Document:

EXHIBIT 10.2.2, FORMS OF STOCK OPTION GRANT NOTICE AND AGREEMENT

    

      Exhibit
        10.2.2

      iPass
        Inc.

      2003
        Non-Employee Directors Plan

      Stock
        Option Grant Notice

      (Annual
        Grant)

       

      iPass
        Inc. (the “Company”), pursuant to its 2003 Non-Employee Directors Plan (the
“Plan”), hereby grants to Optionholder an option to purchase the number of
        shares of the Company’s Common Stock set forth below. This option is subject to
        all of the terms and conditions as set forth herein and in the Stock Option
        Agreement, the Plan and the Notice of Exercise, all of which are attached
        hereto
        and incorporated herein in their entirety.

       

      
        	
                Optionholder:

              	 
	
                Date
                  of Grant:

              	 
	
                Vesting
                  Commencement Date:

              	 
	
                Number
                  of Shares Subject to Option:

              	 
	
                Exercise
                  Price (Per Share):

              	 
	
                Total
                  Exercise Price:

              	 
	
                Expiration
                  Date:

              	 

      

       

      Type
        of Grant: Nonstatutory
        Stock Option

       

      Exercise
        Schedule:  ̈
        Same as
        Vesting Schedule  ̈
        Early
        Exercise Permitted

       

      
        	
                Vesting
                  Schedule:
                  

              	
                1/12th
                  of the total number of shares subject to this option shall vest
                  monthly
                  beginning on the third anniversary of the Date of
                  Grant.

              

      

      

      Payment:  By
        one or
        a combination of the following items (described in the Stock Option
        Agreement):

       

       ̈ By
        cash
        or check

       ̈ Pursuant
        to a Regulation T Program if the Shares are publicly traded

       ̈ By
        delivery of already-owned shares if the Shares are publicly traded

       

      Additional
        Terms/Acknowledgements:
        The
        undersigned Optionholder acknowledges receipt of, and understands and agrees
        to,
        this Stock Option Grant Notice, the Stock Option Agreement and the Plan.
        Optionholder further acknowledges that as of the Date of Grant, this Stock
        Option Grant Notice, the Stock Option Agreement and the Plan set forth the
        entire understanding between Optionholder and the Company regarding the
        acquisition of stock in the Company and supersede all prior oral and written
        agreements on that subject with the exception of (i) options previously granted
        and delivered to Optionholder under the Plan, and (ii) the following
        agreements only:

       

      
         

        
          	
                  Other
                    Agreements:

                	 
	 	 

        

         

      

      
        

        
          	
                   

                   

                	
                  iPass
                    Inc.

                	 	
                  Participant:

                
	
                  By:
                    

                	 	 	 
	 	
                  Signature

                   

                	 	
                  Signature

                   

                
	
                   

                  Title:
                    

                	 	
                  Date:
                    

                	 
	
                   

                  Date:

                	 	 	 

        

         

        Attachments: Stock
          Option Agreement, 2003 Non-Employee Directors Plan and Notice of
          Exercise

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Attachment
        I

       

      Stock
        Option Agreement

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Attachment
        II

       

      iPass
        Inc.

      2003
        Non-Employee Directors Plan

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Attachment
        III

       

      Notice
        of Exercise

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

         

        iPass
          Inc.

        2003
          Non-Employee Directors Plan

        Stock
          Option Grant Notice

        (Initial
          Grant)

         

        iPass
          Inc. (the “Company”), pursuant to its 2003 Non-Employee Directors Plan (the
“Plan”), hereby grants to Optionholder an option to purchase the number of
          shares of the Company’s Common Stock set forth below. This option is subject to
          all of the terms and conditions as set forth herein and in the Stock Option
          Agreement, the Plan and the Notice of Exercise, all of which are attached
          hereto
          and incorporated herein in their entirety.

         

        
          
            	
                    Optionholder:

                  	 
	
                    Date
                      of Grant:

                  	 
	
                    Vesting
                      Commencement Date:

                  	 
	
                    Number
                      of Shares Subject to Option:

                  	 
	
                    Exercise
                      Price (Per Share):

                  	 
	
                    Total
                      Exercise Price:

                  	 
	
                    Expiration
                      Date:

                  	 

          

           

          Type
            of Grant: Nonstatutory
            Stock Option

           

          Exercise
            Schedule:  ̈
            Same as
            Vesting Schedule  ̈
            Early
            Exercise Permitted

           

          
            	
                    Vesting
                      Schedule:
                      

                  	
                    
                      1/48th
                        of the total number of shares subject to this option shall
                        vest monthly
                        after the Vesting Commencement
                        Date.

                    

                  

          

          

          Payment:  By
            one or
            a combination of the following items (described in the Stock Option
            Agreement):

           

           ̈ By
            cash
            or check

           ̈ Pursuant
            to a Regulation T Program if the Shares are publicly traded

           ̈ By
            delivery of already-owned shares if the Shares are publicly traded

           

          Additional
            Terms/Acknowledgements:
            The
            undersigned Optionholder acknowledges receipt of, and understands and
            agrees to,
            this Stock Option Grant Notice, the Stock Option Agreement and the Plan.
            Optionholder further acknowledges that as of the Date of Grant, this
            Stock
            Option Grant Notice, the Stock Option Agreement and the Plan set forth
            the
            entire understanding between Optionholder and the Company regarding the
            acquisition of stock in the Company and supersede all prior oral and
            written
            agreements on that subject with the exception of (i) options previously
            granted
            and delivered to Optionholder under the Plan, and (ii) the following
            agreements only:

           

          
             

            
              	
                      Other
                        Agreements:

                    	 
	 	 

            

             

          

          
            

            
              	
                       

                       

                    	
                      iPass
                        Inc.

                    	 	
                      Participant:

                    
	
                      By:
                        

                    	 	 	 
	 	
                      Signature

                       

                    	 	
                      Signature

                       

                    
	
                       

                      Title:
                        

                    	 	
                      Date:
                        

                    	 
	
                       

                      Date:

                    	 	 	 

            

             

          

        

         

        Attachments: Stock
          Option Agreement, 2003 Non-Employee Directors Plan and Notice of
          Exercise

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Attachment
          I

         

        Stock
          Option Agreement

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Attachment
          II

         

        iPass
          Inc.

        2003
          Non-Employee Directors Plan

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Attachment
          III

         

        Notice
          of Exercise

         

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        iPass
          Inc.

        2003
          Non-Employee Directors Plan

        Stock
          Option Agreement

        (Nonstatutory
          Stock Option)

         

        Pursuant
          to your Stock Option Grant Notice (“Grant Notice”) and this Stock Option
          Agreement, iPass Inc. (the “Company”) has granted you an option under its 2003
          Non-Employee Directors Plan (the “Plan”) to purchase the number of shares of the
          Company’s Common Stock indicated in your Grant Notice at the exercise price
          indicated in your Grant Notice. Defined terms not explicitly defined in
          this
          Stock Option Agreement but defined in the Plan shall have the same definitions
          as in the Plan.

         

        The
          details of your option are as follows:

         

        1.  Vesting.
          Subject
          to the limitations contained herein, your option will vest as provided
          in your
          Grant Notice, provided that vesting will cease upon the termination of
          your
          Continuous Service.

         

        2.  Number
          of Shares and Exercise Price.
          The
          number of shares of Common Stock subject to your option and your exercise
          price
          per share referenced in your Grant Notice may be adjusted from time to
          time for
          Capitalization Adjustments.

         

        3.  Exercise
          prior to Vesting (“Early Exercise”).
          If
          permitted in your Grant Notice (i.e., the “Exercise Schedule” indicates that
“Early Exercise” of your option is permitted) and subject to the provisions of
          your option, you may elect at any time that is both (i) during the period
          of
          your Continuous Service and (ii) during the term of your option, to exercise
          all
          or part of your option, including the nonvested portion of your option;
          provided,
          however,
          that:

         

        (a)  a
          partial
          exercise of your option shall be deemed to cover first vested shares of
          Common
          Stock and then the earliest vesting installment of unvested shares of Common
          Stock;

         

        (b)  any
          shares of Common Stock so purchased from installments that have not vested
          as of
          the date of exercise shall be subject to the purchase option in favor of
          the
          Company as described in the Company’s form of Early Exercise Stock Purchase
          Agreement; and

         

        (c)  you
          shall
          enter into the Company’s form of Early Exercise Stock Purchase Agreement with a
          vesting schedule that will result in the same vesting as if no early exercise
          had occurred.

         

        4.  Method
          of Payment.
          Payment
          of the exercise price is due in full upon exercise of all or any part of
          your
          option. You may elect to make payment of the exercise price in cash or
          by check
          or in any other manner permitted
          by your Grant Notice,
          which
          may include one or more of the following:

         

        5.  In
          the
          Company’s sole discretion at the time your option is exercised and provided that
          at the time of exercise the Common Stock is publicly traded and quoted
          regularly
          in The
          Wall Street Journal,
          pursuant to a program developed under Regulation T as promulgated by the
          Federal
          Reserve Board that, prior to the issuance of Common Stock, results in either
          the
          receipt of cash (or check) by the Company or the receipt of irrevocable
          instructions to pay the aggregate exercise price to the Company from the
          sales
          proceeds.

         

        (a)  Provided
          that at the time of exercise the Common Stock is publicly traded and quoted
          regularly in The
          Wall Street Journal,
          by
          delivery of already-owned shares of Common Stock either that you have held
          for
          the period required to avoid a charge to the Company’s reported earnings
          (generally six (6) months) or that you did not acquire, directly or indirectly
          from the Company, that are owned free and clear of any liens, claims,
          encumbrances or security interests, and that are valued at Fair Market
          Value on
          the date of exercise. “Delivery” for these purposes, in the sole discretion of
          the Company at the time you exercise your option, shall include delivery
          to the
          Company of your attestation of ownership of such shares of Common Stock
          in a
          form approved by the Company. Notwithstanding the foregoing, you may not
          exercise your option by tender to the Company of Common Stock to the extent
          such
          tender would violate the provisions of any law, regulation or agreement
          restricting the redemption of the Company’s stock.

         

        6.  Whole
          Shares.
          You may
          exercise your option only for whole shares of Common Stock.

         

        7.  Securities
          Law Compliance.
          Notwithstanding anything to the contrary contained herein, you may not
          exercise
          your option unless the shares of Common Stock issuable upon such exercise
          are
          then registered under the Securities Act or, if such shares of Common Stock
          are
          not then so registered, the Company has determined that such exercise and
          issuance would be exempt from the registration requirements of the Securities
          Act. The exercise of your option also must comply with other applicable
          laws and
          regulations governing your option, and you may not exercise your option
          if the
          Company determines that such exercise would not be in material compliance
          with
          such laws and regulations.

         

        8.  Term.
          You may
          not exercise your option before the commencement or after the expiration
          of its
          term. The term of your option commences on the Date of Grant and expires
          upon
          the earliest of the following:

         

        (a)  three
          (3)
          months after the termination of your Continuous Service for any reason
          other
          than your Disability or death, provided that if during any part of such
          three
          (3) month period your option is not exercisable solely because of the condition
          set forth in the above section “Securities Law Compliance,” your option shall
          not expire until the earlier of the Expiration Date or until it shall have
          been
          exercisable for an aggregate period of three (3) months after the termination
          of
          your Continuous Service;

         

        (b)  six
          (6)
          months after the termination of your Continuous Service due to your
          Disability;

         

        (c)  six
          (6)
          months after your death if you die either during your Continuous Service
          or
          within three (3) months after your Continuous Service terminates;

         

        (d)  the
          Expiration Date indicated in your Grant Notice; or

         

        (e)  the
          day
          before the tenth (10th) anniversary of the Date of Grant.

         

        9.  Exercise.

         

        (a)  You
          may
          exercise the vested portion of your option (and the unvested portion of
          your
          option if your Grant Notice so permits) during its term by delivering a
          Notice
          of Exercise (in a form designated by the Company) together with the exercise
          price to the Secretary of the Company, or to such other person as the Company
          may designate, during regular business hours, together with such additional
          documents as the Company may then require.

         

        (b)  By
          exercising your option you agree that, as a condition to any exercise of
          your
          option, the Company may require you to enter into an arrangement providing
          for
          the payment by you to the Company of any tax withholding obligation of
          the
          Company arising by reason of (1) the exercise of your option, (2) the lapse
          of
          any substantial risk of forfeiture to which the shares of Common Stock
          are
          subject at the time of exercise, or (3) the disposition of shares of Common
          Stock acquired upon such exercise.

         

        (c)  By
          exercising your option you agree that you shall not sell, dispose of, transfer,
          make any short sale of, grant any option for the purchase of, or enter
          into any
          hedging or similar transaction with the same economic effect as a sale,
          any
          shares of Common Stock or other securities of the Company held by you,
          for a
          period of time specified by the managing underwriter(s) (not to exceed
          one
          hundred eighty (180) days) following the effective date of a registration
          statement of the Company filed under the Securities Act, other than a
          Form S-8 registration statement,
          (the
“Lock Up Period”); provided,
          however,
          that
          nothing contained in this section shall prevent the exercise of a repurchase
          option, if any, in favor of the Company during the Lock Up Period. You
          further
          agree to execute and deliver such other agreements as may be reasonably
          requested by the Company and/or the underwriter(s) that are consistent
          with the
          foregoing or that are necessary to give further effect thereto. In order
          to
          enforce the foregoing covenant, the Company may impose stop-transfer
          instructions with respect to your shares of Common Stock until the end
          of such
          period. The underwriters of the Company’s stock are intended third party
          beneficiaries of this paragraph (c) and shall have the right, power and
          authority to enforce the provisions hereof as though they were a party
          hereto.

         

        10.  Transferability.
          Your
          option is not transferable, except by will or by the laws of descent and
          distribution, and is exercisable during your life only by you. Notwithstanding
          the foregoing, by delivering written notice to the Company, in a form
          satisfactory to the Company, you may designate a third party who, in the
          event
          of your death, shall thereafter be entitled to exercise your
          option.

         

        11.  Option
          not a Service Contract.
          Your
          option is not an employment or service contract, and nothing in your option
          shall be deemed to create in any way whatsoever any obligation on your
          part to
          continue in the employ of the Company or an Affiliate, or of the Company
          or an
          Affiliate to continue your employment. In addition, nothing in your option
          shall
          obligate the Company or an Affiliate, their respective stockholders, Boards
          of
          Directors, Officers or Employees to continue any relationship that you
          might
          have as a Director or Consultant for the Company or an Affiliate.

         

        12.  Withholding
          Obligations.

         

        (a)  At
          the
          time you exercise your option, in whole or in part, or at any time thereafter
          as
          requested by the Company, you hereby authorize withholding from payroll
          and any
          other amounts payable to you, and otherwise agree to make adequate provision
          for
          (including by means of a “cashless exercise” pursuant to a program developed
          under Regulation T as promulgated by the Federal Reserve Board to the extent
          permitted by the Company), any sums required to satisfy the federal, state,
          local and foreign tax withholding obligations of the Company or an Affiliate,
          if
          any, which arise in connection with the exercise of your option.

         

        (b)  Upon
          your
          request and subject to approval by the Company, in its sole discretion,
          and
          compliance with any applicable legal conditions or restrictions, the Company
          may
          withhold from fully vested shares of Common Stock otherwise issuable to
          you upon
          the exercise of your option a number of whole shares of Common Stock having
          a
          Fair Market Value, determined by the Company as of the date of exercise,
          not in
          excess of the minimum amount of tax required to be withheld by law (or
          such
          lower amount as may be necessary to avoid variable award accounting). If
          the
          date of determination of any tax withholding obligation is deferred to
          a date
          later than the date of exercise of your option, share withholding pursuant
          to
          the preceding sentence shall not be permitted unless you make a proper
          and
          timely election under Section 83(b) of the Code, covering the aggregate
          number
          of shares of Common Stock acquired upon such exercise with respect to which
          such
          determination is otherwise deferred, to accelerate the determination of
          such tax
          withholding obligation to the date of exercise of your option. Notwithstanding
          the filing of such election, shares of Common Stock shall be withheld solely
          from fully vested shares of Common Stock determined as of the date of exercise
          of your option that are otherwise issuable to you upon such exercise. Any
          adverse consequences to you arising in connection with such share withholding
          procedure shall be your sole responsibility.

         

        (c)  You
          may
          not exercise your option unless the tax withholding obligations of the
          Company
          and/or any Affiliate are satisfied. Accordingly, you may not be able to
          exercise
          your option when desired even though your option is vested, and the Company
          shall have no obligation to issue a certificate for such shares of Common
          Stock
          or release such shares of Common Stock from any escrow provided for herein
          unless such obligations are satisfied.

         

        12. Change
          In Control. 

         

        (a) If
          a
          Change in Control (as defined in the Plan) occurs, then, as of the effective
          time of such Change in Control, your options will accelerate and become
          fully
          vested and immediately exercisable.

         

        (b)  In
          the
          event that the acceleration of the vesting and exercisability of the Options
          provided for in paragraph (a) of this Section entitled “Change in Control” and
          benefits otherwise payable to you (“Payment”) would (i) constitute a “parachute
          payment” within the meaning of Section 280G of the Code, and (ii) but for this
          sentence, be subject to the excise tax imposed by Section 4999 of the Code
          (the
“Excise Tax”), then such Payment shall be equal to the Reduced Amount. The
“Reduced Amount” shall be either (x) the largest portion of the Payment that
          would result in no portion of the Payment being subject to the Excise Tax
          or (y)
          the largest portion, up to and including the total, of the Payment, whichever
          amount, after taking into account all applicable federal, state and local
          employment taxes, income taxes, and the Excise

         

        (c)  Tax
          (all
          computed at the highest applicable marginal rate), results in your receipt,
          on
          an after-tax basis, of the greater amount of the Payment notwithstanding
          that
          all or some portion of the Payment may be subject to the Excise Tax. If
          a
          reduction in payments or benefits constituting “parachute payments” is necessary
          so that the Payment equals the Reduced Amount, reduction shall occur in
          the
          following order unless you elect in writing a different order (provided,
          however,
          that
          such election shall be subject to Company approval if made on or after
          the
          effective date of the event that triggers the Payment): reduction of cash
          payments; cancellation of accelerated vesting of Options; reduction of
          employee
          benefits. In the event that acceleration of vesting of Option compensation
          is to
          be reduced, such acceleration of vesting shall be cancelled in the reverse
          order
          of the date of grant of your Options (i.e., earliest granted Option cancelled
          last) unless you elect in writing a different order for
          cancellation.

         

        The
          accounting firm engaged by the Company for general audit purposes as of
          the day
          prior to the effective date of the Change in Control shall perform the
          foregoing
          calculations. If the accounting firm so engaged by the Company is serving
          as
          accountant or auditor for the individual, entity or group effecting the
          Change
          in Control, the Company shall appoint a nationally recognized accounting
          firm to
          make the determinations required hereunder. The Company shall bear all
          expenses
          with respect to the determinations by such accounting firm required to
          be made
          hereunder.

         

        The
          accounting firm engaged to make the determinations hereunder shall provide
          its
          calculations, together with detailed supporting documentation, to you and
          the
          Company within fifteen (15) calendar days after the date on which your
          right to
          a Payment is triggered (if requested at that time by you or the Company)
          or such
          other time as requested by you or the Company. If the accounting firm determines
          that no Excise Tax is payable with respect to a Payment, either before
          or after
          the application of the Reduced Amount, it shall furnish you and the Company
          with
          an opinion reasonably acceptable to you that no Excise Tax will be imposed
          with
          respect to such Payment. Any good faith determinations of the accounting
          firm
          made hereunder shall be final, binding and conclusive upon you and the
          Company.

         

        13. Notices.
          Any
          notices provided for in your option or the Plan shall be given in writing
          and
          shall be deemed effectively given upon receipt or, in the case of notices
          delivered by mail by the Company to you, five (5) days after deposit in
          the
          United States mail, postage prepaid, addressed to you at the last address
          you
          provided to the Company.

         

        14.  Governing
          Plan Document.
          Your
          option is subject to all the provisions of the Plan, the provisions of
          which are
          hereby made a part of your option, and is further subject to all
          interpretations, amendments, rules and regulations, which may from time
          to time
          be promulgated and adopted pursuant to the Plan. In the event of any conflict
          between the provisions of your option and those of the Plan, the provisions
          of
          the Plan shall control.Filed by Automated Filing Services Inc. (604) 609-0244 - Searchlight Minerals Corp. - Exhibit 4.1

WARRANT CERTIFICATE NO. «Cert_No» 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE
SECURITIES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE “ACT”), AND HAVE BEEN ISSUED IN RELIANCE UPON AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S
PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR
RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. THIS WARRANT MAY NOT
BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF A PERSON IN THE UNITED
STATES OR A U.S. PERSON UNLESS THE WARRANT AND THE UNDERLYING SHARES HAVE BEEN
REGISTERED UNDER THE ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY STATE
OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED
STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE ACT. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE ACT. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A
DAY AFTER THE LATER OF (I) «IssueDate», AND (II) THE DATE THE ISSUER BECAME A
REPORTING ISSUER IN ANY PROVINCE OR TERRITORY. 

SEARCHLIGHT MINERALS CORP.
A NEVADA
CORPORATION
#120 - 2441 West Horizon Ridge Parkway
Henderson, NV
89052 

COMMON STOCK PURCHASE WARRANT CERTIFICATE 

«IssueDate» 

	1. 	Issuance 

THIS IS TO CERTIFY THAT, for value received,
«NAME_OF_SUBSCRIBER_» of «Address_of_Subscriber» (the “Holder”), shall
have the right to purchase from SEARCHLIGHT MINERALS CORP., a Nevada
corporation (the “Corporation”), «Number_Units_» («No_of_Warrants») fully
paid and non-assessable shares of the Corporation’s common stock (the “Shares”),
subject to further adjustment as set forth in Section 6 hereof and subject to
the warrant call provision in Section 8 hereof, at any time until 5:00 P.M.,
Pacific time, on the «ExpireDay» day of «ExpireMonth», «ExpireYear» (the
“Expiration Date”) at an exercise price of $«ExercisePrix1» per share
(the "Exercise Price"). Capitalized terms used but not otherwise defined herein
shall have the meaning ascribed to such terms in the subscription agreement
between the Holder and the Corporation in the form acknowledged and agreed to by
the Corporation on «AgmtDate». 

	Searchlight Minerals Corp. 	2 
	Common Stock Purchase 	  
	Warrant
      Certificate No. «Cert_No» 	 
    

	2. 	Exercise of Warrants

This Warrant is exercisable in whole or in partial allotments
at the Exercise Price per Share payable hereunder, payable in cash or by
certified or official bank check. Upon surrender of this Warrant Certificate
with the annexed Notice of Exercise Form duly executed, together with payment of
the Exercise Price for the Shares purchased, the Holder shall be entitled to
receive a certificate or certificates for the Shares so purchased. No fractional
shares shall be issued in connection with any exercise of this Warrant. In lieu
of the issuance of any fractional share, the Corporation shall round up or down
the fractional amount to the nearest whole number. 

	3. 	Reservation of Shares

The Corporation hereby agrees that at all times during the term
of this Warrant there shall be reserved for issuance upon exercise of this
Warrant such number of Shares as shall be required for issuance upon exercise of
this Warrant (the “Warrant Shares”).

	4. 	Mutilation or Loss of Warrant
  

Upon receipt by the Corporation of evidence satisfactory to it
of the loss, theft, destruction or mutilation of this Warrant, and (in the case
of loss, theft or destruction) receipt of reasonably satisfactory
indemnification, and (in the case of mutilation) upon surrender and cancellation
of this Warrant, the Corporation will execute and deliver a new Warrant of like
tenor and date and any such lost, stolen, destroyed or mutilated Warrant shall
thereupon become void. 

	5. 	Rights of the Holder

The Holder shall not, by virtue hereof, be entitled to any
rights of a stockholder in the Corporation, either at law or equity, and the
rights of the Holder are limited to those expressed in this Warrant and are not
enforceable against the Corporation except to the extent set forth herein. 

	6. 	Protection Against Dilution.
  

The Exercise Price and the number of shares which can be
purchased by the Holder upon the exercise of this Warrant shall be subject to
adjustment in the events and in the manner following: 

	 	(1) 	
      If and whenever the shares at any time outstanding shall
      be subdivided into a greater number or consolidated into a lesser number
      of shares, the Exercise Price shall be decreased or increased
      proportionately as the case may be; upon any such subdivision or
      consolidation, the number of shares which can be purchased upon the
      exercise of this warrant certificate shall be increased or decreased
      proportionately as the case may be.

	 	 	 
	 	(2) 	
      In case of any capital reorganization or of any
      reclassification of the capital of the Corporation or in case of the
      consolidation, merger or amalgamation of the Corporation with or into any
      other company, this Warrant shall after such capital reorganization,
      reclassification of capital, consolidation, merger or amalgamation confer
      the right to purchase the number of shares or other securities of the
      Corporation or of the Corporation resulting from such capital
      reorganization,

	Searchlight Minerals Corp. 	3 
	Common Stock Purchase 	  
	Warrant
      Certificate No. «Cert_No» 	 
    

	 		
      reclassification, consolidation, merger or amalgamation,
      as the case may be, to which the Holder of the shares deliverable at the
      time of such capital reorganization, reclassification of capital,
      consolidation, merger or amalgamation, upon the exercise of this Warrant
      would have been entitled. On such capital reorganization,
      reclassification, consolidation, merger or amalgamation appropriate
      adjustments shall be made in the application of the provisions set forth
      herein with respect to the rights and interest thereafter of the Holder so
      that the provisions set forth herein shall thereafter be applicable as
      nearly as may reasonably be in relation to any shares or other securities
      thereafter deliverable on the exercise of this Warrant. If a dispute shall
      at any time arise with respect to adjustments of the Exercise Price or the
      number of Warrant Shares purchasable upon the exercise of this Warrant,
      such disputes shall be conclusively determined by the auditors of the
      Corporation or if they are unable or unwilling to act, by such other firm
      of independent chartered accountants certified by the United States Public
      Company Accounting Oversight Board as may be selected by the directors and
      any such determination shall be conclusive evidence of the correctness of
      any adjustment made pursuant to subsection 6(2) hereof and shall be
      binding upon the Corporation and the Holder.

	 	 	 
	 	(3) 	
      The rights of the Holder evidenced hereby are to purchase
      shares prior to or on the date set out on the face of this Warrant. If
      there shall, prior to the exercise of any of the rights evidenced hereby,
      be any reorganization of the authorized capital of the Corporation by way
      of consolidation, merger, subdivision, amalgamation or otherwise, or the
      payment of any stock dividends, then there shall automatically be an
      adjustment in either or both of the number of shares which may be
      purchased pursuant hereto or the price at which such shares may be
      purchased so that the rights evidenced hereby shall thereafter as
      reasonably as possible be equivalent to those originally granted hereby.
      The Corporation shall have the sole and exclusive power to make such
      adjustments as it considers necessary and desirable.

	 	 	 
	 	(4) 	
      The adjustments provided for herein in the subscription
      rights represented by this Warrant are
cumulative.

	7. 	Transfer to Comply with the Securities Act
      and Other Applicable Securities Legislation 

This Warrant and the Warrant Shares have not been registered
under the Securities Act of 1933, as amended, (the "Act") and have been issued
to the Holder pursuant to Regulation S of the Act on the representations of the
Holder in a subscription agreement executed by the Holder in favor of the
Corporation. Neither this Warrant nor any of the Warrant Shares or any other
security issued or issuable upon exercise of this Warrant may be sold,
transferred, pledged or hypothecated in the absence of an effective registration
statement under the Act relating to such security or an opinion of counsel
reasonably satisfactory to the Corporation that registration is not required
under the Act. Each certificate for the Warrant, the Warrant Shares and any
other security issued or issuable upon exercise of this Warrant shall contain a
legend on the face thereof, in form and substance satisfactory to counsel for
the Corporation, setting forth the restrictions on transfer contained in this
Section. By acceptance of this certificate, the Holder acknowledges and agrees
that: 

	Searchlight Minerals Corp. 	4 
	Common Stock Purchase 	  
	Warrant
      Certificate No. «Cert_No» 	 
    

	 	(1) 	
      The Holder will only sell the Warrants and the shares
      issuable upon exercise of the Warrants (the “Warrant Shares") only in
      accordance with the provisions of Regulation S of the Act, pursuant to
      registration under the Act, or pursuant to an available exemption from
      registration pursuant to the Act;

	 	 	 
	 	(2) 	
      The Corporation will refuse to register any transfer of
      the Warrants and the Warrant Shares not made in accordance with the
      provisions of Regulation S of the Act, pursuant to registration under the
      Act, or pursuant to an available exemption from registration;
and

	 	 	 
	 	(3) 	
      The Holder will not engage in hedging transactions except
      in accordance with the Act.

All certificates representing the Warrant Shares will be
endorsed with the following legend: 

	

    	
      “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN
      EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY
      REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE
      REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN
      ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
      EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE
      EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING
      TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS
      IN COMPLIANCE WITH THE ACT. 
	

    
	 	
       
	 
	

    	
      UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE
      DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF (I) [INSERT DATE
      OF DISTRIBUTION], AND (II) THE DATE THE ISSUER BECAME A REPORTING
      ISSUER IN ANY PROVINCE OR TERRITORY.” 
	 

In addition, the Holder will comply with all other applicable
securities legislation in addition to the Act to which the Holder is subject in
selling or transferring any Warrants or Warrant Shares and the Corporation may
refuse to register any sale or transfer not in compliance with such other
securities legislation. 

	8. 	Warrant Call Right 

If at any time during the term of this Warrant: (i) the VWAP
for each of 20 consecutive Trading Days exceeds $6.50 (subject to adjustment for
forward and reverse stock splits, recapitalizations, stock dividends and the
like), and (ii) the Holder confirms to the Corporation that it is not in
possession of any information that constitutes, or might constitute, material
non-public information, then the Corporation may, within one Trading Day of the
end of such period, call for 

	Searchlight Minerals Corp. 	5 
	Common Stock Purchase 	  
	Warrant
      Certificate No. «Cert_No» 	 
    

cancellation of all or any portion of the Warrant for which a
notice of exercise has not yet been delivered to the Corporation (such right, a
“Call”). To exercise this right, the Corporation must deliver to the Holder by
United States registered mail an irrevocable written notice (a “Call Notice”),
indicating therein the portion of the Warrant to which such notice applies. If
the conditions set forth below for such Call are satisfied from the period from
the date of the Call Notice through and including the Call Date (as defined
below), then any portion of this Warrant subject to such Call Notice for which a
Notice of Exercise shall not have been received by the Call Date will be
cancelled at 6:30 p.m. (Pacific Standard time) on the 30th calendar
day after the date the Call Notice is sent by United States registered mail to
the Holder (such date and time, the “Call Date”). Any unexercised portion of the
Warrant to which the Call Notice does not pertain will be unaffected by such
Call Notice. In furtherance thereof, the Corporation covenants and agrees that
it will honor all notices of exercise with respect to Warrant Shares subject to
a Call Notice that is tendered through 6:30 p.m. (Pacific Standard Time) on the
Call Date. Notwithstanding anything to the contrary in this Warrant, the
Corporation agrees not to exercise its Call right hereunder until such time as
the Registration Statement registering the resale of the Warrant Shares is
declared effective by the SEC. 

	9. 	Payment of Taxes 

The Corporation shall not be required to pay any tax or other
charge imposed in connection with the exercise of this Warrant or a permissible
transfer involved in the issuance of any certificate for shares issuable under
this Warrant in the name other than that of the Holder, and in any such case,
the Corporation shall not be required to issue or deliver any stock certificate
until such tax or other charge has been paid or it has been established to the
Corporation’s satisfaction that no such tax or other charge is due. 

	10. 	Notices 

Any notice required or permitted hereunder shall be given in
writing and shall be deemed effectively given upon, (a) by personal delivery or
telecopy, or (b) one business day after deposit with a nationally recognized
overnight delivery service such as Federal Express, with postage and fees
prepaid, addressed to each of the other parties thereunto entitled at the
following addresses, or at such other addresses as a party may designate by
written notice to each of the other parties hereto. 

	CORPORATION: 	SEARCHLIGHT MINERALS CORP. 
	  	Attention: Ian R. McNeil, President 
	  	#120 - 2441 West Horizon Ridge Parkway 
	  	Henderson, NV 89052 
	  	Tel: (702) 939-5247 
	  	Fax: (702) 939-5249 
	  	  
	  	  
	with a copy to: 	O’NEILL LAW GROUP PLLC 
	  	Attention: Conrad Y. Nest 
	  	435 Martin Street, Suite 1010 
	  	Blaine, Washington 98230 
	  	Fax: (360) 332-2291 

	Searchlight Minerals Corp. 	6 
	Common Stock Purchase 	  
	Warrant
      Certificate No. «Cert_No» 	 
    

	HOLDER: 	At the address set forth above.

	11. 	Governing Law 

This Warrant shall be deemed to be a contract made under the
laws of the State of Nevada and for all purposes shall be governed by and
construed in accordance with the laws of the State of Nevada applicable to
contracts to be made and performed entirely within the State of Nevada. 

IN WITNESS WHEREOF, the Corporation has caused this
Warrant to be duly executed and delivered by its duly authorized officer. 

SEARCHLIGHT MINERALS CORP. 
by its authorized
signatory: 

________________________________
Carl S. Ager, Secretary
and Treasurer 

NOTICE OF EXERCISE FORM 

	TO: 	SEARCHLIGHT MINERALS CORP. 
	  	A Nevada Corporation (the “Corporation”)
  

Dear Sirs: 

The undersigned (the “Warrantholder”) hereby exercises the
right to purchase and hereby subscribes for shares of the common stock of
SEARCHLIGHT MINERALS CORP. (the “Shares”) referred to in the Common Stock
Purchase Warrant Certificate No. «Cert_No» surrendered herewith according to the
terms and conditions thereof and herewith makes payment by cash, certified check
or bank draft of the purchase price in full for the Shares in accordance with
the Warrant. 

Please issue a certificate for the shares being purchased as
follows in the name of the Warrantholder: 

	NAME: 	 
	                                                                                                   	 (Please Print) 
	  	 
	ADDRESS: 	 
	 	 
	 	 

The Warrantholder represents and warrants to the Corporation
that: 

	(a) 	
      The Warrantholder has not offered or sold the Shares
      within the meaning of the United States Securities Act of 1933 (the
      “Securities Act”);

	 	 
	(b) 	
      The Warrantholder is acquiring the Shares for its own
      account for investment, with no present intention of dividing my interest
      with others or of reselling or otherwise disposing of all or any portion
      of the same;

	 	 
	(c) 	
      The Warrantholder does not intend any sale of the Shares
      either currently or after the passage of a fixed or determinable period of
      time or upon the occurrence or non-occurrence of any predetermined event
      or circumstance;

	 	 
	(d) 	
      The Warrantholder has no present or contemplated
      agreement, undertaking, arrangement, obligation, indebtedness or
      commitment providing for or which is likely to compel a disposition of the
      Shares;

	 	 
	(e) 	
      The Warrantholder is not aware of any circumstances
      presently in existence which are likely in the future to prompt a
      disposition of the Shares;

	 	 
	(f) 	
      The Shares were offered to the Warrantholder in direct
      communication between the Warrantholder and the Corporation and not
      through any advertisement of any kind;

	 	 
	(g) 	
      The Warrantholder has the financial means to bear the
      economic risk of the investment which it hereby agrees to make;

	 	 
	(h) 	
      This subscription form will also confirm the
      Warrantholder’s agreement as follows:

	 	(i) 	
      The Warrantholder will only sell the Shares in accordance
      with the provisions of Regulation S of the Act pursuant to registration
      under the Act, or pursuant to an available exemption from registration
      pursuant to the Act;

	 	 	 
	 	(ii) 	
      The Corporation will refuse to register any transfer of
      the Shares not made in accordance with the provisions of Regulation S of
      the Act, pursuant to registration under the Act, or pursuant to an
      available exemption from registration;

	 	 	 
	 	(iii) 	
      The Warrantholder will not engage in hedging transactions
      except in accordance with the Act;

	 	 	 
	 	(iv) 	
      The certificates representing the Shares will be endorsed
      with the following legend:

	 	 	 
	 		
      “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE
      BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
      REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE
      ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
      TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S,
      PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS
      INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH
      THE ACT.

	 	 	 
	 		
      UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT
      IS 4 MONTHS AND A DAY AFTER THE LATER OF (I) [INSERT DATE OF
      DISTRIBUTION], AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN
      ANY PROVINCE OR TERRITORY.

	 	 	 
	 	(v) 	
      The Warrantholder is not a U.S. Person, as defined in
      Regulation S of the Act.

Please deliver a share certificate in respect of the common
shares referred to in the warrant certificate surrendered herewith but not
presently subscribed for, to the Warrantholder. 

DATED this day of , . 

	Signature of Warrantholder: 	 
	 	 
	 	 
	Name of Warrantholder: 	 
	 	 
	 	 
	Address of Warrantholder:

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