Document:

EX-10.2

EXHIBIT 10.2

CONTINUING GUARANTY

Dated as of March 16, 2015

FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in consideration of
any credit and/or financial accommodation heretofore or hereafter from time to time made or granted
to Patterson-UTI Energy, Inc. (“Borrower”) under that certain Reimbursement Agreement dated
as of March 16, 2015 (as amended and in effect, the “Agreement”), by and between Borrower
and The Bank of Nova Scotia (the “Bank”), each of the Persons now or hereafter signatories
hereto (each a “Guarantor,” and, collectively, the “Guarantors”) hereby furnishes
in favor of the Bank its joint and several guaranty of the Guaranteed Obligations (as hereinafter
defined) as follows:

1. Reference to Agreement. Each Guarantor agrees that if the Agreement shall cease to remain
in effect for any reason whatsoever during any period and any part of the Guaranteed Obligations
(as hereinafter defined) remain unpaid, then the terms, covenants, and agreements thereof which are
applicable to it shall nevertheless continue in full force and effect as obligations of such
Guarantor under this Guaranty. Each Guarantor shall take, or refrain from taking, as the case may
be, each action that is necessary to be taken or not taken, as the case may be, so that no Event of
Default is caused by the failure to take or refrain from taking such action, as the case may be.
All capitalized terms used but not defined herein shall have the meaning assigned to such term in
the Agreement.

2. Guaranty. (a) Each Guarantor hereby, jointly and severally, absolutely and unconditionally
guarantees, as a guarantee of payment and not as a guarantee of collection, the prompt payment in
full in Dollars when due, whether at stated maturity, upon acceleration or otherwise, and at all
times thereafter, of any and all existing and future indebtedness and liabilities of every kind,
nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated,
voluntary or involuntary, of the Borrower or any Guarantor (collectively, the “Loan
Parties”) arising under the Agreement, any Credit (as defined in the Agreement), or any related
agreement, instrument or document (collectively, the “Loan Documents”) or otherwise with
respect to any Credit, in each case including interest and fees that accrue after the commencement
by or against any Loan Party or any affiliate thereof of any proceeding under any laws relating to
bankruptcy, insolvency, liquidation, receivership, or reorganization, or relief of debtors, naming
such person or entity (each, a “Person”) as the debtor in such proceeding, regardless of
whether such interest and fees are allowed claims in such proceeding (collectively, the
"Guaranteed Obligations”).

(b) The books and records of the Bank showing the amount of the Guaranteed Obligations shall
be admissible in evidence in any action or proceeding, and shall be binding upon each Guarantor and
conclusive for the purpose of establishing the amount of the Guaranteed Obligations, absent
manifest error. This Guaranty shall not be affected by the genuineness, validity, regularity or
enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any
Guaranteed Obligations, or by the existence, validity, enforceability, perfection, or extent of any
collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which
might otherwise constitute a defense to the obligations of any Guarantor under this Guaranty.

(c) In order to provide for just and equitable contribution among the Guarantors, the
Guarantors agree that in the event a payment shall be made on any date under this Guaranty by any
Guarantor (the “Funding Guarantor”), each other Guarantor (each a “Contributing
Guarantor”) shall indemnify the Funding Guarantor in an amount equal to the amount of such
payment, in each case multiplied by a fraction the numerator of which shall be the net worth of the
Contributing Guarantor as of such date and the denominator of which shall be the aggregate net
worth of all the Contributing Guarantors together with the net worth of the Funding Guarantor as of
such date. Any Contributing Guarantor making any payment to a Funding Guarantor pursuant to this
Section 2(c) shall be subrogated to the rights of such Funding Guarantor to the extent of such
payment.

(d) Anything contained in this Guaranty to the contrary notwithstanding, the obligations of
each Guarantor under this Guaranty on any date shall be limited to a maximum aggregate amount equal
to the largest amount that would not, on such date, render its obligations hereunder subject to
avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code of the
United States or any applicable provisions of comparable laws relating to bankruptcy, insolvency,
or reorganization, or relief of debtors (collectively, the “Fraudulent Transfer Laws”), but
only to the extent that any Fraudulent Transfer Law has been found in a final non-appealable
judgment of a court of competent jurisdiction to be applicable to such obligations as of such date,
in each case:

(i) after giving effect to all liabilities of such Guarantor, contingent or otherwise, that
are relevant under the Fraudulent Transfer Laws, but specifically excluding:

(A) any liabilities of such Guarantor in respect of intercompany indebtedness to the Borrower
or other affiliates of the Borrower to the extent that such indebtedness would be discharged in an
amount equal to the amount paid by such Guarantor hereunder;

(B) any liabilities of such Guarantor under this Guaranty; and

(C) any liabilities of such Guarantor under each of its other guaranties of and joint and
several co-borrowings of indebtedness, in each case entered into on the date this Guaranty becomes
effective, which contain a limitation as to maximum amount substantially similar to that set forth
in this Section 2(d) (each such other guaranty and joint and several co-borrowing entered into on
the date this Guaranty becomes effective, a “Competing Guaranty”) to the extent such
Guarantor’s liabilities under such Competing Guaranty exceed an amount equal to (1) the aggregate
principal amount of such Guarantor’s obligations under such Competing Guaranty (notwithstanding the
operation of that limitation contained in such Competing Guaranty that is substantially similar to
this Section 2(d)), multiplied by (2) a fraction (i) the numerator of which is the aggregate
principal amount of such Guarantor’s obligations under such Competing Guaranty (notwithstanding the
operation of that limitation contained in such Competing Guaranty that is substantially similar to
this Section 2(d)), and (ii) the denominator of which is the sum of (x) the aggregate principal
amount of the obligations of such Guarantor under all other Competing Guaranties (notwithstanding
the operation of those limitations contained in such other Competing Guaranties that are
substantially similar to this Section 2(d)), (y) the aggregate principal amount of the obligations
of such Guarantor under this Guaranty (notwithstanding the operation of this Section 2(d)), and (z)
the aggregate principal amount of the obligations of such Guarantor under such Competing Guaranty
(notwithstanding the operation of that limitation contained in such Competing Guaranty that is
substantially similar to this Section 2(d)); and

(ii) after giving effect as assets to the value (as determined under the applicable provisions
of the Fraudulent Transfer Laws) of any rights to subrogation, reimbursement, indemnification or
contribution of such Guarantor pursuant to applicable law or pursuant to the terms of any agreement
(including any such right of contribution under Section 2(c)).

3. No Setoff or Deductions; Taxes. Each Guarantor represents and warrants that it is an
entity formed or incorporated, as the case may be, under the laws of one or more states of the
United States of America. All payments by the Guarantors hereunder shall be paid in full, without
setoff or counterclaim or any deduction or withholding whatsoever for any and all Indemnified Taxes
or Other Taxes (as each of the preceding capitalized terms is defined in the Bank Facility
hereinafter referenced (or if not in effect or not containing such defined terms, as most recently
in effect with such defined terms)). If any Guarantor must make a payment under this Guaranty,
such Guarantor agrees that it will make the payment from one of its U.S. resident offices to the
Bank. If notwithstanding the foregoing, any Guarantor makes a payment to the Bank under this
Guaranty to which Guarantor shall be required by applicable law to deduct any Indemnified Taxes or
Other Taxes from such payments, such Guarantor shall pay all such taxes to the relevant authority
in accordance with applicable law such that the Bank receives the sum it would have received had no
such deduction or withholding been made and shall also pay to the Bank, within 30 days after demand
therefor, all additional amounts which the Bank specifies as necessary to preserve the after-tax
yield would have received if such taxes had not been imposed. Such Guarantor shall promptly
provide the Bank with an original receipt or certified copy issued by the relevant authority
evidencing the payment of any such amount required to be deducted or withheld.

4. No Termination. This Guaranty is a continuing and irrevocable guaranty of all Guaranteed
Obligations now or hereafter existing and shall remain in full force and effect until (i) all
Guaranteed Obligations and any other amounts payable under this Guaranty are indefeasibly paid and
performed in full, and all Credits have expired or been terminated and can no longer be drawn, or
(ii) with respect to a Guarantor, such Guarantor is released from its obligations under this
Guaranty by (A) an instrument in writing signed by the Bank pursuant to the Agreement or (B)  as
otherwise provided in the Agreement (such Guarantor referenced in this clause (ii) is herein
referred to as a “Released Guarantor”).

5. Waiver of Notices. Each Guarantor waives notice of the acceptance of this Guaranty and of
the extension or continuation of the Guaranteed Obligations or any part thereof. Each Guarantor
further waives presentment, protest, notice, dishonor or default, demand for payment and any other
notices to which such Guarantor might otherwise be entitled.

6. Subrogation. No Guarantor shall exercise any right of subrogation, contribution or similar
rights with respect to any payments it makes under this Guaranty until all of the Guaranteed
Obligations and any amounts payable under this Guaranty are indefeasibly paid and performed in
full. If any amounts are paid to any Guarantor in violation of the foregoing limitation, then such
amounts shall be held in trust for the benefit of the Bank and shall forthwith be paid to the Bank,
to reduce the amount of the Guaranteed Obligations, whether matured or unmatured.

7. Waiver of Suretyship Defenses. Each Guarantor agrees that the Bnak may, at any time and
from time to time, and without notice to the Guarantors, make any agreement with Borrower or with
any other person or entity liable on any of the Guaranteed Obligations or providing collateral as
security for the Guaranteed Obligations, for the extension, renewal, payment, compromise, discharge
or release of the Guaranteed Obligations or any collateral (in whole or in part), or for any
modification or amendment of the terms thereof or of any instrument or agreement evidencing the
Guaranteed Obligations or the provision of collateral, all without in any way impairing, releasing,
discharging or otherwise affecting the obligations of the Guarantors under this Guaranty. Each
Guarantor waives any defense arising by reason of any disability or other defense of Borrower or
any other guarantor (including any other Guarantor hereunder), or the cessation from any cause
whatsoever of the liability of Borrower or any other Loan Party, or any claim that such Guarantor’s
obligations exceed or are more burdensome than those of Borrower or any other Loan Party and waives
the benefit of any statute of limitations affecting the liability of such Guarantor hereunder.
Each Guarantor waives any right to enforce any remedy which the Bank now has or may hereafter have
against Borrower or any other Loan Party and waives any benefit of and any right to participate in
any security now or hereafter held by the Bank. Further, each Guarantor consents to the taking of,
or failure to take, any action which might in any manner or to any extent vary the risks of such
Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of
such Guarantor.

8. Exhaustion of Other Remedies Not Required. The obligations of each Guarantor hereunder are
those of primary obligor, and not merely as surety, and are independent of the Guaranteed
Obligations. Each Guarantor waives diligence by the Bank and action on delinquency in respect of
the Guaranteed Obligations or any part thereof, including, without limitation any provisions of law
requiring the Bank to exhaust any right or remedy or to take any action against Borrower, any other
guarantor (including any other Guarantor hereunder), or any other person, entity or property before
enforcing this Guaranty against such Guarantor, including, but not limited to, the benefits of
Chapter 34 of the Texas Business and Commerce Code, §17.001 of the Texas Civil Practice and
Remedies Code, and Rule 31 of the Texas Rules of Civil Procedure, or any similar statute.

9. Reinstatement. Notwithstanding anything in this Guaranty to the contrary, this Guaranty
shall continue to be effective or be reinstated, as the case may be, if at any time any payment of
any portion of the Guaranteed Obligations is revoked, terminated, rescinded or reduced or must
otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of Borrower or
any other person or entity or otherwise, as if such payment had not been made and whether or not
the Bank has in possession of or have released this Guaranty and regardless of any prior
revocation, rescission, termination or reduction, in each case, however, other than a Released
Guarantor.

10. Subordination. Each Guarantor hereby subordinates, to the extent herein provided and
except as otherwise set forth below in this Section 10, all obligations and indebtedness of any
Loan Party owing to such Guarantor, whether now existing or hereafter arising (the
"Subordinated Obligations”), to the indefeasible payment in full of all Guaranteed
Obligations. As long as no Event of Default has occurred and is continuing, this Guaranty shall
not limit any Guarantor’s right to receive payment from any Loan Party on account of any
Subordinated Obligations. Upon the occurrence and during the continuation of an Event of Default,
the Guarantor agrees not to accept any payment for any Subordinated Obligations. In the event of
(i) any insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment,
composition or other similar proceeding relating to a Loan Party, its creditors as such or its
property, (ii) any proceeding for the liquidation, dissolution or other winding-up of a Loan Party,
voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings, (iii) any
assignment by a Loan Party for the benefit of creditors, or (iv) any other marshalling of the
assets of a Loan Party, the Guaranteed Obligations (including any interest thereon accruing at the
legal rate after the commencement of any such proceedings and any additional interest that would
have accrued thereon but for the commencement of such proceedings) shall first be paid in full
before any payment or distribution, whether in cash, securities or other property, shall be made by
or on behalf of or from the estate of such Loan Party to any holder of Subordinated Obligations.
If a Guarantor receives any payment of any Subordinated Obligations in violation of the terms of
this Section, such Guarantor shall hold that payment in trust for the Bank and promptly turn it
over to the Bank, in the form received (with any necessary endorsements), to be applied to the
Guaranteed Obligations.

11. [Reserved].

12. Stay of Acceleration. In the event that acceleration of the time for payment of any of
the Guaranteed Obligations is stayed, upon the insolvency, bankruptcy or reorganization of Borrower
or any other person or entity, or otherwise, all such amounts shall nonetheless be payable by the
Guarantors, jointly and severally, immediately upon demand by the Bank.

13. Expenses. Each Guarantor shall pay, jointly and severally, on demand all out-of-pocket
expenses (including reasonable attorneys’ fees and expenses and the allocated cost and
disbursements of internal legal counsel) in any way relating to the enforcement or protection of
the Bank’s rights under this Guaranty, including any incurred in the preservation, protection or
enforcement of any rights of the Bank in any case commenced by or against any Guarantor under the
Bankruptcy Code (Title 11, United States Code) or any similar or successor statute. The
obligations of each Guarantor under the preceding sentence shall survive termination of this
Guaranty.

14. [Reserved].

15. Amendments. No amendment or waiver of any provision of this Guaranty, nor consent to any
departure by any Guarantor herefrom, shall in any event be effective unless the same shall be in
writing and signed, in the case of amendments, by the Guarantor(s) affected thereby and by the
Bank, and, in the case of consents or waivers, by the Bank, and then such amendment, waiver or
consent shall be effective only in the specific instance and for the specific purpose for which
made or given. Notwithstanding the foregoing, no Guarantor shall be released from this Guaranty
except as provided in, or referred to in, as applicable, Section 4 hereof.

16. No Waiver; Enforceability. No failure by the Bank to exercise, and no delay in
exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, remedy or power hereunder preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law or in equity. The unenforceability or invalidity
of any provision of this Guaranty shall not affect the enforceability or validity of any other
provision herein.

17. Assignment; Governing Laws; Jurisdiction. This Guaranty shall (a) bind each Guarantor and
its successors and assigns, provided that such Guarantor may not assign its rights or obligations
under this Guaranty without the prior written consent of the Bank (and any attempted assignment
without such consent shall be void), (b) inure to the benefit of the Bank and its successors and
permitted assigns, and (c) be governed by the internal laws of the State of New York; provided that
the Bank shall retain all rights arising under applicable federal law.

Each Guarantor hereby irrevocably (i) submits to the non-exclusive jurisdiction of any State
court sitting in New York City, any United States District Court of the Southern District of New
York, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Guaranty, and (ii) waives to the fullest extent permitted by applicable law any
defense asserting an inconvenient forum in connection therewith. Service of process by the Bank in
connection with such action or proceeding shall be binding on each Guarantor if sent to such
Guarantor by registered or certified mail at its address specified below.

18. Condition of Borrower. Each Guarantor acknowledges and agrees that it has the sole
responsibility for, and has adequate means of, obtaining from Borrower such information concerning
the financial condition, business and operations of Borrower as such Guarantor requires, and that
the Bank has no duty, and such Guarantor is not relying on the Bank at any time, to disclose to
such Guarantor any information relating to the business, operations or financial condition of
Borrower.

19. Setoff. Each Guarantor agrees to the provisions of Section 8 of the Agreement.

20. Further Assurances. Each Guarantor agrees that at any time and from time to time, at the
expense of such Guarantor, to promptly execute and deliver all further instruments and documents,
and take all further action, that may be necessary or desirable, or that the Bank may reasonably
request, to enable the Bank to protect and to exercise and enforce the rights and remedies of the
Bank hereunder.

21. Addition of Guarantors. The initial Guarantors hereunder shall be each of the
Subsidiaries of Borrower that are signatories hereto and that are listed on Schedule 1 attached
hereto. From time to time subsequent to the time hereof, if required under the Agreement,
additional Subsidiaries of Borrower (a) may become parties hereto as additional Guarantors (each an
"Additional Guarantor”) by executing a counterpart of this Guaranty Agreement in the form
of Exhibit A-1 attached hereto and (b) shall deliver to the Bank all items required pursuant to
Section 12 of the Agreement. Upon delivery of any such counterpart to the Bank, notice of
which is hereby waived by Guarantors, each such Additional Guarantor shall be a Guarantor and shall
be a party hereto as if such Additional Guarantor were an original signatory hereof. Each
Guarantor expressly agrees that its obligations arising hereunder shall not be affected or
diminished by the addition or release of any other Guarantor hereunder, or by any election by the
Bank not to cause any Subsidiary of Borrower to become an Additional Guarantor hereunder.

22. Notices. All notices, requests and other communications provided for hereunder shall be
in writing and given to the Bank or any Guarantor as provided in the Agreement.

23. Joint and Several Obligations. Each Guarantor acknowledges that (i) this Guaranty is a
master Guaranty pursuant to which other Subsidiaries of Borrower now or hereafter may become
parties, and (ii) the guaranty obligations of each of the Guarantors hereunder are joint and
several.

24. WAIVER OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, EACH
GUARANTOR AND EACH GUARANTEED PARTY WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR
PROCEEDING ON OR ARISING OUT OF THIS GUARANTY. THIS GUARANTY (INCLUDING ANY SUPPLEMENTAL GUARANTY
OR OTHER AGREEMENT BY WHICH A PERSON BECOMES A GUARANTOR), AND THE CREDIT AGREEMENT REPRESENT THE
FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE
PARTIES.

THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

[Remainder of Page Intentionally Left Blank; Signatures commence on Next Page.]

1

IN WITNESS WHEREOF, the Guarantors have caused this Guaranty to be duly executed and delivered
by their respective officers thereunto duly authorized as of the day and year first above written.

	 
	GUARANTORS:
	PATTERSON PETROLEUM LLC

	PATTERSON-UTI DRILLING COMPANY LLC

	PATTERSON-UTI MANAGEMENT SERVICES, LLC

	UNIVERSAL WELL SERVICES, INC.

	UNIVERSAL PRESSURE PUMPING, INC.

	Each By /s/ John E. Vollmer III

	John E. Vollmer III

	Senior Vice President – Corporate Development,

	Chief Financial Officer and Treasurer

2

SCHEDULE 1 

INITIAL GUARANTORS

Patterson Petroleum LLC

Patterson-UTI Drilling Company LLC

Patterson-UTI Management Services, LLC

Universal Well Services, Inc.

Universal Pressure Pumping, Inc.

3

EXHIBIT A-1

COUNTERPART TO CONTINUING GUARANTY

In witness whereof, the undersigned Additional Guarantor has caused this Counterpart to Continuing
Guaranty to be duly executed and delivered by its duly authorized officer as of the day and year
first above written.

[NAME OF ADDITIONAL GUARANTOR]

By:

Name:

Title:

4Exhibit 4.6

		
			`             
		

		
			FORM OF WARRANT
		

		
			[Items in brackets reflect relevant terms of three warrants–one for each exercise price]
		

		
			 
		

		
			THIS WARRANT HAS BEEN ACQUIRED FOR INVESTMENT. NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.  
		

		
			 
		

		
			COMMON STOCK PURCHASE WARRANT
		

		
			 
		

		
			PARKERVISION, INC.
		

		
			 
		

		
			Warrant No.: [X1] [X2] [X3]Issue Date: January 15, 2015
		

		
			Warrant Shares: 1,884,058
		

		
			 
		

		
			This COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for good and valuable consideration, the receipt of which is hereby acknowledged, 1624  PV LLC, a Delaware limited liability company (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time or times on or prior to the close of business on the three (3) year anniversary of the Issue Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from ParkerVision, Inc., a Florida corporation (the “Company”), up to 1,884,058 shares of Common Stock  (the “Warrant Shares”). 
		

			
	
			
				 1.
			Definitions.  In addition to the terms defined elsewhere in this Agreement, the following terms shall have the meanings set forth in this Section 1.

			
	
			
				 (a)
			“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

			
	
			
				 (b)
			“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

			
	
			
				 (c)
			“Commission” means the United States Securities and Exchange Commission.

		 

		

			 

		

		

			

		

 

		

			 

		

		

			 

		

		

			 

		

			
	
			
				 (d)
			“Common Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

			
	
			
				 (e)
			“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

			
	
			
				 (f)
			“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

			
	
			
				 (g)
			“Person” means an individual, corporation, limited liability company, partnership, association, joint venture, trust, unincorporated organization, other entity or group (as defined in the Exchange Act).

			
	
			
				 (h)
			“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

			
	
			
				 (i)
			“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

			
	
			
				 (j)
			“Subscription Agreement” means the Subscription Agreement, dated December 23, 2014 between the Company and the Holder.

			
	
			
				 (k)
			“Trading Day” means a day on which the Trading Market is open for trading.

			
	
			
				 (l)
			“Trading Market” means the principal any market or exchange on which the Common Stock is listed or quoted for trading on the date in question.

			
	
			
				 (m)
			  “Transfer Agent” means American Stock Transfer & Trust Company, LLC, the current transfer agent of the Company and any successor transfer agent of the Company.

			
	
			
				 2.
			Exercise.

			
	
			
				 (a)
			General.  Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto (“Notice of Exercise”). Within three (3) Trading Days following the date of exercise as aforesaid, the Holder 
		

		 

		

			2

		

		

			 

		

		

			

		

		

			 

		

		

			 

		

 

		

			 

		

		

			 

		

		

			 

		

			shall deliver the aggregate Exercise Price (defined below) for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice.  The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.  Under no circumstances will the Company be required to net cash settle this Warrant upon its exercise.

			
	
			
				 (b)
			Exercise Price.  The exercise price per share of the Warrant Shares shall be $[1.50] [2.50] [3.50], subject to adjustment hereunder (the “Exercise Price”).

			
	
			
				 (c)
			Mechanics of Exercise.  

			
	
			
				 (i)
			Delivery of Certificates Upon Exercise.  Shares of Common Stock purchased hereunder shall be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company (“DTC”) through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale without volume or manner of sale limitations pursuant to Rule 144, and otherwise by physical delivery of a certificate to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the latest of (x) the delivery to the Company of the Notice of Exercise Form, (y) surrender of this Warrant (if required) and (z) payment of the aggregate Exercise Price as set forth above and all taxes required to be paid by the Holder, if any, pursuant to Section 2(c)(vi) prior to the issuance of such shares, having been paid (such date, the “Warrant Share Delivery Date”).  This Warrant shall be deemed to have been exercised on the first date on which all of the foregoing have been delivered to the Company.  The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant to Section 2(c)(vi) prior to the issuance of such shares, having been paid. 

			
	
			
				 (ii)
			Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of 
		

		 

		

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			the certificate for this Warrant, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

			
	
			
				 (iii)
			Rescission Rights.  If the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing the Warrant Shares pursuant to Section 2(c)(i) by the Warrant Share Delivery Date, then, the Holder will have the right to rescind such exercise.

			
	
			
				 (iv)
			Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise.  If (1) the Company fails to transmit to the Holder (directly or through the Transfer Agent) a certificate or the certificates representing the Warrant Shares pursuant to an exercise (or to credit the account of the Holder’s prime broker at DTC through a  DWAC system transaction)  on or before the Warrant Share Delivery Date and (2) prior to the time such certificate is received by the registered holder (or such account is credited through a  DWAC system transaction), the registered holder, or any third party on behalf of the registered holder or for the registered holder’s account, purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the registered holder of shares represented by such certificate (or such DWAC system transaction)  (a “Buy-In”), then the Company shall pay in cash to the registered holder (for costs incurred either directly by such registered holder or on behalf of a third party) the amount by which the total purchase price paid for Common Stock as a result of the Buy-In (including brokerage commissions, if any) exceeds the proceeds received by such registered holder as a result of the sale to which such Buy-In relates.  The registered holder shall provide the Company written notice indicating the amounts payable to the registered holder in respect of the Buy-In.

			
	
			
				 (v)
			No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

			
	
			
				 (vi)
			Charges, Taxes and Expenses.  Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,  however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

		 

		

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				 (vii)
			Closing of Books.  The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

			
	
			
				 (d)
			Holder’s Exercise Limitations.  The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other  Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates.  Except as set forth in the preceding sentence, for purposes of this Section 2(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2(d) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.   In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(d), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation” shall 
		

		 

		

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			be 4.999% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant.  The Holder, upon not less than 61 days’ prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation of this Section 2(d) or may waive the application of this Section 2(d).  Any such increase or decrease or waiver will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(d) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

			
	
			
				 3.
			Certain Adjustments.

			
	
			
				 (a)
			Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.  Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re‐classification.

			
	
			
				 (b)
			Fundamental Transactions.  If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, (v) the Company, directly or indirectly, in one or more related transactions consummates a stock 
		

		 

		

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			or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(d) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(d) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(b) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the holder of this Warrant, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all 
		

		 

		

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			of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

			
	
			
				 (c)
			Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

			
	
			
				 (d)
			Notice to Holder.  

			
	
			
				 (i)
			Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

			
	
			
				 (ii)
			Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register (defined below) of the Company, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

		 

		

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				 4.
			Limitation on Sales of Warrant Shares.  The Holder acknowledges that the Warrant Shares have not been registered under the Securities Act, and agrees that it shall not sell, pledge, distribute, offer for sale, transfer or otherwise dispose of any Warrant Shares, in the absence of (i) an effective registration statement under the Securities Act as to such Warrant Shares and registration or qualification of such Warrant Shares under any applicable “blue sky” or state securities law then in effect or (ii) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required.  Without limiting the generality of the foregoing, unless the resale of the Warrant Shares shall have been effectively registered under the Securities Act,  the Warrant Shares issued upon exercise of this Warrant shall be imprinted with a legend in substantially the following form: 

		
			This security has been acquired for investment and has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. This security may not be sold, pledged or otherwise transferred in the absence of such registration or pursuant to an exemption therefrom under the Securities Act and such laws, supported by an opinion of counsel, reasonably satisfactory to the Company and its counsel, that such registration is not required.
		

			
	
			
				 5.
			Transfer of Warrant.

			
	
			
				 (a)
			Transfer.  Subject to compliance with any applicable state and federal securities laws and the provisions of this Warrant,  this Warrant and all rights hereunder may be transferred, in whole or in part, by surrendering this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

			
	
			
				 (b)
			New Warrants. This Warrant may be divided upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 5(a), as to any transfer which may be involved in such division, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date set forth on the first page of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

			
	
			
				 (c)
			Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time.  The Company may deem and treat the registered Holder 
		

		 

		

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			of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 

			
	
			
				 6.
			Registration Rights of Warrant Holder.  The Company has agreed to register the Warrant Shares for resale in accordance with the Subscription Agreement.

			
	
			
				 7.
			Miscellaneous.

			
	
			
				 (a)
			No Rights as Stockholder Until Exercise.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(c)(i).

			
	
			
				 (b)
			Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

			
	
			
				 (c)
			Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

			
	
			
				 (d)
			Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.  The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

		
			Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of 
		

		 

		

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		securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.
		

		
			Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.
		

			
	
			
				 (e)
			Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.  Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.

			
	
			
				 (f)
			Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies.  

			
	
			
				 (g)
			Notices.  Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. Except as otherwise provided of in this Warrant, the address for such notices and communications shall be 
		

		 

		

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			as follows: if to (A) the Company, 7915 Baymeadows Way, Suite 400, Jacksonville, Florida 32256, Attention: Chief Financial Officer, and (B) the Holder [__________________________].

			
	
			
				 (h)
			Limitation of Liability.  No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

			
	
			
				 (i)
			Remedies.  The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant.  The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

			
	
			
				 (j)
			Successors and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.  The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder.

			
	
			
				 (k)
			Amendment.  This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

			
	
			
				 (l)
			Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

			
	
			
				 (m)
			Headings.  The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

		
			********************
		

		
			[SIGNATURE PAGE FOLLOWS]
		

		
			
		

		 

		

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

		
			 
		

		
			PARKERVISION, INC.
		

		
			 
		

		
			 
		

		
			By:
		

		
			Name: Cynthia L. Poehlman
		

		
			Title: Chief Financial Officer
		

		
			 
		

		
			 
		

		

		

		 

		

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		NOTICE OF EXERCISE
		

		
			 
		

		
			To:ParkerVision, Inc.
		

			
	
			
				 (1)
			The undersigned hereby elects to exercise Warrant No.             (the “Warrant”) with respect to                       shares of common stock of the Company (the “Warrant Shares”), pursuant to the terms of the Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.  (If  the Warrant is being exercised in full, attach the Warrant hereto.)

			
	
			
				 (2)
			Payment shall take the form of lawful money of the United States in accordance with the terms of the Warrant.

			
	
			
				 (3)
			Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below:

		
			
		

		
			The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:
		

		
			
		

		
			
		

		
			
		

		
			[SIGNATURE OF HOLDER]
		

		
			Name of Holder: 
		

		
			Signature: 
		

		
			Name of Signatory (if entity):  
		

		
			Title of Signatory (if entity):  
		

		
			Date: 
		

		
			 
		

		
			 
		

		

		

		 

		

			 

		

		

			

		

 

		

			 

		

		ASSIGNMENT FORM
		

		
			 
		

		
			(To assign the foregoing warrant, execute this form and supply required information. 
		

		
			Do not use this form to exercise the warrant.)
		

		
			 
		

		
			FOR VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to:
		

		
			
		

		
			whose address is:
		

		
			
		

		
			
		

		
			Dated:  ______________, _______
		

		
			
Name of Holder
		

		
			
Signature
		

		
			
Name of Signatory (if entity)
		

		
			
Title of Signatory (if entity)
		

		
			Address of Holder:
		

		
			
		

		
			
		

		
			 
		

		
			 
		

		
			Signature Guaranteed:  ___________________________________________
		

		
			 
		

		
			NOTE:  The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company.  Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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