRUARY 13, 2007.

WITHOUT THE PRIOR WRITTEN APPROVAL OF THE TORONTO STOCK EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE
SECURITIES LEGISLATION, THE COMMON SHARES ISSUABLE UPON THE EXERCISE OF THIS CERTIFICATE MAY NOT BE
SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TORONTO
STOCK EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL
FEBRUARY 13, 2007.

WARRANT CERTIFICATE

To Subscribe for and Purchase

Common Shares of

SPECTRUM SIGNAL PROCESSING INC.

 

			
	No.  l
	 	Warrant to Purchase l Common Shares

     THIS IS TO CERTIFY that, for value received, the receipt and sufficiency of which are hereby
acknowledged,  l  (the “Holder”) is entitled, subject to the terms and conditions hereinafter set
forth, to subscribe for and purchase from the Corporation  l  Common Shares (subject to adjustment as
hereinafter provided) of the Corporation by surrendering to the Corporation at its principal office
in the City of Vancouver, Province of British Columbia, this Warrant, together with a subscription
form, duly completed and executed, and cash or a certified cheque in lawful money of Canada payable
to or to the order of the Corporation for an amount equal to the Exercise Price multiplied by the
number of Common Shares then being purchased, on and subject to the terms and conditions set forth
below.

1.     Definitions.  In this Warrant, including the preamble, unless there is something in the
subject matter or context inconsistent herewith, the following terms shall have the following
meanings, respectively:

“Business Day” means a day other than a Saturday, Sunday or statutory holiday in the City of
Vancouver, British Columbia;

“Common Shares” means the common shares of the Corporation as the same are constituted on the date
hereof, whether now existing or hereafter created and includes any shares or securities into which
such shares may be converted or changed or which result from a consolidation, subdivision,
reclassification or redesignation of Common Shares or other such shares or securities which are
received as a stock dividend or distribution payable in Common Shares or other such shares or
securities of the Corporation or Common Shares or other such shares or securities received on the
exercise of any option, warrant or other similar right and any Common Shares or other such shares
or securities which may be received by the parties hereto or bound hereby as a result of an
amalgamation, merger, arrangement or other reorganization of or including the Corporation, and
where the context permits, includes any Common Shares issuable pursuant to any instrument of the
Corporation that is convertible into Common Shares or evidences the right to acquire Common Shares;

“Capital Reorganization” means any reclassification of Common Shares at any time outstanding or a
change of Common Shares into other shares or into other securities, or in case of the
consolidation, amalgamation or merger of the Corporation with or into any other corporation (other
than a consolidation, amalgamation or merger which does not

 

 

result in a reclassification of the outstanding Common Shares or a change of the Common Shares into
other shares), or in case of any transfer of the undertaking or assets of the Corporation as an
entirety or substantially as an entirety to another corporation, at any time while this Warrant
remains outstanding, in each case, other than a Qualified Sale;

“Corporation” means SPECTRUM SIGNAL PROCESSING INC., a corporation incorporated under the laws of
British Columbia;

“Exercise Price” has the meaning ascribed thereto in Section 2;

“Share Reorganization” has the meaning ascribed thereto in subsection 8.2;

“Subscription Form” means the form of subscription annexed hereto as Schedule “A”; and

“Warrant” means this warrant and any deed or instrument supplemental or ancillary hereto and any
schedules hereto or thereto and not to any particular article, section, subsection, clause,
subclause or other portion hereof.

2.     Exercise Price.  This Warrant entitles the Holder to subscribe for and purchase  l  Common
Shares at a price per Common Share of Cdn.$0.89 upon exercise of this Warrant, subject to
adjustment as hereinafter provided (the “Exercise Price”).

3.     Expiration of Warrants.  All rights under this Warrant in respect of which the right of
subscription and purchase therein provided for have not been exercised shall cease and this Warrant
shall be wholly void and of no valid or binding effect on the 13th day of April, 2008

4.     Exercise of Warrants.  The rights represented by this Warrant may be exercised by the
Holder, by the surrender of this Warrant, with the attached Subscription Form duly executed, at the
principal office of the Corporation at One Spectrum Court 200-2700 Production Way, Burnaby, British
Columbia, V5A 4X1 (or such other office or agency of the Corporation as it may designate by notice
in writing to the Holder at the address of the Holder appearing on the books of the Corporation at
any time during the period within which the rights represented by this Warrant may be exercised)
and upon payment to it for the account of the Corporation, by cash or by certified or bank
cashier’s cheque, of the Exercise Price for the number of Common Shares in respect of which this
Warrant is being exercised. The Corporation agrees that the shares subscribed for and purchased by
exercise of this Warrant shall be and be deemed to be issued to the Holder as the registered owner
of such shares as of the close of business on the date on which this Warrant shall have been
surrendered and payment made for such shares as aforesaid. Certificates for the shares so
purchased shall be delivered to the Holder within a reasonable time, not exceeding ten (10)
Business Days, after the rights represented by this Warrant shall have been so exercised.

5.     Not a Shareholder.  Nothing in this certificate or in the holding of a Warrant evidenced
hereby shall be construed as conferring upon the Holder any right or interest whatsoever as a
shareholder of the Corporation.

6.     Legending.  All certificates evidencing Common Shares issued on exercise of the
Warrants, shall bear the following legend unless such exchange or substitution occurs subsequent to
February 13, 2007 shall bear the following legend:

“UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE
SECURITY BEFORE FEBRUARY 13, 2007.”

“WITHOUT THE PRIOR WRITTEN APPROVAL OF THE TORONTO STOCK EXCHANGE AND COMPLIANCE WITH ALL
APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD,
TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TORONTO STOCK
EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL FEBRUARY 13, 2007.”

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7.     No Fractional Shares.  Notwithstanding any provisions to the contrary herein, the
Corporation shall not be required to issue any fractional shares in the capital of the Corporation
(unless such fractional shares arise from a consolidation of shares) in connection with any
exercise of the right to convert this Warrant into Common Shares, and in the event that the
calculation of the number of Common Shares issuable upon such exercise results in a number which
includes a fraction of whole shares, then the Corporation shall be required to issue the largest
number of whole shares into which the Warrant is exercisable, and the remainder of such amount
shall be paid in cash at the time of the issuance of the Common Shares in connection with the
exercise of this Warrant in an amount determined by the Corporation’s board of directors.

8.     Adjustment of Subscription Rights.

	 	8.1	 	Capital Reorganization.  If at any time while this Warrant remains outstanding
there shall be a Capital Reorganization (other than a Capital Reorganization that
constitutes a Qualified Sale), and the Holder exercises its right to purchase Common Shares
pursuant to this Warrant after the effective date of such Capital Reorganization, the Holder
shall be entitled to receive, and shall accept, in lieu of the number of Common Shares to
which it was theretofore entitled upon such exercise, the kind and amount of shares and
other securities or property which the Holder would have been entitled to receive as a
result of such reclassification, change, consolidation, amalgamation, merger or transfer if,
on the effective date thereof, the Holder had been the registered holder of the number of
Common Shares to which the Holder was theretofore entitled upon exercise. If necessary,
appropriate adjustments shall be made in the application of the provisions set forth in this
Section 8 with respect to the rights and interests thereafter of the Holder to the end that
the provisions set forth in this Section 8 shall thereafter correspondingly be made
applicable as nearly as may reasonably be possible in relation to any shares or other
securities or property thereafter deliverable upon the exercise of this Warrant. The
subdivision or consolidation of the Common Shares at any time outstanding into a greater or
lesser number of Common Shares shall be deemed not to be a reclassification of the capital
of the Corporation for the purposes of this subsection 8.1.
	 
	 	8.2	 	Share Reorganization.  If at any time while this Warrant remains outstanding, the
Corporation shall (i) subdivide any outstanding Common Shares into a greater number of
Common Shares, or (ii) consolidate any outstanding Common Shares into a lesser number of
Common Shares (any of such events in these clauses (i) and (ii) being called a “Share
Reorganization”), any holder who exercises its right to purchase Common Shares pursuant to
this Warrant after the effective date of such Share Reorganization shall be entitled to
receive, and shall accept, the number of Common Shares to which it would have been
theretofore entitled if, on the effective date of the Share Reorganization, the Holder had
been the registered holder of the number of Common Shares to which the Holder was
theretofore entitled upon exercise of this Warrant immediately prior to such Share
Reorganization.
	 
	 	8.3	 	Rules Regarding Calculation of Adjustment of

Number of Common Shares Purchasable Upon Exercise.

	 	8.3.1	 	In case the Corporation shall take any action affecting the Common Shares,
other than any action described in this Section 8, which would materially affect the
rights of the Holder, the number of Common Shares purchasable upon exercise of this
Warrant shall be adjusted, in consultation with but only with the consent of the
Holder.
	 
	 	8.3.2	 	The adjustments provided for in this Section 8 are cumulative and shall be
made successively whenever an event referred to herein shall occur.

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	 	8.3.3	 	In the event of any dispute arising with respect to the adjustments provided
in this Section 8, such question shall be conclusively determined by a firm of
chartered accountants (the costs of whom will be borne by the Corporation) appointed by
the Corporation and acceptable to the Holder, acting reasonably (who may be the
Corporation’s auditors), such accountants shall have access to all necessary records of
the Corporation and such determination shall be binding upon the Corporation and the
Holder.
	 
	 	8.3.4	 	As a condition precedent to the taking of any action which would result in an
adjustment to the number of Common Shares purchaseable upon the exercise of this
Warrant, the Corporation shall take any corporate action which may be necessary in
order that the securities to which the Holder is entitled on the full exercise of its
exercise right in accordance with the provisions hereof shall be available for such
purpose and that such shares may be validly and legally issued as fully paid and
non-assessable shares.
	 
	 	8.3.5	 	If the issuance of any Common Shares upon the exercise of this Warrant
requires any filing or registration with or approval of any governmental authority or
compliance with any other requirement under any law before such shares may be validly
issued upon such exercise, the Corporation agrees to take such actions as may be
necessary to secure such filing, registration, approval or compliance, as the case may
be; provided that, in the event that such filing, registration, approval or compliance
is required only by reason of the particular circumstances of or actions taken by any
such person, the Corporation will not be required to take such action.
	 
	 	8.3.6	 	The Corporation shall from time to time immediately after the occurrence of
any event which requires an adjustment in the number of Common Shares purchaseable upon
the exercise of this Warrant as above provided, deliver a certificate of an officer of
the Corporation to the Holder specifying the nature of the event requiring the
adjustment and the amount of the adjustment thereby necessitated and setting forth in
reasonable detail the method of calculation and the facts upon which such calculation
is based.

9.     Transfer.  The Warrants evidenced by this Warrant and all rights hereunder are not transferable.

10.   Exchange of Warrant.  In the event that this Warrant is exercised for less than the
maximum number of Common Shares which may be purchased hereunder, at the time of and as a condition
to the obligation of the Corporation to deliver the certificates representing the Common Shares,
the Holder shall surrender this Warrant and the Corporation shall issue a new warrant to represent
the right to subscribe for the remaining number of Common Shares calculated in accordance with the
provisions thereof.

11.   Mutilated or Missing Warrants.  Upon receipt of evidence satisfactory to the
Corporation of the loss, theft, destruction or mutilation of this Warrant and, in the case of any
such loss, theft or destruction, upon delivery of a bond or indemnity satisfactory to the
Corporation, acting reasonably, or, in the case of any such mutilation, upon surrender or
cancellation of this Warrant, the Corporation will issue to the Holder a new warrant of like tenor,
in lieu of this Warrant, representing the right to subscribe for and purchase the number of Common
Shares which may be subscribed for and purchased hereunder.

12.   Governing Law.  This Warrant shall be governed by and construed in accordance with the
laws of the Province of British Columbia and the laws of Canada applicable therein. The reference
to such laws shall not, by conflict of laws rules or otherwise, require the application of the law
of any jurisdiction other than the Province of British Columbia. The Corporation hereby
irrevocably attorns to the non-exclusive jurisdiction of the courts of the Province of British
Columbia.

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13.    Severability.  If any one or more of the provisions or parts thereof contained in this
Warrant should be or become invalid, illegal or unenforceable in any respect in any jurisdiction,
the remaining provisions or parts thereof contained herein shall be and shall be conclusively
deemed to be, as to such jurisdiction, severable therefrom and:

	 	(a)	 	the validity, legality or enforceability of such remaining provisions or parts
thereof shall not in any way be affected or impaired by the severance of the provisions
or parts thereof severed; and
	 
	 	(b)	 	the invalidity, illegality or unenforceability of any provision or part thereof
contained in this Warrant in any jurisdiction shall not affect or impair such provision
or part thereof or any other provisions of this Warrant in any other jurisdiction.

14.    Headings.  The headings of the sections, subsections, paragraphs, subparagraphs and
clauses of this Warrant have been inserted for convenience of reference only and do not define,
limit, alter or enlarge the meaning of any provision of this Warrant.

15.    Numbering of Articles, etc.  Unless otherwise stated, a reference herein to a numbered
or lettered section, subsection, paragraph, subparagraph or schedule refers to the section,
subsection, paragraph, subparagraph or schedule bearing that number or letter in this Warrant.

16.    Gender.  Whenever used in this Warrant, words importing the singular number only shall
include the plural, and vice versa, and words importing the masculine gender shall include the
feminine gender.

17.    Day not a Business Day.  In the event that any day on or before which any action is
required to be taken hereunder is not a Business Day, then such action shall be required to be
taken on or before the requisite time on the next succeeding day that is a Business Day. If the
payment of any amount is deferred for any period, then such period shall be included for purposes
of the computation of any interest payable hereunder.

18.    Binding Effect.  This Warrant and all of its provisions shall enure to the benefit of
the Holder and its successors and permitted assigns and shall be binding upon the Corporation and
its successors and permitted assigns. This Warrant is not assignable by the Holder without the
prior written consent of the Corporation.

5

 

          IN WITNESS WHEREOF the Corporation has caused this Warrant to be signed by its duly authorized
officers under its corporate seal, and this Warrant to be dated the 12th day of October,
2006.

	 	 	 	 	 
	 	SPECTRUM SIGNAL PROCESSING INC.

 

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	 	 

6

 

	 	 	 	 	 

SCHEDULE “A”

SPECTRUM SIGNAL PROCESSING INC.

SUBSCRIPTION FORM

(To be signed only upon exercise of this Warrant)

     The undersigned hereby exercises the within Warrant for the purchase of                      Common
Shares covered by such Warrant in accordance with the terms and conditions thereof, and herewith
makes payment of the exercise price in full.

     The undersigned hereby certifies to the Corporation that (check one):

	 	o 	 	The undersigned is not a U.S. Person, is not exercising this Warrant in the
United States, and is not exercising this Warrant on behalf of a U.S. Person or a
person in the United States; or
	 
	 	o 	 	The undersigned is delivering herewith a legal opinion of counsel (which must be
satisfactory to the Corporation) to the effect that the exercise of the Warrants is
not required to be registered under the United States Securities Act of 1993, as
amended (the “Act”), or any state securities laws.

     The terms “United States” and “U.S. Person” are as defined in Regulation S under the Act.

     The Corporation is instructed to issue certificates for such shares in the name of the
undersigned and to deliver the same to the address indicated.

	 	 	 
	 

	Name
	 	 
	 
 
	 	 
	 

	Street and Number

	 	City and Province
	 
 
	 	 
	Date:

	 
	 

	Purchaser’s Signature

[Signature must conform exactly with the name of the registered owner on the form of this Warrant.]

1Severance agreement with Mr. Pascal Spothelfer

 

Exhibit 4.47

November 2, 2006

Pascal Spothelfer

3570 Mathers Ave.

West Vancouver, BC

V7V 2L1

Dear Pascal,

As per our discussion on November 2, 2006, I would like to confirm the terms of your termination
package. November 3, 2006, will serve as the commencement date of your notice period and will be
your last day in the office. Your notice period, which will end August 3, 2007 (9 months), takes
into account the required pay in lieu of notice.

I have enjoyed working with you on the Board of Directors. I hope the following package will allow
you financial security during your transition period.

Spectrum will provide you with the following payments and benefits:

Salary

Subject to the mitigation clause below, the company will continue to pay your current salary of Cdn
$280,000 per annum on a semi-monthly basis between November 3, 2006 and December 31, 2006, at which
point the remaining balance of your severance will be paid out in one lump sum.

Vacation

Any vacation accrued and not taken to November 3, 2006, will be paid out by November 15, 2006.

Benefits

BC Medical (MSP), Dental, Extended Health, Vision, Term Life Insurance, AD&D, and the Employee
Assistance Program through RBC Insurance coverage will continue during the termination period (9
months). These benefits will be discontinued the earlier of the end of the termination period or
the date on which you secure alternate employment. Per the group policy with RBC Financial,
Long-term disability coverage will terminate effective December 15, 2006, as will your eligibility
for Short-term disability coverage, which Spectrum self-funds. Spectrum will reimburse you for the
difference in the cost of your current LTD coverage and the cost of individual LTD coverage through
the earlier of the end of the termination period or the date on which you secure alternate
employment.

Employer RRSP matching will continue through the end of 2006 or the date upon which you commence
alternate full time employment. In addition, the employee and employer equivalents of the RRSP
contributions for the balance of your continuance period into 2007 will be deducted on your
December 31, 2006 payroll.

Options

All of your stock options that have vested at the date of your termination (November 3, 2006) will
expire on the earlier of their expiry date or immediately following the Annual General Meeting of
2009 (two years from the time your current Board of Directors mandate expires).

 

 

Mitigation clause

Spectrum has agreed to waive the existing mitigation clause, which states “You will have an
obligation to mitigate your loss as a result of termination by finding alternate employment. Upon
successful location of replacement employment, Spectrum will pay as a lump sum, 50% of the
then-remaining balance of the base salary and average annual non discretionary bonus”. In exchange,
you will return 200,000 options into the Spectrum stock option pool.

Board of Directors

You will continue to be a member of the Board of Directors and it is the intention to have your
name included on the Board of Directors slate for re-election following the next Annual General
Meeting in May 2007. You will not be remunerated for your work on the Board of Directors during
your salary continuance period.

Computer Equipment

We agree that you may retain your existing laptop computer and Blackberry.

Non-Competition & Confidentiality

The provisions related to post-employment non-competition, non-solicitation and confidentiality, as
agreed to in your Employment Contract, will commence effective November 3, 2006. In order to
facilitate all of the above, it will be necessary for you to execute the attached release, which
confirms some terms of the employment contract, which survive the termination of your employment,
and also releases Spectrum from any further liability to you. In order to complete your severance
payment, please return your signed and witnessed release to our Manager, Human Resources, Victoria
Jones, no later than November 15, 2006.

Pascal, it has been a pleasure and an honor to work with you and I wish you all the best in you
future endeavors.

Please confirm your acceptance of the terms outlined above by counter signing this letter below.

Yours sincerely,

	 	 	 
	/s/ Irving Ebert
	 	 
	 
	 	 
	Irving Ebert 

Chair 

Board of Directors 

Spectrum Signal Processing Inc.
	 	 
	 
	 	 
	Read and accepted on November 1, 2006
	 	 
	 
	 	 
	/s/ Pascal Spothelfer
	 	 
	 
	 	 
	 

Pascal Spothelfer

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