Document:

Bridge Loan Note between the Company and Patti J. Ryan

 Exhibit 10.44 
 SPHERIC TECHNOLOGIES, INC. 
 BRIDGE
PROMISSORY NOTE 
 $41,000 February 11, 2009 
 FOR VALUE RECEIVED, SPHERIC TECHNOLOGIES,
INC., a Nevada corporation, with an address at 4708 East Van Buren Street, Phoenix, Arizona 85008, (the “Borrower”), promises to pay to NTC & Co. Custodian for Patti J. Ryan (the “Holder”), the
principal amount of Forty-one Thousand Dollars ($41,000), together with interest on the unpaid principal balance at an annual rate of ten percent (10%) in lawful money of the United States of America on or before the Maturity Date as
defined herein, with all Interest thereon as defined and specified herein. 
 This Note has been issued pursuant to, and is entitled to the
benefits of, that certain Subscription Agreement with respect to this Note to which Borrower and Holder are parties (the “Subscription Agreement”). Capitalized terms not defined herein have the meaning assigned to them in the Subscription
Agreement. This is one of a series of bridge promissory Notes, all of like tenor, except as to the identifying number, principal amount and holder thereof. 
 In connection with the Borrower’s issuance of this Note, the Borrower further agrees to sell and issue to Holder, a warrant, attached hereto as Exhibit A (the “Warrant”), to purchase that number
of shares of Borrower’s common stock, par value $0.001(the “Common Stock”) equal to the dollar amount of the Note. For example, if the principal amount of the Note is ten thousand dollars ($10,000), then the Holder shall be entitled
to a Warrant to purchase ten thousand (10,000) shares of Common Stock. This Note, the Warrant and the shares of Common Stock issuable upon exercise of the Warrant shall be referred to collectively as the “Securities.” 
 The following is a statement of the rights of Holder and the terms and conditions to which this Note is subject, and to which the Holder hereof, by the
acceptance of this Note, agrees: 
 129. Closing. The purchase and sale of this Note and the Warrant will place at the offices
of the Borrower on February 11, 2009, or at such other time and place as the Borrower and the Holder will mutually agree upon (which time and place are referred to as the “Closing”). At the Closing, the Holder will deliver to the
Borrower as payment in full for this Note and the Warrant to be purchased by the Holder at the Closing, the amounts set forth above in the first paragraph, by (i) a check payable to the Borrower’s order, (ii) wire transfer of funds to
the Borrower, or (iii) any combination of the foregoing. At the Closing, the Borrower shall deliver to Holder this Note, duly executed, in the principal amount set forth the first paragraph above, and the Warrant, duly executed. 
 130. Interest. This Note shall bear interest (“Interest”) at an annual rate of ten percent (10%) of the outstanding balance
of the Note. The Borrower shall pay the Interest in cash. In no event shall the rate of Interest payable on this Note exceed the maximum rate of interest permitted to be charged under applicable law. The Interest shall be due and payable on the
Maturity Date. 
 131. Payment. All payments under this Note shall first be credited against costs and
expenses provided for in this Note, second to the payment of any penalties, third to the payment of accrued and unpaid Interest, if any, and the remainder shall be credited against principal. All payments due hereunder shall be payable in legal
tender of the United States of America, and in same day funds delivered to the Holder by cashier’s check, certified check, bank wire transfer or any other means of guaranteed funds to the mailing address provided below, or at such other place
as the Holder shall designate in writing for such purpose from time to time. If a payment under this Note otherwise would become due and payable on a Saturday, Sunday or legal holiday (any other day being a “Business Day”), the due date of
the payment shall be extended to the next succeeding Business Day, and Interest, if any, shall be payable thereon during such extension. 
 132. Maturity Date. This Note shall be due and payable, including all accrued Interest thereon, on February 11, 2010 (the “Maturity Date”). At any time on or prior to the Maturity Date, the Borrower shall
have the 

  

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right to prepay this Note, in whole or in part, without penalty, on ten (10) days’ advance notice to the Holder. On such prepayment date, the
Borrower will pay in respect of the redeemed Note cash equal to the face amount, plus accrued Interest on the Note (or portion thereof) redeemed. 
 133. Unsecured Note. This Note is unsecured and, as such, is effectively subordinated to the prior payment in full of all secured indebtedness of the Borrower. The Holder shall have all available rights and remedies to enforce
Borrower’s obligations hereunder. 
 134. Default. The Borrower shall perform its obligations and covenants hereunder and
in each and every other agreement between the Borrower and the Holder pertaining to the Indebtedness evidenced hereby. The following provisions shall apply upon failure of the Borrower so to perform. 
 134.1 Event of Default. Any of the following events shall constitute an “Event of Default” hereunder:

 134.1.1 Failure by the Borrower to pay principal of the Note, when due and payable on the Maturity Date, provided that, if
the Note is not otherwise in default, the Borrower shall have a fifteen (15) day extension of the Maturity Date (the “Extension Period”) to make the payment required under the terms of this Note. If any amount owed by the Borrower
under this Note is not paid within such Extension Period, such failure to pay will be an Event of Default and the date of the Event of Default under this Paragraph 6.1.1 shall be as of the Maturity Date; 
 134.1.2 Failure of the Borrower to pay Interest when due hereunder, which failure continues for a period of thirty (30) days after the due date of
the amount involved; or 
 134.1.3 Except for Events of Default set forth in Paragraphs 6.1.1 and 6.1.2, failure of the Borrower to perform
any of the covenants, conditions, provisions or agreements contained herein, or in any other agreement between the Borrower and the Holder, including, but not limited to, the Subscription Agreement between the parties in relation to this Note which
failure continues for a period of ten (10) days after notice of default has been given to the Borrower by the Holder; provided, however, that if the nature of the Borrower’s obligation is such that more than ten
(10) days are required for performance, then an Event of Default shall not occur if the Borrower commences performance within such ten (10) day period and thereafter diligently prosecutes the same to completion; or 
 134.1.4 The entry of an order for relief under Federal Bankruptcy Code as to the Borrower or entry of any order appointing a receiver or trustee for the
Borrower or approving a petition in reorganization or other similar relief under bankruptcy or similar laws in the United States of America or any other competent jurisdiction, and if such order, if involuntary, is not satisfied or withdrawn within
sixty (60) days after entry thereof; or the filing of a petition by the Borrower seeking any of the foregoing, or consenting thereto; or the filing of a petition to take advantage of any debtor’s act; or making a general assignment for the
benefit of creditors; or admitting in writing inability to pay debts as they mature. 
 134.2
Acceleration. Upon any Event of Default (in addition to any other rights or remedies provided for under this Note), at the option of the Holder, all sums evidenced hereby, including all principal, Interest,
fees and all other amounts due hereunder, shall become immediately due and payable. If an Event of Default in the payment of principal or Interest should occur and be continuing with respect to the Note, the Holder may declare the principal,
Interest, fees and all other amounts due hereunder to be immediately due and payable. 
 134.3 Notice by
Borrower. Upon the happening of any Event of Default specified in this paragraph that is not cured within the respective periods prescribed above, the Borrower will give prompt written notice thereof to the Holder of
this Note. 
  

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 134.4 No Waiver. Failure of the Holder to exercise any option
hereunder shall not constitute a waiver of the right to exercise the same in the event of any subsequent Event of Default, or in the event of continuance of any existing Event of Default after demand or performance thereof. 
 134.5 Default Interest and Fees. 
 134.5.1 Default Interest will accrue on an unpaid principal or Interest due hereunder at the rate of ten percent (10%) per annum upon the occurrence of any Event of Default until the Event of Default is cured.
Default Interest shall be payable monthly basis commencing thirty (30) days after the Default Interest has begun accruing. Default Interest will be computed on a three hundred sixty (360)-day year. 
 135. Assignment, Transfer or Loss of the Note. 
 135.1 No Holder of this Note may assign, transfer, hypothecate or sell all or any part of this Note or in any way alienate or encumber the Note without the express written consent of the Borrower, the granting or
denial of which shall be within the absolute discretion of the Borrower. Any attempt to effect such transfer without the consent of the Borrower shall be null and void. The Borrower has not registered this Note under the Securities Act, or the
applicable securities laws of any state in reliance on exemptions from registration. Such exemptions depend upon the investment intent of each of the Holder at the time he or she acquires this Note. Each of the Holder is acquiring this Note for his
or her own account for investment purposes only and not with a view toward distribution or resale of such Note within the meaning of the Securities Act and the applicable securities laws of any state. The Borrower shall be under no duty to register
the Note or to comply with an exemption in connection with the sale, transfer or other disposition under the applicable laws and regulations of the Securities Act or the applicable securities laws of any state. The Borrower may require the Holder to
provide, at their expense, an opinion of counsel satisfactory to the Borrower to the effect that any proposed transfer or other assignment of the Note will not result in a violation of the applicable federal or state securities laws or any other
applicable federal or state laws or regulations. 
 135.2 All expenses, including reasonable legal fees incurred by the Borrower in
connection with any permitted transfer, assignment or pledge of this Note will be paid by the Holder requesting such transfer, assignment or pledge. 
 135.3 Upon receipt of evidence reasonably satisfactory to the Borrower of the loss, theft, destruction or mutilation of any Note and, in the case of any such loss, theft or destruction of any Note, upon delivery of an
indemnity bond in such reasonable amount as the Borrower may determine (or, in the case of any Note held by the original Noteholder, of an indemnity agreement reasonably satisfactory to the Borrower), or, in the case of any such mutilation, upon the
surrender of such Note to the Borrower at is principal office for cancellation, the Borrower at its expense will execute and deliver, in lieu thereof, a new Note of like tenor, dated the date to which interest hereunder shall have been paid on such
lost, stolen, destroyed or mutilated Note. 
 135.4 Subject to Subparagraph 7.1 above, the Holder may, at its option, either in person or by
duly authorized attorney, surrender this Note for registration of transfer at the principal office of the Borrower and, upon payment of any expenses associated with the transfer, receive in exchange therefor a Note or Notes, dated as of the date to
which interest has been paid on the Note so surrendered, each in the principal amount of $1,000 or any multiple thereof, for the same aggregate unpaid principal amount as the Note so surrendered and registered as payable to such person or persons as
may be designated by the Holder. Every Note surrendered for registration of transfer shall be duly endorsed or shall be accompanied by a written instrument of transfer duly executed by the Holder or their attorney duly authorized in writing. Every
Note, so made and delivered by the Borrower in exchange for any Note surrendered, shall in all other respects be in the same form and have the same terms as the Note surrendered. No transfer of any Note shall be valid unless made in such manner at
the principal office of the Borrower. 
 135.5 The Borrower may treat the person in whose name this Note is registered as the owner and
Holder of this Note for the purpose of receiving payment of all principal of and all Interest on this Note, and for all other purposes whatsoever, whether or not such Note shall be overdue and, except for transfers effected in accordance with this
subparagraph, the Borrower shall not be affected by notice to the contrary. 
  

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 136. Notices. All notices provided for herein shall be validly given if in writing and
delivered personally or sent by certified mail, postage prepaid, to the office of the Borrower or such other address as the Borrower may from time to time designate in writing sent by certified mail, postage prepaid, to the Holder at their address
set forth below or such other address as the Holder may from time to time designate in writing to the Borrower by certified mail, postage prepaid. 
 137. Usury. All Interest, Default Interest, fees, charges, goods, things in action or any other sums or things of value, or other contractual obligations (collectively, the “Additional Sums”) paid by the Borrower
hereunder, whether pursuant to this Note or otherwise, with respect to the Indebtedness evidenced hereby, or any other document or instrument in any way pertaining to the Indebtedness, which, under the laws of the State of Arizona may be deemed to
be Interest with respect to such loan or Indebtedness, shall, for the purpose of any laws of the State of Arizona, which may limit the maximum amount of Interest to be charged with respect to such loan or Indebtedness, be payable by the Borrower as,
and shall be deemed to be, Interest and for such purposes only, the agreed upon and contracted rate of Interest shall be deemed to be increased by the Additional Sums. Notwithstanding any provision of this Note to the contrary, the total liability
for payments in the nature of Interest under this Note shall not exceed the limits imposed by applicable law. The Borrower shall not assert a claim, and shall actively resist any attempts to compel it to assert a claim, respecting a benefit under
any present or future usury laws against any Holder of this Note. 
 138. Binding Effect. This Note shall be binding upon the
parties hereto and their respective heirs, executors, administrators, representatives, successors and permitted assigns. 
 139.
Collection Fees. Except as otherwise provided herein, the Borrower shall pay all costs of collection, including reasonable attorneys’ fees and all costs of suit and preparation for such suit (and whether at trial or appellate
level), in the event the unpaid principal amount of this Note, or any payment of Interest is not paid when due, or in the event the Holder are made party to any litigation because of the existence of the Indebtedness evidenced by this Note, or if at
any time the Holder should incur any attorneys’ fees in any proceeding under the Federal Bankruptcy Code (or other similar laws for the protection of debtors generally) in order to collect any Indebtedness hereunder or to preserve, protect or
realize upon any security for, or guarantee or surety of, such Indebtedness whether suit be brought or not, and whether through courts of original jurisdiction, as well as in courts of appellate jurisdiction, or through a bankruptcy court or other
legal proceedings. 
 140. Construction. This Note shall be governed as to its validity, interpretation, construction, effect
and in all other respects by and in accordance with the laws and interpretations thereof of the State of Arizona. Unless the context otherwise requires, the use of terms in singular and masculine form shall include in all instances singular and
plural number and masculine, feminine and neuter gender. 
 141. Severability. In the event any one or more of the provisions
contained in this Note or any future amendment hereto shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Note or such
other agreement, and in lieu of each such invalid, illegal or unenforceable provision there shall be added automatically as a part of this Note a provision as similar in terms to such invalid, illegal or unenforceable provision as may be possible
and be valid, legal and enforceable. 
 142. Entire Agreement. This Note represents the entire agreement and understanding
between the parties concerning the subject matter hereof and supersede all prior and contemporaneous agreements, understandings, representations and warranties with respect thereto. 
 143. Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this
Note shall be governed by the internal laws of the State of Arizona, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Arizona or any other 

  

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jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Arizona. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in the City of Phoenix, Arizona for the adjudication of any dispute hereunder or in connection herewith or therewith, or with any transaction contemplated hereby or discussed herein,
or in any manner arising in connection with or related to the transactions contemplated hereby or involving the parties hereto whether at law or equity and under any contract, tort or any other claim whatsoever and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of 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 or faxing a copy thereof to such party at the address for such
notices as listed in this Note 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. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND
AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS
NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 144. Representations and Warranties to Survive Closing. All representations, warranties and covenants contained herein shall survive the execution and delivery of this Note and the issuance of any shares of restricted Common
Stock upon the conversion hereof. 
 145. Headings. The headings used in this Note are used for convenience only and are not to
be considered in construing or interpreting this Note. 
 146. Definitions. 
 147. “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of
such Person directly or indirectly, whether through the ownership of Voting Stock, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 148. “Board of Directors” means, with respect to any Person, the Board of Directors of such Person or any committee
of the Board of Directors of such Person duly authorized to act on behalf of the Board of Directors of such Person. 
 149.
“Capital Stock” means, with respect to any Person, any and all shares, interests, equity participations or other equivalents (however designated) of corporate stock or partnership interests and any and all
warrants, options and rights with respect thereto (whether or not currently exercisable), including each class of common stock and preferred stock of such Person. 
 150. “GAAP” means generally accepted accounting principles as in effect in the United States of America as of the Issue Date. 
 151. “Holder” means a Person in whose name a Note is registered on the Borrower’s books. 
 152. “Indebtedness” means, without duplication, with respect to any Person, (a) all obligations of such Person
(i) in respect of borrowed money (whether or not the recourse of the lender is to the whole of the assets of such person or only to a portion thereof); (ii) evidenced by bonds, notes, debentures or similar instruments;
(iii) representing the balance deferred and unpaid of the purchase price of any property or services (other than accounts payable or other obligations arising in the ordinary course of business); (iv) evidenced by bankers’ acceptances
or similar instruments issued or accepted by banks, (v) for the payment of money relating to a capitalized lease obligation under GAAP; or (vi) evidenced by a letter of credit or a reimbursement obligation of such Person with respect to
any letter of credit; (b) all net obligations of such Person under interest rate swap obligations and foreign currency hedges; (c) all liabilities of others of the kind described in the preceding clauses (a) or (b) that such
Person 

  

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has guaranteed or that are otherwise its legal liability; (d) Indebtedness (as otherwise defined in this definition) of another Person secured by lien
on any asset of such Person, whether or not such Indebtedness is assumed by such Person, the amount of such obligations being deemed to be the lesser of (1) the full amount of such obligations so secured, and (2) the fair market value of
such asset, as determined in good faith by the Board of Directors of such Person, which determination shall be evidenced by a board resolution; and (e) any and all deferrals, renewals, extensions, refinancings and refundings (whether direct or
indirect) of, or amendments, modifications or supplements to, any liability of the kind described in any of the preceding clauses (a), (b), (c), (d) or this clause (e), whether or not between or among the same parties. 
 153. “Issue Date” means the date on which the Note is originally issued. 
 154. “Maturity Date” means February 11, 2010. 
 155. “Person” means any individual, corporation, partnership, joint venture, trust, estate, unincorporated
organization or government or any agency or political subdivision thereof. 
 156. A
“subsidiary” of any Person means (i) a corporation a majority of whose Voting Stock is at the time, directly or indirectly, owned by such Person, by one or more subsidiaries of such Person or by such
Person and one or more subsidiaries of such Person, (ii) a partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general or limited partner of such partnership, but only if such Person or its
subsidiary is entitled to receive more than fifty percent (50%) of the assets of such partnership upon its dissolution, or (iii) any other Person (other than a corporation or partnership) in which such Person, directly or indirectly, at
the date of determination thereof, has (x) at least a majority ownership interest or (y) the power to elect or direct the election of a majority of directors or other governing body of such Person. 
 157. “Subsidiary” means any subsidiary of the Borrower. 
 158. “Voting Stock” means, with respect to any Person, securities of any class or classes of Capital Stock in such
Person entitling the Holder thereof, whether at all times or only so long as no senior class of stock has voting power by reason of any contingency to vote in the election of members of the Board of Directors or other governing body of such Person.

 159. Miscellaneous. Except as otherwise provided herein, the Borrower waives demand, diligence, presentment for payment and
protest, notice of extension, dishonor, maturity and protest. Time is of the essence with respect to the performance of each and every covenant, condition, term and provision hereof. This Note may be executed by facsimile signature, which signature
shall be deemed to be binding upon the Borrower. 
  

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 160. IN WITNESS WHEREOF, this Note has been issued on
the 11th day of February, 2009. 
  

			
	SPHERIC TECHNOLOGIES, INC.
	
	 /s/ Joseph Hines

	Name:	 	Joseph Hines
	Title:	 	President and Chief Executive Officer

 Mailing Address of Holder: 
 NTC & Co. 
 Custodian for Patti J. Ryan 
 PO Box 173859 
 Denver, CO 80217-3859 
 Mailing Address of Borrower: 
 Spheric Technologies, Inc. 
 Attn: Joseph Hines, President 
 4708 East Van Buren Street 
 Phoenix, AZ 85008 
  

 7Bridge Loan Warrant between the Company and Patti J. Ryan

 Exhibit 10.45 
 THESE SECURITIES MAY NOT BE OFFERED OR SOLD UNLESS AT THE TIME OF SUCH OFFER OR SALE, THE PERSON MAKING SUCH OFFER OR SALE DELIVERS A PROSPECTUS MEETING THE REQUIREMENTS OF SECTION 10 OF THE SECURITIES ACT OF
1933, AS AMENDED (“ACT”), FORMING A PART OF A REGISTRATION STATEMENT, OR POST-EFFECTIVE AMENDMENT THERETO, WHICH IS EFFECTIVE UNDER SAID ACT, UNLESS IN THE OPINION OF COUNSEL TO THE CORPORATION, SUCH OFFER AND SALE IS EXEMPT FROM THE
PROVISIONS OF SECTION 5 OF SAID ACT. 
 SPHERIC TECHNOLOGIES, INC. 
 COMMON STOCK PURCHASE WARRANT 
  

			
	 No. B-005
	 	Date: February 11, 2009        

 SPHERIC TECHNOLOGIES, INC. (the
“Company”), a Nevada corporation, hereby certifies that, for value received of $0.01 per Warrant, NTC & Co. Custodian for Patti J. Ryan (the “Holder”), whose address is P.O. Box 173859, Denver, CO 80217-3859
is entitled, subject to the terms set forth below, at any time or from time to time after the one-year anniversary of the date hereof, and before the Expiration Date (as defined below), to purchase from the Company 41,000 shares (the
“Shares”) of common stock, $0.001 par value (the “Common Stock”), at a price of three dollars ($3.00) per share (the purchase price per share, as adjusted from time to time pursuant to the provisions hereunder, is referred to in
this Warrant as the “Purchase Price”). This Warrant is one in a series of related warrants, which were originally issued pursuant to a series of bridge promissory notes (the “Notes”). 
 41. Term of the Warrant. 
 41.1 Time of
Exercise. Subject to the provisions of Sections 1.5, “Transfer and Assignment,” and 3.1, “Registration and Legends,” this Warrant may be exercised at any time and from time to time after 9:00 a.m., M.S.T.,
on the one-year anniversary of the date hereof (the “Exercise Commencement Date”), but no later than 5:00 p.m., M.S.T., on February 11, 2014 (the “Expiration Date”), at which point it shall become void and all rights
under this Warrant shall cease. 
 41.2 Manner of Exercise. 
 41.2.1 The Holder may exercise this Warrant, in whole or in part, upon surrender of this Warrant with the form of subscription attached hereto duly
executed to the Company at its corporate office in Phoenix, Arizona together with the full Purchase Price for each Share to be purchased in lawful money of the United States, or by certified check, bank draft or postal or express money order payable
in United States dollars to the order of the Company, and upon compliance with and subject to the conditions set forth in this Warrant. 
 41.2.2 Upon receipt of this Warrant with the form of subscription duly executed and accompanied by payment of the aggregate Purchase Price for the Shares for which this Warrant is then being exercised, the Company shall cause to be issued
certificates or other evidence of ownership, for the total number of whole Shares for which this Warrant is being exercised in such denominations as are required for delivery to the Holder, and the Company shall thereupon deliver such documents to
the Holder or its nominee. 
 41.2.3 If the Holder exercises this Warrant with respect to fewer than all of the Shares that may be purchased
under this Warrant, the Company shall execute a new Warrant for the balance of the Shares that may be purchased upon exercise of this Warrant and deliver such new Warrant to the Holder. 
 41.2.4 The Company covenants and agrees that it will pay when due and payable any and all taxes which may be owed on behalf of the Company in respect of
the issue of this Warrant, or the issue of any Shares upon the exercise of this Warrant. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance or delivery of this Warrant
or of the Shares in a name other than that of the Holder at the time of surrender, and until the payment of such tax, the Company shall not be required to issue such Shares. 
  

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 41.2.5 The Company shall, at the time of any exercise of all or part of this Warrant, upon the request of
the Holder hereof, acknowledge in writing its continuing obligation to afford to such Holder any rights to which such Holders shall continue to be entitled after such exercise in accordance with the provisions of this Warrant, provided that if the
Holder of this Warrant shall fail to make any such request, such failure shall not affect the continuing obligations of the Company to afford to such Holder any such rights. 
 41.3 Exchange of Warrant. This Warrant may be split-up, combined or exchanged for another Warrant or Warrants of like tenor
to purchase a like aggregate number of Shares. If the Holder desires to split-up, combine or exchange this Warrant, it shall make such request in writing delivered to the Company at its corporate office and shall surrender this Warrant and any other
Warrants to be so split-up, combined or exchanged, the Company shall execute and deliver to the person entitled thereto a Warrant or Warrants, as the case may be, as so requested. The Company shall not be required to effect any split-up, combination
or exchange which will result in the issuance of a Warrant entitling the Holder to purchase upon exercise a fraction of a Share. The Company may require the Holder to pay a sum sufficient to cover any tax or governmental charge that may be imposed
in connection with any split-up, combination or exchange of Warrants. The term “Warrant” as used herein includes any Warrants issued in substitution for or replacement of this Warrant, or into which this Warrant may be divided or
exchanged. 
 41.4 Holder as Owner. Prior to due presentment for registration of transfer of this Warrant, the
Company may deem and treat the Holder as the absolute owner of this Warrant (notwithstanding any notation of ownership or other writing hereon) for the purpose of any exercise hereof and for all other purposes, and the Company shall not be affected
by any notice to the contrary. Irrespective of the date of issue and delivery of certificates for any Shares issuable upon the exercise of the Warrant, each person in whose name any such certificate is issued shall be deemed to have become the
holder of record of the Shares represented thereby on the date on which all or a portion of the Warrant surrendered in connection with the subscription therefor was surrendered and payment of the purchase price was tendered. No surrender of all or a
portion of the Warrant on any date when the stock transfer books of the Company are closed, however, shall be effective to constitute the person or persons entitled to receive Shares upon such surrender as the record holder of such Shares on such
date, but such person or persons shall be constituted the record holder or holders of such Shares at the close of business on the next succeeding date on which the stock transfer books are opened. Each person holding any Shares received upon
exercise of Warrant shall be entitled to receive only dividends or distributions payable to holders of record on or after the date on which such person shall be deemed to have become the holder of record of such Shares. 
 41.5 Transfer and Assignment. This Warrant may not be sold, hypothecated, exercised, assigned or transferred except in
accordance with and subject to the provisions of the Securities Act of 1933, as amended (the “Act”). 
 41.6 Method for
Assignment. Any assignment permitted under this Warrant shall be made by surrender of this Warrant to the Company at its principal office with the form of assignment attached hereto duly executed and funds sufficient to pay any
transfer tax. In such event, the Company shall, without charge, execute and deliver a new Warrant in the name of the assignee designated in such instrument of assignment and this Warrant shall promptly be canceled. This Warrant may be divided or
combined with other Warrants which carry the same rights upon presentation thereof at the corporate office of the Company together with a written notice signed by the Holder, specifying the names and denominations in which such new Warrants are to
be issued. 
 41.7 Rights of Holder. Nothing contained in this Warrant shall be construed as conferring upon the
Holder the right to vote or consent or receive notice as a stockholder in respect of any meetings of stockholders for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If, however, at
any time prior to the expiration of this Warrant and prior to its exercise, any of the following shall occur: 
 41.7.1 The Company shall
take a record of the holders of its shares of Common Stock for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of current or retained
earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company; or 
  

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 41.7.2 The Company shall offer to the holders of its Common Stock any additional shares of capital stock
of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor; or 
 41.7.3 There shall be proposed any capital reorganization or reclassification of the Common Stock, or a sale of all or substantially all of the assets of the Company, or a consolidation or merger of the Company with
another entity; or 
 41.7.4 There shall be proposed a voluntary or involuntary dissolution, liquidation or winding up of the Company; then,
in any one or more of said cases, the Company shall cause to be mailed to the Holder, at the earliest practicable time (and, in any event, not less than thirty (30) days before any record date or other date set for definitive action), written
notice of the date on which the books of the Company shall close or a record shall be taken to determine the stockholders entitled to such dividend, distribution, convertible or exchangeable securities or subscription rights, or entitled to vote on
such reorganization, reclassification, sale, consolidation, merger, dissolution, liquidation or winding up, as the case may be. Such notice shall also set forth such facts as shall indicate the effect of such action (to the extent such effect may be
known at the date of such notice) on the Purchase Price and the kind and amount of the Common Stock and other securities and property deliverable upon exercise of this Warrant. Such notice shall also specify the date as of which the holders of the
Common Stock of record shall participate in said distribution or subscription rights or shall be entitled to exchange their Common Stock for securities or other property deliverable upon such reorganization, reclassification, sale, consolidation,
merger, dissolution, liquidation or winding up, as the case may be (on which date, in the event of voluntary or involuntary dissolution, liquidation or winding up of the Company, the right to exercise this Warrant shall terminate). Without limiting
the obligation of the Company to provide notice to the holder of actions hereunder, it is agreed that failure of the Company to give notice shall not invalidate such action of the Company. 
 41.8 Lost Warrant Certificate(s). Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction
or mutilation of this Warrant, and, in the case of loss, theft or destruction of reasonably satisfactory indemnification, including a surety bond if required by the Company, and upon surrender and cancellation of this Warrant, if mutilated, the
Company will cause to be executed and delivered a new Warrant of like tenor and date. Any such new Warrant executed and delivered shall constitute an additional contractual obligation on the part of the Company, whether or not this Warrant so lost,
stolen, destroyed, or mutilated shall be at any time enforceable by anyone. 
 41.9 Covenants of the Company. The
Company covenants and agrees as follows: 
 41.9.1 At all times it shall reserve and keep available for the exercise of this Warrant into
Common Stock such number of authorized shares of Common Stock as are sufficient to permit the exercise in full of this Warrant into Common Stock; and 
 41.9.2 All Shares issued upon exercise of the Warrant shall be duly authorized, validly issued and outstanding, fully-paid and non-assessable. 
 42. Adjustment of Purchase Price and Number of Shares Purchasable Upon Exercise. 
 42.1
IPO. The Purchase Price of the Shares shall be reduced if the initial public offering price (the “IPO Price”) of the Common Stock sold in the initial public offering on registration statement Form S-1 filed on
October 15, 2008, Registration No. 333-154274 (the “IPO”), is less than six dollars ($6.00) per share, as follows: the Purchase Price shall be reduced from three dollars ($3.00) per share by the proportionate amount that the IPO
Price is less than six dollars ($6.00) per share. For example, if the IPO Price is five dollars and fifty cents per share ($5.50), then the Purchase Price shall be two dollars and seventy five cents ($2.75) per share. 
  

 3 

 42.2 Recapitalization. The number of Shares purchasable on exercise of this
Warrant and the Purchase Price therefor shall be subject to adjustment from time to time in the event that the Company shall: (i) pay a dividend in, or make a distribution of, shares of Common Stock, (ii) subdivide its outstanding shares
of Common Stock into a greater number of shares, (iii) combine its outstanding shares of Common Stock into a smaller number of shares, or (iv) spin-off a subsidiary by distributing, as a dividend or otherwise, shares of the subsidiary to
its stockholders. In any such case, the total number of shares purchasable on exercise of this Warrant immediately prior thereto shall be adjusted so that the Holder shall be entitled to receive, at the same aggregate purchase price, the number of
shares of Common Stock that the Holder would have owned or would have been entitled to receive immediately following the occurrence of any of the events described above had this Warrant been exercised in full immediately prior to the occurrence (or
applicable record date) of such event. An adjustment made pursuant to this Paragraph 2 shall, in the case of a stock dividend or distribution, be made as of the record date and, in the case of a subdivision or combination, be made as of the
effective date thereof. If, as a result of any adjustment pursuant to this Paragraph 2, the Holder shall become entitled to receive shares of two or more classes of series of securities of the Company, the Board of Directors of the Company shall
equitably determine the allocation of the adjusted purchase price between or among shares or other units of such classes or series and shall notify the Holder of such allocation. 
 42.3 Merger or Consolidation. In the event of any reorganization or recapitalization of the Company or in the event the
Company consolidates with or merges into another entity or transfers all or substantially all of its assets to another entity, then and in each such event, the Holder, on exercise of this Warrant as provided herein, at any time after the
consummation of such reorganization, recapitalization, consolidation, merger or transfer, shall be entitled, and the documents executed to effectuate such event shall so provide, to receive the stock or other securities or property to which the
Holder would have been entitled upon such consummation if the Holder had exercised this Warrant immediately prior thereto. In such case, the terms of this Warrant shall survive the consummation of any such reorganization, recapitalization,
consolidation, merger or transfer and shall be applicable to the shares of stock or other securities or property receivable on the exercise of this Warrant after such consummation and as an exchange for a larger or smaller number of shares, as the
case may be. 
 42.4 Subsequent Equity Sales. If the Company, while this Warrant is outstanding prior to the completion of the
IPO as described in Section 2.1, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common
Stock or Common Stock Equivalents entitling any Person to acquire shares of Common Stock, at an effective price per share less than the then Purchase Price (such lower price, the “Base Share Price” and such issuances collectively, a
“Dilutive Issuance”) (if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or
otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share which is less than the Purchase Price, such issuance shall be
deemed to have occurred for less than the Purchase Price on such date of the Dilutive Issuance), then the Purchase Price shall be reduced and only reduced to equal the Base Share Price and the number of Warrant Shares issuable hereunder shall be
increased such that the aggregate Purchase Price payable hereunder, after taking into account the decrease in the Purchase Price, shall be equal to the aggregate Purchase Price prior to such adjustment. Such adjustment shall be made whenever such
Common Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 2.4 in respect of an Exempt Issuance or at any time after the completion of the IPO as described
in Section 2.1. The Company shall notify the Holder in writing, no later than fifteen (15) Business Days following the issuance of any Common Stock or Common Stock Equivalents subject to this Section 2.4, indicating therein the
applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice the “Dilutive Issuance Notice”). For purposes of clarification, whether or not the Company provides a Dilutive
Issuance Notice pursuant to this Section 2.4, upon the occurrence of any Dilutive Issuance, after the date of such Dilutive Issuance the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of
whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. 
  

 4 

 42.5 Subsequent Rights Offerings. If the Company, while this Warrant is outstanding prior
to the completion of the IPO as described in Section 2.1, shall issue rights, options or warrants to all holders of Common Stock (and not to Holders) entitling them to subscribe for or purchase shares of Common Stock at a price per share less
than the Purchase Price at the record date mentioned below, then the Purchase Price shall be multiplied by a fraction, of which the denominator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or
warrants plus the number of additional shares of Common Stock offered for subscription or purchase, and of which the numerator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants plus the
number of shares which the aggregate offering price of the total number of shares so offered (assuming receipt by the Company in full of all consideration payable upon exercise of such rights, options or warrants) would purchase at such price.
Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 2.5 in respect of an Exempt Issuance or at any time after the completion of the IPO as described in Section 2.1. Such adjustment shall be made
whenever such rights or warrants are issued, and shall become effective immediately after the record date for the determination of stockholders entitled to receive such rights, options or warrants. 
 42.6 Notice of Dissolution or Liquidation. Except as otherwise provided in Section 2.2, “Merger or
Consolidation,” in the case of any sale or conveyance of all or substantially all of the assets of the Company in connection with a plan of complete liquidation of the Company, or in the case of the dissolution, liquidation or winding-up of the
Company, all rights under this Warrant shall terminate on a date fixed by the Company, such date so fixed to be not earlier than the date of the commencement of the proceedings for such dissolution, liquidation or winding-up and not later than
thirty (30) days after such commencement date. Notice of such termination of purchase rights shall be given to the Holder at least thirty (30) days prior to such termination date. 
 42.7 Statement of Adjustment. Any adjustment pursuant to the provisions of this Section 2 shall be made on the basis of
the number of Shares which the Holder would have been entitled to acquire by exercise of this Warrant immediately prior to the event giving rise to such adjustment and, as to the Purchase Price in effect immediately prior to the rise to such
adjustment. Whenever any such adjustment is required to be made, the Company shall forthwith determine the new number of Shares which the Holder hereof shall be entitled to purchase hereunder and/or such new Purchase Price and shall prepare, retain
on file and transmit to the Holder within ten (10) days after such preparation a statement describing in reasonable detail the method used in calculating such adjustment. 
 42.8 No Fractional Shares. The Company shall not issue any fraction of a Share in connection with the exercise of this
Warrant, and in any case where the Holder would, except for the provisions of this Section 2.5, be entitled under the terms of this Warrant to receive a fraction of a Share upon such exercise, the Company shall upon the exercise and receipt of
the Purchase Price, issue the largest number of whole Shares purchasable upon exercise of this Warrant. The Company shall not be required to make any cash or other adjustment in respect of such fraction of a Share to which the Holder would otherwise
be entitled. The Holder, by the acceptance of this Warrant, expressly waives his right to receive a certificate for any fraction of a Share upon exercise hereof. 
 42.9 No Change in Form Required. The form of Warrant need not be changed because of any change pursuant to this Section 2 in the Purchase Price or in the number of Shares purchasable
upon the exercise of a Warrant, may state the same Purchase Price and the same number of shares of Common Stock as are stated in the Warrants initially issued pursuant to the Agreement. 
 43. Registration Under the Securities Act of 1933. 
 43.1 Registration and
Legends. The Holder understands that (i) the Company has not registered the Warrant or the Shares under the Act, or the applicable securities laws of any state in reliance on exemptions from registration and (ii) such
exemptions depend upon the Holder’s investment intent at the time the Holder acquires the Warrant or the Shares. The Holder therefore represents and warrants that it is acquiring the Warrant, and will acquire the Shares, for the Holder’s
own account for investment and not with a view to distribution, assignment, resale or other transfer of the Warrant or the Shares. Because the Warrant and the Shares are not registered, the Holder is aware that the Holder must hold them indefinitely
unless they are registered under the Act and any applicable securities laws or the Holder must obtain exemptions from such registration. Upon exercise, in part or in whole, of this Warrant, the Shares shall bear the following legend: 
 “THE SHARES OF COMMON STOCK REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (“ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS, AND
THEY MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR
HYPOTHECATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
AND UNDER ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF
COUNSEL, SATISFACTORY TO THE COMPANY, THAT AN EXEMPTION FROM SUCH REGISTRATION
IS AVAILABLE.” 
  

 5 

 43.2 No-Action Letter. The Company agrees that it will be satisfied that no
post-effective amendment or new registration is required for the public sale of the Shares if it shall be presented with a letter from the Staff of the Securities and Exchange Commission (the “Commission”), stating in effect that, based
upon stated facts which the Company shall have no reason to believe are not true in any material respect, the Staff will not recommend any action to the Commission if such Shares are offered and sold without delivery of a prospectus, and that,
therefore, no Registration Statement under which such shares are to be registered is required to be filed. 
 43.3 Inclusion in Company
Registration Statement. 
 43.3.1 The Holder of this Warrant and/or Shares issued to the Holder pursuant to this Warrant without an
effective registration statement (the “Restricted Shares”) under the Act shall have the right, at any time, to join with the Company to register the Restricted Shares and the Shares underlying this Warrant (the “Underlying
Shares”) in any registration statement under the Act filed by the Company with the U.S. Securities and Exchange Commission (“Commission”), which includes a public offering of equity securities for cash, either for the account of the
Company or for the account of any other person. This right to join with the Company in a registration statement is not applicable to a registration statement filed by the Company with the Commission on S-4, S-8 or any other inappropriate form or to
the registration statement on Form S-1 filed in relation to the IPO described in Section 2.1 above. If, at any time, the Company proposes to file a registration statement as described above with the Commission, it shall, at least thirty
(30) days prior to such filing, give written notice of such proposed filing to the Holder’s address appearing on the records of the Company and shall offer to include in any such filing any proposed disposition of the Restricted Shares or
the Underlying Shares. Within fifteen (15) days of receipt of the Company’s notice of filing, the Holder may request registration of the Restricted Shares and/or Underlying Shares pursuant to a written request setting forth the intended
method of distribution and such other data or information as the Company or its counsel shall reasonably require and such Restricted Shares and/or Underlying Shares shall be included in the registration statement to the maximum extent permissible.
The Company shall supply the Holder with copies of such registration statement and of the prospectus included therein in such quantities as may be reasonably necessary for the purpose of the proposed disposition. 
 43.3.2 If at the time of any request to register the Restricted Shares or Underlying Shares the Company is engaged or has fixed plans to engaged within
thirty (30) days of the time request in a registered public offering as to which the Restricted Shares or the Underlying Shares may be included or is involved in an activity, in the good faith determination of the underwriter, in the case of
such offering, or the Board of Directors, in the case of such other activity, which would be adversely affected by the requested registration to the material detriment of the offering or the Company’s activities, then the Company may, at its
option, direct that the request be delayed for a period not in excess of six (6) months from the effective date of such offering or the date of commencement of such proposed offering or such other material activity, as the case may be, unless
the underwriter, in the case of the offering, or the Board of Directors, in the case of such other material activity, specifies a longer period. 
 43.4 Covenants Regarding Registration. In connection with any registration under Section 3.1 hereof, the Company and the Holder covenant and agree as follows: 
 43.4.1 The Company shall use its best efforts to have any Registration Statement declared effective at the earliest possible time, and shall furnish such
number of prospectuses as shall be reasonably requested. 
  

 6 

 43.4.2 The Company and the Holder shall pay their share of all costs, fees, and expenses in connection
with the Registration Statement under Section 3.3, “Inclusion in Company Registration Statement,” in proportion to the dollar value of the securities being registered by each party, including, without limitation, the Company’s
legal and accounting fees, printing expenses, blue sky fees and expenses, except that the Company shall not pay for any of the following costs and expenses: (a) underwriting discounts and commissions allocable to the Shares, (b) state
transfer taxes, (c) brokerage commissions, (d) fees and expenses of counsel and accountants for the holders of the Shares. 
 43.4.3 The Company will take all necessary action which may be required in qualifying or registering the Shares included in any Registration Statement for offering and sale under the securities or blue sky laws of such states as are
requested by the holders of such Shares, provided that the Company shall not be obligated to execute or file any general consent to service or process or to qualify as a foreign corporation to do business under the laws of any such jurisdiction.

 43.5 Indemnity. 
 43.5.1 The Company shall indemnify and hold harmless each person registering securities pursuant to this Section (the “Seller”) and each underwriter, within the meaning of the Act, who may purchase from or sell for any Seller any
of the Shares from and against any and all losses, claims, damages, and liabilities caused by any untrue statement or alleged untrue statement of a material fact contained in any post-effective amendment or new registration statement or any
supplemented prospectus under the Act included therein required to be filed or furnished by reason of this Section, or caused by any omission or alleged omission to state therein or necessary to make the statements therein not misleading, except
insofar as such losses, claims, damages or liabilities are caused by any untrue statement or alleged untrue statement or omission or alleged omission based upon information furnished or required to be furnished in writing to the Company by such
Seller or underwriter within the meaning of such Act; provided, however, that the indemnity agreement set forth in this Section 3.5 with respect to any prospectus which shall be subsequently amended prior to the written confirmation of sale of
any Shares shall not inure to the benefit of any Seller or underwriter from whom the person asserting any such losses, claims, damages or liabilities purchased such Shares which are the subject thereof (or to the benefit of any person controlling
such Seller or underwriter), if such Seller or underwriter failed to send or give a copy of the prospectus as amended to such person at or prior to the written confirmation of the sale of such Shares and if such amended prospectus did not contain
any untrue statement or alleged untrue statement or omission or alleged omission giving rise to such cause, claim, damage, or liability. 
 43.5.2 Each Seller availing itself of the procedures under Section 3 shall indemnify and secure the agreement of any underwriter which the Seller employs to indemnify the Company, its directors, each officer signing the related
post-effective amendment or registration statement and each person, if any, who controls the Company, within the meaning of the Act from and against any losses, claims, damages, and liabilities caused by any untrue statement or alleged untrue
statement of a material fact contained in any post-effective amendment or registration statement or any prospectus required to be filed or furnished by reason of this Section or caused by any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, insofar as such losses, claims, damages, or liabilities are caused by any untrue statement or alleged untrue statement or omission or alleged omission
based upon information furnished in writing to the Company by any such Seller or underwriter expressly for use therein. 
 43.6
Agreements. The agreements in this Section shall continue in effect regardless of the exercise and surrender of this Warrant. 
  

 7 

 44. Redemption of Warrants. 
 44.1 The Company may, at its option, redeem all or any part of this Warrant at any time after the Exercise Commencement Date. The Warrant is redeemable, at the option of the Company, on fifteen (15) days’
written notice at a price of $0.05 per Warrant. Any redemption shall also be subject to the following conditions: (i) the Company must give fifteen (15) day notice to each registered holder of Warrants stating the Company’s intention
to redeem the Warrants on a particular date (the “Redemption Date”); (ii) the Company has an effective registration statement under the Act pertaining to the Shares issuable upon exercise of the Warrant and has registered the shares
of Common Stock to be issued upon exercise of the Warrants under applicable state securities laws or a liquidity event has occurred, such as a merger, reorganization, acquisition or sale of all or substantially all of the assets of the Company to a
third party; (iii) the Company’s Common Stock is publicly traded; (iv) the average of the closing bid and ask prices of the Common Stock is at least one hundred fifty percent (150%) of the Purchase Price (subject to adjustment
for any stock splits, combinations, or similar events with respect to the Common Stock after the original issuance date of this Warrant) for the twenty (20) trading days prior to the date of the redemption notice; (v) the Company must
permit each registered holder of any Warrant to exercise his or her Warrant until the close of business on the day fixed for redemption, which will be not less than fifteen (15) days after the date of the notice of redemption; (vi) within
fifteen (15) days after the Redemption Date, the Company will have available funds for the purpose of redeeming the outstanding, unexercised Warrants being redeemed; and (vii) following the Redemption Date, the Holder of unexercised
Warrants may surrender his or her Warrants at the office of the Company in Phoenix, Arizona, with the Form of Assignment of the Warrant on the reverse side duly completed and signed with the signature guaranteed. As soon as practicable after
surrender of the Warrants by the Holder, the Company shall forward payment of the redemption price for such Warrants to each said holder by first class or certified mail, postage pre-paid. If the Holder fails to surrender his or her Warrants within
forty-five (45) days after the Redemption Date, the Warrants will be deemed canceled upon the Company’s payment of the redemption price to the Holder for the Warrants so redeemed. 
 44.2 Notice of Redemption. Notice of any redemption pursuant to this Section 4 shall be deemed given if mailed by first
class or certified mail on the date deposited (“Notice Date”) in the United States Mail, postage prepaid, within fifteen (15) days after the end of the twenty (20) trading days upon which the Company shall base the particular
redemption, addressed to the registered Holder of Warrants so to be redeemed at his or her address as it appears on the books of the Company. Neither failure to deliver such notice nor defect therein or in the mailing thereof shall affect the
validity of the proceedings for the redemption of any Warrants so to be redeemed. 
 44.3 Redemption of Part of Warrants. If
fewer than all the Warrants at the time outstanding will be redeemed, the selection of the Warrants to be redeemed may be made pro rata, by lot or in any other equitable manner. The Board of Directors of the Company shall have the power to prescribe
the manner in which the selection is to be made. 
 44.4 Redemption Equals Cancellation. After the close of
business on the day fixed for redemption, each Warrant then noticed for redemption shall automatically be converted into a right to receive the redemption price and the Company will no longer honor any purported exercise of such Warrant. 

45. Reservation of Shares. The Company shall at all times reserve, for the purpose of issuance on exercise of this Warrant such number of shares of
Common Stock or such class or classes of capital stock or other securities as shall from time to time be sufficient to comply with this Warrant and the Company shall take such corporate action as may, in the opinion of its counsel, be necessary to
increase its authorized and unissued Common Stock or such other class or classes of capital stock or other securities to such number as shall be sufficient for that purpose. 
 46. Survival. All agreements, covenants, representations and warranties herein shall survive the execution and delivery of this Warrant and any investigation at any time made by or on behalf of any
parties hereto and the exercise, sale and purchase of this Warrant (and any other securities or property) issuable on exercise hereof. 
 47.
Remedies. The Company agrees that the remedies at law of the Holder, in the event of any default or threatened default by the Company in the performance or compliance with any of the terms of this Warrant, may not be adequate and such
terms may, in addition to and not in lieu of any other remedy, be specifically enforced by a decree of specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise.

  

 8 

 48. Other Matters. 
 48.1 Binding Effect. All the covenants and provisions of this Warrant by or for the benefit of the Company shall bind and inure to the benefit of its successors and assigns hereunder.

 48.2 Notices. Notices or demands pursuant to this Warrant to be given or made by the Holder to or on the
Company shall be sufficiently given or made if sent by certified or registered mail, return receipt requested, postage prepaid, and addressed, until another address is designated in writing by the Company, as follows: 
 Spheric Technologies, Inc. 
 4708 East Van
Buren Street 
 Phoenix, Arizona 85008 
 Attn: Corporate Secretary 
 49. Notices to the Holder provided for in this Warrant shall be deemed given or made by the Company if sent by
certified or registered mail, return receipt requested, postage prepaid, and addressed to the Holder at the Holder’s last known address as it shall appear on the books of the Company. 
 49.1 Governing Law. The validity, interpretation and performance of this Warrant shall be governed by the laws of the State
of Arizona. 
 49.2 Parties Bound and Benefited. Nothing in this Warrant expressed and nothing that may be
implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the Company and the Holder any right, remedy or claim under promise or agreement hereof, and all
covenants, conditions, stipulations, promises and agreements contained in this Warrant shall be for the sole and exclusive benefit of the Company and its successors and of the Holder, its successors and, if permitted, its assignees. 
 49.3 Headings. The Article headings herein are for convenience only and are not part of this Warrant and shall not affect the
interpretation thereof. 
 50. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings
set forth in this Section 9: 
 “Business Day” means any day except any Saturday, any Sunday, any
day which is a federal legal holiday in the United States or any day on which banking institutions in the State of Arizona are authorized or required by law or other governmental action to close. 
 “Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of
securities into which such securities may hereafter be reclassified or changed into. 
 “Common Stock
Equivalents” means any securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock. 
 “Exempt Issuance” means the issuance of (a) shares of Common Stock or options to purchase shares of Common Stock to employees, officers, directors, consultants, suppliers, vendors or professionals of the Company
pursuant to any stock or option plan duly adopted for such purpose by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose,
(b) securities upon the exercise or exchange of or 

  

 9 

 
conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and
outstanding on the date of this Warrant, provided that, such securities have not been amended since the date of this Warrant to increase the number of such securities or to decrease the exercise, exchange or conversion price of such
securities, (c) securities, including options or warrants to purchase shares of Common Stock, issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, (d) Common Stock
sold pursuant to the initial public offering of the Common Stock on registration statement Form S-1 filed on October 15, 2008, Registration No. 333-154274 (the “IPO”), and (e) Common Stock, including options or warrants to
purchase shares of Common Stock issued in connection with Permitted Indebtedness; provided that, any such issuance shall only be to a Person which is, itself or through its subsidiaries, an operating company in a business synergistic
with the business of the Company and in which the Company receives benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an
entity whose primary business is investing in securities. 
 “Person” means an 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. 
 “Rule 144” means Rule 144 promulgated by the Securities and Exchange Commission pursuant to the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
  

 10 

 IN WITNESS WHEREOF, this Warrant has been duly executed by the Company under its corporate seal as of the
11th day of February, 2009. 
  

			
	SPHERIC TECHNOLOGIES, INC.
		
	By:	 	 /s/ Joseph Hines

		 	Joseph Hines
		 	President
		
	By:	 	 /s/ Janice L. Backus

		 	Janice L. Backus
		 	Corporate Secretary

  

 11 

 SPHERIC TECHNOLOGIES, INC. 
 Assignment 
 FOR VALUE RECEIVED,
                                         hereby
sells, assigns and transfers                      unto
                                         
                                        the within
Warrant and the rights represented thereby, and does hereby irrevocably constitute and appoint
                                         
                    Attorney, to transfer said Warrant on the books of the Company, with full power of substitution. 
  

									
	Dated:	 	                     	 		 		 	
					
		 		 		 	Signed:	 	  

					
		 		 		 	Print Name:	 	  

  

 12 

 Subscription Form 
 Spheric Technologies, Inc. 
 4708 East Van Buren Street 
 Phoenix, Arizona 85008 
 The
undersigned hereby irrevocably subscribes for the purchase of                      shares of Common Stock (“Shares”), pursuant to
and in accordance with the terms and conditions of this Warrant, and herewith makes payment, covering the purchase of the Shares, which should be delivered to the undersigned at the address stated below, and, if such number of Shares shall not be
all of the Shares purchasable hereunder, then a new Warrant of like tenor for the balance of the remaining Shares purchasable under this Warrant be delivered to the undersigned at the address stated below. 
 The undersigned agrees that: (1) the undersigned will not offer, sell, transfer or otherwise dispose of any such Shares, unless either (a) a
registration statement, or post-effective amendment thereto, covering such Shares have been filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Act”), and such sale, transfer or other
disposition is accompanied by a prospectus meeting the requirements of Section 10 of the Act forming a part of such registration statement, or post-effective amendment thereto, which is in effect under the Act covering the Shares to be so sold,
transferred or otherwise disposed of, or (b) counsel to Spheric Technologies, Inc. (the “Company”) satisfactory to the undersigned has rendered an opinion in writing and addressed to the Company that such proposed offer, sale,
transfer or other disposition of the Shares is exempt from the provisions of Section 5 of the Act in view of the circumstances of such proposed offer, sale, transfer or other disposition; (2) the Company may notify the transfer agent for
its Common Stock that the certificates for the Common Stock acquired by the undersigned are not to be transferred unless the transfer agent receives advice from the Company that one or both of the conditions referred to in (1)(a) and
(1)(b) above have been satisfied; and (3) the Company may affix the legend set forth in Section 3.1 of this Warrant to the certificates for Shares hereby subscribed for, if such legend is applicable. 
  

									
	Dated:	 	                     	 		 	Signed:	 	  

					
		 		 		 	Address:	 	  

  

 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]