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Exhibit 10.6    
    

 
 

EXECUTIVE COMPENSATION PROGRAM    
    

        The description of our executive compensation program set forth under the caption "Compensation Discussion and Analysis" on pages 24-40 of our
definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on April 8, 2008, is incorporated herein by reference. 

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Exhibit 10.6

EXECUTIVE COMPENSATION PROGRAMExhibit 10.2

 

[Letterhead of
Universal American Corp.]

 

April 9, 2008

 

Richard A. Barasch

160 W. 86th
Street, 14th Floor

New York, NY 10024

 

Dear Mr. Barasch:

 

Reference is made to the
Employment Agreement dated as of July 30, 1999 between Universal American
Corp., formerly Universal American Financial Corp. (the “Company”), and
yourself (the “Agreement”).

 

As you are aware, it has
come to our attention that the Agreement contains an error. The second sentence
of Section 1.a was intended to read “Notwithstanding the preceding
sentence, the Employment Term shall be automatically extended for additional
one-year periods, unless Universal or Executive provides the other party hereto
6 months prior written notice before the expiration of any Employment Term and the
Employment Term shall not be so extended.” Notwithstanding this error, you and
the Company have heretofore treated the Agreement as if this sentence read as
quoted above. Accordingly, you and the Company agree that the Agreement shall
be deemed to have included the intended sentence as quoted above, and not the
incorrect sentence, from its inception.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  UNIVERSAL AMERICAN
  CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    s/MITCHELL
  J. STIER

  
	
   

  	
   

  	
    Mitchell J.
  Stier

  
	
   

  	
   

  	
    Senior Vice
  President and

  
	
   

  	
   

  	
    General
  Counsel

  

 

	
  Acknowledged:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  s/RICHARD A. BARASCH

  	
   

  
	
  Richard A. BaraschExhibit
4.2

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND MAY NOT
BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT
TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE
UNDER THE ACT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION
UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES AND (3) IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES AND BLUE SKY LAWS.

 

THIS NOTE AND THE RIGHTS
EVIDENCED HEREBY ARE SUBJECT TO THE TERMS OF THAT CERTAIN SUBORDINATED NOTE AND
INTERCREDITOR AGREEMENT DATED AS OF FEBRUARY 1, 2006, BY AND AMONG OPEN LINK
FINANCIAL, INC., BANK OF AMERICA, N.A. AND THE SUBORDINATED NOTE HOLDERS
SIGNATORY THERETO, AND ANY TRANSFEREE BY ACCEPTANCE OF SUCH TRANSFER AGREES TO
BE BOUND BY THE TERMS THEREOF.

 

SENIOR SUBORDINATED CONVERTIBLE NOTE

 

	
  $19,607,843.14

  	
   

  	
  February 1,
  2006

  

 

FOR VALUE
RECEIVED, the undersigned, Open Link Financial, Inc., a Delaware
corporation (“Borrower”), HEREBY
PROMISES TO PAY to the order of TA Subordinated Debt Fund, L.P., a Delaware
limited partnership (the “Noteholder”),
the principal sum of $19,607,843.14, together with interest on the unpaid
principal amount from time to time outstanding at the rate or rates and
computed and payable at the times as described in the Note Purchase Agreement
(as hereinafter defined). Payments of the principal hereof shall be made as
provided in the Note Purchase Agreement. Notwithstanding any other provision of
this note, the entire balance of principal and accrued and unpaid interest
shall be paid in full on December 31, 2011.

 

This note is one
of the Convertible Subordinated Notes referred to in the Subordinated
Convertible Note Purchase Agreement, dated as of February 1, 2006 (as the
same may be amended, modified or supplemented from time to time, the “Note Purchase Agreement”) by and among
Borrower and the Noteholders named therein. Capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Note Purchase
Agreement.

 

The Noteholder may
convert this note at any time pursuant to the terms of the Note Purchase
Agreement into (i) a Subordinated Note due December 31, 2011 in the
aggregate principal amount outstanding on the Convertible Subordinated Notes at
the time of conversion and Borrower shall pay all accrued but unpaid interest
on the Convertible Subordinated Notes on the date of conversion, in the form
attached hereto as Exhibit A and (ii) a Warrant for the

 

 

 

 

 

purchase of 937,032
shares of Common Stock of the Borrower (subject to adjustment as provided
therein), exercisable at a price of $0.01 (subject to adjustment), in the form
attached hereto as Exhibit B, all as further described in the Note
Purchase Agreement.

 

Subject to, and at
all times in accordance with, the provisions of the Note Purchase Agreement (i) Borrower
shall have the right, at any time, to voluntarily prepay all or any part of the
outstanding principal amount of this note, and (ii) the Noteholder shall
have the right to require Borrower to repurchase this note upon the occurrence
of a Mandatory Repurchase Event.

 

In addition to the
payment of interest as provided above, Borrower shall, on demand, pay interest
on any overdue installments of principal and, to the extent permitted by
applicable law, on overdue installments of interest at the rate set forth in,
and in accordance with the provisions of, the Note Purchase Agreement.

 

The holder of this
note is entitled to all the benefits and rights of a Noteholder under the Note
Purchase Agreement to which reference is hereby made for a statement of the
terms and conditions under which the entire unpaid balance of this note, or any
portion thereof, shall become immediately due and payable. Notwithstanding
anything in this note to the contrary, the terms and provisions of this note
shall at all times be governed by and subject to all of the terms and
provisions of the Note Purchase Agreement. To the extent that there is any
conflict with, or inconsistency between, the terms and provisions of this note
and the terms and provisions of the Note Purchase Agreement, the terms and
provisions of the Note Purchase Agreement shall at all times govern and control.

 

Borrower hereby
waives presentment, demand, notice, protest and other demands and notices in
connection with the delivery, acceptance or enforcement of this note.

 

No delay or
omission on the part of the holder of this note in exercising any right hereunder
shall operate as a waiver of such right or of any other right under this note,
and a waiver, delay or omission on any one occasion shall not be construed as a
bar to or waiver of any such right on any future occasion.

 

The terms and
provisions of this note are subject to the terms and provisions of the Note
Purchase Agreement, including, without limitation, its dispute resolution
provisions.

 

 

 

 

 

This note shall be
deemed to be under seal, and all rights and obligations hereunder shall be
governed by the laws of the Commonwealth of Massachusetts (without giving
effect to any conflicts of law provisions contained therein).

 

	
   

  	
  OPEN LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Coleman Fung

  
	
   

  	
   

  	
  Name: Coleman Fung

  
	
   

  	
   

  	
  Title: Chief Executive Officer

  

 

 

 

 

 

 

Exhibit A

 

Form of Subordinated Note

 

 

 

 

 

 

 

 

 

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND MAY NOT
BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT
TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE
UNDER THE ACT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION
UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES AND (3) IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES AND BLUE SKY LAWS.

 

THIS NOTE AND THE RIGHTS
EVIDENCED HEREBY ARE SUBJECT TO THE TERMS OF THAT CERTAIN SUBORDINATED NOTE AND
INTERCREDITOR AGREEMENT DATED AS OF FEBRUARY
         , 2006, BY AND AMONG OPEN LINK
FINANCIAL, INC., BANK OF AMERICA, N.A. AND THE SUBORDINATED NOTE HOLDERS
SIGNATORY THERETO, AND ANY TRANSFEREE BY ACCEPTANCE OF SUCH TRANSFER AGREES TO
BE BOUND BY THE TERMS THEREOF.

 

SUBORDINATED NOTE

 

	
  $ 

  	
   

  	
   

  	
   

  	
  , 200

  	
   

  

 

FOR VALUE
RECEIVED, the undersigned, Open Link Financial, Inc., a Delaware
corporation (“Borrower”), HEREBY
PROMISES TO PAY to the order of [Name of Holder], a [entity type/jurisdiction
of organization] (the “Noteholder”),
the principal sum of
$                            ,
together with interest on the unpaid principal amount from time to time
outstanding at the rate or rates and computed and payable at the times as
described in the Note Purchase Agreement (as hereinafter defined). Payments of
the principal hereof shall be made as provided in the Note Purchase Agreement.
Notwithstanding any other provision of this note, the entire balance of
principal and accrued and unpaid interest shall be paid in full on December 31,
2011.

 

This note is one
of the Subordinated Notes referred to in the Subordinated Convertible Note
Purchase Agreement dated as of February                 ,
2006 (as the same may be amended, modified or supplemented from time to time,
the “Note Purchase Agreement”) by
and among Borrower and the Noteholders named therein. This note has been issued
by Borrower to the Noteholder in connection with a conversion of the
Convertible Subordinated Note due December 31, 2011 issued by Borrower to
the Noteholder on February                   ,
2006 pursuant to the terms of the Note Purchase Agreement. Capitalized terms
used herein and not otherwise defined shall have the meanings set forth in the
Note Purchase Agreement.

 

Subject to, and at
all times in accordance with, the provisions of the Note Purchase Agreement (i) Borrower
shall have the right, at any time, to voluntarily prepay all or any part of

 

 

 

 

 

 

the outstanding principal
amount of this note and (ii) the Noteholder shall have the right to
require Borrower to repurchase this note upon the occurrence of a Mandatory
Repurchase Event.

 

In addition to the
payment of interest as provided above, Borrower shall, on demand, pay interest
on any overdue installments of principal and, to the extent permitted by
applicable law, on overdue installments of interest at the rate set forth in,
and in accordance with the provisions of, the Note Purchase Agreement.

 

The holder of this
note is entitled to all the benefits and rights of a Noteholder under the Note
Purchase Agreement to which reference is hereby made for a statement of the
terms and conditions under which the entire unpaid balance of this note, or any
portion thereof, shall become immediately due and payable. Notwithstanding
anything in this note to the contrary, the terms and provisions of this note
shall at all times be governed by and subject to all of the terms and
provisions of the Note Purchase Agreement. To the extent that there is any
conflict with, or inconsistency between, the terms and provisions of this note
and the terms and provisions of the Note Purchase Agreement, the terms and
provisions of the Note Purchase Agreement shall at all times govern and
control.

 

Borrower hereby
waives presentment, demand, notice, protest and other demands and notices in
connection with the delivery, acceptance or enforcement of this note.

 

No delay or
omission on the part of the holder of this note in exercising any right
hereunder shall operate as a waiver of such right or of any other right under
this note, and a waiver, delay or omission on any one occasion shall not be
construed as a bar to or waiver of any such right on any future occasion.

 

The terms and
provisions of this note are subject to the terms and provisions of the Note
Purchase Agreement, including, without limitation, its dispute resolution
provisions.

 

 

 

 

 

 

This note shall be
deemed to be under seal, and all rights and obligations hereunder shall be
governed by the laws of the Commonwealth of Massachusetts (without giving
effect to any conflicts of law provisions contained therein).

 

	
   

  	
  OPEN LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

 

 

 

 

 

Exhibit B

 

Form of Warrant

 

 

 

 

 

 

 

 

 

	
  Warrant
  No.

  	
  ,

  	
   

  
	
  20

  	
   

  

 

FORM OF

WARRANT TO PURCHASE COMMON STOCK

OF

OPEN LINK FINANCIAL, INC.

 

THIS WARRANT AND THE
UNDERLYING SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE
ASSIGNED EXCEPT (1) PURSUANT TO A REGISTRATION STATEMENT WITH RESPECT TO
SUCH SECURITIES THAT IS EFFECTIVE UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT RELATING TO THE
DISPOSITION OF SECURITIES AND (2) IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS.

 

THIS WARRANT AND THE
UNDERLYING SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO THE
PROVISIONS OF A CERTAIN STOCKHOLDERS AGREEMENT, DATED AS OF FEBRUARY 1, 2006. A
COMPLETE AND CORRECT COPY OF SUCH AGREEMENT IS AVAILABLE FOR INSPECTION AT THE
PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST AND WITHOUT
CHARGE.

 

THIS WARRANT AND THE
RIGHTS EVIDENCED HEREBY ARE SUBJECT TO THE TERMS OF THAT CERTAIN SUBORDINATED
NOTE AND INTERCREDITOR AGREEMENT DATED AS OF FEBRUARY 1, 2006, BY AND AMONG
OPEN LINK FINANCIAL, INC., BANK OF AMERICA, N.A. AND THE SUBORDINATED NOTE
HOLDERS SIGNATORY THERETO, AND ANY TRANSFEREE BY ACCEPTANCE OF SUCH TRANSFER
AGREES TO BE BOUND BY THE TERMS THEREOF.

 

Open Link
Financial, Inc., a Delaware corporation (together with its successors, the
“Company”), hereby certifies that,
for value received,
                      (together
with its successors and assigns and any transferee of this Warrant, and its
successors and assigns, the “Holder”),
is entitled, subject to the terms and conditions set forth in this warrant
(this “Warrant”), to purchase from
the Company, at any time or times on or after the date hereof, but not after
5:00 P.M., New York, New York time on
                        ,
2016 (the “Expiration Date”),
                          
duly authorized, validly issued, fully paid, nonassessable shares of
Common Stock (as defined below) (as further defined below, the “Warrant Shares”), which shall be adjusted
or readjusted from time to time as provided in this Warrant, at an initial
purchase price

 

 

 

 

 

per share equal to $0.01,
which shall be adjusted or readjusted from time to time in connection with any
stock splits, stock dividends, recapitalizations or like transactions affecting
the Common Stock (as adjusted, the “Warrant
Price”);  provided; however, that notwithstanding the foregoing,
in no event shall the Warrant Price be reduced to a number that is less than
the par value of the Common Stock at the date of exercise of this Warrant.

 

This Warrant is a
Common Stock purchase warrant issued in connection with the conversion of the
Senior Subordinated Convertible Notes due December 31, 2011 issued by the
Company (the “Convertible  Notes”) to the Holder pursuant to that
certain Subordinated Convertible Note Purchase Agreement dated as of February 1,
2006 (the “Closing Date”) (as it may be amended from time to time, the “Purchase Agreement”) by and among the
Company and the Noteholders named therein (this Warrant, together with the
other warrants issuable upon conversion of the Convertible Notes, the “Warrants”). The Warrants represent a
right to purchase an aggregate of 955,773 shares of the Company’s common stock,
par value $0.001 per share (the “Common Stock”),
subject to adjustment as provided herein. For purposes of this Warrant
Certificate, “Holders” shall mean the holders of the Warrants and “Warrant
Shares” shall mean shares of Common Stock; provided, however,
that if, in accordance with Section 2 hereof, the securities
issuable upon exercise of the Warrants are issued by an entity other than the
Company or there is a change in the class of securities so issuable, then the “Warrant
Shares” shall mean the securities so issuable by such entity or the securities
of the class of securities so issuable.

 

All capitalized
terms used herein that are not otherwise defined shall have the meanings set
forth in the Purchase Agreement.

 

Section 1.
             Exercise;
Exchange of Warrant

 

1.1.            Manner of Exercise; Exchange.

 

(a)       Exercise. The Holder may exercise
this Warrant, in whole or in part (except as to a fractional share), at any
time and from time to time during normal business hours on any Business Day on
or after the conversion date of the Convertible Notes prior to the Expiration
Date, by (i) delivering to the Company a written notice, in the form
attached hereto as Exhibit A (the
“Exercise  Notice”),
duly executed by the Holder, specifying the number of Warrant Shares
(determined without any regard to any adjustment thereto) to be issued to the
Holder as a result of such exercise, (ii) surrendering this Warrant to the
Company, properly endorsed by the Holder (or if this Warrant has been
destroyed, stolen or has otherwise been misplaced, by delivering to the Company
an affidavit of loss duly executed by the Holder), and (iii) tendering
payment for the shares of Common Stock designated by the Exercise Notice in
lawful money of the United States in the form of cash, bank or certified check
made payable to the order of the Company, or by wire transfer of immediately
available funds, or by the cancellation of indebtedness of the Company owed to
the Holder, including by surrender of any of the Senior Subordinated Notes due February 1,
2011, or in any combination thereof, of an amount equal to the product of (A) the
Warrant Price and (B) the number of Warrant Shares (determined without any
regard to any adjustment thereto) as to which this Warrant is being exercised.

 

 

 

 

2

 

 

(b)       Net Exchange. The Holder may, in
lieu of exercising or converting this Warrant pursuant to the terms of Section 1.1(a),
elect to exchange this Warrant, in whole or in part (except as to a fractional
share), at any time and from time to time during normal business hours on any
Business Day on or prior to the Expiration Date by (i) delivering to the
Company a written notice, in the form attached hereto as Exhibit B
(the “Exchange Notice”), duly
executed by the Holder, specifying the number of Warrant Shares (without giving
effect to any adjustment thereto) to be issued to the Holder as a result of
such exchange, and (ii) surrendering this Warrant t o the Company,
properly endorsed by the Holder (or if this Warrant has been destroyed, stolen
or has otherwise been misplaced, by delivering to the Company an affidavit of
loss duly executed by the Holder), and the Holder shall thereupon be entitled
to receive the number of Warrant Shares equal to the product of (A) the
number of Warrant Shares issuable upon exercise of this Warrant (or, if only a
portion of this Warrant is being exercised, issuable upon the exercise of such
portion) for cash, determined as provided in Section 2. and (B) a
fraction, the numerator of which is the Fair Market Value per share of Common
Stock at the time of such exercise minus the
Warrant Price in effect at the time of such exercise, and the denominator of
which is the Fair Market Value per share of Common Stock at the time of such
exercise, such number of shares so issuable upon such exchange to be rounded up
or down to the nearest whole number of shares of Common Stock.

 

(c)       The “exchange” of this Warrant pursuant
to Section 1.1(b) is intended to qualify as a recapitalization
within the meaning of Section 368(a)(l)(E) of the Code.

 

(d)       For all purposes of this Warrant (other
than this Section 1.1), any reference herein to the “exercise” of
this Warrant shall be deemed to include a reference to the exchange of this
Warrant into Common Stock in accordance with the terms of Section 1.1(b),
and any reference to an  “Exercise Notice” shall be deemed to include
a reference to an Exchange Notice in accordance with the terms of Section 1.1
(b).

 

1.2.     When
Exercise Effective. Each exercise of this Warrant
shall be deemed to have been effected immediately prior to the close of
business on the Business Day on which this Warrant shall be deemed to have been
surrendered to the Company as provided in Section 1.1, and at such
time the Person or Persons in whose name or names any certificate or
certificates for shares of Common Stock shall be issuable upon such exercise as
provided in Section 1.3 shall be deemed to have become the Holder
or Holders of record thereof.

 

1.3.     Delivery
of Stock Certificates Upon Exercise. As soon as
practicable after exercise of this Warrant in accordance with this Section 1,
but in no event later than five (5) Business Days after such exercise, the
Company shall at its expense cause to be issued in the name of and delivered to
the Holder or, subject to Section 5 of this Warrant, as the Holder
may direct: (a) a certificate or certificates for the number of Warrant
Shares, determined as provided in Section 2 of this Warrant, to
which the Holder shall be entitled upon such exercise and, (b) unless this
Warrant has expired or has been exercised in full, a new Warrant (or Warrants)
substantially in the form of, and on the terms in, this Warrant, for the number
of Warrant Shares remaining following such exercise (determined without any
regard to any adjustment thereto), and shall be subject to adjustment as
provided for in this Warrant as of the date hereof. Exercise of the Warrant
shall be subject to compliance, if necessary, with applicable provisions of the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”),
and the

 

 

 

 

3

 

 

Company shall make and
cooperate with the Holder in making any filings required thereunder. The
Company agrees to reimburse the Holder for all expenses incurred in connection
with the exercise of the Warrant (excluding payment of the Warrant Price); provided,
however, that the Company (i) shall not be required to pay any tax
or taxes which may be payable in respect of any transfer involved in the
issuance of any Warrants or any certificates representing Warrant Shares in a
name other than that of a Holder, and the Company shall not be required to
issue or deliver such Warrant or certificate for Warrant Shares unless and
until the Person requesting the issuance thereof shall have paid to the Company
the amount of such tax or shall have established to the reasonable satisfaction
of the Company that such tax has been paid and (ii) and the Holder shall
each pay half of any reasonable fees paid or expenses incurred by the Holder in
connection with any filings required under the HSR Act.

 

Section 2.
    Adjustments to Number and Type of
Warrant Shares

 

2.1.     General.
The number of Warrant Shares that the Holder shall be entitled to receive upon
exercise of this Warrant shall be determined by multiplying the number of
Warrant Shares that would otherwise (but for the provisions of this Section 2)
be issuable upon such exercise, as designated by the Holder in  the Exercise Notice, by a fraction, (i) the
numerator of which shall be $2.7696 (the  “Target Price”), and (ii) the
denominator of which shall be the “Antidilution
Price” in effect for this Warrant on the date of such exercise. The
initial Antidilution Price for this Warrant shall be the Target Price, which
Antidilution Price shall be subject to adjustment as provided in this Section 2.
If any of the events as described in this Section 2 (other than
those events in Section 2.2(d)(vii)) shall occur after the Closing Date,
but prior to the issuance of this Warrant upon conversion of the Convertible
Notes held by the Holder, the number of Warrant Shares or other securities
purchasable upon exercise of the Warrant shall be adjusted to the same extent
as if this Warrant was outstanding as of the Closing Date.

 

2.2.     Adjustments.

 

(a)       Subdivision or Combination of Common
Stock. If the Company shall at any time after the Closing Date subdivide
its outstanding shares of Common Stock into a greater number of shares (by any
stock split, stock dividend or otherwise), then the Antidilution Price in
effect immediately prior to such subdivision shall be proportionately reduced,
and, conversely, if the Company shall at any time after the Closing Date
combine its outstanding shares of Common Stock into a smaller number of shares
(by any reverse stock split or otherwise), then the Antidilution Price in
effect immediately prior to such combination shall be proportionately
increased.

 

 

 

 

4

 

 

(b)       Reorganization or Reclassification.
If at any time after the Closing Date any capital reorganization or
reclassification of the capital stock of the Company shall be effected in such
a way that holders of Common Stock shall be entitled to receive stock,
securities or assets with respect to or in exchange for Common Stock, then, as
a condition of such reorganization or reclassification, lawful and adequate
provisions shall be made whereby the Holder shall thereupon have the right to
receive, upon the basis and upon the terms and conditions specified herein and
in lieu of the Warrant Shares immediately theretofore receivable upon the
exercise of this Warrant in full, as the case may be, such shares of stock,
securities or assets as may be issued or payable with respect to or in exchange
for a number of outstanding shares of such Common Stock equal to the number of
shares of such Common Stock immediately theretofore receivable upon such
exercise of this Warrant in full had such reorganization or reclassification
not taken place, and in any such case appropriate provisions shall be made with
respect to the rights and interests of the Holder to the end that the
provisions hereof (including, without limitation, provisions for adjustments of
the Antidilution Price) shall thereafter be applicable, as nearly as may be, in
relation to any shares of stock, securities or assets thereafter deliverable
upon the exercise of such conversion rights.

 

(c)       Dividends and Distributions.

 

(i)        Stock Dividends. If the Company
at any time or from time to time after the Closing Date declares a dividend or
makes any other distribution upon any stock of the Company (other than its
Common Stock) that is payable in Common Stock, Options or Convertible
Securities, then any such Common Stock, Options or Convertible Securities, as
the case may be, issuable in payment of such dividend or distribution shall be
deemed to have been issued or sold without consideration, and the Antidilution
Price shall be adjusted pursuant to Section 2.2(d); provided,
that no adjustment shall be made to the Antidilution Price as a result of such
dividend or distribution if holders of not less than two-thirds of the Warrant
Shares then issuable with respect to outstanding Warrants or Warrants issuable
upon conversion of the Convertible Notes (a “Two-Thirds
Interest”), on behalf of themselves and all other Holders, each of
whom shall be bound thereby, elect to receive and actually receive such
dividend or distribution; provided, further, that if any
adjustment is made to the Antidilution Price as a result of the declaration of
a dividend and such dividend is not effected, the Antidilution Price shall be
appropriately readjusted.

 

(ii)       Other Dividends and Distributions.
If the Company at any time or from time to time after the Closing Date makes or
issues, or fixes a record date for the determination of holders of Common Stock
entitled to receive, a dividend or other distribution payable in:

 

(A)       securities or other property of the
Company other than shares of Common Stock, Options or Convertible Securities,
then in each such event provision shall be made so that the Holder shall
receive upon exercise of this Warrant, in addition to the Common Stock issuable
upon such exercise, the amount of such other securities or the value of such
other property that the Holder would have received had this Warrant been
exercised on the record date of such event and had the Holder thereafter,
during the period from the date of such event to and including the exercise
date, retained such securities or other property

 

 

 

 

5

 

 

receivable by the Holder
during such period giving application to all adjustments called for during such
period under Section 2 with respect to the rights of the holders of
Warrants; provided, that no such provision shall be made if the Holder
receives, upon the election of a Two-Thirds Interest, simultaneously with all
other recipients a dividend or other distribution of such securities or other
property in an amount equal to the amount of such securities or other property
as the Holder would have received if this Warrant had been exercised for Common
Stock on the record date of such event and; and

 

(B)       Common Stock, Options or Convertible
Securities, then a Two-Thirds Interest shall be entitled to elect to receive
such dividend or distribution as if the Holders had exercised all of the
Warrants in full on the date such record is taken; provided, that in the
event a Two-Thirds Interest so elects and all of the Holders actually receive
such dividend or distribution, the Antidilution Price shall not be adjusted
pursuant to the provisions of Section 2.2 with respect to such
dividend or distribution. In the event no such election is made, the provisions
of Section 2.2(d) shall apply with respect to such dividend or
distribution.

 

(d)       Issuances. Except as provided in Sections
2.2 (c) and 2.2 (d)(vii) and except in the case of an event
described in Section 2.2(a), if at any time after the Closing Date,
the Company issues or sells, or is, in accordance with this Section 2.2(d),
deemed to have issued or sold, any shares of Common Stock for a consideration
per share less than the Antidilution Price in effect immediately prior to such
issuance or sale, then, upon such issuance or sale (or deemed issuance or
sale), the Antidilution Price shall be reduced to the price determined by
dividing (x) the sum of (A) the Common Stock Deemed Outstanding (as
defined below) immediately prior to such issuance or sale (or deemed issuance
or sale) multiplied by the Antidilution Price then in effect and (B) the
consideration, if any, received by the Company upon such issuance or sale (or
deemed issuance or sale) by (y) the Common Stock Deemed Outstanding
immediately after such issuance or sale (or deemed issuance or sale).

 

For purposes of
this Section 2.2(d), the following shall also be applicable:

 

(i)        Issuance of Rights or Options. If
the Company, at any time after the Closing Date, in any manner, grants (whether
directly or by assumption in a merger or otherwise) any warrants or other
rights to subscribe for or to purchase, or any options to purchase, shares of
Common Stock or any stock or security convertible into or exercisable or
exchangeable for Common Stock (such warrants, rights or options being called “Options” and such convertible or
exercisable or exchangeable stock or securities being called “Convertible Securities”), in each case
for consideration per share (determined as provided in this paragraph and in Section 2.2(d)(iv))
less than the Antidilution Price then in effect, whether or not such Options or
Convertible Securities are immediately exercisable, convertible or
exchangeable, then the total maximum number of shares of Common Stock issuable
upon the exercise of such Options, or upon conversion or exchange of the total
maximum amount of such Convertible Securities issuable upon exercise of such
Options, shall be deemed to have been issued as of the date of granting of such
Options, at a price per share equal to the amount determined by dividing (A) the
total amount, if any, received or receivable by the Company as consideration
for the

 

 

 

 

6

 

 

issuance of such Options,
plus the minimum aggregate amount
of additional consideration payable to the Company upon the exercise of all
such Options, plus, in the case
of such Options that relate to Convertible Securities, the minimum aggregate
amount of additional consideration, if any, payable upon the issuance or sale
of such Convertible Securities and upon the conversion or exchange of
Convertible Securities, by (B) the total maximum number of shares of
Common Stock deemed to have been so issued. Except as otherwise provided in Section 2.2(d)(iii),
no adjustment of the Antidilution Price shall be made upon the actual issuance
of such Common Stock or of such Convertible Securities upon exercise of such
Options or upon the actual issuance of such Common Stock upon conversion or
exchange of such Convertible Securities.

 

(ii)       Issuance of Convertible Securities.
If the Company, at any time after the Closing Date, in any manner, issues or
sells any Convertible Securities for consideration per share (determined as
provided in this paragraph and in Section 2.2(d)(iv)) less than the
Antidilution Price then in effect, whether or not the right to exchange or
convert any such Convertible Securities is immediately exercisable, then the
total maximum number of shares of Common Stock issuable upon conversion or
exchange of all such Convertible Securities shall be deemed to have been issued
as of the date of the issuance or sale of such Convertible Securities, at a
price per share equal to the amount determined by dividing (A) the total
amount, if any, received or receivable by the Company as consideration for the
issuance or sale of such Convertible Securities, plus the minimum aggregate amount of additional
consideration, if any, payable to the Company upon the conversion or exchange
thereof, by (B) the total maximum number of shares of Common Stock deemed
to have been so issued; provided, that (1) except as otherwise
provided in Section 2.2(d)(iii), no adjustment of the Antidilution
Price shall be made upon the actual issuance of such Common Stock upon
conversion or exchange of such Convertible Securities and (2) if any such
issuance or sale of such Convertible Securities is made upon exercise of any
Options to purchase any such Convertible Securities, no further adjustment of
the Antidilution Price shall be made by reason of such issuance or sale.

 

(iii)      Change in Option Price or Conversion
Rate; Termination of Options or Convertible Securities. If at any time
after the Closing Date a change occurs in (A) the maximum number of shares
of Common Stock issuable in connection with any Option referred to in Section 2.2(d)(i) or
any Convertible Securities referred to in Section 2.2(d)(i) or
(ii), (B) the purchase price provided for in any Option referred to
in Section 2.2(d)(i), (C) the additional consideration, if
any, payable upon the conversion or exchange of any Convertible Securities
referred to in Section 2.2(d)(i) or (ii), or (D) the rate
at which Convertible Securities referred to in Section 2.2(d)(i) or
(ii) are convertible into or exchangeable for Common Stock (in each
case, other than in connection with an event described in Section 2.2(a)(vii)),
then the Antidilution Price in effect at the time of such event shall be
readjusted to the Antidilution Price that would have been in effect at such
time had such Options or Convertible Securities that remain outstanding
provided for such changed maximum number of shares, purchase price, additional
consideration or conversion rate, as the case may be, at the time initially
granted, issued or sold, but only if as a result of such adjustment the Warrant
Price then in effect is thereby reduced. Upon the termination of any such
Option or any such right to convert or exchange such Convertible Securities,
the Antidilution Price then in effect hereunder shall be increased to the
Antidilution Price that would have been in effect at the time of such
termination had such Option or Convertible Securities, to the extent
outstanding immediately prior to such termination (i.e., to the extent that
fewer than the number of shares of Common Stock deemed to

 

 

 

 

7

 

 

have been issued in
connection with such Option or Convertible Securities were actually issued),
never been issued or been issued at such higher price, as the case may be.

 

(iv)      Consideration for Stock. In case
any shares of Common Stock are issued or sold, or deemed issued or sold, at any
time after the Closing Date for cash, the consideration received therefor shall
be deemed to be the amount received or to be received by the Company therefor
(determined with respect to deemed issuances and sales in connection with
Options and Convertible Securities in accordance with clause (A) of Section 2.2(d)(i) or
Section 2.2(d)(ii), as appropriate) determined in the manner set
forth below in this Section 2.2(d)(iv). If any shares of Common
Stock are issued or sold, or deemed issued or sold, for a consideration other
than cash, the amount of the consideration other than cash received by the
Company shall be deemed to be the fair value of such consideration received or
to be received by the Company (determined with respect to deemed issuances and
sales in connection with Options and Convertible Securities in accordance with
clause (A) of Section 2.2(d)(i) or Section 2.2(d)(ii).
as appropriate) as determined in good faith by the Board of Directors of the
Company (the “Board of Directors”)
and a Two-Thirds Interest. If any Options are issued in connection with the
issuance and sale of other securities of the Company, together comprising one
integral transaction in which no specific consideration is allocated to such
Options by the parties thereto, such Options shall be deemed to have been
issued for such consideration as determined in good faith by the Board of
Directors and a Two-Thirds Interest. If the Company and a Two-Thirds Interest
are unable to reach agreement as to the value of such consideration, then the
value thereof will be determined by an independent appraisal by a mutually
agreed to investment banker, the fees of which shall be paid by the Company.

 

(v)       Other Issuances or Sales;
Indeterminable Amounts. In calculating any adjustment to the Antidilution
Price pursuant to this Section 2.2(d) any Options or
Convertible Securities that provide, as of the effective date of such
adjustment, for the issuance upon exercise or conversion thereof of an
indeterminable number of shares of Common Stock shall (together with the shares
of Common Stock issuable upon exercise or conversion thereof) be disregarded
for purposes of the calculation of Common Stock Deemed Outstanding; provided,
that at such time as a number of shares of Common Stock issuable upon exercise
or conversion of such Options or Convertible Securities becomes determinate,
then the Antidilution Price shall be adjusted as provided in Section 2.2(d)(iii).

 

(vi)      Common Stock Deemed Outstanding.
The term “Common Stock Deemed Outstanding”
shall mean the sum of (A) the number of shares of Common Stock outstanding
immediately following the Closing Date (including for this purpose all shares
of Common Stock issuable upon exercise or conversion of any outstanding Options
or Convertible Securities outstanding immediately after the Closing  Date),
plus (B) the number of shares of Common Stock issued or sold
(or deemed issued or sold) after the Closing Date; provided, that Common
Stock Deemed Outstanding shall not include shares of Convertible Preferred
Stock of the Company or any shares of Common Stock issuable upon exercise of
the Convertible Preferred Stock or the Warrants.

 

(vii)     Certain Issues of Common Stock Excepted.
Anything herein to the contrary notwithstanding, the Corporation shall not be
required to make any adjustment to the Antidilution Price in the case of the
issuance from and after the Closing Date of (i) shares of

 

 

 

 

 

8

 

 

Common Stock upon
conversion of shares of Convertible Preferred Stock or exercise of the
Warrants; (ii) up to 3,131,127 (such amount to be appropriately adjusted
for stock splits, stock dividends, recapitalizations and the like) shares of
Common Stock or options therefor to directors, officers, employees or
consultants of the Corporation in connection with their service as directors of
the Corporation, their employment by the Corporation or their retention as
consultants by the Corporation, in each case authorized by the Board of
Directors and issued pursuant to the Corporation’s 2006 Stock Option and Grant
Plan; (iii), up to 1,793,105 (such amount to be appropriately adjusted for
stock splits, stock dividends, recapitalizations and the like) shares of Common
Stock or options therefor to directors, officers, employees or consultants of
the Corporation in connection with their service as directors of the
Corporation, their employment by the Corporation or their retention as
consultants by the Corporation, in each case authorized by the Board of
Directors and issued pursuant to the Corporation’s Amended and Restated 1995
Stock Option Plan; (iv) securities issued as consideration for the
purchase of stock or assets in any acquisition, merger, joint venture,
partnership or other strategic alliance; (v) shares of Common Stock issued
pursuant to a stock split, stock dividend or other transaction contemplated by Section A.7(c) of
the Company’s certificate of incorporation; and (vi) shares of Common
Stock issued in a public offering registered under the Securities Act or (v) securities
issued that are deemed in writing by a Two-Thirds Interest to constitute
Excluded Shares (collectively, “Excluded Shares”).

 

(e)       Adjustment for Merger or
Consolidation, etc.

 

(i)        Upon the election of a Two-Thirds
Interest made in connection with any merger or consolidation of the Company
with or into another corporation (or other legal entity), any sale of all or
substantially all of the assets of the Company to another corporation (or other
legal entity), this Warrant shall thereafter be exercisable (or shall be
converted into a security that shall be exercisable) for the kind and amount of
shares of stock or other securities or property to which a Holder of the number
of shares of Common Stock of the Company deliverable upon the exercise of this
Warrant in full would have been entitled upon such merger, consolidation, or
asset sale (and any distribution of assets to stockholders following such asset
sale); and, in such case, appropriate adjustment (as determined in good faith
by the Board of Directors) shall be made in the application of the provisions
in Section 2.2 set forth with respect to the rights and interests
thereafter of the Holder, to the end that the provisions set forth in Section 2.2
(including provisions with respect to changes in and other adjustments of the
Antidilution Price) shall thereafter be applicable, as nearly as possible, in
relation to any shares of stock or other securities or property thereafter deliverable
upon the exercise of this Warrant. Any election by a Two-Thirds Interest
pursuant to this Section 2.2(e) shall be made by written
notice to the Company and the other Holders at least five (5) Business
Days prior to the closing of the relevant transaction. Upon the election of
such Two-Thirds Interest hereunder, the Holder shall be deemed to have elected
to adjust the Warrant as provided in this Section 2.2(e) and
such election shall bind the Holder. Notwithstanding anything to the contrary
contained herein, the Holder shall have the right to elect to exercise the
Warrant immediately prior to or simultaneously with the consummation of such
merger, consolidation or asset sale in accordance with the provisions of Section 1.
if applicable, instead of giving effect to the provisions contained in this Section 2.2(e)

 

 

 

 

 

9

 

 

(ii)       The Company shall not effect any such
consolidation, merger or sale, unless prior to or simultaneously with the
consummation thereof, the successor (if other than the Company) resulting from
such consolidation or merger or the person purchasing such assets shall assume
by written instrument executed and delivered to the Holder, the obligation to
deliver to the Holder such shares, securities or assets as, in accordance with
the foregoing provisions, the Holder may be entitled to receive upon the
exercise of this Warrant (or the security into which such Warrant is to be
converted in connection with the consummation of such transaction).

 

(f)        Record Date. If the Company takes
a record of the Holders of its Common Stock for the purpose of entitling them (A) to
receive a dividend or other distribution payable in Common Stock, Options or
Convertible Securities, or (B) to subscribe for or purchase Common Stock,
Options or Convertible Securities, then such record date shall be deemed to be
the date of the issuance or sale of the shares of Common Stock deemed to have
been issued or sold upon the declaration of such dividend or the making of such
other distribution or the date of the granting of such right of subscription or
purchase, as the case may be.

 

(g)       Other Dilutive Events. In case any
event shall occur after the Closing Date as to which, but for this Section 2.2(g),
the provisions of this Section 2 are not directly applicable, and
the failure to make any adjustment would not in the reasonable opinion of a
Two-Thirds Interest fairly protect the purchase rights represented by this
Warrant in accordance with the essential intent and principles of such
sections, then, in each case, at the request of a Two-Thirds Interest, the
Company shall appoint an independent investment bank of recognized national
standing (which shall be completely independent of the Company and shall be
reasonably satisfactory to a Two-Thirds Interest), which shall give its opinion
upon the adjustment, if any, on the basis consistent with the essential intent
and principles established in this Section 2, necessary to
preserve, without dilution, the purchase rights by this Warrant. Upon receipt
of such opinion, the Company shall promptly mail a copy thereof to the Holder
and shall make the adjustments, if any, described therein.

 

Section 3.
    Redemption and Cancellation of
Warrants

 

3.1.     Put Right.
At any time after the earlier of (i) a Liquidity Event (as defined in the
Charter), (ii) the first firm commitment underwritten public offering of
Common Stock and (iii) February 1, 2011, the Holder may require that
the Company purchase this Warrant in whole at the Redemption Price (as defined
below) by delivery of a written notice to the Company (the date such notice is
delivered to the Company shall hereinafter be referred to as, the “Put Demand Date”). The Company shall pay
the Redemption Price to the Holder as soon as reasonably practicable (the “Put Payment Date”), but in no event later
than thirty (30) days after the Put Demand Date (the “Put Demand Period”), upon surrender of this Warrant to the
Company or, if requested by the Holder without surrender of this Warrant, by
wire transfer of immediately available funds to an account or accounts
designated in writing by the Holder.

 

(b)       Upon surrender of this Warrant in
accordance with the procedures set forth in Section 3.1 (a), the
right to purchase shares of Common Stock represented by this Warrant shall
terminate, and this Warrant shall represent the right of the Holder to receive
only

 

 

 

 

 

10

 

the applicable Redemption
Price from the Company in accordance with Section 3.1. The Holder’s
right to demand redemption of this Warrant pursuant to this Section 3.1
shall be referred to herein as the Holder’s “Put
Right.”

 

3.2.     Default;
Automatic Conversion into Debt. In the event that
the Company fails to purchase this Warrant prior to the expiration of the Put
Demand Period, then the exercise by the Holder of the Put Right pursuant to
this Section 3 shall automatically be rescinded; provided that, the Redemption
Price ultimately paid to the Holder shall equal the greater of (a) the
Redemption Price with respect to the first Put Right exercise and (b) the
Redemption Price with respect to the Put Right exercise that is not rescinded
pursuant to this Section 3.2.

 

Section 4.
    Covenants of the Company

 

4.1.     The Company covenants and agrees that:

 

(a)       all shares of Common Stock that may be
issued upon the exercise of the rights represented by this Warrant shall, upon
issuance, be duly authorized, validly issued, fully paid and nonassessable;

 

(b)       during the period within which this
Warrant may be exercised, it will at all times have authorized and reserved a
sufficient number of shares of Common Stock to provide for the exercise of
rights represented by this Warrant;

 

(c)       if any shares of Common Stock reserved or
to be reserved to provide for the exercise of this Warrant require registration
with or approval of any governmental or self-regulatory authority under any
federal or state law or stock exchange or NASDAQ rule before such shares
may be validly issued, then it shall in good faith and as expeditiously as
possible endeavor to secure such registration or approval, as the case may be;

 

(d)       if it shall have filed a registration
statement pursuant to the requirements of Section 12 of the Securities and
Exchange Act of 1934, as amended (the “Exchange
Act”), or a registration statement
pursuant to the requirements of the Securities Act, the Company shall comply
with the reporting requirements of Sections 13 and 15(d) of the Exchange
Act and will comply with all other public information reporting requirements
the securities and exchange commission (including Rule 144 promulgated by
such commission under the Securities Act) from time to time in effect and
relating to the availability of an exemption from the Securities Act for the
sale of any restricted securities; and

 

(e)       it shall not, by amendment to its
certificate of incorporation (whether by way of merger, operation of law, or
otherwise) or reorganization, transfer of assets, consolidation, merger,
dissolution, issuance or sale of securities, agreement or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the
terms to be observed or performed hereunder by the Company and shall at all
times in good faith assist in the carrying out of all the provisions of this
Warrant and in the taking of all such action as may be necessary or appropriate
in order to protect the rights of the Holder against impairment as if the
Holder was a stockholder of the Company entitled to the benefit of fiduciary
duties afforded to

 

 

 

 

 

11

 

 

stockholders under
Delaware law. Any successor to the Company shall agree in writing, as a
condition to such succession, to carry out and observe the obligations of the
Company hereunder with respect to this Warrant.

 

Section 5.
    Transfer

 

5.1.     Registration.

 

(a)       Registration. The Company shall
number and register the Warrants in a register maintained at the principal
office of the Company (the “Office”).
The Company shall be entitled to treat the Holder of the Warrants as the owner
thereof for all purposes and shall not be bound to recognize any equitable or
other claim to or interest in such Warrants on the part of any other person.
Any Warrant may be transferred or endorsed to another party in whole or in part
by surrendering to the Company, or its duly authorized agent, for cancellation
the existing warrant certificate evidencing the Warrant to be transferred, endorsed
or accompanied by a written instrument of transfer, in form reasonably
satisfactory to the Company, duly executed by the Holder thereof in person or
by a duly authorized representative, agent or attorney-in-fact appointed in
writing.

 

5.2.     Restrictive
Legend.

 

(a)       This Warrant and the Warrant Shares
issuable upon exercise thereof, are subject to the terms of that certain
Stockholders Agreement, dated as of the date hereof, by and among the Company
and the Stockholders and Investors party thereto (the “Stockholders Agreement”). Each certificate representing
shares of Common Stock issued upon exercise of this Warrant and each
certificate representing shares of Common Stock issued to any subsequent
transferee of any such certificate, shall be stamped or otherwise imprinted
with a legend in substantially the form as follows:

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT
BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT
TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE
UNDER THE SECURITIES ACT OR TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER
THE ACT RELATING TO THE DISPOSITION OF SECURITIES AND (2) IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS.

 

THIS SECURITIES
REPRESENTED HEREBY ARE SUBJECT TO THE PROVISIONS OF A CERTAIN STOCKHOLDERS
AGREEMENT, DATED AS OF FEBRUARY 1, 2006. A COMPLETE AND CORRECT COPY OF SUCH AGREEMENT
IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE
FURNISHED UPON WRITTEN REQUEST AND WITHOUT CHARGE.

 

 

 

 

 

12

 

 

THE  ISSUER WILL FURNISH WITHOUT CHARGE TO EACH
STOCKHOLDER WHO SO REQUESTS THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE
PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR
SERIES THEREOF AND THE QUALIFICATIONS, 
LIMITATIONS  OR RESTRICTIONS OF
SUCH PREFERENCES AND/OR RIGHTS.

 

(b)       If at any time any securities other than
shares of Common Stock shall be issuable upon the exercise of this Warrant,
such securities shall bear a legend similar to the one set forth above.
Whenever the legend requirement imposed by the Stockholders Agreement shall
terminate, the Holder shall be entitled to receive within five (5) Business
Days from the Company, at the Company’s expense, a new Warrant certificate or
certificates and new stock certificates representing Common Stock issued upon
exercise of this Warrant, in each case, without such legends.

 

5.3.     Registration
of Warrants and Common Stock. The shares of Common
Stock issuable upon exercise of this Warrant shall constitute Registrable
Securities (as such term is defined in the Registration Rights Agreement dated
as of the date hereof by and among the parties therein). Each holder of any
shares of Common Stock (and other securities) issued upon exercise of this
Warrant shall be entitled to all of the benefits afforded to a holder of any
such Registrable Securities under the Registration Rights Agreement and such
holder, by its acceptance of this Warrant, agrees to be bound by and to comply
with the terms and conditions of the Registration Rights Agreement applicable
to such holder as a holder of such Registrable Securities. At any such time as
Common Stock is listed on any national securities exchange, the Company will,
at its sole expense, obtain promptly and maintain the approval for listing on
each such exchange, upon official notice of issuance, the shares of Common
Stock issuable upon exercise of the then outstanding Warrants and maintain the
listing of such shares after their issuance; and the Company will also list on
such national securities exchange, and will maintain such listing of, any other
securities that at any time are issuable upon exercise of the Warrants, if and
at the time that any securities of the same class shall be listed on such
national securities exchange by the Company.

 

Section 6.
    Miscellaneous

 

6.1.     Notice of
Adjustments.

 

(a)       In each case of any adjustment or
readjustment in the Antidilution Price, and the Warrant Shares issuable upon
exercise of this Warrant, the Company shall promptly thereafter compute such
adjustment or readjustment in accordance with the terms of this Warrant and
provide a written report thereof certified by the Chief Financial Officer or
Treasurer of the Company to the Holder stating the number of Warrant Shares and
the Antidilution Price, after giving effect to such adjustment or readjustment,
and setting forth in reasonable detail the method of calculation and the facts
upon which such calculation is based.

 

 

 

 

 

13

 

 

(b)       The Company shall, within ten (10) days
of receipt of a written request by a Two-Thirds Interest, cause independent
certified public accountants of recognized national standing, which may be the
regular auditors of the Company, selected by the Company to verify such
computations reported pursuant to Section 6.1 (a), other than any
computation that pursuant to the provisions of this Warrant are to be
determined reasonably and in good faith by the Board of Directors. The Company
shall promptly prepare, and remit to the Holder, a copy of such independent
accountant’s report setting forth such adjustment or readjustment, showing in
reasonable detail the method of calculation thereof and the facts upon which
such adjustment or readjustment is based, including a statement of:

 

(i)        the consideration received or to be
received by the Company for any shares of Common Stock, Options, or Convertible
Securities issued or sold or deemed to have been issued;

 

(ii)       the Common Stock Deemed Outstanding; and

 

(iii)      the Antidilution Price in effect
immediately prior to such issuance or sale and as adjusted or readjusted.

 

(c)       The Company shall also keep copies of all
such reports generated pursuant t o this Section 6.1 at its
principal offices and will cause the same to be available for inspection at
such offices during normal business hours by the Holder or any prospective
purchaser of this Warrant designated by Holder.

 

6.2.     Notice of
Certain Events. In case at any time:

 

(a)       the Company shall pay any dividend upon,
or make any distribution in respect of, its stock of the Company;

 

(b)       the Company shall propose to register any
of its equity securities under the Securities Act in connection with a public
offering;

 

(c)       there shall be any proposed capital
reorganization, or reclassification of the capital stock, of the Company, or
consolidation or merger of the Company with, or sale of all or substantially
all of its assets to, another person; or

 

(d)       there shall be a voluntary or involuntary
dissolution, liquidation or winding up of the Company;

 

then, in any one (1) or
more of said cases, the Company shall give notice to the Holder of the date on
which (i) the books of the Company shall close or a record shall be taken
for such dividend, distribution or subscription rights, or (ii) such
public offering, reorganization, reclassification, consolidation, merger, sale,
dissolution, liquidation or winding up shall take place, as the case may be.
Such notice shall be given not less than ten (10) days prior to the record
date or the date on which the transfer books of the Company are to be closed in
respect thereto in the case of an action specified in clause (i) and at
least twenty (20) days prior to the action in question in the case of an action
specified in clause (ii).

 

 

 

 

 

 

14

 

 

6.3.     Notice.
Any notice that is required or provided to be given under this Warrant shall be
deemed to have been sufficiently given and received for all purposes when
delivered in writing by hand, telecopy, telex or other method of facsimile, or
five (5) days after being sent by certified or registered mail, postage
and charges prepaid, return receipt requested, or two (2) days after being
sent by overnight delivery providing receipt of delivery, to the following
addresses: if to the Company, OpenLink Financial, Inc., 1502 Reckson
Plaza, West Tower -15th Floor, Uniondale, NY 11556-1502, Attention:
Kevin Hesselbirg, Facsimile: (516) 394-1193, or at any other address designated
by the Company to Holder; if to Holder, c/o TA Associates, Inc., 125 High
Street, Suite 2500, Boston, MA 02110, Attention: Jonathan W. Meeks,
Facsimile: (617) 574-6728, or at any other address designated by Holder to the
Company in writing.

 

6.4.     No Change
in Warrant Terms on Adjustment. Irrespective of
any adjustment in the Antidilution Price or the number of shares of Common
Stock, this Warrant, whether theretofore or thereafter issued or reissued, may
continue to express the same price and number of shares of Common Stock as are
stated herein and the Antidilution Price and such number of Common Stock shares
specified herein shall be deemed to have been so adjusted.

 

6.5.     Issuance
and Transfer Taxes. The issuance of certificates
for shares of Common Stock upon any exercise of this Warrant shall be made
without charge to Holder for any issuance tax in respect thereto.

 

6.6.     Exchange of
Warrant. This Warrant is exchangeable at no cost
to the Holder upon the surrender hereof by the Holder at such office or agency
of the Company, for a new warrant of like tenor representing in the aggregate
the right to subscribe for and purchase the number of shares that may be
subscribed for and purchased hereunder from time to time after giving effect to
all the provisions hereof, each of such new warrants to represent the right to
subscribe for and purchase such number of shares as shall be designated by said
Holder hereof at the time of such surrender.

 

6.7.     Lost,
Stolen, Mutilated or Destroyed Warrant. If this
Warrant is lost, stolen, mutilated or destroyed, the Company shall at no cost
to the Holder, on such terms as to indemnity or otherwise as the Company may in
its discretion impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new warrant of like denomination and tenor as
the Warrant so lost, stolen, mutilated or destroyed. Any such new warrant shall
constitute an original contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time
enforceable by anyone.

 

6.8.     Governing
Law. This Warrant shall be deemed to be a contract
made under, and shall be construed in accordance with, the laws of the State of
New York, without giving effect to conflict of laws principles thereof.

 

6.9.     Section Headings;
Construction. The descriptive headings in this
Warrant have been inserted for convenience only and shall not be deemed to
limit or otherwise affect the construction of any provision thereof or hereof.
The parties have participated jointly in the negotiation and drafting of this
Warrant and the other agreements, documents and instruments executed and
delivered in connection herewith with counsel sophisticated in investment

 

 

 

 

 

 

15

 

 

transactions. In the
event an ambiguity or question of intent or interpretation arises, this Warrant
shall be construed as if drafted jointly by the parties and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provisions of this Warrant and the agreements, documents and
instruments executed and delivered in connection herewith.

 

6.10.   Dispute
Resolution. (a)     All
disputes, claims, or controversies arising out of or relating to this Warrant,
or any other agreement executed and delivered pursuant to or in connection with
this Warrant or the negotiation, breach, validity, termination or performance
hereof and thereof or the transactions contemplated hereby and thereby, that
are not resolved by mutual agreement shall be resolved solely and exclusively
by binding arbitration to be conducted before Judicial Arbitration and
Mediation Services, Inc. (“JAMS”) in New York, New York before a single
independent arbitrator (the “Arbitrator”). The parties understand and agree
that this arbitration shall apply equally to claims of fraud or fraud in the
inducement.

 

(b)       The parties covenant and agree that the
arbitration shall commence within 120 days of the date on which a written
demand for arbitration is filed by any party hereto (the “Filing Date”). In
connection with the arbitration proceeding, the Arbitrator shall have the power
to order the production of documents by each party and any third-party
witnesses. In addition, each party may take up to three depositions as of
right, and the Arbitrator may in his or her discretion allow additional
depositions upon good cause shown by the moving party. However, the Arbitrator
shall not have the power to order the answering of interrogatories or the
response to requests for admission. In connection with any arbitration, each
party shall provide to the other, no later than seven days before the date of
the arbitration, the identity of all persons that may testify at the
arbitration and a copy of all documents that may be introduced at the
arbitration or considered or used by a party’s witnesses or experts. The
Arbitrator’s decision and award shall be made and delivered within 180 days of
the Filing Date. The Arbitrator’s decision shall set forth a reasoned basis for
any award of damages or finding of liability. The Arbitrator shall not have
power to award damages in excess of actual compensatory damages and shall not
multiply actual damages or award punitive damages or any other damages that are
specifically excluded under this Warrant, and each party hereby irrevocably
waives any claim to such damages.

 

(c)       The parties covenant and agree that they
will participate in the arbitration in good faith and that they will (i) bear
their own attorneys’ fees, costs and expenses in connection with the
arbitration, and (ii) share equally in the fees and expenses charged by
the Arbitrator. Any party unsuccessfully refusing to comply with an order of
the Arbitrators shall be liable for costs and expenses, including attorneys’
fees, incurred by the other party in enforcing the award. This Section 6.10
applies equally to requests for temporary, preliminary or permanent injunctive
relief, except that in the case of temporary or preliminary injunctive relief
any party may proceed in court without prior arbitration for the purpose of
avoiding immediate and irreparable harm.

 

6.11.   Consent to Jurisdiction.
Except as provided in Section 6.10(c) each of the parties hereto
irrevocably and unconditionally consents to the jurisdiction of JAMS to resolve
all disputes, claims or controversies arising out of or relating to this
Warrant or any other agreement executed and delivered pursuant to or in
connection with this Warrant or the negotiation, breach,

 

 

 

 

 

 

16

 

 

validity, termination or
performance hereof and thereof or the transactions contemplated hereby and
thereby, and further consents to the sole and exclusive jurisdiction of the
state and federal courts located in the State of New York and the city of New
York for the purposes of enforcing the arbitration provisions of Section 6.10
of this Warrant. Each party further irrevocably waives any objection to
proceeding before the Arbitrator based upon lack of personal jurisdiction or to
the laying of venue and further irrevocably and unconditionally waives and
agrees not to make a claim in any court that arbitration before the Arbitrator
has been brought in an inconvenient forum. Each of the parties hereto hereby
consents to service of process by registered mail at the address to which
notices are to be given as provided in Section 6.3. Each of the parties
hereto agrees that its or his submission to jurisdiction and its or his consent
to service of process by mail is made for the express benefit of the other
parties hereto.

 

6.12.   Remedies;
Severability. Notwithstanding Sections 6.10
and 6.11, it is specifically understood and agreed that any breach of
the provisions of this Warrant by any person subject hereto will result in
irreparable injury to the other parties hereto, that the remedy at law alone
will be an inadequate remedy for such breach, and that, in addition to any
other remedies which they may have, such other parties may enforce their
respective rights by actions for specific performance (to the extent permitted
by law). Whenever possible, each provision of this Warrant shall be interpreted
in such a manner as to be effective and valid under applicable law, but if any
provision of this Warrant shall be deemed prohibited or invalid under such
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, and such prohibition or invalidity shall not
invalidate the remainder of such provision or the other provisions of this
Warrant.

 

6.13.   Integration.
This Warrant, the Stockholders Agreement, the Registration Rights Agreement and
the Purchase Agreement, including the exhibits referred to herein and therein,
constitute the entire agreement and supersede all other prior agreements and
understandings, both written and oral, among the parties with respect to the
subject matter hereof.

 

6.14.   No Rights
or Liabilities as Stockholder. Except as expressly
set forth herein, nothing contained in this Warrant shall be construed as
conferring upon the Holder any rights as a stockholder of the Company or as
imposing any obligation on the Holder to purchase any securities or as imposing
any liabilities on the Holder as a stockholder of the Company, whether such
obligation or liabilities are asserted by the Company or creditors of the
Company.

 

6.15.   Waivers
and Consents; Amendments.

 

(a)       For the purposes of this Warrant and all documents
executed pursuant hereto, no course of dealing between or among any of the
parties hereto and no delay on the part of any party hereto in exercising any
rights hereunder or thereunder shall operate as a waiver of the rights hereof
or thereof. No covenant or provision hereof may be waived otherwise than by a
written instrument signed by the party or parties so waiving such covenant or
other provision contemplated herein.

 

(b)       No amendment to this Warrant may be made
without the written consent of the Company and the Holder.

 

 

 

 

 

 

17

 

 

6.16.   Certain
Definitions. The following terms as used in this
Warrant shall have the following meanings:

 

(a)       “Appraiser”
means an independent nationally recognized investment bank or other qualified
financial institution acceptable to the Company and the Noteholders (as such
term is defined in the Purchase] Agreement).

 

(b)       “Business
Day” means any day other than a Saturday or a Sunday or a day on
which commercial banking institutions in the State of New York are authorized
or obligated by law or executive order to be closed. Any reference to “days”
(unless Business Days are specified) shall mean calendar days.

 

(c)       “Charter”
means the Amended and Restated Certificate of Incorporation of the Company, as
may be amended and/or restated from time to time.

 

(d)       “Closing”
means the closing of the transaction contemplated by the Purchase Agreement on
the Closing Date.

 

(e)       “Code”
means the Internal Revenue Code of 1986, as amended.

 

(f)        “Fair
Market Value”  means
either (i) the Market Price, if any, of a share of Common Stock or (ii) if
no Market Price exists, the value (which shall not take into effect any
minority or illiquidity discounts) of a share of Common Stock as determined by
a nationally recognized investment banking firm or accounting firm designated
by a Two-Thirds Interest and reasonably acceptable to the Company; provided
that if the parties cannot agree on such a firm, each party shall choose a
nationally recognized investment banking firm, which shall choose a third
nationally recognized firm and that third firm shall determine the Fair Market
Value, which determination shall be final and binding. The cost relating to
retaining any such firm(s) pursuant t o this definition shall be borne by
the Company.

 

(g)       “Market
Price” of any security means the value determined in accordance with
the following provisions:

 

(i)        if such security is listed on a national
securities exchange registered under the Exchange Act, a price equal to the
average of the closing sales prices for such security on such exchange for each
day during the twenty (20) consecutive trading days immediately preceding the
date in question; and

 

(ii)       not so listed, and such security is
quoted on NASDAQ, a price equal to the average of the closing bid and asked
prices for such security quoted on such system each day during the 20
consecutive trading days immediately preceding the date in question.

 

(h)       “Redemption
Price” means the Fair Market Value of the Warrant as of the
applicable Put Demand Date, as determined by an Appraiser (as defined above)
and based upon on independent valuation of the Company. In arriving at its
determination, the Appraiser shall base any valuation upon, in the case of the
Market Price of the Common Stock, the Market Price of the Company assuming (A) the
exercise of all outstanding vested warrants, options or

 

 

 

 

 

 

18

 

 

rights to subscribe for
or purchase Common Stock (or other securities) of the Company or other
securities immediately exercisable or convertible into Common Stock (or other
securities) of the Company and (B) the Company were sold as a going
concern, without regard to the existence of any control block, the anticipated
impact upon current market prices of any such sale, any discount for minority
ownership or the lack or depth of a market for the Common Stock, the Warrants
or other securities of the Company, or any other factors concerning the
liquidity or marketability of the Common Stock, the Warrants, or other
securities of the Company.

 

6.17.   Other
Definitional Provisions.

 

(a)       Except as otherwise specified herein, all
references herein:

 

(i)        to any person other than the Company,
shall be deemed to include such person’s successors and assigns;

 

(ii)       to the Company shall be deemed to include
the Company’s successors; and

 

(iii)      to any applicable law defined or referred
to herein, shall be deemed references to such applicable law as the same may
have been or may be amended or supplemented from time to time.

 

(b)       When used in this Warrant, the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall refer to this
Warrant as a whole and not to any provision of this Warrant, and the words “Section”
and “Exhibit” shall refer to Sections of, and Exhibits to, this Warrant unless
otherwise specified.

 

(c)       Whenever the context so requires the
neuter gender includes the masculine or feminine, and the singular number
includes the plural, and vice versa.

 

[Execution page follows]

 

 

 

 

 

 

19

 

 

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

 

	
   

  	
  OPEN LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

 

 

 

EXHIBIT A

FORM OF EXERCISE NOTICE

 

[To be executed only upon exercise of Warrant pursuant to Section 1.1
(a)]

 

To Open Link Financial, Inc.:

 

The undersigned
registered Holder of the within Warrant hereby irrevocably exercises such
Warrant for, and purchases thereunder,
              shares
of the Common Stock and herewith makes payment of $
                    therefor,
and requests that the certificates for such shares be issued in the name of,
and delivered to
                                    ,
whose address
is                                                                                                    .

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature must conform in all respects to name

  
	
   

  	
   

  	
  of Holder as specified on the face of Warrant.)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Street Address)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (City)

  	
   

  	
  (State)

  	
   

  	
  (Zip Code)

  

 

 

 

 

 

 

 

 

EXHIBIT B

FORM OF
EXCHANGE NOTICE

 

[To be executed only upon net exchange of the
Warrant pursuant to Section 1.1(b)]

 

To
Open Link Financial, Inc.:

 

The undersigned registered Holder of the within Warrant hereby
irrevocably exchanges such Warrant with respect to
                      shares
of the Common Stock which such Holder would be entitled to receive upon the
exercise hereof, and requests that the certificates for such shares be issued
in the name of, and delivered to
                                              ,
whose address
is                                                                      .

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature must conform in all respects to name

  
	
   

  	
   

  	
  of Holder as specified on the face of Warrant.)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Street Address)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (City)

  	
   

  	
  (State)

  	
   

  	
  (Zip Code)

  

 

 

 

 

 

 

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND MAY NOT
BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT
TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE
UNDER THE ACT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION
UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES AND (3) IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES AND BLUE SKY LAWS.

 

THIS NOTE AND THE RIGHTS
EVIDENCED HEREBY ARE SUBJECT TO THE TERMS OF THAT CERTAIN SUBORDINATED NOTE AND
INTERCREDITOR AGREEMENT DATED AS OF FEBRUARY 1, 2006, BY AND AMONG OPEN LINK
FINANCIAL, INC., BANK OF AMERICA, N.A. AND THE SUBORDINATED NOTE HOLDERS
SIGNATORY THERETO, AND ANY TRANSFEREE BY ACCEPTANCE OF SUCH TRANSFER AGREES TO
BE BOUND BY THE TERMS THEREOF.

 

SENIOR SUBORDINATED CONVERTIBLE NOTE

 

	
  $392,156.86

  	
   

  	
  February 1,
  2006

  

 

FOR VALUE
RECEIVED, the undersigned, Open Link Financial, Inc., a Delaware
corporation (“Borrower”), HEREBY
PROMISES TO PAY to the order of TA Investors II, L.P., a Delaware limited
partnership (the “Noteholder”),
the principal sum of $392,156.86, together with interest on the unpaid
principal amount from time to time outstanding at the rate or rates and
computed and payable at the times as described in the Note Purchase Agreement
(as hereinafter defined). Payments of the principal hereof shall be made as
provided in the Note Purchase Agreement. Notwithstanding any other provision of
this note, the entire balance of principal and accrued and unpaid interest
shall be paid in full on December 31, 2011.

 

This note is one
of the Convertible Subordinated Notes referred to in the Subordinated
Convertible Note Purchase Agreement, dated as of February 1, 2006 (as the
same may be amended, modified or supplemented from time to time, the “Note Purchase Agreement”) by and among
Borrower and the Noteholders named therein. Capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Note Purchase
Agreement.

 

The Noteholder may
convert this note at any time pursuant to the terms of the Note Purchase Agreement
into (i) a Subordinated Note due December 31, 2011 in the aggregate
principal amount outstanding on the Convertible Subordinated Notes at the time
of conversion and Borrower shall pay all accrued but unpaid interest on the
Convertible Subordinated Notes on the date of conversion, in the form attached
hereto as Exhibit A and (ii) a Warrant for the purchase of
18,741 shares of Common Stock of the Borrower (subject to adjustment as
provided

 

 

 

 

 

 

 

 

therein), exercisable at
a price of $0.01 (subject to adjustment), in the form attached hereto as Exhibit B.
all as further described in the Note Purchase Agreement.

 

Subject to, and at
all times in accordance with, the provisions of the Note Purchase Agreement (i) Borrower
shall have the right, at any time, to voluntarily prepay all or any part of the
outstanding principal amount of this note, and (ii) the Noteholder shall
have the right to require Borrower to repurchase this note upon the occurrence
of a Mandatory Repurchase Event.

 

In addition to the
payment of interest as provided above, Borrower shall, on demand, pay interest
on any overdue installments of principal and, to the extent permitted by
applicable law, on overdue installments of interest at the rate set forth in,
and in accordance with the provisions of, the Note Purchase Agreement.

 

The holder of this
note is entitled to all the benefits and rights of a Noteholder under the Note
Purchase Agreement to which reference is hereby made for a statement of the
terms and conditions under which the entire unpaid balance of this note, or any
portion thereof, shall become immediately due and payable. Notwithstanding
anything in this note to the contrary, the terms and provisions of this note
shall at all times be governed by and subject to all of the terms and
provisions of the Note Purchase Agreement. To the extent that there is any
conflict with, or inconsistency between, the terms and provisions of this note
and the terms and provisions of the Note Purchase Agreement, the terms and
provisions of the Note Purchase Agreement shall at all times govern and
control.

 

Borrower hereby
waives presentment, demand, notice, protest and other demands and notices in
connection with the delivery, acceptance or enforcement of this note.

 

No delay or
omission on the part of the holder of this note in exercising any right
hereunder shall operate as a waiver of such right or of any other right under
this note, and a waiver, delay or omission on any one occasion shall not be
construed as a bar to or waiver of any such right on any future occasion.

 

The terms and
provisions of this note are subject to the terms and provisions of the Note
Purchase Agreement, including, without limitation, its dispute resolution
provisions.

 

 

 

 

 

 

 

This note shall be
deemed to be under seal, and all rights and obligations hereunder shall be
governed by the laws of the Commonwealth of Massachusetts (without giving
effect to any conflicts of law provisions contained therein).

 

	
   

  	
  OPEN LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Coleman Fung

  
	
   

  	
   

  	
  Name: Coleman Fung

  
	
   

  	
   

  	
  Title: Chief Executive Officer

  

 

 

 

 

 

 

 

 

 

Exhibit A

 

Form of Subordinated Note

 

 

 

 

 

 

 

 

 

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND MAY NOT
BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT
TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE
UNDER THE ACT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION
UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES AND (3) IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES AND BLUE SKYLAWS.

 

THIS NOTE AND THE RIGHTS
EVIDENCED HEREBY ARE SUBJECT TO THE TERMS OF THAT CERTAIN SUBORDINATED NOTE AND
INTERCREDITOR AGREEMENT DATED AS OF FEBRUARY
      , 2006, BY AND AMONG OPEN LINK FINANCIAL,
INC., BANK OF AMERICA, N.A. AND THE SUBORDINATED NOTE HOLDERS SIGNATORY
THERETO, AND ANY TRANSFEREE BY ACCEPTANCE OF SUCH TRANSFER AGREES TO BE BOUND
BY THE TERMS THEREOF.

 

SUBORDINATED NOTE

 

	
  $

  	
  , 200    

  

 

FOR VALUE
RECEIVED, the undersigned, Open Link Financial, Inc., a Delaware corporation (“Borrower”), HEREBY PROMISES TO PAY to
the order of [Name of Holder], a [entity type/jurisdiction of organization]
(the “Noteholder”), the principal
sum of
$                    ,
together with interest on the unpaid principal amount from time to time
outstanding at the rate or rates and computed and payable at the times as
described in the Note Purchase Agreement (as hereinafter defined). Payments of
the principal hereof shall be made as provided in the Note Purchase Agreement.
Notwithstanding any other provision of this note, the entire balance of
principal and accrued and unpaid interest shall be paid in full on December 31,
2011.

 

This note is one
of the Subordinated Notes referred to in the Subordinated Convertible Note
Purchase Agreement dated as of February           ,
2006 (as the same may be amended, modified or supplemented from time to time,
the “Note Purchase Agreement”) by
and among Borrower and the Noteholders named therein. This note has been issued
by Borrower to the Noteholder in connection with a conversion of the
Convertible Subordinated Note due December 31, 2011 issued by Borrower to
the Noteholder on February           ,
2006 pursuant to the terms of the Note Purchase Agreement. Capitalized terms
used herein and not otherwise defined shall have the meanings set forth in the
Note Purchase Agreement.

 

Subject to, and at
all times in accordance with, the provisions of the Note Purchase Agreement (i) Borrower
shall have the right, at any time, to voluntarily prepay all or any part of

 

 

 

 

 

 

the outstanding principal
amount of this note and (ii) the Noteholder shall have the right to
require Borrower to repurchase this note upon the occurrence of a Mandatory
Repurchase Event.

 

In addition to the
payment of interest as provided above, Borrower shall, on demand, pay interest
on any overdue installments of principal and, to the extent permitted by
applicable law, on overdue installments of interest at the rate set forth in,
and in accordance with the provisions of, the Note Purchase Agreement.

 

The holder of this
note is entitled to all the benefits and rights of a Noteholder under the Note
Purchase Agreement to which reference is hereby made for a statement of the
terms and conditions under which the entire unpaid balance of this note, or any
portion thereof, shall become immediately due and payable. Notwithstanding
anything in this note to the contrary, the terms and provisions of this note
shall at all times be governed by and subject to all of the terms and
provisions of the Note Purchase Agreement. To the extent that there is any
conflict with, or inconsistency between, the terms and provisions of this note
and the terms and provisions of the Note Purchase Agreement, the terms and
provisions of the Note Purchase Agreement shall at all times govern and
control.

 

Borrower hereby
waives presentment, demand, notice, protest and other demands and notices in
connection with the delivery, acceptance or enforcement of this note.

 

No delay or
omission on the part of the holder of this note in exercising any right
hereunder shall operate as a waiver of such right or of any other right under
this note, and a waiver, delay or omission on any one occasion shall not be
construed as a bar to or waiver of any such right on any future occasion.

 

The terms and
provisions of this note are subject to the terms and provisions of the Note
Purchase Agreement, including, without limitation, its dispute resolution
provisions.

 

 

 

 

 

 

 

This note shall be
deemed to be under seal, and all rights and obligations hereunder shall be
governed by the laws of the Commonwealth of Massachusetts (without giving
effect to any conflicts of law provisions contained therein).

 

	
   

  	
  OPEN LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

 

 

 

 

 

 

Exhibit B

 

Form of Warrant

 

 

 

 

 

 

 

 

 

 

 

	
  Warrant No.

  	
   

  	
  ,

  
	
  20

  	
   

  	
   

  

 

FORM OF

WARRANT TO PURCHASE COMMON STOCK

OF

OPEN LINK FINANCIAL, INC.

 

THIS WARRANT AND THE
UNDERLYING SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE  “SECURITIES
ACT”), OR ANY STATE SECURITIES
LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE
ASSIGNED EXCEPT (1) PURSUANT TO A REGISTRATION STATEMENT WITH RESPECT TO
SUCH SECURITIES THAT IS EFFECTIVE UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT RELATING TO THE
DISPOSITION OF SECURITIES AND (2) IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS.

 

THIS WARRANT AND THE
UNDERLYING SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO THE
PROVISIONS OF A CERTAIN STOCKHOLDERS AGREEMENT, DATED AS OF FEBRUARY 1, 2006. A
COMPLETE AND CORRECT COPY OF SUCH AGREEMENT IS AVAILABLE FOR INSPECTION AT THE
PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST AND
WITHOUT CHARGE.

 

THIS WARRANT AND THE
RIGHTS EVIDENCED HEREBY ARE SUBJECT TO THE TERMS OF THAT CERTAIN SUBORDINATED
NOTE AND INTERCREDITOR AGREEMENT DATED AS OF FEBRUARY 1, 2006, BY AND AMONG
OPEN LINK FINANCIAL, INC., BANK OF AMERICA, N.A. AND THE SUBORDINATED NOTE
HOLDERS SIGNATORY THERETO, AND ANY TRANSFEREE BY ACCEPTANCE OF SUCH TRANSFER
AGREES TO BE BOUND BY THE TERMS THEREOF.

 

Open Link
Financial, Inc., a Delaware corporation (together with its successors, the
“Company”), hereby certifies that,
for value received,
                    
(together with its successors and assigns and any transferee of this Warrant,
and its successors and assigns, the  “Holder”), is entitled, subject to the terms
and conditions set forth in this warrant (this
“Warrant”), to purchase
from the Company, at any time or times on or after the date hereof, but not
after 5:00 P.M., New York, New York time on
                    ,
2016 (the  “Expiration Date”),
                        
duly authorized, validly issued, fully paid, nonassessable shares of
Common Stock (as defined below) (as further defined below, the  “Warrant
Shares”), which shall be adjusted or readjusted from time to time as
provided in this Warrant, at an initial purchase price

 

 

 

 

 

 

 

per share equal to $0.01,
which shall be adjusted or readjusted from time to time in connection with any
stock splits, stock dividends, recapitalizations or like transactions affecting
the Common Stock (as adjusted, the  “Warrant Price”); provided; however,
that notwithstanding the foregoing, in no event shall the Warrant Price be
reduced to a number that is less than the par value of the Common Stock at the
date of exercise of this Warrant.

 

This Warrant is a
Common Stock purchase warrant issued in connection with the conversion of the Senior
Subordinated Convertible Notes due December 31, 2011 issued by the Company
(the  “Convertible  Notes”)
to the Holder pursuant to that certain Subordinated Convertible Note Purchase
Agreement dated as of February 1, 2006 (the “Closing Date”) (as it may be
amended from time to time, the  “Purchase Agreement”) by and among the
Company and the Noteholders named therein (this Warrant, together with the
other warrants issuable upon conversion of the Convertible Notes, the  “Warrants”).
The Warrants represent a right to purchase an aggregate of 955,773 shares of
the Company’s common stock, par value $0.001 per share (the  “Common
Stock”), subject to adjustment as provided herein. For purposes of
this Warrant Certificate, “Holders” shall mean the holders of the Warrants and “Warrant
Shares” shall mean shares of Common Stock; provided, however,
that if, in accordance with Section 2 hereof, the securities
issuable upon exercise of the Warrants are issued by an entity other than the
Company or there is a change in the class of securities so issuable, then the “Warrant
Shares” shall mean the securities so issuable by such entity or the securities
of the class of securities so issuable.

 

All capitalized
terms used herein that are not otherwise defined shall have the meanings set
forth in the Purchase Agreement.

 

Section 1.     Exercise; Exchange of Warrant

 

1.1.
    Manner
of Exercise; Exchange.

 

(a)       Exercise. The Holder may exercise
this Warrant, in whole or in part (except as to a fractional share), at any
time and from time to tune during normal business hours on any Business Day on
or after the conversion date of the Convertible Notes prior to the Expiration
Date, by (i) delivering to the Company a written notice, in the form
attached hereto as Exhibit A (the
“Exercise Notice”),
duly executed by the Holder, specifying the number of Warrant Shares
(determined without any regard to any adjustment thereto) to be issued to the
Holder as a result of such exercise, (ii) surrendering this Warrant to the
Company, properly endorsed by the Holder (or if this Warrant has been
destroyed, stolen or has otherwise been misplaced, by delivering to the Company
an affidavit of loss duly executed by the Holder), and (iii) tendering
payment for the shares of Common Stock designated by the Exercise Notice in
lawful money of the United States in the form of cash, bank or certified check
made payable to the order of the Company, or by wire transfer of immediately
available funds, or by the cancellation of indebtedness of the Company owed to
the Holder, including by surrender of any of the Senior Subordinated Notes due February 1,
2011, or in any combination thereof, of an amount equal to the product of (A) the
Warrant Price and (B) the number of Warrant Shares (determined without any
regard to any adjustment thereto) as to which this Warrant is being exercised.

 

 

 

 

 

 

2

 

 

(b)       Net Exchange. The Holder may, in
lieu of exercising or converting this Warrant pursuant to the terms of Section 1.1
(a), elect to exchange this Warrant, in whole or in part (except as to a
fractional share), at any time and from time to time during normal business
hours on any Business Day on or prior to the Expiration Date by (i) delivering
to the Company a written notice, in the form attached hereto as Exhibit B
(the  “Exchange Notice”), duly executed by the Holder, specifying the
number of Warrant Shares (without giving effect to any adjustment thereto) to
be issued to the Holder as a result of such exchange, and (ii) surrendering
this Warrant t o the Company, properly endorsed by the Holder (or if this
Warrant has been destroyed, stolen or has otherwise been misplaced, by
delivering to the Company an affidavit of loss duly executed by the Holder),
and the Holder shall thereupon be entitled to receive the number of Warrant
Shares equal to the product of (A) the number of Warrant Shares issuable
upon exercise of this Warrant (or, if only a portion of this Warrant is being
exercised, issuable upon the exercise of such portion) for cash, determined as
provided in Section 2, and (B) a fraction, the numerator of
which is the Fair Market Value per share of Common Stock at the time of such
exercise minus the Warrant Price
in effect at the time of such exercise, and the denominator of which is the
Fair Market Value per share of Common Stock at the time of such exercise, such
number of shares so issuable upon such exchange to be rounded up or down to the
nearest whole number of shares of Common Stock.

 

(c)       The “exchange” of this Warrant pursuant
to Section 1.1(b) is intended to qualify as a recapitalization
within the meaning of Section 368(a)(l)(E) of the Code.

 

(d)       For all purposes of this Warrant (other
than this Section 1.1), any reference herein to the “exercise” of
this Warrant shall be deemed to include a reference to the exchange of this
Warrant into Common Stock in accordance with the terms of Section 1.1(b),
and any reference to an  “Exercise Notice” shall be deemed to include
a reference to an Exchange Notice in accordance with the terms of Section 1.1(b).

 

1.2.     When
Exercise Effective. Each exercise of this Warrant
shall be deemed to have been effected immediately prior to the close of
business on the Business Day on which this Warrant shall be deemed to have been
surrendered to the Company as provided in Section 1.1, and at such
time the Person or Persons in whose name or names any certificate or
certificates for shares of Common Stock shall be issuable upon such exercise as
provided in Section 1.3 shall be deemed to have become the Holder
or Holders of record thereof.

 

1.3.     Delivery of
Stock Certificates Upon Exercise. As soon as
practicable after exercise of this Warrant in accordance with this Section 1,
but in no event later than five (5) Business Days after such exercise, the
Company shall at its expense cause to be issued in the name of and delivered to
the Holder or, subject to Section 5 of this Warrant, as the Holder
may direct: (a) a certificate or certificates for the number of Warrant
Shares, determined as provided in Section 2 of this Warrant, to
which the Holder shall be entitled upon such exercise and, (b) unless this
Warrant has expired or has been exercised in full, a new Warrant (or Warrants)
substantially in the form of, and on the terms in, this Warrant, for the number
of Warrant Shares remaining following such exercise (determined without any
regard to any adjustment thereto), and shall be subject to adjustment as
provided for in this Warrant as of the date hereof. Exercise of the Warrant
shall be subject to compliance, if necessary, with applicable provisions of the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”),
and the

 

 

 

 

 

 

3

 

 

Company shall make and
cooperate with the Holder in making any filings required thereunder. The
Company agrees to reimburse the Holder for all expenses incurred in connection
with the exercise of the Warrant (excluding payment of the Warrant Price); provided,
however, that the Company (i) shall not be required to pay any tax
or taxes which may be payable in respect of any transfer involved in the
issuance of any Warrants or any certificates representing Warrant Shares in a
name other than that of a Holder, and the Company shall not be required to
issue or deliver such Warrant or certificate for Warrant Shares unless and
until the Person requesting the issuance thereof shall have paid to the Company
the amount of such tax or shall have established to the reasonable satisfaction
of the Company that such tax has been paid and (ii) and the Holder shall
each pay half of any reasonable fees paid or expenses incurred by the Holder in
connection with any filings required under the HSR Act.

 

Section 2.     Adjustments to Number and Type of Warrant
Shares

 

2.1.     General.
The number of Warrant Shares that the Holder shall be entitled to receive upon
exercise of this Warrant shall be determined by multiplying the number of
Warrant Shares that would otherwise (but for the provisions of this Section 2)
be issuable upon such exercise, as designated by the Holder in the Exercise
Notice, by a fraction, (i) the numerator of which shall be $2.7696 (the  “Target
Price”), and (ii) the denominator of which shall be the “Antidilution Price” in effect for this
Warrant on the date of such exercise. The initial Antidilution Price for this
Warrant shall be the Target Price, which Antidilution Price shall be subject to
adjustment as provided in this Section 2. If any of the events as
described in this Section 2 (other than those events in Section 2.2(d)(vii))
shall occur after the Closing Date, but prior to the issuance of this Warrant
upon conversion of the Convertible Notes held by the Holder, the number of
Warrant Shares or other securities purchasable upon exercise of the Warrant
shall be adjusted to the same extent as if this Warrant was outstanding as of
the Closing Date.

 

2.2.
    Adjustments.

 

(a)       Subdivision or Combination of Common
Stock. If the Company shall at any time after the Closing Date subdivide
its outstanding shares of Common Stock into a greater number of shares (by any
stock split, stock dividend or otherwise), then the Antidilution Price in
effect immediately prior to such subdivision shall be proportionately reduced,
and, conversely, if the Company shall at any time after the Closing Date
combine its outstanding shares of Common Stock into a smaller number of shares
(by any reverse stock split or otherwise), then the Antidilution Price in
effect immediately prior to such combination shall be proportionately
increased.

 

 

 

 

 

 

 

4

 

(b)       Reorganization or Reclassification.
If at any time after the Closing Date any capital reorganization or
reclassification of the capital stock of the Company shall be effected in such
a way that holders of Common Stock shall be entitled to receive stock,
securities or assets with respect to or in exchange for Common Stock, then, as
a condition of such reorganization or reclassification, lawful and adequate
provisions shall be made whereby the Holder shall thereupon have the right to
receive, upon the basis and upon the terms and conditions specified herein and
in lieu of the Warrant Shares immediately theretofore receivable upon the
exercise of this Warrant in full, as the case may be, such shares of stock,
securities or assets as may be issued or payable with respect to or in exchange
for a number of outstanding shares of such Common Stock equal to the number of
shares of such Common Stock immediately theretofore receivable upon such
exercise of this Warrant in full had such reorganization or reclassification
not taken place, and in any such case appropriate provisions shall be made with
respect to the rights and interests of the Holder to the end that the
provisions hereof (including, without limitation, provisions for adjustments of
the Antidilution Price) shall thereafter be applicable, as nearly as may be, in
relation to any shares of stock, securities or assets thereafter deliverable
upon the exercise of such conversion rights.

 

(c)       Dividends and Distributions.

 

(i)        Stock Dividends. If the Company
at any time or from time to time after the Closing Date declares a dividend or
makes any other distribution upon any stock of the Company (other than its
Common Stock) that is payable in Common Stock, Options or Convertible
Securities, then any such Common Stock, Options or Convertible Securities, as
the case may be, issuable in payment of such dividend or distribution shall be
deemed to have been issued or sold without consideration, and the Antidilution
Price shall be adjusted pursuant to Section 2.2(d); provided,
that no adjustment shall be made to the Antidilution Price as a result of such
dividend or distribution if holders of not less than two-thirds of the Warrant
Shares then issuable with respect to outstanding Warrants or Warrants issuable
upon conversion of the Convertible Notes (a “Two-Thirds
Interest”), on behalf of themselves and all other Holders, each of
whom shall be bound thereby, elect to receive and actually receive such
dividend or distribution; provided, further, that if any
adjustment is made to the Antidilution Price as a result of the declaration of
a dividend and such dividend is not effected, the Antidilution Price shall be
appropriately readjusted.

 

(ii)       Other Dividends and Distributions.
If the Company at any time or from time to time after the Closing Date makes or
issues, or fixes a record date for the determination of holders of Common Stock
entitled to receive, a dividend or other distribution payable in:

 

(A)      securities or other property of the
Company other than shares of Common Stock, Options or Convertible Securities,
then in each such event provision shall be made so that the Holder shall
receive upon exercise of this Warrant, in addition to the Common Stock issuable
upon such exercise, the amount of such other securities or the value of such
other property that the Holder would have received had this Warrant been
exercised on the record date of such event and had the Holder thereafter,
during the period from the date of such event to and including the exercise
date, retained such securities or other property

 

 

 

 

 

 

5

 

 

receivable by the Holder
during such period giving application to all adjustments called for during such
period under Section 2 with respect to the rights of the holders of
Warrants; provided, that no such provision shall be made if the Holder
receives, upon the election of a Two-Thirds Interest, simultaneously with all
other recipients a dividend or other distribution of such securities or other
property in an amount equal to the amount of such securities or other property
as the Holder would have received if this Warrant had been exercised for Common
Stock on the record date of such event and; and

 

(B)       Common Stock, Options or Convertible
Securities, then a Two-Thirds Interest shall be entitled to elect to receive
such dividend or distribution as if the Holders had exercised all of the
Warrants in full on the date such record is taken; provided, that in the
event a Two-Thirds Interest so elects and all of the Holders actually receive
such dividend or distribution, the Antidilution Price shall not be adjusted
pursuant to the provisions of Section 2.2 with respect to such
dividend or distribution. In the event no such election is made, the provisions
of Section 2.2(d) shall apply with respect to such dividend or
distribution.

 

(d)       Issuances. Except as provided in Sections
2.2(c) and 2.2(d)(vii) and except in the case of an event
described in Section 2.2(a), if at any time after the Closing Date,
the Company issues or sells, or is, in accordance with this Section 2.2(d),
deemed to have issued or sold, any shares of Common Stock for a consideration
per share less than the Antidilution Price in effect immediately prior to such
issuance or sale, then, upon such issuance or sale (or deemed issuance or
sale), the Antidilution Price shall be reduced to the price determined by
dividing (x) the sum of (A) the Common Stock Deemed Outstanding (as
defined below) immediately prior to such issuance or sale (or deemed issuance
or sale) multiplied by the Antidilution Price then in effect and (B) the
consideration, if any, received by the Company upon such issuance or sale (or
deemed issuance or sale) by (y) the Common Stock Deemed Outstanding
immediately after such issuance or sale (or deemed issuance or sale).

 

For purposes of
this Section 2.2(d) the following shall also be applicable:

 

(i)        Issuance of Rights or Options. If
the Company, at any time after the Closing Date, in any manner, grants (whether
directly or by assumption in a merger or otherwise) any warrants or other
rights to subscribe for or to purchase, or any options to purchase, shares of
Common Stock or any stock or security convertible into or exercisable or
exchangeable for Common Stock (such warrants, rights or options being called  “Options”
and such convertible or exercisable or exchangeable stock or securities being
called  “Convertible Securities”), in each case for consideration per
share (determined as provided in this paragraph and in Section 2.2(d)(iv))
less than the Antidilution Price then in effect, whether or not such Options or
Convertible Securities are immediately exercisable, convertible or
exchangeable, then the total maximum number of shares of Common Stock issuable
upon the exercise of such Options, or upon conversion or exchange of the total
maximum amount of such Convertible Securities issuable upon exercise of such
Options, shall be deemed to have been issued as of the date of granting of such
Options, at a price per share equal to the amount determined by dividing (A) the
total amount, if any, received or receivable by the Company as consideration
for the

 

 

 

 

 

 

6

 

 

issuance of such Options, plus the minimum aggregate amount of
additional consideration payable to the Company upon the exercise of all such
Options, plus, in the case of
such Options that relate to Convertible Securities, the minimum aggregate
amount of additional consideration, if any, payable upon the issuance or sale
of such Convertible Securities and upon the conversion or exchange of
Convertible Securities, by (B) the total maximum number of shares of
Common Stock deemed to have been so issued. Except as otherwise provided in Section 2.2(d)(iii),
no adjustment of the Antidilution Price shall be made upon the actual issuance
of such Common Stock or of such Convertible Securities upon exercise of such
Options or upon the actual issuance of such Common Stock upon conversion or
exchange of such Convertible Securities.

 

(ii)       Issuance of Convertible Securities.
If the Company, at any time after the Closing Date, in any manner, issues or
sells any Convertible Securities for consideration per share (determined as
provided in this paragraph and in Section 2.2(d)(iv)) less than the
Antidilution Price then in effect, whether or not the right to exchange or
convert any such Convertible Securities is immediately exercisable, then the
total maximum number of shares of Common Stock issuable upon conversion or
exchange of all such Convertible Securities shall be deemed to have been issued
as of the date of the issuance or sale of such Convertible Securities, at a
price per share equal to the amount determined by dividing (A) the total
amount, if any, received or receivable by the Company as consideration for the
issuance or sale of such Convertible Securities, plus the minimum aggregate amount of additional
consideration, if any, payable to the Company upon the conversion or exchange
thereof, by (B) the total maximum number of shares of Common Stock deemed
to have been so issued; provided, that (1) except as otherwise
provided in Section 2.2(d)(iii), no adjustment of the Antidilution
Price shall be made upon the actual issuance of such Common Stock upon
conversion or exchange of such Convertible Securities and (2) if any such
issuance or sale of such Convertible Securities is made upon exercise of any
Options to purchase any such Convertible Securities, no further adjustment of
the Antidilution Price shall be made by reason of such issuance or sale.

 

(iii)      Change in Option Price or Conversion
Rate; Termination of Options or Convertible Securities. If at any time
after the Closing Date a change occurs in (A) the maximum number of shares
of Common Stock issuable in connection with any Option referred to in Section 2.2(d)(i) or
any Convertible Securities referred to in Section 2.2(d)(i) or
(ii), (B) the purchase price provided for in any Option referred to
in Section 2.2(d)(i),. (C) the additional consideration, if
any, payable upon the conversion or exchange of any Convertible Securities
referred to in Section 2.2(d)(i) or (ii), or (D) the rate
at which Convertible Securities referred to in Section 2.2(d)(i) or (ii) are
convertible into or exchangeable for Common Stock (in each case, other than in
connection with an event described in Section 2.2(a)(vii)), then
the Antidilution Price in effect at the time of such event shall be readjusted
to the Antidilution Price that would have been in effect at such time had such
Options or Convertible Securities that remain outstanding provided for such
changed maximum number of shares, purchase price, additional consideration or
conversion rate, as the case may be, at the time initially granted, issued or
sold, but only if as a result of such adjustment the Warrant Price then in
effect is thereby reduced. Upon the termination of any such Option or any such
right to convert or exchange such Convertible Securities, the Antidilution
Price then in effect hereunder shall be increased to the Antidilution Price
that would have been in effect at the time of such termination had such Option
or Convertible Securities, to the extent outstanding immediately prior to such
termination (i.e., to the extent that fewer than the number of shares of Common
Stock deemed to

 

 

 

 

 

 

7

 

 

have been issued in
connection with such Option or Convertible Securities were actually issued),
never been issued or been issued at such higher price, as the case may be.

 

(iv)      Consideration for Stock. In case
any shares of Common Stock are issued or sold, or deemed issued or sold, at any
time after the Closing Date for cash, the consideration received therefor shall
be deemed to be the amount received or to be received by the Company therefor
(determined with respect to deemed issuances and sales in connection with
Options and Convertible Securities in accordance with clause (A) of Section 2.2(d)(i) or
Section 2.2(d)(ii). as appropriate) determined in the manner set
forth below in this Section 2.2(d)(iv). If any shares of
Common Stock are issued or sold, or deemed issued or sold, for a consideration
other than cash, the amount of the consideration other than cash received by
the Company shall be deemed to be the fair value of such consideration received
or to be received by the Company (determined with respect to deemed issuances
and sales in connection with Options and Convertible Securities in accordance
with clause (A) of Section 2.2(d)(i) or Section 2.2(d)(ii),
as appropriate) as determined in good faith by the Board of Directors of the
Company (the “Board of Directors”)
and a Two-Thirds Interest. If any Options are issued in connection with the
issuance and sale of other securities of the Company, together comprising one
integral transaction in which no specific consideration is allocated to such
Options by the parties thereto, such Options shall be deemed to have been
issued for such consideration as determined in good faith by the Board of
Directors and a Two-Thirds Interest. If the Company and a Two-Thirds Interest
are unable to reach agreement as to the value of such consideration, then the
value thereof will be determined by an independent appraisal by a mutually
agreed to investment banker, the fees of which shall be paid by the Company.

 

(v)       Other Issuances or Sales: Indeterminable
Amounts. In calculating any adjustment to the Antidilution Price pursuant
to this Section 2.2(d) any Options or Convertible Securities
that provide, as of the effective date of such adjustment, for the issuance
upon exercise or conversion thereof of an indeterminable number of shares of
Common Stock shall (together with the shares of Common Stock issuable upon
exercise or conversion thereof) be disregarded for purposes of the calculation
of Common Stock Deemed Outstanding; provided. that at such time as a
number of shares of Common Stock issuable upon exercise or conversion of such
Options or Convertible Securities becomes determinable, then the Antidilution
Price shall be adjusted as provided in Section 2.2(d)(iii).

 

(vi)      Common Stock Deemed Outstanding.
The term “Common Stock Deemed Outstanding”
shall mean the sum of (A) the number of shares of Common Stock outstanding
immediately following the Closing Date (including for this purpose all shares
of Common Stock issuable upon exercise or conversion of any outstanding Options
or Convertible Securities outstanding immediately after the Closing  Date),
plus (B) the number of shares of Common Stock issued or sold
(or deemed issued or sold) after the Closing Date; provided, that Common
Stock Deemed Outstanding shall not include shares of Convertible Preferred
Stock of the Company or any shares of Common Stock issuable upon exercise of
the Convertible Preferred Stock or the Warrants.

 

(vii)     Certain Issues of Common Stock Excepted.
Anything herein to the contrary notwithstanding, the Corporation shall not be
required to make any adjustment to the Antidilution Price in the case of the
issuance from and after the Closing Date of (i) shares of

 

 

 

 

 

 

8

 

 

Common Stock upon
conversion of shares of Convertible Preferred Stock or exercise of the
Warrants; (ii) up to 3,131,127 (such amount to be appropriately adjusted
for stock splits, stock dividends, recapitalizations and the like) shares of
Common Stock or options therefor to directors, officers, employees or
consultants of the Corporation in connection with their service as directors of
the Corporation, their employment by the Corporation or their retention as
consultants by the Corporation, in each case authorized by the Board of
Directors and issued pursuant to the Corporation’s 2006 Stock Option and Grant
Plan; (iii), up to 1,793,105 (such amount to be appropriately adjusted for
stock splits, stock dividends, recapitalizations and the like) shares of Common
Stock or options therefor to directors, officers, employees or consultants of
the Corporation in connection with their service as directors of the
Corporation, their employment by the Corporation or their retention as
consultants by the Corporation, in each case authorized by the Board of
Directors and issued pursuant to the Corporation’s Amended and Restated 1995
Stock Option Plan; (iv) securities issued as consideration for the
purchase of stock or assets in any acquisition, merger, joint venture,
partnership or other strategic alliance; (v) shares of Common Stock issued
pursuant to a stock split, stock dividend or other transaction contemplated by Section A.7(c) of
the Company’s certificate of incorporation; and (vi) shares of Common
Stock issued in a public offering registered under the Securities Act or (v) securities
issued that are deemed in writing by a Two-Thirds Interest to constitute
Excluded Shares (collectively, “Excluded Shares”).

 

(e)                     Adjustment
for Merger or Consolidation, etc.

 

(i)         Upon the election of a Two-Thirds
Interest made in connection with any merger or consolidation of the Company
with or into another corporation (or other legal entity), any sale of all or
substantially all of the assets of the Company to another corporation (or other
legal entity), this Warrant shall thereafter be exercisable (or shall be
converted into a security that shall be exercisable) for the kind and amount of
shares of stock or other securities or property to which a Holder of the number
of shares of Common Stock of the Company deliverable upon the exercise of this
Warrant in full would have been entitled upon such merger, consolidation, or
asset sale (and any distribution of assets to stockholders following such asset
sale); and, in such case, appropriate adjustment (as determined in good faith
by the Board of Directors) shall be made in the application of the provisions
in Section 2.2 set forth with respect to the rights and interests
thereafter of the Holder, to the end that the provisions set forth in Section 2.2
(including provisions with respect to changes in and other adjustments of the
Antidilution Price) shall thereafter be applicable, as nearly as possible, in
relation to any shares of stock or other securities or property thereafter
deliverable upon the exercise of this Warrant. Any election by a Two-Thirds
Interest pursuant to this Section 2.2(e) shall be made by
written notice to the Company and the other Holders at least five (5) Business
Days prior to the closing of the relevant transaction. Upon the election of such
Two-Thirds Interest hereunder, the Holder shall be deemed to have elected to
adjust the Warrant as provided in this Section 2.2(e) and such
election shall bind the Holder. Notwithstanding anything to the contrary
contained herein, the Holder shall have the right to elect to exercise the
Warrant immediately prior to or simultaneously with the consummation of such
merger, consolidation or asset sale in accordance with the provisions of Section 1,
if applicable, instead of giving effect to the provisions contained in this Section 2.2(e).

 

 

 

 

 

9

 

 

(ii)        The Company shall not effect any such
consolidation, merger or sale, unless prior to or simultaneously with the
consummation thereof, the successor (if other than the Company) resulting from
such consolidation or merger or the person purchasing such assets shall assume
by written instrument executed and delivered to the Holder, the obligation to
deliver to the Holder such shares, securities or assets as, in accordance with
the foregoing provisions, the Holder may be entitled to receive upon the
exercise of this Warrant (or the security into which such Warrant is to be
converted in connection with the consummation of such transaction).

 

(f)        Record Date. If the Company takes
a record of the Holders of its Common Stock for the purpose of entitling them (A) to
receive a dividend or other distribution payable in Common Stock, Options or
Convertible Securities, or (B) to subscribe for or purchase Common Stock,
Options or Convertible Securities, then such record date shall be deemed to be
the date of the issuance or sale of the shares of Common Stock deemed to have
been issued or sold upon the declaration of such dividend or the making of such
other distribution or the date of the granting of such right of subscription or
purchase, as the case may be.

 

(g)       Other Dilutive Events. In case any
event shall occur after the Closing Date as to which, but for this Section 2.2(g),
the provisions of this Section 2 are not directly applicable, and
the failure to make any adjustment would not in the reasonable opinion of a
Two-Thirds Interest fairly protect the purchase rights represented by this
Warrant in accordance with the essential intent and principles of such
sections, then, in each case, at the request of a Two-Thirds Interest, the
Company shall appoint an independent investment bank of recognized national
standing (which shall be completely independent of the Company and shall be
reasonably satisfactory to a Two-Thirds Interest), which shall give its opinion
upon the adjustment, if any, on the basis consistent with the essential intent
and principles established in this Section 2, necessary to
preserve, without dilution, the purchase rights by this Warrant. Upon receipt
of such opinion, the Company shall promptly mail a copy thereof to the Holder
and shall make the adjustments, if any, described therein.

 

Section 3.
    Redemption and Cancellation of
Warrants

 

3.1.     Put Right.
At any time after the earlier of (i) a Liquidity Event (as defined in the
Charter), (ii) the first firm commitment underwritten public offering of
Common Stock and (iii) February 1, 2011, the Holder may require that
the Company purchase this Warrant in whole at the Redemption Price (as defined
below) by delivery of a written notice to the Company (the date such notice is
delivered to the Company shall hereinafter be referred to as, the  “Put
Demand Date”). The Company shall pay the Redemption Price to the
Holder as soon as reasonably practicable (the
“Put Payment Date”),
but in no event later than thirty (30) days after the Put Demand Date (the  “Put
Demand Period”), upon surrender of this Warrant to the Company or,
if requested by the Holder without surrender of this Warrant, by wire transfer
of immediately available funds to an account or accounts designated in writing
by the Holder.

 

(b)       Upon surrender of this Warrant in
accordance with the procedures set forth in Section 3.(a), the
right to purchase shares of Common Stock represented by this Warrant shall
terminate, and this Warrant shall represent the right of the Holder to receive
only

 

 

 

 

 

 

10

 

 

the applicable Redemption
Price from the Company in accordance with Section 3.1. The Holder’s
right to demand redemption of this Warrant pursuant to this Section 3.1
shall be referred to herein as the Holder’s “Put
Right.”

 

3.2.     Default;
Automatic Conversion into Debt. In the event that
the Company fails t o purchase this Warrant prior to the expiration of the Put
Demand Period, then the exercise by the Holder of the Put Right pursuant to
this Section 3 shall automatically be rescinded; provided that, the
Redemption Price ultimately paid to the Holder shall equal the greater of (a) the
Redemption Price with respect to the first Put Right exercise and (b) the
Redemption Price with respect to the Put Right exercise that is not rescinded
pursuant to this Section 3.2.

 

Section 4.
    Covenants of the Company

 

4.1.      The Company covenants and agrees that:

 

(a)       all shares of Common Stock that may be
issued upon the exercise of the rights represented by this Warrant shall, upon
issuance, be duly authorized, validly issued, fully paid and nonassessable;

 

(b)       during the period within which this
Warrant may be exercised, it will at all times have authorized and reserved a
sufficient number of shares of Common Stock to provide for the exercise of
rights represented by this Warrant;

 

(c)       if any shares of Common Stock reserved or
to be reserved to provide for the exercise of this Warrant require registration
with or approval of any governmental or self-regulatory authority under any
federal or state law or stock exchange or NASDAQ rule before such shares
may be validly issued, then it shall in good faith and as expeditiously as
possible endeavor to secure such registration or approval, as the case may be;

 

(d)       if it shall have filed a registration
statement pursuant to the requirements of Section 12 of the Securities and
Exchange Act of 1934, as amended (the “Exchange
Act”), or a registration statement
pursuant to the requirements of the Securities Act, the Company shall comply
with the reporting requirements of Sections 13 and 15(d) of the Exchange
Act and will comply with all other public information reporting requirements
the securities and exchange commission (including Rule 144 promulgated by
such commission under the Securities Act) from time to time in effect and
relating to the availability of an exemption from the Securities Act for the
sale of any restricted securities; and

 

(e)       it shall not, by amendment to its
certificate of incorporation (whether by way of merger, operation of law, or
otherwise) or reorganization, transfer of assets, consolidation, merger,
dissolution, issuance or sale of securities, agreement or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company and shall at all times in good
faith assist in the carrying out of all the provisions of this Warrant and in
the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Holder against impairment as if the Holder was a
stockholder of the Company entitled to the benefit of fiduciary duties afforded
to

 

 

 

 

 

 

11

 

 

stockholders under
Delaware law. Any successor to the Company shall agree in writing, as a
condition to such succession, to carry out and observe the obligations of the
Company hereunder with respect to this Warrant.

 

Section 5.
    Transfer

 

5.1.     Registration.

 

(a)       Registration. The Company shall
number and register the Warrants in a register maintained at the principal
office of the Company (the “Office”). The Company shall be entitled to
treat the Holder of the Warrants as the owner thereof for all purposes and
shall not be bound to recognize any equitable or other claim to or interest in
such Warrants on the part of any other person. Any Warrant may be transferred
or endorsed to another party in whole or in part by surrendering to the
Company, or its duly authorized agent, for cancellation the existing warrant
certificate evidencing the Warrant to be transferred, endorsed or accompanied
by a written instrument of transfer, in form reasonably satisfactory to the
Company, duly executed by the Holder thereof in person or by a duly authorized
representative, agent or attorney-in-fact appointed in writing.

 

5.2.     Restrictive
Legend.

 

(a)       This Warrant and the Warrant Shares
issuable upon exercise thereof, are subject to the terms of that certain
Stockholders Agreement, dated as of the date hereof, by and among the Company
and the Stockholders and Investors party thereto (the “Stockholders Agreement”). Each certificate representing shares of Common Stock issued
upon exercise of this Warrant and each certificate representing shares of
Common Stock issued to any subsequent transferee of any such certificate, shall
be stamped or otherwise imprinted with a legend in substantially the form as
follows:

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT
BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT
TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE
UNDER THE SECURITIES ACT OR TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER
THE ACT RELATING TO THE DISPOSITION OF SECURITIES AND (2) IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS.

 

THIS SECURITIES
REPRESENTED HEREBY ARE SUBJECT TO THE PROVISIONS OF A CERTAIN STOCKHOLDERS
AGREEMENT, DATED AS OF FEBRUARY 1, 2006. A COMPLETE AND CORRECT COPY OF SUCH
AGREEMENT IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE COMPANY
AND WILL BE FURNISHED UPON WRITTEN REQUEST AND WITHOUT CHARGE.

 

 

 

 

 

 

12

 

 

THE ISSUER WILL FURNISH
WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS THE POWERS, DESIGNATIONS,
PREFERENCES AND RELATIVE PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF
EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS
OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS.

 

(b)       If at any time any securities other than
shares of Common Stock shall be issuable upon the exercise of this Warrant,
such securities shall bear a legend similar to the one set forth above.
Whenever the legend requirement imposed by the Stockholders Agreement shall
terminate, the Holder shall be entitled to receive within five (5) Business
Days from the Company, at the Company’s expense, a new Warrant certificate or
certificates and new stock certificates representing Common Stock issued upon
exercise of this Warrant, in each case, without such legends.

 

5.3.     Registration
of Warrants and Common Stock. The shares of Common
Stock issuable upon exercise of this Warrant shall constitute Registrable
Securities (as such term is defined in the Registration Rights Agreement dated
as of the date hereof by and among the parties therein). Each holder of any
shares of Common Stock (and other securities) issued upon exercise of this
Warrant shall be entitled to all of the benefits afforded to a holder of any
such Registrable Securities under the Registration Rights Agreement and such
holder, by its acceptance of this Warrant, agrees to be bound by and to comply
with the terms and conditions of the Registration Rights Agreement applicable
to such holder as a holder of such Registrable Securities. At any such time as
Common Stock is listed on any national securities exchange, the Company will,
at its sole expense, obtain promptly and maintain the approval for listing on each
such exchange, upon official notice of issuance, the shares of Common Stock
issuable upon exercise of the then outstanding Warrants and maintain the
listing of such shares after their issuance; and the Company will also list on
such national securities exchange, and will maintain such listing of, any other
securities that at any time are issuable upon exercise of the Warrants, if and
at the time that any securities of the same class shall be listed on such
national securities exchange by the Company.

 

Section 6.
    Miscellaneous

 

6.1.     Notice of
Adjustments.

 

(a)       In each case of any adjustment or
readjustment in the Antidilution Price, and the Warrant Shares issuable upon
exercise of this Warrant, the Company shall promptly thereafter compute such
adjustment or readjustment in accordance with the terms of this Warrant and
provide a written report thereof certified by the Chief Financial Officer or
Treasurer of the Company to the Holder stating the number of Warrant Shares and
the Antidilution Price, after giving effect to such adjustment or readjustment,
and setting forth in reasonable detail the method of calculation and the facts
upon which such calculation is based.

 

 

 

 

 

 

13

 

 

(b)       The Company shall, within ten (10) days
of receipt of a written request by a Two-Thirds Interest, cause independent
certified public accountants of recognized national standing, which may be the
regular auditors of the Company, selected by the Company to verify such
computations reported pursuant to Section 6.1(a), other than any
computation that pursuant o t the provisions of this Warrant are to be
determined reasonably and in good faith by the Board of Directors. The Company
shall promptly prepare, and remit to the Holder, a copy of such independent
accountant’s report setting forth such adjustment or readjustment, showing in
reasonable detail the method of calculation thereof and the facts upon which
such adjustment or readjustment is based, including a statement of:

 

(i)        the consideration received or to be
received by the Company for any shares of Common Stock, Options, or Convertible
Securities issued or sold or deemed to have been issued;

 

(ii)       the Common Stock Deemed Outstanding; and

 

(iii)      the Antidilution Price in effect immediately
prior to such issuance or sale and as adjusted or readjusted.

 

(c)       The Company shall also keep copies of all
such reports generated pursuant t o this Section 6.1 at its
principal offices and will cause the same to be available for inspection at such
offices during normal business hours by the Holder or any prospective purchaser
of this Warrant designated by Holder.

 

6.2.     Notice of
Certain Events. In case at any time:

 

(a)       the Company shall pay any dividend upon,
or make any distribution in respect of, its stock of the Company;

 

(b)       the Company shall propose to register any
of its equity securities under the Securities Act in connection with a public
offering;

 

(c)       there shall be any proposed capital
reorganization, or reclassification of the capital stock, of the Company, or
consolidation or merger of the Company with, or sale of all or substantially
all of its assets to, another person; or

 

(d)       there shall be a voluntary or involuntary
dissolution, liquidation or winding up of the Company;

 

then, in any one (1) or
more of said cases, the Company shall give notice to the Holder of the date on
which (i) the books of the Company shall close or a record shall be taken
for such dividend, distribution or subscription rights, or (ii) such
public offering, reorganization, reclassification, consolidation, merger, sale,
dissolution, liquidation or winding up shall take place, as the case may be.
Such notice shall be given not less than ten (10) days prior to the record
date or the date on which the transfer books of the Company are to be closed in
respect thereto in the case of an action specified in clause (i) and at
least twenty (20) days prior to the action in question in the case of an action
specified in clause (ii).

 

 

 

 

 

 

14

 

 

6.3.     Notice.
Any notice that is required or provided to be given under this Warrant shall be
deemed to have been sufficiently given and received for all purposes when
delivered in writing by hand, telecopy, telex or other method of facsimile, or
five (5) days after being sent by certified or registered mail, postage
and charges prepaid, return receipt requested, or two (2) days after being
sent by overnight delivery providing receipt of delivery, to the following
addresses: if to the Company, OpenLink Financial, Inc., 1502 Reckson
Plaza, West Tower -15th Floor, Uniondale, NY 11556-1502, Attention: Kevin
Hesselbirg, Facsimile: (516) 394-1193, or at any other address designated by
the Company to Holder; if to Holder, c/o TA Associates, Inc., 125 High
Street, Suite 2500, Boston, MA 02110, Attention: Jonathan W. Meeks,
Facsimile: (617) 574-6728, or at any other address designated by Holder to the
Company in writing.

 

6.4.     No Change
in Warrant Terms on Adjustment. Irrespective of
any adjustment in the Antidilution Price or the number of shares of Common
Stock, this Warrant, whether theretofore or thereafter issued or reissued, may
continue to express the same price and number of shares of Common Stock as are
stated herein and the Antidilution Price and such number of Common Stock shares
specified herein shall be deemed to have been so adjusted.

 

6.5.     Issuance
and Transfer Taxes. The issuance of certificates
for shares of Common Stock upon any exercise of this Warrant shall be made
without charge to Holder for any issuance tax in respect thereto.

 

6.6.     Exchange of
Warrant. This Warrant is exchangeable at no cost
to the Holder upon the surrender hereof by the Holder at such office or agency
of the Company, for a new warrant of like tenor representing in the aggregate
the right to subscribe for and purchase the number of shares that may be
subscribed for and purchased hereunder from time to time after giving effect to
all the provisions hereof, each of such new warrants to represent the right to
subscribe for and purchase such number of shares as shall be designated by said
Holder hereof at the time of such surrender.

 

6.7.     Lost,
Stolen, Mutilated or Destroyed Warrant. If this
Warrant is lost, stolen, mutilated or destroyed, the Company shall at no cost
to the Holder, on such terms as to indemnity or otherwise as the Company may in
its discretion impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new warrant of like denomination and tenor as
the Warrant so lost, stolen, mutilated or destroyed. Any such new warrant shall
constitute an original contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time
enforceable by anyone.

 

6.8.     Governing
Law. This Warrant shall be deemed to be a contract
made under, and shall be construed in accordance with, the laws of the State of
New York, without giving effect to conflict of laws principles thereof.

 

6.9.     Section Headings;
Construction. The descriptive headings in this
Warrant have been inserted for convenience only and shall not be deemed to
limit or otherwise affect the construction of any provision thereof or hereof.
The parties have participated jointly in the negotiation and drafting of this
Warrant and the other agreements, documents and instruments executed and
delivered in connection herewith with counsel sophisticated in investment

 

 

 

 

 

 

15

 

 

transactions. In the
event an ambiguity or question of intent or interpretation arises, this Warrant
shall be construed as if drafted jointly by the parties and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provisions of this Warrant and the agreements, documents and
instruments executed and delivered in connection herewith.

 

6.10.   Dispute
Resolution, (a)     All
disputes, claims, or controversies arising out of or relating to this Warrant,
or any other agreement executed and delivered pursuant to or in connection with
this Warrant or the negotiation, breach, validity, termination or performance
hereof and thereof or the transactions contemplated hereby and thereby, that
are not resolved by mutual agreement shall be resolved solely and exclusively
by binding arbitration to be conducted before Judicial Arbitration and
Mediation Services, Inc. (“JAMS”) in New York, New York before a single
independent arbitrator (the “Arbitrator”). The parties understand and agree
that this arbitration shall apply equally to claims of fraud or fraud in the
inducement.

 

(b)       The parties covenant and agree that the
arbitration shall commence within 120 days of the date on which a written
demand for arbitration is filed by any party hereto (the “Filing Date”). In
connection with the arbitration proceeding, the Arbitrator shall have the power
to order the production of documents by each party and any third-party
witnesses. In addition, each party may take up to three depositions as of
right, and the Arbitrator may in his or her discretion allow additional
depositions upon good cause shown by the moving party. However, the Arbitrator
shall not have the power to order the answering of interrogatories or the
response to requests for admission. In connection with any arbitration, each
party shall provide to the other, no later than seven days before the date of
the arbitration, the identity of all persons that may testify at the
arbitration and a copy of all documents that may be introduced at the
arbitration or considered or used by a party’s witnesses or experts. The
Arbitrator’s decision and award shall be made and delivered within 180 days of
the Filing Date. The Arbitrator’s decision shall set forth a reasoned basis for
any award of damages or finding of liability. The Arbitrator shall not have
power to award damages in excess of actual compensatory damages and shall not
multiply actual damages or award punitive damages or any other damages that are
specifically excluded under this Warrant, and each party hereby irrevocably
waives any claim to such damages.

 

(c)       The parties covenant and agree that they
will participate in the arbitration in good faith and that they will (i) bear
their own attorneys’ fees, costs and expenses in connection with the
arbitration, and (ii) share equally in the fees and expenses charged by
the Arbitrator. Any party unsuccessfully refusing to comply with an order of
the Arbitrators shall be liable for costs and expenses, including attorneys’
fees, incurred by the other party in enforcing the award. This Section 6.10
applies equally to requests for temporary, preliminary or permanent injunctive
relief, except that in the case of temporary or preliminary injunctive relief
any party may proceed in court without prior arbitration for the purpose of
avoiding immediate and irreparable harm.

 

6.11.   Consent to
Jurisdiction. Except as provided in Section 6.10(c) each
of the parties hereto irrevocably and unconditionally consents to the
jurisdiction of JAMS to resolve all disputes, claims or controversies arising
out of or relating to this Warrant or any other agreement executed and
delivered pursuant to or in connection with this Warrant or the negotiation,
breach,

 

 

 

 

16

 

 

validity, termination or
performance hereof and thereof or the transactions contemplated hereby and
thereby, and further consents to the sole and exclusive jurisdiction of the
state and federal courts located in the State of New York and the city of New
York for the purposes of enforcing the arbitration provisions of Section 6.10
of this Warrant. Each party further irrevocably waives any objection to
proceeding before the Arbitrator based upon lack of personal jurisdiction or to
the laying of venue and further irrevocably and unconditionally waives and
agrees not to make a claim in any court that arbitration before the Arbitrator
has been brought in an inconvenient forum. Each of the parties hereto hereby
consents to service of process by registered mail at the address to which
notices are to be given as provided in Section 6.3. Each of the parties
hereto agrees that its or his submission to jurisdiction and its or his consent
to service of process by mail s i made for the express benefit of the other
parties hereto.

 

6.12.   Remedies;
Severability. Notwithstanding Sections 6.10
and 6.11, it is specifically understood and agreed that any breach of
the provisions of this Warrant by any person subject hereto will result in
irreparable injury to the other parties hereto, that the remedy at law alone
will be an inadequate remedy for such breach, and that, in addition to any
other remedies which they may have, such other parties may enforce their
respective rights by actions for specific performance (to the extent permitted
by law). Whenever possible, each provision of this Warrant shall be interpreted
in such a manner as to be effective and valid under applicable law, but if any
provision of this Warrant shall be deemed prohibited or invalid under such
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, and such prohibition or invalidity shall not
invalidate the remainder of such provision or the other provisions of this
Warrant.

 

6.13.   Integration.
This Warrant, the Stockholders Agreement, the Registration Rights Agreement and
the Purchase Agreement, including the exhibits referred to herein and therein,
constitute the entire agreement and supersede all other prior agreements and
understandings, both written and oral, among the parties with respect to the
subject matter hereof.

 

6.14.   No Rights or
Liabilities as Stockholder. Except as expressly
set forth herein, nothing contained in this Warrant shall be construed as
conferring upon the Holder any rights as a stockholder of the Company or as
imposing any obligation on the Holder to purchase any securities or as imposing
any liabilities on the Holder as a stockholder of the Company, whether such
obligation or liabilities are asserted by the Company or creditors of the
Company.

 

6.15.    Waivers
and Consents; Amendments.

 

(a)       For the purposes of this Warrant and all
documents executed pursuant hereto, no course of dealing between or among any
of the parties hereto and no delay on the part of any party hereto in
exercising any rights hereunder or thereunder shall operate as a waiver of the
rights hereof or thereof. No covenant or provision hereof may be waived
otherwise than by a written instrument signed by the party or parties so
waiving such covenant or other provision contemplated herein.

 

(b)       No amendment to this Warrant may be made
without the written consent of the Company and the Holder.

 

 

 

 

 

 

17

 

 

6.16.   Certain
Definitions. The following terms as used in this
Warrant shall have the following meanings:

 

(a)       “Appraiser”
means an independent nationally recognized investment bank or other qualified
financial institution acceptable to the Company and the Noteholders (as such
term is defined in the Purchase] Agreement).

 

(b)       “Business
Day” means any day other than a Saturday or a Sunday or a day on
which commercial banking institutions in the State of New York are authorized
or obligated by law or executive order to be closed. Any reference to “days”
(unless Business Days are specified) shall mean calendar days.

 

(c)       “Charter”
means the Amended and Restated Certificate of Incorporation of the Company, as
may be amended and/or restated from time to time

 

(d)       “Closing”
means the closing of the transaction contemplated by the Purchase Agreement on
the Closing Date.

 

(e)       “Code”
means the Internal Revenue Code of 1986, as amended.

 

(f)        “Fair
Market Value” means either (i) the Market Price, if any, of a
share of Common Stock or (ii) if no Market Price exists, the value (which
shall not take into effect any minority or illiquidity discounts) of a share of
Common Stock as determined by a nationally recognized investment banking firm
or accounting firm designated by a Two-Thirds Interest and reasonably
acceptable to the Company; provided that if the parties cannot agree on such a
firm, each party shall choose a nationally recognized investment banking firm,
which shall choose a third nationally recognized firm and that third firm shall
determine the Fair Market Value, which determination shall be final and
binding. The cost relating to retaining any such firm(s) pursuant t o this
definition shall be borne by the Company.

 

(g)       “Market
Price” of any security means the value determined in accordance with
the following provisions:

 

(i)        if such security is listed on a national
securities exchange registered under the Exchange Act, a price equal to the
average of the closing sales prices for such security on such exchange for each
day during the twenty (20) consecutive trading days immediately preceding the
date in question; and

 

(ii)       not so listed, and such security is
quoted on NASDAQ, a price equal to the average of the closing bid and asked
prices for such security quoted on such system each day during the 20
consecutive trading days immediately preceding the date in question.

 

(h)       “Redemption
Price” means the Fair Market Value of the Warrant as of the
applicable Put Demand Date, as determined by an Appraiser (as defined above)
and based upon on independent valuation of the Company. In arriving at its
determination, the Appraiser shall base any valuation upon, in the case of the
Market Price of the Common Stock, the Market Price of the Company assuming (A) the
exercise of all outstanding vested warrants, options or

 

 

 

 

 

 

18

 

 

rights to subscribe for
or purchase Common Stock (or other securities) of the Company or other
securities immediately exercisable or convertible into Common Stock (or other
securities) of the Company and (B) the Company were sold as a going
concern, without regard to the existence of any control block, the anticipated
impact upon current market prices of any such sale, any discount for minority
ownership or the lack or depth of a market for the Common Stock, the Warrants
or other securities of the Company, or any other factors concerning the
liquidity or marketability of the Common Stock, the Warrants, or other
securities of the Company.

 

6.17.    Other
Definitional Provisions.

 

(a)       Except as otherwise specified herein, all
references herein:

 

(i)        to any person other than the Company,
shall be deemed to include such person’s successors and assigns;

 

(ii)       to the Company shall be deemed to include
the Company’s successors; and

 

(iii)      to any applicable law defined or referred
to herein, shall be deemed references to such applicable law as the same may
have been or may be amended or supplemented from time to time.

 

(b)       When used in this Warrant, the words “herein”,
“hereof and “hereunder”, and words of similar import, shall refer to this
Warrant as a whole and not to any provision of this Warrant, and the words “Section”
and “Exhibit” shall refer to Sections of, and Exhibits to, this Warrant unless
otherwise specified.

 

(c)       Whenever the context so requires the
neuter gender includes the masculine or feminine, and the singular number
includes the plural, and vice versa.

 

[Execution page follows]

 

 

 

 

 

 

19

 

 

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

 

	
   

  	
  OPEN LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

 

 

 

 

 

 

EXHIBIT A

FORM OF EXERCISE NOTICE

 

[To be executed only upon exercise of Warrant pursuant to Section 1.1
(a)]

 

To Open Link Financial, Inc.:

 

The undersigned
registered Holder of the within Warrant hereby irrevocably exercises such
Warrant for, and purchases thereunder,
              shares
of the Common Stock and herewith makes payment of $                     therefor,
and requests that the certificates for such shares be issued in the name of,
and delivered to
                            ,
whose address is                                                                                        .

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature must conform in all respects to name

  
	
   

  	
   

  	
  of Holder as specified on the face of Warrant.)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Street Address)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (City)

  	
   

  	
  (State)

  	
   

  	
  (Zip Code)

  

 

 

 

 

 

 

 

 

 

EXHIBIT B

FORM OF EXCHANGE NOTICE

 

[To be executed only upon net exchange of the Warrant pursuant to Section 1.1
(b)]

 

To Open Link Financial, Inc.:

 

The undersigned
registered Holder of the within Warrant hereby irrevocably exchanges such
Warrant with respect to
                            shares
of the Common Stock which such Holder would be entitled to receive upon the
exercise hereof, and requests that the certificates for such shares be issued
in the name of, and delivered to
                                            ,
whose address
is                                                                          .

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature must conform in all respects to name

  
	
   

  	
   

  	
  of Holder as specified on the face of Warrant.)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Street Address)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (City)

  	
   

  	
  (State)

  	
   

  	
  (Zip Code)

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