Document:

Exhibit 10.10

    
      
        

      

    

    Exhibit
      10.10

    

    THIS
      WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933 ("FEDERAL ACT") OR THE SECURITIES
      LAWS OF ANY STATE IN RELIANCE UPON THE EXEMPTIONS CONTAINED THEREIN, AND IN
      PARTICULAR PARAGRAPH (13) OF SECTION 10-5-9 OF THE GEORGIA SECURITIES LAW.
      THIS
      WARRANT AND ANY SHARES ISSUED UPON EXERCISE OF THIS WARRANT MAY NOT BE OFFERED
      FOR SALE, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS
      REGISTERED UNDER THE FEDERAL ACT AND APPLICABLE STATE SECURITIES LAWS OR THE
      COMPANY IS SATISFIED THAT SUCH REGISTRATION IS NOT REQUIRED.

    

    IN
      MAKING
      AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE
      COMPANY AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS
      INVOLVED.

    

    INVESTORS
      SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISK OF THIS
      INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

    

    
      	
              Warrant
                to Purchase for 1,000,000 Shares
                of Common Stock

            

    

    

    
      	 	
              LIMELIGHT
                MEDIA GROUP, INC.

            	
              June
                30, 2005

            
	 	
              WARRANT
                CERTIFICATE

            	 

    

    

    

    
      	 	
              1.

            	
              Issuance
                of Warrant; Term.

            

    

    

    (a)         
      For
      and
      in consideration of good and valuable consideration, the receipt and sufficiency
      of all of which are hereby acknowledged, Limelight Media Group, Inc. (the
      "Company") hereby grants to Kirk Krajewski ("Holder") the right to purchase
      one
      million (1,000,000) shares of the Company's Common Stock, $.001 par value per
      share (the "Common Stock").

    

    (b)         
      The
      shares of Common Stock issuable upon exercise of this Warrant are hereinafter
      referred to as the "Shares." This Warrant shall be exercisable at any time
      and
      from time to time from the date hereof until this Warrant expires at 5:00 P.M.
      Eastern time on July 1, 2008.

    

    2.            
      Exercise
      Price.
      The
      exercise price (the "Exercise Price") per share for which all or any of the
      Shares may be purchased pursuant to the terms of this Warrant shall be Zero
      Dollars and 05/100ths ($0.05)

    

    3.            
      Exercise.
      This
      Warrant may be exercised by the Holder hereof (but only on the conditions
      hereafter set forth) as to all or any increment or increments of ten (10) Shares
      (or the balance of the Shares if less than that number), upon delivery of
      written notice of intent to exercise to the Company at the following address:
      8000 Centerview Parkway, Suite 115, Cordova, TN 38018, Attention: President,
      or
      any other address as the Company shall designate in a written notice to the
      Holder hereof, together with this Warrant and payment to the Company of the
      aggregate Exercise Price of the Shares so purchased. The Exercise Price shall
      be
      payable by certified or bank check. Upon exercise of this Warrant, the Company
      shall as promptly as practicable, and in any event within fifteen (15) days
      thereafter, execute and deliver to the Holder of this Warrant a certificate
      or
      certificates for the total number of whole Shares for which this Warrant is
      being exercised in the names and denominations as are requested by the Holder.
      If this Warrant shall be exercised with respect to less than all of the Shares,
      the Holder shall be entitled to receive a new Warrant covering the number of
      Shares in respect of which this Warrant shall not have been exercised, which
      new
      Warrant shall in all other respects be identical to this Warrant. The Company
      covenants and agrees that it will pay when due any and all state and federal
      issue taxes which may be payable in respect of the issuance of this Warrant
      or
      the issuance of any Shares upon exercise of this Warrant.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
      	 	
              4.

            	
              Covenants
                and Conditions.
                The above provisions are subject to the
                following:

            

    

    

    (a)         
      Neither
      this Warrant nor the Shares have been registered under the Securities Act of
      1933, as amended ("Securities Act"), or any state securities laws ("Blue Sky
      Laws"). This Warrant has been acquired for investment purposes and not with
      a
      view to distribution or resale and may not be pledged, hypothecated, sold,
      made
      subject to a security interest, or otherwise transferred without (i) an
      effective registration statement for the Warrant under the Securities Act and
      all applicable Blue Sky Laws, or (ii) an opinion of counsel, which opinion
      and
      counsel shall be reasonably satisfactory to the Company and its counsel, that
      registration is not required under the Securities Act or under any applicable
      Blue Sky Laws (the Company hereby acknowledges that Pryor Cashman Sherman and
      Flynn, LLP is acceptable counsel). Transfer of Shares issued upon the exercise
      of this Warrant shall be restricted in the same manner and to the same extent
      as
      the Warrant, and the certificates representing the Shares shall, subject to
      Section 6 hereof, bear substantially the following legend:

    

    The
      securities represented by this certificate have been issued in reliance upon
      the
      representation of the Holder that they have been acquired for investment and
      not
      with a view toward the resale or other distribution thereof, and have not been
      registered under the Securities Act of 1933 (the "Federal Act") or the
      securities laws of any state in reliance upon the exemptions from registration
      contained therein, and may not be offered, sold, transferred, encumbered or
      otherwise disposed of unless there is an effective registration statement under
      the Federal Act and applicable state securities laws relating thereto or the
      Company is satisfied registration is not required.

    

    The
      Holder hereof and the Company agree to execute all other documents and
      instruments as counsel for the Company reasonably deems necessary to effect
      the
      compliance of the issuance of this Warrant and any shares of Common Stock issued
      upon exercise hereof with applicable federal and state securities
      laws.

    

    (b)         
      The
      Company covenants and agrees that all Shares which may be issued upon exercise
      of this Warrant will, upon issuance and payment therefor, be legally and validly
      issued and outstanding, fully paid and nonassessable, free from all taxes,
      liens, charges and preemptive rights, if any, with respect thereto or to the
      issuance thereof. The Company shall at all times reserve and keep available
      for
      issuance upon the exercise of this Warrant that number of authorized but
      unissued shares of Common Stock as will be sufficient to permit the exercise
      in
      full of this Warrant.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    5.            
      Adjustment
      of Exercise Price and Number of Shares Issuable.
      The
      Exercise Price and the number of Shares (or other securities or property)
      issuable upon exercise of this Warrant shall be subject to adjustment from
      time
      to time upon the occurrence of any of the events enumerated in this Section
      5.

    

    (a)         
      Common
      Stock Reorganization.
      If the
      Company shall (i) subdivide or consolidate its outstanding shares of Common
      Stock (or any class thereof) into a greater or smaller number of shares, (ii)
      pay a dividend or make a distribution on its Common Stock (or any class thereof)
      in shares of its capital stock, or (iii) issue by reclassification of its Common
      Stock (or any class thereof) any shares of its capital stock (any event
      described in clauses (i), (ii) or (iii) being called a "Common Stock
      Reorganization"), then the Exercise Price and the type of securities for which
      this Warrant is exercisable shall be adjusted immediately so that the Holder
      thereafter shall be entitled to receive upon exercise of this Warrant the
      aggregate number and type of securities that it would have received if this
      Warrant had been exercised immediately prior to the Common Stock
      Reorganization.

    

    (b)         
      Adjustment
      in Number of Shares.
      Upon
      each adjustment to the Exercise Price pursuant to subsections (a) of this
      Section 5, this Warrant shall thereafter evidence the right to receive upon
      payment of the adjusted Exercise Price that number of Shares obtained by
      multiplying the number of Shares previously issuable upon exercise of this
      Warrant by a fraction, the numerator of which is the Exercise Price prior to
      adjustment and the denominator of which is the adjusted Exercise
      Price.

    

    (c)         
      Capital
      Reorganizations.
      If
      there shall be any consolidation, merger or amalgamation of the Company with
      another person or entity or any acquisition of capital stock of the Company
      by
      means of a share exchange, other than a consolidation, merger or share exchange
      in which the Company is the continuing corporation or any sale or conveyance
      of
      the property of the Company as an entirety or substantially as an entirety,
      or
      any reorganization or recapitalization of the Company (a "Capital
      Reorganization"), then the Holder of this Warrant shall no longer have the
      right
      to purchase Common Stock, but shall have instead the right to purchase, upon
      exercise of this Warrant, the kind and amount of shares of stock and other
      securities and property (including cash) which the Holder would have owned
      or
      have been entitled to receive pursuant to the Capital Reorganization if this
      Warrant had been exercised immediately prior to the effective date of the
      Capital Reorganization. As a condition to effecting any Capital Reorganization,
      the Company or the successor or surviving corporation, as the case may be,
      shall
      assume by a supplemental agreement, satisfactory in form, scope and substance
      to
      the Holder (which shall be mailed or delivered to the Holder of this Warrant
      at
      the last address of the Holder appearing on the books of the Company) the
      obligation to deliver to the Holder shares of stock, securities, cash or
      property as, in accordance with the foregoing provisions, the Holder may be
      entitled to purchase, and all other obligations of the Company set forth in
      this
      Warrant.

    

    (d)         
      Determination
      of Fair Market Value.
      Subject
      to the provisions set forth below, the fair market value of the Company or
      of
      any non-cash consideration received by the Company upon any Common Stock
      Distribution shall be determined in good faith by the Board of Directors of
      the
      Company. Upon each determination, the Company shall promptly give notice thereof
      to the Holder, setting forth in reasonable detail the calculation of the fair
      market value and the method and basis of determination thereof (the "Company
      Determination"). If the Holder shall disagree with the Company Determination
      and
      shall, by notice to the Company given within thirty (30) days after the
      Company's notice of the Company Determination, elect to dispute the Company
      Determination, the Company shall, within thirty (30) days after receipt of
      the
      notice, engage an investment bank or other qualified appraisal firm acceptable
      to the Holder to make an independent determination of the fair market value
      of
      the Company or of any non-cash consideration received by the Company upon any
      Common Stock Distribution (the "Appraiser Determination"). The Appraiser
      Determination shall be final and binding on the Company and the Holder. The
      cost
      of the Appraiser Determination shall be borne by the Company.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (e)         
      Adjustment
      Rules.
      Any
      adjustments pursuant to this Section 5 shall be made successively whenever
      an
      event referred to herein shall occur. No adjustment shall be made pursuant
      to
      this Section 5 in respect of the issuance from time to time of shares of Common
      Stock upon the exercise of this Warrant or upon the exercise or conversion
      of
      any other Option Securities or Convertible Securities.

    

    (f)         
      Proceedings
      Prior to Any Action Requiring Adjustment.
      As a
      condition precedent to the taking of any action which would require an
      adjustment pursuant to this Section 5, the Company shall take any action which
      may be necessary, including obtaining regulatory approvals or exemptions, in
      order that the Company may thereafter validly and legally issue as fully paid
      and nonassessable all shares of Common Stock which the Holder of this Warrant
      is
      entitled to receive upon exercise thereof. 

    

    (g)         
      Notice
      of Adjustment.
      Not
      less than ten (10) days prior to the record date or effective date, as the
      case
      may be, of any action which requires or might require an adjustment or
      readjustment pursuant to this Section 5, the Company shall give notice to the
      Holder of the event, describing the event in reasonable detail and specifying
      the record date or effective date, as the case may be, and, if determinable,
      the
      required adjustment and the computation hereof. If the required adjustment
      is
      not determinable at the time of the notice, the Company shall give notice to
      the
      Holder of the adjustment and computation promptly after the adjustment becomes
      determinable.

    

    6.            
      Transfer
      of Warrant.
      Subject
      to the provisions of Section 4 hereof, this Warrant may be transferred, in
      whole
      or in part, to any person or business entity, by presentation of the Warrant
      to
      the Company with written instructions for the transfer. Upon the presentation
      for transfer, the Company shall promptly execute and deliver a new Warrant
      or
      Warrants in the form hereof in the name of the assignee or assignees and in
      the
      denominations specified in the instructions. The Company shall pay all expenses
      incurred by it in connection with the preparation, issuance and delivery of
      Warrants under this Section. Any transferee of this Warrant by acceptance
      thereof, agrees to be bound by all of the terms and conditions of this
      Warrant.

    

    7.            
      Warrant
      Holder Not Shareholder; Rights Offering; Preemptive Rights.
      Except
      as otherwise provided herein, this Warrant does not confer upon the Holder
      any
      right whatsoever as a shareholder of the Company. Notwithstanding the foregoing,
      if the Company should offer to all of the Company's shareholders the right
      to
      purchase any securities of the Company, then all shares of Common Stock that
      are
      subject to this Warrant shall be deemed to be outstanding and owned by the
      Holder and the Holder shall be entitled to participate in the offer. The Company
      shall not grant any preemptive rights with respect to any of its capital stock
      if the preemptive rights are exercisable upon exercise of this
      Warrant.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	 	
              8.

            	
              Basic
                Financial Information.

            

    

    

    The
      Company will deliver to Holder:

    

    (a)         
      As
      soon
      as practicable after the end of each fiscal year of the Company, and in any
      event within ninety (90) days thereafter, a consolidated balance sheet of the
      Company as at the end of such fiscal year, and consolidated statements of
      operations, cash flow and changes in equity of the Company for such year,
      prepared in accordance with GAAP consistently applied and setting forth in
      each
      case in comparative form the figures for the previous fiscal year, all in
      reasonable detail and audited and reported on by independent public accountants
      of recognized national standing selected by the Company.

    

    (b)         
      From
      the
      date the Company becomes subject to the reporting requirements of the Exchange
      Act, and in lieu of the financial information required pursuant to Section
      8(a),
      copies of its annual reports and all exhibits thereto and its quarterly reports,
      if any, respectively,

    

    (c)         
      As
      soon
      as practicable after transmission or occurrence and in any event within ten
      (10)
      days thereof, copies of any financial reports or communications (exclusive
      of
      reports or communications relating to the practice of medicine) delivered to
      any
      class of the Company's security Holders or broadly to the financial community,
      including any filings by the Company with any securities exchange, the
      Commission or the National Association of Securities Dealers.

    

    (d)         
      with
      reasonable promptness, any other financial data as the Holder may reasonably
      request.

    

    9.            Lost,
      Stolen, Mutilated or Destroyed Warrant.
      If this
      Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms
      as to indemnity or otherwise as it may in its discretion reasonably 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 represent
      the
      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.

    

    10.           Certain
      Notices.
      In case
      at any time the Company shall propose to:

    

    (a)         
      declare
      any cash dividend upon its Common Stock;

    

    (b)         
      declare
      any dividend upon its Common Stock payable in stock or make any special dividend
      or other distribution to the Holders of its Common Stock;

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (c)         
      offer
      for
      subscription to the Holders of any of its Common Stock any additional shares
      of
      stock in any class or other rights;

    

    (d)         
      reorganize,
      or reclassify the capital stock of the Company, or consolidate, merge or
      otherwise combine with, or sell all or substantially all of its assets to,
      another corporation; or

    

    (e)         
      voluntarily
      or involuntarily dissolve, liquidate or wind up of the affairs of the
      Company;

    

    then
      in
      any one or more of these events, the Company shall give to the Holder, by
      certified or registered mail, (i) at least twenty (20) days' prior written
      notice of the date on which the books of the Company shall close or a record
      shall be taken for the dividend, distribution or subscription rights or for
      determining rights to vote in respect of any reorganization, reclassification,
      consolidation, merger, sale, dissolution, liquidation or winding up, and (ii)
      in
      the case of the reorganization, reclassification, consolidation, merger, sale,
      dissolution, liquidation or winding up, at least twenty (20) days' prior written
      notice of the date when the same shall take place. Any notice required by clause
      (i) shall also specify, in the case of any dividend, distribution or
      subscription rights, the date on which the Holders of Common Stock shall be
      entitled thereto, and any notice required by clause (ii) shall specify the
      date
      on which the Holders of Common Stock shall be entitled to exchange their Common
      Stock for securities or other property deliverable upon the reorganization,
      reclassification, consolidation, merger, sale, dissolution, liquidation or
      winding up, as the case may be.

    

    10.            
      Redemption.
      This
      Warrant shall be redeemable by the Company at $0.05 per share remaining subject
      hereto after 20 business days' written notice if the price of the Common Stock
      closes above $0.50 for 20 consecutive trading days and provided that the Company
      then has in effect an effective registration statement with respect to the
      shares of Common Stock issuable upon exercises of this Warrant.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Warrant as of the date first above
      written.

    

    
      	 	
              LIMELIGHT
                MEDIA GROUP, INC.

            	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
              By:

            	
              /s/David
                Lott

            	 
	 	
              Name:
                David Lott

            	 
	 	
              Title:  
                President

            	 

    

     

    7First Amendment to Renewal Agreement

     

    FIRST
      AMENDMENT TO RENEWAL AGREEMENT

     

    THIS
      FIRST AMENDMENT TO RENEWAL AGREEMENT (this
      “First Amendment”), dated
      as
      of June 30, 2005, is between CNL
      HOTELS & RESORTS, INC. (f/k/a
      CNL Hospitality Properties, Inc.), a Maryland corporation (the “Company”), and
CNL
      HOSPITALITY CORP.,
      a
      Florida corporation (the “Advisor”). (Each a “Party”, and collectively the
“Parties”). Defined terms used herein but not otherwise defined shall have the
      meanings ascribed to such terms in that certain Renewal Agreement, dated as
      of
      March 31, 2005, by and between the Parties (the “Renewal
      Agreement”).

     

    R
      E C I T A L S:

     

    WHEREAS,
      the
      Parties previously have entered into the Renewal Agreement; and

     

    WHEREAS,
      Paragraph Three of the Renewal Agreement provides that (i) in the event that
      the
      Parties cannot agree, after good faith negotiations, upon a new Rate on or
      before July 1, 2005 (the “Arbitration Date”), the Parties shall submit the
      determination of the Rate to binding arbitration, so long as such arbitration
      shall not be inconsistent with applicable law or the Company’s Articles of
      Amendment and Restatement, as amended (the “Charter”), and (ii) if it is
      determined by the Company that arbitration is specifically inconsistent with
      applicable law or the Charter, the Company shall notify the Advisor in writing
      prior to July 1, 2005 (the “Notification Date”) and the Parties will negotiate
      in good faith to agree upon an alternative method to determine the new Rate;
      and

     

    WHEREAS,
      the
      Parties desire to extend until August 1, 2005 the Arbitration Date and the
      Notification Date upon the terms and conditions set forth herein.

     

    NOW,
      THEREFORE, in
      consideration of the foregoing and of the mutual covenants and agreements
      contained herein, the Parties agree as follows:

     

    1.  Paragraph
      Three of the Renewal Agreement is amended by deleting the reference to July
      1,
      2005 in each of the fifth and sixth sentences and replacing 

    such
      date
      with August 1, 2005.

     

    2.  Except
      as
      amended above, the Renewal Agreement shall remain in full force and effect.
      

     

    3.  This
      First Amendment may be executed in counterparts, each of which shall be deemed
      an original and all of which, together, shall constitute a single
      instrument.

     

    SIGNATURES
      APPEAR ON THE FOLLOWING PAGE

     

    

    
      
        
          

           

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

         

        IN
          WITNESS WHEREOF,
          the
          Parties have duly executed this First Amendment as of the date and year
          first
          above written. 

      

    

    
      

      
        	 	
                CNL
                  HOTELS & RESORTS, INC. 

                (f/k/a
                  CNL Hospitality Properties, Inc.)

                 

                 

                By:
                  /s/ C. Brian Strickland

                Name:
                  C. Brian Strickland

                Its:
                  Executive Vice President

              
	 	 
	 	
                 

                CNL
                  HOSPITALITY CORP.

                 

                 

                By:
                  /s/ James M. Seneff, Jr.

                Name:
                  James M. Seneff, Jr.

                Its:
                  Chairman

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