Document:

ex10-16.htm

    EXHIBIT
10.16

     

    NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAVE
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE
SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.  THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
OTHER LOAN SECURED BY SUCH SECURITIES.

    

    SERIES
3 COMMON STOCK PURCHASE WARRANT

    

    Warrant
No.: Series 3;

    Certificate
No.: 3

    

    To
Purchase 8,050,000 Shares

     of
Common Stock of

    Global Diversified
Industries, Inc.

    

    THIS
SERIES 3 COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies
that, for value received, JOSEPH SALMERI (the “Holder”), is
entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after the date hereof (the
“Initial Exercise
Date”) and on or prior to the close of business on the seventh (7th)
anniversary of the Initial Exercise Date (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Global Diversified
Industries, Inc., a Delaware corporation (the “Company”), up to
8,050,000 shares (the “Warrant Shares”) of
Common Stock, par value $.001 per share, of the Company (the “Common
Stock”).  The purchase price of one share of Common Stock under
this Warrant shall be equal to the Exercise Price, as defined in Section
2(b).

     

    Section
1.                                Definitions.  Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in
that certain Securities Purchase Agreement of even date herewith (the “Purchase
Agreement”).

     

    Section
2.                                Exercise.

     

    a) Exercise of
Warrant.  Exercise of the purchase rights represented by this
Warrant may be made, in whole or in part, at any time or times on or after the
Initial Exercise Date and on or before the Termination Date by delivery to the
Company of a duly executed facsimile copy of the Notice of Exercise form annexed
hereto (or such other office or agency of the Company as it may designate by
notice in writing to the registered Holder at the address of such Holder
appearing on the books of the Company); and, within three (3) Trading Days of
the date said Notice of Exercise is delivered to the Company, the Company shall
have received payment of the aggregate Exercise Price of the shares thereby
purchased by wire transfer or cashier’s check drawn on a United States
bank.  Notwithstanding anything herein to the contrary, the Holder
shall not be required to physically surrender this Warrant to the Company until
the Holder has purchased all of the Warrant Shares available hereunder and the
Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of
the date the final Notice of Exercise is delivered to the
Company.  Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder shall have
the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares
purchased.  The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such
purchases.  The Company shall deliver any objection to any Notice of
Exercise within two (2) Trading Days of receipt of such notice. THE HOLDER AND ANY ASSIGNEE, BY
ACCEPTANCE OF THIS WARRANT, ACKNOWLEDGE AND AGREE THAT, BY REASON OF THE
PROVISIONS OF THIS PARAGRAPH, FOLLOWING THE PURCHASE OF A PORTION OF THE WARRANT
SHARES HEREUNDER, THE NUMBER OF WARRANT SHARES AVAILABLE FOR PURCHASE HEREUNDER
AT ANY GIVEN TIME MAY BE LESS THAN THE AMOUNT STATED ON THE FACE
HEREOF.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    b) Exercise
Price.  The exercise price per share of the Common Stock under
this Warrant shall be $0.10, subject to adjustment hereunder (the “Exercise
Price”).

     

    c) Exercise
Limitations.

     

    i. Holder’s
Restrictions.  The Company shall not effect any exercise of
this Warrant, and a  Holder shall not have the right to exercise any
portion of this Warrant, pursuant to Section 2 or
otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, such Holder
(together with such Holder’s Affiliates, and any other person or entity acting
as a group together with such Holder or any of such Holder’s Affiliates), as set
forth on the applicable Notice of Exercise, would beneficially own in excess of
the Beneficial Ownership Limitation (as defined below).  For purposes of
the foregoing sentence, the number of shares of Common Stock beneficially owned
by such Holder and its Affiliates shall include the number of shares of Common
Stock issuable upon exercise of this Warrant with respect to which such
determination is being made, but shall exclude the number of shares of Common
Stock which would be issuable upon (A) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by such Holder or any of its
Affiliates and (B) exercise or conversion of the unexercised or nonconverted
portion of any other securities of the Company (including, without limitation,
any other Series A Preferred Stock or Warrants) subject to a limitation on
conversion or exercise analogous to the limitation contained herein beneficially
owned by such Holder or any of its Affiliates.  Except as set forth in the
preceding sentence, for purposes of this Section 2(c)(i),
beneficial ownership shall be calculated in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder, it being
acknowledged by a Holder that the Company is not representing to such Holder
that such calculation is in compliance with Section 13(d) of the Exchange Act
and such Holder is solely responsible for any schedules required to be filed in
accordance therewith.   To the extent that the limitation
contained in this Section 2(c)(i)
applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by such Holder together with any Affiliates) and of
which a portion of this Warrant is exercisable shall be in the sole discretion
of a Holder, and the submission of a Notice of Exercise shall be deemed to be
each Holder’s determination of whether this Warrant is exercisable (in relation
to other securities owned by such Holder together with any Affiliates) and of
which portion of this Warrant is exercisable, in each case subject to such
aggregate percentage limitation, and the Company shall have no obligation to
verify or confirm the accuracy of such determination.   In
addition, a determination as to any group status as contemplated above shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder.  For purposes of this Section 2(c), 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 (X) the
Company’s most recent Form 10-QSB or Form 10-KSB, as the case may be, (Y) a more
recent public announcement by the Company or (Z) any other notice by the Company
or the Company’s transfer agent setting forth the number of shares of Common
Stock outstanding.  Upon the written or oral request of a Holder, the
Company shall within two (2) Trading Days confirm orally and in writing to 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 conversion or exercise of securities of the Company,
including this Warrant, by such Holder or its Affiliates since the date as of
which such number of outstanding shares of Common Stock was
reported.  The “Beneficial Ownership
Limitation” shall be 4.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable upon exercise of this Warrant.  The Beneficial
Ownership Limitation provisions of this Section 2(c)(i) may
be waived by such Holder, at the election of such Holder, upon not less than 61
days’ prior notice to the Company to change the Beneficial Ownership Limitation
to 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon exercise of
this Warrant, and the provisions of this Section 2(c)(i) shall
continue to apply.  Upon such a change by a Holder of the Beneficial
Ownership Limitation from such 4.99% limitation to such 9.99% limitation, the
Beneficial Ownership Limitation may not be further waived by such
Holder.  The provisions of this paragraph shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of
this Section
2(c)(i) to correct this paragraph (or any portion hereof) which may be
defective or inconsistent with the intended Beneficial Ownership Limitation
herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitations contained in this
paragraph shall apply to a successor holder of this Warrant.  Notwithstanding anything herein to
the contrary, this provision shall not apply to any Holder that has elected to
waive this provision on its signature page to the Purchase Agreement, on or
before the date of closing.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    d) Mechanics of
Exercise.

     

    i. Authorization of Warrant
Shares. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon
exercise of the purchase rights represented by this Warrant, be duly authorized,
validly issued, fully paid and nonassessable and free from all taxes, liens and
charges created by the Company in respect of the issue thereof (other than taxes
in respect of any transfer occurring contemporaneously with such
issue).

     

    ii. Delivery of Certificates
Upon Exercise. Certificates for Warrant Shares purchased hereunder shall
be transmitted by the transfer agent of the Company to the Holder by crediting
the account of the Holder’s prime broker with the Depository Trust Company
through its Deposit/Withdrawal at Custodian (“DWAC”) system if the
Company is a participant in such system, and otherwise by delivery to the
address specified by the Holder in the Notice of Exercise, within five (5)
Trading Days from the delivery to the Company of the Notice of Exercise form,
surrender of this Warrant (if required) and payment of the aggregate Exercise
Price as set forth above (“Warrant Share Delivery
Date”).  This Warrant shall be deemed to have been exercised on
the date the Exercise Price is received by the Company.  The Warrant
Shares shall be deemed to have been issued, and Holder or any other person so
designated to be named therein shall be deemed to have become a holder of record
of such shares for all purposes, as of the date the Warrant has been exercised
by payment to the Company of the Exercise Price (or by cashless exercise, if
permitted) and all taxes required to be paid by the Holder, if any, pursuant to
Section
2(d)(vii) prior to the issuance of such shares, have been
paid.

     

    iii. Delivery of New Warrants
Upon Exercise.  If this Warrant shall have been exercised in
part, the Company shall, at the request of a Holder and upon surrender of this
Warrant certificate, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to Holder a new Warrant evidencing the
rights of Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this
Warrant.

     

    iv. Rescission
Rights.  If the Company fails to cause its transfer agent to
transmit to the Holder a certificate or certificates representing the Warrant
Shares pursuant to Section 2(d)(ii)
above by the Warrant Share Delivery Date, then the Holder will have the right to
rescind such exercise.

     

    v. Obligation
Absolute;  Damages. The Corporation’s obligations to issue and
deliver the certificates representing the Warrant Shares upon exercise of the
Warrant in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any
waiver or consent with respect to any provision hereof, the recovery of any
judgment against any Person or any action to enforce the same, or any setoff,
counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by the Holder or any other Person of any obligation to the Corporation or
any violation or alleged violation of law by the Holder or any other person, and
irrespective of any other circumstance which might otherwise limit such
obligation of the Corporation to the Holder in connection with the issuance of
such certificates representing the Warrant Shares.  The Corporation
shall issue the certificates representing the Warrant Shares or, if applicable,
cash, upon a properly noticed exercise. If the Corporation fails to deliver to
the Holder such certificate or certificates pursuant to Section 2(d) within
five (5) Trading Days of the Warrant Share Delivery Date applicable to such
exercise, the Corporation shall pay to such Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of VWAP of the Common Stock, $10
per Trading Day (increasing to $20 per Trading Day after ten (20) Trading Days
after the Warrant Share Delivery Date) for each Trading Day after the Warrant
Share Delivery Date until such certificates are delivered.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    vi. No Fractional Shares or
Scrip.  No fractional shares or scrip representing fractional
shares shall be issued upon the exercise of this Warrant.  As to any
fraction of a share which Holder would otherwise be entitled to purchase upon
such exercise, the Company shall at its election, either pay a cash adjustment
in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

     

    vii. Charges, Taxes and
Expenses.  Issuance of certificates for Warrant Shares shall be
made without charge to the Holder or other incidental expense in respect of the
issuance of such certificate, and such certificates shall be issued in the name
of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the
event certificates for Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the Holder;
the assignment shall be subject to Section 4 below, and
the Company may require, as a condition thereto, the payment of a sum sufficient
to reimburse it for any transfer tax incidental thereto.

     

    viii. Closing of
Books.  The Company will not close its stockholder books or
records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

     

    Section
3.                                Certain
Adjustments.

     

    a) Stock Dividends and
Splits.  If the Company, at any time while this Warrant is
outstanding: (i) pays a stock dividend or otherwise makes a distribution or
distributions on shares of its Common Stock or any other equity or equity
equivalent securities payable in shares of Common Stock (which, for avoidance of
doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), provided that this clause (i) shall not apply to
shares of Common Stock issued solely in connection with dividends required to be
paid under the terms and conditions of the Series D Convertible Preferred Stock,
and/ or other securities issued and outstanding on the date of this Warrant,
provided that such stock dividend or distribution shall be issued pursuant to
the terms of such other securities as of the date of this Warrant, (ii)
subdivides outstanding shares of Common Stock into a larger number of shares,
(iii) combines (including by way of reverse stock split) outstanding shares of
Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then
in each case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding treasury
shares, if any) outstanding immediately before such event and of which the
denominator shall be the number of shares of Common Stock outstanding
immediately after such event and the number of shares issuable upon exercise of
this Warrant shall be proportionately adjusted.  Any adjustment made
pursuant to this Section 3(a) shall
become effective immediately after the record date for the determination of
stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision,
combination or re-classification.

     

    b) Subsequent Equity
Sales. If the Company or any Subsidiary thereof, as applicable, at any
time while this Warrant is outstanding, sells, grants or otherwise issues (or
announces any sale, grant or other issuance related to the foregoing) any Common
Stock or Common Stock Equivalents entitling any Person to acquire shares of
Common Stock, at an effective price per share less than the then Exercise Price
(such lower price, the “Base Share Price” and
such issuances collectively, a “Dilutive Issuance”)
(if the holder of the Common Stock or Common Stock Equivalents so issued shall
at any time, whether by operation of purchase price adjustments, reset
provisions, floating conversion, exercise or exchange prices or otherwise, or
due to warrants, options or rights per share which are issued in connection with
such issuance, be entitled to receive shares of Common Stock at an effective
price per share which is less than the Exercise Price, such issuance shall be
deemed to have occurred for less than the Exercise Price on such date of the
Dilutive Issuance), then the Exercise Price shall be reduced and only reduced to
equal the Base Share Price. As a point of clarification, the number of Warrant
Shares issuable hereunder shall not be increased upon
an adjustment to the Exercise Price under this Section
3(b).  Such adjustment to the Exercise Price shall be made
whenever such Common Stock or Common Stock Equivalents are
issued.  Notwithstanding the foregoing, no adjustments shall be made,
paid or issued under this Section 3(b) in
respect of an Exempt Issuance or issuances subject to Section 3(a)
above.  The Company shall notify the Holder in writing, no later than
the third (3rd)
Trading Day following the issuance of any Common Stock or Common Stock
Equivalents subject to this section, indicating therein the applicable issuance
price, or applicable reset price, exchange price, conversion price and other
pricing terms (such notice the “Dilutive Issuance
Notice”).  For purposes of clarification, whether or not the
Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon
the occurrence of any Dilutive Issuance, after the date of such Dilutive
Issuance, the Holder is entitled to receive a number of Warrant Shares based
upon the Base Share Price regardless of whether the Holder accurately refers to
the Base Share Price in the Notice of Exercise.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    c) Subsequent Rights
Offerings.  If the Company, at any time while this Warrant is
outstanding, shall issue rights, options or warrants to all holders of Common
Stock (and not to Holders) entitling them to subscribe for or purchase shares of
Common Stock at a price per share less than the VWAP as of the record date
mentioned below, then the Exercise Price shall be multiplied by a fraction, of
which the denominator shall be the number of shares of the Common Stock
outstanding on the date of issuance of such rights or warrants plus the number
of additional shares of Common Stock offered for subscription or purchase, and
of which the numerator shall be the number of shares of the Common Stock
outstanding on the date of issuance of such rights, options or warrants plus the
number of shares which the aggregate offering price of the total number of
shares so offered (assuming receipt by the Company in full of all consideration
payable upon exercise of such rights, options or warrants) would purchase at
such VWAP.  Such adjustment shall be made whenever such rights,
options or warrants are issued, and shall become effective immediately after the
record date for the determination of stockholders entitled to receive such
rights, options or warrants.

     

    d) Pro Rata
Distributions.  If the Company, at any time prior to the
Termination Date, shall distribute to all holders of Common Stock (and not to
Holders of the Warrants) evidences of its indebtedness or assets (including cash
and cash dividends, but not including cash dividends on the Series B Preferred
Stock or Series C Preferred Stock, provided that the terms of such Series B
Preferred Stock or Series C Preferred Stock shall not have been amended since
the date of this Agreement), then in each such case the Exercise Price shall be
adjusted by multiplying the Exercise Price in effect immediately prior to the
record date fixed for determination of stockholders entitled to receive such
distribution by a fraction of which the denominator shall be the VWAP determined
as of the record date mentioned above, and of which the numerator shall be such
VWAP as of such record date less the then per share fair market value at such
record date of the portion of such assets or evidence of indebtedness so
distributed applicable to one outstanding share of the Common Stock as
determined by the Board of Directors in good faith.  In either case
the adjustments shall be described in a statement provided to the Holder of the
portion of assets or evidences of indebtedness so distributed or such
subscription rights applicable to one share of Common Stock.  Such
adjustment shall be made whenever any such distribution is made and shall become
effective immediately after the record date mentioned above.

     

    e) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the
Company effects any merger or consolidation of the Company with or into another
Person, (ii) the Company effects any sale of all or substantially all of its
assets in one or a series of related transactions, (iii) any tender offer or
exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their
shares for other securities, cash or property, or (iv) the Company effects any
reclassification of the Common Stock or any compulsory share exchange pursuant
to which the Common Stock is effectively converted into or exchanged for other
securities, cash or property (in any such case, a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the
Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction, at the option of the Holder, (a) upon exercise of this
Warrant, the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any
additional consideration (the “Alternate
Consideration”) receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a Holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event or (b) if the Company is acquired in an all cash
transaction, cash equal to the value of this Warrant as determined in accordance
with the Black-Scholes option pricing formula.  For purposes of any
such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of
Alternate Consideration issuable in respect of one share of Common Stock in such
Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration.  If
holders of Common Stock are given any choice as to the securities, cash or
property to be received in a Fundamental Transaction, then the Holder shall be
given the same choice as to the Alternate Consideration it receives upon any
exercise of this Warrant following such Fundamental Transaction.  To
the extent necessary to effectuate the foregoing provisions, any successor to
the Company or surviving entity in such Fundamental Transaction shall issue to
the Holder a new warrant consistent with the foregoing provisions and evidencing
the Holder’s right to exercise such warrant into Alternate Consideration. The
terms of any agreement pursuant to which a Fundamental Transaction is effected
shall include terms requiring any such successor or surviving entity to comply
with the provisions of this Section 3(e) and
insuring that this Warrant (or any such replacement security) will be similarly
adjusted upon any subsequent transaction analogous to a Fundamental
Transaction.

     

    f) Calculations. All
calculations under this Section 3 shall be
made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number
of shares of Common Stock deemed to be issued and outstanding as of a given date
shall be the sum of the number of shares of Common Stock (excluding treasury
shares, if any) issued and outstanding.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    g) Voluntary Adjustment By
Company. The Company may at any time during the term of this Warrant
reduce the then current Exercise Price to any amount and for any period of time
deemed appropriate by the Board of Directors of the Company.

     

    h) Notice to
Holders.

     

    i. Adjustment to Exercise
Price. Whenever the Exercise Price is adjusted pursuant to any provision
of this Section
3, the Company shall promptly mail to each Holder a notice setting forth
the Exercise Price after such adjustment and setting forth a brief statement of
the facts requiring such adjustment.

     

    ii. Notice to Allow Exercise by
Holder. If (A) the Company shall declare a dividend (or any other
distribution in whatever form) on the Common Stock; (B) the Company shall
declare a special nonrecurring cash dividend on or a redemption of the Common
Stock; (C) the Company shall authorize the granting to all holders of the Common
Stock rights or warrants to subscribe for or purchase any shares of capital
stock of any class or of any rights; (D) the approval of any stockholders of the
Company shall be required in connection with any reclassification of the Common
Stock, any consolidation or merger to which the Company is a party, any sale or
transfer of all or substantially all of the assets of the Company, of any
compulsory share exchange whereby the Common Stock is converted into other
securities, cash or property; (E) the Company shall authorize the voluntary or
involuntary dissolution, liquidation or winding up of the affairs of the
Company; then, in each case, the Company shall cause to be mailed to the Holder
at its last address as it shall appear upon the Warrant Register of the Company,
at least ten (10) calendar days prior to the applicable record or effective date
hereinafter specified, a notice stating (X) the date on which a record is to be
taken for the purpose of such dividend, distribution, redemption, rights or
warrants, or if a record is not to be taken, the date as of which the holders of
the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (Y) the date on which
such reclassification, consolidation, merger, sale, transfer or share exchange
is expected to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record shall be entitled to
exchange their shares of the Common Stock for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided that the failure to mail such notice or any defect
therein or in the mailing thereof shall not affect the validity of the corporate
action required to be specified in such notice.  The Holder is
entitled to exercise this Warrant during the ten (10) day period commencing on
the date of such notice to the effective date of the event triggering such
notice.

     

    Section
4.                                Transfer of
Warrant.

     

    a) Transferability.  Subject
to compliance with any applicable securities laws and the conditions set forth
in Section 4(d)
hereof, this Warrant and all rights hereunder (including, without limitation,
any registration rights) are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent,
together with a written assignment of this Warrant substantially in the form
attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such
transfer.  Upon such surrender and, if required, such payment, the
Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees and in the denomination or denominations specified in such
instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall
promptly be cancelled.  A Warrant, if properly assigned, may be
exercised by a new holder for the purchase of Warrant Shares without having a
new Warrant issued.

     

    b) New Warrants. This
Warrant may be divided or combined with other Warrants upon presentation hereof
at the aforesaid office of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney.  Subject to compliance
with Section
4(a), as to any transfer which may be involved in such division or
combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    c) Warrant Register. The
Company shall register this Warrant, upon records to be maintained by the
Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time.  The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the
contrary.

     

    d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in
connection with any transfer of this Warrant, the transfer of this Warrant shall
not be registered pursuant to an effective registration statement under the
Securities Act and under applicable state securities or blue sky laws, the
Company may require, as a condition of allowing such transfer (i) that the
Holder or transferee of this Warrant, as the case may be, furnish to the Company
a written opinion of counsel (which opinion shall be in form, substance and
scope customary for opinions of counsel in comparable transactions) to the
effect that such transfer may be made without registration under the Securities
Act and under applicable state securities or blue sky laws, (ii) that the holder
or transferee execute and deliver to the Company an investment letter in form
and substance acceptable to the Company and (iii) that the transferee be an
“accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), or
(a)(8) promulgated under the Securities Act or a “qualified institutional buyer”
as defined in Rule 144A(a) under the Securities Act.

     

    Section
5.                                Miscellaneous.

     

    a) No Rights as Shareholder
Until Exercise.  This Warrant does not entitle the Holder to
any voting rights or other rights as a shareholder of the Company prior to the
exercise hereof as set forth in Section
2.

     

    b) Loss, Theft, Destruction or
Mutilation of Warrant. The Company covenants that upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it (which, in the case of the Warrant, shall
not include the posting of any bond), and upon surrender and cancellation of
such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

     

    c) Saturdays, Sundays,
Holidays, etc.  If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall not
be a Business Day, then such action may be taken or such right may be exercised
on the next succeeding Business Day.

     

    d) Authorized
Shares.  The Company covenants that, during the period the
Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant
Shares upon the exercise of any purchase rights under this
Warrant.  The Company further covenants that its issuance of this
Warrant shall constitute full authority to its officers who are charged with the
duty of executing stock certificates to execute and issue the necessary
certificates for the Warrant Shares upon the exercise of the purchase rights
under this Warrant.  The Company will take all such reasonable action
as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any
requirements of the Trading Market upon which the Common Stock may be
listed.

     

    Before taking any action which would
result in an adjustment in the number of Warrant Shares for which this Warrant
is exercisable or in the Exercise Price, the Company shall obtain all such
authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction
thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    e) Jurisdiction. All
questions concerning the construction, validity, enforcement, venue,
jurisdiction, and interpretation of this Warrant shall be determined in
accordance with the provisions of the Purchase Agreement.

     

    f) Restrictions.  The
Holder acknowledges that the Warrant Shares acquired upon the exercise of this
Warrant, if not registered, will have restrictions upon resale imposed by state
and federal securities laws.

     

    g) Nonwaiver and
Expenses.  No course of dealing or any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice Holder’s rights, powers or remedies,
notwithstanding the fact that all rights hereunder terminate on the Termination
Date.  If the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder,
the Company shall pay to Holder such amounts as shall be sufficient to cover any
costs and expenses including, but not limited to, reasonable attorneys’ fees,
including those of appellate proceedings, incurred by Holder in collecting any
amounts due pursuant hereto or in otherwise enforcing any of its rights, powers
or remedies hereunder.

     

    h) Notices.  Any
notice, request or other document required or permitted to be given or delivered
to the Holder by the Company shall be delivered in accordance with the notice
provisions of the Purchase Agreement.

     

    i) Limitation of
Liability.  No provision hereof, in the absence of any
affirmative action by Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of Holder, shall
give rise to any liability of Holder for the purchase price of any Common Stock
or as a stockholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.

     

    j) Remedies.  Holder,
in addition to being entitled to exercise all rights granted by law, including
recovery of damages, will be entitled to specific performance of its rights
under this Warrant.  The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it
of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be
adequate.

     

    k) Successors and
Assigns.  Subject to applicable securities laws, this Warrant
and the rights and obligations evidenced hereby shall inure to the benefit of
and be binding upon the successors of the Company and the successors and
permitted assigns of Holder.  The provisions of this Warrant are
intended to be for the benefit of all Holders from time to time of this Warrant
and shall be enforceable by any such Holder or holder of Warrant
Shares.

     

    l) Amendment.  This
Warrant may be modified or amended or the provisions hereof waived only with the
written consent of the Company and the Holder.

     

    m) Severability.  Wherever
possible, each provision of this Warrant shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of
this Warrant.

     

    n) Headings.  The
headings used in this Warrant are for the convenience of reference only and
shall not, for any purpose, be deemed a part of this Warrant.

     

    

    ********************

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
officer thereunto duly authorized.

     

    

    Dated:  July
_, 2008

    
 

    

    
      	
              GLOBAL
      DIVERSIFIED INDUSTRIES, INC.

               

            
	
              By:__________________________________________

              Name:

              Title:

            
	 
      

    

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    

    NOTICE
OF EXERCISE

    

    TO:           [_______________________]

    

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

     

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

     

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

     

    _______________________________

    

    

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

    

    _______________________________

    

    _______________________________

    

    _______________________________

    

    (4)  Accredited
Investor.  The undersigned certifies that it is an “accredited
investor” as defined in Regulation D promulgated under the Securities Act of
1933, as amended.

    

    [SIGNATURE
OF HOLDER]

    

    
      Name of
Investing Entity:                                                                                                                                          

      Signature of Authorized Signatory of
Investing Entity:                                                                                                                                          

      Name of
Authorized Signatory:                                                                                                                                          

      Title of
Authorized Signatory:                                                                                                                                          

      Date:                                                                                                                                                                        

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ASSIGNMENT
FORM

    

    (To
assign the foregoing warrant, execute

    this form
and supply required information.

    Do not
use this form to exercise the warrant.)

    

    

    

    FOR VALUE
RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all
rights evidenced thereby are hereby assigned to

     

    

    _______________________________________________
whose address is

    

    _______________________________________________________________.

    

    

    

    _______________________________________________________________

    

    Dated:  ______________,
_______

    

    

    Holder’s
Signature:                                           _____________________________

    

    Holder’s
Address:                                           _____________________________

    

    _____________________________

    

    

    

    Signature
Guaranteed:  ___________________________________________

    

    

    NOTE:  The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Warrant, without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank or trust
company.  Officers of corporations and those acting in a fiduciary or
other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.ex4-1.htm

    Exhibit
4.1

    OMNIMMUNE
CORP.

    

    Executive
Stock Option Agreement

     

    Omnimmune
Corp., a Texas corporation (the “Company”), hereby grants to the undersigned
optionee (“Optionee”) a non-qualified option (this “Option”) to purchase the
total number of shares of common stock of the Company shown below (“Shares”) at
the exercise price per Share set forth below (the “Exercise Price”), subject to
all of the terms and conditions set forth in this Agreement (the
“Agreement”).  The term “Company” means and includes the Company as
well as any successor entity resulting from the merger or consolidation of the
Company with another entity.

    

    
      
        	
                Shares
      Subject to Option:

              	____________________________________ 
      
	 
      	 
      
	
                Exercise
      Price Per Share:

              	____________________________________
	 
      	 
      
	
                Term
      of Option:

              	____________________________________
	 
      	 
      
	
                Vesting:

              	____________________________________
	 
      	 
      
	
                Grant
      Date:

              	____________________________________

      

    

     

    1.           Exercise Period
of Option.  Subject to the
terms and conditions of this Agreement, and unless otherwise modified in writing
signed by the Company and Optionee, this Option may be exercised with respect to
all of the Shares subject to this Option prior to the date which is the last day
of the Term (hereinafter “Expiration Date”).

     

    2.           Restrictions on
Exercise.  This Option may
not be exercised, unless such exercise is in compliance with the Securities Act
of 1933 and all applicable state securities laws, as they are in effect on the
date of exercise, and the requirements of any stock exchange or national market
system on which the Company’s Shares may be listed at the time of
exercise.  Optionee understands that the Company is under no
obligation to register, qualify or list the Shares subject to this Option with
the Securities and Exchange Commission (“SEC”), any state securities commission
or any stock exchange to effect such compliance.

     

    3.           Manner of
Exercise.

     

    (a)           Exercise
Agreement.  This Option shall be exercisable by delivery to the
Company of an executed Exercise Agreement (“Exercise Agreement”) in the form of
the Exercise Agreement delivered to Optionee, if applicable, or in such form as
may be approved or accepted by the Company, which shall set forth Optionee’s
election to exercise this Option with respect to some or all of the Shares
subject to this Option, the number of Shares subject to this Option being
purchased, and any restrictions imposed on the Shares subject to this Option
(including, without limitation, investment intent restrictions, restrictions on
transfer, “lock up” type restrictions in the case of a public offering of the
Company’s securities, restrictions or limitations that would be applied to
Shareholders under any applicable restriction agreement among the Shareholders,
and restrictions under applicable federal securities laws, under the
requirements of any stock exchange or market upon which such Shares are then
listed and/or traded, and/or under any blue sky or state securities laws
applicable to such Shares).  The Company may modify the required
Exercise Agreement at any time.

     

    (b)           Exercise Price. Such Exercise
Agreement shall be accompanied by full payment of the Exercise Price for the
Shares being purchased.  Payment for the Shares being purchased may be
made in U.S. dollars in cash (by check), or by delivery to the Company of a
number of Shares which have been owned and completely paid for by the holder for
the requisite period necessary to avoid a charge to the Company’s earnings for
financial reporting purposes having an aggregate Fair Market Value (as defined
below) equal to the amount to be tendered, or a combination
thereof.  In addition, this Option may be exercised through a
brokerage transaction following registration of the Company’s equity securities
under Section 12 of the Securities Exchange Act of 1934 as permitted under the
provisions of Regulation T applicable to cashless exercises promulgated by the
Federal Reserve Board.

     

    (c)           Withholding
Taxes.  Prior to the issuance of Shares upon exercise of this
Option, Optionee must pay, or make adequate provision for, any applicable
federal or state withholding obligations of the Company.  Optionee may
provide for payment of withholding taxes upon exercise of the Option by
requesting that the Company retain Shares with a Fair Market Value equal to the
minimum amount of taxes required to be withheld.  In such case, the
Company shall issue the net number of Shares to Optionee by deducting the Shares
retained from the Shares exercised.

     

    (d)           Issuance of Shares. Provided
that such Exercise Agreement and payment are in form and substance satisfactory
to counsel for the Company, the Company shall cause the Shares purchased to be
issued in the name of Optionee or Optionee’s legal
representative.  Optionee shall not be considered a shareholder until
such time as Shares have been issued as noted on the books of the
Company.  If this Option should be exercised in part only, the Company
shall, upon surrender of this Option for cancellation, execute and deliver a new
Option evidencing the right of the Optionee to purchase the balance of the
Shares subject hereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e)           Securities
Regulation.  Upon the receipt of Shares as a result of the
exercise of this Option, Optionee shall hold such Shares for investment and not
with a view of resale or distribution to the public.  In addition, if
the Optionee is an officer, director or ten percent (10%) beneficial owner of
any class of the Company’s equity securities that is registered pursuant to
Section 12 of the Exchange Act, a tender of Shares or a cashless exercise must
(1) meet the requirements of an exemption under Rule 16b-3 promulgated under the
Exchange Act, or (2) be a subsequent transaction the terms of which were
provided for in a transaction initially meeting the requirements of an exemption
under Rule 16b-3 promulgated under the Exchange Act.

     

    (f)           Cashless
Exercise.  In lieu of the payment of the Exercise Price in cash
or by delivery of previously owned Shares, the Optionee may require the Company
to convert this Option, in whole or in part, into Shares (“cashless
exercise”).  Upon such cashless exercise, the Company shall deliver to
the Optionee that number of Shares equal to the quotient obtained by dividing
(x) the value of this Option (or portion thereof if being exercised in part) at
the time of the cashless exercise (determined by subtracting the aggregate
Exercise Price of the Shares as to which the Option is being exercised from the
aggregate Fair Market Value of the Shares as to which the Option is being
exercised) by (y) the Fair Market Value of one Share immediately prior to the
cashless exercise.

     

    For purposes of this Agreement, “Fair
Market Value” of each Share on any date shall be deemed to be the average of the
daily closing prices for the five consecutive trading days immediately preceding
the date in question.  The closing price for each day shall be the
last reported sales price or, in case no such reported sale takes place on such
day, the closing bid price, in either case on the principal national securities
exchange on which the Shares are listed or admitted to trading or, if the Shares
are not listed or admitted to trading on any national securities exchange, the
highest reported bid price for the Shares as furnished by the National
Association of Securities Dealers, Inc. through Nasdaq or a similar organization
if Nasdaq is no longer reporting such information.  In the absence of
an established public trading market for the Shares, the Fair Market Value of a
Share shall be determined in good faith by the board. For all purposes of this Agreement,
Fair Market Value shall be determined by the Company consistent with the
requirements of Section 409A of the Internal Revenue Code of 1986, as may be
amended from time to time.

     

    4.           Antidilution
Protection.  If at any time
following the Grant Date the Company shall sell or issue additional shares of
common stock, the number of Shares shall be automatically increased such that
the Shares shall at all times following the Grant Date during the Term represent
five percent (5%) of the issued and outstanding common stock of the
Company.  Immediately following the closing of each such sale or
issuance of additional shares of common stock, the Company shall deliver to
Optionee written notice of such increase in the number of Shares and/or an
additional Stock Option Agreement granting the Optionee such number of
additional options such that Optionee, upon exercise thereof, will own five
percent (5%) of the issued and outstanding common stock of the Company and which
options shall have a per share exercise price of no less than the Fair Market
Value of a share of common stock of the Company as of the date of such
grant.

     

    5.           Adjustments.

     

    (a)           Capital
Adjustments.  In case the Company shall at any time after the
Grant Date: (i) declare a dividend on the outstanding common stock payable in
shares of its capital stock, (ii) subdivide its outstanding common stock, or
(iii) combine the outstanding common stock into a smaller number of shares,
then, in each case, the Exercise Price in effect, and the number of Shares, at
the time of the record date for such dividend or of the effective date of such
subdivision or combination, shall be proportionately adjusted so that the
Optionee shall be entitled to receive the aggregate number and kind of Shares,
for the same aggregate Exercise Price as in effect immediately prior to such
dividend, subdivision or combination, which, if this Option had been exercised
immediately prior to such time, the Optionee would have owned upon such exercise
and been entitled to receive by virtue of such dividend, subdivision, or
combination.  Such adjustment shall be made successively whenever any
event listed above shall occur.  Any adjustment under this paragraph
shall become effective at the close of business on the date the dividend,
subdivision or combination becomes effective.

     

    (b)           Mergers, Consolidations or Sale of
Assets.  If the Company is a party to a reorganization, or a
merger or consolidation with or into another corporation, or the sale of the
Company’s properties and assets as, or substantially as, an entirety to any
other person, then, as a part of such transaction, lawful provision shall be
made so that this Option shall pertain and apply to the securities and/or other
property to which the Optionee of the number of shares of common stock of the
Company then covered by this Option would have been entitled had this Option
been exercised in whole immediately prior to the effective date of such
reorganization, merger, consolidation or sale.  In any such case,
appropriate adjustment shall be made in the application of the provisions of
this Option with respect to the rights and interests of the Optionee after the
reorganization, merger, consolidation or sale to the end that the provisions of
this Option shall be applicable after that event, as near as reasonably may be,
in relation to any securities or other property deliverable after that event
upon exercise of this Option.  The Company shall not effect any such
reorganization, merger, consolidation or sale unless upon or prior to the
consummation thereof the successor corporation, or if the Company shall be the
surviving corporation and is not the issuer of the shares of stock or other
securities or property to be delivered to the Optionee, then such issuer, shall
assume by written instrument the obligation to deliver to the Optionee such
shares of stock, securities, cash or other property as the Optionee shall be
entitled to purchase in accordance with the foregoing provisions.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c)           Notice to Optionee of
Adjustment.  Whenever the number of Shares or the Exercise
Price is adjusted as herein provided, the Company shall cause to be mailed to
the Optionee a notice (i) stating that the number of Shares have been adjusted,
(ii) setting forth the adjusted number of Shares, (iii) the Exercise Price, as
adjusted, and (iv) showing in reasonable detail the computations and the facts,
including the amount of consideration received or deemed to have been received
by the Company, upon which such adjustments are based.

     

    (d)           De Minimis
Adjustments.  All calculations under this Section 6 shall be
made to the nearest cent or to the nearest share, as the case may be; provided,
however that, no adjustment in the Exercise Price shall be required if such
adjustment is less than $.01; and provided, further, that any adjustments which
by reason of this Section 6 are not required to be made shall be carried forward
and taken into account in any subsequent adjustment.

     

    6.           Nontransferability
of Option.  This Option may
not be transferred in any manner, other than by will or by the laws of descent
and distribution, and by the Optionee as a bona fide gift (i) to his spouse,
lineal descendant or lineal ascendant, siblings and children by adoption, (ii)
to a trust for the benefit of one or more individuals described in clause (i)
and no other persons, or (iii) to a partnership of which the only partners are
one or more individuals described in clause (i), in which case the transferee
shall be subject to all provisions hereof.  This Option may be
exercised during Optionee’s lifetime only by Optionee or to the extent allowed
by the Agreement.  The terms of this Option shall be binding upon the
executor, administrators, successors and assigns of Optionee.

     

    7.           Change of Control
of the Company.  If a Change of Control occurs and if the
agreements effectuating the Change of Control do not provide for the assumption
or substitution of the Option granted under this Agreement, the Board, in its
sole and absolute discretion, may take any or all of the following actions to be
effective as of the date of the Change of Control (or as of any other date fixed
by the Board occurring within the thirty (30) day period immediately preceding
the date of the Change of Control, but only if such action remains contingent
upon the effectuation of the Change of Control) (such date referred to as the
“Option Action Effective Date”):

    

    (a) Unilaterally
cancel this Option in exchange for:

    

    (i)           whole
and/or fractional Shares (or for whole Shares and cash in lieu of any fractional
Share) or whole and/or fractional Shares of a successor (or for whole Shares of
a successor and cash in lieu of any fractional Share) that, in the aggregate,
are equal in value to the excess of the Fair Market Value of the Shares, as such
term is defined below, that could be purchased subject to such this Option
determined as of the Option Action Effective Date over the aggregate Exercise
Price for such Shares; or

     

    (ii)           cash
or other property equal in value to the excess of the Fair Market Value of the
Shares that could be purchased subject to such this Option determined as of the
Option Action Effective Date over the aggregate Exercise Price for such
Shares.

    

    (b) Unilaterally
cancel this Option after providing Optionee with (i) an opportunity to exercise
the Option to the extent vested within a specific period prior to the date of
the Change of Control, and (ii) notice of such opportunity to exercise prior to
the commencement of such specified period.

     

    For the
purposes of this Agreement, a “Change in Control” shall mean either of the
following:

     

    (a)           any
transaction or series of transactions pursuant to which the Company sells,
transfers, leases, exchanges or disposes of substantially all (i.e., at least eighty percent
(80%)) of its assets for cash or property, or for a combination of cash and
property, or for other consideration; or

     

    (b)           any
transaction pursuant to which persons who are not current shareholders of the
Company acquire by merger, consolidation, reorganization, division or other
business combination or transaction, or by a purchase of an interest in the
Company, an interest in the Company so that after such transaction, the
shareholders of the Company immediately prior to such transaction no longer have
a controlling (i.e.,
50% or more) voting interest in the Company.

     

    However,
notwithstanding the foregoing, in no event shall a registered public offering of
securities of the Company consummated after the date hereof constitute a Change
of Control or be included in the calculations above to determine whether a
Change of Control has occurred.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8.           Tax
Consequences.  Optionee
understands that the grant and exercise of this Option, and the sale of Shares
obtained through the exercise of this Option, may have tax implications that
could result in adverse tax consequences to Optionee.  Optionee
represents that Optionee has consulted with, or will consult with, his or her
tax advisor; Optionee further acknowledges that Optionee is not relying on the
Company for any tax, financial or legal advice; and it is specifically
understood by the Optionee that no representations or assurances are made as to
any particular tax treatment with respect to the Option.

     

    9.           Interpretation.  Any dispute
regarding the interpretation of this Agreement shall be submitted to the
Board.  The resolution of such a dispute by the Board or a committee
thereof shall be final and binding on the Company and Optionee.

     

    10.           Entire Agreement
and Other Matters.  Any Exercise
Agreement attached hereto is incorporated herein by
reference.  Optionee acknowledges and agrees that the granting of this
Option constitutes a full accord, satisfaction and release of all obligations or
commitments made to Optionee by the Company or any of its officers, directors,
shareholders or affiliates with respect to the issuance of any securities, or
rights to acquire securities, of the Company or any of its
affiliates.  This Agreement and the Exercise Agreement constitute the
entire agreement of the parties hereto, and supersede all prior understandings
and agreements with respect to the subject matter hereof.  This
Agreement and the underlying Option are void ab initio unless this
Agreement has been executed by the Optionee and the Optionee has agreed to all
terms and provisions hereof.

     

    Optionee hereby represents that
Optionee has read and understands the terms and provisions of the Agreement, and
accepts this Option subject to all the terms and conditions of the Agreement and
this Agreement.  Optionee acknowledges that there may be adverse tax
consequences upon exercise of this Option or disposition of Shares purchased by
exercise of this Option, and that Optionee should consult a tax adviser prior to
such exercise or disposition.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    OPTIONEE:

     

    

    _______________________________

    

     

    IN WITNESS
WHEREOF, this Agreement has been executed by the Company by a duly
authorized officer as of the date specified hereon.

     

    Omnimmune
Corp.

    

     

    By:                                                               

    Name:                                                               

    Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00146-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00146-of-00352.parquet"}]]