Document:

2005 Class 4 Regular Employee Stock Purchase Plan

 Exhibit 4.7 
  

PCL EMPLOYEES HOLDINGS LTD. 
  
 REGULAR EMPLOYEE STOCK PURCHASE PLAN 
  
 CLASS 4 SERIES 2005 COMMON VOTING SHARES 
  
 1. Establishment of Plan. PCL Employees Holdings Ltd. (the “Company”), proposes to sell shares of its Class 4 Series 2005 Common Voting
Shares (the “Plan Shares”) to Eligible Employees (as defined below) pursuant to this Employee Stock Purchase Plan (the “Plan”). 
  
 2. Purpose; Nature of Plan. 
  
 (a) The purpose of this Plan is to provide Eligible Employees with a means of acquiring an equity interest in the Company. Because the
Company’s shares are not publicly traded and are generally nontransferable except to the Company, Eligible Employees do not have an opportunity to acquire an equity interest in the Company except by purchasing directly from the Company. The
Company, by means of the Plan, seeks to enhance the Eligible Employees’ sense of participation in the affairs of the Company and its subsidiaries, and to provide an incentive for such Eligible Employees to exert maximum efforts for the success
of the Company. 
  
 (b) It is the Company’s
practice to determine annually the number, if any, and type of equity interests to be offered to employees in that year and to adopt one or more employee stock purchase plans pursuant to which such equity interests will be offered in that year.
Those plans generally are of two types: (i) “Universal Plans” under which shares are offered to all employees who have been employed by the Company for a specified period of time, up to a specified aggregate maximum number of shares, and
(ii) “Regular Plans” under which shares are offered to employees selected by the Board of Directors of the Company (the “Board”) based on various criteria, including position, performance and existing share ownership. This Plan
is a Regular Plan. References in this Plan to “Universal Plans” mean all Universal Plans heretofore or hereafter adopted by the Company and references to “Regular Plans” mean this Plan and all other Regular Plans heretofore or
hereafter adopted by the Company. The shares of stock offered each year are identified by a Series designation that indicates the year of issuance and a Class designation that indicates whether such shares are voting or nonvoting and whether such
shares were offered in Canada or the United States. The Class designations are as follows: 
  

							
	 	 	Class 1	  	 Non-Voting/U.S.
	  	 
	 	 	Class 2	  	 Non-Voting/Canada
	  	 
	 	 	Class 3	  	 Voting/U.S.
	  	 
	 	 	Class 4	  	 Voting/Canada
	  	 

  
 References in this Plan to
“Common Shares” includes all of the Company’s common shares of all Series and Classes heretofore or hereafter authorized or issued. 
  

 3. Shares Available for Issuance. A total of 173,080 Plan Shares is available for issuance under
this Plan. Such number shall be subject to adjustment upon the occurrence of certain events described in Section 10 of this Plan. 
  
 4. Administration. This Plan shall be administered by the Board, unless and until the Board delegates administration of the Plan to a committee
appointed by the Board. As used in this Plan, references to the “Board” shall include any such committee, if such a committee has been established. Subject to the provisions of this Plan, all questions of interpretation or application of
this Plan shall be determined by the Board and its decisions shall be final and binding upon all participants. All expenses incurred in connection with the administration of the Plan shall be paid by the Company. 
  
 5. Eligibility; Participation in the Plan. 
  
 (a) An “Eligible Employee” shall mean any employee
who has been designated by the Board, in the Board’s sole discretion, as eligible to participate in the Plan. The Board shall determine how many Plan Shares to offer to each Eligible Employee under this Plan based on criteria established by it.

  
 (b) The Board shall offer Eligible Employees
the opportunity to purchase Plan Shares under this Plan on one occasion during 2005. The Board shall establish such forms and procedures as it deems appropriate for making that offer and for the acceptance of the offer by Eligible Employees who
elect to purchase. The Board shall have the authority, in its sole discretion, to modify or waive compliance by any Eligible Employee with any such procedures. 
  

6. Purchase Price. The purchase price per share at which shares of Common Stock will be sold pursuant to this Plan shall be determined by the
Board in accordance with Section XI of the PCL Employees Holdings Ltd. Unanimous Shareholder Agreement, as amended from time to time (the “Shareholder Agreement”). 
  
 7. Payment of Purchase Price. The purchase price for shares purchased under the Plan shall be paid by check drawn on
a Canadian bank or by bank draft, in each case, payable to the Company in Canadian funds. 
  
 8. Use of Proceeds. Proceeds from the sale of shares of Common Stock pursuant to this Plan shall constitute general funds of the Company. 
  
 9. Termination of Employment. Termination of a participant’s employment for any reason, including disability or
death, prior to the actual issuance of a certificate for any shares immediately terminates all of his or her rights to purchase Plan Shares. For purposes of this Section 9, an employee will be not deemed to have terminated employment or failed to
remain in the continuous employ of the Company in the event of (a) a transfer from the Company to any subsidiary of the Company or from any subsidiary of the Company to the Company or any other subsidiary, or (b) sick leave, military leave, or any
other leave of absence approved by the Board. 
  
 10. Capital
Changes. The number of Plan Shares which have been authorized for issuance under this Plan but have not yet been issued and the purchase price per share shall be proportionately adjusted for any stock split, stock dividend (but only in the form
of Common 

  

 2 

 
Shares), recapitalization, combination or any other increase or decrease in the number of issued and outstanding Common Shares effected without receipt of
any consideration by the Company. Such adjustment shall be made by the Board, whose determination shall be final, binding and conclusive. 
  
 11. Nonassignability. No rights to purchase or receive Common Shares under this Plan may be assigned, transferred, pledged or otherwise disposed of
in any way by the participant. Any attempt to assign, transfer, pledge or otherwise dispose of such rights shall be void and without effect. 
  
 12. Shareholder Agreement; Restriction on Transfer. No employee may purchase shares under this Plan unless and until such employee has signed the
Shareholder Agreement and agreed to be bound by the terms and conditions thereof. The shares purchased pursuant to this Plan are subject to the restrictions on transfer and ownership and the repurchase rights of the Company set forth in the
Shareholder Agreement. Shares may not be transferred except in compliance with all applicable laws, including, without limitation, Canadian and United States securities laws. In addition to any legend required by the Shareholder Agreement, all
certificates evidencing shares issued to employees shall bear any legends which, in the Board’s judgment, are necessary to comply with applicable securities laws. 
  
 13. Reports. Within a reasonable time after the end of each fiscal year, the Company shall prepare and distribute a
year-end report to its shareholders, which report shall include consolidated financial statements of the Company and its subsidiaries for the fiscal year. 
  
 14. No Rights to Continued Employment. Neither this Plan nor the grant of the right to purchase shares hereunder shall confer any right on any
employee to remain in the employ of the Company or any subsidiary of the Company, or restrict the right of the Company or any of its subsidiaries to terminate such employee’s employment. 
  
 15. Notices. All notices or other communications by a participant
under or in connection with the Plan shall be given as provided in the Shareholder Agreement. 
  
 16. Term; Shareholder Approval. This Plan shall become effective on the date on which it is adopted by the Board. This Plan shall be approved by the shareholders of the Company, in any manner permitted by
applicable corporate law, within 12 months after the date this Plan is adopted by the Board. This Plan shall continue until the first to occur of (a) termination of this Plan by the Board (which termination may be effected by the Board at any time)
or (b) the end of the Company’s 2005 fiscal year. 
  
 17.
Applicable Law. The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of the Province of Alberta, Canada. 
  
 18. Amendments or Termination of this Plan. The Board may, at any time, amend, terminate or extend the term of this Plan, except no amendment may
be made without approval of the stockholders of the Company before or within 12 months after the adoption of such amendment if such amendment would: (a) increase the number of shares that may be issued under this Plan, or (b) extend the term of this
Plan. 
  

 3Warrant to purchase common stock

 EXHIBIT 4.1 
  

THE ISSUANCE OF THIS WARRANT AND THE OFFER AND SALE OF THE SHARES OF COMMON STOCK ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“ACT”) NOR UNDER ANY STATE SECURITIES LAW AND THIS WARRANT AND ANY SUCH SHARES OF COMMON STOCK MAY NOT BE PLEDGED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNTIL A (1) REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAW HAS BECOME EFFECTIVE WITH RESPECT THERETO, OR (2) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY (IF SO REQUESTED) TO THE EFFECT THAT REGISTRATION UNDER THE ACT OR APPLICABLE STATE SECURITIES LAW IS NOT REQUIRED IN
CONNECTION WITH THE PROPOSED TRANSFER. 
  
 Void after 5:00 p.m.
Eastern Standard Time, on May 15, 2010. 
 Warrant to Purchase 40,000 Shares of Common Stock. 
  
 WARRANT TO PURCHASE COMMON STOCK 
  
 OF 
  
 ALLION HEALTHCARE, INC. 
  
 This is to certify that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Crestview Capital Master, LLC
(“Holder”) is entitled to purchase, subject to the provisions of this Warrant, from Allion Healthcare, Inc., a Delaware corporation (“Company”), forty thousand (40,000) fully paid, validly issued and nonassessable
shares of Common Stock, $0.01 par value per share, of the Company (“Common Stock”) at a price per share initially set at the IPO Price (as defined below) at any time or from time to time during the period from IPO Date (as defined
below) to expiration, but not later than 5:00 p.m. Eastern Standard Time, on May 15, 2010. The number of shares of Common Stock issuable upon exercise of this Warrant shall increase by five thousand (5,000) shares per each 30 days that the IPO Date
is delayed beyond November 15, 2005, but shall not be increased beyond seventy thousand (70,000) shares in total. The number of shares of Common Stock to be received upon the exercise of this Warrant and the price to be paid for each share of Common
Stock may be adjusted from time to time as hereinafter set forth. The shares of Common Stock deliverable upon such exercise, and as adjusted from time to time, are hereinafter sometimes referred to as “Warrant Shares” and the
exercise price of a share of Common Stock in effect at any time and as adjusted from time to time is hereinafter sometimes referred to as the “Exercise Price”. The “IPO Date” shall mean the closing date of any
underwritten public offering of any shares of the Company’s capital stock resulting in aggregate proceeds to the Company in excess of $25 million, and the “IPO Price” shall mean the price per share to the public in such public
offering. 

	 	(a)	EXERCISE OF WARRANT. 

  

	 	(1)	This Warrant may be exercised in whole or in part at any time or from time to time on or after the six (6) month anniversary of the IPO Date and until 5:00 p.m Eastern Standard Time
on May 15, 2010; provided, however, that if either such day is a day on which banking institutions in the State of New York are authorized by law to close, then on the next succeeding day which shall not be such a day. This Warrant may be exercised
by presentation and surrender hereof to the Company at its principal office, or at the office of its stock transfer agent, if any, with the Purchase Form annexed hereto duly executed and accompanied by payment of the Exercise Price for the number of
Warrant Shares specified in such form. As soon as practicable after each such exercise of this Warrant, but not later than three (3) business days from the date of such exercise, the Company shall issue and deliver to the Holder a certificate for
the Warrant Shares issuable upon such exercise, registered in the name of the Holder or its designee. If this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new
Warrant evidencing the rights of the Holder thereof to purchase the balance of the Warrant Shares purchasable thereunder. Upon receipt by the Company of this Warrant at its office, or by the stock transfer agent of the Company, if any, at its
office, in proper form for exercise together with payment in full of the exercise price for the Warrant Shares to be purchased, the Holder shall be deemed to be the holder of record of the shares of Common Stock issuable upon such exercise,
notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such shares of Common Stock shall not then be physically delivered to the Holder. 

  

	 	(2)	In lieu of delivering the Exercise Price in cash or check, the Holder may elect to receive shares equal to the value of the Warrant or portion thereof being exercised (“Net
Issue Exercise”). If the Holder wishes to elect the Net Issue Exercise, the Holder shall notify the Company of its election in writing at the time it delivers the Purchase Form to the Company. In the event the Holder shall elect Net Issue
Exercise, the Holder shall receive the number of shares of Common Stock equal to the product of (a) the number of shares of Common Stock purchasable under the Warrant, or portion thereof being exercised, and (b) the current market value, as defined
in paragraph (c) below, of one share of Common Stock minus the Exercise Price, divided by (c) the current market value, as defined in paragraph (c) below, of one share of Common Stock. 

  

	 	(3)	This Warrant is not subject to call, cancellation or redemption by the Company. 

  

	 	(b)	RESERVATION OF SHARES. The Company shall at all times reserve for issuance and/or delivery upon exercise of this Warrant such number of shares of its Common Stock as shall be
required for issuance and delivery upon exercise of this Warrant. 

  

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	 	(c)	FRACTIONAL SHARES. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. With respect to any fraction of a share
called for upon any exercise hereof, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the current market value of a share, determined as follows: 

  

	 	(1)	If the Common Stock is listed on a national securities exchange or admitted to unlisted trading privileges on such exchange or listed for trading on the NASDAQ system or quoted on
the Over the Counter Bulletin Board, the current market value shall be the last reported sale price of the Common Stock on such exchange or system on the last business day prior to the date of exercise of this Warrant or if no such sale is made on
such day, the mean of the last reported bid and asked prices for such day on such exchange or system; or 

  

	 	(2)	If the Common Stock is not so listed or quoted or admitted to unlisted trading privileges, the current market value shall be the mean of the last reported bid and asked prices
reported by the Pink Sheets, LLC on the last business day prior to the date of the exercise of this Warrant; or 

  

	 	(3)	If the Common Stock is not so listed or admitted to unlisted trading privileges and bid and asked prices are not so reported, the current market value of a share of Common Stock
shall be an amount, not less than book value thereof as at the end of the most recent fiscal year of the Company ending prior to the date of the exercise of the Warrant, determined in such reasonable manner as may be prescribed by the Board of
Directors of the Company. 

  

	 	(d)	EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. Subject to the restrictions noted at the beginning of this Warrant, this Warrant is exchangeable, without expense, at the
option of the Holder, upon presentation and surrender hereof to the Company or at the office of its stock transfer agent, if any, for other warrants of different denominations entitling the holder thereof to purchase in the aggregate the same number
of shares of Common Stock purchasable hereunder. Upon surrender of this Warrant to the Company at its principal office or at the office of its stock transfer agent, if any, with the Assignment Form annexed hereto duly executed and funds sufficient
to pay any transfer tax, the Company shall, without charge, execute and deliver a new Warrant in the name of the assignee named in such instrument of assignment and this Warrant shall promptly be cancelled. This Warrant may be divided or combined
with other warrants which carry the same rights upon presentation hereof at the principal office of the Company or at the office of its stock transfer agent, if any, together with a written notice specifying the names and denominations in which new
Warrants are to be issued and signed by the Holder 

  

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 hereof. The term “Warrant” as used herein includes any Warrants into which this Warrant
may be divided or exchanged. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss; theft or destruction) of reasonably satisfactory indemnification, and
upon surrender and cancellation of this Warrant, if mutilated, the Company will execute and deliver a new Warrant of like tenor and date. Any such new Warrant executed and delivered shall constitute an additional contractual obligation on the part
of the Company, whether or not this Warrant so lost, stolen, destroyed, or mutilated shall be at any time enforceable by anyone. 
  

	 	(e)	RIGHTS OF THE HOLDER. The Holder shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company, either at law or equity, and the rights of the Holder
are limited to those expressed in the Warrant and are not enforceable against the Company except to the extent set forth herein. 

  

	 	(f)	ANTI-DILUTION AND ADJUSTMENT PROVISIONS. The Exercise Price in effect at any time and the number of securities purchasable upon the exercise of the Warrant shall be subject
to adjustment from time to time upon the happening of certain events as follows: 

  

	 	(1)	In case the Company shall (i) declare a dividend or make a distribution on its outstanding shares of Common Stock in shares of Common Stock, (ii) subdivide or reclassify its
outstanding shares of Common Stock into a greater number of shares, or (iii) combine or reclassify its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect at the time of the record date for such dividend
or distribution, or of the effective date of such subdivision, combination or reclassification shall be adjusted so that it shall equal the price determined by multiplying the Exercise Price by a fraction, the denominator of which shall be the
number of shares of Common Stock outstanding after giving effect to such action, and the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such action. Such adjustment shall be made successively
whenever any event listed above shall occur. 

  

	 	(2)	In case the Company shall fix a record date for the issuance of rights or warrants to all holders of its Common Stock entitling them to subscribe for or purchase shares of Common
Stock (or securities convertible into Common Stock) at a price (the “Subscription Price”) (or having a conversion price per share) less than the Exercise Price on such record date, the Exercise Price shall be adjusted so that the
same shall equal the price determined by multiplying the Exercise Price in effect immediately prior to the date of issuance by a fraction, the numerator of which shall be the sum of the number of shares outstanding on the record date mentioned above
and the number of additional shares of Common Stock which the aggregate offering price of the total number of shares of Common Stock so offered (or the aggregate conversion price of the convertible securities 

  

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 so offered) would purchase at the Exercise Price in effect immediately prior to the date of such
issuance, and the denominator of which shall be the sum of the number of shares of Common Stock outstanding on the record date mentioned above and the number of additional shares of Common Stock offered for subscription or purchase (or into which
the convertible securities so offered are convertible). Such adjustment shall be made successively whenever such rights or warrants are issued and shall become effective immediately after the record date for the determination of shareholders
entitled to receive such rights or warrants; and to the extent that shares of Common Stock are not delivered (or securities convertible into Common Stock are not delivered) after the expiration of such rights or warrants, the Exercise Price shall be
readjusted to the Exercise Price which would then be in effect had the adjustments made upon the issuance of such rights or warrants been made upon the basis of delivery of only the number of shares of Common Stock (or securities convertible into
Common Stock) actually delivered. 
  

	 	(3)	In case the Company shall hereafter distribute to the holders of its Common Stock evidences of its indebtedness or assets (excluding cash dividends or distributions and dividends or
distributions referred to in Subsection (1) above) or subscription rights or warrants (excluding those referred to in Subsection (2) above), then in each such case the Exercise Price in effect thereafter shall be determined by multiplying the
Exercise Price in effect immediately prior thereto by a fraction, the numerator of which shall be the total number of shares of Common Stock outstanding multiplied by the current market price per share of Common Stock (as defined in Section (c)
above), less the fair market value (as determined by the Company’s Board of Directors) of said assets or evidences of indebtedness so distributed or of such rights or warrants, and the denominator of which shall be the total number of shares of
Common Stock outstanding multiplied by such current market price per share of Common Stock. Such adjustment shall be made successively whenever such a record date is fixed. Such adjustment shall be made whenever any such distribution is made and
shall become effective immediately after the record date for the determination of shareholders entitled to receive such distribution. 

  

	 	(4)	Whenever the Exercise Price payable upon exercise of each Warrant is adjusted pursuant to Subsections (1), (2), and (3) above, the number of Shares purchasable upon exercise of this
Warrant shall simultaneously be adjusted by multiplying the number of Shares initially issuable upon exercise of this Warrant by the Exercise Price in effect on the date hereof and dividing the product so obtained by the Exercise Price, as adjusted.

  

	 	(5)	In the case of the issuance of securities convertible into or exchangeable for shares of Common Stock, the aggregate consideration received therefor shall be deemed to be the
consideration received by the Company 

  

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 for the issuance of such securities plus the additional minimum consideration, if any, to be received by
the Company upon the conversion or exchange thereof the consideration in each case to be determined in the same manner as provided in clauses (A) and (B) of this Subsection (5). 
  

	 	(6)	No adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least one cent ($0.01) in such price; provided, however,
that any adjustments which by reason of this Subsection (6) are not required to be made shall be carried forward and taken into account in any subsequent adjustment required to be made hereunder. All calculations under this Section (f) shall be made
to the nearest cent or to the nearest one-hundredth of a share, as the case may be. Anything in this Section (f) to the contrary notwithstanding, the Company shall be entitled, but shall not be required, to make such changes in the Exercise Price,
in addition to those required by this Section (f), as it shall determine, in its sole discretion, to be advisable in order that any dividend or distribution in shares of Common Stock, or any subdivision, reclassification or combination of Common
Stock, hereafter made by the Company shall not result in any federal income tax liability to the holders of Common Stock or securities convertible into Common Stock (including Warrants). 

  

	 	(7)	The Company may retain a firm of independent certified public accountants selected by the Board of Directors (who may be the regular accountants employed by the Company) to make any
computation required by this Section (f), and a certificate signed by such firm shall be conclusive evidence of the correctness of such adjustment. 

  

	 	(8)	In the event that at any time, as a result of an adjustment made pursuant to Subsection (1) above, the Holder of this Warrant thereafter shall become entitled to receive any shares
of the Company, other than Common Stock, thereafter the number of such other shares so receivable upon exercise of this Warrant shall 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 Subsections (1) to (6) inclusive above. 

  

	 	(9)	Irrespective of any adjustments in the Exercise Price or the number or kind of shares purchasable upon exercise of this Warrant, 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 Agreement. 

  

	 	(g)	CERTIFICATE. Whenever the Exercise Price shall be adjusted as required by the provisions of Section (f), the Company shall promptly and in no event later than 20 days after
the effective date of adjustment cause to be mailed by certified mail to each Holder at his last address appearing in the Warrant Register and shall 

  

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 forthwith file, in the custody of its Secretary or an assistant Secretary at its principal office and
with its stock transfer agent, if any, an officer’s certificate showing the adjusted Exercise Price determined as herein provided, setting forth in reasonable detail the facts requiring such adjustment, including a statement of the number of
additional shares of Common Stock, if any, and such other facts as shall be necessary to show the reason for and the manner of computing such adjustment. Each such officer’s certificate shall be made available at all reasonable times for
inspection by the Holder or any holder of a Warrant executed and delivered pursuant to Section (a). 
  

	 	(h)	NOTICES TO WARRANT HOLDERS. So long as this Warrant shall be outstanding, (i) if the Company shall pay any dividend or make any distribution upon the Common Stock or (ii) if
the Company shall offer to the holders of Common Stock for subscription or purchase by them any share of any class or any other rights or (iii) if any capital reorganization of the Company, reclassification of the capital stock of the Company,
consolidation or merger of the Company with or into another corporation, sale, lease or transfer of all or substantially all of the property and assets of the Company to another corporation, or voluntary or involuntary dissolution, liquidation or
winding up of the Company shall be effected, then in any such case, the Company shall cause to be mailed by certified mail to the Holder, at least fifteen days prior to the date specified in (x) or (y) below, as the case may be, a notice containing
a brief description of the proposed action and stating the date on which (x) a record is to be taken for the purpose of such dividend, distribution or rights, or (y) such reclassification, reorganization, consolidation, merger, conveyance, lease,
dissolution, liquidation or winding up is to take place and the date, if any is to be fixed, as of which the holders of Common Stock or other securities shall receive cash or other property deliverable upon such reclassification, reorganization,
consolidation, merger, conveyance, dissolution, liquidation or winding up. 

  

	 	(i)	RECLASSIFICATION REORGANIZATION OR MERGER. In case of any reclassification, capital reorganization or other change of outstanding shares of Common Stock of the Company, or in
case of any consolidation or merger of the Company with or into another corporation (other than a merger with a subsidiary in which merger the Company is the continuing corporation and which does not result in any reclassification, capital
reorganization or other change or outstanding shares of Common Stock of the class issuable upon exercise of this Warrant) or in case of any sale, lease or conveyance to another corporation of the property of the Company as an entirety, the Company
shall, as a condition precedent to such transaction, cause effective provisions to be made so that the Holder shall have the right thereafter by exercising this Warrant at any time prior to the expiration of the Warrant, to purchase the kind and
amount of shares of stock and other securities and property receivable upon such reclassification, capital reorganization and other change, consolidation, merger, sale or conveyance by a holder of the number of shares of Common Stock which might
have been purchased upon exercise of this Warrant immediately prior to such reclassification, change, consolidation, merger, sale or conveyance. Any such 

  

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 provision shall include provision for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Warrant. The foregoing provisions of this Section (i) shall similarly apply to successive reclassifications, capital reorganizations and changes of shares of Common Stock and to successive
consolidations, mergers, sales or conveyances. In the event that in connection with any such capital reorganization or reclassification, consolidation, merger, sale or conveyance, additional shares of Common Stock shall be issued in exchange,
conversion, substitution or payment, in whole or in part, for a security of the Company other than Common Stock, any such issue shall be treated as an issue of Common Stock covered by the provisions of Subsection (1) of Section (f) hereof.

  

	 	(j)	RESTRICTIVE LEGEND. Each Warrant Share, when issued, shall include a legend in substantially the following form: THE ISSUANCE OF THESE SHARES HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE “ACT”) NOR UNDER ANY STATE SECURITIES LAW AND THESE SHARES MAY NOT BE PLEDGED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNTIL A (1) REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE
SECURITIES LAW HAS BECOME EFFECTIVE WITH RESPECT THERETO, OR (2) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY (IF SO REQUESTED) TO THE EFFECT THAT REGISTRATION UNDER THE ACT OR APPLICABLE STATE SECURITIES LAW
IS NOT REQUIRED IN CONNECTION WITH THE PROPOSED TRANSFER. 

  

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	 	(k)	MARKET STAND-OFF. By acceptance of this Warrant, Holder agrees, if requested by an underwriter of Common Stock and if imposed generally on officers and directors of the
Company and acquirers of Common Stock or rights to Common Stock in acquisitions by the Company and its subsidiaries, (1) not to sell or otherwise transfer or dispose of this Warrant or Warrant Shares during the 180-day period following the effective
date of any registration statement of the Company prepared and filed under the Act and (2) to execute a separate agreement to the foregoing effect. The Company may impose stop-transfer instructions with respect to the Warrant and Warrant Shares
subject to the foregoing restriction until the end of said 180-day period. 

  
 Dated:                      
  

			
	ALLION HEALTHCARE, INC.
		
	By:	 	  

	Name:	 	Michael P. Moran
	Title:	 	President & Chief Executive Officer

  

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 PURCHASE FORM 
  
 Dated                    
         
  
 The
undersigned hereby irrevocably elects to exercise the within Warrant to the extent of purchasing              shares of Common Stock and hereby makes payment of
             in payment of the actual exercise price thereof. In lieu of payment of the actual exercise price, the undersigned may direct the Company to net issue such shares of
Common Stock in accordance with Section (a)(2) of the within Warrant by writing “net issue” in the space after “payment” of in the preceding sentence. 
  
 INSTRUCTIONS FOR REGISTRATION OF STOCK 
  

			
	Name	 	  

	 	 	(Please typewrite or print in block letters)
		
	Address	 	  

		
	Signature	 	  

  

 - 10 - 

 ASSIGNMENT FORM 
  
 FOR VALUE RECEIVED;
                     hereby sells, assigns and transfers unto 
  

			
	Name	 	  

	 	 	(Please typewrite or print in block letters)
		
	Address	 	  

  
 the right to purchase Common Stock
represented by this Warrant to the extent of              shares as to which such right is exercisable and does hereby irrevocably constitute and appoint
                     attorney, to transfer the same on the books of the Company with full power of substitution in the premises. 

 
 Date                    , 200   
  

			
	 Signature
	 	  

  

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