Document:

Unassociated Document

    Exhibit
      4.2

    Warrant
      Certificate No. ___

    

      NEITHER
        THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE
        UPON
        THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT
        OF
        1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH
        SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, ASSIGNED OR OTHERWISE
        TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS
        EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE
        SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE
        COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES,
        WHICH
        COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES
        MAY BE
        OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED
        WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE
        SECURITIES
        LAWS.

    

    

      
        	
                Effective
                  Date: May [ ],
                  2007

              	
                Void
                  After: May [ ],
                  2012

              

      

    

     

    MODIGENE,
      INC.

    

    WARRANT
      TO PURCHASE COMMON STOCK

    

      Modigene
        Inc. (f/k/a LDG, Inc.), a Nevada corporation (the “Company”),
        for
        value received on May [ ], 2007 (the “Effective
        Date”),
        hereby issues to [
        ] (the
        “Holder”)
        this
        Warrant (the “Warrant”)
        to
        purchase, [
        ]
        shares
        (each such share
        as from
        time to time adjusted as hereinafter provided
        being a
“Warrant
        Share”
and
        all
        such shares being the “Warrant
        Shares”)
        of the
        Company’s Common Stock (as defined below), at the Exercise Price (as defined
        below), as adjusted from time to time as provided herein, on or before May
        [ ],
        2012 (the “Expiration
        Date”),
        all
        subject to the following terms and conditions. 

      

      As
        used
        in this Warrant, (i) “Business
        Day”
means
        any day other than Saturday, Sunday or any other day on which commercial
        banks
        in the City of New York, New York, are authorized or required by law or
        executive order to close; (ii) “Common
        Stock”
means
        the common stock of the Company, $0.00001 par value per share, including
        any securities issued or issuable with respect thereto or into which or for
        which such shares may be exchanged for, or converted into, pursuant to any
        stock
        dividend, stock split, stock combination, recapitalization, reclassification,
        reorganization or other similar event;
        (iii)
“Exercise
        Price”
means
        $2.50 per share of Common Stock, subject to adjustment as provided herein;
        (iv)
        “Trading
        Day”
means
        any
        day
        on which
        the Common Stock is traded on the primary national or regional stock exchange
        on
        which the Common Stock is listed, or if not so listed, the NASD OTC Bulletin
        Board, if quoted thereon, is
        open
        for the transaction of business; and (v) “Affiliate”
means
        any Person that, directly or indirectly, through one or more intermediaries,
        controls, is controlled by, or is under common control with, a Person, as
        such
        terms are used and construed in Rule 144 promulgated
        under the Securities Act of 1933, as amended (the “Securities
        Act”).

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      1. DURATION
        AND EXERCISE OF WARRANTS

      

      (a) Exercise
        Period.
        The
        Holder may exercise this Warrant in whole or in part on any Business Day
        on or
        before 5:00 P.M., Eastern Daylight Time, on the Expiration Date, at which
        time
        this Warrant shall become void and of no value.

      (b) Exercise
        Procedures.

      

      (i) While
        this Warrant remains outstanding and exercisable in accordance with Section
        1(a),
        in
        addition to the manner set forth in Section 1(b)(ii) below, the Holder may
        exercise this Warrant in whole or in part
        at any
        time and from time to time
        by:

      

      (A) delivery
        to the Company of a duly executed copy of the Notice of Exercise attached
        as
Exhibit
        A;

      

      (B) surrender
        of this Warrant to the Secretary of the Company at its principal offices
        or at
        such other office or agency as the Company may specify in writing to the
        Holder;
        and

      

      (C) payment
        of the then-applicable
        Exercise
        Price per share multiplied by the number of Warrant Shares being purchased
        upon
        exercise of the Warrant (such amount, the “Aggregate
        Exercise Price”)
        made
        in
        the form of cash, or by certified check, bank draft or money order payable
        in
        lawful money of the United States of America
        or in
        the form of a Cashless Exercise
        to the
        extent permitted in Section 1(b)(ii)
        below.

      

      (ii) While
        this Warrant remains outstanding and exercisable in accordance with Section
        1(a), the Holder may, in its sole discretion, exercise all or any part of
        the
        Warrant in a “cashless” or “net-issue” exercise (a “Cashless
        Exercise”)
        by
        delivering to the Company (1) the Notice of Exercise and (2) the original
        Warrant,
        pursuant to which the Holder shall surrender the right to receive upon exercise
        of this Warrant, a number of Warrant Shares having a value (as determined
        below)
        equal to the Aggregate Exercise Price, in which case, the number of Warrant
        Shares to be issued to the Holder upon such exercise shall be calculated
        using
        the following formula:

    

    

    X
       = Y
      * (A
      - B)

       
      A

    

     
      with: X
      =
 the
      number of Warrant Shares to be issued to the Holder

    

    Y
      = the
      number of Warrant Shares with respect to which the Warrant is being
      exercised

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    A
      = the
      fair
      value per share of Common
      Stock on
      the
      date of exercise of this Warrant

    

    B
      = the
      then-current Exercise Price of
      the
      Warrant

     

    
      Solely
        for the purposes of this paragraph, “fair value” per share of Common Stock shall
        be determined either (A) reasonably and in good faith by the Board of Directors
        of the Company as of the date which the Notice of Exercise is deemed to have
        been sent to the Company, or (B) as the average of the closing sales prices,
        as
        quoted on the primary national or regional stock exchange on which the Common
        Stock is listed, or,
        if not
        listed,
        the NASD
        OTC Bulletin Board if quoted thereon, on the twenty
        (20)
        trading
        days immediately preceding the date on which the Notice of Exercise is deemed
        to
        have been sent to the Company, whichever of (A) or (B) is greater.

      

      (iii) Upon
        the exercise
        of this
        Warrant in compliance with the provisions of this Section 1(b), the Company
        shall promptly issue and cause to be delivered to the Holder a certificate
        for
        the Warrant Shares purchased by the Holder. Each
        exercise of this Warrant shall be effective immediately prior to the close
        of
        business on the date (the “Date
        of Exercise”)
        which
        the
        conditions set forth in Section 1(b) have been satisfied, as the case may
        be.
        On
        the
        first Business Day following the date on which the Company has received each
        of
        the Exercise Notice and the Aggregate Exercise Price (or notice of a Cashless
        Exercise in accordance with Section 1(b)(ii)) (the “Exercise
        Delivery Documents”),
        the
        Company shall transmit an acknowledgment of receipt of the Exercise Delivery
        Documents to the Company’s transfer agent (the “Transfer
        Agent”).
        On or
        before the third Business Day following the date on which the Company has
        received all of the Exercise Delivery Documents (the “Share
        Delivery Date”),
        the
        Company shall (X) provided that the Transfer Agent is participating in The
        Depository Trust Company (“DTC”)
        Fast
        Automated Securities Transfer Program, upon the request of the Holder, credit
        such aggregate number of shares of Common Stock to which the Holder is entitled
        pursuant to such exercise to the Holder’s or its designee’s balance account with
        DTC through its Deposit Withdrawal Agent Commission system, or (Y) if the
        Transfer Agent is not participating in the DTC Fast Automated Securities
        Transfer Program, issue and dispatch by overnight courier to the address
        as
        specified in the Exercise Notice, a certificate, registered in the Company’s
        share register in the name of the Holder or its designee, for the number
        of
        shares of Common Stock to which the Holder is entitled pursuant to such
        exercise. Upon delivery of the Exercise Notice and Aggregate Exercise Price
        referred to in Section
        1(b)(i)(C)
        above or
        notification to the Company of a Cashless Exercise referred to in Section
        1(b)(ii), the Holder 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, irrespective of the date of delivery of the certificates
        evidencing such Warrant Shares. If this Warrant is submitted in connection
        with
        any exercise pursuant to Section 1(b) and the number of Warrant Shares
        represented by this Warrant submitted for exercise is greater than the
actual
        number
        of
        Warrant Shares being acquired upon such an
        exercise, then the Company shall as soon as practicable and in no event later
        than three (3) Business Days after any exercise and at its own expense, issue
        a
        new Warrant (in accordance with Section 1(b))
        of like
        tenor
        representing the right to purchase the number of Warrant Shares purchasable
        immediately prior to such exercise under this Warrant, less the number of
        Warrant Shares with respect to which this Warrant is exercised. No fractional
        shares of Common Stock are to be issued upon the exercise of this Warrant,
        but
        rather the number of shares of Common Stock to be issued shall be rounded
        up to
        the nearest whole number. 

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (iv) If
        the
        Company shall fail for any reason or for no reason to issue to the Holder,
        within three (3) Business Days of receipt of the Exercise Delivery Documents,
        a
        certificate for the number of shares of Common Stock to which the Holder
        is
        entitled and register such shares of Common Stock on the Company’s share
        register or to credit the Holder’s balance account with DTC for such number of
        shares of Common Stock to which the Holder is entitled upon the Holder’s
        exercise of this Warrant, and if on or after such Business Day the Holder
        purchases (in an open market transaction or otherwise) shares of Common Stock
        to
        deliver in satisfaction of a sale by the Holder of shares of Common Stock
        issuable upon such exercise that the Holder anticipated receiving from the
        Company (a “Buy-In”),
        then
        the Company shall, within three (3) Business Days after the Holder’s request and
        in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal
        to the Holder’s total purchase price (including brokerage commissions, if any)
        for the shares of Common Stock so purchased (the “Buy-In
        Price”),
        at
        which point the Company’s obligation to deliver such certificate (and to issue
        such shares of Common Stock) shall terminate, or (ii) promptly honor its
        obligation to deliver to the Holder a certificate or certificates representing
        such shares of Common Stock and pay cash to the Holder in an amount equal
        to the
        excess (if any) of the Buy-In Price over the product of (A) such number of
        shares of Common Stock, times (B) the closing bid price on
        the
        date of exercise.

      

      (c) Partial
        Exercise.
        This
        Warrant shall be exercisable, either in its entirety or, from time to time,
        for
        part only of the number of Warrant Shares referenced by this Warrant. If
        this
        Warrant is exercised in part, the Company shall issue, at its expense, a
        new
        Warrant, in substantially the form of this Warrant, referencing such reduced
        number of Warrant Shares which remain subject to this Warrant.

      

      (d) Disputes.
        In the
        case of a dispute as to the determination of the Exercise Price or the
        arithmetic calculation of the Warrant Shares, the Company shall promptly
        issue
        to the Holder the number of Warrant Shares that are not disputed and resolve
        such dispute in accordance with Section 15.

      

      2. ISSUANCE
        OF WARRANT SHARES

      

      (a) The
        Company covenants that all Warrant Shares will, upon issuance in accordance
        with
        the terms of this Warrant, be (i) duly authorized, fully paid and
        non-assessable, and (ii) free from all liens, charges and security interests,
        with the exception of claims arising through the acts or omissions of any
        Holder
        and except as arising from applicable Federal and state securities
        laws.

      

      (b) The
        Company shall register this Warrant upon records to be maintained by the
        Company
        for that purpose in the name of the record holder of such Warrant from time
        to
        time. The Company may deem and treat the registered Holder of this Warrant
        as
        the absolute owner thereof for the purpose of any exercise thereof, any
        distribution to the Holder thereof and for all other purposes.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (c) The
        Company will not, by amendment of its articles of incorporation, by-laws
        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 hereunder by the Company, 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 the action as may be necessary or appropriate in order to protect
        the rights of the Holder to exercise this Warrant,
        or
        against impairment of such rights.

      

      3. ADJUSTMENTS
        OF EXERCISE PRICE, NUMBER AND TYPE OF WARRANT SHARES

      

      (a) The
        Exercise Price and the number of shares purchasable upon the exercise of
        this
        Warrant shall be subject to adjustment from time to time upon the occurrence
        of
        certain events described in this Section 3(a); provided,
        that
        notwithstanding the provisions of this Section 3, the Company shall not be
        required to make any adjustment if and to the extent that such adjustment
        would
        require the Company to issue a number of shares of Common Stock in excess
        of its
        authorized but unissued shares of Common Stock, less all amounts of Common
        Stock
        that have been reserved for issue upon the conversion of all outstanding
        securities convertible into shares of Common Stock and the exercise of all
        outstanding options, warrants and other rights exercisable for shares of
        Common
        Stock. 

      

      (i) Subdivision
        or Combination of Stock.
        In case
        the Company shall at any time subdivide (whether
        by way of stock dividend, stock split or otherwise) its
        outstanding shares of Common Stock into a greater number of shares, the Exercise
        Price in effect immediately prior to such subdivision shall be proportionately
        reduced and
        the
        Warrant Shares shall be proportionately increased,
        and
        conversely, in case the outstanding shares of Common Stock of the Company
        shall
        be combined (whether
        by way of stock combination, reverse stock split or otherwise) into
        a
        smaller number of shares, the Exercise Price in effect immediately prior
        to such
        combination shall be proportionately increased
        and the
        number of Warrant Shares shall be proportionately decreased. The Exercise
        Price
        and the Warrant Shares, as so adjusted, shall be readjusted in the same manner
        upon the happening of any successive event or events described in this Section
        3(a)(i).

      

      (ii) Dividends
        in Stock, Property, Reclassification.
        If at
        any time, or from time to time, the holders of Common Stock (or any shares
        of
        stock or other securities at the time receivable upon the exercise of this
        Warrant) shall have received or become entitled to receive, without payment
        therefore:

      

      (A) any
        shares of stock or other securities which are at any time directly or indirectly
        convertible into or exchangeable for Common Stock, or any rights or options
        to
        subscribe for, purchase or otherwise acquire any of the foregoing by way
        of
        dividend or other distribution, or

      

      (B) additional
        stock or other securities or property (including cash) by way of spin-off,
        split-up, reclassification, combination of shares or similar corporate
        rearrangement, (other than shares of Common Stock issued as a stock split
        or
        adjustments in respect of which shall be covered by the terms of Section
        3(a)(i)
        above), then and in each such case, the Exercise
        Price and the number of Warrant Shares to be obtained upon exercise of this
        Warrant shall be adjusted proportionately, and the Holder
        hereof shall, upon the exercise of this Warrant, be entitled to receive,
        in
        addition to the number of shares of Common Stock receivable thereupon, and
        without payment of any additional consideration therefor, the amount of stock
        and other securities and property (including cash in the cases referred to
        above) which such Holder would hold on the date of such exercise had he been
        the
        holder of record of such Common Stock as of the date on which holders of
        Common
        Stock received or became entitled to receive such shares or all other additional
        stock and other securities and property.
        The
        Exercise Price and the Warrant Shares, as so adjusted, shall be readjusted
        in
        the same manner upon the happening of any successive event or events described
        in this Section 3(a)(ii).

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (iii) Reorganization,
        Reclassification, Consolidation, Merger or Sale.
        If any
        recapitalization, reclassification or reorganization of the capital stock
        of the
        Company, or any consolidation or merger of the Company with another corporation,
        or the sale of all or substantially all of its assets or other
        transaction shall be effected in such a way that holders of Common Stock
        shall
        be entitled to receive stock, securities, or other assets or property (an
        “Organic
        Change”),
        then,
        as a condition of such Organic Change, lawful and adequate provisions shall
        be
        made by the Company whereby the Holder hereof shall thereafter have the right
        to
        purchase and receive (in lieu of the shares of the Common Stock of the Company
        immediately theretofore purchasable and receivable upon the exercise of the
        rights represented by this Warrant) such shares of stock, securities or other
        assets or property as may be issued or payable with respect to or in exchange
        for a number of outstanding shares of such Common Stock equal to the number
        of
        shares of such stock immediately theretofore purchasable and receivable assuming
        the full exercise of the rights represented by this Warrant. In the event
        of any
        Organic Change, appropriate provision shall be made by the Company with respect
        to the rights and interests of the Holder of this Warrant to the end that
        the
        provisions hereof (including, without limitation, provisions for adjustments
        of
        the Exercise Price and of the number of shares purchasable and receivable
        upon
        the exercise of this Warrant) shall thereafter be applicable, in relation
        to any
        shares of stock, securities or assets thereafter deliverable upon the exercise
        hereof. The Company will not effect any such consolidation, merger or sale
        unless, prior to the consummation thereof, the successor corporation (if
        other
        than the Company) resulting from such consolidation or merger
        or
the
        corporation purchasing such assets shall assume by written instrument reasonably
        satisfactory in form and substance to the Holders executed and mailed or
        delivered to the registered Holder hereof at the last address of such Holder
        appearing on the books of the Company, the obligation to deliver to such
        Holder
        such shares of stock, securities or assets as, in accordance
        with the foregoing provisions, such Holder may be entitled to
        purchase. If
        there
        is an Organic Change, then the Company shall cause to be mailed to the Holder
        at
        its last address as it shall appear on the books and records of the Company,
        at
        least 15 calendar days before the effective date of the Organic Change, a
        notice
        stating the date on which such Organic Change 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 for securities, cash,
        or
        other property delivered upon such Organic Change; 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
        15-day period commencing on the date of such notice to the effective date
        of the
        event triggering such notice. In
        any
        event, the successor corporation (if other than the Company) resulting from
        such
        consolidation or merger or the corporation purchasing such assets shall be
        deemed to assume such obligation to deliver to such Holder such shares of
        stock,
        securities or assets even in the absence of a written instrument assuming
        such
        obligation to the extent such assumption occurs by operation of law. 

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (b) Certificate
        as to Adjustments.
        Upon
        the occurrence of each adjustment or readjustment pursuant to this Section
        3,
        the Company at its expense shall promptly compute such adjustment or
        readjustment in accordance with the terms hereof and furnish to each Holder
        of
        this Warrant a certificate setting forth such adjustment or readjustment
        and
        showing in detail the facts upon which such adjustment or readjustment is
        based.
        The Company shall
        promptly furnish
        or cause to be furnished to such Holder a like certificate setting forth:
        (i)
        such adjustments and readjustments; and (ii) the number of shares and the
        amount, if any, of other property which at the time would be received upon
        the
        exercise of the Warrant.

      

      (c) Certain
        Events.
        If any
        event occurs as to which the other provisions of this Section 3 are not strictly
        applicable but the lack of any adjustment would not fairly protect the purchase
        rights of the Holder under this Warrant in accordance with the basic intent
        and
        principles of such provisions, or if strictly applicable would not fairly
        protect the purchase rights of the Holder under this Warrant in accordance
        with
        the basic intent and principles of such provisions, then the Company's Board
        of
        Directors will, in good faith, make an appropriate adjustment to protect
        the
        rights of the Holder; provided,
        that no
        such adjustment pursuant to this Section 3(c) will increase the Exercise
        Price
        or decrease the number of Warrant Shares as otherwise determined pursuant
        to
        this Section 3.

      

      (d) Adjustment
        of Exercise Price Upon Issuance of Additional Shares of Common
        Stock.
        In the
        event
        the
        Company shall at any time prior to the eighteenth month anniversary of the
        Effective Date issue Additional Shares of Common Stock, as defined below,
        without consideration or for a consideration per share less than the Exercise
        Price in effect immediately prior to such issue, then the Exercise Price
        shall
        be reduced, concurrently with such issue, to a price (calculated to the nearest
        cent) determined by multiplying such Exercise Price by a fraction, (A) the
        numerator of which shall be (1) the number of shares of Common Stock outstanding
        immediately prior to such issue plus (2) the number of shares of Common Stock
        which the aggregate consideration received or to be received by the Company
        for
        the total number of Additional Shares of Common Stock so issued would purchase
        at such Exercise Price; and (B) the denominator of which shall be the number
        of
        shares of Common Stock outstanding immediately prior to such issue plus the
        number of such Additional Shares of Common Stock so issued; provided
        that,
        (i) for the purpose of this Section 3(d), all shares of Common Stock issuable
        upon conversion or exchange of convertible securities outstanding immediately
        prior to such issue shall be deemed to be outstanding, and (ii) the number
        of
        shares of Common Stock deemed issuable upon conversion or exchange of such
        outstanding convertible securities shall be determined without giving effect
        to
        any adjustments to the conversion or exchange price or conversion or exchange
        rate of such convertible securities resulting from the issuance of Additional
        Shares of Common Stock that is the subject of this calculation. For purposes
        of
        this Warrant, “Additional Shares of Common Stock” shall mean all shares of
        Common Stock issued by the Company after the Effective Date (including without
        limitation any shares of Common Stock issuable upon conversion or exchange
        of
        any convertible securities or upon exercise of any option or warrant, on
        an
        as-converted basis), other than: (i) shares of Common Stock issued or
        issuable upon conversion or exchange of any convertible securities or exercise
        of any options outstanding on the Effective Date; (ii) shares of Common
        Stock issued or issuable by reason of a dividend, stock split, split-up or
        other
        distribution on shares of Common Stock that is covered by Sections 3(a)(i)
        through 3(a)(iii) above; or (iii) shares of Common Stock (or options with
        respect thereto) issued or issuable to employees or directors of, or consultants
        to, the Company or any of its subsidiaries pursuant to a plan, agreement
        or
        arrangement approved by the Board of Directors of the Company. The provisions
        of
        this Section 3(d) shall not operate to increase the Exercise Price.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      4. TRANSFERS
        AND EXCHANGES OF WARRANT AND WARRANT SHARES

      

      (a) Registration
        of Transfers and Exchanges.
        Subject
        to Section 4(c), upon the Holder’s surrender of this Warrant, with a duly
        executed copy of the Assignment Notice attached as Exhibit
        B,
        to the
        Secretary of the Company at its principal offices or at such other office
        or
        agency as the Company may specify in writing to the Holder, the Company shall
        register the transfer of all or any portion of this Warrant. Upon such
        registration of transfer the Company shall issue a new Warrant, in substantially
        the form of this Warrant, evidencing the acquisition rights transferred to
        the
        transferee and a new Warrant, in similar form, evidencing the remaining
        acquisition rights not transferred, to the Holder requesting the
        transfer.

      

      (b) Warrant
        Exchangeable for Different Denominations.
        The
        Holder may exchange this Warrant for a new Warrant or Warrants, in substantially
        the form of this Warrant, evidencing in the aggregate the right to purchase
        the
        number of Warrant Shares which may then be purchased hereunder, each of such
        new
        Warrants to be dated the date of such exchange and to represent the right
        to
        purchase such number of Warrant Shares as shall be designated by the Holder.
        The
        Holder shall surrender this Warrant with duly executed instructions regarding
        such
        re-certification of this Warrant to the Secretary of the Company at its
        principal offices or at such other office or agency as the Company may specify
        in writing to the Holder.

      

      (c) Restrictions
        on Transfers.
        This
        Warrant may not be transferred at any time without (i) registration under
        the
        Securities Act or (ii) an exemption from such registration and a written
        opinion
        of legal counsel addressed to the Company that the proposed transfer of the
        Warrant may be effected without registration under the Securities Act, which
        opinion will be in form and from counsel reasonably satisfactory to the Company.
        

      

      (d) Permitted
        Transfers and Assignments.
        Notwithstanding any provision to the contrary in this Section 4, the Holder
        may
        transfer, with or without consideration, this Warrant or any of the Warrant
        Shares (or a portion thereof) to the Holder’s Affiliates (as such term is
        defined under Rule 144 of the Securities Act) without obtaining the opinion
        from
        counsel that may be required by Section 4(c)(ii),
        provided,
        that the
        Holder delivers to the Company and its counsel certification, documentation,
        and
        other assurances reasonably required by the Company’s counsel to enable the
        Company’s counsel to render an opinion to the Company’s Transfer Agent that such
        transfer does not violate applicable securities laws.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      5. MUTILATED
        OR MISSING WARRANT CERTIFICATE

      

      If
        this
        Warrant is mutilated, lost, stolen or destroyed, upon request by the Holder,
        the
        Company will,
        at its
        expense,
        issue,
        in exchange for and upon cancellation of the mutilated Warrant, or in
        substitution for the lost, stolen or destroyed Warrant, a new Warrant, in
        substantially the form of this Warrant, representing the right to acquire
        the
        equivalent number of Warrant Shares, provided,
        that,
        as a prerequisite to the issuance of a substitute Warrant, the Company may
        require satisfactory evidence of loss, theft or destruction as well as an
        indemnity from the Holder of a lost, stolen or destroyed Warrant.

      

      6. PAYMENT
        OF TAXES

      

      The
        Company will pay all transfer and stock issuance taxes attributable to the
        preparation, issuance and delivery of this Warrant and the Warrant Shares
        (and
        replacement Warrants) including,
        without limitation, all documentary and stamp taxes;
        provided, however, that the Company shall not be required to pay any tax
        in
        respect of the transfer of this Warrant, or the issuance or delivery of
        certificates for Warrant Shares or other securities in respect of the Warrant
        Shares to any person or entity other than to the Holder or its
        transferee.

      

      7. FRACTIONAL
        WARRANT SHARES

      

      No
        fractional Warrant Shares shall be issued upon exercise of this Warrant.
        The
        Company, in lieu of issuing any fractional Warrant Share, shall round up
        the
        number of Warrant Shares issuable to nearest whole share.

      

      8. NO
        STOCK
        RIGHTS AND LEGEND

      

      No
        holder
        of this Warrant, as such, shall be entitled to vote or be deemed the holder
        of
        any other securities of the Company which may at any time be issuable on
        the
        exercise hereof, nor shall anything contained herein be construed to confer
        upon
        the holder of this Warrant, as such, the rights of a stockholder of the Company
        or the right to vote for the election of directors or upon any matter submitted
        to stockholders at any meeting thereof,
        or give
        or withhold consent to any corporate action or to receive notice of meetings
        or
        other actions affecting stockholders (except as provided herein), or to receive
        dividends or subscription rights or otherwise (except as provided
        herein).

      

      Each
        certificate for Warrant Shares initially issued upon the exercise of this
        Warrant, and each certificate for Warrant Shares issued to any subsequent
        transferee of any such certificate, shall be stamped or otherwise imprinted
        with
        a legend in substantially the following form:

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      “THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS,
        AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
        ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH
        RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
        LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES
        AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND
        OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED,
        SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT
        AN
        EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES
        LAWS.”

       

      9. REGISTRATION
        UNDER THE SECURITIES ACT OF 1933

      

      The
        Company agrees to provide “piggyback” registration rights for the resale of the
        Warrant Shares under the Securities Act on the terms and subject to the
        conditions set forth in the Registration Rights Agreement between the Company
        and the other signatories thereto.

      

      10. NOTICES

      

      All
        notices, consents, waivers, and other communications under this Warrant must
        be
        in writing and will be deemed given to a party when (a) delivered to the
        appropriate address by hand or by nationally recognized overnight courier
        service (costs prepaid); (b) sent by facsimile or e-mail with confirmation
        of
        transmission by the transmitting equipment; (c) received or rejected by the
        addressee, if sent by certified mail, return receipt requested, if to the
        registered Holder hereof; or (d) seven days after the placement of the notice
        into the mails (first class postage prepaid), to the Holder to it at
        _________________________________________________, or if to the Company,
        to it
        at 8000 Towers Crescent Drive, Suite 1300, Vienna, VA 22182, Attention: Shai
        Novik, Facsimile: (703) 288-0070 (or to such other address, facsimile number,
        or
        e-mail address as the Holder or the Company as a party may designate by notice
        the other party) with a copy to Barack Ferrazzano Kirschbaum Perlman &
Nagelberg LLP, 333 West Wacker Drive, Suite 2700, Chicago, IL 60606, facsimile:
        (312) 984-3150, Attn: Gretchen Trofa, Esq., if on or before May 28, 2007,
        or to
        Barack Ferrazzano Kirschbaum & Nagelberg LLP, 200 West Madison Street, Suite
        3900, Chicago, IL 60606, facsimile: (312) 984-3150, Attn: Gretchen Trofa,
        Esq.,
        if after May 29, 2007. 

      

      11. SEVERABILITY

      

      If
        a
        court of competent jurisdiction holds any provision of this Warrant invalid
        or
        unenforceable, the other provisions of this Warrant will remain in full force
        and effect. Any provision of this Warrant held invalid or unenforceable only
        in
        part or degree will remain in full force and effect to the extent not held
        invalid or unenforceable.

      

      12. BINDING
        EFFECT

      

      This
        Warrant shall be binding upon and inure to the sole and exclusive benefit
        of the
        Company, its successors and assigns, and the registered Holder or Holders
        from
        time to time of this Warrant and the Warrant Shares.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
 

      13. SURVIVAL
        OF RIGHTS AND DUTIES

      

      This
        Warrant shall terminate and be of no further force and effect on the earlier
        of
        5:00 P.M., Eastern Daylight Time, on the Expiration Date or the date on which
        this Warrant has been exercised in full.

      

      14. GOVERNING
        LAW

      

      This
        Warrant will be governed by and construed under the laws of the State of
        New
        York
        without
        regard to conflicts of laws principles that would require the application
        of any
        other law.

      

      15. DISPUTE
        RESOLUTION

      

      In
        the
        case of a dispute as to the determination of the Exercise Price or the
        arithmetic calculation of the Warrant Shares, the Company shall submit the
        disputed determinations or arithmetic calculations via facsimile within two
        Business Days of receipt of the Exercise Notice giving rise to such dispute,
        as
        the case may be, to the Holder. If the Holder and the Company are unable
        to
        agree upon such determination or calculation of the Exercise Price or the
        Warrant Shares within three Business Days of such disputed determination
        or
        arithmetic calculation being submitted to the Holder, then the Company shall,
        within two Business Days submit via facsimile (a) the disputed determination
        of
        the Exercise Price to an independent, reputable investment bank selected
        by the
        Company and approved by the Holder or (b) the disputed arithmetic calculation
        of
        the Warrant Shares to the Company’s independent, outside accountant. The Company
        shall cause at its expense the investment bank 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 ten (10) Business Days from the time
        it
        receives the disputed determinations or calculations. Such investment bank’s or
        accountant’s determination or calculation, as the case may be, shall be binding
        upon all parties absent demonstrable error. 

      

      16. NOTICES
        OF
        RECORD
        DATE

      

      Upon
        (a)
        any establishment
        by the
        Company of a record date of the holders of any class of securities for the
        purpose of determining the holders thereof who are entitled to receive any
        dividend or other distribution, or right or option to acquire securities
        of the
        Company, or any other right, or (b) any capital reorganization,
        reclassification, recapitalization, merger or consolidation of the Company
        with
        or into any other corporation, any transfer of all or substantially all the
        assets of the Company, or any voluntary or involuntary dissolution, liquidation
        or winding up of the Company, or the sale, in a single transaction, of a
        majority of the Company’s voting stock (whether newly issued, or from treasury,
        or previously issued and then outstanding, or any combination thereof), the
        Company shall mail to the Holder at least ten (10) Business Days, or such
        longer
        period as may be required by law, prior to the record date specified therein,
        a
        notice specifying (i) the date established as the record date for the purpose
        of
        such dividend, distribution, option or right and a description of such dividend,
        option or right, (ii) the date on which any such reorganization,
        reclassification, transfer, consolidation, merger, dissolution, liquidation
        or
        winding up, or sale is expected to become effective and (iii) the date, if
        any,
        fixed as to when the holders of record of Common Stock shall be entitled
        to
        exchange their shares of Common Stock for securities or other property
        deliverable upon such reorganization, reclassification, transfer, consolation,
        merger, dissolution, liquidation or winding up.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      17. RESERVATION
        OF SHARES

      

      The
        Company
        shall reserve and keep available out of its authorized but unissued shares
        of
        Common Stock
        for
        issuance upon the exercise of this Warrant, free from preemptive rights,
        such
        number of shares of Common Stock for which this Warrant shall from time to
        time
        be exercisable.
        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. Except and to the extent as waived or consented
        to
        by the Holder, the Company shall not by any action, including, without
        limitation, amending its articles of incorporation, to avoid or seek to avoid
        the observance or performance of any of the terms of this Warrant, and will
        at
        all times in good faith assist in the carrying out of all such terms and
        in the
        taking of all such actions as may be necessary or appropriate to protect
        the
        rights of the Holder as set forth in this Warrant. Without limiting the
        generality of the foregoing, the Company covenants that it will take all
        such
        action as may be necessary or appropriate in order that the Company may validly
        and legally issue fully paid and nonassessable Warrant Shares upon the exercise
        of this Warrant and use commercially reasonable efforts to obtain all such
        authorizations, exemptions or consents, including but not limited to consents
        from the Company’s stockholders or Board of Directors or any public regulatory
        body, as may be necessary to enable the Company to perform its obligations
        under
        this Warrant.

      

      18. NO
        THIRD
PARTY
        RIGHTS

      

      This
        Warrant is
        not
        intended, and will not be construed, to create any rights in any parties
        other
        than the Company
        and
        the Holder, and no person or entity may assert any rights as third-party
        beneficiary hereunder.

      

    [SIGNATURE
      PAGE FOLLOWS]

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be executed
      by

    its
      officer thereunto duly authorized as of the date hereof.

    
      	 	 	 
	 	
              Modigene
                Inc.

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                Shai Novik

              Title:
                President

            

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A
      TO WARRANT CERTIFICATE

    

    EXERCISE
      FORM

    

    (To
      be
      executed by the Holder of Warrant if such Holder
      desires
      to exercise Warrant)

    

    To
      Modigene Inc.:

    

    The
      undersigned hereby irrevocably elects to exercise this Warrant and to purchase
      thereunder, ___________________ full shares of Modigene Inc., a Nevada
      corporation, common stock issuable upon exercise of the Warrant and delivery
      of:

    

    (1) $_________
      (in cash as provided for in the foregoing Warrant) and any applicable taxes
      payable by the undersigned pursuant to such Warrant; and

    

    (2) __________
      shares of Common Stock (pursuant to a Cashless Exercise in accordance with
      Section 1(b)(ii) of the Warrant) (check here if the undersigned desires to
      deliver an unspecified number of shares to be equal the number sufficient to
      effect a Cashless Exercise [___]).

    

    The
      undersigned requests that certificates for such shares be issued in the name
      of:

    

    _________________________________________

    (Please
      print name, address and social security or federal employer

    identification
      number (if applicable))

    

    _________________________________________

    

    _________________________________________

    

    If
      the
      shares issuable upon this exercise of the Warrant are not all of the Warrant
      Shares which the Holder is entitled to acquire upon the exercise of the Warrant,
      the undersigned requests that a new Warrant evidencing the rights not so
      exercised be issued in the name of and delivered to:

    

    _________________________________________

    (Please
      print name, address and social security or federal employer

    identification
      number (if applicable))

    

    _________________________________________

    

    _________________________________________

    

     

    Name
      of
      Holder (print): ________________________

    (Signature):
      ___________________________________

    (By:)
      _________________________________________

    (Title:)
      ________________________________________

    Dated:
      ________________________________________

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      B
      TO WARRANT CERTIFICATE

    

    FORM
      OF
      ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, ___________________________________ hereby sells, assigns and
      transfers to each assignee set forth below all of the rights of the undersigned
      under the Warrant (as defined in and evidenced by the attached Warrant) to
      acquire the number of Warrant Shares set opposite the name of such assignee
      below and in and to the foregoing Warrant with respect to said acquisition
      rights and the shares of [ ] issuable upon exercise of the Warrant:

    

      
        	
                Name
                  of Assignee

              	
                Address

              	
                Number
                  of Shares

              
	 	 	 
	 	 	 
	 	 	 
	 	 	 

      

    

    

    If
      the
      total of the Warrant Shares are not all of the Warrant Shares evidenced by
      the
      foregoing Warrant, the undersigned requests that a new Warrant evidencing the
      right to acquire the Warrant Shares not so assigned be issued in the name of
      and
      delivered to the undersigned.

    

    

    Name
      of
      Holder (print): ________________________

    (Signature):
      ___________________________________

    (By:)
      _________________________________________

    (Title:)
      ________________________________________

    Dated:
      ________________________________________Exhibit
      4.3

    

      Warrant
        Certificate No. ___

      

      NEITHER
        THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE
        UPON
        THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT
        OF
        1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH
        SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, ASSIGNED OR OTHERWISE
        TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS
        EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE
        SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE
        COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES,
        WHICH
        COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES
        MAY BE
        OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED
        WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE
        SECURITIES
        LAWS.

       

       

      
        	Effective Date: May [ ], 2007	
                Void
                  After: May [ ],
                  2012

              

      

       

      MODIGENE,
        INC.

      

      WARRANT
        TO PURCHASE COMMON STOCK

      

      Modigene
        Inc. (f/k/a LDG, Inc.), a Nevada corporation (the “Company”),
        for
        value received on May [ ], 2007 (the “Effective
        Date”),
        hereby issues to [
        ] (the
        “Holder”)
        this
        Warrant (the “Warrant”)
        to
        purchase, [
        ]
        shares
        (each such share
        as from
        time to time adjusted as hereinafter provided
        being a
“Warrant
        Share”
and
        all
        such shares being the “Warrant
        Shares”)
        of the
        Company’s Common Stock (as defined below), at the Exercise Price (as defined
        below), as adjusted from time to time as provided herein, on or before May
        [ ],
        2012 (the “Expiration
        Date”),
        all
        subject to the following terms and conditions. Unless otherwise defined in
        this
        Warrant, terms appearing in initial capitalized form shall have the meaning
        ascribed to them in that certain Securities Purchase Agreement, dated April
        12,
        2007 between the Company and the purchaser signatory thereto pursuant to
        which
        this Warrant was issued (the “Purchase
        Agreement”).

      

      As
        used
        in this Warrant, (i) “Business
        Day”
means
        any day other than Saturday, Sunday or any other day on which commercial
        banks
        in the City of New York, New York, are authorized or required by law or
        executive order to close; (ii) “Common
        Stock”
means
        the common stock of the Company, $0.00001 par value per share, including
        any securities issued or issuable with respect thereto or into which or for
        which such shares may be exchanged for, or converted into, pursuant to any
        stock
        dividend, stock split, stock combination, recapitalization, reclassification,
        reorganization or other similar event;
        (iii)
“Exercise
        Price”
means
        $2.50 per share of Common Stock, subject to adjustment as provided herein;
        (iv)
        “Trading
        Day”
means
        any
        day
        on which
        the Common Stock is traded on the primary national or regional stock exchange
        on
        which the Common Stock is listed, or if not so listed, the NASD OTC Bulletin
        Board, if quoted thereon, is
        open
        for the transaction of business; and (v) “Affiliate”
means
        any Person that, directly or indirectly, through one or more intermediaries,
        controls, is controlled by, or is under common control with, a Person, as
        such
        terms are used and construed in Rule 144 promulgated
        under the Securities Act of 1933, as amended (the “Securities
        Act”).

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      1. DURATION
        AND EXERCISE OF WARRANTS

      

      (a) Exercise
        Period.
        The
        Holder may exercise this Warrant in whole or in part on any Business Day
        on or
        before 5:00 P.M., Eastern Daylight Time, on the Expiration Date, at which
        time
        this Warrant shall become void and of no value.

      (b) Exercise
        Procedures.

      

      (i) While
        this Warrant remains outstanding and exercisable in accordance with Section
        1(a),
        in
        addition to the manner set forth in Section 1(b)(ii) below, the Holder may
        exercise this Warrant in whole or in part
        at any
        time and from time to time
        by:

      

      (A) delivery
        to the Company of a duly executed copy of the Notice of Exercise attached
        as
Exhibit
        A;

      

      (B) surrender
        of this Warrant to the Secretary of the Company at its principal offices
        or at
        such other office or agency as the Company may specify in writing to the
        Holder;
        and

      

      (C) payment
        of the then-applicable
        Exercise
        Price per share multiplied by the number of Warrant Shares being purchased
        upon
        exercise of the Warrant (such amount, the “Aggregate
        Exercise Price”)
        made
        in
        the form of cash, or by certified check, bank draft or money order payable
        in
        lawful money of the United States of America
        or in
        the form of a Cashless Exercise
        to the
        extent permitted in Section 1(b)(ii)
        below.

      

      (ii) While
        this Warrant remains outstanding and exercisable in accordance with Section
        1(a), the Holder may, in its sole discretion, exercise all or any part of
        the
        Warrant in a “cashless” or “net-issue” exercise (a “Cashless
        Exercise”)
        by
        delivering to the Company (1) the Notice of Exercise and (2) the original
        Warrant,
        pursuant to which the Holder shall surrender the right to receive upon exercise
        of this Warrant, a number of Warrant Shares having a value (as determined
        below)
        equal to the Aggregate Exercise Price, in which case, the number of Warrant
        Shares to be issued to the Holder upon such exercise shall be calculated
        using
        the following formula:

      

      X
         = Y
        * (A
        - B)

         
           A

      

      with:       X
        =
 the
        number of Warrant Shares to be issued to the Holder

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      Y
        = the
        number of Warrant Shares with respect to which the Warrant is being
        exercised

      

      A
        = the
        fair
        value per share of Common
        Stock on
        the
        date of exercise of this Warrant

      

      B
        = the
        then-current Exercise Price of
        the
        Warrant

      

      Solely
        for the purposes of this paragraph, “fair value” per share of Common Stock shall
        be determined either (A) reasonably and in good faith by the Board of Directors
        of the Company as of the date which the Notice of Exercise is deemed to have
        been sent to the Company, or (B) as the average of the closing sales prices,
        as
        quoted on the primary national or regional stock exchange on which the Common
        Stock is listed, or,
        if not
        listed,
        the NASD
        OTC Bulletin Board if quoted thereon, on the twenty
        (20)
        trading
        days immediately preceding the date on which the Notice of Exercise is deemed
        to
        have been sent to the Company, whichever of (A) or (B) is greater.

      

      (iii) Upon
        the exercise
        of this
        Warrant in compliance with the provisions of this Section 1(b), the Company
        shall promptly issue and cause to be delivered to the Holder a certificate
        for
        the Warrant Shares purchased by the Holder. Each
        exercise of this Warrant shall be effective immediately prior to the close
        of
        business on the date (the “Date
        of Exercise”)
        which
        the
        conditions set forth in Section 1(b) have been satisfied, as the case may
        be.
        On
        the
        first Business Day following the date on which the Company has received each
        of
        the Exercise Notice and the Aggregate Exercise Price (or notice of a Cashless
        Exercise in accordance with Section 1(b)(ii)) (the “Exercise
        Delivery Documents”),
        the
        Company shall transmit an acknowledgment of receipt of the Exercise Delivery
        Documents to the Company’s transfer agent (the “Transfer
        Agent”).
        On or
        before the third Business Day following the date on which the Company has
        received all of the Exercise Delivery Documents (the “Share
        Delivery Date”),
        the
        Company shall (X) provided that the Transfer Agent is participating in The
        Depository Trust Company (“DTC”)
        Fast
        Automated Securities Transfer Program, upon the request of the Holder, credit
        such aggregate number of shares of Common Stock to which the Holder is entitled
        pursuant to such exercise to the Holder’s or its designee’s balance account with
        DTC through its Deposit Withdrawal Agent Commission system, or (Y) if the
        Transfer Agent is not participating in the DTC Fast Automated Securities
        Transfer Program, issue and dispatch by overnight courier to the address
        as
        specified in the Exercise Notice, a certificate, registered in the Company’s
        share register in the name of the Holder or its designee, for the number
        of
        shares of Common Stock to which the Holder is entitled pursuant to such
        exercise. Upon delivery of the Exercise Notice and Aggregate Exercise Price
        referred to in Section
        1(b)(i)(C)
        above or
        notification to the Company of a Cashless Exercise referred to in Section
        1(b)(ii), the Holder 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, irrespective of the date of delivery of the certificates
        evidencing such Warrant Shares. If this Warrant is submitted in connection
        with
        any exercise pursuant to Section 1(b) and the number of Warrant Shares
        represented by this Warrant submitted for exercise is greater than the
actual
        number
        of
        Warrant Shares being acquired upon such an
        exercise, then the Company shall as soon as practicable and in no event later
        than three (3) Business Days after any exercise and at its own expense, issue
        a
        new Warrant (in accordance with Section 1(b))
        of like
        tenor
        representing the right to purchase the number of Warrant Shares purchasable
        immediately prior to such exercise under this Warrant, less the number of
        Warrant Shares with respect to which this Warrant is exercised. No fractional
        shares of Common Stock are to be issued upon the exercise of this Warrant,
        but
        rather the number of shares of Common Stock to be issued shall be rounded
        up to
        the nearest whole number. 

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      (iv) If
        the
        Company shall fail for any reason or for no reason to issue to the Holder,
        within three (3) Business Days of receipt of the Exercise Delivery Documents,
        a
        certificate for the number of shares of Common Stock to which the Holder
        is
        entitled and register such shares of Common Stock on the Company’s share
        register or to credit the Holder’s balance account with DTC for such number of
        shares of Common Stock to which the Holder is entitled upon the Holder’s
        exercise of this Warrant, and if on or after such Business Day the Holder
        purchases (in an open market transaction or otherwise) shares of Common Stock
        to
        deliver in satisfaction of a sale by the Holder of shares of Common Stock
        issuable upon such exercise that the Holder anticipated receiving from the
        Company (a “Buy-In”),
        then
        the Company shall, within three (3) Business Days after the Holder’s request and
        in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal
        to the Holder’s total purchase price (including brokerage commissions, if any)
        for the shares of Common Stock so purchased (the “Buy-In
        Price”),
        at
        which point the Company’s obligation to deliver such certificate (and to issue
        such shares of Common Stock) shall terminate, or (ii) promptly honor its
        obligation to deliver to the Holder a certificate or certificates representing
        such shares of Common Stock and pay cash to the Holder in an amount equal
        to the
        excess (if any) of the Buy-In Price over the product of (A) such number of
        shares of Common Stock, times (B) the closing bid price on
        the
        date of exercise.

      

      (c) Partial
        Exercise.
        This
        Warrant shall be exercisable, either in its entirety or, from time to time,
        for
        part only of the number of Warrant Shares referenced by this Warrant. If
        this
        Warrant is exercised in part, the Company shall issue, at its expense, a
        new
        Warrant, in substantially the form of this Warrant, referencing such reduced
        number of Warrant Shares which remain subject to this Warrant.

      

      (d) Disputes.
        In the
        case of a dispute as to the determination of the Exercise Price or the
        arithmetic calculation of the Warrant Shares, the Company shall promptly
        issue
        to the Holder the number of Warrant Shares that are not disputed and resolve
        such dispute in accordance with Section 15.

      

      2. ISSUANCE
        OF WARRANT SHARES

      

      (a) The
        Company covenants that all Warrant Shares will, upon issuance in accordance
        with
        the terms of this Warrant, be (i) duly authorized, fully paid and
        non-assessable, and (ii) free from all liens, charges and security interests,
        with the exception of claims arising through the acts or omissions of any
        Holder
        and except as arising from applicable Federal and state securities
        laws.

      

      (b) The
        Company shall register this Warrant upon records to be maintained by the
        Company
        for that purpose in the name of the record holder of such Warrant from time
        to
        time. The Company may deem and treat the registered Holder of this Warrant
        as
        the absolute owner thereof for the purpose of any exercise thereof, any
        distribution to the Holder thereof and for all other purposes.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      (c) The
        Company will not, by amendment of its articles of incorporation, by-laws
        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 hereunder by the Company, 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 the action as may be necessary or appropriate in order to protect
        the rights of the Holder to exercise this Warrant,
        or
        against impairment of such rights.

      

      3. ADJUSTMENTS
        OF EXERCISE PRICE, NUMBER AND TYPE OF WARRANT SHARES

      

      (a) The
        Exercise Price and the number of shares purchasable upon the exercise of
        this
        Warrant shall be subject to adjustment from time to time upon the occurrence
        of
        certain events described in this Section 3(a); provided,
        that
        notwithstanding the provisions of this Section 3, the Company shall not be
        required to make any adjustment if and to the extent that such adjustment
        would
        require the Company to issue a number of shares of Common Stock in excess
        of its
        authorized but unissued shares of Common Stock, less all amounts of Common
        Stock
        that have been reserved for issue upon the conversion of all outstanding
        securities convertible into shares of Common Stock and the exercise of all
        outstanding options, warrants and other rights exercisable for shares of
        Common
        Stock. If the Company does not have the requisite amount of authorized but
        unissued shares of Common Stock to make any adjustment, the Company shall
        use
        its commercially best efforts to obtain the necessary stockholder consent
        to
        increase the authorized number of shares of Common Stock to permit the Holder
        to
        exercise fully this Warrant.

       

      (i) Subdivision
        or Combination of Stock.
        In case
        the Company shall at any time subdivide (whether
        by way of stock dividend, stock split or otherwise) its
        outstanding shares of Common Stock into a greater number of shares, the Exercise
        Price in effect immediately prior to such subdivision shall be proportionately
        reduced and
        the
        Warrant Shares shall be proportionately increased,
        and
        conversely, in case the outstanding shares of Common Stock of the Company
        shall
        be combined (whether
        by way of stock combination, reverse stock split or otherwise) into
        a
        smaller number of shares, the Exercise Price in effect immediately prior
        to such
        combination shall be proportionately increased
        and the
        number of Warrant Shares shall be proportionately decreased. The Exercise
        Price
        and the Warrant Shares, as so adjusted, shall be readjusted in the same manner
        upon the happening of any successive event or events described in this Section
        3(a)(i).

      

      (ii) Dividends
        in Stock, Property, Reclassification.
        If at
        any time, or from time to time, the holders of Common Stock (or any shares
        of
        stock or other securities at the time receivable upon the exercise of this
        Warrant) shall have received or become entitled to receive, without payment
        therefore:

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

         

        (A) any
          shares of stock or other securities which are at any time directly or indirectly
          convertible into or exchangeable for Common Stock, or any rights or options
          to
          subscribe for, purchase or otherwise acquire any of the foregoing by way
          of
          dividend or other distribution, or

      

      

      (B) additional
        stock or other securities or property (including cash) by way of spin-off,
        split-up, reclassification, combination of shares or similar corporate
        rearrangement, (other than shares of Common Stock issued as a stock split
        or
        adjustments in respect of which shall be covered by the terms of Section
        3(a)(i)
        above), then and in each such case, the Exercise
        Price and the number of Warrant Shares to be obtained upon exercise of this
        Warrant shall be adjusted proportionately, and the Holder
        hereof shall, upon the exercise of this Warrant, be entitled to receive,
        in
        addition to the number of shares of Common Stock receivable thereupon, and
        without payment of any additional consideration therefor, the amount of stock
        and other securities and property (including cash in the cases referred to
        above) which such Holder would hold on the date of such exercise had he been
        the
        holder of record of such Common Stock as of the date on which holders of
        Common
        Stock received or became entitled to receive such shares or all other additional
        stock and other securities and property.
        The
        Exercise Price and the Warrant Shares, as so adjusted, shall be readjusted
        in
        the same manner upon the happening of any successive event or events described
        in this Section 3(a)(ii).

      

      (iii) Reorganization,
        Reclassification, Consolidation, Merger or Sale.
        If any
        recapitalization, reclassification or reorganization of the capital stock
        of the
        Company, or any consolidation or merger of the Company with another corporation,
        or the sale of all or substantially all of its assets or other
        transaction shall be effected in such a way that holders of Common Stock
        shall
        be entitled to receive stock, securities, or other assets or property (an
        “Organic
        Change”),
        then,
        as a condition of such Organic Change, lawful and adequate provisions shall
        be
        made by the Company whereby the Holder hereof shall thereafter have the right
        to
        purchase and receive (in lieu of the shares of the Common Stock of the Company
        immediately theretofore purchasable and receivable upon the exercise of the
        rights represented by this Warrant) such shares of stock, securities or other
        assets or property as may be issued or payable with respect to or in exchange
        for a number of outstanding shares of such Common Stock equal to the number
        of
        shares of such stock immediately theretofore purchasable and receivable assuming
        the full exercise of the rights represented by this Warrant. In the event
        of any
        Organic Change, appropriate provision shall be made by the Company with respect
        to the rights and interests of the Holder of this Warrant to the end that
        the
        provisions hereof (including, without limitation, provisions for adjustments
        of
        the Exercise Price and of the number of shares purchasable and receivable
        upon
        the exercise of this Warrant) shall thereafter be applicable, in relation
        to any
        shares of stock, securities or assets thereafter deliverable upon the exercise
        hereof. The Company will not effect any such consolidation, merger or sale
        unless, prior to the consummation thereof, the successor corporation (if
        other
        than the Company) resulting from such consolidation or merger
        or
the
        corporation purchasing such assets shall assume by written instrument reasonably
        satisfactory in form and substance to the Holders executed and mailed or
        delivered to the registered Holder hereof at the last address of such Holder
        appearing on the books of the Company, the obligation to deliver to such
        Holder
        such shares of stock, securities or assets as, in accordance
        with the foregoing provisions, such Holder may be entitled to
        purchase. If
        there
        is an Organic Change, then the Company shall cause to be mailed to the Holder
        at
        its last address as it shall appear on the books and records of the Company,
        at
        least 15 calendar days before the effective date of the Organic Change, a
        notice
        stating the date on which such Organic Change 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 for securities, cash,
        or
        other property delivered upon such Organic Change; 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
        15-day period commencing on the date of such notice to the effective date of the
        event triggering such notice. In
        any
        event, the successor corporation (if other than the Company) resulting from
        such
        consolidation or merger or the corporation purchasing such assets shall be
        deemed to assume such obligation to deliver to such Holder such shares of
        stock,
        securities or assets even in the absence of a written instrument assuming
        such
        obligation to the extent such assumption occurs by operation of law. 

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      (b) Certificate
        as to Adjustments.
        Upon
        the occurrence of each adjustment or readjustment pursuant to this Section
        3,
        the Company at its expense shall promptly compute such adjustment or
        readjustment in accordance with the terms hereof and furnish to each Holder
        of
        this Warrant a certificate setting forth such adjustment or readjustment
        and
        showing in detail the facts upon which such adjustment or readjustment is
        based.
        The Company shall
        promptly furnish
        or cause to be furnished to such Holder a like certificate setting forth:
        (i)
        such adjustments and readjustments; and (ii) the number of shares and the
        amount, if any, of other property which at the time would be received upon
        the
        exercise of the Warrant.

      

      (c) Certain
        Events.
        If any
        event occurs as to which the other provisions of this Section 3 are not strictly
        applicable but the lack of any adjustment would not fairly protect the purchase
        rights of the Holder under this Warrant in accordance with the basic intent
        and
        principles of such provisions, or if strictly applicable would not fairly
        protect the purchase rights of the Holder under this Warrant in accordance
        with
        the basic intent and principles of such provisions, then the Company's Board
        of
        Directors will, in good faith, make an appropriate adjustment to protect
        the
        rights of the Holder; provided,
        that no
        such adjustment pursuant to this Section 3(c) will increase the Exercise
        Price
        or decrease the number of Warrant Shares as otherwise determined pursuant
        to
        this Section 3.

      

      (d) Adjustment
        of Exercise Price Upon Issuance of Additional Shares of Common
        Stock.
        In the
        event
        the
        Company shall at any time prior to the eighteenth month anniversary of the
        Effective Date issue Additional Shares of Common Stock, as defined below,
        without consideration or for a consideration per share less than the Exercise
        Price in effect immediately prior to such issue, then the Exercise Price
        shall
        be reduced, concurrently with such issue, to a price (calculated to the nearest
        cent) determined by multiplying such Exercise Price by a fraction, (A) the
        numerator of which shall be (1) the number of shares of Common Stock outstanding
        immediately prior to such issue plus (2) the number of shares of Common Stock
        which the aggregate consideration received or to be received by the Company
        for
        the total number of Additional Shares of Common Stock so issued would purchase
        at such Exercise Price; and (B) the denominator of which shall be the number
        of
        shares of Common Stock outstanding immediately prior to such issue plus the
        number of such Additional Shares of Common Stock so issued; provided
        that,
        (i) for the purpose of this Section 3(d), all shares of Common Stock issuable
        upon conversion or exchange of convertible securities outstanding immediately
        prior to such issue shall be deemed to be outstanding, and (ii) the number
        of
        shares of Common Stock deemed issuable upon conversion or exchange of such
        outstanding convertible securities shall be determined without giving effect
        to
        any adjustments to the conversion or exchange price or conversion or exchange
        rate of such convertible securities resulting from the issuance of Additional
        Shares of Common Stock that is the subject of this calculation. For purposes
        of
        this Warrant, “Additional Shares of Common Stock” shall mean all shares of
        Common Stock issued by the Company after the Effective Date (including without
        limitation any shares of Common Stock issuable upon conversion or exchange
        of
        any convertible securities or upon exercise of any option or warrant, on
        an
        as-converted basis), other than: (i) shares of Common Stock issued or
        issuable upon conversion or exchange of any convertible securities or exercise
        of any options outstanding on the Effective Date; (ii) shares of Common
        Stock issued or issuable by reason of a dividend, stock split, split-up or
        other
        distribution on shares of Common Stock that is covered by Sections 3(a)(i)
        through 3(a)(iii) above; or (iii) shares of Common Stock (or options with
        respect thereto) issued or issuable to employees or directors of, or consultants
        to, the Company or any of its subsidiaries pursuant to a plan, agreement
        or
        arrangement approved by the Board of Directors of the Company. The provisions
        of
        this Section 3(d) shall not operate to increase the Exercise Price.

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      4. TRANSFERS
        AND EXCHANGES OF WARRANT AND WARRANT SHARES

      

      (a) Registration
        of Transfers and Exchanges.
        Subject
        to Section 4(c), upon the Holder’s surrender of this Warrant, with a duly
        executed copy of the Assignment Notice attached as Exhibit
        B,
        to the
        Secretary of the Company at its principal offices or at such other office
        or
        agency as the Company may specify in writing to the Holder, the Company shall
        register the transfer of all or any portion of this Warrant. Upon such
        registration of transfer the Company shall issue a new Warrant, in substantially
        the form of this Warrant, evidencing the acquisition rights transferred to
        the
        transferee and a new Warrant, in similar form, evidencing the remaining
        acquisition rights not transferred, to the Holder requesting the
        transfer.

      

      (b) Warrant
        Exchangeable for Different Denominations.
        The
        Holder may exchange this Warrant for a new Warrant or Warrants, in substantially
        the form of this Warrant, evidencing in the aggregate the right to purchase
        the
        number of Warrant Shares which may then be purchased hereunder, each of such
        new
        Warrants to be dated the date of such exchange and to represent the right
        to
        purchase such number of Warrant Shares as shall be designated by the Holder.
        The
        Holder shall surrender this Warrant with duly executed instructions regarding
        such
        re-certification of this Warrant to the Secretary of the Company at its
        principal offices or at such other office or agency as the Company may specify
        in writing to the Holder.

      

      (c) Restrictions
        on Transfers.
        This
        Warrant may not be transferred at any time without (i) registration under
        the
        Securities Act or (ii) an exemption from such registration and a written
        opinion
        of legal counsel addressed to the Company that the proposed transfer of the
        Warrant may be effected without registration under the Securities Act, which
        opinion will be in form and from counsel reasonably satisfactory to the Company.
        

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      (d) Permitted
        Transfers and Assignments.
        Notwithstanding any provision to the contrary in this Section 4, the Holder
        may
        transfer, with or without consideration, this Warrant or any of the Warrant
        Shares (or a portion thereof) to the Holder’s Affiliates (as such term is
        defined under Rule 144 of the Securities Act) without obtaining the opinion
        from
        counsel that may be required by Section 4(c)(ii),
        provided,
        that the
        Holder delivers to the Company and its counsel certification, documentation,
        and
        other assurances reasonably required by the Company’s counsel to enable the
        Company’s counsel to render an opinion to the Company’s Transfer Agent that such
        transfer does not violate applicable securities laws.

      

      5. MUTILATED
        OR MISSING WARRANT CERTIFICATE

      

      If
        this
        Warrant is mutilated, lost, stolen or destroyed, upon request by the Holder,
        the
        Company will,
        at its
        expense,
        issue,
        in exchange for and upon cancellation of the mutilated Warrant, or in
        substitution for the lost, stolen or destroyed Warrant, a new Warrant, in
        substantially the form of this Warrant, representing the right to acquire
        the
        equivalent number of Warrant Shares, provided,
        that,
        as a prerequisite to the issuance of a substitute Warrant, the Company may
        require satisfactory evidence of loss, theft or destruction as well as an
        indemnity from the Holder of a lost, stolen or destroyed Warrant.

      

      6. PAYMENT
        OF TAXES

      

      The
        Company will pay all transfer and stock issuance taxes attributable to the
        preparation, issuance and delivery of this Warrant and the Warrant Shares
        (and
        replacement Warrants) including,
        without limitation, all documentary and stamp taxes;
        provided, however, that the Company shall not be required to pay any tax
        in
        respect of the transfer of this Warrant, or the issuance or delivery of
        certificates for Warrant Shares or other securities in respect of the Warrant
        Shares to any person or entity other than to the Holder or its
        transferee.

      

      7. FRACTIONAL
        WARRANT SHARES

      

      No
        fractional Warrant Shares shall be issued upon exercise of this Warrant.
        The
        Company, in lieu of issuing any fractional Warrant Share, shall round up
        the
        number of Warrant Shares issuable to nearest whole share.

      

      8. NO
        STOCK
        RIGHTS AND LEGEND

      

      No
        holder
        of this Warrant, as such, shall be entitled to vote or be deemed the holder
        of
        any other securities of the Company which may at any time be issuable on
        the
        exercise hereof, nor shall anything contained herein be construed to confer
        upon
        the holder of this Warrant, as such, the rights of a stockholder of the Company
        or the right to vote for the election of directors or upon any matter submitted
        to stockholders at any meeting thereof,
        or give
        or withhold consent to any corporate action or to receive notice of meetings
        or
        other actions affecting stockholders (except as provided herein), or to receive
        dividends or subscription rights or otherwise (except as provided
        herein).

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

       

      Each
        certificate for Warrant Shares initially issued upon the exercise of this
        Warrant, and each certificate for Warrant Shares issued to any subsequent
        transferee of any such certificate, shall be stamped or otherwise imprinted
        with
        a legend in substantially the following form:

      

      “THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS,
        AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
        ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH
        RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
        LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES
        AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND
        OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED,
        SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT
        AN
        EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES
        LAWS.”

       

      9. REGISTRATION
        UNDER THE SECURITIES ACT OF 1933

      

      The
        Company agrees to provide “piggyback” registration rights for the resale of the
        Warrant Shares under the Securities Act on the terms and subject to the
        conditions set forth in the Registration Rights Agreement between the Company
        and each of the investors party to the subscription agreements similar to
        the
        Subscription Agreement, pursuant to which this Warrant was issued.

      

      10. NOTICES

      

      All
        notices, consents, waivers, and other communications under this Warrant must
        be
        in writing and will be deemed given to a party when (a) delivered to the
        appropriate address by hand or by nationally recognized overnight courier
        service (costs prepaid); (b) sent by facsimile or e-mail with confirmation
        of
        transmission by the transmitting equipment; (c) received or rejected by the
        addressee, if sent by certified mail, return receipt requested, if to the
        registered Holder hereof; or (d) seven days after the placement of the notice
        into the mails (first class postage prepaid), to the Holder at the address,
        facsimile number, or e-mail address furnished by the registered Holder to
        the
        Company in accordance with the Purchase Agreement, or if to the Company,
        to it
        at 8000 Towers Crescent Drive, Suite 1300, Vienna, VA 22182, Attention: Shai
        Novik, Facsimile: (703) 288-0070 (or to such other address, facsimile number,
        or
        e-mail address as the Holder or the Company as a party may designate by notice
        the other party) with a copy to Barack Ferrazzano Kirschbaum Perlman &
Nagelberg LLP, 333 West Wacker Drive, Suite 2700, Chicago, IL 60606, facsimile:
        (312) 984-3150, Attn: Gretchen Trofa, Esq., if on or before May 28, 2007,
        or to
        Barack Ferrazzano Kirschbaum & Nagelberg LLP, 200 West Madison Street, Suite
        3900, Chicago, IL 60606, facsimile: (312) 984-3150, Attn: Gretchen Trofa,
        Esq.,
        if after May 29, 2007. 

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

      11. SEVERABILITY

      

      If
        a
        court of competent jurisdiction holds any provision of this Warrant invalid
        or
        unenforceable, the other provisions of this Warrant will remain in full force
        and effect. Any provision of this Warrant held invalid or unenforceable only
        in
        part or degree will remain in full force and effect to the extent not held
        invalid or unenforceable.

      

      12. BINDING
        EFFECT

      

      This
        Warrant shall be binding upon and inure to the sole and exclusive benefit
        of the
        Company, its successors and assigns, and the registered Holder or Holders
        from
        time to time of this Warrant and the Warrant Shares.

      

      13. SURVIVAL
        OF RIGHTS AND DUTIES

      

      This
        Warrant shall terminate and be of no further force and effect on the earlier
        of
        5:00 P.M., Eastern Daylight Time, on the Expiration Date or the date on which
        this Warrant has been exercised in full.

      

      14. GOVERNING
        LAW

      

      This
        Warrant will be governed by and construed under the laws of the State of
        New
        York
        without
        regard to conflicts of laws principles that would require the application
        of any
        other law.

      

      15. DISPUTE
        RESOLUTION

      

      In
        the
        case of a dispute as to the determination of the Exercise Price or the
        arithmetic calculation of the Warrant Shares, the Company shall submit the
        disputed determinations or arithmetic calculations via facsimile within two
        Business Days of receipt of the Exercise Notice giving rise to such dispute,
        as
        the case may be, to the Holder. If the Holder and the Company are unable
        to
        agree upon such determination or calculation of the Exercise Price or the
        Warrant Shares within three Business Days of such disputed determination
        or
        arithmetic calculation being submitted to the Holder, then the Company shall,
        within two Business Days submit via facsimile (a) the disputed determination
        of
        the Exercise Price to an independent, reputable investment bank selected
        by the
        Company and approved by the Holder or (b) the disputed arithmetic calculation
        of
        the Warrant Shares to the Company’s independent, outside accountant. The Company
        shall cause at its expense the investment bank 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 ten (10) Business Days from the time
        it
        receives the disputed determinations or calculations. Such investment bank’s or
        accountant’s determination or calculation, as the case may be, shall be binding
        upon all parties absent demonstrable error. 

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

       

      16. NOTICES
        OF
        RECORD
        DATE

      

      Upon
        (a)
        any establishment
        by the
        Company of a record date of the holders of any class of securities for the
        purpose of determining the holders thereof who are entitled to receive any
        dividend or other distribution, or right or option to acquire securities
        of the
        Company, or any other right, or (b) any capital reorganization,
        reclassification, recapitalization, merger or consolidation of the Company
        with
        or into any other corporation, any transfer of all or substantially all the
        assets of the Company, or any voluntary or involuntary dissolution, liquidation
        or winding up of the Company, or the sale, in a single transaction, of a
        majority of the Company’s voting stock (whether newly issued, or from treasury,
        or previously issued and then outstanding, or any combination thereof), the
        Company shall mail to the Holder at least ten (10) Business Days, or such
        longer
        period as may be required by law, prior to the record date specified therein,
        a
        notice specifying (i) the date established as the record date for the purpose
        of
        such dividend, distribution, option or right and a description of such dividend,
        option or right, (ii) the date on which any such reorganization,
        reclassification, transfer, consolidation, merger, dissolution, liquidation
        or
        winding up, or sale is expected to become effective and (iii) the date, if
        any,
        fixed as to when the holders of record of Common Stock shall be entitled
        to
        exchange their shares of Common Stock for securities or other property
        deliverable upon such reorganization, reclassification, transfer, consolation,
        merger, dissolution, liquidation or winding up.

      

      17. RESERVATION
        OF SHARES

      

      The
        Company
        shall reserve and keep available out of its authorized but unissued shares
        of
        Common Stock
        for
        issuance upon the exercise of this Warrant, free from preemptive rights,
        such
        number of shares of Common Stock for which this Warrant shall from time to
        time
        be exercisable.
        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. Except and to the extent as waived or consented
        to
        by the Holder, the Company shall not by any action, including, without
        limitation, amending its articles of incorporation, to avoid or seek to avoid
        the observance or performance of any of the terms of this Warrant, and will
        at
        all times in good faith assist in the carrying out of all such terms and
        in the
        taking of all such actions as may be necessary or appropriate to protect
        the
        rights of the Holder as set forth in this Warrant. Without limiting the
        generality of the foregoing, the Company covenants that it will take all
        such
        action as may be necessary or appropriate in order that the Company may validly
        and legally issue fully paid and nonassessable Warrant Shares upon the exercise
        of this Warrant and use commercially reasonable efforts to obtain all such
        authorizations, exemptions or consents, including but not limited to consents
        from the Company’s stockholders or Board of Directors or any public regulatory
        body, as may be necessary to enable the Company to perform its obligations
        under
        this Warrant.

      

      18. NO
        THIRD
PARTY
        RIGHTS

      

      This
        Warrant is
        not
        intended, and will not be construed, to create any rights in any parties
        other
        than the Company
        and
        the Holder, and no person or entity may assert any rights as third-party
        beneficiary hereunder.

      

      [SIGNATURE
        PAGE FOLLOWS]

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

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

      

      

      
        	 	
                Modigene
                  Inc.

                

                

                By:
                  ___________________________

                Name:
                  Shai Novik

                Title:
                  President

              

      

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      
 

    

    EXHIBIT
      A
      TO WARRANT CERTIFICATE

    

    EXERCISE
      FORM

    

    (To
      be
      executed by the Holder of Warrant if such Holder
      desires
      to exercise Warrant)

    

    To
      Modigene Inc.:

    

    The
      undersigned hereby irrevocably elects to exercise this Warrant and to purchase
      thereunder, ___________________ full shares of Modigene Inc., a Nevada
      corporation, common stock issuable upon exercise of the Warrant and delivery
      of:

    

    (1) $_________
      (in cash as provided for in the foregoing Warrant) and any applicable taxes
      payable by the undersigned pursuant to such Warrant; and

    

    (2) __________
      shares of Common Stock (pursuant to a Cashless Exercise in accordance with
      Section 1(b)(ii) of the Warrant) (check here if the undersigned desires to
      deliver an unspecified number of shares to be equal the number sufficient to
      effect a Cashless Exercise [___]).

    

    The
      undersigned requests that certificates for such shares be issued in the name
      of:

    

    _________________________________________

    (Please
      print name, address and social security or federal employer

    identification
      number (if applicable))

    

    _________________________________________

    

    _________________________________________

    

    If
      the
      shares issuable upon this exercise of the Warrant are not all of the Warrant
      Shares which the Holder is entitled to acquire upon the exercise of the Warrant,
      the undersigned requests that a new Warrant evidencing the rights not so
      exercised be issued in the name of and delivered to:

    

    _________________________________________

    (Please
      print name, address and social security or federal employer

    identification
      number (if applicable))

    

    _________________________________________

    

    _________________________________________

    

     

    Name
      of
      Holder (print): ________________________

    (Signature):
      ___________________________________

    (By:)
      _________________________________________

    (Title:)
      ________________________________________

    Dated:
      ________________________________________

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      B
      TO WARRANT CERTIFICATE

    

    FORM
      OF
      ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, ___________________________________ hereby sells, assigns and
      transfers to each assignee set forth below all of the rights of the undersigned
      under the Warrant (as defined in and evidenced by the attached Warrant) to
      acquire the number of Warrant Shares set opposite the name of such assignee
      below and in and to the foregoing Warrant with respect to said acquisition
      rights and the shares of [ ] issuable upon exercise of the Warrant:

    

      
        	
                Name
                  of Assignee

              	
                Address

              	
                Number
                  of Shares

              
	 	 	 
	 	 	 
	 	 	 
	 	 	 

      

    

    

    If
      the
      total of the Warrant Shares are not all of the Warrant Shares evidenced by
      the
      foregoing Warrant, the undersigned requests that a new Warrant evidencing the
      right to acquire the Warrant Shares not so assigned be issued in the name of
      and
      delivered to the undersigned.

    

    

    Name
      of
      Holder (print): ________________________

    (Signature):
      ___________________________________

    (By:)
      _________________________________________

    (Title:)
      ________________________________________

    Dated:
      ________________________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]