Document:

THE
WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES THAT MAY BE ISSUED
UPON EXERCISE OF THE WARRANTS HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN
ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED
OR SOLD 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.

     

    

     

    Lightyear
Network Solutions, Inc.

    

    STOCK PURCHASE
WARRANT

     

    
      	Warrant
      No. 	

              Original
      Date of Issuance: [DATE]

            

    

     

    Lightyear
Network Solutions, Inc., a Nevada corporation (the “Company”), hereby certifies
that, for value received, [INVESTOR NAME] or his registered assigns (the “Holder”), is entitled to
purchase from the Company up to a total of [NO. SHARES] shares of common stock,
$0.001 par value per share (the “Common Stock”), of the Company
(each such share, a “Warrant
Share” and all such shares issuable under the warrants, the “Warrant Shares”) at an
exercise price equal to $[4.00] per share (as adjusted from time to time as
provided in Section 9, the “Exercise Price”), at any time
and from the date hereof and through and including the date that is five (5)
years from the date of issuance hereof (the “Expiration Date”), and subject
to the following terms and conditions.  All such warrants are referred
to herein, collectively, as the “Warrants” and the holders
thereof along with the Holder named herein, the “Holders.”

     

    The
Holder acknowledges and agrees that, at any time after the Weighted Average
Price (as defined below) of shares of the Common Stock of the Company is not
less than 200% of the Exercise Price (as adjusted pursuant to Section 9, below)
for twenty (20) consecutive Trading Days, the Company may either:  (a)
require the Holder to exercise this Warrant for the full number of Warrant
Shares (as set forth in Section 10) or (b) repurchase and redeem this Warrant
from the Holder upon payment to the Holder of an amount equal to the Exercise
Price (as adjusted pursuant to Section 9, below), at which time this Warrant and
the rights thereunder shall be canceled and extinguished.

     

    1.           Definitions.  In
addition to the terms defined elsewhere in this Warrant, capitalized terms that
are not otherwise defined shall have the meaning given them in the Subscription
Agreement between the Company and the Holder.

     

    2.           Registration of
Warrant.  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 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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    3.           Registration of
Transfers.  The Company shall register the transfer of any
portion of this Warrant in the Warrant Register, upon surrender of this Warrant,
with the Form of Assignment attached hereto duly completed and signed, to the
Company’s transfer agent or to the Company at its address specified
herein.  Upon any such registration or transfer, a new warrant to
purchase Common Stock, in substantially the form of this Warrant (any such new
warrant, a “New
Warrant”), evidencing the portion of this Warrant so transferred shall be
issued to the transferee and a New Warrant evidencing the remaining portion of
this Warrant not so transferred, if any, shall be issued to the transferring
Holder.  The acceptance of the New Warrant by the transferee thereof
shall be deemed the acceptance by such transferee of all of the rights and
obligations of a holder of a Warrant.

     

    
      	
            	
              4. 

            	
              Exercise and Duration
      of Warrants.

            

    

     

    (a)           This
Warrant shall be exercisable by the registered Holder at any time and from time
to time on or after the date hereof to and including the Expiration
Date.  At 6:30 P.M., New York City time on the Expiration Date, the
portion of this Warrant not exercised prior thereto shall be and become void and
of no value.

     

    (b)           A
Holder may exercise this Warrant by delivering to the Company (i) an exercise
notice, in the form attached hereto (the “Exercise Notice”),
appropriately completed and duly signed, and (ii) payment of the Exercise Price
for the number of Warrant Shares as to which this Warrant is being exercised
(which may take the form of a
“cashless exercise” if so indicated in the Exercise Notice only if a “cashless
exercise” may occur at such time pursuant to Section 10 below), and the
date such items are delivered to the Company (as determined in accordance with
the notice provisions hereof) is an “Exercise Date.”  The
Holder shall not be required to deliver the original Warrant in order to effect
an exercise hereunder.  Execution and delivery of the Exercise Notice
shall have the same effect as cancellation of the original Warrant and issuance
of a New Warrant evidencing the right to purchase the remaining number of
Warrant Shares.

     

    (c)           Exercise
Disputes.  In the case of any dispute with respect to the
number of shares to be issued upon exercise of this Warrant, the Company shall
promptly issue such number of shares of Common Stock that is not disputed and
shall submit the disputed determinations or arithmetic calculations to the
Holder via fax (or, if the Holder has not provided the Company with a fax
number, by overnight courier) within two (2) Business Days of receipt of the
Holder’s election to purchase Warrant Shares.  If the Holder and the
Company are unable to agree as to the determination of the Purchase Price within
two (2) Business Days of such disputed determination or arithmetic calculation
being submitted to the Holder, then the Company shall in accordance with this
Section, submit via facsimile the disputed determination to an independent
reputable accounting firm of national standing, selected jointly by the Company
and the Holder.  The Company shall cause such accounting firm to
perform the determinations or calculations and notify the Company and the Holder
of the results as promptly as possible from the time it receives the disputed
determinations of calculations.  Such accounting firm’s determination
shall be binding upon all parties absent manifest error.  The Company
shall then on the next Business Day issue certificate(s) representing the
appropriate number of Warrant Shares of Common Stock in accordance with such
accounting firm’s determination and this Section.  The prevailing
party shall be entitled to reimbursement of all fees and expenses of such
determination and calculation.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    
      	
            	
              5. 

            	
              Delivery of Warrant
      Shares.

            

    

     

    (a)           Upon
exercise of this Warrant, the Company shall promptly (but in no event later than
five Trading Days after the Exercise Date) issue or cause to be issued and cause
to be delivered to or upon the written order of the Holder and in such name or
names as the Holder may designate, a certificate for the Warrant Shares to which
the Holder is entitled upon such exercise, free of restrictive legends unless a
registration statement covering the resale of the Warrant Shares and naming the
Holder as a selling stockholder thereunder is not then effective or the Warrant
Shares are not freely transferable pursuant to Rule 144 under the Securities Act
of 1933, as amended.  The Company shall, upon request of the Holder,
use its best efforts to deliver Warrant Shares hereunder electronically through
the Depository Trust Corporation or another established clearing corporation
performing similar functions.  For the purposes hereof, the term
“Trading Day” means (a) any day on which the Common Stock is listed or
quoted and traded on its primary trading market, (b) if the Common Stock is
not then listed or quoted and traded on any trading market, then a day on which
trading occurs on the Nasdaq Global Market (or any successor thereto), or
(c) if trading ceases to occur on the Nasdaq Global Market (or any
successor thereto), any Business Day.

     

    (b)           This
Warrant is exercisable, either in its entirety or, from time to time, for a
portion of the number of Warrant Shares.  Upon surrender of this
Warrant following one or more partial exercises, the Company shall issue or
cause to be issued, at its expense, a New Warrant evidencing the right to
purchase the remaining number of Warrant Shares.

     

    (c)           The
Company’s obligations to issue and deliver Warrant Shares in accordance with the
terms hereof are absolute and unconditional, irrespective of any action or
inaction by the Holder to enforce the same, any waiver or consent with respect
to any provision hereof, the recovery of any judgment against any Person or any
action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination, or any breach or alleged breach by the Holder or any other
Person of any obligation to the Company or any violation or alleged violation of
law by the Holder or any other Person, and irrespective of any other
circumstance which might otherwise limit such obligation of the Company to the
Holder in connection with the issuance of Warrant Shares.  Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it
hereunder, at law or in equity including, without limitation, a decree of
specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver certificates representing shares of Common Stock upon
exercise of the Warrant  as required pursuant to the terms
hereof.

     

    6.           Charges, Taxes and
Expenses.  Issuance and delivery of certificates for shares of
Common Stock upon exercise of this Warrant shall be made without charge to the
Holder for any issue or transfer tax, withholding tax, transfer agent fee or
other incidental tax or expense in respect of the issuance of such certificates,
all of which taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the registration of any certificates for
Warrant Shares or Warrants in a name other than that of the
Holder.  The Holder shall be responsible for all other tax liability
that may arise as a result of holding or transferring this Warrant or receiving
Warrant Shares upon exercise hereof.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    7.           Replacement of
Warrant.  If this Warrant is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation hereof, or in lieu of and substitution
for this Warrant, a New Warrant, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction and customary and
reasonable bond or indemnity, if requested.  Applicants for a New
Warrant under such circumstances shall also comply with such other reasonable
regulations and procedures and pay such other reasonable third-party costs as
the Company may prescribe.

     

    8.           Reservation of Warrant
Shares.  The Company covenants that it will at all times
reserve and keep available out of the aggregate of its authorized but unissued
and otherwise unreserved Common Stock, solely for the purpose of enabling it to
issue Warrant Shares upon exercise of this Warrant as herein provided, 100% of
the number of Warrant Shares which are then issuable and deliverable upon the
exercise of this entire Warrant, free from preemptive rights or any other
contingent purchase rights of persons other than the Holder (after giving effect
to the adjustments and restrictions of Section 9, if any).
The Company covenants that all Warrant Shares so issuable and deliverable shall,
upon issuance and the payment of the applicable Exercise Price in accordance
with the terms hereof, be duly and validly authorized, issued and fully paid and
nonassessable.  The Company will take all such action as may be
necessary to assure that such shares of Common Stock may be issued as provided
herein without violation of any applicable law or regulation, or of any
requirements of any securities exchange or automated quotation system upon which
the Common Stock may be listed.

     

    9.           Certain
Adjustments.  The Exercise Price and number of Warrant Shares
issuable upon exercise of this Warrant are subject to adjustment from time to
time as set forth in this Section
9.

     

    (a)           Stock Dividends and
Splits.  If the Company, at any time while this Warrant is
outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a
distribution on any class of capital stock that is payable in shares of Common
Stock, (ii) subdivides outstanding shares of Common Stock into a larger number
of shares, or (iii) combines outstanding shares of Common Stock into a smaller
number of shares, then in each such case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common
Stock outstanding immediately before such event and of which the denominator
shall be the number of shares of Common Stock outstanding immediately after such
event.  Any adjustment made pursuant to clause (i) of this paragraph
shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution, and any
adjustment pursuant to clause (ii) or (iii) of this paragraph shall become
effective immediately after the effective date of such subdivision or
combination.

     

    
       

      (b)           Distributions Made Prior to
Exercise.  If the Company, at any time while this Warrant is
outstanding, distributes to all of the holders of Common Stock (i) evidences of
its indebtedness, (ii) any security (other than a distribution of Common Stock
covered by Section 9(a)), (iii) rights or warrants to subscribe for or purchase
any security, or (iv) any other asset (in each case, a “Distribution”), then in each
such case any Exercise Price in effect immediately prior to the close of
business on the record date fixed for the determination of holders of Common
Stock entitled to receive the Distribution shall be reduced, effective as of the
close of business on such record date, to a price determined by multiplying such
Exercise Price by a fraction of which (i) the numerator shall be the Weighted
Average Price1 of the
Common Stock on the Trading Day immediately preceding such record date minus the
value of the Distribution (as determined in good faith by the Company’s Board of
Directors) applicable to one share of Common Stock, and (ii) the denominator
shall be the Weighted Average Price of the Common Stock on the Trading Day
immediately preceding such record date.

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (c)           Notwithstanding
the provisions set forth in Section 9(b) above,
if the Company, at any time while this Warrant is outstanding, makes a
Distribution to the holders of Common Stock, then in each such case the Holder
shall have the option to receive such Distribution which would have been made to
the Holder had such Holder been the holder of such Warrant Shares on the record
date for the determination of stockholders entitled to such Distribution;
provided, however, if the Holder elects to receive such Distribution, it will
not be entitled to receive the adjustment to the Exercise Price specified in
clause (b) above.

     

    (d)           Fundamental
Transactions.  If, at any time during the term of this Warrant,
(i) the Company effects any merger or consolidation of the Company with or into
(whether or not the Company is the surviving corporation) another Person, (ii)
the Company effects any sale, assignment, transfer, conveyance or other
disposition of all or substantially all of its assets in one or a series of
related transactions; provided, however, that for avoidance of doubt, the
granting of a lien on all or substantially all of the Company’s assets as
collateral shall not be deemed a Fundamental Transaction hereunder, (iii) allow
another Person to make a purchase, tender or exchange offer that is accepted by
the holders of more than the 50% of either the outstanding shares of Common
Stock (not including any shares of Common Stock held by the Person or Persons
making or party to, or associated or affiliated with the Persons making or party
to, such purchase, tender or exchange offer), (iv) consummate a stock 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 the 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 purchase
agreement or other business combination), or (v) the Company effects any
reclassification 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 (other than as a result of a subdivision or
combination of shares of Common Stock covered by Section 9(a) above)
(in any such case, a “Fundamental Transaction”),
then the Holder shall have the right thereafter to receive, upon exercise of
this Warrant, the same amount and kind of securities, cash or property as it
would have been entitled to receive upon the occurrence of such Fundamental
Transaction if it had been, immediately prior to such Fundamental Transaction,
the holder of the number of Warrant Shares then issuable upon exercise in full
of this Warrant (the “Alternate
Consideration”).  The aggregate Exercise Price for this Warrant
will not be affected by any such Fundamental Transaction, but the Company shall
apportion such aggregate 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.  At the Holder’s request, any successor to
the Company or surviving entity in such Fundamental Transaction shall issue to
the Holder a new warrant consistent with the foregoing provisions and evidencing
the Holder’s right to purchase the Alternate Consideration for the aggregate
Exercise Price upon exercise thereof.  The terms of any agreement
pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions
of this paragraph (d) and insuring that the Warrant (or any such replacement
security) will be similarly adjusted upon any subsequent transaction analogous
to a Fundamental Transaction.

     

      
        

      

    

    
      1 “Weighted Average Price” means, for any
security as of any date, the dollar volume-weighted average price for such
security on NASDAQ during the period beginning at 9:30:01 a.m., New York Time
(or such other time as NASDAQ publicly announces is the official open of
trading), and ending at 4:00:00 p.m., New York Time (or such other time as
NASDAQ publicly announces is the official close of trading) as reported by
Bloomberg (means Bloomberg Financial Markets) through its “Volume at Price”
functions, or, if the foregoing does not apply, the dollar volume-weighted
average price of such security in the over-the-counter market on the electronic
bulletin board for such security during the period beginning at 9:30:01 a.m.,
New York Time (or such other time as such Principal Market publicly announces is
the official open of trading), and ending at 4:00:00 p.m., New York Time (or
such other time as such market publicly announces is the official close of
trading) as reported by Bloomberg, if no dollar volume-weighted average price is
reported for such security by Bloomberg for such hours, the average of the
highest closing bid price and the lowest closing ask price of any of the market
makers for such security as reported in the “pink sheets” by Pink Sheets LLC
(formerly the National Quotation Bureau, Inc.).  If the Weighted
Average Price cannot be calculated for a security on a particular date on any of
the foregoing bases, the Weighted Average Price of such security on such date
shall be the fair market value as mutually determined by the Company in good
faith.  All such determinations shall be appropriately adjusted for
any share dividend, share split, share combination or other similar transaction
during the applicable calculation period.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

         

      

    

    (e)           Number of Warrant
Shares.  Simultaneously with any adjustment to the Exercise
Price pursuant to paragraph (a) of this Section, the number of Warrant Shares
that may be purchased upon exercise of this Warrant shall be increased or
decreased proportionately, as applicable, so that after such adjustment the
aggregate Exercise Price payable hereunder for the increased or decreased, as
applicable, number of Warrant Shares shall be the same as the aggregate Exercise
Price in effect immediately prior to such adjustment.

     

    (f)           Calculations.  All
calculations under this Section 9 shall be
made to the nearest cent or the nearest 1/100th of a share, as
applicable.  The number of shares of Common Stock outstanding at any
given time shall not include shares owned or held by or for the account of the
Company, and the disposition of any such shares shall be considered an issue or
sale of Common Stock.

     

    (g)           Notice of
Adjustments.  Upon the occurrence of each adjustment pursuant
to this Section
9, the Company at its expense will promptly compute such adjustment in
accordance with the terms of this Warrant and prepare a certificate setting
forth such adjustment, including a statement of the adjusted Exercise Price and
adjusted number or type of Warrant Shares or other securities issuable upon
exercise of this Warrant (as applicable), describing the transactions giving
rise to such adjustments and showing in detail the facts upon which such
adjustment is based.  Upon written request, the Company will promptly
deliver a copy of each such certificate to the Holder and to the Company’s
Transfer Agent.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    (h)           Notice of Corporate
Events.  If the Company (i) declares a dividend or any other
distribution of cash, securities or other property in respect of its Common
Stock, including without limitation any granting of rights or warrants to
subscribe for or purchase any capital stock of the Company or any Subsidiary,
(ii) authorizes or approves, enters into any agreement contemplating or solicits
stockholder approval for any Fundamental Transaction or (iii) authorizes the
voluntary dissolution, liquidation or winding up of the affairs of the Company,
then the Company shall deliver to the Holder a notice describing the material
terms and conditions of such transaction, at least ten calendar days prior to
the applicable record or effective date on which a Person would need to hold
Common Stock in order to participate in or vote with respect to such
transaction, and the Company will take all steps reasonably necessary in order
to insure that the Holder is given the practical opportunity to exercise this
Warrant prior to such time so as to participate in or vote with respect to such
transaction; provided, however, that the failure to deliver such notice or any
defect therein shall not affect the validity of the corporate action required to
be described in such notice.

     

    10.           Payment of Exercise
Price.  The Holder shall pay the Exercise Price in immediately
available funds (a “cash exercise”); provided, however, that the Holder may
satisfy its obligation to pay the Exercise Price through a “cashless exercise,”
in which event the Company shall issue to the Holder the number of Warrant
Shares determined as follows:

     

    
      	 
      	
              X =
      Y [(A-B)/A]

            
	
              where:

            	 
      
	 
      	
              X =
      the number of Warrant Shares to be issued to the
Holder.

            
	 
      	 
      
	 
      	
              Y =
      the number of Warrant Shares with respect to which this Warrant is being
      exercised (prior to cashless exercise).

            
	 
      	 
      
	 
      	
              A =
      the average of the Closing Prices for the five Trading Days immediately
      prior to (but not including) the Exercise Date.

            
	 
      	 
      
	 
      	
              B =
      the Exercise Price.

            

    

    

    For
purposes of this Section 10, “Closing Prices” for any date, shall mean the
closing price per share of the Common Stock for such date (or the nearest
preceding date) on the primary trading market on which the Common Stock is then
listed or quoted.

     

    11.           Limitation on
Exercise.2  Notwithstanding
anything to the contrary contained herein, the number of shares of Common Stock
that may be acquired by the Holder upon any exercise of this Warrant (or
otherwise in respect hereof) shall be limited to the extent necessary to insure
that, following such exercise (or other issuance), the total number of shares of
Common Stock then beneficially owned by such Holder and its Affiliates and any
other Persons whose beneficial ownership of Common Stock would be aggregated
with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not
exceed 4.999% (the “Maximum
Percentage”) of the total number of issued and outstanding shares of
Common Stock (including for such purpose the shares of Common Stock issuable
upon such exercise).  For such purposes, beneficial ownership shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder.  The Company’s obligation to
issue shares of Common Stock in excess of the limitation referred to in this
Section shall be suspended (and shall not terminate or expire notwithstanding
any contrary provisions hereof) until such time, if any, as such shares of
Common Stock may be issued in compliance with such limitation, but in no event
later than the Expiration Date.  By written notice to the Company, the
Holder may waive the provisions of this Section or increase or decrease the
Maximum Percentage to any other percentage specified in such notice, but (i) any
such waiver or increase will not be effective until the 61st day after such
notice is delivered to the Company, and (ii) any such waiver or increase or
decrease will apply only to the Holder and not to any other holder of
Warrants.

     

      
        

      

      
        2 This provision is
available for Investors, and the percentage may be modified at the Investor’s
request.

         

        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

           

        

      

    

    12.           Fractional
Shares.  The Company shall not be required to issue or cause to
be issued fractional Warrant Shares on the exercise of this
Warrant.  If any fraction of a Warrant Share would, except for the
provisions of this Section, be issuable upon exercise of this Warrant, the
number of Warrant Shares to be issued will be rounded up to the nearest whole
share.

     

    13.           Notices.  Any
and all notices or other communications or deliveries hereunder (including
without limitation any Exercise Notice) 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
specified in the Subscription Agreement prior to 6:30 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
specified in the Subscription Agreement on a day that is not a Trading Day or
later than 6:30 p.m. (New York City time) on any Trading Day, (iii) the Trading
Day following the date of mailing, if sent by nationally recognized overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is
required to be given.  The address for such notices or communications
shall be as set forth in the Subscription Agreement.

     

    14.           Warrant
Agent.  The Company shall serve as warrant agent under this
Warrant.  Upon 30 days’ notice to the Holder, the Company may appoint
a new warrant agent.  Any corporation into which the Company or any
new warrant agent may be merged or any corporation resulting from any
consolidation to which the Company or any new warrant agent shall be a party
shall be a successor warrant agent under this Warrant without any further
act.  Any such successor warrant agent shall promptly cause notice of
its succession as warrant agent to be mailed (by first class mail, postage
prepaid) to the Holder at the Holder’s last address as shown on the Warrant
Register.

     

    
      	
            	
              15. 

            	
              Miscellaneous.

            

    

     

    (a)           Subject
to the restrictions on transfer set forth on the first page hereof, this Warrant
may be assigned by the Holder.  This Warrant may not be assigned by
the Company, except to a successor in the event of a Fundamental
Transaction.  This Warrant shall be binding on and inure to the
benefit of the parties hereto and their respective successors and
assigns.  Subject to the preceding sentence, nothing in this Warrant
shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this
Warrant.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    (b)           The
Company will not, by amendment of its governing documents or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, seek to call or redeem this
Warrant or 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 the Holder against
dilution or other impairment.  Without limiting the generality of the
foregoing, the Company (i) will not increase the par value of any Warrant Shares
above the amount payable therefor on such exercise, (ii) will take all such
action as may be reasonably necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Warrant Shares, free
from all taxes, liens, security interests, encumbrances, preemptive or similar
rights and charges of stockholders (other than those imposed by the Holders), on
the exercise of the Warrant, and (iii) will not close its stockholder books or
records in any manner which interferes with the timely exercise of this
Warrant.

     

    (c)           Remedies; Specific
Performance.  The Company acknowledges and agrees that there
would be no adequate remedy at law to the Holder of this Warrant in the event of
any default or threatened default by the Company in the performance of or
compliance with any of the terms of this Warrant and accordingly, the Company
agrees that, in addition to any other remedy to which the Holder may be entitled
at law or in equity, the Holder shall be entitled to seek to compel specific
performance of the obligations of the Company under this Warrant, without the
posting of any bond, in accordance with the terms and conditions of this Warrant
in any court of the United States or any State thereof having jurisdiction, and
if any action should be brought in equity to enforce any of the provisions of
this Warrant, the Company shall not raise the defense that there is an adequate
remedy at law.  Except as otherwise provided by law, a delay or
omission by the Holder hereof in exercising any right or remedy accruing upon
any such breach shall not impair the right or remedy or constitute a waiver of
or acquiescence in any such breach.  No remedy shall be exclusive of
any other remedy.  All available remedies shall be
cumulative.

     

    (d)           Amendments and
Waivers.  The Company may, without the consent of the Holders,
by supplemental agreement or otherwise, (i) make any changes or corrections in
this Agreement that are required to cure any ambiguity or to correct or
supplement any provision herein which may be defective or inconsistent with any
other provision herein or (ii) add to the covenants and agreements of the
Company for the benefit of the Holders (including, without limitation, reduce
the Exercise Price or extend the Expiration Date), or surrender any rights or
power reserved to or conferred upon the Company in this Agreement; provided
that, in the case of (i) or (ii), such changes or corrections shall not
adversely affect the interests of Holders of then outstanding Warrants in any
material respect.  This Warrant may also be amended or waived with the
consent of the Company and the Holder.  Further, the Company may, with
the consent, in writing or at a meeting, of the Holders (the “Required Holders”) of the then
outstanding Warrants exercisable for a majority or greater of the Common Stock
eligible under such Warrants, amend in any way, by supplemental agreement or
otherwise, this Warrant and/or all of the outstanding Warrants; provided,
however, that (i) no such amendment by its express terms shall adversely affect
any Holder differently than it affects all other Holders, unless such Holder
consents thereto, and (ii) no such amendment concerning the number of Warrant
Shares or Exercise Price shall be made unless any Holder who will be affected by
such amendment consents thereto.  If a new warrant agent is appointed
by the Company, it shall at the request of the Company, and without need of
independent inquiry as to whether such supplemental agreement is permitted by
the terms of this Section 15(d), join
with the Company in the execution and delivery of any such supplemental
agreements, but shall not be required to join in such execution and delivery for
such supplemental agreement to become effective.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    (e)           GOVERNING LAW; VENUE; WAIVER
OF JURY TRIAL.  THE CORPORATE LAWS OF THE STATE OF NEVADA SHALL
GOVERN ALL ISSUES CONCERNING THE RELATIVE RIGHTS OF THE COMPANY AND ITS
STOCKHOLDERS.  ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY,
ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.  THE COMPANY AND HOLDERS HEREBY IRREVOCABLY SUBMIT 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 BROUGHT BY
THE COMPANY OR ANY HOLDER HEREUNDER, IN CONNECTION HEREWITH OR WITH ANY
TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN, AND HEREBY IRREVOCABLY
WAIVE, AND AGREE NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING BROUGHT BY THE
COMPANY OR ANY HOLDER, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE
JURISDICTION OF ANY SUCH COURT, OR THAT SUCH SUIT, ACTION OR PROCEEDING IS
IMPROPER.  EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF
PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR
PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR
OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN
EFFECT FOR NOTICES TO IT UNDER THIS WARRANT AND AGREES THAT SUCH SERVICE SHALL
CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE
THEREOF.  NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY
ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.  THE
COMPANY AND HOLDERS HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY.

     

    (f)           The
headings herein are for convenience only, do not constitute a part of this
Warrant and shall not be deemed to limit or affect any of the provisions
hereof.

     

    (g)           In
case any one or more of the provisions of this Warrant shall be invalid or
unenforceable in any respect, the validity and enforceability of the remaining
terms and provisions of this Warrant shall not in any way be affected or
impaired thereby and the parties will attempt in good faith to agree upon a
valid and enforceable provision which shall be a commercially reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute
provision in this Warrant.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 
      
	
              LIGHTYEAR
      NETWORK SOLUTIONS, INC.

            
	 
      
	
              By:

            
	
              Name:
      J. Sherman Henderson III

            
	
              Title:  Chief
      Executive Officer

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

      
         

        FORM OF EXERCISE
NOTICE

        

        (To be
executed by the Holder to exercise the right to purchase shares of Common Stock
under the foregoing Warrant)

         

        To:  Lightyear
Network Solutions, Inc.

         

        The
undersigned is the Holder of Warrant No. _______ (the “Warrant”) issued by
Lightyear Network Solutions, Inc., a Nevada corporation (the
“Company”).  Capitalized terms used herein and not otherwise defined
have the respective meanings set forth in the Warrant.

         

        
          	
                   
      

                	
                  (a)

                	
                  The
      Warrant is currently exercisable to purchase a total of ______________
      Warrant Shares.

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  The
      undersigned Holder hereby exercises its right to purchase
      _________________ Warrant Shares pursuant to the
  Warrant.

                

        

         

        
          	
                	
                  (c)

                	
                  The
      Holder shall make Payment of the Exercise Price as follows (check
      one):

                

        

         

        ____    
“Cash Exercise” under Section 10

        ____    
“Cashless Exercise” under Section 10

        

        
          	
                   
      

                	
                  (d)

                	
                  If
      the holder is making a Cash Exercise, the holder shall pay the sum of
      $____________ to the Company in accordance with the terms of the
      Warrant.

                

        

         

        
          	
                   
      

                	
                  (e)

                	
                  Pursuant
      to this exercise, the Company shall deliver to the holder _______________
      Warrant Shares in accordance with the terms of the
  Warrant.

                

        

         

        
          	
                   
      

                	
                  (f)

                	
                  Following
      this exercise, the Warrant shall be exercisable to purchase a total of
      ______________ Warrant Shares.

                

        

         

        
          	
                   
      

                	
                  (g)

                	
                  Notwithstanding
      anything to the contrary contained herein, this Exercise Notice shall
      constitute a representation by the Holder that, after giving effect to the
      exercise provided for in this Exercise Notice, the Holder (together with
      its affiliates) will not have beneficial ownership (together with the
      beneficial ownership of such Person’s affiliates) of a number of shares of
      Common Stock which exceeds the Maximum Percentage of the total outstanding
      shares of Common Stock as determined pursuant to the provisions of Section
      11(a) of the Warrant.

                

        

         

        
          	
                  Dated: __________, _____

                	 
      	
                  Name
      of Holder: ___________________________________

                
	 
      	 
      	
                  (Print)

                
	 
      	 
      	 
      
	 
      	 
      	
                  By:
      ___________________________________

                
	 
      	 
      	
                  Name:
      _________________________________

                
	 
      	 
      	
                  Title:
      __________________________________

                
	 
      	 
      	
                  (Signature
      must conform in all respects to name of holder as specified on the face of
      the Warrant)

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

        FORM OF
ASSIGNMENT

        

        [To be
completed and signed only upon transfer of Warrant]

        

        FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto
________________________________ the right represented by the within Warrant to
purchase  ____________ shares of Common Stock of Company Name to which
the within Warrant relates and appoints ________________ attorney to transfer
said right on the books of Company Name with full power of substitution in the
premises.

         

        
          	 
      	 
      
	 
      	 
      
	
                  
                    Dated: __________, _____

                  

                	 
      
	 
      	 
      
	 
      	___________________________________
	 
      	
                  (Signature
      must conform in all respects to name of holder as specified on the face of
      the Warrant)

                
	 
      	 
      
	 
      	________________________________
	 
      	
                  Address
      of Transferee

                
	 
      	 
      
	 
      	________________________________
	 
      	 
      
	 
      	________________________________
	 
      	 
      
	 
      	 
      
	
                  In
      the presence of:

                	 
      
	 
      	 
      
	 
      	 
      
	___________________________THE
WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES THAT MAY BE ISSUED
UPON EXERCISE OF THE WARRANTS HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN
ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED
OR SOLD 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.

     

    

     

    Lightyear
Network Solutions, Inc.

    

    STOCK PURCHASE
WARRANT

     

    
      	Warrant No.
      _____ 	
              Original Date of
      Issuance: [_____, 2010]

            

    

    

    No. of
Units Purchased: __________

    

    Lightyear
Network Solutions, Inc., a Nevada corporation (the “Company”), hereby certifies
that, for value received, [INVESTOR NAME] or his registered assigns (the “Holder”), is entitled to
purchase from the Company up to a total of [NO. SHARES] shares of common stock,
$0.001 par value per share (the “Common Stock”), of the Company
(each such share, a “Warrant
Share” and all such shares issuable under the warrants, the “Warrant Shares”) at an
exercise price equal to $0.01 per share (as adjusted from time to time as
provided in Section 9, the “Exercise Price”), at any time
and from the date hereof and through and including the date that is three (3)
years from the date of issuance hereof (the “Expiration Date”), and subject
to the following terms and conditions.  All such warrants are referred
to herein, collectively, as the “Warrants” and the holders
thereof along with the Holder named herein, the “Holders.”

     

    This
Warrant shall become exercisable only with respect to the Warrant Shares
associated with respect to the following milestones, to the extent that the
Company fails to meet the following conditions within the periods set forth
below after the final closing under, or termination of, the offering (the “Offering”) under the June 2010
Confidential Private Placement Memorandum, as set forth in the description of
each milestone.

     

    The
determination of whether the Company has met a particular milestone shall be
determined by the date on which a public announcement (including a Form 8-K
filing made with the Securities & Exchange Commission or a request for
regulatory approval of the acquisition with the Federal Communications
Commission) is made with respect to each such event.

    

    Milestone #1 - Within 90
days of the Final Closing or Termination of the Offering.

    

    Nominate
and elect not less than two (2) new outside Directors for the Board of
Directors.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Meet the
qualitative requirements of NASDAQ Global listing, specifically including the
formation of Audit and Compensation Committees.

    

    Milestone #2 - Within 120
days of the Final Closing or Termination of the Offering.

    

    Close on
the acquisition of one or more telecom companies representing an aggregate
minimum of $30 million in annual gross revenue (2009) on terms equating to a
revenue multiple of not more than 0.50.

    

    Milestone #3 - Within 150
days of the Final Closing or Termination of the Offering.

     

    Execute a
definitive agreement to acquire one or more additional telecom companies
representing an aggregate minimum of $30 million in annual gross revenue (2009)
on terms equating to a revenue multiple of not more than 0.50.

    

    Milestone #4 - Within 180
days of the Final Closing or Termination of the Offering.

    

    Close on
equity or debt financing (with gross proceeds of not less than $4 million, on
terms and valuation no less favorable than the terms of the Offering
contemplated herein, exclusive of proceeds of this Offering) to close on the
additional acquisition(s).

    

    Milestone #5 - Within 180
days of the Final Closing or Termination of the Offering.

    

    Close on
the acquisition of one or more additional telecom companies representing an
aggregate minimum of $30 million in annual gross revenue (2009) on terms
equating to a revenue multiple of not more than 0.50.

     

    Milestone #6 - Within 210
days of the Final Closing or Termination of the Offering.

    

    Filing to
list on NASDAQ Global or higher.

    

    Alternative Milestone to
Milestone #2, Milestone #3 and Milestone #5.

    

    Report
actual recurring revenues in excess of $25 million for the quarter ending
December 31, 2010 such that projected recurring annualized revenues for the year
ending December 31, 2011, as reported in the management’s market guidance to
shareholders, are in excess of $100 million.

    

    Note that
the determination of whether Milestone #2 or Milestones #3 and 5 have been
satisfied may depend upon the determination of the satisfaction of the
Alternative Milestone.  Accordingly, this Warrant may not be
exercisable with respect to the Warrant Shares with respect to Milestone #2 or
Milestones #3 and 5, if the Company may still satisfy the Alternative
Milestone.

    

    Furthermore,
an acquisition may be deemed closed even if it remains subject to Federal or
state regulatory approval, including approval by relevant judicial or
administrative bodies, as long as such approvals are the only remaining
conditions to closing.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    The
number of Warrant Shares so exercisable upon the failure to meet each milestone
shall be calculated in accordance with the following table, based upon the
number of Units purchased by the Holder:

     

    
      	
              Milestone

               

            	
              No. of
      Units.

               

            	
              x

            	
              Warrant
      Shares/Unit

               

            	
              =

            	
              Total Warrant Shares
      Associated with Milestone

               

            
	
              1

            	
              [___]

            	
              x

            	
              333

            	
              =

            	
              [___]

            
	
              2

            	
              [___]

            	
              x

            	
              333

            	
              =

            	
              [___]

            
	
              3

            	
              [___]

            	
              x

            	
              333

            	
              =

            	
              [___]

            
	
              4

            	
              [___]

            	
              x

            	
              333

            	
              =

            	
              [___]

            
	
              5

            	
              [___]

            	
              x

            	
              334

            	
              =

            	
              [___]

            
	
              6

            	
              [___]

            	
              x

            	
              334

            	
              =

            	
              [___]

            

    

    

     

    1.           Definitions.  In
addition to the terms defined elsewhere in this Warrant, capitalized terms that
are not otherwise defined shall have the meaning given them in the Subscription
Agreement between the Company and the Holder.

     

    2.           Registration of
Warrant.  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 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.

     

    3.           Registration of
Transfers.  The Company shall register the transfer of any
portion of this Warrant in the Warrant Register, upon surrender of this Warrant,
with the Form of Assignment attached hereto duly completed and signed, to the
Company’s transfer agent or to the Company at its address specified
herein.  Upon any such registration or transfer, a new warrant to
purchase Common Stock, in substantially the form of this Warrant (any such new
warrant, a “New
Warrant”), evidencing the portion of this Warrant so transferred shall be
issued to the transferee and a New Warrant evidencing the remaining portion of
this Warrant not so transferred, if any, shall be issued to the transferring
Holder.  The acceptance of the New Warrant by the transferee thereof
shall be deemed the acceptance by such transferee of all of the rights and
obligations of a holder of a Warrant.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    
      	
            	
              4. 

            	
              Exercise and Duration
      of Warrants.

            

    

     

    (a)           This
Warrant shall be exercisable by the registered Holder only with respect to
Warrant Shares associated with milestones that the Company has not met, and the
Warrant may be exercised with respect to the Warrant Shares associated with a
particular milestone at any time after the determination that the Company has
not met that milestone and on or before the Expiration Date.  At 6:30
P.M., New York City time on the Expiration Date, the portion of this Warrant not
exercised prior thereto shall be and become void and of no value.

     

    (b)           A
Holder may exercise this Warrant by delivering to the Company (i) an exercise
notice, in the form attached hereto (the “Exercise Notice”),
appropriately completed and duly signed, and (ii) payment of the Exercise Price
for the number of Warrant Shares as to which this Warrant is being exercised
(which may take the form of a
“cashless exercise” if so indicated in the Exercise Notice only if a “cashless
exercise” may occur at such time pursuant to Section 10 below), and the
date such items are delivered to the Company (as determined in accordance with
the notice provisions hereof) is an “Exercise Date.”  The
Holder shall not be required to deliver the original Warrant in order to effect
an exercise hereunder.  Execution and delivery of the Exercise Notice
shall have the same effect as cancellation of the original Warrant and issuance
of a New Warrant evidencing the right to purchase the remaining number of
Warrant Shares.

     

    (c)           Exercise
Disputes.  In the case of any dispute with respect to the
number of shares to be issued upon exercise of this Warrant, the Company shall
promptly issue such number of shares of Common Stock that is not disputed and
shall submit the disputed determinations or arithmetic calculations to the
Holder via fax (or, it the Holder has not provided the Company with a fax
number, by overnight courier) within two (2) Business Days of receipt of the
Holder’s election to purchase Warrant Shares.  If the Holder and the
Company are unable to agree as to the determination of the Purchase Price within
two (2) Business Days of such disputed determination or arithmetic calculation
being submitted to the Holder, then the Company shall in accordance with this
Section, submit via facsimile the disputed determination to an independent
reputable accounting firm of national standing, selected jointly by the Company
and the Holder.  The Company shall cause such accounting firm to
perform the determinations or calculations and notify the Company and the Holder
of the results as promptly as possible from the time it receives the disputed
determinations of calculations.  Such accounting firm’s determination
shall be binding upon all parties absent manifest error.  The Company
shall then on the next Business Day issue certificate(s) representing the
appropriate number of Warrant Shares of Common Stock in accordance with such
accounting firm’s determination and this Section.  The prevailing
party shall be entitled to reimbursement of all fees and expenses of such
determination and calculation.

     

    (d)           Unless
the Holder specifically notifies the Company prior to January 31, 2011 that the
Holder elects to defer exercise or exercise the Warrant by payment of the
Exercise Price in cash, this Warrant shall be automatically exercised on a
cashless basis on January 31, 2011 for all Warrant Shares associated with
milestones that the Company has not met.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    
      	
            	
              5. 

            	
              Delivery of Warrant
      Shares.

            

    

     

    (a)           Upon
exercise of this Warrant, the Company shall promptly (but in no event later than
ten (10) calendar days after the Exercise Date) issue or cause to be issued and
cause to be delivered to or upon the written order of the Holder and in such
name or names as the Holder may designate, a certificate for the Warrant Shares
to which the Holder is entitled upon such exercise, free of restrictive legends
unless a registration statement covering the resale of the Warrant Shares and
naming the Holder as a selling stockholder thereunder is not then effective or
the Warrant Shares are not freely transferable pursuant to Rule 144 under the
Securities Act of 1933, as amended.  The Company shall, upon request
of the Holder, use its best efforts to deliver Warrant Shares hereunder
electronically through the Depository Trust Corporation or another established
clearing corporation performing similar functions.  For the purposes
hereof, the term “Trading Day” means (a) any day on which the Common Stock
is listed or quoted and traded on its primary trading market, (b) if the
Common Stock is not then listed or quoted and traded on any trading market, then
a day on which trading occurs on the Nasdaq Global Market (or any successor
thereto), or (c) if trading ceases to occur on the Nasdaq Global Market (or
any successor thereto), any Business Day.

     

    (b)           Upon
surrender of this Warrant following one or more partial exercises with respect
to Warrant Shares with respect to particular milestones, the Company shall issue
or cause to be issued, at its expense, a New Warrant evidencing the right to
purchase the remaining Warrant Shares subject to the conditions of the remaining
milestones.

     

    (c)           The
Company’s obligations to issue and deliver Warrant Shares in accordance with the
terms hereof shall become absolute and unconditional upon the failure of the
Company to meet a particular milestone, irrespective of any action or inaction
by the Holder to enforce the same, any waiver or consent with respect to any
provision hereof, the recovery of any judgment against any Person or any action
to enforce the same, or any setoff, counterclaim, recoupment, limitation or
termination, or any breach or alleged breach by the Holder or any other Person
of any obligation to the Company or any violation or alleged violation of law by
the Holder or any other Person, and irrespective of any other circumstance which
might otherwise limit such obligation of the Company to the Holder in connection
with the issuance of Warrant Shares.  Nothing herein shall limit a
Holder’s right to pursue any other remedies available to it hereunder, at law or
in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver
certificates representing shares of Common Stock upon exercise of the
Warrant  as required pursuant to the terms hereof.

     

    6.           Charges, Taxes and
Expenses.  Issuance and delivery of certificates for shares of
Common Stock upon exercise of this Warrant shall be made without charge to the
Holder for any issue or transfer tax, withholding tax, transfer agent fee or
other incidental tax or expense in respect of the issuance of such certificates,
all of which taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the registration of any certificates for
Warrant Shares or Warrants in a name other than that of the
Holder.  The Holder shall be responsible for all other tax liability
that may arise as a result of holding or transferring this Warrant or receiving
Warrant Shares upon exercise hereof.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    7.           Replacement of
Warrant.  If this Warrant is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation hereof, or in lieu of and substitution
for this Warrant, a New Warrant, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction and customary and
reasonable bond or indemnity, if requested.  Applicants for a New
Warrant under such circumstances shall also comply with such other reasonable
regulations and procedures and pay such other reasonable third-party costs as
the Company may prescribe.

     

    8.           Reservation of Warrant
Shares.  The Company covenants that it will at all times
reserve and keep available out of the aggregate of its authorized but unissued
and otherwise unreserved Common Stock, solely for the purpose of enabling it to
issue Warrant Shares upon exercise of this Warrant as herein provided, 100% of
the number of Warrant Shares which are then issuable and deliverable upon the
exercise of this entire Warrant, free from preemptive rights or any other
contingent purchase rights of persons other than the Holder (after giving effect
to the adjustments and restrictions of Section 9, if any).
The Company covenants that all Warrant Shares so issuable and deliverable shall,
upon issuance and the payment of the applicable Exercise Price in accordance
with the terms hereof, be duly and validly authorized, issued and fully paid and
nonassessable.  The Company will take all such action as may be
necessary to assure that such shares of Common Stock may be issued as provided
herein without violation of any applicable law or regulation, or of any
requirements of any securities exchange or automated quotation system upon which
the Common Stock may be listed.

     

    9.           Certain
Adjustments.  The Exercise Price and number of Warrant Shares
issuable upon exercise of this Warrant are subject to adjustment from time to
time as set forth in this Section
9.

     

    (a)           Stock Dividends and
Splits.  If the Company, at any time while this Warrant is
outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a
distribution on any class of capital stock that is payable in shares of Common
Stock, (ii) subdivides outstanding shares of Common Stock into a larger number
of shares, or (iii) combines outstanding shares of Common Stock into a smaller
number of shares, then in each such case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common
Stock outstanding immediately before such event and of which the denominator
shall be the number of shares of Common Stock outstanding immediately after such
event.  Any adjustment made pursuant to clause (i) of this paragraph
shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution, and any
adjustment pursuant to clause (ii) or (iii) of this paragraph shall become
effective immediately after the effective date of such subdivision or
combination.

     

    (b)           Distributions Made Prior to
Exercise.  If the Company, at any time while this Warrant is
outstanding, distributes to all of the holders of Common Stock (i) evidences of
its indebtedness, (ii) any security (other than a distribution of Common Stock
covered by Section 9(a)), (iii) rights or warrants to subscribe for or purchase
any security, or (iv) any other asset (in each case, a “Distribution”), then in each
such case any Exercise Price in effect immediately prior to the close of
business on the record date fixed for the determination of holders of Common
Stock entitled to receive the Distribution shall be reduced, effective as of the
close of business on such record date, to a price determined by multiplying such
Exercise Price by a fraction of which (i) the numerator shall be the Weighted
Average Price1 of the
Common Stock on the Trading Day immediately preceding such record date minus the
value of the Distribution (as determined in good faith by the Company’s Board of
Directors) applicable to one share of Common Stock, and (ii) the denominator
shall be the Weighted Average Price of the Common Stock on the Trading Day
immediately preceding such record date.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    (c)           Notwithstanding
the provisions set forth in Section 9(b) above,
if the Company, at any time while this Warrant is outstanding, makes a
Distribution to the holders of Common Stock, then in each such case the Holder
shall have the option to receive such Distribution which would have been made to
the Holder had such Holder been the holder of such Warrant Shares on the record
date for the determination of stockholders entitled to such Distribution;
provided, however, if the Holder elects to receive such Distribution, it will
not be entitled to receive the adjustment to the Exercise Price specified in
clause (b) above.

     

    (d)           Fundamental
Transactions.  If, at any time during the term of this Warrant,
(i) the Company effects any merger or consolidation of the Company with or into
(whether or not the Company is the surviving corporation) another Person, (ii)
the Company effects any sale, assignment, transfer, conveyance or other
disposition of all or substantially all of its assets in one or a series of
related transactions; provided, however, that for avoidance of doubt, the
granting of a lien on all or substantially all of the Company’s assets as
collateral shall not be deemed a Fundamental Transaction hereunder, (iii) allow
another Person to make a purchase, tender or exchange offer that is accepted by
the holders of more than the 50% of either the outstanding shares of Common
Stock (not including any shares of Common Stock held by the Person or Persons
making or party to, or associated or affiliated with the Persons making or party
to, such purchase, tender or exchange offer), (iv) consummate a stock 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 the 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 purchase
agreement or other business combination), or (v) the Company effects any
reclassification 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 (other than as a result of a subdivision or
combination of shares of Common Stock covered by Section 9(a) above)
(in any such case, a “Fundamental Transaction”),
then the Holder shall have the right thereafter to receive, upon exercise of
this Warrant, the same amount and kind of securities, cash or property as it
would have been entitled to receive upon the occurrence of such Fundamental
Transaction if it had been, immediately prior to such Fundamental Transaction,
the holder of the number of Warrant Shares then issuable upon exercise in full
of this Warrant (the “Alternate
Consideration”).  The aggregate Exercise Price for this Warrant
will not be affected by any such Fundamental Transaction, but the Company shall
apportion such aggregate 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.  At the Holder’s request, any successor to
the Company or surviving entity in such Fundamental Transaction shall issue to
the Holder a new warrant consistent with the foregoing provisions and evidencing
the Holder’s right to purchase the Alternate Consideration for the aggregate
Exercise Price upon exercise thereof.  The terms of any agreement
pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions
of this paragraph (d) and insuring that the Warrant (or any such replacement
security) will be similarly adjusted upon any subsequent transaction analogous
to a Fundamental Transaction.

     

      
        

      

    

    
      1 “Weighted Average Price” means, for any
security as of any date, the dollar volume-weighted average price for such
security on NASDAQ during the period beginning at 9:30:01 a.m., New York Time
(or such other time as NASDAQ publicly announces is the official open of
trading), and ending at 4:00:00 p.m., New York Time (or such other time as
NASDAQ publicly announces is the official close of trading) as reported by
Bloomberg (means Bloomberg Financial Markets) through its “Volume at Price”
functions, or, if the foregoing does not apply, the dollar volume-weighted
average price of such security in the over-the-counter market on the electronic
bulletin board for such security during the period beginning at 9:30:01 a.m.,
New York Time (or such other time as such Principal Market publicly announces is
the official open of trading), and ending at 4:00:00 p.m., New York Time (or
such other time as such market publicly announces is the official close of
trading) as reported by Bloomberg, if no dollar volume-weighted average price is
reported for such security by Bloomberg for such hours, the average of the
highest closing bid price and the lowest closing ask price of any of the market
makers for such security as reported in the “pink sheets” by Pink Sheets LLC
(formerly the National Quotation Bureau, Inc.).  If the Weighted
Average Price cannot be calculated for a security on a particular date on any of
the foregoing bases, the Weighted Average Price of such security on such date
shall be the fair market value as mutually determined by the Company in good
faith.  All such determinations shall be appropriately adjusted for
any share dividend, share split, share combination or other similar transaction
during the applicable calculation period.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

         

      

    

    (e)           Number of Warrant
Shares.  Simultaneously with any adjustment to the Exercise
Price pursuant to paragraph (a) of this Section, the number of Warrant Shares
that may be purchased upon exercise of this Warrant shall be increased or
decreased proportionately, as applicable, so that after such adjustment the
aggregate Exercise Price payable hereunder for the increased or decreased, as
applicable, number of Warrant Shares shall be the same as the aggregate Exercise
Price in effect immediately prior to such adjustment.

     

    (f)           Calculations.  All
calculations under this Section 9 shall be
made to the nearest cent or the nearest 1/100th of a share, as
applicable.  The number of shares of Common Stock outstanding at any
given time shall not include shares owned or held by or for the account of the
Company, and the disposition of any such shares shall be considered an issue or
sale of Common Stock.

     

    (g)           Notice of
Adjustments.  Upon the occurrence of each adjustment pursuant
to this Section
9, the Company at its expense will promptly compute such adjustment in
accordance with the terms of this Warrant and prepare a certificate setting
forth such adjustment, including a statement of the adjusted Exercise Price and
adjusted number or type of Warrant Shares or other securities issuable upon
exercise of this Warrant (as applicable), describing the transactions giving
rise to such adjustments and showing in detail the facts upon which such
adjustment is based.  Upon written request, the Company will promptly
deliver a copy of each such certificate to the Holder and to the Company’s
Transfer Agent.

     

    (h)           Notice of Corporate
Events.  If the Company (i) declares a dividend or any other
distribution of cash, securities or other property in respect of its Common
Stock, including without limitation any granting of rights or warrants to
subscribe for or purchase any capital stock of the Company or any Subsidiary,
(ii) authorizes or approves, enters into any agreement contemplating or solicits
stockholder approval for any Fundamental Transaction or (iii) authorizes the
voluntary dissolution, liquidation or winding up of the affairs of the Company,
then the Company shall deliver to the Holder a notice describing the material
terms and conditions of such transaction, at least ten calendar days prior to
the applicable record or effective date on which a Person would need to hold
Common Stock in order to participate in or vote with respect to such
transaction, and the Company will take all steps reasonably necessary in order
to insure that the Holder is given the practical opportunity to exercise this
Warrant prior to such time so as to participate in or vote with respect to such
transaction; provided, however, that the failure to deliver such notice or any
defect therein shall not affect the validity of the corporate action required to
be described in such notice.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    10.           Payment of Exercise
Price.  The Holder shall pay the Exercise Price in immediately
available funds (a “cash exercise”); provided, however, that the Holder may
satisfy its obligation to pay the Exercise Price through a “cashless exercise,”
in which event the Company shall issue to the Holder the number of Warrant
Shares determined as follows:

     

    
      	 
      	
              X =
      Y [(A-B)/A]

            
	
              where:

            	 
      
	 
      	
              X =
      the number of Warrant Shares to be issued to the
Holder.

            
	 
      	 
      
	 
      	
              Y =
      the number of Warrant Shares with respect to which this Warrant is being
      exercised (prior to cashless exercise).

            
	 
      	 
      
	 
      	
              A =
      the average of the Closing Prices for the five Trading Days immediately
      prior to (but not including) the Exercise Date.

            
	 
      	 
      
	 
      	
              B =
      the Exercise Price.

            

    

    

    For
purposes of this Section 10, “Closing Prices” for any date, shall mean the
closing price per share of the Common Stock for such date (or the nearest
preceding date) on the primary trading market on which the Common Stock is then
listed or quoted.

     

    11.           Limitation on
Exercise.2  Notwithstanding
anything to the contrary contained herein, the number of shares of Common Stock
that may be acquired by the Holder upon any exercise of this Warrant (or
otherwise in respect hereof) shall be limited to the extent necessary to insure
that, following such exercise (or other issuance), the total number of shares of
Common Stock then beneficially owned by such Holder and its Affiliates and any
other Persons whose beneficial ownership of Common Stock would be aggregated
with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not
exceed 4.999% (the “Maximum
Percentage”) of the total number of issued and outstanding shares of
Common Stock (including for such purpose the shares of Common Stock issuable
upon such exercise).  For such purposes, beneficial ownership shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder.  The Company’s obligation to
issue shares of Common Stock in excess of the limitation referred to in this
Section shall be suspended (and shall not terminate or expire notwithstanding
any contrary provisions hereof) until such time, if any, as such shares of
Common Stock may be issued in compliance with such limitation, but in no event
later than the Expiration Date.  By written notice to the Company, the
Holder may waive the provisions of this Section or increase or decrease the
Maximum Percentage to any other percentage specified in such notice, but (i) any
such waiver or increase will not be effective until the 61st day after such
notice is delivered to the Company, and (ii) any such waiver or increase or
decrease will apply only to the Holder and not to any other holder of
Warrants. 

     

    
      

    

    
      2 This provision is
available for Investors, and the percentage may be modified at the Investor’s
request.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

         

      

    

    12.           Fractional
Shares.  The Company shall not be required to issue or cause to
be issued fractional Warrant Shares on the exercise of this
Warrant.  If any fraction of a Warrant Share would, except for the
provisions of this Section, be issuable upon exercise of this Warrant, the
number of Warrant Shares to be issued will be rounded up to the nearest whole
share.

     

    13.           Notices.  Any
and all notices or other communications or deliveries hereunder (including
without limitation any Exercise Notice) 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
specified in the Subscription Agreement prior to 6:30 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
specified in the Subscription Agreement on a day that is not a Trading Day or
later than 6:30 p.m. (New York City time) on any Trading Day, (iii) the Trading
Day following the date of mailing, if sent by nationally recognized overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is
required to be given.  The address for such notices or communications
shall be as set forth in the Subscription Agreement.

     

    14.           Warrant
Agent.  The Company shall serve as warrant agent under this
Warrant.  Upon 30 days’ notice to the Holder, the Company may appoint
a new warrant agent.  Any corporation into which the Company or any
new warrant agent may be merged or any corporation resulting from any
consolidation to which the Company or any new warrant agent shall be a party
shall be a successor warrant agent under this Warrant without any further
act.  Any such successor warrant agent shall promptly cause notice of
its succession as warrant agent to be mailed (by first class mail, postage
prepaid) to the Holder at the Holder’s last address as shown on the Warrant
Register.

     

    
      	
            	
              15. 

            	
              Miscellaneous.

            

    

     

    (a)           Subject
to the restrictions on transfer set forth on the first page hereof, this Warrant
may be assigned by the Holder.  This Warrant may not be assigned by
the Company, except to a successor in the event of a Fundamental
Transaction.  This Warrant shall be binding on and inure to the
benefit of the parties hereto and their respective successors and
assigns.  Subject to the preceding sentence, nothing in this Warrant
shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this
Warrant.

     

    (b)           The
Company will not, by amendment of its governing documents or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, seek to call or redeem this
Warrant or 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 the Holder against
dilution or other impairment.  Without limiting the generality of the
foregoing, the Company (i) will not increase the par value of any Warrant Shares
above the amount payable therefor on such exercise, (ii) will take all such
action as may be reasonably necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Warrant Shares, free
from all taxes, liens, security interests, encumbrances, preemptive or similar
rights and charges of stockholders (other than those imposed by the Holders), on
the exercise of the Warrant, and (iii) will not close its stockholder books or
records in any manner which interferes with the timely exercise of this
Warrant.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    (c)           Remedies; Specific
Performance.  The Company acknowledges and agrees that there
would be no adequate remedy at law to the Holder of this Warrant in the event of
any default or threatened default by the Company in the performance of or
compliance with any of the terms of this Warrant and accordingly, the Company
agrees that, in addition to any other remedy to which the Holder may be entitled
at law or in equity, the Holder shall be entitled to seek to compel specific
performance of the obligations of the Company under this Warrant, without the
posting of any bond, in accordance with the terms and conditions of this Warrant
in any court of the United States or any State thereof having jurisdiction, and
if any action should be brought in equity to enforce any of the provisions of
this Warrant, the Company shall not raise the defense that there is an adequate
remedy at law.  Except as otherwise provided by law, a delay or
omission by the Holder hereof in exercising any right or remedy accruing upon
any such breach shall not impair the right or remedy or constitute a waiver of
or acquiescence in any such breach.  No remedy shall be exclusive of
any other remedy.  All available remedies shall be
cumulative.

     

    (d)           Amendments and
Waivers.  The Company may, without the consent of the Holders,
by supplemental agreement or otherwise, (i) make any changes or corrections in
this Agreement that are required to cure any ambiguity or to correct or
supplement any provision herein which may be defective or inconsistent with any
other provision herein or (ii) add to the covenants and agreements of the
Company for the benefit of the Holders (including, without limitation, reduce
the Exercise Price or extend the Expiration Date), or surrender any rights or
power reserved to or conferred upon the Company in this Agreement; provided
that, in the case of (i) or (ii), such changes or corrections shall not
adversely affect the interests of Holders of then outstanding Warrants in any
material respect.  This Warrant may also be amended or waived with the
consent of the Company and the Holder.  Further, the Company may, with
the consent, in writing or at a meeting, of the Holders (the “Required Holders”) of the then
outstanding Warrants exercisable for a majority or greater of the Common Stock
eligible under the Warrants issued in connection with the Offering or subsequent
offerings of Warrants on substantially similar terms, amend in any way, by
supplemental agreement or otherwise, this Warrant and/or all of the outstanding
Warrants; provided, however, that (i) no such amendment by its express terms
shall adversely affect any Holder differently than it affects all other Holders,
unless such Holder consents thereto, and (ii) no such amendment concerning the
number of Warrant Shares or Exercise Price shall be made unless any Holder who
will be affected by such amendment consents thereto.  If a new warrant
agent is appointed by the Company, it shall at the request of the Company, and
without need of independent inquiry as to whether such supplemental agreement is
permitted by the terms of this Section 15(d), join
with the Company in the execution and delivery of any such supplemental
agreements, but shall not be required to join in such execution and delivery for
such supplemental agreement to become effective.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    (e)           GOVERNING LAW; VENUE; WAIVER
OF JURY TRIAL.  THE CORPORATE LAWS OF THE STATE OF NEVADA SHALL
GOVERN ALL ISSUES CONCERNING THE RELATIVE RIGHTS OF THE COMPANY AND ITS
STOCKHOLDERS.  ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY,
ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.  THE COMPANY AND HOLDERS HEREBY IRREVOCABLY SUBMIT 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 BROUGHT BY
THE COMPANY OR ANY HOLDER HEREUNDER, IN CONNECTION HEREWITH OR WITH ANY
TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN, AND HEREBY IRREVOCABLY
WAIVE, AND AGREE NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING BROUGHT BY THE
COMPANY OR ANY HOLDER, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE
JURISDICTION OF ANY SUCH COURT, OR THAT SUCH SUIT, ACTION OR PROCEEDING IS
IMPROPER.  EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF
PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR
PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR
OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN
EFFECT FOR NOTICES TO IT UNDER THIS WARRANT AND AGREES THAT SUCH SERVICE SHALL
CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE
THEREOF.  NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY
ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.  THE
COMPANY AND HOLDERS HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY.

     

    (f)           The
headings herein are for convenience only, do not constitute a part of this
Warrant and shall not be deemed to limit or affect any of the provisions
hereof.

     

    (g)           In
case any one or more of the provisions of this Warrant shall be invalid or
unenforceable in any respect, the validity and enforceability of the remaining
terms and provisions of this Warrant shall not in any way be affected or
impaired thereby and the parties will attempt in good faith to agree upon a
valid and enforceable provision which shall be a commercially reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute
provision in this Warrant.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 
      
	
              LIGHTYEAR
      NETWORK SOLUTIONS, INC.

            
	 
      
	
              By:

            
	
              Name:
      J. Sherman Henderson III

            
	
              Title:  Chief
      Executive Officer

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

    FORM OF EXERCISE
NOTICE

    

    (To be
executed by the Holder to exercise the right to purchase shares of Common Stock
under the foregoing Warrant)

     

    To:  Lightyear
Network Solutions, Inc.

     

    The
undersigned is the Holder of Warrant No. _______ (the “Warrant”) issued by
Lightyear Network Solutions, Inc., a Nevada corporation (the
“Company”).  Capitalized terms used herein and not otherwise defined
have the respective meanings set forth in the Warrant.

     

    
      	
               
      

            	
              (a)

            	
              The
      Warrant is currently exercisable to purchase a total of ______________
      Warrant Shares.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      undersigned Holder hereby exercises its right to purchase
      _________________ Warrant Shares pursuant to the
  Warrant.

            

    

     

    
      	
            	
              (c)

            	
              The
      Holder shall make Payment of the Exercise Price as follows (check
      one):

            

    

     

    ____    
“Cash Exercise” under Section 10

    ____    
“Cashless Exercise” under Section 10

    

    
      	
               
      

            	
              (d)

            	
              If
      the holder is making a Cash Exercise, the holder shall pay the sum of
      $____________ to the Company in accordance with the terms of the
      Warrant.

            

    

     

    
      	
               
      

            	
              (e)

            	
              Pursuant
      to this exercise, the Company shall deliver to the holder _______________
      Warrant Shares in accordance with the terms of the
  Warrant.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Following
      this exercise, the Warrant shall be exercisable to purchase a total of
      ______________ Warrant Shares.

            

    

     

    
      	
               
      

            	
              (g)

            	
              Notwithstanding
      anything to the contrary contained herein, this Exercise Notice shall
      constitute a representation by the Holder that, after giving effect to the
      exercise provided for in this Exercise Notice, the Holder (together with
      its affiliates) will not have beneficial ownership (together with the
      beneficial ownership of such Person’s affiliates) of a number of shares of
      Common Stock which exceeds the Maximum Percentage of the total outstanding
      shares of Common Stock as determined pursuant to the provisions of Section
      11(a) of the Warrant.

            

    

     

    
      	
              Dated: __________, _____

            	 
      	
              Name
      of Holder: ___________________________________

            
	 
      	 
      	
              (Print)

            
	 
      	 
      	 
      
	 
      	 
      	
              By:
      ___________________________________

            
	 
      	 
      	
              Name:
      _________________________________

            
	 
      	 
      	
              Title:
      __________________________________

            
	 
      	 
      	
              (Signature
      must conform in all respects to name of holder as specified on the face of
      the Warrant)

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    FORM OF
ASSIGNMENT

    

    [To be
completed and signed only upon transfer of Warrant]

    

    FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto
________________________________ the right represented by the within Warrant to
purchase  ____________ shares of Common Stock of Company Name to which
the within Warrant relates and appoints ________________ attorney to transfer
said right on the books of Company Name with full power of substitution in the
premises.

     

    
      	 
      	 
      
	 
      	 
      
	
              

                Dated: __________, _____

              

            	 
      
	 
      	 
      
	 
      	___________________________________
	 
      	
              (Signature
      must conform in all respects to name of holder as specified on the face of
      the Warrant)

            
	 
      	 
      
	 
      	________________________________
	 
      	
              Address
      of Transferee

            
	 
      	 
      
	 
      	________________________________
	 
      	 
      
	 
      	________________________________
	 
      	 
      
	 
      	 
      
	
              In
      the presence of:

            	 
      
	 
      	 
      
	 
      	 
      
	___________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]