Document:

Unassociated Document

     

    THIS
      WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD,
      OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
      1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
      REGISTRATION IS NOT REQUIRED.

     

    
      
        	
                No. 2005-10

              	
                Void
                  after September 14,
                  2010

              

      

    

     

    CAMPUSTECH,
      INC.

     

    WARRANT
      TO PURCHASE SHARES OF COMMON STOCK

     

    September
      14, 2005

     

    This
      Warrant is issued to Glenn Bergenfield (the “Holder”)
      by
      CampusTech, Inc., a Delaware corporation (the “Company”),
      pursuant to the purchase of the 10% Convertible Promissory Note dated September
      14, 2005, by and between the Company and the
      Holder (the “Note”).

     

    1.  Purchase
      of Shares.
      Subject
      to the terms and conditions hereinafter set forth and set forth in the Note,
      the
      Holder is entitled, upon surrender of this Warrant at the principal office
      of
      the Company (or at such other place as the Company shall notify the holder
      hereof in writing), to purchase from the Company, in whole or in part, up to
      the
      number of fully paid and nonassessable Shares of Common Stock that equals the
      quotient obtained by dividing (a) the Warrant Coverage Amount (as defined
      below) by (b) the Exercise Price (as defined below). 

     

    2.  Definitions.

     

    (a)  Change
      of Control.
      The
      term “Change
      of Control” shall
      mean (i) any consolidation or merger involving the Company pursuant to
      which the Company’s stockholders immediately prior to the transaction or series
      of transactions, as the case may be, own less than fifty percent (50%) of the
      voting securities of the surviving entity or (ii) the sale of all or
      substantially all of the assets of the Company.

     

    (b)  Exercise
      Period.
      The
      term “Exercise
      Period”
means
      the period commencing on the first to occur of (i) September 14, 2005 or (ii)
      the first date that any notice is required to be delivered pursuant to the
      provisions of Section 14(b) hereof and ending on the expiration of this Warrant
      pursuant to Section 14 hereof.

     

    (c)  Exercise
      Price.
      The
      exercise price for the Shares shall be $0.25 per share (such applicable price,
      as adjusted from time to time, is herein referred to as the “Exercise
      Price”).

     

    (d)  Warrant
      Coverage Amount.
      The
      term “Warrant
      Coverage Amount”
shall
      mean $50,000.00. 

     

    
      
         

      

      
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    3.  Method
      of Exercise.
      While
      this Warrant remains outstanding and exercisable in accordance with
      Section 2 above, the holder may exercise, in whole or in part, the purchase
      rights evidenced hereby. Such exercise shall be effected by:

     

    (i)  the
      surrender of the Warrant, together with a notice of exercise to the Secretary
      of
      the Company at its principal offices; and

     

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

     

    4.  Net
      Exercise.
      In lieu
      of exercising this Warrant by payment of cash to the Company in accordance
      with
      Section 3 above, the holder of this Warrant may elect to receive shares equal
      to
      the value of this Warrant (or the portion thereof being canceled) by surrender
      of this Warrant at the principal office of the Company together with notice
      of
      such election, in which event the Company shall issue to the holder hereof
      a
      number of Shares computed using the following formula:

     

    
      	 	
              Y
                (A - B)

            	 
	
              X
                =

            	
              A

            	 

    

     

     

    Where

     

    
      	 	
              X
                --

            	
              The
                number of Shares to be issued to the holder of this
                Warrant.

            

    

     

    
      	 	
              Y
                --

            	
              The
                number of Shares purchasable under this
                Warrant.

            

    

     

    
      	 	
              A
                --

            	
              The
                fair market value of one Share.

            

    

     

    
      	 	
              B
                --

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

            

    

     

    For
      purposes of this Section 4, the fair market value of a Share shall mean the
      price per Share that the Company could obtain from a willing buyer for Shares
      sold by the Company from authorized but unissued Shares, as determined in good
      faith by the Company’s Board of Directors.

     

    5.  Certificates
      for Shares.
      Upon
      the exercise of the purchase rights evidenced by this Warrant, one or more
      certificates for the number of Shares so purchased shall be issued as soon
      as
      practicable thereafter, and in any event within thirty (30) days of the delivery
      of the subscription notice.

     

    6.  Issuance
      of Shares; No Impairment.
      The
      Company covenants that the Shares, when issued pursuant to the exercise of
      this
      Warrant, will be duly and validly issued, fully paid and nonassessable and
      free
      from all taxes, liens, and charges with respect to the issuance thereof. The
      Company will not, by amendment of its organizational documents, or through
      reorganization, consolidation, merger, dissolution, issue or sale of securities,
      sale of assets or any other voluntary action, avoid or seek to avoid the
      observance or performance of any of the terms of this Warrant, but will at
      all
      times in good faith assist in the carrying out of all such terms and in the
      taking of all such action as may be necessary or appropriate in order to protect
      the rights of the Holder of this Warrant against impairment.

     

    
      
         

      

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

     

    (a)  Subdivisions,
      Combinations and Other Issuances.
      If the
      Company shall at any time prior to the expiration of this Warrant subdivide
      the
      Shares, by split or otherwise, or combine its Shares, or issue additional shares
      of its Shares as a dividend, then the number of Shares issuable on the exercise
      of this Warrant shall forthwith be proportionately increased in the case of
      a
      subdivision or stock dividend, or proportionately decreased in the case of
      a
      combination. Appropriate adjustments shall also be made to the purchase price
      payable per share, but the aggregate purchase price payable for the total number
      of Shares purchasable under this Warrant (as adjusted) shall remain the same.
      Any adjustment under this Section 7(a) shall become effective at the close
      of business on the date the subdivision or combination becomes effective, or
      as
      of the record date of such dividend, or in the event that no record date is
      fixed, upon the making of such dividend.

     

    (b)  Reclassification,
      Reorganization and Consolidation.
      In case
      of any reclassification, capital reorganization, or change in the capital stock
      of the Company (other than as a result of a subdivision, combination, or stock
      dividend provided for in Section 7(a) above), then the Company shall make
      appropriate provision so that the holder of this Warrant shall have the right
      at
      any time prior to the expiration of this Warrant to purchase, at a total price
      equal to that payable upon the exercise of this Warrant, the kind and amount
      of
      shares of stock and other securities and property receivable in connection
      with
      such reclassification, reorganization, or change by a holder of the same number
      of Shares as were purchasable by the holder of this Warrant immediately prior
      to
      such reclassification, reorganization, or change. In any such case appropriate
      provisions shall be made with respect to the rights and interest of the holder
      of this Warrant so that the provisions hereof shall thereafter be applicable
      with respect to any shares of stock or other securities and property deliverable
      upon exercise hereof, and appropriate adjustments shall be made to the purchase
      price per share payable hereunder, provided the aggregate purchase price shall
      remain the same.

     

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

     

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

     

    9.  Representations
      of the Company.
      The
      Company represents that all corporate actions on the part of the Company, its
      officers, directors and stockholders necessary for the sale and issuance of
      this
      Warrant, and the issuance of the Shares upon exercise hereof, have been
      taken.

     

    
      
         

      

      
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    10.  Representations
      and Warranties by the Holder.
      The
      Holder represents and warrants to the Company as follows:

     

    (a)  This
      Warrant and the Shares issuable upon exercise thereof are being acquired for
      its
      own account, for investment and not with a view to, or for resale in connection
      with, any distribution or public offering thereof within the meaning of the
      Securities Act of 1933, as amended (the “Act”).
      Upon
      exercise of this Warrant, the Holder shall, if so requested by the Company,
      confirm in writing, in a form satisfactory to the Company, that the securities
      issuable upon exercise of this Warrant are being acquired for investment and
      not
      with a view toward distribution or resale.

     

    (b)  The
      Holder understands that the Warrant and the Shares have not been registered
      under the Act by reason of their issuance in a transaction exempt from the
      registration and prospectus delivery requirements of the Act pursuant to
      Section 4(2) thereof, and that they must be held by the Holder
      indefinitely, and that the Holder must therefore bear the economic risk of
      such
      investment indefinitely, unless a subsequent disposition thereof is registered
      under the Act or is exempted from such registration. The Holder further
      understands that such exemption depends upon, among other things, the bona
      fide
      nature of the Holder’s investment intent expressed above.

     

    (c)  The
      Holder has such knowledge and experience in financial and business matters
      that
      it is capable of evaluating the merits and risks of the purchase of this Warrant
      and the Shares purchasable pursuant to the terms of this Warrant and of
      protecting its interests in connection therewith.

     

    (d)  The
      Holder is able to bear the economic risk of the purchase of the Shares pursuant
      to the terms of this Warrant.

     

    (e)  The
      Holder is an “accredited investor” as such term is defined in Rule 501 of
      Regulation D promulgated under the Act.

     

    11.  Restrictive
      Legend.

     

    The
      Shares (unless registered under the Act) shall be stamped or imprinted with
      a
      legend in substantially the following form:

     

    THE
      SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND
      NOT
      WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF, AND
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH
      SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR
      AN
      EXEMPTION THEREFROM UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.
      COPIES OF THE AGREEMENT COVERING THE PURCHASE OF THESE SHARES AND RESTRICTING
      THEIR TRANSFER MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER
      OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE COMPANY AT THE PRINCIPAL
      EXECUTIVE OFFICES OF THE COMPANY.

     

    
      
         

      

      
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    12.  Rights
      of Stockholders.
      No
      holder of this Warrant shall be entitled, as a Warrant holder, to vote or
      receive dividends or be deemed the holder of the Shares 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 of this Warrant, 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 the Warrant shall have
      been
      exercised and the Shares purchasable upon the exercise hereof shall have become
      deliverable, as provided herein.

     

    13.  Expiration
      of Warrant; Notice of Certain Events Terminating This Warrant.

     

    This
      Warrant shall expire and shall no longer be exercisable upon the earlier to
      occur of: (i) 5:00 p.m., Pacific Time, on September 14, 2010; (ii) a Change
      of Control; or (iii) the closing of an initial public offering of the Company’s
      Common Stock.

     

    The
      Company shall provide at least ten (10) days prior written notice of any event
      set forth in Section 14(a)(ii) or (iii). If such notice is not provided timely,
      the expiration date relating to any such event shall be extended to the date
      that is ten (10) days after delivery by the Company of such notice.

     

    14.  Notices.
      All
      notices and other communications required or permitted hereunder shall be in
      writing, shall be effective when given, and shall in any event be deemed to
      be
      given upon receipt or, if earlier, (a) five (5) days after deposit with the
      U.S. Postal Service or other applicable postal service, if delivered by first
      class mail, postage prepaid, (b) upon delivery, if delivered by hand,
      (c) one (1) business day after the business day of deposit with
      Federal Express or similar overnight courier, freight prepaid, or (d) one
      (1) business day after the business day of facsimile transmission, if delivered
      by facsimile transmission with copy by first class mail, postage prepaid, and
      shall be addressed (i) if to the Holder, at the Holder’s address , and
      (ii) if to the Company, at the address of its principal corporate offices
      or at such other address as a party may designate by ten (10) days advance
      written notice to the other party pursuant to the provisions above.

     

    Governing
      Law.
      This
      Warrant and all actions arising out of or in connection with this Agreement
      shall be governed by and construed in accordance with the laws of the State
      of
      Delaware, without regard to the conflicts of law provisions of the State of
      Delaware or of any other state.

     

    [Remainder
      of this Page Intentionally Left Blank]

     

    

    
      
         

      

      
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    Issued
      this 14th day of September, 2005.

     

    

    CAMPUSTECH,
      INC., a
      Delaware corporation

     

    /S/
      Robert S.
      Frank                       

    Name:
      Robert S. Frank

    Title:
      President

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT A

     

    NOTICE
      OF EXERCISE

    

    
      	
              TO:

            	
              CampusTech,
                Inc.

            

    

    
      	 	
              Attention:
                President

            

    

     

    1. The
      undersigned hereby elects to purchase __________ Shares of Common Stock pursuant
      to the terms of the attached Warrant.

     

    2. Method
      of
      Exercise (Please initial the applicable blank):

     

    
      	 	
              ___

            	
              The
                undersigned elects to exercise the attached Warrant by means of a
                cash
                payment, and tenders herewith payment in full for the purchase price
                of
                the shares being purchased, together with all applicable transfer
                taxes,
                if any.

            

    

     

    
      	 	
              ___

            	
              The
                undersigned elects to exercise the attached Warrant by means of the
                net
                exercise provisions of Section 4 of the
                Warrant.

            

    

     

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

     

    _________________________________

    (Name)

     

    _________________________________

     

    _________________________________

    (Address)

     

    4. The
      undersigned hereby represents and warrants that the aforesaid Shares are being
      acquired for the account of the undersigned for investment and not with a view
      to, or for resale, in connection with the distribution thereof, and that the
      undersigned has no present intention of distributing or reselling such shares
      and all representations and warranties of the undersigned set forth in
      Section 10 of the attached Warrant (including Section 10 (e) thereof)
      are true and correct as of the date hereof.

     

     

    
      	 	 	  

	
               

            	
               

            	
              (Signature)

            
	   	 	  
	 	 	
              (Name)

            
	  	 	  
	
              (Date)

            	 	
              (Title)Unassociated Document

    THIS
      WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE HEREOF HAVE
      NOT
      BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE
      TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER (A) A
      REGISTRATION WITH RESPECT TO THERETO SHALL BE EFFECTIVE UNDER THE SECURITIES
      ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL SATISFACTORY
      TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
      IS
      AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE WITH ALL APPLICABLE STATE
      SECURITIES OR “BLUE SKY” LAWS.

     

    
      
        	
                No.
CT-9B

              	
                For
                  the Purchase of  _____

                Shares
                  of Common Stock

              

      

    

     

    Date:
      January 1, 2003

     

    WARRANT
      TO PURCHASE STOCK

     

    OF

     

    CAMPUSTECH,
      INC.

    

    (A
      DELAWARE CORPORATION)

     

    CampusTech,
      Inc., a Delaware corporation (the “Company”),
      for
      value received, hereby certifies that _________________ (the “Holder”),
      is
      entitled, subject to the terms set forth below, to purchase from the Company,
      at
      any time from and after the date hereof until December 31, 2007 (the
“Expiration
      Date”),
      Thirty-Five Thousand One Hundred Ninety-Seven (35,197) shares of common stock,
      par value $.0001 per share, of the Company (the “Common
      Stock”).
      The
      “Purchase
      Price”
      initially shall be $.40 per share, and shall remain in force unless and until
      adjusted as provided in Section 3 hereof. The shares of stock issuable upon
      exercise of this Warrant are hereinafter referred to as the “Warrant
      Stock”.

    

     

    1. Exercise.

     

    1.1 Manner
      of Exercise; Payment in Cash.
      This
      Warrant may be exercised by the Holder, in whole or in part, by surrendering
      this Warrant, with the purchase form appended hereto as Exhibit
      A
      duly
      executed by the Holder, at the principal office of the Company, or at such
      other
      place as the Company may designate, accompanied by payment in full of the
      Purchase Price payable in respect of the number of shares of Warrant Stock
      purchased upon such exercise. Payment of the Purchase Price shall be in cash
      or
      by certified or official bank check payable to the order of the
      Company.

    

    1.2 Effectiveness.
      Each
      exercise of this Warrant shall be deemed to have been effected immediately
      prior
      to the close of business on the day on which this Warrant shall have been
      surrendered to the Company as provided in Section 1.1 above. At such time,
      the
      person or persons in whose name or names any certificates for Warrant Stock
      shall be issuable upon such exercise as provided in Section 1.3 below shall
      be
      deemed to have become the holder or holders of record of the Warrant Stock
      represented by such certificates.

     

    
      
        
        

      

      
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    1.3. Delivery
      of Certificates.
      As soon
      as practicable after the exercise of this Warrant in full or in part, the
      Company at its sole expense will cause to be issued in the name of, and
      delivered to, the Holder, or, subject to the terms and conditions hereof, as
      such Holder (upon payment by such Holder of any applicable transfer taxes)
      may
      direct:

     

    (a) A
      certificate or certificates for the number of full shares of Warrant Stock
      as to
      which such Holder shall be entitled upon such exercise plus, in lieu of any
      fractional share to which such Holder would otherwise be entitled, cash in
      an
      amount determined pursuant to Section 2 hereof, and

     

    (b) In
      case
      such exercise is in part only, a new warrant or warrants (dated the date hereof)
      of like tenor, calling in the aggregate on the face or faces thereof for the
      number of shares of Warrant Stock (without giving effect to any adjustment
      therein) equal to the number of such shares called for on the face of this
      Warrant minus the number of such shares purchased by the Holder upon such
      exercise as provided in Section 1.1 above.

     

    2. Fractional
      Shares.
      The
      Company shall not be required upon the exercise of this Warrant to issue any
      fractional shares, but shall make an adjustment therefor in cash on the basis
      of
      the fair market value of the Warrant Stock reasonably determined by the Board
      of
      Directors of the Company.

     

    3. Adjustments
      to the Warrant Stock and Purchase Price.

     

    3.1 Changes
      in Common Stock.
      If the
      Company shall combine the outstanding shares of Common Stock into a lesser
      number of shares of Common Stock, the Purchase Price in effect immediately
      prior
      to any such combination shall, upon the effectiveness of such combination,
      be
      proportionately increased and the number of shares of Warrant Stock for which
      the Warrant may be exercised immediately prior to any such combination shall,
      upon the effectiveness of such combination, be proportionately decreased. If
      the
      Company shall subdivide the outstanding shares of Common Stock into a greater
      number of shares of Common Stock, the Purchase Price in effect immediately
      prior
      to any such subdivision shall, upon the effectiveness of such subdivision,
      be
      proportionately decreased and the number of shares of Warrant Stock for which
      the Warrant may be exercised immediately prior to any such subdivision, upon
      the
      effectiveness of such subdivision, be proportionately increased.

     

    3.2 Reorganizations
      and Reclassifications.
      If
      there shall occur any capital reorganization or reclassification of the Common
      Stock (other than a change in par value or a subdivision or combination as
      provided for in Section 3.1), then, as part of any such reorganization or
      reclassification, lawful provision shall be made so that the Holder shall have
      the right thereafter to receive upon the exercise hereof the kind and amount
      of
      shares of stock or other securities or property which such Holder would have
      been entitled to receive if, immediately prior to any such reorganization or
      reclassification, such Holder had held the number of shares of Common Stock
      which were then purchasable upon the exercise of this Warrant. In any such
      case,
      appropriate adjustment (as reasonably determined by the Board of Directors
      of
      the Company) shall be made in the application of the provisions set forth herein
      with respect to the rights and interests thereafter of the Holder such that
      the
      provisions set forth in this Section 3 (including provisions with respect to
      adjustment of the Purchase Price) shall thereafter be applicable, as nearly
      as
      is reasonably practicable, in relation to any shares of stock or other
      securities or property thereafter deliverable upon the exercise of this
      Warrant.

     

    
      
        
        

      

      
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    3.3 Merger
      or Consolidation.
      If
      there shall be a merger or consolidation of the Company with or into another
      corporation (other than a merger or reorganization involving only a change
      in
      the state of incorporation of the Company or the acquisition by the Company
      of
      other businesses where the Company survives as a going concern), then as a
      part
      of such transaction, provision shall be made so that the Holder shall thereafter
      be entitled to receive upon exercise of this Warrant and payment of the Purchase
      Price due upon such exercise, all in accordance with the provisions hereof,
      the
      number of shares of stock or other securities or property of the Company, or
      of
      the successor corporation resulting from the merger or consolidation, to which
      the Holder would have been entitled if the Holder had exercised its rights
      pursuant to the Warrant immediately prior thereto. In any such case, appropriate
      adjustment shall be made in the application of the provisions of this Section
      3
      to the end that the provisions of this Section 3 shall be applicable after
      that
      event in as nearly equivalent a manner as may be practicable.

    

    3.4 Certificate
      of Adjustment.
      Upon
      each adjustment of the Purchase Price and/or number of Warrant Shares as to
      which the Warrant shall apply, the Company at its expense shall promptly compute
      such adjustment, and furnish Holder with a certificate of its Chief Financial
      Officer setting forth such adjustment and the facts upon which such adjustment
      is based. The Company shall, upon written request, furnish Holder a certificate
      setting forth the Purchase Price and/or number of Warrant Shares as to which
      the
      Warrant shall apply in effect upon the date thereof and the series of
      adjustments leading to such Purchase Price and/or number of Warrant Shares
      as to
      which the Warrant shall apply.

     

    4. Compliance
      with Securities Act.

     

    4.1 Unregistered
      Securities.
      The
      Holder acknowledges that this Warrant and the Warrant Stock issuable upon
      exercise hereof have not been registered under the Securities Act of 1933,
      as
      amended, and the rules and regulations thereunder, or any successor legislation
      (the “Securities
      Act”),
      and
      agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise
      dispose of this Warrant or any Warrant Stock issued or issuable upon exercise
      hereof in the absence of (i) an effective registration statement under the
      Securities Act covering this Warrant or such Warrant Stock and registration
      or
      qualification of this Warrant or such Warrant Stock under any applicable “blue
      sky” or state securities law then in effect, or (ii) an opinion of counsel,
      satisfactory to the Company, that such registration and qualification are not
      required. The Company may delay issuance of the Warrant Stock until completion
      of any action or obtaining of any consent, which the Company deems necessary
      under any applicable law (including without limitation state securities or
“blue
      sky” laws).

     

    
      
        
        

      

      
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    4.2 Investment
      Letter.
      Without
      limiting the generality of Section 4.1, unless the offer and sale of any shares
      of Warrant Stock shall have been registered effectively under the Securities
      Act, the Company shall be under no obligation to issue the Warrant Stock unless
      and until the Holder shall have executed an investment letter in form and
      substance satisfactory to the Company, including a warranty at the time of
      such
      exercise that the Holder is acquiring such shares for his, her or its own
      account, for investment and not with a view to, or for sale in connection with,
      the distribution of any such shares.

     

    4.3 Legend.
      Certificates for Warrant Stock delivered to the Holder pursuant to Section
      1.3
      shall bear the following legend or a legend in substantially similar
      form:

     

    
      	 	 	
              “THE
                SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN TAKEN FOR INVESTMENT
                AND
                THEY MAY NOT BE SOLD OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING
                A
                PLEDGEE, IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR
                THE
                SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ALL APPLICABLE
                STATE SECURITIES LAWS OR AN OPINION OF COUNSEL, SATISFACTORY TO THE
                COMPANY, THAT AN EXEMPTION FROM REGISTRATION IS THEN
                AVAILABLE.”

            

    

     

    5. Covenants
      of the Company.

    

    5.1 Reservation
      of Stock.
      The
      Company shall reserve and set apart and have at all times, free from pre-emptive
      rights, a number of shares of authorized but unissued Common Stock deliverable
      upon the exercise of the Warrant and any other rights or privileges provided
      for
      herein sufficient to enable it at any time to fulfill all its obligations
      hereunder.

    

    5.2.
      Avoidance
      of Certain Actions.
      The
      Company will not, by amendment of its

    organizational
      documents or through any reorganization, transfer of assets, consolidation,
      merger, issue or sale of securities or otherwise, avoid or take any action
      which
      would have the effect of avoiding the observance or performance of any of the
      terms to be observed or performed hereunder by the Company, but will at all
      times in good faith assist in carrying out all of the provisions of this Warrant
      and in taking of all such action as may be necessary or appropriate in order
      to
      protect the rights of the Holder of this Warrant against dilution or other
      impairment.

    

    5.3. Governmental
      Approvals.
      If any
      shares of any of the Warrant Stock required to be reserved for the purposes
      of
      exercise of this Warrant require registration with or approval of any
      governmental authority under any Federal law (other than the Securities Act)
      or
      under any state law before such shares may be issued upon exercise of this
      Warrant, the Company will, at its expense, as expeditiously as possible, use
      its
      best efforts to cause such shares to be duly registered or approved, as the
      case
      may be.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    5.4. Binding
      on Successors.
      This
      Warrant shall be binding upon any entity

    succeeding
      to the Company by merger, consolidation or acquisition of all or substantially
      all of the Company’s assets.

     

    6. Replacement
      of Warrants.
      Upon
      receipt of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant and (in the case of loss, theft or
      destruction) upon delivery of an indemnity agreement (with surety if requested
      by the Company) in an amount reasonably satisfactory to the Company, or (in
      the
      case of mutilation) upon surrender and cancellation of this Warrant, the Company
      will issue, in lieu thereof, a new Warrant of like tenor exercisable for the
      same number of shares of Warrant Stock into which such lost, stolen, destroyed
      or mutilated Warrant was exercisable.

     

    7. Transferability.
      Without
      the prior written consent of the Company, this Warrant may not be assigned,
      pledged or hypothecated in any way (whether by operation of law or otherwise)
      and shall not be subject to execution, attachment or similar process. Any
      attempted transfer, assignment, pledge, hypothecation or other disposition
      of
      the Warrant or of any rights granted hereunder contrary to the provisions of
      this Section 7, or the levy of any attachment or similar process upon the
      Warrant or such rights, shall be null and void.

     

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

     

    9. Notices.
      All
      notices, requests and other communications hereunder shall be in writing, shall
      be either (i) delivered by hand, (ii) made by telex, telecopy or facsimile
      transmission, (iii) sent by overnight courier, or (iv) sent by registered mail,
      postage prepaid, return receipt requested. In the case of notices from the
      Company to the Holder, they shall be sent to the address furnished to the
      Company in writing by the last Holder who shall have furnished an address to
      the
      Company in writing. All notices from the Holder to the Company shall be
      delivered to the Company at its offices at 751 Miller Drive, SE, Suite B-1,
      Leesburg, VA, 20175 or such other address as the Company shall so notify the
      Holder. All notices, requests and other communications hereunder shall be deemed
      to have been given (i) by hand, at the time of the delivery thereof to the
      receiving party at the address of such party described above, (ii) if made
      by
      telex, telecopy or facsimile transmission, at the time that receipt thereof
      has
      been acknowledged by electronic confirmation or otherwise, (iii) if sent by
      overnight courier, on the next business day following the day such notices
      is
      delivered to the courier service, or (iv) if sent by registered mail, on the
      fifth business day following the day such mailing is made.

     

    10. Waivers
      and Modifications.
      Any
      term or provision of this Warrant may be waived only by written document
      executed by the party entitled to the benefits of such terms or
      provisions.

    The
      terms
      and provisions of this Warrant may be modified or amended only by written
      agreement executed by the parties hereto.

     

    11. Headings.
      The
      headings in this Warrant are for convenience of reference only and shall in
      no
      way modify or affect the meaning or construction of any of the terms or
      provisions of this Warrant.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    12. Governing
      Law.
      This
      Warrant will be governed by and construed in accordance with the laws of the
      State of Delaware, without giving effect to the conflict of law principles
      thereof.

     

    

     

    

     

    

     

    CAMPUSTECH,
      INC.

     

    By:_/s/Robert
      Frank

    Name:
      Robert Frank 

    
      	 	 	 	 	 	 	
              Title:
                President

            

    

    

    

    

    [Corporate
      Seal]

    

    

    ATTEST:______________________________

    Name:

    Title:

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    PURCHASE
      FORM

    

    To: CampusTech,
      Inc.

    

    The
      undersigned pursuant to the provisions set forth in the attached Warrant (No.
      CT-9B), hereby irrevocably elects to purchase: 

    

    _____________
      shares of the Common Stock, par value $.0001 per share (the “Common Stock”) of
      the Company, 

    

    covered
      by such Warrant and herewith makes payment of $____________, representing the
      full purchase price for such shares at the price per share provided for in
      such
      Warrant. The Common Stock for which the Warrant may be exercised shall be known
      herein as the “Warrant Stock”.

    

    The
      undersigned is aware that the Warrant Stock has not been and will not be
      registered under the Securities Act of 1933, as amended (the “Securities Act”)
      or any state securities laws. The undersigned understands that reliance by
      the
      Company on exemptions under the Securities Act is predicated in part upon the
      truth and accuracy of the statements of the undersigned in this Purchase
      Form.

    

    The
      undersigned represents and warrants that (1) he, she or it has been furnished
      with all information which he, she or it deems necessary to evaluate the merits
      and risks of the purchase of the Warrant Stock, (2) he, she or it has had the
      opportunity to ask questions concerning the Warrant Stock and the Company and
      all questions posed have been answered to its satisfaction, (3) he, she or
      it
      has been given the opportunity to obtain any additional information he, she
      or
      it deems necessary to verify the accuracy of any information obtained concerning
      the Warrant Stock and the Company and (4) he, she or it has such knowledge
      and
      experience in financial and business matters that he, she or it is able to
      evaluate the merits and risks of purchasing the Warrant Stock and to make an
      informed investment decision relating thereto.

    

    The
      undersigned hereby represents and warrant that he, she or it is purchasing
      the
      Warrant Stock for his, her or its own account for investment and not with a
      view
      to the sale or distribution of all or any part of the Warrant
      Stock.

    

    The
      undersigned understands that because the Warrant Stock has not been registered
      under the Securities Act, he, she or it must continue to bear the economic
      risk
      of the investment for an indefinite period of time and the Warrant Stock cannot
      be sold unless it is subsequently registered under applicable federal and state
      securities laws or an exemption from such registration is
      available.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      undersigned agrees that he, she or it will in no event sell or distribute or
      otherwise dispose of all or any part of the Warrant Stock unless (1) there
      is an
      effective registration statement under the Securities Act and applicable state
      securities laws covering any such transaction involving the Warrant Stock,
      or
      (2) the Company receives an opinion, in form and substance, and from legal
      counsel, satisfactory to the Company stating that such transaction is exempt
      from registration. The undersigned consents to the placing of a legend on its
      certificate for the Warrant Stock stating that the Warrant Stock has not been
      registered and setting forth the restriction on transfer contemplated hereby
      and
      to the placing of a stop transfer order on the books of the Company and with
      any
      transfer agents against the Warrant Stock until the Warrant Stock may be legally
      resold or distributed without restriction.

    

    The
      undersigned has considered the federal and state income tax implications of
      the
      exercise of the Warrant and the purchase and subsequent sale of the Warrant
      Stock.

    

     

    
      	 	  
	 	 	 
	 	Dated:

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