Document:

Exhibit 10.1

           Amendment No. 1 to Settlement Agreement and Mutual Release
           ----------------------------------------------------------

         This Amendment No. 1 (this "Amendment"), dated as of August 5, 2002, to
Settlement Agreement and Mutual Release (the "Settlement Agreement"), made and
entered into the 1st day of July 2002, between plaintiff HX Investors, L.P., and
the additional plaintiffs who are listed on Exhibit A thereto, the defendants
Shelbourne Properties I, Inc. ("Shelbourne I"), Shelbourne Properties II, Inc.
("Shelbourne II") and Shelbourne Properties III, Inc. ("Shelbourne III"),
Presidio Capital Investment Company, LLC and Shelbourne Management, LLC.

         WHEREAS, HX Investors, Exeter and Shelbourne I have entered into a
Stock Purchase Agreement, dated as of July 1, 2002 (the "Shelbourne I Purchase
Agreement"), and contemporaneously with the execution of this Amendment are
entering into Amendment No. 1 to the Shelbourne I Purchase Agreement (the
"Shelbourne I Amendment");

         WHEREAS, HX Investors, Exeter and Shelbourne II have entered into a
Stock Purchase Agreement, dated as of July 1, 2002 (the "Shelbourne II Purchase
Agreement"), and contemporaneously with the execution of this Amendment are
entering into Amendment No. 1 to the Shelbourne II Purchase Agreement (the
"Shelbourne II Amendment");

         WHEREAS, HX Investors, Exeter and Shelbourne III have entered into a
Stock Purchase Agreement, dated as of July 1, 2002 (the "Shelbourne III Purchase
Agreement"), and contemporaneously with the execution of this Amendment are
entering into Amendment No. 1 to the Shelbourne III Purchase Agreement (the
"Shelbourne III Amendment");

<PAGE>

         NOW, THEREFORE, the parties, intending to be legally bound, hereby
agree as follows:

         1. Each party hereto hereby acknowledges and accepts the amendments
made to the Shelbourne I Purchase Agreement, the Shelbourne II Purchase
Agreement and the Shelbourne III Purchase Agreement pursuant to the Shelbourne I
Amendment, the Shelbourne II Amendment and the Shelbourne III Amendment,
respectively, and agrees that any references in the Settlement Agreement to a
"Stock Purchase Agreement" or a "Plan of Liquidation" shall mean and be a
reference to the Stock Purchase Agreements or Plans of Liquidation as amended by
the Shelbourne I Amendment, the Shelbourne II Amendment or the Shelbourne III
Amendment, as the case may be.

         2. This Agreement shall be construed and enforced in accordance with
the laws of the State of Delaware.

         3. The signatories hereto represent that they are authorized to execute
this agreement and bind the respective parties to the terms herein.

         4. This Agreement may be executed in counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the
same instrument.

                  [Remainder of page intentionally left blank.]

<PAGE>

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the date first written above.

                                           HX INVESTORS, L.P., and all parties
                                               identified in Exhibit A hereto

                                           By: Exeter Capital Corporation
                                               General Partner

                                           By:   /s/  Michael L. Ashner
                                               --------------------------------
                                               Name:  Michael L. Ashner
                                               Title:  President

                                           SHELBOURNE PROPERTIES I, INC.

                                           By:   /s/ Richard J. McCready
                                               --------------------------------
                                               Name:  Richard J. McCready
                                               Title:  Secretary

                                           SHELBOURNE PROPERTIES II, INC.

                                           By:   /s/ Richard J. McCready
                                               --------------------------------
                                               Name:  Richard J. McCready
                                               Title:  Secretary

                                           SHELBOURNE PROPERTIES III, INC.

                                           By:    /s/ Richard J. McCready
                                               --------------------------------
                                                Name:  Richard J. McCready
                                                Title:  Secretary

<PAGE>

                                           PRESIDIO CAPITAL INVESTMENT
                                           COMPANY, LLC

                                           By:    /s/ Richard J. McCready
                                               --------------------------------
                                                Name:  Richard J. McCready
                                                Title:  Vice President

                                           SHELBOURNE MANAGEMENT, LLC

                                           By:   /s/ Richard J. McCready
                                               --------------------------------
                                               Name:  Richard J. McCready
                                               Title:  Vice PresidentExhibit 10.22 - Ryan Beck Warrant (7-30-2001)

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON
EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE
SOLD OR TRANSFERRED EXCEPT (A) UNDER COVER OF A REGISTRATION STATEMENT UNDER
SUCH ACT AND QUALIFICATION UNDER APPLICBLE STATE SECURITIES LAWS WHICH ARE
EFFECTIVE AND CURRENT WITH RESPECT TO THIS WARRANT OR SUCH SHARES OF COMMON
STOCK, AS THE CASE MAY BE, OR (B) PURSUANT TO THE WRITTEN OPINION OF COUNSEL
REASONABLY ACCEPTABLE TO PERMA-FIX ENVIRONMENTAL SERVICES, INC. TO THE EFFECT
THAT REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNDER APPLICABLE FEDERAL OR
STATE SECUIRITES LAWS.

	
      Warrant No. PPA0103
	
      20,000 Shares

PERMA-FIX ENVIRONMENTAL SERVICES, INC.

WARRANT TO PURCHASE COMMON STOCK

VOID AFTER 5:00 P.M., EASTERN STANDARD TIME

ON

JULY 30, 2006

          PERMA-FIX
ENVIRONMENTAL SERVICES, INC., a Delaware corporation (the "Company"), hereby
grants to Ryan, Beck & Co., LLC and its permissible successors and assigns (the
"Warrant Holder" or "Holder"), for value received, the right to purchase from
the Company at any time commencing after the date upon which notice is received
by the Holder that the shareholder of the Company have approved the exercise of
the Warrants at the Per Share Exercise Price (the "Notice Date") until 5:30
p.m., Eastern Standard Time on July 30, 2006, up to an aggregate of twenty thousand
(20,000) shares of the Company's common stock, par
value $.001 per share (the "Common Stock") at an exercise price equal to $1.75
per share (the "Per Share Exercise Price"), subject to adjustment as provided
below. This warrant and all warrants of like tenor which may be issued by the
Company in exchange or substitution for, or upon the transfer or partial
exercise of, this warrant are collectively referred to as the "Warrant." The
shares of Common Stock issued upon the exercise of the Warrant are collectively
referred to as the "Shares" or "Warrant
Shares."
1.     Background. On July 30, 2001,
the Company completed a private placement (the "Offering") of a minimum of 1.5
million and a maximum of 4.4 million units ("Units"), each Unit consisting of
one share of Common Stock, and one warrant to purchase on share of Common Stock
as described in the Confidential Private Placement Memorandum, dated April 6,
2001, as amended by Amendment No. 1 to the Confidential Private Placement
Memorandum dated June 15, 2001 (the "Offering Memorandum"). The initial Holder
of the Warrant acted as a placement agent and assisted the Company in the
placement of a portion of the Units. Pursuant to the terms of the Offering, the
Company has granted this Warrant to the initial Holder as partial consideration
for the Holder's services to the Company as placement agent.
 

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2.     Exercise of Warrant. This
Warrant may be exercised at any time commencing after the Notice Date and ending
on July 30, 2006, at 5:00 p.m., Eastern Standard Time (the "Expiration Date"),
subject to paragraph 8 below. Upon presentation and surrender of this Warrant,
with the Election to Purchase or Assign form (the "Purchase Form") duly executed
and completed, at the principal office of the Company at 1940 Northwest 67th
Place, Gainesville, Florida 32653-1649, together with cash or a cashier's or
certified check payable to the Company in the amount of the Per Share Exercise
Price, as may be adjusted as prescribed in paragraph 16 of the Agreement,
multiplied by the number of Warrant Shares being purchased (the "Aggregate
Exercise Price"), either the Company, or the Company's transfer agent, as the
case may be, will deliver to the Warrant Holder hereof, shares of Common Stock
which, in the aggregate, represent the number of Warrant Shares being purchased.
All or less than all of the Warrants may be exercised and, in case of the
exercise of less than all, the Company, upon surrender hereof, will deliver to
the Warrant Holder a new Warrant or Warrants of like tenor and dated the date
hereof entitling said Warrant Holder to purchase the number of Warrant Shares
represented by this Warrant which have not been exercised or surrendered.
3.     Exchange and Transfer. This Warrant,
at any time prior to the exercise hereof, upon presentation and surrender to the
Company, may be exchanged, alone or with other Warrants of like tenor registered
in the name of the same Warrant Holder, for another Warrant of like tenor in the
name of such Warrant Holder exercisable for the aggregate number of Warrant
Shares represented by the Warrant(s) surrendered.

4.     Rights and Obligations of Holder of this
Warrant. The Holder of this Warrant will not, by virtue hereof, be entitled
to any rights of a stockholder in the Company, either at law or in equity;
provided, however, that if any Warrant representing shares of Common Stock or
other securities is issued to the Holder hereof upon exercise of some or all of
the Warrants evidenced by this Warrant, such Holder will, for all purposes, be
deemed to have become the Holder of record of such Common Stock on the date on
which this Warrant, together with a duly executed Purchase Form, was surrendered
and payment of the Aggregate Exercise Price was made pursuant to the terms
hereof, irrespective of the date of delivery of such share Warrant. The rights
of the Holder of this Warrant are limited to those expressed herein and the
Holder of this Warrant, by acceptance hereof, consents and agrees to be bound
by, and to comply with, all of the provisions of this Warrant, including,
without limitation, all of the obligations imposed upon the Warrant Holder
contained in this Warrant. In addition, the Warrant Holder of this Warrant, by
accepting the same, agrees that the Company may deem and treat the person in
whose name this Warrant is registered on the books of the Company as the
absolute, true and lawful owner for all purposes whatsoever, and the Company
will not be affected by any notice to the contrary.

5.     Issuance of Shares. As soon as
practicable after full or partial exercise of this Warrant, the Company, at its
expense, including, without limitation, any tax which may be payable in respect
of the issuance thereof, will cause to be issued in the name of, and delivered
to, the Holder of this Warrant, a certificate or certificates for the number of
fully paid and nonassessable shares of Common Stock to which that Holder will be
entitled upon such exercise. If the total Warrant Shares to be issued upon the
exercise of this Warrant would result in the issuance of a fractional share of
Common Stock, the Company will not be required to issue a fractional share, but
rather the resulting fractional interest will be adjusted by payment in an
amount, in cash, equal to the current market value of such fractional interest.
The Warrant and the certificates representing the Warrant Shares will be
executed on behalf of the Company by the manual or facsimile

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signature of the then Chairman or Vice Chairman of the Board of Directors or
President or Vice President of the Company. All such certificates for Warrant
Shares will bear a restrictive legend substantially in the form of the legend
set forth in paragraph 6 of this
Warrant.
6.     Restriction on Transfer of
Warrants or Warrant Shares. By acceptance of this Agreement, the Holder
represents and warrants that this Warrant is being acquired, and all Warrant
Shares to be purchased upon the exercise of this Warrant will be acquired, by
the Holder solely for the account of the Holder and not with a view to the
fractionalization and distribution thereof. The Holder, by acceptance of this
Warrant, agrees that (a) no public distribution of Warrants or Warrant Shares
will be made in violation of the provisions of the Act and the Rules and
Regulations promulgated thereunder and (b) during such period as delivery of a
prospectus with respect to Warrants or Warrant Shares may be required by the
Act, no public distribution of Warrants or Warrant Shares will be made in a
manner or on terms different from those set forth in, or without delivery of, a
prospectus then meeting the requirements of Section 10 of the Act and in
compliance with all applicable state securities laws. The Holder and each
permitted transferee of the Holder further agrees that if any transfer or other
distribution of any of the Warrants or Warrant Shares is proposed to be made by
them other than by delivery of a prospectus meeting the requirements of Section
10 of the Act, such action will be taken only after receipt by the Company of an
opinion of its counsel, or an opinion of counsel reasonably satisfactory to the
Company, to the effect that the proposed transfer or other distribution will not
be in violation of the Act or applicable state law. As a condition to the
transfer of the Warrants, any transferee of the Warrants must deliver to the
Company a written agreement to accept and be bound by all of the terms and
conditions contained in this Warrant. Any Warrant Shares issued upon exercise of
this Warrant will bear substantially the following legend:
                    These
securities have not been registered under the Securities Act of 1933,
as 
                    amended
(the "Act"), or qualified under applicable state securities laws, and
are 
                    restricted
securities within the meaning of the Act. Such securities may not
be 
                    sold
or transferred, except pursuant to a registration statement under such
Act 
                    and
qualification under applicable state securities laws which are effective
and 
                    current
with respect to such securities or pursuant to an opinion of
counsel 
                    reasonably
satisfactory to the issuer of such securities that registration
and 
                    qualification
are not required under applicable federal or state securities
laws 
                    or
an exemption is available therefrom.

7.     Warrant Holder Not Shareholder. This
Warrant will not be deemed to confer upon the Holder any right to vote the
Warrant Shares or to consent to, or receive notice as a shareholder of the
Company as such, because of this Warrant, in respect of any matters whatsoever,
or any other rights or liabilities as a shareholder.
8.     Taxes.  The Company will pay
all taxes attributable to the initial issuance of Warrant Shares upon exercise
of this Warrant.  The Company will not, however, be required to pay any tax
which may be payable in respect to any transfer involved in any issue of
Warrants or in the issue of any Warrants of Warrant Shares in the name other
than that of the Holder upon the exercise of any Warrant, as the case may
be.
9.    Mutilated or Missing Warrants. If any
Warrant is mutilated, lost, stolen or destroyed, the Company may, on such terms
as to indemnity or otherwise as they it in its discretion impose (which will, in
the case of a mutilated Warrant, include the surrender thereof), and upon
receipt of evidence satisfactory to the Company of such mutilation, loss, theft
or destruction, issue a substitute Warrant, respectively, of like denomination
or
 

3

 

tenor as the Warrant so mutilated, lost, stolen or destroyed. Applicants for
substitute Warrants will comply with such other reasonable regulations and pay
any reasonable charges as the Company may
prescribe.
10.   Subsequent Issue of Warrants.
Subsequent to their original issuance, no Warrants will be reissued except (a)
such Warrants issued upon transfer thereof in accordance with paragraph 6
hereof, (b) such Warrants issued upon any combination, split-up or exchange of
Warrants pursuant to paragraph 13 hereof, (c) such Warrants issued in
replacement of mutilated, destroyed, lost or stolen Warrants pursuant to
paragraph 9 hereof, (d) Warrants issued upon the partial exercise of Warrants
pursuant to paragraph 2 hereof, and (e) Warrants issued to reflect any
adjustment or change in the Exercise Price or the number or kind of shares
purchasable thereunder pursuant to paragraph 13 hereof.
11.  Reservation of Shares. For the purpose of enabling the
Company to satisfy all obligations to issue Warrant Shares upon exercise of this
Warrant, the Company will at all times reserve and keep available free from
preemptive rights, out of the aggregate of its authorized but unissued shares,
the full number of Shares which may be issued upon the exercise of this Warrant.
The Company covenants all shares which will be so issuable upon exercise of this
Warrant, will upon issue be fully paid and nonassessable by the Company and free
from all taxes, liens, charges and security interests with respect to the issue
thereof.

12.  Registration Rights.

       12.1  Registration.
The Company hereby agrees to use reasonable efforts to file a Form
S-3
                Registration
Statement or such other suitable registration statement acceptable to
the 
                Company
(the "Registration Statement") with the Securities and Exchange
Commission 
                ("SEC")
within 150 days following the completion of the Offering to register
the 
                Common
Stock issuable upon exercise of this Warrant (the "Registrable
Securities") 
                under
the Act, and the Company will use reasonable efforts to cause such
registration 
                to
become effective within 90 days following the filing of the Registration
Statement 
                with
the SEC and to remain effective for six months after the effective date of
the 
                Registration
Statement; provided that the Company will not file any such
Registration 
                Statement
within 60 days following the last Closing. The Company will in
connection 
                therewith
use reasonable efforts to also register and qualify the Registrable
Securities 
                under
the Blue Sky laws of such jurisdictions as the Company reasonably
determines 
                are
necessary. The obligation of the Company under this paragraph 12.1 will
be 
                limited
to one registration statement. The Company will pay the
expenses described 
                in
paragraph 12.2 for the Registration Statement filed pursuant to this
paragraph 12.1, 
                except
for underwriting discounts and commissions and legal fees of the
Holder, 
                which
shall be borne by such Holder.

        12.2  Registration
Procedures. To effect the registration of Registrable Securities under the
Act
                 pursuant
to the provisions of paragraph 12.1 of this Agreement, the Company will:

                 12.2.1.  Prepare
and file with the SEC the Registration Statement with respect to
the 
                              Registrable
Securities within 150 days following the completion of the
Offering, 
                              and
use reasonable efforts to cause such registration statement to
become 
                              effective
within 90 days following its filing (but not less than 60 days after
the 
                              completion
of the Offering) and cause the same to remain effective for
six 
                              months
following its effective date;

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                12.2.2.  Prepare
and file with the SEC such amendments to the Registration
Statement 
                             and
supplements to the prospectus contained therein and
post-effective 
                             amendments
thereto as may be necessary to keep the Registration
Statement 
                             effective
for a period of six months;

                12.2.3.  Furnish
to the Holder participating in such registration such reasonable
number 
                             of
copies of the Registration Statement, preliminary prospectus, final
prospectus
                            
and such other documents as may reasonably requested by such Holder;

                12.2.4.  Use
reasonable efforts to register or qualify the securities covered by
the 
                             Registration
Statement under such state securities or Blue Sky laws of
such 
                             jurisdictions
as the Company may reasonably determine as necessary
within 
                             30
days following the original filing of the Registration Statement, except
that 
                             the
Company will not for any purpose be required to execute a general
consent 
                             as
to service of process or to qualify to do business as a foreign corporation
in 
                             any
jurisdiction wherein it is not so qualified to do business; provided that
the 
                             Company
will execute a Form U-2 Consent to Service of Process
where 
                             required
by the Blue Sky laws of a particular state;

                12.2.5  Notify
the Holder promptly when the Registration Statement has
become 
                            effective
or when supplements thereto are filed;

               12.2.6.  Notify
the Holder promptly of any material requests by the SEC related to
the
                           
Registration Statement's effectiveness;

               12.2.7.  Prepare
and file with the SEC, promptly upon the request of any Holder,
any 
                            amendments
or supplements to such Registration Statement or prospectus
which, 
                            in
the opinion of counsel for such Holder (and concurred in by counsel for
the 
                            Company),
is required under the Act or the rules and regulations thereunder
in 
                            connection
with the distribution of Common Stock by such Holder; and

              12.2.8.  Advise
such Holder, promptly after it will receive notice or obtain
knowledge 
                           thereof,
of the issuance of any stop order by the SEC suspending the
effectiveness 
                           of
such Registration Statement or the initiation or threatening of any proceeding
for 
                           that
purpose and promptly use its reasonable efforts to prevent the issuance
of 
                           any
stop order or to obtain its withdrawal if such stop order should be issued.

     12.3  Expenses.

              12.3.1.  With
respect to the registration pursuant to paragraph 12.1 hereof, all fees,
costs 
                            and
expenses of and incidental to such registration and public offering (as
specified 
                            in
paragraph 12.3.2 below) in connection therewith will be borne by the
Company,
                           
provided, however, that any Holder participating in such registration will bear
their 
                            pro
rata share of the underwriting discount and commissions, if any, and
transfer 
                            taxes.

              12.3.2.  The
fees, costs and expenses of registration to be borne by the Company
as 
                           provided
in paragraph 12.3.1 are the following: all registration, filing, and
NASD 
                           fees,
printing expenses, fees and disbursements of counsel and accountants
for 

5

 

                           the
Company, and all legal fees and disbursements and other expenses of
complying 
                           with
state securities or Blue Sky laws of any jurisdictions in which the securities
to 
                           be
offered are to be registered or qualified (except as provided in 12.3.1
above). 
                           Fees
and disbursements of counsel and accountants for the selling Holder and
any 
                           other
expenses incurred by the selling Holder not expressly included above will
be 
                           borne
by the selling Holder.

     12.4.  Indemnification.

              12.4.1.  The
Company will indemnify and hold harmless each Holder of
Registrable 
                           Securities
which are included in the Registration Statement pursuant to
the 
                           provisions
of paragraph 12.1 hereof, its directors and officers, and
any 
                           underwriter
(as defined in the Act) for such Holder and each person, if
any, 
                           who
controls such Holder or such underwriter within the meaning of the
Act, 
                           from
and against, and will reimburse such Holder and each such
underwriter 
                           and
controlling person with respect to, any and all loss, damage, liability,
cost 
                           and
expense to which such Holder or any such underwriter or
controlling 
                           person
may become subject under the Act or otherwise, insofar as
such 
                           losses,
damages, liabilities, costs or expenses are caused by
any untrue 
                           statement
or alleged untrue statement of any material fact contained in
such
                           Registration
Statement, any prospectus contained therein or any
amendment 
                           or supplement
thereto, or arise out of or are based upon the omission
or 
                           alleged omission
to state therein a material fact required to be stated
therein 
                           or
necessary to make the statements therein, in light of the circumstances
in 
                           which
they were made, not misleading; provided, however, that
the 
                           Company
will not be liable in any such case to the extent that any such
loss, 
                           damage,
liability, cost or expenses arises out of or is based upon an
untrue 
                           statement
or alleged untrue statement or omission or alleged omission
so 
                           made
in conformity with information furnished by such Holder,
such 
                           underwriter
or such controlling person in writing specifically for use in
the 
                           preparation
thereof.

              12.4.2.  Each
Holder of Registrable Securities included in a registration pursuant to
the 
                           provisions
of paragraph 12.1 hereof will indemnify and hold harmless
the 
                           Company,
its directors and officers, any controlling person and any
underwriter 
                           from
and against, and will reimburse the Company, its directors and
officers, 
                           any
controlling person and any underwriter with respect to, any and all
loss, 
                           damage,
liability, cost or expense to which the Company or any
controlling 
                           person
and/or any underwriter may become subject under the Act or
otherwise, 
                           insofar
as such losses, damages, liabilities, costs or expenses are caused
by 
                           any
untrue statement or alleged untrue statement of any material fact
contained 
                           in
such Registration Statement, any prospectus contained therein or
any 
                           amendment
or supplement thereto, or arise out of or are based upon
the 
                           omission
or alleged omission to state therein a material fact required to
be 
                           stated
therein or necessary to make the statements therein, in light of
the 
                           circumstances
in which they were made, not misleading, in each case to
the 
                           extent,
but only to the extent, that such untrue statement or alleged untrue 

6

 

                           statement
or omission or alleged omission was so made in reliance upon
and 
                           in
strict conformity with written information furnished by or on behalf of
such 
                           Holder
specifically for use in the preparation thereof.

              12.4.3.  Promptly
after receipt by an indemnified party of notice of the commencement
of 
                           any
action involving the subject matter of the foregoing indemnity provisions,
such
                           indemnified
party will, if a claim thereof is to be made against the
indemnifying 
                           party
pursuant to the provisions of said paragraph 12.4.1 or 12.4.2, as the
case 
                           may
be, promptly notify the indemnifying party of the commencement
thereof; 
                           but
the omission to so notify the indemnifying party will not relieve it from
any 
                           liability which
it may have to any indemnified party otherwise than
hereunder. 
                           In
case such action is brought against any indemnified party and it notifies
the 
                           indemnifying party
of the commencement thereof, the indemnifying party
will 
                           have
the right to participate in, and, to the extent that it may wish, jointly
with 
                           any
other indemnifying party similarly notified, to assume the defense
thereof; 
                           or,
if there is a conflict of interest which would prevent counsel for
the 
                           indemnifying
party from also representing the indemnified party, the
indemnified 
                           parties,
as a whole, have the right to select one separate counsel to
participate 
                           in
the defense of such action on behalf of such indemnified parties. After
notice 
                           from
the indemnifying parties to such indemnified party of their election so
to 
                           assume
the defense thereof, the indemnifying parties will not be liable to
such 
                           indemnified
parties pursuant to the provisions of said paragraph 12.4.1
or 
                           12.4.2
for any legal or other expense subsequently incurred by such
indemnified 
                           parties
in connection with the defense thereof other than reasonable costs
of 
                           investigation,
unless (a) the indemnified parties will have employed counsel
in 
                           accordance
with the provisions of the preceding sentence, (b) the
indemnifying 
                           parties
will not have employed counsel to represent the indemnified
parties 
                           within
a reasonable time after the notice of the commencement of the action
or 
                           (c)
the indemnifying party has authorized, in writing, the employment of
counsel 
                           for
the indemnified party at the expense of the indemnifying parties.

         12.5.     Form
S-3. The Company represents and Warrants that the Company is, as of
the 
                      effective
date of this Agreement, eligible to use Form S-3 to register its
securities 
                  
   for sale in a secondary offering of the Company's securities
for the account of
selling
                      shareholders;
provided any shareholder offering the Company's securities under
a 
                      Form
S-3 registration statement must satisfy applicable prospectus
delivery 
                      requirements
and other requirements of the Act.

13.     Adjustments of Number and Kind of Shares
Purchasable and Exercise Price.  The number and kind of securities or
other property purchasable upon exercise of a Warrant will be subject to
adjustment from time to time upon the occurrence, after the date hereof, of any
of the following events.

         13.1     Distributions;
Dividends; Subdivisions; Combinations. If the Company (a) pays
a 
                     dividend
in, or makes a distribution of, shares of capital stock on its
outstanding 
                     Common
Stock; (b) subdivide its outstanding shares of Common Stock into a
greater
                     number
of shares; or (c) combines its outstanding shares of Common Stock into
a 

 

7

 

 

                     smaller
number of shares, then the total number of shares of Common
Stock 
                     purchasable
upon the exercise of each Warrant outstanding immediately prior to
such 
                     event
will be adjusted so that the Holder of any Warrant will be entitled, upon
proper
                     exercise
of the Warrants, to receive at the same aggregate Exercise Price the
number 
                     of
shares of capital stock (of one or more classes) which the Holder would
have 
                     owned
or have been entitled to receive immediately following the happening of
any 
                     of
the events described above had such Warrant been exercised in full
immediately 
                     prior
to the record date with respect to such event. Any adjustment made
pursuant 
                     to
this paragraph 12.1 will, in the case of a stock dividend or distribution,
become 
                     effective
as of the applicable record date and, in the case of a subdivision
or 
                     combination,
be made as of the effective date of the event. If, as a result of
an 
                     adjustment
made pursuant to this paragraph, the Holder of any Warrant
becomes 
                     entitled,
upon proper exercise of the Warrants, to receive shares of two or
more 
                     classes
of capital stock of the Company, the Board of Directors of the
Company 
                     (whose
determination will be conclusive and will be evidenced by a
Board 
                     resolution)
will determine the allocation of the adjusted Exercise Price between
or 
                     among
shares of such classes of capital stock.

         13.2.    Consolidation;
Merger. If the Company consolidates with, or merges into,
another
                     corporation
(other than a consolidation or merger which does not result in
any
                     reclassification
or change of the outstanding Common Stock), or in case of any sale
or
                     conveyance
to another corporation of the property of the Company as an entirety
or
                     substantially
as an entirety, the corporation formed by such consolidation or
merger 
                     or
the corporation which will have acquired such assets, as the case may be,
will 
                     execute
and deliver to the Holder a supplemental warrant agreement providing
that 
                     the
Holder will, with respect to each Warrant then outstanding and held by
the 
                     Holder,
have the right thereafter (until the expiration of such Warrant) to
receive, 
                     upon
exercise of such Warrant, solely the kind and amount of shares of stock
and 
                     other
securities and property (or cash) receivable upon such consolidation,
merger, 
                     sale
or transfer by a holder of the number of shares of Common Stock of
the 
                     Company
for which such Warrant might have been exercised immediately prior
to 
                     such
consolidation, merger, sale or transfer. Such supplemental warrant
agreement 
                     will
provide for adjustments which will be as nearly equivalent as may be
practicable 
                     to
the adjustments provided in this paragraph. The provision of this paragraph
will 
                     similarly
apply to successive consolidations, mergers, sales or transfers.

        13.3.     Reorganization;
Reclassification. If any capital reorganization or a reclassification
of 
                     the
Common Stock (except as provided in paragraphs 12.1 and 12.2 above), will
be
                    
effected, then, as a condition of such reorganization or reclassification,
lawful
and 
                     adequate
provision will be made whereby the Holder, upon exercise of
Warrants, 
                     will
thereafter have the right to purchase and receive, upon the basis and upon
the 
                     terms
and conditions specified herein and in the Warrants and, in substitution
for 
                     the
Common Stock to which the Holder would have become entitled
upon 
                     exercise
immediately prior to such reorganization or reclassification, the
shares 
                     (of
any class or classes) or other securities or property of the Company (or
cash) 
                     that
the Holder would have been entitled to receive at the same aggregate
Exercise 
                     Price
upon such reorganization or reclassification if the Warrants had been
exercised
                     immediately
prior to the record date with respect to such event; and in any such case,

8

 

                        appropriate
provision (as determined by the Board of Directors of the
Company, 
                        whose
determination will be conclusive and will be evidenced by a certified
Board 
                        resolution
filed with the Warrant Agent) will be made for the application of
this 
                        paragraph
with respect to the rights and interests thereafter of the Holder
(including 
                        but
not limited to the allocation of the Exercise Price between or among
shares 
                        of
classes of capital stock), to the end that this paragraph (including the
adjustments 
                        of
the number of shares of Common Stock or other securities purchasable
and 
                        the
Exercise Price of the Warrants) will thereafter be reflected, as nearly
as 
                        reasonably
practicable, in all subsequent exercises of the Warrants for any
shares 
                        or
securities or other property (or cash) thereafter deliverable upon the exercise
of 
                        the
Warrants.

           13.4.     Certification
of Adjustment. Whenever the number of shares of Common Stock
or 
                       other
securities purchasable upon exercise of a Warrant is adjusted as provided
in 
                       this
paragraph, the Company will provide the Holder a Warrant signed by
the 
                       Chairman
of the Board or the President or a Vice President of the Company
setting 
                       forth
the number and kind of securities or other property purchasable upon
exercise 
                       of
a Warrant, as so adjusted, stating that such adjustments in the number or
kind 
                       of
shares or other securities or property conform to the requirements of
this 
                       paragraph,
and setting forth a brief statement of the facts accounting for
such 
                       adjustments.

          13.5.     Change
of Warrant. Irrespective of any adjustments in the number or kind of
shares 
                       issuable
upon exercise of this Warrant, the Warrants theretofore or thereafter
issued 
                       may
continue to express the same price and number and kind of shares as are
stated 
                       in
the similar Warrants initially issuable pursuant to this Warrant.

         13.6.     Certification.
The Company may retain a firm of independent public accountants
of 
                      recognized
standing, which may be the firm regularly retained by the
Company, 
                      selected by
the Board of Directors of the Company or the Executive
Committee 
                      of
the Board, to make any computation required under this paragraph, and
a 
                      Warrant
signed by such firm will, in the absence of fraud or gross negligence,
be 
                      conclusive
evidence of the correctness of any computation made under
this 
                      paragraph.

         13.7.     "Common
Stock". For the purpose of this paragraph, the term "Common Stock"
will 
                      mean
(a) the Common Stock or (b) any other class of stock resulting from
successive 
                      changes
or reclassifications of such Common Stock consisting solely of changes in
par 
                      value,
or from par value to no par value, or from no par value to par value. If, at
any 
                      time
as a result of an adjustment made pursuant to this paragraph, the Holder of
any 
                      Warrant
thereafter surrendered for exercise will become entitled to receive any
shares 
                      of
capital stock of the Company other than shares of Common Stock, thereafter
the 
                      number
of such other shares so receivable upon exercise of any Warrant will be
subject 
                      to
adjustment from time to time in a manner and on terms as nearly equivalent
as 
                      practicable
to the provisions with respect to the Common Stock contained in
this 
                      paragraph,
and all other provisions of this Warrant, with respect to the Common
Stock, 
                      will
apply on like terms to any such other shares.

        13.8.     Reduction
of Exercise Price. The Company may, from time to time and to the
extent 
                     permitted
by law, reduce the exercise price of the Warrant by any amount for a
period 

9

 

                     of
not less than 20 days. If the Company so reduces the exercise price of the
Warrant, 
                     it
will give not less than 15 days notice of such decrease, which notice may be in
the 
                     form
of a press release, and will take such other steps as may be required
under 
                     applicable
law in connection with any offers or sales of securities at the reduced
price.

        13.9.     No
Adjustment of Exercise Price in Certain Cases. No adjustment of the exercise
price 
                     will
be made if the amount of the adjustment is less than two cents per Warrant
Share,
                    
provided, however, that in such case any adjustment that would otherwise be
required 
                     then
to be made will be carried forward and will be made at the time of, and
together 
                     with,
the next subsequent adjustment which, together with any adjustment so
carried 
                    forward,
will amount to at least two cents per Warrant Share.

14.     Reduction of Exercise Price Below Par
Value. Before taking any action that would cause an adjustment pursuant to
paragraph 10 of this Warrant reducing the portion of the exercise price required
to purchase one share of capital stock below the then par value (if any) of a
share of such capital stock, the Company will use its best efforts to take any
corporate action which, in the opinion of its counsel, may be necessary in order
that the Company may validly and legally issue fully paid and nonassessable
shares of such capital stock.

15.     No Fractional Warrants. The Company
will not be required to issue fractions of Warrants upon the reissue of Warrants
or any adjustments as described in paragraph 14, or otherwise; but the Company
in lieu of issuing any such fractional interest, will adjust the fractional
interest by payment to the Registered Holder an amount, in cash, equal to the
current market value of any such fraction or interest.

16.     Agreement of Holder. Every Holder by
accepting the same consents and agrees with the Company, and with every other
holder of a Warrant, respectively, that (a) the Warrant is transferable on the
registry books of the Company only upon the terms and conditions set forth in
this Warrant; and (b) the Company may deem and treat the person in whose name
the Warrant is registered as the absolute owner of the Warrant (notwithstanding
any notation of ownership or other writing thereon made by anyone other than the
Company) for all purposes whatsoever, and the Company will not be affected by
any notice to the contrary.

17.     Holder's Representations and
Warranties. The Holder hereby acknowledges, represents and warrants to, and
agrees with, the Company and its affiliates as follows:

        17.1.    Investment
Intent. The Holder is acquiring the Warrant, and will acquire the
Warrant 
                    Shares,
for the Holder's own account as principal, and not as nominee or agent,
for 
                    investment
purposes only, and not with a view to, or for, resale, distribution
or 
                    fractionalization
thereof, in whole or in part, and no other person has a direct or
indirect
                    beneficial
interest in the Warrant or the Warrant Shares. Further, the Holder does
not 
                    have
any contract, undertaking, agreement or arrangement with any person to
sell, 
                    transfer
or grant participation to such person or to any third person, with respect
to 
                    this
Warrant or the Warrant Shares.

       17.2.     Authority.
The Holder has full power and authority to enter into this Agreement,
the 
                    execution
and delivery of this Agreement has been duly authorized, if applicable,
and 
                    this
Agreement constitutes a valid and legally binding obligation of the
undersigned.

       17.3.     Investment
Representations. The Holder acknowledges the Holder's
understanding 
                    that
the issuance of the Warrant and the Warrant Shares is intended to be
exempt 

10

                    from
registration under the Act by virtue of Section 4(2) and/or the provisions
of 
                    Regulation
D promulgated thereunder. In furtherance thereof, the Holder
represents 
                    and
warrants to, and agrees with, the Company and its
affiliates as follows:

                    (a)     The
Holder realizes that the basis for the exemption may not be present
if,
                   
notwithstanding such representations, the Holder has in mind merely acquiring
this 
                    Warrant
or the Warrant Shares for a fixed or determinable period in
the
                    
future.  The Holder does not have any such intention.

                    (b)     The
Holder has the financial ability to bear the economic risk of the
Holder's 
                    investment,
has adequate means for providing for current needs and
personal 
                    contingencies
and has no need for liquidity with respect to an investment
in the Company.

                    (c)     The
Holder has such knowledge and experience in financial and business
matters 
                    as
to be capable of evaluating the merits and risks of the investment in the
Warrants and
the
                   
Warrant Shares. If other than an individual, the Holder also represents it has
not
been 
                    organized
as a trust for the purpose of acquiring the Warrants or the Warrant Shares.

18.     Notices.  All notices,
requests, consents, and other communications hereunder will be in writing and
will be deemed to have been duly made and sent when delivered or mailed by
registered or certified mail, return-receipt requested:

                If
to the
Company:                       Perma-Fix
Environmental Services,
Inc.
                                                                    1940
Northwest 67th
Place
                                                                    Gainesville,
Florida
32653
                                                                    Attention:
Dr. Louis F.
Centofanti

               With
a copy
to:                             Irwin
H. Steinhorn,
Esq.
                                                                    Conner
& Winters, A Professional
Corporation
                                                                    One
Leadership
Square
                                                                    211
N. Robinson, Suite
1700
                                                                    Oklahoma
City, Oklahoma
73102

               If
to the
Holder:                            
Ryan, Beck & Co., LLC
                                                                    380
Madison Avenue
                                                                    New
York, NY  10017

                                                                    Attention:
Randy F. Rock
21.     Governing Law.
This Warrant and all rights and obligations hereunder will be deemed to be made
under, and governed by, the laws of the State of Delaware without giving effect
to such State's conflict of laws provisions. The Holder hereby irrevocably
consents to the venue and jurisdiction of the federal courts located in
Wilmington, Delaware.
22.     Successors and Assigns. This Warrant
will be binding upon and will inure to the benefit of the parties hereto and
their respective successors and assigns.

23.     Headings. The descriptive headings of
the paragraphs of this Warrant have been inserted for reference only and will
not be a part of this Warrant.

11

24.     Supplements and Amendments. The
Company may from time to time supplement or amend this Agreement without the
approval of the Holder in order to cure any ambiguity or to correct or
supplement any provision contained herein which may be defective or inconsistent
with any other provision herein, or to make any other provisions in regard to
matters or questions arising hereunder which the Company may deem necessary or
desirable, provided that such supplements or amendments do not substantially
alter the rights and obligations of the Holder.

25.     Termination. This Agreement will
terminate at the close of business on the Expiration Date or such earlier date
upon which this Warrant has been exercised in its entirety; provided, however,
that if exercise of the Warrants is suspended pursuant to the terms of this
Warrant and such suspension continues past the Expiration Date, this Agreement
will terminate at the close of business on the business day immediately
following the expiration of such suspension.

26.     Benefits of this Agreement. Nothing
in this Agreement will be construed to give any person or corporation other than
the Company and the Holder any legal or equitable right, remedy or claim under
this Agreement; but this Agreement will be for the sole and exclusive benefit of
the Company and the Holder.

27.     Counterparts. This Agreement may be
executed in any number of counterparts, each of such counterparts will for all
purposes be deemed to be an original and all such counterparts will together
constitute but one and the same instrument.

28.     Integration. As of the date hereof,
this Agreement contains the entire and only agreement, understanding,
representation, condition, warranty or covenant between the parties hereto with
respect to the matters herein, supersedes any and all other agreements between
the parties hereto relating to such matters, and may be modified or amended only
by a written agreement signed by both parties hereto.

          IN WITNESS
WHEREOF, the Company has caused this Warrant to be duly executed, manually or by
one of its officers thereunto duly authorized.

Dated as of July 30, 2001.

                                                           PERMA-FIX
ENVIRONMENTAL SERVICES, INC.,
a 
                                                           Delaware
corporation

                                                            By:    /s/
Louis Centofanti                                              
                                                                  Dr.
Louis F.
Centofanti,
                                                                  President
and Chief Executive
Officer

                                                            (the
"Company")

                                                            Ryan,
Beck & Co., LLC

                                                            By:     /s/
Randy F.
Rock                                             
                                                                 Randy
F. Rock, Managing Director

                                                            (the
"Holder") 

12

 

FORM OF ELECTION TO PURCHASE OR ASSIGN

Election to Purchase

           The
undersigned hereby irrevocably elects to exercise the right, represented by the
foregoing Warrant, to receive _____________ shares of the Common Stock. In
payment of such shares, the undersigned herewith:

_____   tenders payment for such shares to the
order of Perma-Fix Environmental Services,
Inc. 
             in
the amount of $________________ in accordance with the terms of the
Warrant 
             Agreement.

Dated:
_______________                                       Signature
__________________________

                                                                                Address
___________________________

 

Assignment

           FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
_______________________ the foregoing Warrants and all rights evidenced thereby,
and does irrevocably constitute and appoint _________________, attorney, to
transfer said Warrants on the books of Perma-Fix Environmental Services,
Inc.

 Dated:
_______________                                      Signature
__________________________

                                                                                Address
____________________________

 

Partial Assignment

           FOR
VALUE RECEIVED, the undersigned hereby assigns and transfers _________________
Warrants and all rights evidenced under such part of the foregoing Warrants unto
_____________________________________ and does irrevocably constitute and
appoint __________________, attorney, to transfer said Warrants on the books of
Perma-Fix Environmental Services, Inc.

Dated:
_______________                                        Signature
__________________________

                                                                                 Address
____________________________

13

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