Document:

EX-10.2

 Exhibit 10.2 

AMN HEALTHCARE 2017 SENIOR EXECUTIVE INCENTIVE BONUS PLAN 

I. Purpose 
  

 

 The purpose of this Plan is to establish a program of incentive compensation for designated officers and key employees of
the Company and its subsidiaries and divisions that is directly related to the performance results of the Company and such

 
officers and employees. This Plan provides annual incentives, contingent upon continued employment and meeting certain corporate goals, to certain key employees who make substantial contributions
to the Company. 

 

  
 II. Definitions 

 

 

 “Board” means the Board of Directors of the Company. 

“Bonus Award” means the award, as determined by the Committee, to be granted to a Participant based on that Participant’s level of attainment of
his or her goals established in accordance with Articles IV and V. 
 “Code” means the Internal Revenue Code of 1986, as amended, and any successor
Code, and related rules, regulations, and interpretations. 
 “Committee” means a committee selected by the Board to administer this Plan and
composed of not less than two directors, each of whom is an “outside director” (within the meaning of Section 162(m) of the Code). 

“Company” means AMN Healthcare Services, Inc. and each of its subsidiaries. 

“Designated Beneficiary” means the beneficiary or beneficiaries designated in accordance with Article XII hereof to receive the amount, if any, payable
under this Plan upon the Participant’s death. 
 “162(m) Bonus Award” means a Bonus Award that is intended to qualify for the performance-based
compensation exception to Section 162(m) of the Code, as further described in Article VII. 
 “Participant” means any officer or key employee
designated by the Committee to participate in this Plan. 
 “Performance Criteria” means objective performance criteria established by the Committee
with respect to 162(m) Bonus Awards. Performance Criteria shall be measured in terms of one or more of the following objectives, described as such objectives relate to Company-wide objectives or of the subsidiary, division, department or function
with the Company or subsidiary in which the Participant is employed or for which he or she bears some responsibility: (i) market value; (ii) book value; (iii) earnings or earnings per share (either basic or diluted), in each case,
either before or after taxes (and as may be objectively adjusted as determined by the Committee, including, without limitation, adjustments for stock

 
compensation expense, integration expenses, incentive awards recorded in the Company’s financial books and records, including annual and long-term incentive awards, extraordinary legal costs
(including damages, settlements and attorneys’ fees), changes in United States Generally Accepted Accounting Principles (“GAAP”) treatment of revenue or expenses, discontinued operations, goodwill and other identified asset
impairments, depreciation and amortization, and expenses resulting from severance arrangements with terminated employees); (iv) market share; (v) operating profit; (vi) net income; (vii) cash flow; (viii) return on capital or
invested capital; (ix) return on assets; (x) return on equity; (xi) margins; (xii) total shareholder return; (xiii) sales or product volume growth; (xiv) productivity improvement or ratios; (xv) costs or expenses;
(xvi) net debt reduction; (xvii) earnings before interest, taxes, depreciation and amortization (and other objective adjustments as may be determined by the Committee, including, without limitation, stock compensation expense, integration
expenses, incentive awards recorded in the Company’s financial books and records, including annual and long-term incentive awards, extraordinary legal costs (including damages, settlements and attorneys’ fees), changes in GAAP treatment of
revenue or expenses, discontinued operations, goodwill and other identified asset impairments, and expenses resulting from severance arrangements with terminated employees); (xviii) unit volume; (xix) net sales; (xx) balance sheet
measurements; (xxi) selling, general and administrative expenses (including, without limitation, SG&A as a percentage of revenue or similar ratios); (xxii) revenue; (xxiii) the Company’s stock price or its enterprise value;
(xxiv) completion of acquisitions or business expansion; (xxv) operating income; or (xxvi) any other objective value-based performance measure. Any of the foregoing criteria may be measured in absolute terms or as compared to the
results of a peer group, other group of comparable companies selected by the Committee, or an index. 
 Each grant of a 162(m) Bonus Award shall specify the
Performance Criteria to be achieved, a minimum acceptable level of achievement below which no payment or award will be made, a formula for determining the amount of any

 

 
payment or award to be made, if any, if performance is at or above the minimum acceptable level but falls short of full achievement of the specified Performance Criteria, and the maximum amount
that can be paid under the Bonus Award. 
 Subject to Section VII below, if the Committee determines that a change in the business, operations, corporate structure or
capital structure of the Company, or the manner in which it conducts its business, or other events or circumstances render the Performance Criteria to be unsuitable, the Committee may modify such Performance Criteria or the related minimum
acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable. Without limiting the foregoing, and subject to Section VII below, the Committee shall in its discretion adjust any evaluation of performance
under a Performance Criterion to exclude or include any of the following events that occurs during a Performance Period: (a) gains or losses on sales or dispositions, (b) asset write-downs, which may include without limitation goodwill and
other identified intangible asset impairments, (c) changes in tax law or rate, including the impact on deferred tax liabilities, (d) the cumulative effect of changes in accounting principles or changes in accounting policies, including
changes in GAAP treatment of revenue and expenses, (e) events of an “unusual nature” and/or of a type that indicate “infrequency of occurrence,” as defined in FASB

 
Accounting Standards Update 2015—01, (f) acquisitions occurring after the start of a Performance Period, integration expenses related to acquisitions, or unbudgeted costs incurred related to
future acquisitions, (g) operations discontinued, divested or restructured, including severance costs, (h) gains or losses on refinancing or extinguishment of debt, (i) foreign exchange gains and losses, (j) all or any portion of
litigation expenses (including attorneys’ fees, court costs and other out-of-pocket expenses), amounts paid as damages, claim judgments, or settlements,
(k) stock compensation expense, (l) expenses resulting from severance arrangements with terminated employees, (m) incentive awards recorded in the Company’s financial books and records, including annual and long-term incentive
awards, (n) depreciation and amortization and (o) any objective similar event or condition specified by the Committee. 
 “Performance
Period” means the period during which performance is measured to determine the level of attainment of a Bonus Award, which may be based on the fiscal year of the Company and which may be for a period of one or more years or for a portion of
a year. There may be overlapping Performance Periods under this Plan. 
 “Plan” means the AMN Healthcare 2017 Senior Executive Incentive Bonus Plan,
as may be amended from time to time. 

 

  
 III. Eligibility 

 

 

 Participants in this Plan shall be selected by the Committee for each Performance Period from those officers and key
employees of the Company and its subsidiaries whose efforts contribute materially to the success of the Company. No employee shall be a Participant unless he or she is selected

 
by the Committee, in its sole discretion. No employee shall at any time have the right to be selected as a Participant nor, having been selected as a Participant for one Performance Period, to be
selected as a Participant in any other Performance Period. 

 

  
 IV. Administration 

 

 

 The Committee, in its sole discretion, will determine eligibility for participation, establish the maximum award which
may be earned by each Participant (which may be expressed in terms of dollar amount, percentage of salary or any other measurement), establish goals for each Participant (which may be objective or subjective, and based on individual, Company,
subsidiary and/or division performance), calculate and determine each Participant’s level of attainment of such goals, and calculate the Bonus Award for each Participant based upon such level of attainment. 

Except as otherwise herein expressly provided, full power and authority to construe, interpret, and administer this Plan shall be vested in the Committee, including the
power to amend or terminate this Plan as further described in Article XV. The Committee may at any time adopt such rules, regulations, policies, or practices as, in its sole discretion, it shall determine to be necessary or appropriate for the
administration of, or the performance of its respective

 
responsibilities under, this Plan. The Committee may at any time amend, modify, suspend, or terminate such rules, regulations, policies, or practices. The Committee may appoint delegates to
assist in administering this Plan. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other information furnished to it or him by any officer or employee of the Company, the Company’s
certified public accountants, consultants or any other agent assisting in the administration of this Plan. All determinations and decisions made by the Committee or the Board, and any delegate of the Committee pursuant to the provisions of
this Plan shall be final, conclusive and binding on all persons, and shall be given the maximum deference permitted by law. 
 Notwithstanding the foregoing or any
other provision of this Plan, except in the case of a 162(m) Bonus Award, (i) the Board may at any time or from time to time resolve to administer this Plan and, in such case, references herein to

 

 
the Committee shall mean the Board when so acting as the Committee, and (ii) when the Committee is acting and not the

 
Board, all of the Committee’s material decisions under this Plan will be subject to ratification by the Board.

 

  
 V. Bonus Awards 

 

 

 The Committee, based upon information to be supplied by management of the Company and, where determined as necessary by
the Board, the ratification of the Board, will establish for each Performance Period a maximum award (and, if the Committee deems appropriate, a threshold and target award) and goals relating to Company, subsidiary, divisional, departmental and/or
functional performance for each Participant and communicate such award levels and goals to each Participant prior to or during the Performance Period for which such award may be made. Bonus Awards

 
will be earned by each Participant based upon the level of attainment of his or her goals during the applicable Performance Period and other terms and conditions as the Committee determines;
provided that the Committee may reduce the amount of any Bonus Award in its sole and absolute discretion. As soon as reasonably practicable after the end of the applicable Performance Period, the Committee shall determine the level of attainment of
the goals for each Participant and the Bonus Award that may be made to each Participant. 

 

  
 VI. Payment of Bonus Awards 

 

 

 A Participant who has a change in status that results in being ineligible to participate in this Plan or eligible in more
than one variable pay plan, including this Plan, in a Performance Period may receive a prorated Bonus Award, if any (as determined by the Committee at the end of the Performance Period), under this Plan; the method in which a Bonus Award is prorated
shall be determined by the Company in its sole discretion. 
 Bonus Awards earned during any Performance Period shall be paid as soon as reasonably practicable
following the end of such Performance Period and the determination of the

 
amount thereof shall be made by the Committee, and in no event shall Bonus Awards earned for any Performance Period be paid later than March 15 of the year following the end of the
Performance Period. Payment of Bonus Awards shall be made in the form of cash. Bonus Award amounts earned but not yet paid will not accrue interest. A Participant who terminates due to permanent disability (as determined by the Committee in its sole
discretion), participation in a reduction in force or death may, at the Committee’s discretion, receive a prorated Bonus Award. The method in which a Bonus Award is prorated shall be determined by the Committee.

 

  
 VII. 162(m) Bonus Awards 

 

 

 Unless determined otherwise by the Committee, each Bonus Award to a “covered employee” within the meaning of
Section 162(m) of the Code awarded under this Plan shall be a 162(m) Bonus Award and will be subject to the following requirements, notwithstanding any other provision of this Plan to the contrary: 

(a) No 162(m) Bonus Award may be paid unless and until the shareholders of the Company have approved this Plan (and to the extent required by Section
162(m) of the Code, re-approved this Plan) in a manner that complies with the shareholder approval requirements of Section 162(m) of the Code. 

(b) A 162(m) Bonus Award may be made only by a Committee that is comprised solely of not less than two directors, each of whom is an “outside
director” (within the meaning of Section 162(m) of the Code). 
 (c) The performance goals to which a 162(m) Bonus Award is subject must be
based solely on Performance Criteria. Such performance goals, and the maximum, target and/or threshold (as applicable) bonus amount payable upon attainment thereof, must be established by the Committee

 
within the time limits and in the manner required in order for the 162(m) Bonus Award to qualify for the performance-based compensation exception to Section 162(m) of the Code. 

(d) No 162(m) Bonus Award may be paid until the Committee has certified the level of attainment of the applicable Performance Criteria. 

(e) No Participant shall receive a payment with respect to a Bonus Award under the Plan with respect to any Performance Period of one year having a
value in excess of $3,000,000; provided, however, that (i) such maximum amount shall be proportionately adjusted with respect to Performance Periods that are less than or greater than one year in duration, and (ii) if there are two or more
Performance Periods that end during any calendar year, in no event shall the aggregate amount payable to any Participant with respect to all such Performance Periods for such calendar year exceed $10,000,000. 

(f) The Committee may reduce the amount of any Bonus Award in its sole and absolute discretion

 

 VIII. Reorganization or Discontinuance 

 

 

 The obligations of the Company under this Plan shall be binding upon any successor corporation or organization resulting
from merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company. The Company will make appropriate provision for the
preservation of Participants’ rights

 
under this Plan in any agreement or plan that it may enter into or adopt to effect any such merger, consolidation, reorganization, or transfer of assets. 

If the business conducted by the Company shall be discontinued, any previously earned and unpaid Bonus Awards under this Plan shall become immediately payable to the
Participants then entitled thereto. 

 

  
 IX.
Non-Alienation of Benefits 
  

 

 A Participant may not assign, sell, encumber, transfer, or otherwise dispose of any rights or interests under this Plan
except by will or the laws of descent and distribution. Any

 
attempted disposition in contravention of the preceding sentence shall be null and void.

 

  
 X. No Claim or Right to Plan Participation

  

 

 No employee or other person shall have any claim or right to be selected as a Participant under this Plan. Neither this
Plan nor any action taken pursuant to this Plan shall be construed as giving any employee any right to be retained in the employ of the Company. At no time before the actual payment to Participants under this Plan shall any Participant accrue any
vested interest or right whatsoever under this Plan except as otherwise stated in this Plan. 
 The selection of an individual for participation in this Plan shall
not give such Participant any right to be retained in the employ of the Company, and the right of the Company to dismiss such Participant or to terminate any arrangement pursuant to

 
which any such Participant provides services to the Company, with or without cause, is specifically reserved. No person shall have claim to a Bonus Award under this Plan, except as otherwise
provided for herein, or to continued participation under this Plan. There is no obligation for uniformity of treatment of Participants under this Plan. It is expressly agreed and understood that the employment of a Participant is terminable at the
will of either party and, if such Participant is a party to an employment agreement with the Company, in accordance with the terms and conditions of the Participant’s employment agreement.

 

  
 XI. Taxes 

 

 

 The Company shall have the right to withhold and deduct from all amounts payable under this Plan all federal, state,
local,

 
and other taxes required by law to be withheld with respect to such amounts.

 

  
 XII. Designation and Change of Beneficiary

  

 

 Each Participant may indicate upon notice to him or her by the Committee of his or her right to receive a Bonus Award a
designation of one or more persons as the Designated Beneficiary who shall be entitled to receive the amount, if any, payable under this Plan upon the death of the Participant. Such designation shall be in writing to the Committee. A Participant
may, from time to time, revoke or change his or her Designated Beneficiary without the consent of any prior

 
Designated Beneficiary by filing a written designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no
designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt.

 

 XIII. Payments to Persons Other Than the Participant 

 

 

 If the Committee shall find that any person to whom any amount is payable under this Plan is unable to care for his or
her affairs because of incapacity, illness or accident, or is a minor, or has died, then any payment due to such person or his or her estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee
so directs, be paid to his or her spouse, a child, a

 
relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee, in its sole discretion, to be a proper recipient on behalf of such person
otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Company therefor. 

 

  
 XIV. No Liability of Committee Members 

 

 

 No member of the Committee shall be personally liable by reason of any contract or other instrument related to this Plan
executed by such member or on his or her behalf in his or her capacity as a member of the Committee, nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each employee, officer, or director of the
Company to whom any duty or power relating

 
to the administration or interpretation of this Plan may be allocated or delegated, against any cost or expense (including legal fees, disbursements and other related charges) or liability
(including any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with this Plan unless arising out of such person’s own fraud or bad faith.

 

  
 XV. Termination or Amendment of the Bonus Plan

  

 

 The Committee may amend, suspend, or terminate this Plan at any time; provided, however, that no amendment, suspension or
termination shall be made that would (i) increase the amount of compensation payable pursuant to such Bonus Award, or (ii) cause compensation that is, or may become, payable hereunder to fail to qualify for the

 
performance-based compensation exception to Section 162(m) of the Code. 
 In the case of Participants employed
outside the United States, the Company may vary the provisions of this Plan as deemed appropriate to conform with, as required by, or made desirable by, local laws, practices and procedures.

 

  
 XVI. Section 162(m) of the Code; Bifurcation of
this Plan 
  

 

 It is the intent of the Company that, unless the Committee expressly deems otherwise, this Plan and the Bonus Awards made
under this Plan to Participants who are or are reasonably likely to become persons whose compensation is subject to Section 162(m) of the Code during an applicable tax year satisfy any applicable requirements to be treated as qualified
performance-based compensation under Section

 
162(m) of the Code. The provisions of this Plan may at any time be bifurcated by the Board or the Committee so that certain provisions of this Plan or any Bonus Award intended to satisfy the
applicable requirements of Section 162(m) of the Code are only applicable to persons whose compensation is subject to Section 162(m) of the Code.

 

  
 XVII. Section 409A 

 

 

 It is intended that payments under this Plan qualify as short-term deferrals and is exempt from the requirements of
Section 409A of the Code, except to the extent a Participant has made a timely election to defer the payment of all or any portion of a Bonus Award under a Company-sponsored non-qualified deferred compensation
plan or arrangement, provided that the terms of such non-qualified deferred

 
compensation plan or arrangement shall govern the payment of such Bonus Award. If any Bonus Award does not qualify for treatment as an exempt short-term deferral, it is intended that such amount
will be paid in a manner that satisfies the requirements of Section 409A of the Code. This Plan shall be interpreted and construed accordingly.

 

 XVIII. Clawback 

 

 

 Notwithstanding any other provisions in this Plan, any Bonus Award that is subject to deduction, clawback, or recovery
under any law, government regulation, stock exchange listing requirement or Company policy, will be subject to such deduction, clawback, or recovery as may be required to be made pursuant to such law, government regulation, or stock exchange listing
requirement or any policy adopted by the

 
Company pursuant to any such law, government regulation, or stock exchange listing requirement. The action permitted to be taken under this Article XVIII is in addition to, and not in lieu of,
any and all other rights of the Committee, Board and/or the Company under applicable law and shall apply notwithstanding anything to the contrary in this Plan.

 

  
 XIX. Severability 

 

 

 If any portion of this Plan is deemed to be in conflict with local law, that portion of this Plan, and that portion only,
will be deemed void under local law. All other provisions of this Plan will remain in effect. Furthermore, if any provision of this Plan would cause Bonus Awards not to constitute
performance-

 
based compensation with regard to a “covered employee,” as defined in Section 162(m) of the Code, that provision shall be severed from, and shall be deemed not to be a part of, this
Plan, but the other provisions hereof shall remain in full force and effect. 

 

  
 XX. Unfunded Plan 

 

 

 Participants shall have no right, title, or interest whatsoever in or to any investments that the Company may make to aid
it in meeting its obligations under this Plan. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any
Participant, Designated Beneficiary, legal representative, or any other person. To the extent that any person acquires a right to receive payments from the Company under this Plan, such right shall be no greater than the right of an unsecured

 
general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation of
assets shall be made to assure payment of such amounts except as expressly set forth in this Plan. 
 This Plan is not intended to be subject to the Employee
Retirement Income Security Act of 1974, as amended. 

 

  
 XXI. Governing Law 

 

 

 The terms of this Plan and all rights thereunder shall be governed by and construed in accordance with the laws of

 
the State of Delaware, without reference to principles of conflict of laws.

 

  
 XXII. Other Compensation 

 

 

 Neither the establishment of this Plan nor the grant of a Bonus Award pursuant to this Plan shall prevent the Company
from establishing other compensation plans or arrangements or

 
making awards to any Participant pursuant to such other plans or arrangements.

 

  
 XXIII. Effective Date 

 
  

This Plan is effective as of April 19, 2017 or, if later, the date the Company’s stockholders approve the Plan.Blueprint

EXHIBIT
10.21

 

THIS WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR
AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT
REGISTRATION IS NOT REQUIRED UNDER SUCH ACT.

 

NOBLE ROMAN’S, INC.

 

REDEEMABLE COMMON STOCK PURCHASE CLASS A WARRANT

 

_______________,
2016

 

THIS
COMMON STOCK PURCHASE CLASS A WARRANT (this “Warrant”) of Noble
Roman’s, Inc., a corporation duly organized and validly
existing under the laws of Indiana (the “Company”), is issued to
the Holder (as defined below). This Warrant is part of a series of
Class A Warrants (the "Class A Warrants"), all with
the same terms and conditions as those set forth herein, which may
be issued by the Company exercisable for up to an aggregate
1,600,000 shares of Common Stock, as defined below, subject to
adjustment pursuant to the anti dilution provisions herein. It is
being issued as part of a unit purchased by the Holder, as defined
below, from the Company pursuant to which the Holder is also
purchasing a subordinated convertible note (the “Note”) from the
Company.

 

FOR
VALUE RECEIVED, the Company hereby certifies that the registered
holder hereof ___________,
with an address at ____________ (the “Holder”), and the
Holder’s successors and assigns, is entitled to purchase from
the Company _________ duly authorized,
validly issued, fully paid and nonassessable common shares of the
Company, no par value (the “Common Stock”), at a
purchase price equal to $1.00 per share, as may be adjusted
pursuant to the anti-dilution provisions set forth herein (the
“Warrant
Price”). The Person, as defined in Section 3.2 below, in whose
name this Warrant (or one or more predecessor Warrants) is
registered on the records of the Company regarding registration and
transfers of the Class A Warrants (the “Warrant Register”) is the
owner and holder thereof for all purposes, except as described in
Section 13
hereof.

 

1.            

Vesting of Warrant. This
Warrant shall vest and become exercisable as of the date that the
Company shall have effected the Share Authorizarion defined in
Section 3.7
below.

 

2.            

Expiration of Warrant. This
Warrant shall expire on _________, 2019 unless further
extended pursuant the terms of Section 3,7 below (the
“Expiration
Date”).

 

3.            

Exercise of Warrant. This
Warrant shall be exercisable pursuant to the terms of Section 1 and this Section 3 hereof.

 

 

 

 

Redeemable Common Stock Purchase Class A Warrant

issued by Noble Roman’s, Inc. to

_________________________

page 2

 

3.1 Manner of
Exercise.

(a)
This Warrant may only be exercised by the Holder hereof, in
accordance with the terms and conditions hereof, in whole or in
part with respect to any portion of this Warrant, into shares of
Common Stock (the “Warrant Shares”), during
normal business hours on any day other than a Saturday or a Sunday
or a day on which commercial banking institutions in New York, New
York are authorized by law to be closed (a “Business Day”) on or
prior to the Expiration Date with respect to such portion of this
Warrant, by surrender of this Warrant to the Company at its office
maintained pursuant to Section 13.2(a) hereof,
accompanied by an exercise notice (the “Exercise Notice”) in
substantially the form attached to this Warrant as Exhibit A (or a reasonable
facsimile thereof) duly executed by the Holder, together with the
payment of the Warrant Price.

 

(b)
Cashless Exercise. If at any time commencing one hundred and eighty
(180) days after the issuance date of this Warrant, there is no
effective Registration Statement registering, or no current
prospectus available for the resale of all of the Warrant Shares
that may be acquired pursuant to this Warrant by the Holder, then
this Warrant may also be exercised at the Holder’s election,
in whole or in part, at such time by means of a “cashless
exercise” in which the Holder shall be entitled to receive a
number of Warrant Shares equal to the quotient obtained by dividing
[(A-B) (X)] by (A), where:

 

(A) =
the closing price of the Company’s Common Stock on the
Business Day immediately preceding the date on which Holder elects
to exercise this Warrant by means of a “cashless
exercise,” as set forth in the applicable Exercise
Notice;

 

(B) =
the Exercise Price of this Warrant, as adjusted hereunder;
and

 

(X) =
the number of Warrant Shares that would be issuable upon exercise
of this Warrant in accordance with the terms of this Warrant if
such exercise were by means of a cash exercise rather than a
cashless exercise.

 

Notwithstanding
anything herein to the contrary, on the Expiration Date, unless the
Holder notifies the Company otherwise, if there is no effective
Registration Statement registering, or no current prospectus
available for, the resale of the Warrant Shares by the Holder, then
this Warrant shall be automatically exercised via cashless exercise
pursuant to this Section 3.1(b).

 

3.2           

When Exercise
Effective. Each exercise of this Warrant shall be deemed to have
been effected immediately prior to the close of business on the
Business Day on which this Warrant shall have been surrendered to
the Company as provided in Section 3.1 hereof, and, at
such time, the corporation, association, partnership, organization,
business, individual, government or political subdivision thereof
or a governmental agency (a “Person” or the
“Persons”) in whose name
or names any certificate or certificates for shares of Common Stock
shall be issuable upon exercise as provided in Section 3.3 hereof shall be
deemed to have become the holder or holders of record
thereof.

 

 

 

 

Redeemable Common Stock Purchase Class A Warrant

issued by Noble Roman’s, Inc. to

_________________________

page 3

  

 

3.3           Delivery
of Certificates Upon Exercise. Certificates for shares purchased
hereunder shall be transmitted by the Company’s transfer
agent (the “Transfer
Agent”) to the Holder by (A) crediting the account of
the Holder’s prime broker with the Depository Trust Company
through its Deposit Withdrawal Agent Commission
(“DWAC”)
system if the Company is then a participant in such system and
there is either (1) an effective Registration Statement, as defined
in Section 6 below,
permitting the issuance of the Warrant Shares to or resale of the
Warrant Shares by the Holder or (2) the Warrant Shares are eligible
for resale by the Holder without volume or manner-of-sale
limitations pursuant to Rule 144 under the Act or (B) if the
Company is not then a participant in the DWAC system and there is
not an effective Registration Statement as aforesaid, by physical
delivery of the certificates, bearing the restrictive legends
required by Section
12.1 hereof if the Underlying Shares are otherwise not
publicly tradable or without such restrictive legends if the
Underlying Shares are otherwise publicly tradable pursuant to Rule
144 under the Act, to the address specified by the Holder in the
Exercise Notice by the date that is three (3) Business Days after
the latest of (i) the delivery to the Company of the Exercise
Notice, (ii) surrender of this Warrant and (iii) payment of the
aggregate Exercise Price as set forth above (such date, the
“Warrant Share
Delivery Date”).  

 

3.4           Rescission
Rights.  If the Warrant is exercised pursuant to 3.3 (A)
above, the Company fails to cause the Transfer Agent to transmit
the Warrant Shares to the Holder via the DWAC system by the Warrant
Share Delivery Date, then the Holder will have the right to rescind
such exercise, which will terminate on the earlier of the actual
delivery of the Warrant Shares or three (3) Business Days after the
Warrant Share Delivery Date.

 

3.5           Partial
Exercise. In case exercise is in part only, a new Warrant of like
tenor, dated the date hereof and calling in the aggregate on the
face thereof for the number of Warrant Shares equal to the number
of Warrant Shares called for on the face of this Warrant minus the
number of Warrant Shares designated by the Holder upon exercise as
provided in Section
3.1 hereof (without giving effect to any adjustment
thereof).

 

3.6           

Company to Reaffirm
Obligations. The Company will, at the time of each exercise of this
Warrant, upon the written request of the Holder hereof, acknowledge
in writing its continuing obligation to afford to the Holder all
rights (including without limitation any rights to registration of
the Warrant Shares issued upon exercise) to which the Holder shall
continue to be entitled after exercise in accordance with the terms
of this Warrant; provided, however, that if the Holder
shall fail to make a request, the failure shall not affect the
continuing obligation of the Company to afford the rights to such
Holder.

 

3.7           

Agreement to Increase Authorization to
Issue Common Stock. As of the date hereof the Company is
authorized to issue up to 25,000,000 shares of Common Stock and
there are 20,783,032 shares of Common Stock currently issued and
outstanding. Total additional shares needed for: currently
exercisable outstanding stock options, the conversion of the Notes
and the exercise of the Class A Warrants are 6,675,091 shares.
Accordingly, the Company will not have a sufficient number of
authorized shares to satisfy the above requirement. The Company
covenants that, within 150 days after the date hereof it will take
whatever action may be required, including obtaining stockholder
approval to amend the Company’s Certificate of Incorporation
to increase the number of shares that the Company is authorized to
issue so it can satisfy this issuance requirement (the “Share
Authorization”). The Company agrees that in the event that it
fails to effect the Share Authorization within 150 days after the
date hereof it will extend the Expiration Date for each day that it
fails to obtain the Share Authorization after the termination of
the aforesaid 150 day period.

 

4.            

Warrant
Adjustments.

 

The
Warrant Price and the number of shares purchasable upon exercise of
this Warrant shall be subject to adjustment with respect to events
after the date hereof as follows:

 

(a)           Adjustment
for Change in Capital Stock. Except as provided in Paragraph 4 (l) below, if the
Company shall (i) declare a dividend on its outstanding Common
Stock in shares of its capital stock, (ii) subdivide its
outstanding Common Stock, (iii) combine its outstanding Common
Stock into a smaller number of shares, or (iv) issue any shares of
its capital stock by reclassification of its Common Stock
(including any such reclassification in connection with a
consolidation or merger in which the Company is the continuing
corporation), then in each such case the Warrant Price in effect
immediately prior to such action shall be adjusted so that if this
Warrant is thereafter exercised, the Holder may receive the number
and kind of shares which the Holder would have owned immediately
following such action if the Holder had exercised this Warrant
immediately prior to such action. Such adjustment shall be made
successively whenever such an event shall occur. The adjustment
shall become effective immediately after the record date in the
case of a dividend or distribution and immediately after the
effective date in the case of a subdivision, combination or
reclassification. If after an adjustment the Holder upon exercise
of this Warrant may receive shares of two or more classes of
capital stock of the Company, the Company's Board of Directors, in
good faith, shall determine the allocation of the adjusted Warrant
Price between the classes of capital stock. After such allocation,
the Warrant Price of each class of capital stock shall thereafter
be subject to adjustment on terms comparable to those applicable to
Common Stock in this Section 4.

 

 

 

 

Redeemable Common Stock Purchase Class A Warrant

issued by Noble Roman’s, Inc. to

_________________________

page 4

  

 

 

(b)           Subsequent
Rights Offerings.  In addition to any adjustments pursuant to
Section 4(a) above, if at any time the Company grants, issues or
sells any rights to purchase stock, warrants, securities or other
property pro rata to the record holders of any class of shares of
Common Stock (the “Purchase Rights”), then the Holder
will be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of shares of
Common Stock acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof,) immediately
before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of shares of Common Stock
are to be determined for the grant, issue or sale of such Purchase
Rights.

 

(c)           

Adjustment Upon
Issuance of Shares of Common Stock. If and whenever on or after the
date hereof, the Company issues or sells, or in accordance with
this section is deemed to have issued or sold, any shares of Common
Stock (including the issuance or sale of shares of Common Stock
owned or held by or for the account of the Company, but excluding
any Exempt Issuance issued or sold or deemed to have been issued or
sold) for a consideration per share (the “New Issuance Price”) less
than a price equal to the Warrant Price in effect immediately prior
to such issue or sale or deemed issuance or sale (such Conversion
Rate then in effect is referred to as the “Applicable Price”) (the
foregoing a “Dilutive Issuance”), then
immediately after such Dilutive Issuance, the Warrant Price then in
effect shall be reduced to the New Issuance Price. For all purposes
of the foregoing (including, without limitation, determining the
adjusted Warrant Price and consideration per share under this
section), the following shall be applicable:

 

i.           

Issuance of Common
Stock Equivalents. If the Company in any manner issues or sells any
securities of the Company or any subsidiary which would entitle the
holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, right, option,
warrant or other instrument that is at any time convertible into or
exercisable or exchangeable for, or otherwise entitles the holder
thereof to receive, Common Stock (collectively, “Common Stock
Equivalents”) (other than Common Stock Equivalents
that qualify as Exempt Issuances) and the lowest price per share
for which one share of Common Stock is issuable upon the
conversion, exercise or exchange thereof is less than the
Applicable Price, then such share of Common Stock shall be deemed
to be outstanding and to have been issued and sold by the Company
at the time of the issuance or sale of such Common Stock
Equivalents for such price per share. For the purposes of this
section, the “lowest price per share for which one share of
Common Stock is issuable upon the conversion, exercise or exchange
thereof” shall be equal to (1) the lower of (x) the sum of
the lowest amounts of consideration (if any) received or receivable
by the Company with respect to one share of Common Stock upon the
issuance or sale of the Common Stock Equivalent and upon
conversion, exercise or exchange of such Common Stock Equivalent
and (y) the lowest conversion price set forth in such Common Stock
Equivalent for which one share of Common Stock is issuable upon
conversion, exercise or exchange thereof minus (2) the sum of all
amounts paid or payable to the holder of such Common Stock
Equivalent (or any other person) upon the issuance or sale of such
Common Stock Equivalent plus the value of any other consideration
received or receivable by, or benefit conferred on, the holder of
such Common Stock Equivalent (or any other Person). Except as
contemplated below, no further adjustment of the Warrant Price
shall be made upon the actual issuance of such shares of Common
Stock upon conversion, exercise or exchange of such Common Stock
Equivalents.

 

ii.           

Change in Price or
Rate of Conversion. If the purchase or exercise price provided for
in any options, the additional consideration, if any, payable upon
the issue, conversion, exercise or exchange of any Common Stock
Equivalents, or the rate at which any Common Stock Equivalents are
convertible into or exercisable or exchangeable for shares of
Common Stock increases or decreases at any time, the Warrant Price
in effect at the time of such increase or decrease shall be
adjusted to the Warrant Price which would have been in effect at
such time had such options or Common Stock Equivalents provided for
such increased or decreased purchase price, additional
consideration or increased or decreased conversion rate, as the
case may be, at the time initially granted, issued or sold. For
purposes of this section, if the terms of any Common Stock
Equivalent that was outstanding as of the date of issuance of this
Warrant are increased or decreased in the manner described in the
immediately preceding sentence, then such Common Stock Equivalent
and the shares of Common Stock deemed issuable upon exercise,
conversion or exchange thereof shall be deemed to have been issued
as of the date of such increase or decrease. No adjustment pursuant
to this section shall be made if such adjustment would result in an
increase of the Warrant Price then in effect.

 

iii.           

“Exempt Issuance” means
the issuance of (a) shares of Common Stock and options to officers,
employees, or directors of the Company issued pursuant to plans
that have been approved by a majority of the board of directors of
the Company, (b) securities upon the exercise or exchange of or
conversion of any securities issued in the Offering and/or other
securities exercisable or exchangeable for or convertible into
shares of Common Stock issued and outstanding on the date
immediately prior to the initial closing of this Offering, provided
that such securities and any term thereof have not been amended
since such date to increase the number of such securities or to
decrease the issue price, exercise price, exchange price or
conversion price of such securities, (c) full or partial
consideration in connection with a strategic merger, acquisition,
consolidation or purchase of substantially all of the securities or
assets of a corporation or other entity which holders of such
securities or debt are not at any time granted any registration
rights but shall not include a transaction in which the Company is
issuing securities primarily for the purpose of raising capital or
to an entity whose primary business is investing in securities, and
(d) securities in connection with strategic license agreements and
other partnering arrangements so long as such issuances are not
primarily for the purpose of raising capital and which holders of
such securities or debt are not at any time granted registration
rights.

 

 

 

 

Redeemable Common Stock Purchase Class A Warrant

issued by Noble Roman’s, Inc. to

_________________________

page 5

  

 

(d)           

Number of Shares.
Upon each adjustment of the Warrant Price as a result of the
calculations made in Paragraphs 4 (a) and (b) above, this Warrant shall
thereafter evidence the right to purchase, at the adjusted Warrant
Price, that number of shares (calculated to the nearest
one-hundredth) obtained by dividing (i) the product obtained by
multiplying the number of shares issuable upon exercise of this
Warrant prior to adjustment of the number of shares by Warrant
Price in effect prior to adjustment of the Warrant Price by (ii)
the Warrant Price in effect after such adjustment of the Warrant
Price.

 

(e)           Transactions
Not Requiring Adjustments. No adjustment need be made for a
transaction referred to in Paragraphs (a) and (b) of this Section 4 if the Holder is
permitted to participate in the transaction on a basis no less
favorable than any other party and at a level, which would preserve
the Holder’s percentage equity participation in the Common
Stock upon exercise of this Warrant. No adjustment need be made for
sales of Common Stock pursuant to a Company plan for reinvestment
of dividends or interest, the granting of options and/or the
exercise of options outstanding under any of the Company's
currently existing stock option plans, the exercise of currently
existing incentive stock options or incentive stock options which
may be granted in the future, the exercise of any other of the
Company's currently outstanding options, or any currently
authorized warrants, whether or not outstanding. No adjustment need
be made for a change in the par value of the Common Stock, or from
par value to no par value or from no par value to par value. If
this Warrant becomes exercisable solely into cash, no adjustment
need be made thereafter. Interest will not accrue on the
cash.

 

(f)           

Action to Permit
Valid Issuance of Common Stock. Before taking any action which
would cause an adjustment reducing the Warrant Price below the then
par value, if any, of the shares of Common Stock issuable upon
exercise of this Warrant, the Company will take all corporate
action which may, in the opinion of its counsel, be necessary in
order that the Company may validly and legally issue shares of such
Common Stock at such adjusted Warrant Price.

 

(g)           

Minimum Adjustment.
No adjustment in the Warrant Price shall be required if such
adjustment is less than $0.01; provided, however, that any adjustments,
which by reason of this Paragraph 4 (g) are not
required to be made, shall be carried forward and taken into
account in any subsequent adjustment. All calculations under this
Section 4 shall be
made to the nearest cent or to the nearest one-hundredth of a
share, as the case may be. Anything to the contrary
notwithstanding, the Company shall be entitled to make such
reductions in the conversion price, in addition to those required
by this Paragraph 4
(g), as it in its discretion shall determine to be advisable
in order that any stock dividends, subdivision of shares,
distribution of rights to purchase stock or securities, or
distribution of securities convertible into or exchangeable for
stock hereafter made by the Company to its stockholders shall not
be taxable.

 

(h)           

Referral of
Adjustment. In any case in which this Section 4 shall require that an
adjustment in the Warrant Price be made effective as of a record
date for a specified event (the “Exercise Event”), if
this Warrant shall have been exercised after such record date, the
Company may elect to defer until the occurrence of the Exercise
Event issuing to the Holder the shares, if any, issuable upon the
Exercise Event over and above the shares, if any, issuable upon
such exercise on the basis of the Warrant Price in effect prior to
such adjustment; provided, however, that the Company shall
deliver to the Holder a due bill or other appropriate instrument
evidencing the Holder’ right to receive such additional
shares upon the occurrence of the Exercise Event.

 

(i)           

Number of Shares.
Upon each adjustment of the Warrant Price as a result of the
calculations made in Paragraphs (a) and (b) of this Section 4, this Warrant shall
thereafter evidence the right to purchase, at the adjusted Warrant
Price, that number of shares (calculated to the nearest thousandth)
obtained by dividing (i) the product obtained by multiplying the
number of shares purchasable upon exercise of this Warrant prior to
adjustment of the number of shares by the Warrant Price in effect
prior to adjustment of the Warrant Price by (ii) the Warrant Price
in effect after such adjustment of the Warrant Price.

 

(j)           Voluntary
Reduction. The Company from time to time may reduce the Warrant
Price by any amount for any period of time if the period is at
least 20 days and if the reduction is irrevocable during the
period. Whenever the Warrant Price is reduced, the Company shall
mail to the Holder a notice of the reduction. The Company shall
mail the notice at least 15 days before the date the reduced
Warrant Price takes effect. The notice shall state the reduced
Warrant Price and the period it will be in effect. A reduction of
the Warrant Price does not change or adjust the Warrant Price
otherwise in effect for purposes of Paragraphs 4 (a) and
(b) above. Anything
to the contrary notwithstanding, this Paragraph 4 (j) shall be void
and of no effect if it violates the rules and/or regulations of any
exchange or inter-dealer quotation system on which the Common Stock
is then listed for trading.

 

 

 

 

Redeemable Common Stock Purchase Class A Warrant

issued by Noble Roman’s, Inc. to

_________________________

page 6

  

 

(k)           Prohibition
against Certain Reductions of Warrant Price. Anything to the
contrary notwithstanding, in no event shall the Warrant Price be
reduced below the par value of the Common Stock.

 

(l)           

Notice of
Adjustments. Whenever the Warrant Price is adjusted, the Company
shall promptly mail to the Holder a notice of the adjustment
together with a certificate from the Company's Chief Financial
Officer briefly stating (i) the facts requiring the adjustment,
(ii) the adjusted Warrant Price and the manner of computing it, and
(iii) the date on which such adjustment becomes effective. The
certificate shall be prima facia evidence that the adjustment is
correct, absent manifest error.

 

(m)           

Reorganization of
Company. If the Company and/or the Holder of Common Stock are
parties to a merger, consolidation or a transaction in which (i)
the Company transfers or leases substantially all of its assets;
(ii) the Company reclassifies or changes its outstanding Common
Stock; or (iii) the Common Stock is exchanged for securities, cash
or other assets; the Person who is the transferee or lessee of such
assets or is obligated to deliver such securities, cash or other
assets shall assume the terms of this Warrant. If the issuer of
securities deliverable upon exercise of this Warrant is an
affiliate of the surviving, transferee or lessee corporation, that
issuer shall join in such assumption. The assumption agreement
shall provide that the Holder may exercise this Warrant into the
kind and amount of securities, cash or other assets which the
Holder would have owned immediately after the consolidation,
merger, transfer, lease or exchange if the Holder had exercised
this Warrant immediately before the effective date of the
transaction. The assumption agreement shall provide for adjustments
that shall be as nearly equivalent as may be practical to the
adjustments provided for in this Section 4. The successor
company shall mail to the Holder a notice briefly describing the
assumption agreement. If this Paragraph applies, Paragraph 4 (a) above does not
apply.

 

(n)           

Dissolution,
Liquidation. In the event of the dissolution or total liquidation
of the Company, then after the effective date thereof, this Warrant
and all rights thereunder shall expire.

 

(o)           

Notices. If (i) the
Company takes any action that would require an adjustment in the
Warrant Price pursuant to this Section 4; or (ii) there is a
liquidation or dissolution of the Company, the Company shall mail
to the Holder a notice stating the proposed record date for a
distribution or effective date of a reclassification,
consolidation, merger, transfer, lease, liquidation or dissolution.
The Company shall mail the notice at least 15 days before such
date. Failure to mail the notice or any defect in it shall not
affect the validity of the transaction.

 

5.            

Fractional Shares. If the
number of Warrant Shares purchasable upon the exercise of this
Warrant is adjusted pursuant to Section 4 hereof, the Company
shall nevertheless not be required to issue fractions of shares
upon exercise of this Warrant or otherwise, or to distribute
certificates that evidence fractional shares. Instead the Company
will round any fractional share to the nearest share so that if the
fraction is less than 0.5 no share shall be issued and if the
fraction is 0.5 or higher the Company shall issue one full
share

 

6.            

Right to Registration. The
Holder has the right to require the Company to register the Warrant
Shares pursuant to a
registration statement (the “Registration
Statement”)
under the Securities Act of 1933 (the “Act”)
with the Securities and Exchange Commission (the
“Commission”)
in accordance with the terms of an agreement (the
“Registration Rights
Agreement”) dated as of the date hereof among the
Company, the Holder and the holders of other Class A Warrants. The
date that the first Registration Statement filed pursuant to the
Registration Rights Agreement is declared effective by the
Commission is herein referred to as the “Effective
Date.”

 

7.            

Redemption.

 

7.1           Company’s
Right to Redeem this Warrant. On or after the Effective Date, as
long as the Warrant Shares may be sold publicly, on not less than
30 days notice to the Holder, the Company may redeem this Warrant
at a redemption price of $0.001 times the number of Warrant Shares
for which this Warrant can then be exercised (the "Redemption Price"), provided
that daily average
weighted trading price of the Common Stock equals or exceeds
$2.00 per share for a period of 30 consecutive trading days
(commencing after the Effective Date) ending one trading day prior
to the date that the notice of redemption is sent. All unexercised
Class A Warrants must be redeemed if any Class A Warrants are
redeemed.

 

 

 

 

Redeemable Common Stock Purchase Class A Warrant

issued by Noble Roman’s, Inc. to

_________________________

page 7

  

 

7.2           Method
of Redemption. In case the Company shall desire to exercise its
right to redeem this Warrant, it shall mail a notice of redemption
to the Holder, first class, postage prepaid, not later than the
30th day before the date fixed for redemption, at the
Holder’s last address as shall appear in the records of the
Company. Any notice mailed in the manner provided herein shall be
conclusively presumed to have been duly given whether or not the
Holder receives such notice.

 

7.3           Notice
of Redemption. The notice of redemption shall specify (i) the
Redemption Price; (ii) the date fixed for redemption, which may not
be less than 30 days after such notice is delivered (the
“Redemption Date”); (iii) the place where this Warrant
shall be delivered and the Redemption Price paid; and (iv) that the
right to exercise this Warrant shall terminate at 5:00 PM (New York
time) on the Redemption Date.

 

7.4           

Delivery of
Redemption Price and Expiration of Warrant. From and after the
Redemption Date, the Company shall, at the place specified in the
notice of redemption, upon presentation and surrender to the
Company by or on behalf of the Holder of this Warrant to be
redeemed, deliver or cause to be delivered to or upon the written
order of the Holder a sum in cash equal to the Redemption Price of
this Warrant. From and after the Redemption Date and upon the
deposit or setting aside by the Company of a sum sufficient to
redeem all of the Class A Warrants called for redemption, this
Warrant shall expire and become void and all rights hereunder,
except the right to receive payment of the Redemption Price, shall
cease.

 

8.            

No Dilution or
Impairment.

 

8.1           

Actions to Permit
Issuance of Warrant Shares. The Company will not, by amendment of
its certificate of incorporation or through any consolidation,
merger, reorganization, transfer of assets, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying
out of all of the terms and in the taking of all actions necessary
or appropriate in order to protect the rights of the Holder.
Without limiting the generality of the foregoing, the Company (a)
will not permit the par value of any shares of Common Stock
receivable upon the exercise of this Warrant to exceed the amount
payable therefor upon exercise, (b) will take all actions necessary
or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable shares of Common Stock on the
exercise of the Warrant, and (c) will not take any action that
results in any adjustment of the Warrant Price if the total number
of shares of Common Stock issuable after the action upon the
exercise of the Warrant would exceed the total number of shares of
Common Stock then authorized by the Company's certificate of
incorporation and available for the purpose of issuance upon
exercise.

 

8.2           

Acknowledgement of
Company’s Obligations. The Company acknowledges that, subject
to the provisions of Section 3.7, its obligation to
issue shares of Common Stock issuable upon exercise of this Warrant
is binding upon it and enforceable regardless of the dilution that
such issuance may have on the ownership interests of other
stockholders.

 

9.            

Chief Financial Officer’s Report
as to Adjustments. In the case of any adjustment or
re-adjustment in the shares of Common Stock issuable upon the
exercise of this Warrant, the Company at its expense will promptly
compute the adjustment or re-adjustment in accordance with the
terms of this Warrant and cause its Chief Financial Officer to
certify the computation (other than any computation of the fair
value of property as determined in good faith by the Board of
Directors of the Company) and prepare a report setting forth the
adjustment or re-adjustment and showing in reasonable detail the
method of calculation thereof and the facts upon which the
adjustment or re-adjustment is based, including a statement of (a)
the number of shares of Common Stock outstanding or deemed to be
outstanding and (b) the Warrant Price in effect immediately prior
to the deemed issuance or sale and as adjusted and re-adjusted (if
required by Section
4 hereof) on account thereof. The Company will forthwith
mail a copy of each report to the Holder and will, upon the written
request at any time of the Holder, furnish to the Holder a like
report setting forth the Warrant Price at the time in effect and
showing in reasonable detail how it was calculated. The Company
will also keep copies of all reports at its office maintained
pursuant to Section
13.2(a) hereof and will cause them to be available for
inspection at the office during normal business hours upon
reasonable notice by the Holder or any prospective purchaser of
this Warrant designated by the Holder.

 

 

 

 

Redeemable Common Stock Purchase Class A Warrant

issued by Noble Roman’s, Inc. to

_________________________

page 8

  

 

10.            

Reservation of Shares. The
Company shall at all times after the Share Authorization has been
effected reserve and keep available out of its authorized but
unissued shares of Common Stock, free from all taxes, liens and
charges with respect to the issue thereof and not be subject to
preemptive rights or other similar rights of stockholders of the
Company, solely for the purpose of effecting the exercise of this
Warrant, such number of its shares of Common Stock as shall from
time to time be sufficient to effect the exercise thereof, and if
at any time after the Share Authorization has been effected the
number of authorized but unissued shares of Common Stock shall not
be sufficient to effect the exercise of this Warrant, in addition
to such other remedies as shall be available to the Holder, the
Company will take such corporate action as may, in the opinion of
its counsel, be necessary to increase the number of authorized but
unissued shares of Common Stock to such number of shares as shall
be sufficient for such purposes, including without limitation,
using its best efforts to obtain the requisite stockholder approval
necessary to increase the number of authorized shares of the
Company’s Common Stock. After the Share Authorization has
been effected all shares of Common Stock issuable upon exercise of
this Warrant shall be duly authorized and, when issued upon
exercise, shall be validly issued and, in the case of shares, fully
paid and nonassessable and free from all preemptive or similar
rights, taxes, liens and charges with respect to the issue thereof,
and that upon issuance such shares shall be listed on each
securities exchange, if any, on which the other shares of
outstanding Common Stock of the Company are then
listed.

 

11.            

Listing. The Company shall at
all times comply in all respects with the Company’s
reporting, filing and other obligations under the by-laws or rules
of each national securities exchange or inter-dealer quotation
system upon which shares of Common Stock are then listed and shall
list the shares issuable upon the exercise of this Warrant on such
national securities exchange or inter-dealer quotation
system.

 

12.            

Investment Representations:
Restrictions on Transfer.

 

12.1           

Investment
Representations. The Holder acknowledge that this Warrant and the
Warrant Shares have not been and, except as otherwise provided
herein, will not be registered under the Act or qualified under
applicable state securities laws and that the transferability
thereof is restricted by the registration provisions of the Act as
well as such state laws. The Holder represents that the Holder is
acquiring this Warrant and will acquire the Warrant Shares for the
Holder’s own account, for investment purposes only and not
with a view to resale or other distribution thereof, nor with the
intention of selling, transferring or otherwise disposing of all or
any part of such securities for any particular event or
circumstance, except selling, transferring or disposing of them
upon full compliance with all applicable provisions of the Act, the
Securities Exchange Act of 1934, the Rules and Regulations
promulgated by the Commission thereunder, and any applicable state
securities laws. The Holder further understands and agrees that (i)
neither this Warrant nor the Warrant Shares may be sold or
otherwise transferred unless they are subsequently registered under
the Act and qualified under any applicable state securities laws
or, in the opinion of counsel reasonably satisfactory to the
Company, an exemption from such registration and qualification is
available; (ii) any routine sales of the Company's securities made
in reliance upon Rule 144 promulgated by the Commission under the
Act, can be effected only pursuant to the terms and conditions of
that Rule, including applicable holding periods and timely filing
requirements with the Commission for the Company; and (iii) except
as otherwise set forth herein, the Company is under no obligation
to register this Warrant or the Warrant Shares on the
Holder’s behalf or to assist the Holder in complying with any
exemption from registration under the Act. The Holder agrees that
each certificate representing any Warrant Shares for which this
Warrant may be exercised will bear on its face a legend in
substantially the following form:

 

These
securities have not been registered under the Securities Act of
1933 or qualified under any state securities laws. They may not be
sold, hypothecated or otherwise transferred in the absence of an
effective registration statement under that Act and qualification
under applicable state securities laws without an opinion counsel
reasonably acceptable to the Company that such registration and
qualification are not required.

 

12.2           

Notice of Proposed
Transfer; Opinion of Counsel. Prior to any transfer of any
securities that are not registered under an effective registration
statement under the Act (“Restricted Securities”),
the Holder will give written notice to the Company of the Holder's
intention to affect a transfer and to comply in all other respects
with this Section
12.2. Each notice shall describe the manner and
circumstances of the proposed transfer, and (b) shall designate
counsel for the Holder giving the notice (who may be in-house
counsel for the Holder). The Holder giving notice will submit a
copy thereof to the counsel designated in the notice. The following
provisions shall then apply:

 

(i) If
in the opinion of counsel for the Holder reasonably satisfactory to
the Company the proposed transfer (i.e. private sale of Restricted
Securities) may be effected without registration of Restricted
Securities under the Act (which opinion shall state the bases for
the legal conclusions reached therein), the Holder shall thereupon
be entitled to transfer the Restricted Securities in accordance
with the terms of the notice delivered by the Holder to the
Company. Each certificate representing the Restricted Securities
issued upon or in connection with any transfer shall bear the
restrictive legends required by Section 12.1
hereof.

 

 

 

 

Redeemable Common Stock Purchase Class A Warrant

issued by Noble Roman’s, Inc. to

_________________________

page 9

  

 

(ii) If
the opinion called for in (i) above is not delivered, the Holder
shall not be entitled to transfer the Restricted Securities until
either (x) receipt by the Company of a further notice from such
Holder pursuant to the foregoing provisions of this Section 12.2 and fulfillment of
the provisions of clause (i) above, or (y) such Restricted
Securities have been effectively registered under the
Act.

 

                       

12.3            

Termination of
Restrictions. The restrictions imposed by this Section 12 upon the
transferability of Restricted Securities shall cease and terminate
as to any particular Restricted Securities: (a) which Restricted
Securities shall have been effectively registered under the Act; or
(b) when, in the opinions of both counsel for the holder thereof
and counsel for the Company, which opinion shall not be
unreasonably withheld, such restrictions are no longer required in
order to insure compliance with the Act or Section 12 hereof. Whenever
such restrictions shall cease and terminate as to any Restricted
Securities, the holder thereof shall be entitled to receive from
the Company, without expense (other than applicable transfer taxes,
if any), new securities of like tenor not bearing the applicable
legends required by Section 12.1
hereof.

 

13.            

Ownership, Transfer and Substitution
of Warrant.

 

            

13.1            

Ownership of
Warrant. The Company may treat the Person in whose name this
Warrant is registered to in the Warrant Register maintained
pursuant to Section
13.2(b) hereof as the owner and holder thereof for all
purposes, notwithstanding any notice to the contrary, except that,
if and when any Class A Warrant is properly assigned by a notice in
substantially the form attached to this Warrant as Exhibit B (or a reasonable
facsimile thereof) duly executed by the holder thereof in blank,
the Company shall treat the bearer thereof as the owner of such
Class A Warrant for all purposes, notwithstanding any notice to the
contrary. Subject to Section 12 hereof, this
Warrant, if properly assigned, may be exercised by a new holder
without a new Warrant first having been issued.

 

13.2
Office; Transfer and Exchange of Warrant.

 

(a) The
Company will maintain an office (which may be an agency maintained
at a bank) at 1 Virginia
Avenue, Suite 300 , Indianapolis, Indiana 46204 (until the
Company notifies the Holder of any change of location of the
office) where notices, presentations and demands in respect of this
Warrant may be made upon it.

 

(b) The
Company shall cause to be kept at its office maintained pursuant to
Section 13.2(a)
hereof a Warrant Register for the registration and transfer of the
Class A Warrants. The names and addresses of holders of the Class A
Warrants, the transfers thereof and the names and addresses of
transferees of the Class A Warrants shall be registered in such
Warrant Register. The Person in whose name any Class A Warrant
shall be so registered shall be deemed and treated as the owner and
holder thereof for all purposes of such Class A Warrant, and the
Company shall not be affected by any notice or knowledge to the
contrary.

 

(c)
Upon the surrender of this Warrant, properly endorsed, for
registration of transfer or for exchange at the office of the
Company maintained pursuant to Section 13.2(a) hereof, the
Company at its expense will (subject to compliance with
Section 12 hereof,
if applicable) execute and deliver to or upon the order of the
Holder thereof a new Class A Warrant of like tenor, in the name of
such holder or as such holder (upon payment by such holder of any
applicable transfer taxes) may direct, calling in the aggregate on
the face thereof for the number of shares of Common Stock called
for on the face of the Class A Warrant so surrendered.

 

13.3           

Replacement of
Warrant. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this
Warrant and, in the case of any such loss, theft or destruction of
this Warrant, upon delivery of indemnity reasonably satisfactory to
the Company in form and amount or, in the case of any mutilation,
upon surrender of this Warrant for cancellation at the office of
the Company maintained pursuant to Section 13.2(a) hereof, the
Company at its expense will execute and deliver, in lieu thereof, a
new Class A Warrant of like tenor and dated the date
hereof.

 

 

 

 

Redeemable Common Stock Purchase Class A Warrant

issued by Noble Roman’s, Inc. to

_________________________

page 10

  

 

14.            

No Rights or Liabilities as
Stockholder. Except as may
otherwise be provided herein, no Holder shall be entitled to vote
or receive dividends or be deemed the holder of any shares of
Common Stock or any other securities of the Company which may at
any time be issuable on the exercise hereof for any purpose, nor
shall anything contained herein be construed to confer upon the
Holder, as such, any of the rights of a stockholder of the Company
or any right to vote for the election of directors or upon any
matter submitted to stockholders at any meeting thereof, or to give
or withhold consent to any corporate action (whether upon any
recapitalization, issuance of stock, reclassification of stock,
change of par value, consolidation, merger, conveyance, or
otherwise) or to receive notice of meetings, or to receive
dividends or subscription rights or otherwise until this Warrant
shall have been exercised and the shares of Common Stock
purchasable upon the exercise hereof shall have become deliverable,
as provided herein. The Holder will not be entitled to share in the
assets of the Company in the event of liquidation, dissolution or
the winding up of the Company.

 

15.            

Notices. Any notice or other
communication in connection with this Warrant shall be deemed to be
given if in writing addressed as hereinafter provided and actually
delivered at such address: (a) if to any Holder, at the registered
address of such holder as set forth in the Warrant Register kept at
the office of the Company maintained pursuant to Section 13.2(a) hereof, or (b)
if to the Company, to the attention of its Chief Financial Officer
at its office maintained pursuant to Section 13.2(a) hereof;
provided,
however, that the
exercise of any Warrant shall be effective in the manner provided
in Section 3
hereof.

 

16.            

Payment of Taxes. The Company
will pay all documentary stamp taxes attributable to the issuance
of shares of Common Stock underlying this Warrant upon exercise of
this Warrant; 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 certificate for
shares of Common Stock underlying this Warrant in a name other that
of the Holder. The Holder is responsible for all other tax
liability that may arise as a result of holding or transferring
this Warrant or receiving shares of Common Stock underlying this
Warrant upon exercise hereof.

 

17.            

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 or any
corporation to which the Company or any new warrant agent transfers
substantially all of its corporate trust or stockholders services
business shall be 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.

 

18.            

Miscellaneous. This Warrant and
any term hereof may be changed, waived, discharged or terminated
only by an instrument in writing signed by the party against which
enforcement of the change, waiver, discharge or termination is
sought. This Warrant shall be construed and enforced in accordance
with and governed by the laws of Indiana. The section headings in
this Warrant are for purposes of convenience only and shall not
constitute a part hereof. If one or more of the provisions or
portions of this Warrant shall be deemed by any court or
quasi-judicial authority to be invalid, illegal or unenforceable in
any respect, the invalidity, illegality or unenforceability of the
remaining provisions, or portions of provisions contained herein
shall not in any way be affected or impaired thereby. The use
herein of the masculine pronouns or similar terms shall be deemed
to include the feminine and neuter genders as well and vice versa
and the use of the singular pronouns shall be deemed to include the
plural as well and vice versa.

 

 

 

 

Redeemable Common Stock Purchase Class A Warrant

issued by Noble Roman’s, Inc. to

_________________________

page 11

  

 

IN
WITNESS WHEREOF, the Company has caused this Common Stock Purchase
Warrant to be duly executed as of the date first above
written.

 

 

	

 

	
NOBLE
ROMAN’S, INC.

	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
/s/ 
Paul W.
Mobley

	

 

	

 

	

 

	
Paul W.
Mobley

	

 

	

 

	

 

	

Executive
Chairman

	

 

 

 

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

To Be
Executed by the Holder

in
Order to Exercise Class A Warrants

 

TO:           NOBLE
ROMAN’S, INC.

 

(1) The
undersigned hereby elects to purchase ________ Warrant Shares of
the Company pursuant to the terms of the attached Warrant, and
tenders herewith payment of the exercise price in full, together
with all applicable transfer taxes, if any.

 

(2) Payment
shall be in lawful money of the United States.

 

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

 

 

 

_________________________________________________________

 

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

 

_________________________________________________________

 

_________________________________________________________

 

 

	
Dated:

	
X

	
 

	
 

	
 

	
 

	
 

	
Address

	
 

	
Taxpayer
Identification Number

	
 

	
Signatures
Guaranteed

 

 

 

 

 

 

EXHIBIT B

 

[FORM
OF ASSIGNMENT]

 

To be
executed by the registered holder if such holder

desires
to transfer the Warrant Certificate.

 

FOR
VALUE RECEIVED    hereby sells, assigns and transfers
unto

 

(Please
print name and address of transferee)

 

this
Warrant Certificate, together with all right, title and interest
therein, and does hereby irrevocably constitute and appoint
              
Attorney, to transfer the within Warrant Certificate on the books
of the within-named Company, with full power of
substitution.

 

Dated:                                            

                          

 

Signature                                                                            

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

 

 

(Insert
Social Security or Other

Identifying Number
of Holder)

 

 

 

Signature
Guaranteed

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]