Document:

exv4w4

 

Exhibit 4.4

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION UNLESS THE COMPANY HAS RECEIVED A WRITTEN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH TRANSFER IS BEING MADE
IN COMPLIANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS.

THIS WARRANT AND ANY SECURITIES ACQUIRED UPON THE EXERCISE OF THIS WARRANT ARE
SUBJECT TO AGREEMENTS, COVENANTS AND RESTRICTIONS PROVIDED IN THE AMENDED AND
RESTATED STOCKHOLDERS’ AGREEMENT, DATED AS OF DECEMBER 30, 2003, AS AMENDED FROM
TIME TO TIME, BY AND AMONG THE COMPANY AND THE PERSONS NAMED THEREIN. A COPY OF
SUCH AGREEMENT WILL BE PROVIDED AT NO COST TO THE HOLDER HEREOF UPON WRITTEN
REQUEST TO THE COMPANY.

			
	 	 	 
	Date of Issuance
	 	Void after
	___________, 2007
	 	January ___, 2017

BIOTROVE, INC.

WARRANT TO PURCHASE SHARES OF CAPITAL STOCK

     For the mutual promises and other consideration contemplated by the Note and Warrant
Subscription Agreement (the “Subscription Agreement”) dated
as of January 22, 2007, the receipt
and sufficiency of which are hereby acknowledged, this Warrant is issued to                      or its
registered assigns (the “Holder”) by BioTrove, Inc., a Delaware corporation (the “Company”).
Capitalized terms not defined herein shall have the meaning set forth in the Subscription
Agreement.

          1. Purchase of Shares.

               (i) Number of Shares Issuable. Subject to the terms and conditions set forth herein
and set forth in the Subscription Agreement, the Holder is entitled, upon surrender of this Warrant
at the principal office of the Company (or at such other place as the Company shall notify the
Holder in writing), to purchase from the Company fully paid and nonassessable Warrant Shares (as
adjusted pursuant to Section 6 hereof).

               (ii) Exercise Price. The purchase price for the Warrant Shares issuable pursuant to
this Section 1 shall be equal to the Warrant Exercise Price defined in Section 1 of the
Subscription Agreement. The Warrant Shares and Warrant Exercise Price shall be subject to
adjustment pursuant to Section 6 hereof.

          2. Exercise Period. This Warrant shall be exercisable, in whole or in part, during
the term commencing on the date on which the Notes are converted pursuant

 

 

to Section 2.2 of the Subscription Agreement and ending on January ___, 2017 (the “Exercise
Period”).

          3. Method of Exercise.

               (i) While this Warrant remains outstanding and exercisable in accordance with Section 2 above,
the Holder may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise
shall be effected by:

                         the surrender of the Warrant, together with a duly executed copy of the Notice of Exercise
attached hereto, to the Secretary of the Company at its principal office (or at such other place as
the Company shall notify the Holder in writing); and

                         the payment to the Company of an amount equal to the aggregate Warrant Exercise Price for the
number of Warrant Shares being purchased.

               (ii) Each exercise of this Warrant shall be deemed to have been effected immediately prior to
the close of business on the day on which this Warrant is surrendered to the Company as provided in
Section 3(a) above. At such time, the person or persons in whose name or names any certificates
for the Warrant Shares shall be issuable upon such exercise as provided in Section 3(c) below shall
be deemed to have become the holder or holders of record of the Warrant Shares represented by such
certificates.

               (iii) As soon as practicable after the exercise of this Warrant in whole or in part, and in
any event within twenty (20) days thereafter, the Company at its expense will cause to be issued in
the name of, and delivered to, the Holder, or as such Holder (upon payment by such Holder of any
applicable transfer taxes) may direct:

                         a certificate or certificates for the number of Warrant Shares to which such Holder shall be
entitled, and

                         in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of
like tenor, calling in the aggregate on the face or faces thereof for the number of Warrant Shares
equal to the number of such Warrant Shares called for on the face of this Warrant minus the number
of Warrant Shares purchased by the Holder upon all exercises made in accordance with Section 3(a)
above or Section 4 below.

          4. Cashless Exercise. If an effective registration statement with the Securities and
Exchange Commission is not available for the resale of all of the Warrant Shares issuable hereunder
at the time of the notice of exercise, then, in lieu of exercising this Warrant for cash, the
Holder may elect to receive shares equal to the value of this Warrant (or the portion thereof being
exercised) by surrender of this Warrant at the principal office of the Company together with notice
of such election (a “Cashless Exercise”). In the event of such a Cashless Exercise, the Company
shall issue to such Holder a number of Warrant Shares computed using the following formula:

	 	 	 
	X = 	Y (A -
B) 
A	  
	 	 	 

-2-

 

Where

	 	 	 	 	 
	X

	 	=
	 	The number of Warrant Shares to be issued to the Holder.
	 
	Y

	 	=
	 	The number of Warrant Shares purchasable under this Warrant
or, if only a portion of the Warrant is being exercised, the portion of the
Warrant being cancelled (at the date of such calculation).
	 
	A

	 	=
	 	The fair market value of one (1) Warrant Share (at the date
of such calculation).
	 
	B

	 	=
	 	The Warrant Exercise Price (as adjusted to the date of such
calculations).

          For purposes of this Section 4, the fair market value of a Warrant Share shall mean the
average of the closing price of the Warrant Shares quoted in the over-the-counter market in which
the Warrant Shares are traded or the closing price quoted on any exchange or electronic securities
market on which the Warrant Shares are listed, whichever is applicable, as published in The
Wall Street Journal for the thirty (30) trading days prior to the date of determination of fair
market value (or such shorter period of time during which such Warrant Shares were traded
over-the-counter or on such exchange). In the event that this Warrant is exercised pursuant to
this Section 4 in connection with the Company’s initial public offering of its Common Stock, the
fair market value per Warrant Share shall be the per share offering price to the public specified
in the final prospectus with respect to the Company’s initial public offering. If the Warrant
Shares are not traded on the over-the-counter market, an exchange or an electronic securities
market, the fair market value shall be the price per Warrant Share that the Company could obtain
from a willing buyer for Warrant Shares sold by the Company from authorized but unissued Warrant
Shares, as such prices shall be determined in good faith by the Company’s board of directors.

          5. Covenants of the Company.

               (i) Notices of Record Date. In the event of any taking by the Company of a record of
the holders of any class of securities for the purpose of determining the holders thereof who are
entitled to receive any dividend (other than a cash dividend which is the same as cash dividends
paid in previous quarters or a stock dividend) or other distribution, the Company shall mail to the
Holder, at least ten (10) days prior to such record date, a notice specifying the date on which any
such record is to be taken for the purpose of such dividend or distribution.

               (ii) Covenants as to Warrant Shares. The Company covenants and agrees that all
Warrant Shares that may be issued upon the exercise of the rights represented by this Warrant will,
upon issuance in accordance with the terms hereof, be validly issued and outstanding, fully paid
and nonassessable, and free from all taxes, liens and charges with respect to the issuance thereof.
The Company further covenants and agrees that the Company will at all times during the Exercise
Period have authorized and reserved, free from preemptive rights, a sufficient number of shares of
its capital stock to provide for the exercise of the rights

-3-

 

represented by this Warrant. If at any time during the Exercise Period the number of
authorized but unissued shares of capital stock shall not be sufficient to permit exercise of this
Warrant, the Company will take such corporate action as may, in the opinion of its counsel, be
necessary to increase its authorized but unissued shares of capital stock to such number of shares
as shall be sufficient for such purposes.

               (iii) No Impairment. Except and to the extent waived or consented to by the Holder or
as otherwise permitted under the terms hereof, the Company will not, by amendment of its
Certificate of Incorporation, Certificate of Designations or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms to be observed or
performed hereunder by the Company, but will at all times in good faith assist in the carrying out
of all the provisions of this Warrant and in the taking of all such action as may be necessary or
appropriate in order to protect the exercise rights of the Holder against impairment.

          6. Adjustment of Exercise Price and Number of Warrant Shares. The number of Warrant
Shares purchasable upon exercise of this Warrant and the Warrant Exercise Price shall be subject to
adjustment from time to time as follows:

               (i) Subdivisions, Combinations and Other Issuances. If the Company shall at any time
after the issuance but prior to the expiration of this Warrant subdivide its Warrant Shares by
split-up or otherwise, or combines such capital stock, or issues additional shares of such capital
stock as a dividend with respect to any shares of such capital stock, the number of Warrant Shares
issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case
of a subdivision or stock dividend, or proportionately decreased in the case of a combination.
Appropriate adjustments shall also be made to the Warrant Exercise Price payable per share, but the
aggregate Warrant Exercise Price payable for the total number of Warrant Shares purchasable under
this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 6(a) shall
become effective at the close of business on the date the subdivision or combination becomes
effective, or as of the record date of such dividend, or in the event that no record date is fixed,
upon the making of such dividend.

               (ii) Reclassification, Reorganization and Consolidation. In case of any
reclassification, merger, capital reorganization or change in the capital stock of the Company
(other than as a result of a subdivision, combination or stock dividend provided for in Section
6(a) above), then, as a condition of such reclassification, merger, reorganization or change,
lawful provision shall be made, and duly executed documents evidencing the same from the Company or
its successor shall be delivered to the Holder, so that the Holder shall have the right at any time
prior to the expiration of this Warrant to purchase, at a total price equal to that payable upon
the exercise of this Warrant, the kind and amount of shares of stock and other securities or
property receivable in connection with such reclassification, merger, reorganization or change by a
holder of the same number and type of securities as were purchasable as Warrant Shares by the
Holder immediately prior to such reclassification, merger, reorganization or change. In any such
case appropriate provisions shall be made with respect to the rights and interest of the Holder so
that the provisions hereof shall thereafter be applicable with respect to any shares of stock or
other securities or property deliverable upon exercise hereof, and

-4-

 

appropriate adjustments shall be made to the Warrant Exercise Price per Warrant Share payable
hereunder, provided the aggregate Warrant Exercise Price shall remain the same.

               (iii) Notice of Adjustment. When any adjustment is required to be made in the number
or kind of shares, or property, purchasable upon exercise of the Warrant, or in the Warrant
Exercise Price, the Company shall promptly notify the Holder of such event and of the number of
Warrant Shares or other securities or property thereafter purchasable upon exercise of this
Warrant.

          7. No Fractional Shares or Scrip. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such fractional
shares the Company shall make a cash payment therefor on the basis of the Warrant Exercise Price
then in effect.

          8. No Stockholder Rights or Liabilities. Prior to exercise of this Warrant, the
Holder shall not be entitled to any rights of a stockholder with respect to the Warrant Shares,
including (without limitation) the right to vote such Warrant Shares, receive dividends or other
distributions thereon, exercise preemptive rights or be notified of stockholder meetings, and
except as otherwise provided in this Warrant or the Subscription Agreement, such Holder (in such
capacity) shall not be entitled to any stockholder notice or other communication concerning the
business or affairs of the Company. No provisions hereof, in the absence of affirmative action by
the Holder to purchase stock, and no enumeration herein of the rights or privileges of the Holder
shall give rise to any liability of the Holder as a stockholder of the Company.

          9. Transfer of Warrant. Subject to compliance with applicable federal and state
securities laws and any other contractual restrictions between the Company and the Holder contained
in the Subscription Agreement, Stockholders’ Agreement, this Warrant and all rights hereunder are
transferable in whole or in part by the Holder to any person or entity upon written notice to the
Company. Within a reasonable time after the Company’s receipt of an executed Assignment Form in the
form attached hereto, the transfer shall be recorded on the books of the Company upon the surrender
of this Warrant, properly endorsed, to the Company at its principal offices, and the payment to the
Company of all transfer taxes and other governmental charges imposed on such transfer. In the event
of a partial transfer, the Company shall issue to the new holders one or more appropriate new
warrants.

          10. Governing Law. This Warrant shall be governed by and construed under the laws of
the Commonwealth of Massachusetts, without application of conflict of laws principles.

          11. Successors and Assigns. The terms and provisions of this Warrant and the
Subscription Agreement shall inure to the benefit of, and be binding upon, the Company and the
holders hereof and their respective successors and assigns.

-5-

 

          12. Titles and Subtitles. The titles and subtitles used in this Warrant are used for
convenience only and are not to be considered in construing or interpreting this Warrant.

          13. Amendments and Waivers; Resolutions of Dispute; Notice. The amendment or waiver
of any term of this Warrant, the resolution of any controversy or claim arising out of or relating
to this Warrant and the provision of notice shall be conducted pursuant to the terms of the
Subscription Agreement.

          14. Severability. If any provision of this Warrant is held to be unenforceable under
applicable law, such provision shall be excluded from this Warrant and the balance of the Warrant
shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms.

[Remainder of Page Left Intentionally Blank.]

-6-

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its authorized
officer and dated as of the date stated above.

	 	 	 	 	 
	 	BIOTROVE, INC.

 	 
	 	By  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

-7-

 

NOTICE OF EXERCISE

BioTrove, Inc.

Attention: Corporate Secretary

          The undersigned hereby elects to purchase, pursuant to the provisions of the Warrant, as
follows:

	 	 	               	
                       Warrant Shares pursuant to the terms of the
attached Warrant, and tenders herewith payment in cash of the Warrant Exercise
Price of such Warrant Shares in full, together with all applicable transfer
taxes, if any.
	 
	 	 	            	Cashless Exercise the attached Warrant with respect to
                     Warrant Shares.

          The undersigned hereby represents and warrants that Representations and Warranties in Section
6 of the Subscription Agreement are true and correct as of the date hereof.

	 	 	 	 	 
	 	HOLDER:

 	 
	Date: ___________________ 	By:  	 	 
	 	 
	 
	 	Address:  	                                       	 
	 	  	
 	 
	 	  	
 	 
	 	 	 	 
	 	 	 	 
	 

	 	 	 	 	 
	Name in which shares should be registered:

 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

	 	 	 	 	 

ASSIGNMENT FORM

(To assign the foregoing Warrant,
execute
this form and supply
 required
information. Do not use
this form to
purchase shares.)

     For Value Received, the foregoing Warrant and all rights evidenced thereby are hereby
assigned to

Name:                                                                    
                                                                           
                                                        

(Please Print)

Address:                                                                  
                                                                             
                                                          

(Please Print)

Dated:
                                                   

Holder’s

Signature:                                                             

Holder’s

Address:                                                             

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the
face of the Warrant. Officers of corporations and those acting in a fiduciary or other
representative capacity should provide proper evidence of authority to assign the foregoing
Warrant.

 

 

Schedule
of Outstanding Warrant Holders

	 	 	 
	Name of Holder	 	Shares
	Biotechonomy Ventures, LLC
	 	3,063
	Boscolo Intervest Limited
	 	133,752
	Caleb Winder
	 	340
	CB Healthcare Fund II, L.P.
	 	54,573
	CB-AH Parallel Fund II, L.P.
	 	8,846
	CHTP/BTRV Associates, LLC
	 	154,049
	Colin Brenan
	 	1,217
	D. Gideon Searle
	 	22,334
	Echelon Ventures, L.P.
	 	7,314
	Echelon Ventures Special Limited Partners I, L.P.
	 	5,083
	Fletcher Spaght Ventures, L.P.
	 	27,981
	Fletcher Spaght Venture Partners, L.P.
	 	195
	Vox Equity Partners, L.P.
	 	9,910
	Lewis Wharf Partners
	 	4,429exv4w5

 

Exhibit 4.5

SERIES A-1 PREFERRED WARRANT

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR PURSUANT TO SECURITIES OR
“BLUE SKY” LAWS OF ANY STATE. SUCH SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED,
PLEDGED, HYPOTHICATED OR OTHERWISE ASSIGNED, EXCEPT (i) PURSUANT TO A REGISTRATION
STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER. SUCH ACT, (ii) PURSUANT
TO RULE 144 UNDER SUCH ACT, OR (iii) UPON THE FURNISHING OF AN OPINION OF COUNSEL (OR OTHER
EVIDENCE) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH TRANSACTION IS NOT REQUIRED TO
BE REGISTERED UNDER SUCH ACT OR ANY APPLICABLE “BLUE SKY” LAWS.

WARRANT TO PURCHASE UP TO [_____] SHARES OF SERIES A-1 PREFERRED STOCK OF BIOTROVE, INC.

			
	 	 	 
	Date of Issuance:
	 	Certificate No. W-[___]
	Void after:
	 	Number of Shares [___] (subject to vesting and adjustment)

THIS WARRANT CERTIFIES THAT, for value received, Oxford Finance Corporation, (“Holder") is entitled
to subscribe for and purchase up to [                    ] [(                    )] shares of the fully paid and nonassessable
Series A-1 Preferred Stock (the “Shares") of BioTrove, Inc., a Delaware corporation (the
“Company"), at the Warrant Price (as hereinafter defined), subject to the vesting provisions set
forth below and to the provisions and upon the terms and conditions hereinafter set forth. As used
herein, the term “Series A-1 Preferred Stock” shall mean the Company’s presently authorized Series
A-1 Preferred Stock, $0.01 par value per. As used herein, the term “Common Stock” shall mean the
Company’s presently authorized Common Stock, $0.01 par value per share and any stock into which
such Common Stock may hereafter be exchanged. From and after any event in which all of the
outstanding shares of Series A-1 Preferred Stock are converted into shares of Common Stock (a
“Conversion Event"), this Warrant shall be exercisable for that number of shares of Common Stock
into which the shares of Series A-1 Preferred Stock issuable hereunder were convertible into
immediately prior to such event.

1. Warrant Price and Vesting. The Warrant Price shall initially be two dollars and
sixty-two cents ($2.62) per Share, subject to adjustment as provided in Section 7 below.
The Shares are subject to vesting as set forth in this Section 1. Holder may only exercise this
Warrant for Vested Shares. The “Vested Shares” shall mean all Shares which have vested and are not
Unvested Shares. “Unvested Shares” shall mean [___] Shares upon the execution of this Warrant,
provided that, for every $87.34 borrowed by the Company from Holder pursuant to certain Promissory
Notes to Master Security Agreement No. 3081019 issued by the Company from time to time, one
Unvested Share shall become a Vested Share.

2. Conditions to Exercise. Subject to the terms and conditions hereof, Vested Shares
represented by this Warrant may be exercised at any time, or from time to time, in whole or in part
during the term commencing on the date hereof and ending on the earlier of:

	 	(a)	 	5:00 P.M. Eastern Standard time on the fifth annual anniversary of the Date of
Issuance;

 

 

SERIES A-1 PREFERRED WARRANT

	 	(b)	 	The closing of the initial public offering of the Company’s Common Stock
pursuant to a registration statement under the Securities Act of 1933, as amended (an
“Initial Public Offering”). The Company shall provide notice of an Initial
Public Offering to Holder at least 30 days prior to the closing thereof; and
	 
	 	(c)	 	The effective date of (i) the merger of the Company with or into another corporation or entity
as a result of which all of shares of the capital stock of the Company (other than shares held by
the acquiring entity) are converted into or exchanged for the right to receive cash, securities or
other property, (ii) the consolidation of the Company with or into another
corporation or entity as a result of which all of shares of the capital stock of the
Company (other than shares held by the acquiring entity) are converted into or
exchanged for the right to receive cash, securities or other property, or (iii) the
sale by the Company of all or substantially all of its assets another unrelated
corporation or other entity which is not controlled by the Company or (iv) upon any
exchange of all shares of capital stock for cash, securities or other property
pursuant to a statutory share exchange transaction. (collectively a “Change of
Control”). The Company shall notify Holder of the proposed effective date of the
Change of Control at least 20 days prior to the effectiveness thereof. For purposes of
this Section 2(c), “Change of Control” shall not include (A) a recapitalization of the
Company or (B) a merger effected exclusively to change the domicile of the Company.

In the event that, although the Company shall have given notice of a transaction pursuant to
subparagraph (b) or subparagraph (c) hereof, the transaction does not close within 90 days of the
day specified by the Company, Holder may elect to rescind the exercise of this Warrant and the
Warrant shall again be exercisable until exercised or terminated in accordance with this
Section 2; provided that Holder notifies the Company of its desire to
rescind its exercise of the Warrant within 10 days of notification by the Company that such
transaction did not close within 90 days.

3. Method of Exercise; Payment; Issuance of Shares: Issuance of New Warrant.

	 	(a)	 	Cash Exercise. Subject to Section 2 hereof, the Vested
Shares represented by this Warrant may be exercised by Holder, in whole or in part
(subject to Section 3(c) below), by the surrender of this Warrant (with a duly
executed Notice of Exercise in the form attached hereto as Exhibit A) at the
principal office of the Company (as set forth in Section 18 below) and by
payment to the Company, by cash, certified check or wire transfer, of an amount equal
to the then applicable Warrant Price per Share multiplied by the number of Vested
Shares then being purchased. In the event of any exercise of the Vested Shares
represented by this Warrant, certificates for the Vested Shares so purchased shall be
in the name of, and delivered to, Holder, or as such Holder may direct (subject to
the terms of transfer contained herein and upon payment by such Holder hereof of any
applicable transfer taxes). Such delivery shall be made within 10 days after exercise
of this Warrant and at the Company’s expense and, unless this Warrant has been fully
exercised or expired, a new warrant having terms and conditions substantially
identical to this Warrant and representing the portion of the Shares, if any, with
respect to which this Warrant shall not have been exercised, shall also be issued to
Holder within 10 days after exercise of this Warrant.
	 
	 	(b)	 	Net Issue Exercise. In lieu of exercising this Warrant pursuant to
Section 3(a), Holder may elect

 

 

SERIES A-1 PREFERRED WARRANT

	 	 	 	to receive Vested Shares equal to the value of the Vested Shares (or of any portion
thereof remaining unexercised) by surrender of this Warrant at the principal office
of the Company together with a duly executed Notice of Exercise in the form attached
hereto as Exhibit A, in which event the Company shall issue to Holder the
number of Vested Shares computed using the following formula:
	 
	 	 	 	X=Y(A-B)

       A
	 
	 	 	 	Where X = the number of Shares to be issued to Holder.
	 
	 	 	 	Where Y = the number of Vested Shares purchasable under this Warrant (at the date
of such calculation).
	 
	 	 	 	Where A = the Fair Market Value (as defined below) of one Share (at the date of
such calculation).
	 
	 	 	 	Where B = Warrant Price (as adjusted to the date of such calculation).

	 	(c)	 	Notwithstanding the foregoing, Holder may only exercise this Warrant in part
so long as Holder purchases at least 50% of the Vested Shares represented by this
Warrant.
	 
	 	(d)	 	Fair Market Value. After a Conversion Event, the Fair Market Value
per Share shall equal the fair market value of a share of Common Stock and, prior to
a Conversion Event, the Fair Market Value per Share shall equal the Fair Market Value
of the number of shares of Common Stock into which the Share is convertible. For
purposes of this Section 3, the Fair Market Value of one share of Common
Stock shall be determined as follows:

(i) In the event of an exercise in connection with an Initial Public Offering,
the Fair Market Value per share of Common Stock shall be the offering price at
which the underwriters initially sell Common Stock to the public;

(ii) In the event of an exercise in connection with a Change of Control, the
Fair Market Value per share of Common Stock shall be the value to be received
per share of Common Stock by all holders of Common Stock in such Change of
Control as determined by the Board of Directors; or

(iii) In the event of an exercise other than in connection with an Initial
Public Offering or Change of Control, the Fair Market Value per share of Common
Stock shall be as determined in good faith by the Company’s Board of Directors.
Notwithstanding the foregoing, Holder may challenge the Board of Directors
determination of the Fair Market Value and elect to have such Fair Market Value
determined by an appraiser, which election must be made by Holder within ten
(10) business days of the date the Company notifies Holder of the Fair Market
Value as determined by its Board of Directors. In the event of such an
appraisal, the cost thereof shall be borne by Holder unless such appraisal

 

 

SERIES A-1 PREFERRED WARRANT

results in a Fair Market Value in excess of 125% of that determined by the
Company’s Board of Directors, in which event the Company shall bear the cost of
such appraisal.

4. Representations and Warranties of Holder and Restrictions on Transfer Imposed by the
Securities Act of 1933.

	 	(a)	 	Representations and Warranties by Holder. Holder represents and
warrants to the Company with respect to this purchase as follows:

(i) Authorization. Holder has full power and authority to execute,
deliver and perform this Warrant. This Warrant constitutes the valid and
legally binding obligation of Holder, enforceable against Holder in accordance
with its terms.

(ii) Purchase Entirely for Own Account. The Warrant is acquired and the
Shares will be acquired for investment for Holder’s own account and not with a
view to the distribution of any part thereof. Holder does not have any
contract, undertaking, agreement or arrangement with any person or entity to
sell, transfer, or grant participations to such person or entity or to any
third party, with respect to this Warrant or any of the Shares received upon
exercise of this Warrant.

(iii) Accredited Investor. Holder understands the term “accredited investor” as used in
Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities
Act”) and Holder is an “accredited investor” as that term is defined in Rule
501 of Regulation D promulgated under the Securities Act.

(iv) Restricted Securities. Holder understands that the Shares may not
be sold, transferred, or otherwise disposed of without registration under the
Securities Act, or an exemption therefrom, and that in the absence of an
effective registration statement covering the Shares or an available exemption
from registration under the Securities Act, the Shares must be held
indefinitely. In the absence of an effective registration statement covering
the Shares, Holder will sell, transfer, or otherwise dispose of the Shares only
in a manner consistent with its representations and agreements set forth
herein. Holder further understands that such exemption depends upon, among
other things, the bona fide nature of Holder’s investment intent expressed
herein.

(v) Experience. Holder has such knowledge and experience in financial
and business matters and in making high risk investments of this type that it is
capable of evaluating the merits and risks of the purchase of the Shares and is
capable of protecting its interest in connection with this transaction. Holder
is capable of protecting its interest in connection with this Warrant. Holder
is able to bear the economic risk of such investment, including a complete loss
of investment.

(vi) Receipt of Information. Holder has been furnished access to the
business records of the Company and such additional information and documents
as Holder has requested and has been afforded an opportunity to ask questions
of and receive answers from representatives of the Company concerning the terms
and conditions of this Warrant, the

 

 

SERIES A-1 PREFERRED WARRANT

purchase of the Shares upon exercise of the Warrant, the Company’s business,
operations, market potential, capitalization, financial condition and
prospects, and all other matters deemed relevant by Holder.

(vii) Holder Address. Holder certifies its primary business address is
as set forth in the notice provision of Section 18 of this Warrant.

	 	(b)	 	Legends. Each certificate representing the Shares shall be endorsed
with substantially the following legend:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR PURSUANT TO SECURITIES OR
“BLUE SKY” LAWS OF ANY STATE. SUCH SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE ASSIGNED, EXCEPT (i)
PURSUANT TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH
IS EFFECTIVE UNDER SUCH ACT, (ii) PURSUANT TO RULE 144 UNDER SUCH ACT, OR
(iii) UPON THE FURNISHING OF AN OPINION OF COUNSEL (OR OTHER EVIDENCE)
REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH TRANSACTION IS NOT
REQUIRED TO BE REGISTERED UNDER SUCH ACT OR ANY APPLICABLE “BLUE SKY” LAWS.

The Company need not enter into its stock register a transfer of Shares unless the
conditions specified in the foregoing legend are satisfied. The Company may also instruct
its transfer agent not to register the transfer of any of the Shares unless the conditions
specified in the foregoing legend are satisfied.

	 	(c)	 	Removal of Legend and Transfer Restrictions. The legend relating to
the Securities Act endorsed on a certificate pursuant to Section 4(b) of this
Warrant and the stop transfer instructions with respect to the Shares represented by
such certificate shall be removed and the Company shall issue a certificate without
such legend to the holder of the Shares if (i) the Shares are registered under the
Securities Act and a prospectus meeting the requirements of Section 10 of the
Securities Act is available or (ii) Holder provides to the Company an opinion of
counsel for Holder reasonably satisfactory to the Company that public sale, transfer
or assignment of the Shares may be made without registration and without compliance
with any restriction such as Rule 144.

5. Condition of Transfer or Exercise of Warrant. This Warrant and the Shares (other than a
transfer registered under the Securities Act) shall not be sold or transferred without the consent
of the Company. In the event the Company consents to such a transfer, it shall be a condition to
any transfer or exercise of this Warrant that at the time of such transfer or exercise, Holder
shall provide the Company with a representation in writing that Holder or transferee is acquiring
this Warrant and the Shares to be issued upon exercise, for investment purposes only and not with a
view to any sale or distribution, and will provide the Company with a statement of pertinent facts
covering any proposed distribution. As a further condition to any transfer of this Warrant or any
or all of the Shares issuable upon exercise of this Warrant, other than a transfer registered under
the Securities Act,

 

 

SERIES A-1 PREFERRED WARRANT

the Company must have received a legal opinion, in form and substance satisfactory to the Company
and its counsel, reciting the pertinent circumstances surrounding the proposed transfer and stating
that such transfer is exempt from the registration and prospectus delivery requirements of the
Securities Act. Each certificate evidencing the Shares issued upon exercise of the Warrant or upon
any transfer of the Shares (other than a transfer registered under the Securities Act or any
subsequent transfer of Shares so registered) shall, at the Company’s option, contain a legend in
form and substance satisfactory to the Company and its counsel, restricting the transfer of the
Shares to sales or other dispositions exempt from the requirements of the Securities Act.

As further condition to each transfer, Holder shall surrender this Warrant to the Company and the
transferee shall receive and accept a warrant, of like tenor and date, executed by the Company.

6. Stock Fully Paid: Reservation of Shares. All Shares, which may be issued upon the
exercise of the rights represented by this Warrant, will, upon issuance and payment of the total
Warrant Price, be fully paid and nonassessable, and free from all taxes, liens, and charges with
respect to the issue thereof. During the period within which the Shares represented by this Warrant
may be exercised, the Company will at all times have authorized and reserved for issuance upon
exercise of the Shares evidenced by this Warrant, a sufficient number of shares of its Series A-1
Preferred Stock and Common Stock to provide for the exercise of the Shares represented by this
Warrant.

7. Adjustment for Certain Events. After a Conversion Event, in the event of changes in the
Common Stock by reason of stock splits, recapitalizations, reclassifications, reorganizations, or
the like, the number and class of shares available under the Warrant in the aggregate and the
Warrant Price shall be correspondingly adjusted, as appropriate, by the Board of Directors of the
Company.

8. Notice of Adjustments. Whenever any Warrant Price shall be adjusted pursuant to
Section 7 hereof, the Company shall prepare a certificate signed by an officer of the
Company setting forth, in reasonable detail, the event requiring the adjustment, the amount of the
adjustment, the method by which such adjustment was calculated, the Warrant Price and number of
shares issuable upon exercise of this Warrant after giving effect to such adjustment, and shall
cause copies of such certificate to be mailed within thirty (30) days of such adjustment to Holder
as set forth in Section 18 hereof.

9. Lock-up Agreement. If requested by the Company and the managing underwriter, Holder
agrees to enter into a lock-up agreement (the “Lock-up Agreement”) pursuant to which it
will not, for a period of no more than 180 days following the effective date of the first
registration statement of the Company’s Initial Public Offering, offer, sell or otherwise dispose
of the Shares or any other equity securities of the Company held. The Lock-up Agreement shall
provide that the provisions thereof may be waived with the consent of the Company and the managing
underwriter.

10. Transferability of Warrant. This Warrant is not transferable without the written
consent of the Company.

11. No Fractional Shares. No fractional share of Series A-1 Preferred Stock or Common
Stock, as the case may be, will be issued in connection with any exercise hereunder, but in lieu
of such fractional share the Company shall make a cash payment therefor upon the basis of the
Warrant Price then in effect.

 

 

SERIES A-1 PREFERRED WARRANT

12. Charges, Taxes and Expenses. Issuance of certificates for shares of Series A-1
Preferred Stock or Common Stock, as the case may be, upon the exercise of this Warrant shall be
made without charge to Holder for any United States or state of the United States documentary
stamp tax or other incidental expense within respect to 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 Holder.

13. No Stockholder Rights Until Exercise. Until the exercise of this Warrant, Holder shall
not have or exercise any rights by virtue hereof as a stockholder of the Company.

14. Registry of Warrant. The Company shall maintain a registry showing the name and
address of the registered Holder of this Warrant. This Warrant may be surrendered for exchange or
exercise, in accordance with its terms, at such office or agency of the Company, and the Company
and Holder shall be entitled to rely in all respects, prior to written notice to the contrary,
upon such registry.

15. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of
evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and, in the case of loss, theft, or destruction, of indemnity reasonably satisfactory to
it, and, if mutilated, upon surrender and cancellation of this Warrant, the Company will execute
and deliver a new Warrant, having terms and conditions substantially identical to this Warrant, in
lieu hereof.

16. Miscellaneous.

	 	(a)	 	Date of Issuance. The provisions of this Warrant shall be construed
and shall be given effect in all respect as if it had been issued and delivered by
the Company on the Date of Issuance.
	 
	 	(b)	 	Successors. This Warrant shall be binding upon any successors or assigns of the
Company.
	 
	 	(c)	 	Governing Law. In all respects, including all matters of
construction, validity and performance, this Warrant and the obligations arising
hereunder shall be governed by, and construed and enforced in accordance with, the
laws of the State of Delaware applicable to contracts made and performed in the State
of Delaware, without regard to provisions regarding choice or conflict of laws.
	 
	 	(d)	 	Headings. The headings used in this Warrant are used for convenience
only and are not to be considered in construing or interpreting this Warrant.
	 
	 	(e)	 	Saturdays. Sundays. Holidays. If the last or appointed day for the
taking of any action or the expiration of any right required or granted herein shall
be a Saturday or a Sunday or shall be a legal holiday in the Commonwealth of Virginia
or the Commonwealth of Massachusetts, then such action may be taken or such right may
be exercised on the next succeeding day not a, Saturday, Sunday or legal holiday.
	 
	 	(f)	 	Counterparts. This Warrant may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same agreement. This warrant may be executed by facsimile
signature.

 

 

SERIES A-1 PREFERRED WARRANT

	 	(g)	 	Amendments. Any term if this Warrant may be amended or waived only by
an instrument in writing signed by the party against which enforcement of the change
or waiver is sought. No waivers of any term, condition or provisions of this Warrant,
in any one or more instances, shall be deemed to be, or construed as, a further or
continuing waiver of any such term, condition or provision.

17. No Impairment. The Company will not, by amendment of its Articles of Incorporation 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 action as may be necessary or appropriate in order to protect
the rights of Holder hereof against impairment.

18. Addresses. All notices, requests, consents and demands shall be in writing and shall be
personally delivered (effective upon receipt), mailed, postage prepaid (effective three business
days after dispatch), telecopied or telegraphed (effective upon receipt of the telecopy in
complete, readable form), or sent via a reputable overnight courier service (effective the
following business day), addressed as set forth below, or at such other address as the Company or
Holder hereof shall have furnished to the other party.

	 	 	 
	If to the Company before March 28, 2003:

	 	BioTrove, Inc.
	 

	 	620 Memorial Drive
	 

	 	Cambridge, Massachusetts 02139
	 

	 	Attn: Dr. Colin Brenan, President
	 

	 	Fax number: (617) 551-3401
	 
	 	 
	If to the Company on or after March 28, 2003:

	 	BioTrove, Inc.
	 

	 	12 Gill Street
	 

	 	Suite 4000
	 

	 	Woburn, Massachusetts 01801
	 

	 	Fax number: 781-721-3601

With a copy sent at the same time and by the same means to:

	 	 	 
	 

	 	Jonathan M. Lourie, Esq.

Edwards & Angell, LLP
	 

	 	101 Federal Street
	 

	 	Boston, Massachusetts 02110
	 

	 	Fax number: (617) 439-4170
	 
	 	 
	If to Holder:

	 	Oxford Finance Corporation
 133 N. Fairfax Street
	 

	 	Alexandria, VA 22314
	 

	 	Attn: J. Alden Philbrick

[Remainder of page intentionally left blank]

 

 

SERIES A-1 PREFERRED WARRANT

IN WITNESS WHEREOF BioTrove, Inc. has caused this Warrant to be executed by its Chief Financial
Officer thereunto duly authorized.

	 	 	 	 	 
	 	 	 
	By:  	
 	 	 
	 	Name:  	Robert Stoddard 	 	 
	 	Title:  	Chief Financial Officer 	 	 

 

 

	 	 	 	 	 

SERIES
A-1 PREFERRED WARRANT

IN WITNESS WHEREOF, Oxford Finance Corporation has caused this Warrant to be executed by its CFO
thereunto duly authorized.

	 	 	 	 	 
	 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

 

 

	 	 	 	 	 

SERIES
A-1 PREFERRED WARRANT

NOTICE OF EXERCISE

			
	TO:	 	Dr. Colin Brenan

BioTrove, Inc.

12 Gill Street

Suite 4000

Woburn, Massachusetts 01801

1. The undersigned, Oxford Finance Corporation (“Holder”) elects to acquire shares of BioTrove,
Inc. (the “Company”), pursuant to the terms of the Warrant dated                     , 2003, (the “Warrant”).

2. The Holder exercises its rights under the Warrant as set forth below:

	 	o	 	The Holder elects to purchase
                     shares of                      as provided in Sections 3(a)
and (c) and tenders herewith a check in the amount of $                     as payment of aggregate
Warrant Price.
	 
	 	o	 	The Holder elects to convert the Vested Shares into shares of                      as provided in
Sections 3(b) and (c) of the Warrant.

3. The Holder surrenders the Warrant with this Notice of Exercise.

4. The Holder represents, warrants and confirms that all of the representations and warranties of
Holder set forth in Section 4 of the Warrant are true and correct in all respects as of the date
of this Notice of Exercise.

5. Please issue a certificate representing the shares of                      in the name of Holder as specified below:

	 	 	 	 	 
	 	 	 
	 	     Name:  	 	 	 
	 	     Address:  	 	 	 
	 	     Taxpayer I.D.:  	 	 	 

Oxford Finance Corporation

	 	 	 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 	Date:  	 	 	 

 

 

Schedule
of Outstanding Warrants

	 	 	 
	 	 	 
	Shares	 	Expiration Date
	 	 	 
	17,176	 	March 24, 2008
	22,418	 	November 9, 2009; the closing of an initial
public offering or a change of control

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]