Document:

Unassociated Document

    
       

      Exhibit
4.6

      

      THE
REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES THAT
IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL
NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A
PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW)
TO ANYONE OTHER THAN (I) RODMAN & RENSHAW, LLC OR AN UNDERWRITER OR A
SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR
PARTNER OF RODMAN & RENSHAW, LLC OR OF ANY SUCH UNDERWRITER OR SELECTED
DEALER.

      

      THIS PURCHASE OPTION IS NOT
EXERCISABLE PRIOR TO __________, 2010 [ONE YEAR FROM DATE OF PROSPECTUS]. VOID
AFTER 5:00 P.M. EASTERN TIME,  _________, 2014 [FIVE YEARS THE FROM
DATE OF THE PROSPECTUS].

      

      COMMON
STOCK PURCHASE OPTION

      

      For the
Purchase of

      ________
Shares of Common Stock

      Of

      SKYSTAR
BIO-PHARMACEUTICAL COMPANY

      

      

      1. 
Purchase
Option. THIS CERTIFIES THAT, in consideration of $100 duly paid by or on
behalf of (“Holder”), as registered owner of this Purchase Option, to Skystar
Bio-Pharmaceutical Company (the “Company”), Holder is entitled, at any time or
from time to time from ________, 2010 [one year from date of prospectus] (the
“Commencement Date”), and at or before 5:00 p.m., Eastern Time, __________, 2014
[five years from date of prospectus] (the “Expiration Date”), but not
thereafter, to subscribe for, purchase and receive, in whole or in part, up to
_____________ shares of common stock of the Company, par value $.001 per share
(the “Shares”) subject to adjustment as provided in Section 6 hereof. If the
Expiration Date is a day on which banking institutions are authorized by law to
close, then this Purchase Option may be exercised on the next succeeding day
which is not such a day in accordance with the terms herein. During the period
ending on the Expiration Date, the Company agrees not to take any action that
would terminate the Purchase Option. This Purchase Option is initially
exercisable at $____ per Share ([125%] of the price of the Shares sold in the
Offering) so purchased; provided, however, that upon the occurrence of any of
the events specified in Section 6 hereof, the rights granted by this Purchase
Option, including the exercise price per Share and the number of Shares to be
received upon such exercise, shall be adjusted as therein specified. The term
“Exercise Price” shall mean the initial exercise price or the adjusted exercise
price, depending on the context.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2.
 Exercise.

      

      2.1 
Exercise Form.
In order to exercise this Purchase Option, the exercise form attached hereto
must be duly executed and completed and delivered to the Company, together with
this Purchase Option and payment of the Exercise Price for the Shares being
purchased payable in cash by wire transfer of immediately available funds to an
account designated by the Company or by certified check or official bank check.
If the subscription rights represented hereby shall not be exercised at or
before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Option
shall become and be void without further force or effect, and all rights
represented hereby shall cease and expire.

      

      2.2 
Legend. Each
certificate for the securities purchased under this Purchase Option shall bear a
legend as follows unless such securities have been registered under the
Securities Act of 1933, as amended (the “Act”):

      

      “The
securities represented by this certificate have not been registered under the
Securities Act of 1933, as amended (the “Act”) or applicable state law. Neither
the securities nor any interest therein may be offered for sale, sold or
otherwise transferred except pursuant to an effective registration statement
under the Act, or pursuant to an exemption from registration under the Act and
applicable state law which, in the opinion of counsel to the Company, is
available.”

      

      3. 
Transfer.

      

      3.1 
General
Restrictions. The registered Holder of this Purchase Option agrees by
his, her or its acceptance hereof, that such Holder will not: (a) sell,
transfer, assign, pledge or hypothecate this Purchase Option for a period of one
hundred eighty (180) days following the Effective Date to anyone other than: (i)
Rodman & Renshaw, LLC (“Rodman & Renshaw”) or an underwriter or a
selected dealer participating in the Offering, or (ii) a bona fide officer of
Rodman & Renshaw or of any such underwriter or selected dealer, in each case
in accordance with FINRA Conduct Rule 2710(g)(1) or (b) cause this Purchase
Option or the securities issuable hereunder to be the subject of any hedging,
short sale, derivative, put or call transaction that would result in the
effective economic disposition of this Purchase Option or the securities
hereunder, except as provided for in FINRA Rule 2710(g)(2). On and after 180
days from the Effective Date, transfers to others may be made subject to
compliance with or exemptions from applicable securities laws. In order to make
any permitted assignment, the Holder must deliver to the Company the assignment
form attached hereto duly executed and completed, together with the Purchase
Option and payment of all transfer taxes, if any, payable in connection
therewith. The Company shall within five business days transfer this Purchase
Option on the books of the Company and shall execute and deliver a new Purchase
Option or Purchase Options of like tenor to the appropriate assignee(s)
expressly evidencing the right to purchase the aggregate number of Shares
purchasable hereunder or such portion of such number as shall be contemplated by
any such assignment.

      

      3.2 
Restrictions Imposed
by the Act. The securities evidenced by this Purchase Option shall not be
transferred unless and until: (i) the Company has received the opinion of
counsel for the Holder that the securities may be transferred pursuant to an
exemption from registration under the Act and applicable state securities laws,
the availability of which is established to the reasonable satisfaction of the
Company (the Company hereby agreeing that the opinion of Sichenzia Ross Friedman
Ference LLP shall be deemed satisfactory evidence of the availability of an
exemption), or (ii) a registration statement or a post-effective amendment to
the Registration Statement relating to the offer and sale of such securities has
been filed by the Company and declared effective by the Securities and Exchange
Commission (the “Commission”) and compliance with applicable state securities
law has been established.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      4.  Registration
Rights.

      

      4.1  Demand
Registration.

      

      4.1.1  Grant of Right. The
Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least
51% of the Purchase Options and/or the underlying Shares (“Majority Holders”),
agrees to register, on one occasion, all or any portion of the Shares underlying
the Purchase Options (collectively the “Registrable Securities”). On such
occasions, the Company will file a registration statement with the SEC covering
the Registrable Securities within sixty (60) days after receipt of a Demand
Notice and use its reasonable best efforts to have the registration statement
declared effective promptly thereafter, subject to compliance with review by the
SEC; provided, however,
that the Company shall not be required to comply with a Demand Notice if the
Company has filed a registration statement with respect to which the Holder is
entitled to piggyback registration rights pursuant to Section 4.2 hereof and
either: (i) the Holder has elected to participate in the offering covered by
such registration statement or (ii) if such registration statement relates to an
underwritten primary offering of securities of the Company, until the offering
covered by such registration statement has been withdrawn or until thirty (30)
days after such offering is consummated. The demand for registration may be made
at any time during a period of four (4) years beginning one (1) year from the
Closing Date. The Company covenants and agrees to give written notice of its
receipt of any Demand Notice by any Holder(s) to all other registered Holders of
the Purchase Options and/or the Registrable Securities within ten (10) days from
the date of the receipt of any such Demand Notice.

      

      4.1.2  Terms. The Company
shall bear all fees and expenses attendant to the registration of the
Registrable Securities pursuant to Section 4.1.1, but the Holders shall pay any
and all underwriting commissions and the expenses of any legal counsel selected
by the Holders to represent them in connection with the sale of the Registrable
Securities. The Company agrees to use its reasonable best efforts to cause the
filing required herein to become effective promptly and to qualify or register
the Registrable Securities in such States as are reasonably requested by the
Holder(s); provided,
however, that in no event shall the Company be required to register the
Registrable Securities in a State in which such registration would cause: (i)
the Company to be obligated to register or license to do business in such State
or submit to general service of process in such State, or (ii) the principal
shareholders of the Company to be obligated to escrow their shares of capital
stock of the Company. The Company shall cause any registration statement filed
pursuant to the demand right granted under Section 4.1.1 to remain effective for
a period of at least twelve consecutive months from the date that the Holders of
the Registrable Securities covered by such registration statement are first
given the opportunity to sell all of such securities. The Holders shall only use
the prospectuses provided by the Company to sell the shares covered by such
registration statement, and will immediately cease to use any prospectus
furnished by the Company if the Company advises the Holder that such prospectus
may no longer be used due to a material misstatement or omission.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      4.2  “Piggy-Back”
Registration.

      

      4.2.1  Grant of Right. In
addition to the demand right of registration, described in Section 4.1 hereof
the Holder shall have the right, for a period of four (4) years commencing one
(1) year from the Closing Date, to include the Registrable Securities as part of
any other registration of securities filed by the Company (other than in
connection with a transaction contemplated by Rule 145(a) promulgated under the
Act or pursuant to Form S-8 or any equivalent form); provided, however, that if,
solely in connection with any primary underwritten public offering for the
account of the Company, the managing underwriter(s) thereof shall, in its
reasonable discretion, impose a limitation on the number of shares of Common
Stock which may be included in the Registration Statement because, in such
underwriter(s)’ judgment, marketing or other factors dictate such limitation is
necessary to facilitate public distribution, then the Company shall be obligated
to include in such Registration Statement only such limited portion of the
Registrable Securities with respect to which the Holder requested inclusion
hereunder as the underwriter shall reasonably permit. Any exclusion of
Registrable Securities shall be made pro rata among the Holders seeking to
include Registrable Securities in proportion to the number of Registrable
Securities sought to be included by such Holders; provided, however, that the
Company shall not exclude any Registrable Securities unless the Company has
first excluded all outstanding securities, the holders of which are not entitled
to inclusion of such securities in such Registration Statement or are not
entitled to pro rata inclusion with the Registrable Securities.

      

      4.2.2  Terms. The Company
shall bear all fees and expenses attendant to registering the Registrable
Securities pursuant to Section 4.2.1 hereof, but the Holders shall pay any and
all underwriting commissions and the expenses of any legal counsel selected by
the Holders to represent them in connection with the sale of the Registrable
Securities. In the event of such a proposed registration, the Company shall
furnish the then Holders of outstanding Registrable Securities with not less
than thirty (30) days written notice prior to the proposed date of filing of
such registration statement. Such notice to the Holders shall continue to be
given for each registration statement filed by the Company until such time as
all of the Registrable Securities have been sold by the Holder. The holders of
the Registrable Securities shall exercise the “piggy-back” rights provided for
herein by giving written notice, within ten (10) days of the receipt of the
Company’s notice of its intention to file a registration statement.

      

      4.3  General
Terms.

      

      4.3.1  Indemnification. The
Company shall indemnify the Holder(s) of the Registrable Securities to be sold
pursuant to any registration statement hereunder and each person, if any, who
controls such Holders within the meaning of Section 15 of the Act or Section
20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”),
against all loss, claim, damage, expense or liability (including all reasonable
attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which any of them may
become subject under the Act, the Exchange Act or otherwise, arising from such
registration statement but only to the same extent and with the same effect as
the provisions pursuant to which the Company has agreed to indemnify the
Underwriters contained in Section 5.1 of the Underwriting Agreement between the
Underwriters and the Company, dated as of _______________, 2009. The Holder(s)
of the Registrable Securities to be sold pursuant to such registration
statement, and their successors and assigns, shall severally, and not jointly,
indemnify the Company, against all loss, claim, damage, expense or liability
(including all reasonable attorneys’ fees and other expenses reasonably incurred
in investigating, preparing or defending against any claim whatsoever) to which
they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such Holders, or their successors
or assigns, in writing, for specific inclusion in such registration statement to
the same extent and with the same effect as the provisions contained in Section
5.2 of the Underwriting Agreement pursuant to which the Underwriters have agreed
to indemnify the Company.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      4.3.2  Exercise of Purchase
Options. Nothing contained in this Purchase Option shall be construed as
requiring the Holder(s) to exercise their Purchase Options prior to or after the
initial filing of any registration statement or the effectiveness
thereof.

      

      4.3.3  Documents Delivered to
Holders. The Company shall furnish to each Holder participating in any of
the foregoing offerings and to each underwriter of any such offering, if any, a
signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion
of counsel to the Company, dated the effective date of such registration
statement (and, if such registration includes an underwritten public offering,
an opinion dated the date of the closing under any underwriting agreement
related thereto), and (ii) a “cold comfort” letter dated the effective date of
such registration statement (and, if such registration includes an underwritten
public offering, a letter dated the date of the closing under the underwriting
agreement) signed by the independent public accountants who have issued a report
on the Company’s financial statements included in such registration statement,
in each case covering substantially the same matters with respect to such
registration statement (and the prospectus included therein) and, in the case of
such accountants’ letter, with respect to events subsequent to the date of such
financial statements, as are customarily covered in opinions of issuer’s counsel
and in accountants’ letters delivered to underwriters in underwritten public
offerings of securities. The Company shall also deliver promptly to each Holder
participating in the offering requesting the correspondence and memoranda
described below and to the managing underwriter, if any, copies of all
correspondence between the SEC and the Company, its counsel or auditors and all
memoranda relating to discussions with the SEC or its staff with respect to the
registration statement and permit each Holder and underwriter to do such
investigation, upon reasonable advance notice, with respect to information
contained in or omitted from the registration statement as it deems reasonably
necessary to comply with applicable securities laws or rules of FINRA. Such
investigation shall include access to books, records and properties and
opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times
as any such Holder shall reasonably request.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      4.3.4  Underwriting
Agreement. The Company shall enter into an underwriting agreement with
the managing underwriter(s), if any, selected by any Holders whose Registrable
Securities are being registered pursuant to this Section 4, which managing
underwriter shall be reasonably satisfactory to the Company. Such agreement
shall be reasonably satisfactory in form and substance to the Company, each
Holder and such managing underwriters, and shall contain such representations,
warranties and covenants by the Company and such other terms as are customarily
contained in agreements of that type used by the managing underwriter. The
Holders shall be parties to any underwriting agreement relating to an
underwritten sale of their Registrable Securities and may, at their option,
require that any or all the representations, warranties and covenants of the
Company to or for the benefit of such underwriters shall also be made to and for
the benefit of such Holders. Such Holders shall not be required to make any
representations or warranties to or agreements with the Company or the
underwriters except as they may relate to such Holders, their Shares and their
intended methods of distribution.

      

      4.3.5  Documents to be Delivered by
Holder(s). Each of the Holder(s) participating in any of the foregoing
offerings shall furnish to the Company a completed and executed questionnaire
provided by the Company requesting information customarily sought of selling
security holders.

      

      4.3.6  Damages. Should the
registration or the effectiveness thereof required by Sections 4.1 and 4.2
hereof be delayed by the Company or the Company otherwise fails to comply with
such provisions, the Holder(s) shall, in addition to any other legal or other
relief available to the Holder(s), be entitled to obtain specific performance or
other equitable (including injunctive) relief against the threatened breach of
such provisions or the continuation of any such breach, without the necessity of
proving actual damages and without the necessity of posting bond or other
security.

      

      5.
 New Purchase
Options to be Issued.

      

      5.1
 Partial Exercise
or Transfer. Subject to the restrictions in Section 3 hereof, this
Purchase Option may be exercised or assigned in whole or in part. In the event
of the exercise or assignment hereof in part only, upon surrender of this
Purchase Option for cancellation, together with the duly executed exercise or
assignment form and funds sufficient to pay any Exercise Price and/or transfer
tax if exercised pursuant to Section 2.1 hereto, the Company shall cause to be
delivered to the Holder without charge a new Purchase Option of like tenor to
this Purchase Option in the name of the Holder evidencing the right of the
Holder to purchase the number of Shares purchasable hereunder as to which this
Purchase Option has not been exercised or assigned.

      

      5.2
 Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it
of the loss, theft, destruction or mutilation of this Purchase Option and of
reasonably satisfactory indemnification or the posting of a bond, the Company
shall execute and deliver a new Purchase Option of like tenor and date. Any such
new Purchase Option executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation
on the part of the Company.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      6.
 Adjustments.

      

      6.1
 Adjustments to
Exercise Price and Number of Securities. The Exercise Price and the
number of Shares underlying the Purchase Option shall be subject to adjustment
from time to time as hereinafter set forth:

      

      6.1.1
 Share Dividends;
Split Ups. If after the date hereof, and subject to the provisions of
Section 6.3 below, the number of outstanding Shares is increased by a stock
dividend payable in Shares or by a split up of Shares or other similar event,
then, on the effective day thereof, the number of Shares purchasable hereunder
shall be increased in proportion to such increase in outstanding
shares.

      

      6.1.2
 Aggregation of
Shares. If after the date hereof, and subject to the provisions of
Section 6.3, the number of outstanding Shares is decreased by a consolidation,
combination or reclassification of Shares or other similar event, then, on the
effective date thereof, the number of Shares purchasable hereunder shall be
decreased in proportion to such decrease in outstanding shares.

      

      6.1.3
 Replacement of
Securities upon Reorganization, etc. In case of any reclassification or
reorganization of the outstanding Shares other than a change covered by Section
6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in
the case of any share reconstruction or amalgamation or consolidation of the
Company with or into another corporation (other than a consolidation or share
reconstruction or amalgamation in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization
of the outstanding Shares), or in the case of any sale or conveyance to another
corporation or entity of the property of the Company as an entirety or
substantially as an entirety in connection with which the Company is dissolved,
the Holder of this Purchase Option shall have the right thereafter (until the
expiration of the right of exercise of this Purchase Option) to receive upon the
exercise hereof, for the same aggregate Exercise Price payable hereunder
immediately prior to such event, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification,
reorganization, share reconstruction or amalgamation, or consolidation, or upon
a dissolution following any such sale or transfer, by a Holder of the number of
Shares of the Company obtainable upon exercise of this Purchase Option
immediately prior to such event; and if any reclassification also results in a
change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall
be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions
of this Section 6.1.3 shall similarly apply to successive reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations,
sales or other transfers.

      

      6.1.4 
Changes in Form of
Purchase Option. This form of Purchase Option need not be changed because
of any change pursuant to this Section, and Purchase Options issued after such
change may state the same Exercise Price and the same number of Shares as are
stated in the Purchase Options initially issued pursuant to this Agreement. The
acceptance by any Holder of the issuance of new Purchase Options reflecting a
required or permissive change shall not be deemed to waive any rights to an
adjustment occurring after the Commencement Date or the computation
thereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      6.2 
Substitute Purchase
Option. In case of any consolidation of the Company with, or share
reconstruction or amalgamation of the Company with or into, another corporation
(other than a consolidation or share reconstruction or amalgamation which does
not result in any reclassification or change of the outstanding Shares), the
corporation formed by such consolidation or share reconstruction or amalgamation
shall execute and deliver to the Holder a supplemental Purchase Option providing
that the holder of each Purchase Option then outstanding or to be outstanding
shall have the right thereafter (until the stated expiration of such Purchase
Option) to receive, upon exercise of such Purchase Option, the kind and amount
of shares of stock and other securities and property receivable upon such
consolidation or share reconstruction or amalgamation, by a holder of the number
of Shares of the Company for which such Purchase Option might have been
exercised immediately prior to such consolidation, share reconstruction or
amalgamation, sale or transfer. Such supplemental Purchase Option shall provide
for adjustments which shall be identical to the adjustments provided for in this
Section 6. The above provision of this Section shall similarly apply to
successive consolidations or share reconstructions or
amalgamations.

      

      6.3
 Elimination of
Fractional Interests. The Company shall not be required to issue
certificates representing fractions of Shares upon the exercise of the Purchase
Option, nor shall it be required to issue scrip or pay cash in lieu of any
fractional interests, it being the intent of the parties that all fractional
interests shall be eliminated by rounding any fraction up or down, as the case
may be, to the nearest whole number of Shares or other securities, properties or
rights.

      

      7.
 Reservation and
Listing. The Company shall at all times reserve and keep available out of
its authorized Shares, solely for the purpose of issuance upon exercise of the
Purchase Options, such number of Shares or other securities, properties or
rights as shall be issuable upon the exercise thereof. The Company covenants and
agrees that, upon exercise of the Purchase Options and payment of the Exercise
Price therefor, in accordance with the terms hereby, all Shares and other
securities issuable upon such exercise shall be duly and validly issued, fully
paid and non-assessable and not subject to preemptive rights of any shareholder.
The Company further covenants and agrees that upon exercise of the Purchase
Options and payment of the exercise price therefor, all Shares and other
securities issuable upon such exercise shall be duly and validly issued, fully
paid and non-assessable and not subject to preemptive rights of any shareholder.
As long as the Purchase Options shall be outstanding, the Company shall use its
commercially reasonable efforts to cause all Shares issuable upon exercise of
the Purchase Options to be listed (subject to official notice of issuance) on
all securities exchanges (or, if applicable on the Nasdaq Global Market, Capital
Market, OTC Bulletin Board or any successor trading market) on which the Shares
issued to the public in the Offering may then be listed and/or
quoted.

      

      8.
 Certain Notice
Requirements.

      

      8.1
 Holder’s Right
to Receive Notice. Nothing herein shall be construed as conferring upon
the Holders the right to vote or consent or to receive notice as a shareholder
for the election of directors or any other matter, or as having any rights
whatsoever as a shareholder of the Company. If, however, at any time prior to
the expiration of the Purchase Options and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the
Company shall give written notice of such event at least fifteen days prior to
the date fixed as a record date or the date of closing the transfer books for
the determination of the shareholders entitled to such dividend, distribution,
conversion or exchange of securities or subscription rights, or entitled to vote
on such proposed dissolution, liquidation, winding up or sale. Such notice shall
specify such record date or the date of the closing of the transfer books, as
the case may be. Notwithstanding the foregoing, the Company shall deliver to
each Holder a copy of each notice given to the other shareholders of the Company
at the same time and in the same manner that such notice is given to the
shareholders.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      8.2
 Events Requiring
Notice. The Company shall be required to give the notice described in
this Section 8 upon one or more of the following events: (i) if the Company
shall take a record of the holders of its Shares for the purpose of entitling
them to receive a dividend or distribution payable otherwise than in cash, or a
cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the
books of the Company, (ii) the Company shall offer to all the holders of its
Shares any additional shares of capital stock of the Company or securities
convertible into or exchangeable for shares of capital stock of the Company, or
any option, right or warrant to subscribe therefor, or (iii) a dissolution,
liquidation or winding up of the Company (other than in connection with a
consolidation or share reconstruction or amalgamation) or a sale of all or
substantially all of its property, assets and business shall be
proposed.

      

      8.3
 Notice of Change
in Exercise Price. The Company shall, promptly after an event requiring a
change in the Exercise Price pursuant to Section 6 hereof, send notice to the
Holders of such event and change (“Price Notice”). The Price Notice shall
describe the event causing the change and the method of calculating same and
shall be certified as being true and accurate by the Company’s Chief Financial
Officer.

      

      8.4
 Transmittal of
Notices. All notices, requests, consents and other communications under
this Purchase Option shall be in writing and shall be deemed to have been duly
made when hand delivered, or mailed by express mail or private courier service:
(i) if to the registered Holder of the Purchase Option, to the address of such
Holder as shown on the books of the Company, or (ii) if to the Company, to
following address or to such other address as the Company may designate by
notice to the Holders:

      

      Skystar
Bio-Pharmaceutical Company.

      Rm.
10601, Jiezui Plaza, No. 4, Fenghui Road South

      Gaoxin
District, Xi’an, Shaanxi Province, P.R. China

      Attn:  Weibing
Lu

      Fax:
______________

      

      With a
copy to:

      

      Richardson
& Patel LLP

      10900
Wilshire Boulevard, Suite 500

      Los
Angeles, California 90024

      Attn:
Kevin K. Leung

      Fax:
310-208-1154

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      9. Miscellaneous.

      

      9.1
 Amendments. The
Company and Rodman & Renshaw may from time to time supplement or amend this
Purchase Option without the approval of any of the Holders in order to cure any
ambiguity, to correct or supplement any provision contained herein that may be
defective or inconsistent with any other provisions herein, or to make any other
provisions in regard to matters or questions arising hereunder that the Company
and Rodman & Renshaw may deem necessary or desirable and that the Company
and Rodman & Renshaw deem shall not adversely affect the interest of the
Holders. All other modifications or amendments shall require the written consent
of and be signed by the party against whom enforcement of the modification or
amendment is sought.

      

      9.2
 Headings.
The headings contained herein are for the sole purpose of convenience of
reference, and shall not in any way limit or affect the meaning or
interpretation of any of the terms or provisions of this Purchase
Option.

      

      9.3.
 Entire
Agreement. This Purchase Option (together with the other agreements and
documents being delivered pursuant to or in connection with this Purchase
Option) constitutes the entire agreement of the parties hereto with respect to
the subject matter hereof, and supersedes all prior agreements and
understandings of the parties, oral and written, with respect to the subject
matter hereof.

      

      9.4
 Binding
Effect. This Purchase Option shall inure solely to the benefit of and
shall be binding upon, the Holder and the Company and their permitted assignees,
respective successors, legal representative and assigns, and no other person
shall have or be construed to have any legal or equitable right, remedy or claim
under or in respect of or by virtue of this Purchase Option or any provisions
herein contained.

      

      9.5
 Governing Law;
Submission to Jurisdiction. This Purchase Option shall be governed by and
construed and enforced in accordance with the laws of the State of Nevada,
without giving effect to conflict of laws. The Company hereby agrees that any
action, proceeding or claim against it arising out of, or relating in any way to
this Purchase Option shall be brought and enforced in the courts of the State of
New York or of the United States District Court for the Southern District of New
York, and irrevocably submits to such jurisdiction, which jurisdiction shall be
exclusive. The Company hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Any process
or summons to be served upon the Company may be served by transmitting a copy
thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section 8 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the
Company in any action, proceeding or claim. The Company and the Holder agree
that the prevailing party(ies) in any such action shall be entitled to recover
from the other party(ies) all of its reasonable attorneys’ fees and expenses
relating to such action or proceeding and/or incurred in connection with the
preparation therefor.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       9.6
 Waiver,
etc. The failure of the Company or the Holder to at any time enforce any
of the provisions of this Purchase Option shall not be deemed or construed to be
a waiver of any such provision, nor to in any way affect the validity of this
Purchase Option or any provision hereof or the right of the Company or any
Holder to thereafter enforce each and every provision of this Purchase Option.
No waiver of any breach, non-compliance or non-fulfillment of any of the
provisions of this Purchase Option shall be effective unless set forth in a
written instrument executed by the party or parties against whom or which
enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of
any other or subsequent breach, non-compliance or non-fulfillment.

      

      9.7
 Execution in
Counterparts. This Purchase Option may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each
of which shall be deemed to be an original, but all of which taken together
shall constitute one and the same agreement, and shall become effective when one
or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Such counterparts may be delivered by
facsimile transmission or other electronic transmission.

      

      9.8
 Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this
Purchase Option, Holder agrees that, at any time prior to the complete exercise
of this Purchase Option by Holder, if the Company and Rodman & Renshaw enter
into an agreement (“Exchange Agreement”) pursuant to which they agree that all
outstanding Purchase Options will be exchanged for securities or cash or a
combination of both, then Holder shall agree to such exchange and become a party
to the Exchange Agreement.

      

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      IN
WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its
duly authorized officer as of the ___ day of _________, 2009.

       

       

      
        
          	 
      	
                  SKYSTAR
      BIO-PHARMACEUTICAL COMPANY

                
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                  By:

                	  
      	 
      
	 
      	 
      	
                  Name:

                	 
      	 
      
	 
      	 
      	
                  Title:

                	 
      	 
      

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Form
to be used to exercise Purchase Option:

      

      

      

      Date:
___________, 200__

      

      

      

      The
undersigned hereby elects irrevocably to exercise the within Purchase Option and
to purchase ____________ Shares of Skystar Bio-Pharmaceutical Company and hereby
makes payment of $____ (at the rate of $_____ per Share) in payment of the
Exercise Price pursuant thereto. Please issue the Shares as to which this
Purchase Option is exercised in accordance with the instructions given
below.

      

      or

      

      The
undersigned hereby elects irrevocably to convert its right to purchase ______
Shares purchasable under the within Purchase Option by surrender of the
unexercised portion of the attached Purchase Option (with a “Value” of $______
based on a “Market Price” of $______). Please issue the Shares as to which this
Purchase Option is exercised in accordance with the instructions given
below.

      

       

       

      

      

        

      

      Signature

      

      

      

       

        
          

        

      

      Signature
Guaranteed

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      

      INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

      

      Name:

      
 

      

        

      

      (Print in
Block Letters)

      

      Address:

      

      

      
        

      

       

       

      
        

      

       

       

      
        

      

       

      
 

      

      NOTICE:
The signature to this form must correspond with the name as written upon the
face of the within Purchase Option in every particular without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other
than a savings bank, or by a trust company or by a firm having membership on a
registered national securities exchange.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Form
to be used to assign Purchase Option:

      

      ASSIGNMENT

      

      (To be
executed by the registered Holder to effect a transfer of the within Purchase
Option):

      

      

      

      FOR VALUE
RECEIVED,  ___________________ does hereby sell, assign and
transfer unto _______________________________________ the right to purchase
Shares of Skystar Bio-Pharmaceutical Company (“Company”) evidenced by the within
Purchase Option and does hereby authorize the Company to transfer such right on
the books of the Company.

      

      

      

      Dated: 
__________________, 200__

      

      

       

       

      
        

      

      Signature

      

       

       

      

      
        

      

      Signature
Guaranteed

      

      

      

      

      

      NOTICE:
The signature to this form must correspond with the name as written upon the
face of the within Purchase Option in every particular without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other
than a savings bank, or by a trust company or by a firm having membership on a
registered national securities exchange.exhibit10_33.htm

    Exhibit
10.33(d)

     

    AMENDMENT
NO. 4 TO

    SECOND
AMENDED AND RESTATED

    EMPLOYMENT
AGREEMENT

     

     

    THIS
AMENDMENT NO. 4 TO SECOND AMENDED AND RESTATED AGREEMENT, dated as of June 22,
2009 (the “Amendment”), amends the Second Amended and Restated Agreement, made
and entered into as of July 1, 2003, and amended as of December 27, 2004,
further amended as of February 20, 2007 and further amended as of September 5,
2007 (the “Agreement”), by and between REPUBLIC AIRWAYS HOLDINGS INC. (the
“Company”), a Delaware corporation, and BRYAN K. BEDFORD (the
“Executive”).

     

    R
E C I T A L S

     

    WHEREAS,
the Company and the Executive entered into the Agreement; and

     

    WHEREAS,
the Company and the Executive desire to amend the Agreement as and to the extent
provided for herein, it being understood that the Amendment is an interim
agreement and will be replaced by a new employment agreement, having such terms
as shall be determined by the Company’s Compensation Committee,

     

    NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants
hereinafter set forth and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and intending to be legally bound,
the parties hereto agree as follows:

     

            1. Dates.  All
references in the Agreement to the 2009 calendar year shall be references to the
2010 calendar year.  All references in the Agreement to January 1,
2009 shall be references to January 1, 2010.  All references in the
Agreement to June 30, 2009 shall be references to June 30, 2010.

     

            2. Severance
Compensation.  Section 4 of the Agreement is hereby amended and
restated in its entirety as follows:

     

            4. Severance
Compensation.  In the event (i) the Company terminates this
Agreement or the Company terminates the Executive’s employment with the Company
other than for Cause, (ii) the Executive terminates this Agreement or his
employment with the Company for Cause, or (iii) of a Change of Control (provided
that after such Change of Control, the Executive’s compensation is decreased,
his duties are diminished or he is asked to relocate more than 25 miles from his
then-current place of employment), then the Company shall pay to the Executive
as Severance Compensation two times the Executive’s Base Salary ($450,000) plus
two times the Executive’s bonus paid for the Company’s last fiscal
year.  The Severance Compensation shall be paid in a lump sum within
ten (10) days following a qualifying event.  If the Executive
terminates this Agreement or his employment with the Company other than for
Cause, the Company shall pay to the Executive his Base Salary for the remainder
of the Term.  The Executive shall also receive as Severance
Compensation continuation of medical benefits for the Term.

     

            3. Equity
Commitment.  Upon executing the Amendment, Executive shall be
issued (i) options to purchase 200,000 shares of common stock of the Company,
25% of which shall vest on each of the next four (4) anniversaries of the date
hereof, such options to be evidenced by a Stock Option Agreement substantially
in the form attached hereto as Exhibit A pursuant to
the Republic Airways Holdings Inc. 2007 Equity Incentive Plan, by and between
the Company and the Executive.  The options shall expire ten (10)
years following voluntary separation or termination of the Agreement or the
Executive’s employment with the Company other than for Cause.

     

            4. Defined
Terms.  All capitalized terms used herein shall have the
respective meanings ascribed to such terms in the Agreement unless otherwise
defined herein.

     

            5. Counterparts.  This
Amendment may be executed in counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same
instrument.

     

            6. Miscellaneous.  Except
as amended herein, the Agreement shall remain in full force and
effect.

     

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

     

     

    
      
        	 	      
                REPUBLIC
      AIRWAYS HOLDINGS, INC.

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Robert
      H. Cooper	 
	 	 	Name:
      Robert H. Cooper 	 
	 	 	Title:
      Executive Vice President and Chief Financial Officer 	 
	 	 	 	 

      

    

     

     

     

    
    

    
      
        	 	      
                BRYAN
      K. BEDFORD

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Bryan
      K. Bedford	 
	 	 	 	 
	 	 	: 	 
	 	 	 	 

      

    

    
    

     

    
    

     

    
    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    
    

     

    
    

    

    EXHIBIT
A

     

    FORM
OF STOCK OPTION AGREEMENT

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