Document:

EXHIBIT 10.1

FIFTH AMENDMENT TO

REVOLVING CREDIT, GUARANTY AND SECURITY AGREEMENT

 

This Fifth Amendment Agreement
to Revolving Credit, Guaranty and Security Agreement (this “Agreement”) is dated as of January 13, 2016 (the “Effective
Date”), by and between ULTRALIFE CORPORATION, a corporation organized under the laws of the State of Delaware (“Borrower”),
and PNC BANK, NATIONAL ASSOCIATION (“Lender”).

 

WHEREAS, Borrower and Lender
are party to a Revolving Credit, Guaranty and Security Agreement dated as of May 24, 2013 (as amended, restated or otherwise modified
from time to time, the “Credit Agreement”);

 

WHEREAS, Borrower and Lender
desire to amend the Credit Agreement to modify certain provisions thereof; and

 

WHEREAS, each term used
herein shall be defined in accordance with the Credit Agreement, except to the extent such term is otherwise defined herein.

 

NOW, THEREFORE,
in consideration of the premises and of the mutual covenants herein and for other valuable consideration, Borrower and Lender agree
as follows:

1.Section
1.2 of the Credit Agreement is hereby amended to insert the following new definitions thereto in the appropriate alphabetical order:

“Accutronics”
shall mean Accutronics Ltd., a company organized under the laws of England and Wales.

“Accutronics
Acquisition” shall mean the acquisition by Ultralife UK Holdco of all of the Equity Interests of Accutronics from Accutronics
Seller, and the consummation of the other transactions contemplated to occur under or pursuant to the Accutronics Acquisition Documents.

“Accutronics
Acquisition Agreement” shall mean the Share Purchase Agreement dated on or about the Fifth Amendment Closing Date, among
Accutronics Seller and Ultralife UK Holdco, together with all exhibits and schedules thereto, as the same may be amended, modified,
supplemented or restated from time to time.

“Accutronics
Acquisition Documents” shall mean the Accutronics Acquisition Agreement, and each other document, instrument or agreement
executed or delivered in connection with the Accutronics Acquisition, as each may be amended, modified, supplemented or restated
from time to time.

“Accutronics
Seller” shall mean Robert Andrew Phillips and the other sellers listed on Schedule 1 of the Accutronics Acquisition Agreement.

 

“Fifth
Amendment Closing Date” shall mean January 13, 2016.

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“Ultralife
UK Holdco” shall mean Ultralife UK Limited, a company organized under the laws of England and Wales.

2.Section 2.21 of the
Credit Agreement is hereby amended to delete subpart (a) therefrom in its entirety and to insert in place thereof the following:

 

(a)Borrower shall
apply the proceeds of Advances to (i) repay existing indebtedness of Borrower, (ii) pay fees and expenses relating to the transactions
contemplated by this Agreement, (iii) fund a portion of the Accutronics Acquisition, (iv) fund Permitted Acquisitions and Capital
Expenditures (but without regard to the exclusion in the first parenthetical in the definition thereof), (v) provide for its working
capital needs and (vi) reimburse drawings under Letters of Credit

 

3.The Credit Agreement
is hereby amended to delete Section 5.17 therefrom in its entirety and to insert in place thereof the following:

 

5.17Disclosure.No
representation or warranty made (x) to the best of Borrower’s knowledge, by the Accutronics Seller under the Accutronics
Acquisition Documents or (y) by any Credit Party in this Agreement, any Other Document, or in any financial statement, report,
certificate or any other document furnished in connection herewith or therewith contains any untrue statement of a material fact
or omits to state any material fact necessary to make the statements herein or therein not materially misleading. There is no fact
known to any Credit Party or which reasonably should be known to such Credit Party which such Credit Party has not disclosed to
Lender in writing with respect to the transactions contemplated by this Agreement or the Accutronics Acquisition Documents which
could reasonably be expected to have a Material Adverse Effect.

 

4.The Credit Agreement
is hereby amended to delete Section 5.19 therefrom in its entirety and to insert in place thereof the following:

 

5.19Acquisition
Documents.Lender has received true and complete copies of the material Accutronics Acquisition Documents (including all
schedules and exhibits delivered in connection with any of the foregoing), and all amendments to any of the foregoing, and other
side letters or agreements affecting the terms thereof. None of such documents and agreements has been amended or supplemented,
nor have any of the provisions thereof been waived, except pursuant to a written agreement or instrument which has heretofore been
delivered to Lender. All of the transactions contemplated to occur under the Accutronics Acquisition Documents on or before the
Fifth Amendment Closing Date have been consummated pursuant to the terms thereof in all material respects, no party to any of the
Accutronics Acquisition Documents has waived the fulfillment of any material condition precedent set forth therein without Lender’s
written consent, and no party has failed to perform any of its material obligations thereunder.

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5.Section 7.1 of the Credit
Agreement is hereby amended to delete subpart (a) therefrom in its entirety and to insert in place thereof the following:

 

(a)               
Enter into any merger, consolidation or other reorganization with or into any other Person or acquire all or a substantial
portion of the assets or Equity Interests of any Person or permit any other Person to consolidate with or merge with it, except
the Accutronics Acquisition and except Permitted Acquisitions; provided, however, that in the event Borrower asks Lender to consider
consenting to any Acquisition (other than a Permitted Acquisition) then Lender agrees (i) to give such request all due consideration,
as determined by Lender in its Permitted Discretion, and (ii) not to unreasonable delay its decision with respect to such request.

6.The Credit Agreement
is hereby amended to delete Section 7.4 therefrom in its entirety and to insert in place thereof the following:

 

7.4Investments.Purchase
or acquire obligations or Equity Interests of, or any other interest in, any Person, other than Permitted Investments, the Accutronics
Acquisition and Permitted Acquisitions.

 

7.Section 7.9 of the
Credit Agreement is hereby amended to insert the following new sentence thereto:

 

Ultralife UK Holdco shall not engage
in any business or activity other than the holding of Equity Interests of Accutronics and any activity reasonably related or incidental
thereto and the maintenance of its existence or the maintenance of Accutronics’ existence.

 

8.The Credit Agreement
is hereby amended to delete Section 7.12 therefrom in its entirety and to insert in place thereof the following:

 

7.12Subsidiaries; Partnerships;
Joint Ventures. Form any Subsidiary (other than (i) Borrower forming Ultralife UK Holdco in connection with the Accutronics
Acquisition and (ii) a Subsidiary, the formation of which shall have been consented to in advance in writing by Lender and which
shall have satisfied certain conditions precedent as may be required by Lender in its Permitted Discretion), or enter into any
partnership, joint venture or similar arrangement.

 

9.Article VII of the
Credit Agreement is hereby amended to insert the following new Section thereto:

 

7.21Amendments
to Acquisition Documents. Enter into any material amendment, waiver or modification of the Accutronics Acquisition Documents.

 

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10.As a condition precedent
to the effectiveness of this Agreement:

 

(a)               
Lender shall have received an executed counterpart original hereof;

(b)              
Lender shall have received the fully executed Pledge Agreement executed by Borrower with respect to the Equity Interests
of Ultralife UK Holdco (the “UK Share Charge”), together with the delivery of share certificates (or control agreements),
appropriate stock powers (or equivalent), and such other documents in connection therewith as Lender shall reasonably request,
each in form and substance satisfactory to Lender;

(c)               
Borrower shall have delivered to Lender an officer’s certificate certifying (i) the names of the officers of Borrower
authorized to sign this Fifth Amendment Agreement, the UK Share Charge and all other documents, agreements, instruments or writings
executed in connection with this Fifth Amendment Agreement (collectively, the “Amendment Documents” and each individually
an “Amendment Document”), together with the true signatures of such officers, (ii) the resolutions of the board of
directors of Borrower evidencing approval of the execution and delivery of the Amendment Documents to which Borrower is a party,
(iii) the articles of incorporation (or equivalent organizational document) of Borrower, having been certified, not more than ten
(10) days prior to this Agreement, by the Secretary of State of the jurisdiction under which Borrower is organized, and (iv) the
bylaws (or equivalent governance documents) of Borrower;

(d)              
Lender shall have received final executed copies of the Accutronics Acquisition Documents (including all exhibits, schedules
and disclosure letters referred to therein or delivered pursuant thereto, if any) and all material amendments thereto, waivers
relating thereto and other side letters or agreements affecting the terms thereof, in each case having been certified by an Authorized
Officer of Borrower as true and correct;

(e)               
Borrower shall have delivered to Lender revised schedules to the Credit Agreement giving effect to the Accutronics Acquisition,
in form and substance satisfactory to Lender; and

(f)               
Borrower shall pay all reasonable out-of-pocket legal fees and expenses of Lender incurred in connection with this Agreement.

11.Borrower hereby
represents and warrants to Lender that as of the Effective Date: (a) Borrower has the legal power and authority to execute and
deliver this Agreement and each other Amendment Documents to which Borrower is a party; (b) the officers, managers, or members,
as the case may be, executing the Amendment Documents have been duly authorized to execute and deliver the same and bind Borrower
with respect to the provisions thereof; (c) the execution and delivery hereof by Borrower of the Amendment Documents and the performance
and observance by Borrower of the provisions thereof do not violate or conflict with the Organizational Documents of Borrower or
any law applicable to Borrower or result in a breach of any provision of or constitute a default under any other agreement, instrument
or document binding upon or enforceable against Borrower; (d) no Default or Event of Default exists under the Credit Agreement,
nor will any occur immediately after the execution and delivery of the Amendment Documents or by the performance or observance
of any provision thereof; (e) Borrower has no claim or offset against, or defense or counterclaim to, any of Borrower’s obligations
or liabilities under the Credit Agreement, the Other Documents or any document related thereto or otherwise with respect to the
Obligations; and (f) the Amendment Documents constitute the valid and binding obligation of Borrower, enforceable in accordance
with their respective terms.

 

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12.In consideration of this Agreement,
Borrower hereby waives and releases Lender and its representatives, shareholders, directors, officers, employees, attorneys, affiliates
and subsidiaries from any and all such claims, offsets, defenses and counterclaims of which Borrower is aware or unaware as of
the Effective Date, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof
and after having consulted legal counsel with respect thereto.

 

13.Each reference that is made in the
Credit Agreement shall hereafter be construed as a reference to the Credit Agreement as amended hereby. The Amendment Documents
shall each constitute “Other Documents” as defined in the Credit Agreement. Borrower hereby reaffirms its obligations
under the Credit Agreement and each Other Document to which it is a party, as any of them may from time to time be amended, restated
or otherwise modified, and further agrees that the Credit Agreement and each Other Document shall, except to the extent modified
herein, remain in full force and effect following the execution and delivery of this Agreement and all documents being executed
and delivered in connection herewith.

 

14.This Agreement may
be executed in any number of counterparts, by different parties hereto in separate counterparts and by electronic signature, each
of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but
one and the same agreement.

 

15.The rights and obligations of all
parties hereto shall be governed by the laws of the State of New York, without regard to principles of conflicts of laws.

 

16.BORROWER AND LENDER
WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, BETWEEN BORROWER
AND LENDER, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION
WITH THIS AGREEMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE
TRANSACTIONS RELATED THERETO. THIS WAIVER SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY LENDER’S ABILITY TO
PURSUE REMEDIES PURSUANT TO ANY CONFESSION OF JUDGMENT OR COGNOVIT PROVISION CONTAINED IN ANY NOTE OR OTHER INSTRUMENT, DOCUMENT
OR AGREEMENT BETWEEN BORROWER AND LENDER.

 

 

[The remainder of this page is intentionally
left blank]

 

 

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The parties have executed
this Agreement as of the date first written above.

 

 

BORROWER:

 

	
         

         
	
        ULTRALIFE CORPORATION

         

        By:/s/ Philip A. Fain                            

        Print Name:Philip A. Fain                    

        Its: CFO and Treasurer                       

         

 

 

 LENDER:

	 

         
	PNC BANK, NATIONAL ASSOCIATION 

        By:/s/Kevin Rich                              

                 Kevin
        Rich, Vice President

        

 

 

 

 

6ex4_2.htm

 Exhibit 4.2 

 

 THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT. 

 

 CLICKSTREAM CORPORATION 

 Warrant To Purchase Common Stock 

 

	
 Warrant No.: EUCA – 01 

	
 Number of Shares: 10,000,000              

	    	
 Warrant Exercise Price: $0.05 

 

 Date of Issuance:  October 19, 2015 

 Expiration Date:   October 19, 2020

 

 ClickStream Corporation, a Nevada corporation (the " Company"), hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, EU Capital Advisors, LLC (" EU Capital" ), the registered holder hereof or its permitted assigns, is entitled, subject to the terms set forth below, to purchase from the Company upon surrender of this Warrant, at any time or times on or after the date hereof, but not after 11:59 P.M. Eastern Time on the Expiration Date (as defined herein) Ten Million (10,000,000) fully paid and nonassessable shares of Common Stock (as defined herein) of the Company (the " Warrant Shares") at the exercise price per share provided in Section 1(b) below or as subsequently adjusted; provided, however, that in no event shall the holder be entitled to exercise this Warrant for a number of Warrant Shares in excess of that number of Warrant Shares which, upon giving effect to such exercise, would cause the aggregate number of shares of Common Stock beneficially owned by the holder and its affiliates to exceed 4.99% of the outstanding shares of the Common Stock following such exercise, except within sixty (60) days of the Expiration Date (however, such restriction may be waived by EU Capital (but only as to itself and not to any other holder) upon not less than 65 days prior notice to the Company). For purposes of the foregoing proviso, the aggregate number of shares of Common Stock beneficially owned by the holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such proviso is being made, but shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised Warrants beneficially owned by the holder and its affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the holder and its affiliates (including, without limitation, any convertible notes or preferred stock) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock a holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company's most recent Form 10-Q or Form 10-K, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written request of any holder, the Company shall promptly, but in no event later than one (1) Business Day following the receipt of such notice, confirm in writing to any such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the exercise of Warrants (as defined below) by such holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. 

 

    

    

    

 

 Section 1. 

 

 (a) This Warrant is the common stock purchase warrant (the " Warrant") issued pursuant to the Consulting Agreement (" Consulting Agreement") dated October 19, 2015 between the Company and EU Capital Advisors, LLC. 

 

 (b) Definitions. The following words and terms as used in this Warrant shall have the following meanings: 

 

 (i)       " Approved Stock Plan" means any employee benefit plan which has been approved by the Board of Directors of the Company, pursuant to which the Company's securities may be issued to any employee, officer or director for services provided to the Company. 

 

 (ii)      " Business Day" means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed. 

 

 (iii)     " Closing Bid Price" means the closing bid price of Common Stock as quoted on the Principal Market (as reported by Bloomberg Financial Markets (" Bloomberg") through its " Volume at Price" function). 

 

 (iv)      " Common Stock" means (i) the Company's common stock, par value $0.001 per share, and (ii) any capital stock into which such Common Stock shall have been changed or any capital stock resulting from a reclassification of such Common Stock. 

 

 (v)      " Event of Default" means an event of default under the Consulting Agreement or the Convertible Debentures issued in connection therewith. 

 

 (vi)      " Excluded Securities" means, provided such security is issued at a price which is greater than or equal to the arithmetic average of the Closing Bid Prices of the 

 

 (vii)     " Expiration Date" means the date five (5) years from the Issuance Date of this Warrant or, if such date falls on a Saturday, Sunday or other day on which banks are required or authorized to be closed in the City of New York or the State of New York or on which trading does not take place on the Principal Exchange or automated quotation system on which the Common Stock is traded (a " Holiday"), the next date that is not a Holiday. 

 

    

    

    

 

 (viii)   " Issuance Date" means the date hereof. 

 

 (ix)      " Options" means any rights, warrants or options to subscribe for or purchase Common Stock or Convertible Securities. 

 

 (x)      " Other Securities" means (i) those options and warrants of the Company issued prior to, and outstanding on, the Issuance Date of this Warrant, (ii) the shares of Common Stock issuable on exercise of such options and warrants, provided such options and warrants are not amended after the Issuance Date of this Warrant and (iii) the shares of Common Stock issuable upon exercise of this Warrant. 

 

 (xi)      " Person" means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof. 

 

 (xii)     " Principal Market" means the New York Stock Exchange, the NYSE MKT LLC, the Nasdaq Global Select Market, the Nasdaq Select Market, the Nasdaq Capital Market, or the OTC Markets whichever is at the time the principal trading exchange or market for such security. 

 

 (xiii)    " Securities Act" means the Securities Act of 1933, as amended. 

 

 (xiv)    " Warrant" means this Warrant and all Warrants issued in exchange, transfer or replacement thereof. 

 

 (xv)     " Warrant Exercise Price" shall be $0.04 or as subsequently adjusted as provided in Section 8 hereof. 

 

 (xvi)    " Warrant Shares" means the shares of Common Stock issuable at any time upon exercise of this Warrant. 

 

 (c) (Other Definitional Provisions. 

 

 (i)      Except as otherwise specified herein, all references herein (A)to the Company shall be deemed to include the Company's successors and (B) to any applicable law defined or referred to herein shall be deemed references to such applicable law as the same may have been or may be amended or supplemented from time to time. 

 

 (ii)     When used in this Warrant, the words " herein", " hereof', and " hereunder" and words of similar import, shall refer to this Warrant as a whole and not to any provision of this Warrant, and the words " Section", " Schedule", and " Exhibit" shall refer to Sections of, and Schedules and Exhibits to, this Warrant unless otherwise specified. 

 

 (iii)     Whenever the context so requires, the neuter gender includes the masculine or feminine, and the singular number includes the plural, and vice versa. 

 

    

    

    

 

 Section 2.      Exercise of Warrant. 

 

 (a) Subject to the terms and conditions hereof, this Warrant may be exercised by the holder hereof then registered on the books of the Company, pro rata as hereinafter provided, at any time on any Business Day on or after the opening of business on such Business Day, commencing with the first day after the date hereof, and prior to I1:59 P.M. Eastern Time on the Expiration Date (i) by delivery of a written notice, in the form of the subscription notice attached as Exhibit A hereto (the " Exercise Notice"), of such holder's election to exercise this Warrant, which notice shall specify the number of Warrant Shares to be purchased, payment to the Company of an amount equal to the Warrant Exercise Price(s) applicable to the Warrant Shares being purchased, multiplied by the number of Warrant Shares (at the applicable Warrant Exercise Price) as to which this Warrant is being exercised (plus any applicable issue or transfer taxes) (the " Aggregate Exercise Price") in cash or wire transfer of immediately available funds and the surrender of this Warrant (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction) to a common carrier for overnight delivery to the Company as soon as practicable following such date (" Cash Basis") or (ii) if at the time of exercise, the Warrant Shares are not subject to an effective registration statement or if an Event of Default bas occurred, by delivering an Exercise Notice and in lieu of making payment of the Aggregate Exercise Price in cash or wire transfer, elect instead to receive upon such exercise the " Net Number" of shares of Common Stock determined according to the following formula (the " Cashless Exercise"): 

 

 Net Number = (A x B)-(A x C) 

 B 

 For purposes of the foregoing formula: 

 A - the total number of Warrant Shares with respect to which this Warrant is then being exercised. 

 B = the Closing Bid Price of the Common Stock on the date of exercise of the Warrant. 

 C = the Warrant Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise. 

 

 In the event of any exercise of the rights represented by this Warrant in compliance with this Section 2, the Company shall on or before the fifth (5th) Business Day following the date of receipt of the Exercise Notice, the Aggregate Exercise Price and this Warrant (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction) and the receipt of the representations of the holder specified in Section 6 hereof, if requested by the Company (the " Exercise Delivery Documents"), and if the Common Stock is DTC Fast eligible, credit such aggregate number of shares of Common Stock to which the holder shall be entitled to the holder's or its designee's brokerage account; provided, however, if the holder who submitted the Exercise Notice requested physical delivery of any or all of the Warrant Shares, or, if the Common Stock is not DTC Fast eligible then the Company shall, on or before the fifth (5th) Business Day following receipt of the Exercise Delivery Documents, issue and surrender to a common carrier for overnight delivery to the address specified in the Exercise Notice, a certificate, registered in the name of the holder, for the number of shares of Common Stock to which the holder shall be entitled pursuant to such request. Upon delivery of the Exercise Notice and Aggregate Exercise Price referred to in clause (i) or (ii) above the holder of this Warrant shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised. In the case of a dispute as to the determination of the Warrant Exercise Price, the Closing Bid Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the holder the number of Warrant Shares that is not disputed and shall submit the disputed determinations or arithmetic calculations to the holder via facsimile within one (1) Business Day of receipt of the holder's Exercise Notice. 

 

    

    

    

 

 (b) If the holder and the Company are unable to agree upon the determination of the Warrant Exercise Price or arithmetic calculation of the Warrant Shares within one (1) day of such disputed determination or arithmetic calculation being submitted to the holder, then the Company shall immediately submit via facsimile (i) the disputed determination of the Warrant Exercise Price or the Closing Bid Price to an independent, reputable investment banking firm or (ii) the disputed arithmetic calculation of the Warrant Shares to its independent, outside accountant. The Company shall cause the investment banking firm or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the holder of the results no later than forty-eight (48) hours from the time it receives the disputed determinations or calculations. Such investment banking firm's or accountant's determination or calculation, as the case may be, shall be deemed conclusive absent manifest error. 

 

 (c) Unless the rights represented by this Warrant shall have expired or shall have been fully exercised, the Company shall, as soon as practicable and in no event later than five (5) Business Days after any exercise and at its own expense, issue a new Warrant identical in all respects to this Warrant exercised except it shall represent rights to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant exercised, less the number of Warrant Shares with respect to which such Warrant is exercised. 

 

 (d) No fractional Warrant Shares are to be issued upon any pro rata exercise of this Warrant, but rather the number of Warrant Shares issued upon such exercise of this Warrant shall be rounded up or down to the nearest whole number. 

 

 (e) If the Company or its Transfer Agent shall fail for any reason or for no reason to issue to the holder within five (5) days of receipt of the Exercise Delivery Documents, DTC Fast delivery for the number of Warrant Shares to which the holder is entitled, the Company shall, in addition to any other remedies under this Warrant or the Consulting Agreement or otherwise available to such holder, pay as additional damages in cash to such holder on each day the issuance of such certificate for Warrant Shares is not timely effected an amount equal to 0.025% of the product of (A) the sum of the number of Warrant Shares not issued to the holder on a timely basis and to which the holder is entitled, and (B) the Closing Bid Price of the Common Stock for the trading day immediately preceding the last possible date which the Company could have issued such Common Stock to the holder without violating this Section 2. 

 

 (f) If within five (5) days after the Company's receipt of the Exercise Delivery Documents, the Company fails to deliver a new Warrant to the holder for the number of Warrant Shares to which such holder is entitled pursuant to Section 2 hereof, then, in addition to any other available remedies under this Warrant or the Consulting Agreement, or otherwise available to such holder, the Company shall pay as additional damages in cash to such holder on each day after such fifth (5th) day that such delivery of such new Warrant is not timely effected in an amount equal to 0.25% of the product of (A) the number of Warrant Shares represented by the portion of this Warrant which is not being exercised and (B) the Closing Bid Price of the Common Stock for the trading day immediately preceding the last possible date which the Company could have issued such Warrant to the holder without violating this Section 2. 

 

    

    

    

 

 Section 3.      Covenants as to Common Stock. The Company hereby covenants and agrees as follows: 

 

 (a) This Warrant is, and any Warrants issued in substitution for or replacement of this Warrant will upon issuance be, duly authorized and validly issued. 

 

 (b) All Warrant Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issue thereof. 

 

 (c) During the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved at least one hundred percent (100%) of the number of shares of Common Stock needed to provide for the exercise of the rights then represented by this Warrant and the par value of said shares will at all times be less than or equal to the applicable Warrant Exercise Price. If at any time the Company does not have a sufficient number of shares of Common Stock authorized and available, then the Company shall call and hold a special meeting of its stockholders within sixty (60) days of that time for the sole purpose of increasing the number of authorized shares of Common Stock. 

 

 (d) If at any time after the date hereof the Company shall file a registration statement, the Company shall include the Warrant Shares issuable to the holder, pursuant to the terms of this Warrant and shall maintain, so long as any other shares of Common Stock shall be so listed, such listing of all Warrant Shares from time to time issuable upon the exercise of this Warrant; and the Company shall so list on each national securities exchange or automated quotation system, as the case may be, and shall maintain such listing of, any other shares of capital stock of the Company issuable upon the exercise of this Warrant if and so long as any shares of the same class shall be listed on such national securities exchange or automated quotation system. 

 

 (e) The Company will not, by amendment of its Articles of Incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the holder of this Warrant in order to protect the exercise privilege of the holder of this Warrant against dilution or other impairment, consistent with the tenor and purpose of this Warrant. The Company will not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Warrant Exercise Price then in effect, and (ii) will take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant. 

 

 (f) This Warrant will be binding upon any entity succeeding to the Company by merger, consolidation or acquisition of all or substantially all of the Company's assets. 

 

 Section 4.      Taxes. The Company shall pay any and all taxes, except any applicable withholding, which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. 

 

    

    

    

 

 Section 5.      Warrant Holder Not Deemed a Stockholder. Except as otherwise specifically provided herein, no holder, as such, of this Warrant shall be entitled to vote or receive dividends or be deemed the holder of shares of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the holder of this Warrant of the Warrant Shares which he or she is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on such holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 5, the Company will provide the holder of this Warrant with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders. 

 

 Section 6.      Representations of Holder. The holder of this Warrant, by the acceptance hereof, represents that it is acquiring this Warrant and the Warrant Shares for its own account for investment only and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares, except pursuant to sales registered or exempted under the Securities Act; provided, however, that by making the representations herein, the holder does not agree to hold this Warrant or any of the Warrant Shares for any minimum or other specific term and reserves the right to dispose of this Warrant and the Warrant Shares at any time in accordance with or pursuant to a registration statement or an exemption under the Securities Act. The holder of this Warrant further represents, by acceptance hereof, that, as of this date, such holder is an " accredited investor" as such term is defined in Rule 501 of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act (an " Accredited Investor"). Upon exercise of this Warrant the holder shall, if requested by the Company, confirm in writing, in a form satisfactory to the Company, that the Warrant Shares so purchased are being acquired solely for the holder's own account and not as a nominee for any other party, for investment, and not with a view toward distribution or resale and that such holder is an Accredited Investor. If such holder cannot make such representations because they would be factually incorrect, it shall be a condition to such holder's exercise of this Warrant that the Company receive such other representations as the Company considers reasonably necessary to assure the Company that the issuance of its securities upon exercise of this Warrant shall not violate any United States or state securities laws. 

 

 Section 7.      Ownership and Transfer. 

 

 (a) The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate by notice to the holder hereof), a register for this Warrant, in which the Company shall record the name and address of the person in whose name this Warrant has been issued, as well as the name and address of each transferee. The Company may treat the person in whose name any Warrant is registered on the register as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary, but in all events recognizing any transfers made in accordance with the terms of this Warrant. 

 

    

    

    

 

 Section 8.      Adjustment of Warrant Exercise Price and Number of Shares. The Warrant Exercise Price and the number of shares of Common Stock issuable upon exercise of this Warrant shall be adjusted from time to time as follows: 

 

 (a) Adjustment of Warrant Exercise Price and Number of Shares upon Issuance of Common Stock. If and whenever on or after the Issuance Date of this Warrant, the Company issues or sells, or is deemed to have issued or sold, any shares of Common Stock (other than (i) Excluded Securities and (ii) shares of Common Stock which are issued or deemed to have been issued by the Company in connection with an Approved Stock Plan or upon exercise or conversion of the Other Securities) for a consideration per share less than a price (the " Applicable Price") equal to the Warrant Exercise Price in effect immediately prior to such issuance or sale, then immediately after such issue or sale the Warrant Exercise Price then in effect shall be reduced to an amount equal to such consideration per share. Upon each such adjustment of the Warrant Exercise Price hereunder, the number of Warrant Shares issuable upon exercise of this Warrant shall be adjusted to the number of shares determined by multiplying the Warrant Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such adjustment and dividing the product thereof by the Warrant Exercise Price resulting from such adjustment. 

 

 (b) Effect on Warrant Exercise Price of Certain Events. For purposes of determining the adjusted Warrant Exercise Price under Section 8(a) above, the following shall be applicable: 

 

 (i)      Issuance of Options. If after the date hereof, the Company in any manner grants any Options and the lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion or exchange of any convertible securities issuable upon exercise of any such Option is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option for such price per share. For purposes of this Section 8(b)(i), the lowest price per share for which one share of Common Stock is issuable upon exercise of such Options or upon conversion or exchange of such Convertible Securities shall be equal to the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of the Option, upon exercise of the Option or upon conversion or exchange of any convertible security issuable upon exercise of such Option. No further adjustment of the Warrant Exercise Price shall be made upon the actual issuance of such Common Stock or of such convertible securities upon the exercise of such Options or upon the actual issuance of such Common Stock upon conversion or exchange of such convertible securities. 

 

 (ii)      Issuance of Convertible Securities. If the Company in any manner issues or sells any convertible securities and the lowest price per share for which one share of Common Stock is issuable upon the conversion or exchange thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such convertible securities for such price per share. For the purposes of this Section 8(b)(ii), the lowest price per share for which one share of Common Stock is issuable upon such conversion or exchange shall be equal to the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one share of Common Stock upon the issuance or sale of the convertible security and upon conversion or exchange of such convertible security. No further adjustment of the Warrant Exercise Price shall be made upon the actual issuance of such Common Stock upon conversion or exchange of such convertible securities, and if any such issue or sale of such convertible securities is made upon exercise of any Options for which adjustment of the Warrant Exercise Price had been or are to be made pursuant to other provisions of this Section 8(b), no further adjustment of the Warrant Exercise Price shall be made by reason of such issue or sale. 

 

    

    

    

 

 (iii)     Change in Option Price or Rate of Conversion. If the purchase price provided for in any Options, the additional consideration, if any, payable upon the issue, conversion or exchange of any convertible securities, or the rate at which any convertible securities are convertible into or exchangeable for Common Stock changes at any time, the Warrant Exercise Price in effect at the time of such change shall be adjusted to the Warrant Exercise Price which would have been in effect at such time had such Options or convertible securities provided for such changed purchase price, additional consideration or changed conversion rate, as the case may be, at the time initially granted, issued or sold and the number of Warrant Shares issuable upon exercise of this Warrant shall be correspondingly readjusted. For purposes of this Section 8(b)(iii), if the terms of any Option or convertible security that was outstanding as of the Issuance Date of this Warrant are changed in the manner described in the immediately preceding sentence, then such Option or convertible security and the Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such change. No adjustment pursuant to this Section 8(b) shall be made if such adjustment would result in an increase of the Warrant Exercise Price then in effect. 

 

 (c) Effect on Warrant Exercise Price of Certain Events. For purposes of determining the adjusted Warrant Exercise Price under Sections 8(a) and 8(b), the following shall be applicable: 

 

 (i)      Calculation of Consideration Received. If any Common Stock, Options or convertible securities are issued or sold or deemed to have been issued or sold for cash, the consideration received therefore will be deemed to be the net amount received by the Company therefore. If any Common Stock, Options or convertible securities are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of marketable securities, in which case the amount of consideration received by the Company will be the market price of such securities on the date of receipt of such securities. If any Common Stock, Options or convertible securities are issued to the owners of the non-'surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefore will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such Common Stock, Options or convertible securities, as the case may be. The fair value of any consideration other than cash or securities will be determined jointly by the Company and the holders of Warrants representing at least two-'thirds (b) of the Warrant Shares issuable upon exercise of the Warrants then outstanding. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the " Valuation Event"), the fair value of such consideration will be determined within five (5) Business Days after the tenth (l0th) day following the Valuation Event by an independent, reputable appraiser jointly selected by the Company and the holders of Warrants representing at least two-thirds (b) of the Warrant Shares issuable upon exercise of the Warrants then outstanding. The determination of such appraiser shall be final and binding upon all parties and the fees and expenses of such appraiser shall be home jointly by the Company and the holders of Warrants. 

 

    

    

    

 

 (ii)      Integrated Transactions. In case any Option is issued in connection with the issue or sale of other securities of the Company, together comprising one integrated transaction in which no specific consideration is allocated to such Options by the parties thereto, the Options will be deemed to have been issued for a consideration of $.01. 

 

 (iii)     Treasury Shares. The number of shares of Common Stock outstanding at any given time does not include shares owned or held by or for the account of the Company, and the disposition of any shares so owned or held will be considered an issue or sale of Common Stock. 

 

  (iv)      Record Date. If the Company takes a record of the holders of Common Stock for the purpose of entitling them (I) to receive a dividend or other distribution payable in Common Stock, Options or in convertible securities or (2) to subscribe for or purchase Common Stock, Options or convertible securities, then such record date will be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase, as the case may be. 

 

 (d) Adjustment of Warrant Exercise Price upon Subdivision or Combination of Common Stock. If the Company at any time after the date of issuance of this Warrant subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares, any Warrant Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of shares of Common Stock obtainable upon exercise of this Warrant will be proportionately increased. If the Company at any time after the date of issuance of this Warrant combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, any Warrant Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares issuable upon exercise of this Warrant will be proportionately decreased. Any adjustment under this Section 8(d) shall become effective at the close of business on the date the subdivision or combination becomes effective. 

 

 (e) Distribution of Assets. If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement or other similar transaction) (a " Distribution"), at any time after the issuance of this Warrant, then, in each such case: 

 

 (i)      any Warrant Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record date, to a price determined by multiplying such Warrant Exercise Price by a fraction of which (A) the numerator shall be the Closing Sale Price of the Common Stock on the trading day immediately preceding such record date minus the value of the Distribution (as determined in good faith by the Company's Board of Directors) applicable to one share of Common Stock, and (B) the denominator shall be the Closing Sale Price of the Common Stock on the trading day immediately preceding such record date; and 

 

    

    

    

 

 (ii)      either (A) the number of Warrant Shares obtainable upon exercise of this Warrant shall be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately prior to the close of business on the record date fixed for the determination of holders of Common Stock entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause (i), or (B) in the event that the Distribution is of common stock of a company whose common stock is traded on a national securities exchange or a national automated quotation system, then the holder of this Warrant shall receive an additional warrant to purchase Common Stock, the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable into the amount of the assets that would have been payable to the holder of this Warrant pursuant to the Distribution had the holder exercised this Warrant immediately prior to such record date and with an exercise price equal to the amount by which the exercise price of this Warrant was decreased with respect to the Distribution pursuant to the terms of the immediately preceding clause (i). 

 

 (f) Certain Events. If any event occurs of the type contemplated by the 

 

 provisions of this Section 8 but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company's Board of Directors will make an appropriate adjustment in the Warrant Exercise Price and the number of shares of Common Stock obtainable upon exercise of this Warrant so as to protect the rights of the holders of the Warrants; provided, except as set forth in section 8(d),that no such adjustment pursuant to this Section 8(f) will increase the Warrant Exercise Price or decrease the number of shares of Common Stock obtainable as otherwise determined pursuant to this Section 8. 

 

 (g) Notices. 

 

 (i)      Immediately upon any adjustment of the Warrant Exercise Price, the Company will give written notice thereof to the holder of this Warrant, setting forth in reasonable detail, and certifying, the calculation of such adjustment. 

 

 (ii)      The Company will give written notice to the holder of this Warrant at least ten (10) days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock, (B) with respect to any pro rata subscription offer to holders of Common Stock or(C) for determining rights to vote with respect to any Organic Change (as defined below), dissolution or liquidation, provided that such information shall be made known to the public prior to or in conjunction with such notice being provided to such holder. 

 

 (iii)     The Company will also give written notice to the holder of this Warrant at least ten (10) days prior to the date on which any Organic Change, dissolution or liquidation will take place, provided that such information shall be made known to the public prior to or in conjunction with such notice being provided to such holder. 

 

 Section 9.      Purchase Rights; Reorganization Reclassification Consolidation, Merger or Sale. 

 

    

    

    

 

 (a) In addition to any adjustments pursuant to Section 8 above, if at any time the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock (the " Purchase Rights"), then the holder of this Warrant will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which such holder could have acquired if such holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights. 

 

 (b) Any recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company's assets to another Person or other transaction in each case which is effected in such a way that holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock is referred to herein as an " Organic Change." Prior to the consummation of any (i) sale of all or substantially all of the Company's assets to an acquiring Person or (ii) other Organic Change following which the Company is not a surviving entity, the Company will secure from the Person purchasing such assets or the successor resulting from such Organic Change (in each case, the " Acquiring Entity") a written agreement (in form and substance satisfactory to the holders of Warrants representing at least two-thirds (iii) of the Warrant Shares issuable upon exercise of the Warrants then outstanding) to deliver to each holder of Warrants in exchange for such Warrants, a security of the Acquiring Entity evidenced by a written instrument substantially similar in form and substance to this Warrant and satisfactory to the holders of the Warrants (including an adjusted warrant exercise price equal to the value for the Common Stock reflected by the terms of such consolidation, merger or sale, and exercisable for a corresponding number of shares of Common Stock acquirable and receivable upon exercise of the Warrants without regard to any limitations on exercise, if the value so reflected is less than any Applicable Warrant Exercise Price immediately prior to such consolidation, merger or sale). Prior to the consummation of any other Organic Change, the Company shall make appropriate provision (in form and substance satisfactory to the holders of Warrants representing a majority of the Warrant Shares issuable upon exercise of the Warrants then outstanding) to insure that each of the holders of the Warrants will thereafter have the right to acquire and receive in lieu of or in addition to (as the case may be) the Warrant Shares immediately theretofore issuable and receivable upon the exercise of such holder's Warrants (without regard to any limitations on exercise), such shares of stock, securities or assets that would have been issued or payable in such Organic Change with respect to or in exchange for the number of Warrant Shares which would have been issuable and receivable upon the exercise of such holder's Warrant as of the date of such Organic Change (without taking into account any limitations or restrictions on the exercisability of this Warrant). 

 

 Section 10.      Lost, Stolen Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company shall promptly, on receipt of an indemnification undertaking (or, in the case of a mutilated Warrant, the Warrant), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed. 

 

 Section 11.      Notice. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of receipt is received by the sending party transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 

 

    

    

    

 

	
 If to EU Capital:  

	
 EU Capital Advisors, LLC 

 300 Spectrum Center Drive 

 Suite 1160 

 Irvine, CA 92618 

 Attention:      Todd Sanders 

 Telephone:     (949) 236-6650 

 Facsimile:       (949) 236-6650 

 Email: todd@eucapitaladvisors.com 

 

	
  If to the Company, to:  

	
 ClickStream Corporation 

 1801 Century Park East 

 Suite1201 

 Los Angeles, CA 90067 

 Attention:      David Kagel 

 Telephone:     (310) 860-9975 

 Facsimile: 

 Email: davidkagel@gmail.com 

 

 

 If to a holder of this Warrant, to it at the address, email and facsimile number set forth above, with copies to such holder's representatives as set forth above, or at such other address, email and facsimile as shall be delivered to the Company upon the issuance or transfer of this Warrant. Each party shall provide five days' prior written notice to the other party of any change in address, email or facsimile number. Written confirmation of receipt (A) given by the recipient of such notice, consent, facsimile, waiver or other communication, or (B) provided by a nationally recognized overnight delivery service shall be rebuttable evidence of personal service, receipt by facsimile, email or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively. 

 Section 12.      Date. The date of this Warrant is set forth on page I hereof. This Warrant, in all events, shall be wholly void and of no effect after the close of business on the Expiration Date, except that notwithstanding any other provisions hereof, the provisions of Section 8(b) shall continue in full force and effect after such date as to any Warrant Shares or other securities issued upon the exercise of this Warrant. 

 

 Section 13.      Amendment and Waiver. Except as otherwise provided herein, the provisions of the Warrants 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 holders of Warrants representing at least two-thirds of the Warrant Shares issuable upon exercise of the Warrants then outstanding; provided that, except for Section 8(d), no such action may increase the Warrant Exercise Price or decrease the number of shares or class of stock obtainable upon exercise of any Warrant without the written consent of the holder of such Warrant. 

 

    

    

    

 

 Section 14.      Descriptive Headings; Governing Law. The descriptive headings of the several sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. The corporate laws of the State of Nevada shall govern all issues concerning the relative rights of the Company and its stockholders. All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of California, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of California or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of California Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Orange County and the United States District Court for the Central District of California, for the adjudication of any dispute hereunder or in connection herewith or therewith, or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. 

 

 Section 15.       Waiver of Jury Trial. AS A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS WARRANT, THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH THIS TRANSACTION. 

 

 SIGNATURE PAGE FOLLOWS; REMAINDER OF PAGE INTENTIONALLY BLANK 

 

    

    

    

 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed as of the date first set forth above. 

  

 

 

   CLICKSTREAM CORPORATION 

 

 

 

	
 By: 

	    	    

	
 Name: 

	
 Michael J. O’hara 

	
 Title: 

	
 Chief Executive Officer 

 

    

    

    

 

 EXHIBIT A TO WARRANT 

 

 EXERCISE NOTICE 

 

 TO BE EXECUTED 

 BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT 

 

 CLICKSTREAM CORPORATION 

 

 The undersigned holder hereby exercises the right to purchase of the shares of Common Stock (" Warrant Shares") of ClickStream Corporation (the " Company"), evidenced by the attached Warrant (the " Warrant"). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant. 

 

 Specify Method of exercise by check mark: 

 

	
 1. 

	
 Cash Exercise 

 

 (a) Payment of Warrant Exercise Price. The holder shall pay the Aggregate Exercise Price of $                   to the Company in accordance with the terms of the Warrant. 

 

 (b) Delivery of Warrant Shares. The Company shall deliver to the holder Warrant Shares in accordance with the terms of the Warrant. 

 

	
 2. 

	
 Cashless Exercise 

 

 (a) Payment of Warrant Exercise Price. In lieu of making payment of the Aggregate Exercise Price, the holder elects to receive upon such exercise the Net Number of shares of Common Stock determined in accordance with the terms of the Warrant. 

 

 (b) Delivery of Warrant Shares. The Company shall deliver to the holder Warrant Shares in accordance with the terms of the Warrant. 

 

 Date: 

 

 Name of Registered Holder 

 

	
 By: 

	    	    
	
 Name:   

	    	    
	
 Title: 

	    	    

 

    

    

    

 

 EXHIBIT B TO WARRANT 

 

 FORM OF WARRANT POWER 

 

 

 FOR VALUE RECEIVED, the undersigned does hereby assign and transfer to  _________________________, Federal Identification No. ________________, a warrant to purchase _______________ shares of the capital stock of ClickStream Corporation represented by warrant certificate no. ______________ standing in the name of the undersigned on the books of said corporation.  The undersigned does hereby irrevocably constitute and appoint ___________, attorney to transfer the warrants of said corporation, with full power of substitution in the premises. 

 

 

 Dated: __________________________ 

 

 

 By: ________________________ 

 Name:______________________ 

 

 Title: _______________________

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