Document:

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                                                                    Exhibit 10.2

            FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING
                     CREDIT AND GOLD CONSIGNMENT AGREEMENT

         THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT
AND GOLD CONSIGNMENT AGREEMENT (this "Amendment") is entered into as of the 23rd
day of March, 2004 by and among the banks that are or may from time to time
become parties hereto (individually a "Bank" and collectively, the "Banks"),
LASALLE BANK NATIONAL ASSOCIATION, a national banking association, as
administrative agent ("Administrative Agent") and collateral agent, ABN AMRO
BANK N.V., as syndication agent, JPMORGAN CHASE BANK, as documentation agent,
and WHITEHALL JEWELLERS, INC., a Delaware corporation (the "Borrower").

                              W I T N E S S E T H:
                              - - - - - - - - - -

         WHEREAS, the Agents (as defined in the Agreement), the Banks and the
Borrower are parties to that certain Second Amended and Restated Revolving
Credit and Gold Consignment Agreement dated as of July 29, 2003, (the
"Agreement"); and

         WHEREAS, the Borrower and the Banks have agreed to further amend the
Agreement to, among other items, (i) add a Layaway Reserve (as defined below) to
the Borrowing Base (as defined in the Agreement), (ii) amend certain financial
covenants and (iii) modify certain interest rate provisions, all in accordance
with the terms and conditions of this Amendment.

         NOW, THEREFORE, for and in consideration of the premises and mutual
agreements herein contained and for the purposes of setting forth the terms and
conditions of this Amendment, the parties, intending to be bound, hereby agree
as follows:

         1. Incorporation of the Agreement. All capitalized terms which are not
defined hereunder shall have the same meanings as set forth in the Agreement,
and the Agreement, to the extent not inconsistent with this Amendment, is
incorporated herein by this reference as though the same were set forth in its
entirety. To the extent any terms and provisions of the Agreement are
inconsistent with the amendments set forth in Paragraph 2 below, such terms and
provisions shall be deemed superseded hereby. Except as specifically set forth
herein, the Agreement shall remain in full force and effect and its provisions
shall be binding on the parties hereto.

         2. Amendment of the Agreement.

            (a) The definition of the terms "Base Rate Applicable Margin",
"Capital Factors Lawsuit", "Layaway Reserve" and "Net Worth" are hereby added to
Section 1.1 of the Agreement to read as follows:

                  Base Rate Applicable Margin. At all times from March 23, 2004
         through the date of receipt of the Borrower's quarterly financial
         statements and covenant compliance certificate in the form of Exhibit K
         for the fiscal quarter ended April 30, 2005, one half of one percent
         (1/2%) and thereafter zero percent (0.0%).

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                  Capital Factors Lawsuit. That certain pending lawsuit
         originally filed August 13, 2003 in which the Borrower has been named
         as one of the 14 defendants in the United States District Court for the
         Southern District of New York, styled Capital Factors, Inc. v.
         Cosmopolitan Gem Corp., et. al., No. 03 Civ. 6097 now pending in New
         York State Supreme Court, Commercial Division and consolidated with a
         lawsuit filed December 2, 2003 and the interpleader action filed by the
         Company in connection therewith.

                  Layaway Reserve. As of any date, a reserve in an amount equal
         to the aggregate amount of layaway deposits received by the Borrower
         for Inventory held on layaway for the Borrower's customers.

                  Net Worth. As of any date of determination, total assets less
         total liabilities, as determined in accordance with GAAP.

            (b) The first sentence contained within the definition of the term
"Borrowing Base" is hereby amended and restated to read as follows:

                  At the relevant time of reference thereto, an amount
         determined by the Administrative Agent by reference to the most recent
         Borrowing Base Report delivered to the Banks and the Agents pursuant to
         ss.10.4(f), which is equal to (a) the lesser of (i) sixty-five percent
         (65%) of the net book value (determined on an average cost basis at
         lower of cost or market) of Eligible Inventory and (ii) the sum of (A)
         sixty percent (60%) of the net book value (determined on an average
         cost basis at lower of cost or market) of Eligible Inventory minus the
         Fair Market Value of Precious Metal contained in Eligible Inventory,
         plus (B) 90% of the Fair Market Value of the Precious Metal contained
         in Eligible Inventory; minus (b) the Inventory Shrink Reserve; minus
         (c) the Layaway Reserve; plus (d) 85% of Eligible Accounts Receivable.

            (c) The definition of the terms "Commitment Fee Rate", "LIBOR
Applicable Margin" and "Standby Letter of Credit Fee Rate" are hereby amended
and restated in their entirety to read as follows:

                  Commitment Fee Rate. At all times from March 23, 2004 through
         the date of receipt of the Borrower's quarterly financial statements
         and covenant compliance certificate in the form of Exhibit K for the
         fiscal quarter ended April 30, 2005, one half of one percent (1/2%) and
         thereafter, the percentage determined by reference to the provisions of
         ss.5.22.

                  LIBOR Applicable Margin. At all times from March 23, 2004
         through the date of receipt of the Borrower's quarterly financial
         statements and covenant compliance certificate in the form of Exhibit K
         for the fiscal quarter ended April 30, 2005, two and one half percent
         (2.50%), and thereafter, the percentage determined by reference to the
         provisions of ss.5.22.

                  Standby Letter of Credit Fee Rate. At all times from March 23,
         2004 through the date of receipt of the Borrower's quarterly financial
         statements and

                                       2
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         covenant compliance certificate in the form of Exhibit K for the fiscal
         quarter ended April 30, 2005, two percent (2.0%), and thereafter, the
         percentage determined by reference to the provisions of ss.5.22.

            (d) A new sentence is hereby added to the end of Section 2.1 of the
Agreement to read as follows:

                  Notwithstanding the foregoing, the Borrower hereby covenants
         and agrees that the Outstanding Facility Amount shall not exceed
         $85,000,000 for at least thirty (30) consecutive calendar days during
         the period beginning December 15, 2004 through and including February
         15, 2005.

            (e) Section 5.1(a) of the Agreement is hereby amended and restated
to read as follows:

                  (a) Each Base Rate Loan shall bear interest for the period
         commencing with the Drawdown Date thereof and ending on the last day of
         the Interest Period with respect thereto at a rate per annum equal to
         the sum of (i) the Base Rate plus (ii) the Base Rate Applicable Margin.

            (f) Section 10.1 of the Agreement is hereby amended and restated to
read as follows:

                  10.1 Fixed Charge Coverage Ratio. The Borrower will not
         permit, for any period of four consecutive fiscal quarters, the ratio
         of (a) the sum of (i) Consolidated EBITDA for such period plus (ii)
         Consolidated Minimum Store Rent for such period to (b) the sum of (i)
         Consolidated Minimum Store Rent for such period plus (ii) Consolidated
         Cash Interest Expense for such period, to be less than 1.25:1.00
         measured at the end of the each fiscal quarter. Notwithstanding the
         foregoing, for purposes of calculating EBITDA the Borrower may exclude
         (i) any cash or non-cash charges arising from the application of the
         Financial Accounting Standard Board's Statement No. 5 and (ii) upon
         approval of the Administrative Agent, a deduction for cash and non-cash
         expenses incurred by the Borrower for legal, accounting and
         consultant's fees and expenses arising from the Capital Factors Lawsuit
         and the resulting SEC inquiry and the U.S. Attorney investigation
         associated therewith.

            (g) A new Section 10.2 is hereby added to the Agreement to read as
follows:

                  10.2 Net Worth. The Borrower shall maintain a Net Worth of at
         least $90,000,000 determined at January 31, 2005.

            (h) Section 16 of the Agreement is hereby amended by deleting the
following language from subsection (f) of such section:

                   "(provided, however, until an Event of Default shall have
         occurred and be continuing, the Borrower shall only be required to pay
         for one (1) field examination and one (1) fixed asset appraisal in each
         calendar year)".

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            The Borrower hereby acknowledges and agrees as a result of such
deletion, the Borrower is now obligated to pay for all field examinations and
fixed asset appraisals of the Administrative Agent, regardless of the occurrence
of an Event of Default.

         3. Representations and Warranties. The representations and warranties
set forth in Section 7 and all covenants set forth in Sections 8, 9 and 10 of
the Agreement shall be deemed remade and affirmed as of the date hereof by
Borrower, except any and all references to the Agreement in such
representations, warranties and covenants shall be deemed to include this
Amendment.

         4. Delivery of Documents/Information. Prior to entering into this
Amendment, Administrative Agent shall have received from Borrower the following
fully executed documents, in form and substance satisfactory to Administrative
Agent and each Bank, and all of the transactions contemplated by each such
document shall have been consummated or each condition contemplated by each such
document shall have been satisfied:

            (a) this Amendment;

            (b) Secretary's Certificate of Borrower with resolutions and
incumbency;

            (c) Officer's Certificate (Closing Bring-Down) of Borrower; and

            (d) such other documents, certificates and opinions as
Administrative Agent may request.

         5. Reference to the Effect on the Agreement.

            (a) References. Upon the date of this Amendment and on and after the
date hereof, each reference in the Agreement to "this Agreement," "hereunder,"
"hereof," "herein" or words of like import shall mean and be a reference to the
Agreement, as amended hereby.

            (b) Ratification. As specifically modified above, the Agreement and
all other documents, instruments and agreements executed and/or delivered in
connection therewith shall remain in full force and effect, and are hereby
ratified and confirmed.

         6. Representations and Warranties of the Borrower. Borrower hereby
represents and warrants to Administrative Agent and the Banks as of the date
hereof as follows:

            (a) The execution and delivery of this Amendment and the performance
by Borrower of its obligations hereunder are within the Borrower's powers and
authority, have been duly authorized by all necessary corporate action and do
not and will not contravene or conflict with the Certificate of Incorporation or
By-laws of Borrower.

            (b) The Agreement (as amended by this Amendment) and the other Loan
Documents constitute legal, valid and binding obligations enforceable in
accordance with their terms by Administrative Agent and the Banks against
Borrower, and Borrower expressly reaffirms each of its obligations under the
Agreement (as amended by this Amendment) and each of the other Loan Documents,
including, without limitation, the Borrower's Liabilities.

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Borrower further expressly acknowledges and agrees that Administrative Agent has
a valid, duly perfected, first priority and fully enforceable security interest
in and lien against each item of Collateral except as otherwise set forth in the
Agreement. Borrower agrees that it shall not dispute the validity or
enforceability of the Agreement (as it was stated before and after this
Amendment) or any of the other Loan Documents or any of its respective
obligations thereunder, or the validity, priority, enforceability or extent of
Administrative Agent's security interest in or lien against any item of
Collateral, in any judicial, administrative or other proceeding;

            (c) No consent, order, qualification, validation, license, approval
or authorization of, or filing, recording, registration or declaration with, or
other action in respect of, any governmental body, authority, bureau or agency
or other Person is required in connection with the execution, delivery or
performance of, or the legality, validity, binding effect or enforceability of,
this Amendment; and

            (d) The execution, delivery and performance of this Amendment by
Borrower does not and will not violate any law, governmental regulation,
judgment, order or decree applicable to Borrower and does not and will not
violate the provisions of, or constitute a default or any event of default
under, or result in the creation of any security interest or lien upon any
property of Borrower pursuant to, any indenture, mortgage, instrument, contract,
agreement or other undertaking to which Borrower is a party or is subject or by
which Borrower or any of its real or personal property may be bound.

         7. Fees and Expenses. The Borrower agrees to pay on demand all costs,
fees and expenses of or incurred by the Administrative Agent in connection with
the evaluation, negotiation, preparation, execution and delivery of this
Amendment and the other instruments and documents executed and delivered in
connection with the transactions described herein (including the filing or
recording thereof), including, but not limited to, the reasonable fees and
expenses of counsel for the Administrative Agent, search fees and taxes payable
in connection with this Amendment and any future amendments to the Agreement.

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

                            [SIGNATURE PAGE FOLLOWS]

                                       5
<PAGE>

      (FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND
                   GOLD CONSIGNMENT AGREEMENT SIGNATURE PAGE)

         IN WITNESS WHEREOF, the parties hereto have duly executed this First
Amendment to Second Amended and Restated Revolving Credit and Gold Consignment
Agreement as of the date first above written.

                                        WHITEHALL JEWELLERS, INC.

                                        By: /s/ John R. Desjardins
                                            -------------------------------
                                        Name: John R. Desjardins
                                              -----------------------------
                                        Title: Executive Vice President and
                                               ----------------------------
                                               Chief Financial Officer
                                               ----------------------------

                                        LASALLE BANK NATIONAL ASSOCIATION, for
                                        itself and as Administrative Agent for
                                        the Banks

                                        By: /s/ Bernardo Lacayo
                                            -----------------------------------
                                        Name: Bernardo Lacayo
                                              ---------------------------------
                                        Title: First Vice President
                                               --------------------------------

                                        JPMORGAN CHASE BANK, individually and
                                        as Documentation Agent

                                        By: /s/ Michael Stevenson
                                            -----------------------------------
                                        Name: Michael Stevenson
                                              ---------------------------------
                                        Title: Vice President
                                               --------------------------------

                                        ABN AMRO BANK N.V., individually and as
                                        Syndication Agent

                                        By: /s/ Jeff Sarfaty
                                            -----------------------------------
                                        Name: Jeff Sarfaty
                                              ---------------------------------
                                        Title: Vice President
                                               --------------------------------

                                        By: /s/ Frederick G. Jennings
                                            -----------------------------------
                                        Name: Frederick G. Jennings
                                              ---------------------------------
                                        Title: Vice President
                                               --------------------------------

<PAGE>

      (FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND
              GOLD CONSIGNMENT AGREEMENT SIGNATURE PAGE, CONTINUED)

                                         FLEET CAPITAL CORPORATION, as a Bank

                                         By: /s/ Brian Conole
                                             -----------------------------------
                                         Name: Brian Conole
                                               ---------------------------------
                                         Title: Senior Vice President
                                                --------------------------------

                                         SOVEREIGN BANK, as a Bank

                                         By: /s/ Irene Ogarek
                                             -----------------------------------
                                         Name: Irene Ogarek
                                               ---------------------------------
                                         Title: Vice President
                                                --------------------------------exv4w1

 

Exhibit 4.1

COMMON STOCK WARRANT

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED,
QUALIFIED, APPROVED OR DISAPPROVED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT AND APPLICABLE STATE SECURITIES LAWS OR AN APPLICABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF SUCH ACT OR SUCH LAWS AND NEITHER THE UNITED
STATES SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER FEDERAL OR STATE
REGULATORY AUTHORITY HAS PASSED ON OR ENDORSED THE MERITS OF THESE SECURITIES.

WARRANT NO. 74

WARRANT CERTIFICATE

TO PURCHASE SHARES OF COMMON STOCK,

PAR VALUE $0.0001 PER SHARE

OF

ELECTRIC CITY CORP.

     THIS IS TO CERTIFY THAT UMBTRU for benefit of SECURITY EQUITY FUND, MID
CAP VALUE SERIES, a Kansas corporation, or its registered assigns is the owner
of 442,750 warrants (the “Warrants”), each of which entitles the
registered Holder thereof to purchase from Electric City Corp., a Delaware
corporation (the “Company”), one fully paid, duly authorized and
nonassessable share of Common Stock, par value $0.0001 per share (the
“Common Stock”), of the Company at any time or from time to time on or
before 5:00 p.m., New York City time, on the Warrant Expiration Date, at an
exercise price of $2.42 per share, subject to adjustment from time to time as
set forth herein (the “Exercise Price”), all on the terms and subject to
the conditions hereinafter set forth.

     The number of shares of Common Stock issuable upon exercise of each
Warrant shall be determined for each Warrant by dividing $2.42 by the Exercise
Price in effect at the time of such exercise, and is initially one (1) share of
Common Stock. Capitalized terms used herein but not otherwise defined shall
have the meanings given them in Section 15 hereof or, if not therein
defined, in the Securities Purchase Agreement (as defined herein).

     Section 1.     Exercise Of Warrants. Subject to the last
paragraph of this Section 1, the Warrants evidenced hereby may be
exercised, in whole or in part, by the registered Holder hereof at any time or
from time to time on or before 5:00 p.m., New York City time, on the Warrant
Expiration Date, upon delivery to the Company at the principal executive office
of the Company in the United States of America, of (a) this Warrant
Certificate,
(b) a written notice, in

 

 

the form of the exercise notice attached hereto
(the “Exercise Notice”), stating that such Holder elects to exercise the
Warrants evidenced hereby in accordance with the provisions of this Section
1 and specifying the number of Warrants being exercised and (i) the name or
names in which, and the address to which, such Holder wishes the certificate or
certificates for shares of Common Stock to be issued or (ii) if the transfer
agent (the “Transfer Agent”) for the Common Stock participates in The
Depository Trust Company (“DTC”) Fast Automated Securities Transfer
Program, Holder’s DTC account information so that such account may be credited
with the shares of Common Stock to be issued through DTC’s Deposit Withdrawal
Agent Commision (“DWAC”) system and (c) payment of the Exercise Price
for the shares of Common Stock issuable upon exercise of such Warrants, which
shall be payable by any one or any combination of the following:

	 	(i)	 	wire transfer of immediately available funds, or
	 
	 	(ii)	 	certified or official bank check payable to the order of the Company.

The documentation and consideration, if any, delivered in accordance with
clauses (a), (b) and (c) of this paragraph above are collectively referred to
herein as the “Warrant Exercise Documentation.”

     As promptly as practicable, and in any event within two (2) Business Days
after receipt of the Warrant Exercise Documentation, the Company shall, as
elected by Holder, (i) deliver or cause to be delivered to the address
specified in the Exercise Notice certificates representing the number of
validly issued, fully paid and nonassessable shares of Common Stock issuable in
connection with such exercise or (ii) provided that the Transfer Agent for the
Common Stock participates in DTC’s Fast Automated Securities Transfer Program
credit the number of validly issued, fully paid and nonassessable shares of
Common Stock issuable in connection with such exercise to the Holder’s DTC
account through the DWAC system, and if less than the full number of Warrants
evidenced hereby are being exercised, a new Warrant Certificate of like tenor
for the number of Warrants evidenced by this Warrant Certificate, less the
number of Warrants then being exercised or surrendered; provided,
however, that no new Warrant Certificate need be delivered if the
Warrant Expiration Date has occurred. Such exercise shall be deemed to have
been made at the close of business on the date of delivery of the Warrant
Exercise Documentation so that the Person entitled to receive shares of Common
Stock upon such exercise shall be treated for all purposes as having become the
record holder of such shares of Common Stock at such time.

     The Company shall pay all expenses in connection with, and all taxes and
other governmental charges (other than income taxes of the Holder) that may be
imposed in respect of the issue or delivery of any shares of Common Stock
issuable upon the exercise of the Warrants evidenced hereby. The Company shall
not be required, however, to pay any tax or other charge imposed in connection
with any transfer involved in the issue of any certificate for shares of Common
Stock in any name other than that of the registered Holder of the Warrants
evidenced hereby.

2

 

     In connection with the exercise of any Warrants evidenced hereby, no
fractions of shares of Common Stock shall be issued. If, due to adjustments, a
Holder is entitled to fractions of shares, the Company shall round such
Holder’s shares up or down to the nearest whole share.

     Section 2.     Adjustments. The Exercise Price shall be
subject to adjustment from time to time as provided in this Section 2.

     (a)      If after March 19, 2004 (the “Issue Date”), the Company shall
issue or sell any shares of its Common Stock (except upon exercise of the
Warrants and shares issued as a result of adjustments made under the terms of
the Warrants), for a price per share less than (including, without limitation
those circumstances described in paragraphs (i) through (vii) below), the lower
of the Market Price and the Exercise Price in effect on the date immediately
prior to the date of such issue or sale, then, except as otherwise set forth in
paragraph (vi) below, immediately upon such issue or sale, the Exercise Price
then in effect shall be reduced to such lower price per share.

     (i)     Issuance of Rights or Options. In case at any time after
the Issue Date the Company shall in any manner grant (whether directly or
by assumption in a merger or otherwise), any rights to subscribe for or
to purchase, or any options or warrants for the purchase of, Common Stock
or any stock, notes or securities convertible into or exchangeable for
Common Stock (such convertible or exchangeable stock, notes or securities
being herein called “Convertible Securities”), whether or not such
rights, options or warrants or the right to convert or exchange any such
Convertible Securities are immediately exercisable, such grant shall be
deemed a sale by the Company of its Common Stock and the price per share
for such deemed sale of Common Stock shall be determined by dividing (A)
the total amount, if any, in cash or in property received or receivable
by the Company as consideration for the granting of such rights, options
or warrants, plus the minimum aggregate amount of additional
consideration, if any, payable to the Company upon the exercise of such
rights, options or warrants, plus, in the case of such rights, options or
warrants that relate to Convertible Securities, the minimum aggregate
amount of additional consideration, if any, payable upon the issue or
sale of such Convertible Securities and upon the conversion or exchange
thereof, by (B) the total maximum number of shares of Common Stock
issuable upon the exercise of such rights, options or warrants or upon
the conversion or exchange of all such Convertible Securities issuable
upon the exercise of such rights, options or warrants. Except as
provided in Section 2(a)(iii), no further adjustment of the
Exercise Price shall be made upon the actual issue of such Common Stock
or of such Convertible Securities upon exercise of such rights, options
or warrants or upon the actual issue of such Common Stock upon conversion
or exchange of such Convertible Securities.

     (ii)     Issuance of Convertible Securities. In case at any time
after the Issue Date the Company shall in any manner issue (whether
directly or by assumption in a merger or otherwise) or sell any
Convertible Securities, whether or not the rights to exchange or convert
thereunder are immediately exercisable, such issuance or sale of
Convertible Securities shall be deemed a sale by the Company of its
Common Stock and the price per share for such Common Stock shall be
determined by dividing (A) the total amount received or receivable in
cash or in property by the Company as consideration for the

3

 

issue or sale of such Convertible Securities, plus the minimum
aggregate amount of additional consideration, if any, payable to the
Company upon the conversion or exchange thereof, by (B) the total maximum
number of shares of Common Stock issuable upon the conversion or exchange
of all such Convertible Securities; provided, however, that
(I) except as otherwise provided in Section 2(a)(iii), no further
adjustment of the Exercise Price shall be made upon the actual issue of
such Common Stock upon conversion or exchange of such Convertible
Securities, and (II) if any such issue or sale of such Convertible
Securities is made upon exercise of any rights to subscribe for or to
purchase or any option to purchase any such Convertible Securities for
which adjustments of the Exercise Price have been or are to be made
pursuant to other provisions of this Section 2(a), no further
adjustment of the Exercise Price shall be made by reason of such issue or
sale.

     (iii)     Change in Option Price or Exercise Price. If the
purchase price provided for in any right or option referred to in
Section 2(a)(i), the additional consideration, if any, payable
upon the conversion or exchange of any Convertible Securities referred to
in Section 2(a)(i) or 2(a)(ii), or the rate at which any
Convertible Securities referred to in Section 2(a)(i) or
2(a)(ii) are convertible into or exchangeable for Common Stock
shall change (other than under or by reason of provisions designed to
protect against dilution), the Exercise Price then in effect hereunder
shall forthwith be readjusted (increased or decreased, as the case may
be) to the Exercise Price that would have been in effect at such time had
such rights, options or Convertible Securities still outstanding provided
for such changed purchase price, additional consideration or conversion
rate, as the case may be, at the time initially granted, issued or sold.
No readjustment pursuant to the preceding sentence shall have the effect
of increasing the Exercise Price by an amount in excess of the amount of
the adjustment thereof originally made in respect of the issue, sale,
grant or assumption of rights, options or Convertible Securities. On the
expiration of any such option or right referred to in Section
2(a)(i) or the termination of any such right to convert or exchange
any such Convertible Securities referred to in Section 2(a)(i) or
2(a)(ii), the Exercise Price then in effect hereunder shall
forthwith be readjusted (increased or decreased, as the case may be) to
the Exercise Price that would have been in effect at the time of such
expiration or termination had such right, option or Convertible
Securities, to the extent outstanding immediately prior to such
expiration or termination, never been granted, issued or sold. If the
purchase price provided for in any such right or option referred to in
Section 2(a)(i) or the rate at which any Convertible Securities
referred to in Section 2(a)(ii) are convertible into or
exchangeable for Common Stock shall be reduced at any time under or by
reason of provisions with respect thereto designed to protect against
dilution, then in case of the delivery of shares of Common Stock upon the
exercise of any such right or option or upon conversion or exchange of
any such Convertible Securities, the Exercise Price then in effect
hereunder shall, if not already adjusted, forthwith be adjusted to such
amount as would have obtained had such right, option or Convertible
Securities never been issued as to such shares of Common Stock and had
adjustments been made upon the issuance of the shares of Common Stock
delivered as aforesaid, but only if as a result of such adjustment the
Exercise Price then in effect hereunder is thereby reduced.

4

 

     (iv)     Consideration for Stock. Anything herein to the
contrary notwithstanding, in case at any time any shares of Common Stock
or Convertible Securities or any rights, options or warrants to purchase
any such Common Stock or Convertible Securities shall be issued or sold
for cash, the consideration received therefor shall be deemed to be the
amount received by the Company therefor, without deduction therefrom of
any expenses incurred or any underwriting commissions or concessions paid
or allowed by the Company in connection therewith.

     In case at any time any shares of Common Stock or Convertible
Securities or any rights or options to purchase any such shares of Common
Stock or Convertible Securities shall be issued or sold for a
consideration other than cash, in whole or in part, the amount of the
consideration other than cash received by the Company shall be deemed to
be the fair value of such consideration as determined reasonably and in
good faith by the Board of Directors of the Company, without deduction of
any expenses incurred or any underwriting commissions or concessions paid
or allowed by the Company in connection therewith. In case at any time
any shares of Common Stock or Convertible Securities or any rights or
options to purchase such shares of Common Stock or Convertible Securities
shall be issued in connection with any merger or consolidation in which
the Company is the surviving company, the amount of consideration
received therefor shall be deemed to be the fair value as determined
reasonably and in good faith by the Board of Directors of the Company of
such portion of the assets and business of the nonsurviving corporation
as the Board may determine to be attributable to such shares of Common
Stock, Convertible Securities, rights or options, as the case may be. In
case at any time any rights or options to purchase any shares of Common
Stock or Convertible Securities shall be issued in connection with the
issue and sale of other securities of the Company, together comprising
one integral transaction in which no consideration is allocated to such
rights or options by the parties thereto, such rights or options shall be
deemed to have been issued for an amount of consideration equal to the
fair value thereof as determined reasonably and in good faith by the
Board of Directors of the Company.

     (v)     Record Date. In case the Company shall take a record of
the holders of its Common Stock for the purpose of entitling them to
subscribe for or purchase shares of Common Stock or Convertible
Securities, then such record date shall be deemed to be the date of the
issue or sale of the shares of Common Stock deemed to have been issued or
sold as a result of the granting of such right of subscription or
purchase.

     (vi)     Adjustment to Determination of Exercise Price. When
making the calculations and determinations described in this Section
2(a), there shall not be taken into account

	 	(A)	 	the issuance of Common Stock upon the exercise of options or
warrants outstanding on the Issue Date;
	 
	 	(B)	 	the issuance of Common Stock upon the conversion of (I) any
shares of convertible preferred stock of the Company outstanding on
the Issue Date, or (II) any shares of Series E Preferred Stock
issued pursuant to consummation of the transactions contemplated by the Redemption and Exchange Agreement,
or (III)

5

 

	 	 	 	any shares of preferred stock issued after the Issue Date
as dividends upon shares of the Company’s preferred stock, or (IV)
shares of Series E Preferred Stock pursuant to exercise of the
Series E Warrants;
	 
	 	(C)	 	the issuance of options to purchase Common Stock pursuant to
the Company’s Stock Incentive Plan;
	 
	 	(D)	 	the issuance of Common Stock pursuant to exercise of options
granted under the Company’s Stock Incentive Plan;
	 
	 	(E)	 	the issuance of options to purchase Common Stock under the
Company’s directors’ stock plan;
	 
	 	(F)	 	the issuance of Common Stock pursuant to exercise of options
granted under the Company’s directors’ stock plan;
	 
	 	(G)	 	the issuance of shares of preferred stock as dividends upon
shares of the Company’s preferred stock;
	 
	 	(H)	 	the issuance of Series E Preferred Stock and Series E
Warrants pursuant to consummation of the transactions contemplated
by the Redemption and Exchange Agreement;
	 
	 	(I)	 	the issuance of Series E Preferred Stock pursuant to exercise
of the Series E Warrants;
	 
	 	(J)	 	the issuance of options or warrants after the Issue Date;
provided that (x) such options or warrants are granted as
compensation to consultants, employees or other providers of
services to the Company or its subsidiaries, or in connection with
employment of new employees of the Company or its subsidiaries, and
(y) the number of shares of Common Stock which are subject to such
options and warrants granted in any year shall be not exceed 500,000 shares); or
	 
	 	(L)	 	the issuance of Common Stock pursuant to exercise of any
warrant or option described in clause (J) preceding.

     (vii)     Good Faith. If any event occurs as to which in the
reasonable opinion of the Board of Directors of the Company, in good
faith, the other provisions of this Section 2 are not strictly
applicable but the lack of any adjustment in the Exercise Price or the
Number Issuable or both would not in the opinion of the Board of
Directors of the Company fairly protect the exercise rights of the
Holder, in accordance with the basic intent and principles of such
provisions, then the Board of Directors of the Company shall appoint a
firm of independent certified public accountants (which may be the
regular auditors of the Company) of recognized national standing, which
shall give their opinion upon the adjustment, if any, to the Exercise
Price or Number Issuable or both, as the case may be, on a basis
consistent with the basic intent and principles of this
Section 2, necessary to preserve, without dilution, the
exercise rights of all the registered Holders of the Warrants in
accordance with this Warrant Certificate.

6

 

     (viii)     Notice of Change in Exercise Price. The Company promptly
shall deliver to each registered Holder of Warrants at least five (5)
Business Days prior to effecting any transaction that would result in an
increase or decrease in the Exercise Price pursuant to this Section 2, a
statement, signed by its independent certified public accountants,
setting forth in reasonable detail the event requiring the adjustment and
the method by which such adjustment was calculated and specifying the
increased or decreased Exercise Price then in effect following such
adjustment.

     (b)      Subdivision; Combination of Stock or Stock Dividends. In case
the Company shall at any time subdivide its outstanding shares of Common Stock
into a greater number of shares, by split or otherwise, or issue additional
shares of Common Stock as a dividend (except for any dividends described in
Subsection 2(a)(vi)(G)), the Exercise Price in effect immediately prior to such
subdivision shall be proportionately reduced and, conversely, in case the
outstanding shares of Common Stock of the Company shall be combined into a
smaller number of shares, by reverse stock split or otherwise, the Exercise
Price in effect immediately prior to such combination shall be proportionately
increased.

     (c)      Adjustment for Other Distributions. If the Company makes a
distribution to all holders of its Common Stock of any of its assets (including
but not limited to cash), debt securities, preferred stock, or any rights or
warrants to purchase debt securities, preferred stock, assets or other
securities of the Company, the Exercise Price shall be adjusted in accordance
with the following formula:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	E’

	 	=
	 	E
	 	x
	 	M    -    F	 	 
	
	 	 	 	 	 	 	 	 	M	 	 	 

	 	 	 	 	 	 	 
	

	 	where:	 	 	 
	 
	 	 	 	 	 	 
	

	 	E’
	 	=
	 	the adjusted Exercise Price.
	 
	 	 	 	 	 	 
	

	 	E
	 	=
	 	the current Exercise Price.
	 
	 	 	 	 	 	 
	

	 	M
	 	=
	 	the Market Price of one share of Common Stock
on the record date mentioned below.
	 
	 	 	 	 	 	 
	

	 	F
	 	=
	 	the fair market value (determined in good faith
by the Board of Directors of the Company) on the record date
of the assets, securities, rights or warrants applicable to
one share of Common Stock.

     The adjustment shall be made successively whenever any such distribution
is made and shall become effective immediately after the record date for the
determination of stockholders entitled to receive the distribution. This
Section 2(b) does not apply to any dividend or distribution that results in an
adjustment to the Exercise Price pursuant to Section 2(a) above.

     (d)      Reorganization; Reclassification; Consolidation; Merger or Sale of
Assets. In case of (i) any capital reorganization or reclassification or
other change of outstanding shares of Common Stock (other than a change in par
value, or from par value to no par value, or from no

7

 

par value to par value, or
as a result of a subdivision or combination), (ii) any consolidation or merger
of the Company with or into another Person (other than a consolidation or
merger in which the Company is the resulting or surviving Person and that does
not result in any reclassification or change of outstanding Common Stock) or
(iii) transfer or sale of all or substantially all of the Company’s Assets to
another person (any of the foregoing, a “Transaction”), the Company, or
such successor or purchasing Person, as the case may be, shall execute and
deliver to the Holder of the Warrants evidenced hereby, at least five (5)
Business Days prior to effecting any of the foregoing Transactions, a
certificate that the Holder of each such Warrant then outstanding shall have
the right thereafter to exercise such Warrant into the kind and highest amount
of shares of stock or other securities (of the Company or another issuer) or
property or cash receivable upon such Transaction by a holder of the number of
shares of Common Stock into which such Warrant could have been exercised
immediately prior to such Transaction. Such certificate shall provide for
adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 2 and shall contain other terms
identical to the terms hereof. If, in the case of any such Transaction, the
stock, other securities, cash or property receivable thereupon by a holder of
Common Stock includes shares of stock or other securities of a Person other
than the successor or purchasing Persons and other than the Company, who
controls or is controlled by the successor or purchasing Person or who, in
connection with such Transaction, issues stock, securities, other property or
cash to holders of Common Stock, then such certificate also shall be executed
by such Person, and such Person shall, in such certificate, specifically assume
the obligations of such successor or purchasing Person and acknowledge its
obligations to issue such stock, securities, other property or cash to Holders
of the Warrants upon exercise thereof as provided above. The provisions of
this Section 2(c) similarly shall apply to successive
Transactions.

     (e)      Upon the occurrence of each adjustment pursuant to this Section 2 the
Company, at its expense, will promptly calculate such adjustment in accordance
with the terms of this Warrant Certificate and prepare and deliver to each
Holder a certificate setting forth the calculation, including a statement of
the adjusted Exercise Price and adjusted number of shares of Common Stock
issuable upon exercise of each Warrant (as applicable), and describing the
transactions giving rise to such adjustments and showing in detail the facts
upon which such adjustment is based.

     Section 3.     Notice of Certain Events. In case at any time
or from time to time the Company shall declare any dividend or any other
distribution to the holders of its Common Stock, or shall authorize the
granting to the holders of its Common Stock of rights or warrants to subscribe
for or purchase any additional shares of stock of any class or any other right,
or shall authorize any other action that would result in an adjustment to the
Exercise Price pursuant to Section 2, or there shall be any capital
reorganization or reclassification of the Common Stock or consolidation or
merger of the Company with or into another Person, or any sale or other
disposition of all or substantially all the assets of the Company, or there
shall be a voluntary or involuntary dissolution, liquidation or winding up of
the Company, then, in any one or more of such cases the Company shall mail to
each Holder of the Warrants evidenced hereby
at such Holder’s address as it appears on the transfer books of the
Company, as promptly as practicable but in any event at least ten (10) Business
Days prior to the applicable date hereinafter specified, a notice stating (a)
the date on which a record is to be taken for the purpose of such dividend,
distribution or other action, or if a record is not to be taken, the date as of
which the holders of

8

 

Common Stock of record to be entitled to such dividend or
distribution or affected by such other action, are to be determined, (b) the
issue date of such dividend or distribution or (c) the date on which such
reorganization, reclassification, consolidation, merger, sale, disposition,
dissolution, liquidation or winding up is expected to become effective. Such
notice also shall specify the date as of which it is expected that the holders
of Common Stock of record shall be entitled to exchange their Common Stock for
shares of stock or other securities or property or cash deliverable upon such
reorganization, reclassification, consolidation, merger, sale, disposition,
dissolution, liquidation or winding up.

     Section 4.     Certain Covenants. The Company will at all
times prior to the Warrant Expiration Date reserve and keep available, free
from preemptive rights, out of the aggregate of its authorized but unissued
Common Stock or its authorized and issued Common Stock held as “treasury
shares”, for the purpose of enabling it to satisfy any obligation to issue
Common Stock upon exercise of the Warrants, the maximum number of shares of
Common Stock that may then be deliverable upon the exercise of the unexercised
portion of this Warrant Certificate. The Company shall take all action
required to increase the authorized number of shares of Common Stock if at any
time prior to the Warrant Expiration Date there shall be insufficient
authorized but unissued shares of Common Stock to permit such reservation or to
permit the exercise of the unexercised portion of this Warrant
Certificate.

     The Company or, if appointed, the Transfer Agent for the Common Stock and
every subsequent transfer agent for any shares of the Company’s capital stock
issuable upon the exercise of any of the rights of purchase aforesaid will be
irrevocably authorized and directed at all times to reserve such number of
authorized shares as shall be required for such purpose. At all times prior to
the earlier of the Warrant Expiration Date or the exercise of this Warrant
Certificate in full the Company will keep a copy of this Warrant Certificate on
file with the Transfer Agent and with every subsequent transfer agent for any
shares of the Company’s capital stock issuable upon the exercise of the rights
of purchase represented by the Warrants.

     Before taking any action that would cause an adjustment pursuant to
Section 2 hereof to reduce the Exercise Price below the then par value
(if any) of the Common Stock, the Company will take any corporate action that
may, in the opinion of its counsel (which may be counsel employed by the
Company), be necessary in order that the Company may validly and legally issue
fully paid and nonassessable Common Stock at the Exercise Price as so adjusted.

     The Company covenants that the Warrants have been duly authorized and
validly issued and all Common Stock that may be issued upon exercise of this
Warrant Certificate will, upon issue, be validly issued, fully paid,
nonassessable, free of preemptive rights and free from all taxes, liens,
charges and security interests with respect to the issue thereof.

     Section 5.     Registered Holder. The person in whose name
this Warrant Certificate is registered on the books of the Company shall be
deemed the owner and “Holder” hereof and of the Warrants evidenced hereby for
all purposes.

     Section 6.     Transfer of Warrants. Any transfer of the
rights represented by this Warrant Certificate shall be effected by the
surrender of this Warrant Certificate, along with the form of assignment
attached hereto, properly completed and executed by the Holder hereof, at

9

 

the
principal executive office of the Company in the United States of America.
Thereupon, the Company shall issue in the name or names specified by the
registered Holder hereof and, in the event of a partial transfer, in the name
of the registered Holder hereof, a new Warrant Certificate or Certificates
evidencing the right to purchase such number of shares of Common Stock as shall
be equal to the number of shares of Common Stock then purchasable
hereunder.

     Section 7.     Restrictive Legend. Each certificate
representing the Common Stock issued upon exercise of this Warrant Certificate
shall be stamped or otherwise imprinted with a legend in the following form (in
addition to any legend required under applicable state securities laws):

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED, QUALIFIED, APPROVED OR
DISAPPROVED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT
AND APPLICABLE STATE SECURITIES LAWS OR AN APPLICABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH
ACT OR SUCH LAWS AND NEITHER THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER
FEDERAL OR STATE REGULATORY AUTHORITY HAS PASSED ON OR
ENDORSED THE MERITS OF THESE SECURITIES.

Said legend shall be removed by the Company, upon the request of the holder of
such shares, at such time as the restrictions on the transfer of the applicable
security under applicable securities laws shall have terminated.

     Section 8.     Denominations. The Company will, at its
expense, promptly upon surrender of this Warrant Certificate at the principal
executive office of the Company in the United States of America, execute and
deliver to the registered Holder hereof a new Warrant Certificate or
Certificates in denominations specified by such Holder for an aggregate number
of Warrants equal to the number of Warrants evidenced by this Warrant
Certificate.

     Section 9.     Replacement of Warrants. Upon receipt, prior to
the Warrant Expiration Date, of evidence satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant Certificate and, in the
case of loss, theft or destruction, upon delivery of an indemnity reasonably
satisfactory to the Company (in the case of an insurance company or other
institutional investor, its own unsecured indemnity agreement shall be deemed
to be reasonably satisfactory), or, in the case of mutilation, upon surrender
and cancellation
thereof, the Company will issue a new Warrant Certificate of like tenor
for a number of Warrants equal to the number of unexercised Warrants evidenced
by this Warrant Certificate.

     Section 10.     Governing Law. Except as to matters governed
by the General Corporation Law of the State of Delaware and decisions
thereunder of the Delaware courts applicable to Delaware corporations, which
shall be governed by such laws and decisions, this

10

 

Warrant Certificate shall be
construed and enforced in accordance with, and the rights of the parties shall
be governed by, the laws of the State of Illinois applicable to agreements made
and to be performed entirely within such State.

     Section 11.     Rights Inure to Registered Holder. The
Warrants evidenced by this Warrant Certificate will inure to the benefit of and
be binding upon the registered Holder hereof and the Company and their
respective successors and permitted assigns. Nothing in this Warrant
Certificate shall be construed to give to any Person other than the Company and
the registered Holder and their respective successors and permitted assigns any
legal or equitable right, remedy or claim under this Warrant Certificate, and
this Warrant Certificate shall be for the sole and exclusive benefit of the
Company and such registered Holder.

     Section 12.     Notice. All notices, demands and other
communications provided for or permitted hereunder shall be made in writing and
shall be given by registered or certified first-class mail, return receipt
requested, nationally recognized overnight delivery service or personal
delivery,

     (a)     if to the Holder, at the Holder’s last known address appearing
on the books of the Company; and

     (b)     if to the Company, at its principal executive office in the
United States located at the address designated for notices in the
Securities Purchase Agreement,

or such other address as shall have been furnished to the party given or making
such notice, demand or other communication. All such notices and
communications shall be deemed to have been duly given: when delivered by hand,
if personally delivered; when delivered if delivered by a nationally recognized
overnight delivery service; and five (5) Business Days after being deposited in
the mail, as aforesaid, postage prepaid, if mailed.

     Section 13.     Amendments. This Warrant Certificate may be
amended and the Company may take any action herein prohibited, or omit to
perform any act herein required to be performed by it, only if the Company has
obtained the written consent of the Holder hereof.

     Section 14.     Holder Not a Stockholder; Limitation of
Liability. The Warrants do not confer upon the Holder any right to vote or
to consent as a stockholder of the Company, as such, in respect of any matters
whatsoever, or any other rights or liabilities as a stockholder, prior to the
exercise hereof as hereinbefore provided. No provision hereof, in the absense
of affirmative action by the Holder to purchase Common Stock, and to
enumeration herein of the rights or privileges of the Holder shall give rise to
any liability of such Holder for
the Exercise Price of Common Stock acquirable by exercise hereof or as a
stockholder of the Company.

     Section 15.     Definitions. For the purposes of this Warrant
Certificate, the following terms shall have the meanings indicated
below:

     “Business Day” means any day other than a Saturday, Sunday or other
day on which commercial banks in the City of Chicago are authorized or required
by law or executive order to close.

11

 

     “Company” shall have the meaning set forth in the preamble hereof.

     “Common Stock” shall have the meaning set forth in the preamble
hereof.

     “Exercise Price” shall have the meaning set forth in the preamble
hereof.

     “Holder” shall mean the registered holder of this Warrant
Certificate, as reflected on the books of the Company at the relevant time.

     “Issue Date” shall mean March 19, 2004.

     “Market Price” means the last reported sale price of the applicable
security as reported by (i) The American Stock Exchange or the National
Association of Securities Dealers, Inc. Automatic Quotations System, (ii) if
the applicable security is listed or admitted for trading on another securities
exchange, the last reported sales price of the applicable security on the
principal exchange on which the applicable security is listed or admitted for
trading (which shall be for consolidated trading if applicable to such
exchange), (iii) if neither so reported or listed or admitted for trading, the
last reported bid price of the applicable security by the OTC Bulletin Board,
or (iv) if the applicable security is not quoted on any such market, listed on
any such exchange or quoted on the OTC Bulletin Board, then the last price
quoted on such day as reported on the “pink sheets” by the National Quotation
Bureau Incorporated (or any similar organization or agency succeeding its
functions of reporting prices). In the event that the Market Price cannot be
determined as aforesaid, the Board of Directors of the Company shall determine
the Market Price on the basis of such quotations as it in good faith considers
appropriate, in consultation with a nationally recognized investment bank. The
Market Price shall be such price averaged over a period of ten (10) consecutive
Business Days ending two (2) days prior to the day as of which “Market Price”
is being determined.

     “Person” means any individual, corporation, limited liability
company, partnership, trust, incorporated or unincorporated association, joint
venture, joint stock company, government (or an agency or political subdivision
thereof) or other entity of any kind.

     “Redemption and Exchange Agreement” means that certain Redemption
and Exchange Agreement, dated as of March 19, 2004, by and among the Company
and the Persons referred to as Participating Investors therein, as the same may
be amended, modified or otherwise supplemented from time to time in accordance
with its terms.

     “Securities Purchase Agreement” means that certain Securities
Purchase Agreement, dated as of March 19, 2004, by and among the Company and
the Persons referred to as Purchasers therein, as the same may be amended,
modified or otherwise supplemented from time to time in accordance with its
terms.

     “Series E Preferred Stock” shall have the meaning given such term
in the Redemption and Exchange Agreement.

     “Series E Warrants” shall have the meaning given such term in the
Redemption and Exchange Agreement.

12

 

     “Transaction” shall have the meaning set forth in Section
2(c) hereof.

     “Transfer Agent” shall have the meaning set forth in Section
1 hereof.

     “Warrants” shall have the meaning set forth in the preamble hereof.

     “Warrant Exercise Documentation” shall have the meaning set forth
in Section 1 hereof.

     “Warrant Expiration Date” means March 19, 2009.

[SIGNATURE PAGE FOLLOWS]

13

 

            IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be
duly executed as of the Issue Date.

	 	 	 	 	 
	

	 	COMPANY
	 
	 	 	 	 
	

	 	ELECTRIC CITY CORP.,
	
	 	a Delaware corporation
	 
	 	 	 	 
	

	 	By:	    Jeffrey Mistarz
	

	 	 	

	

	 	Name:	Jeffrey Mistarz
	

	 	Title:	Chief Financial Officer and Treasurer
	 
	 	 	 	 
	ATTEST:
	 	 	 	 
	 
	 	 	 	 
	       Andrew Connor

	 	 	 	 

14

 

Form of Assignment Form

[To be executed upon assignment of Warrants]

     The undersigned hereby assigns and transfers unto                                        ,
whose Social Security Number or Tax ID Number is                                         and whose
record address is                                                  the rights represented by
the attached Warrant Certificate with respect to        Warrants to which the
attached Warrant Certificate relates, and irrevocably appoints                                 
as agent to transfer this security on the books of the Company. Such agent may
substitute another to act for such agent.

	 	 	 
	

	 	Signature:
	 
	 	 
	 

	 	

	

	 	(Signature must conform in all respects to
	

	 	name of holder as specified on the face of the
	

	 	Warrant Certificate)
	 
	 	 
	

	 	Signature Guarantee:
	 
	 	 
	

	 	

	 
	 	 
	Date:

	 	 

 

 

(EXERCISE NOTICE TO BE EXECUTED UPON EXERCISE OF

SOME OR ALL OF THE WARRANTS)

            The undersigned, registered Holder, successor or assignee of such
registered Holder of the attached Warrant Certificate, hereby:

            (a) exercises the right to purchase         shares of Common Stock which the
undersigned is entitled to purchase under the terms of the attached Warrant
Certificate, (b) [makes the full cash payment therefor called for by the
attached Warrant Certificate] [elects a Cashless Exercise as provided therein],
and (c) directs that the Common Stock issuable upon exercise of said Warrants
be issued as described hereunder.

	 	 	 
	

	 	

(Name)
	 
	 	 
	

	 	

(Address)
	 
	 	 
	

	 	

SIGNATURE
	Dated:

	 	 

            Deliver shares of Common Stock issuable upon exercise of the Warrants to
the following DTC account through the DWAC system:                                           .

            Deliver certificates representing shares of Common Stock issuable upon
exercise of the Warrants in the name of, and to the following person at the
following address:

	 	 
	Name: 

	 
	 
	 
	Address:

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