Document:

Unassociated Document

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY STATE SECURITIES
      LAWS AND NEITHER SUCH SHARES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
      PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT
      WITH RESPECT THERETO IS EFFECTIVE UNDER THE 1933 ACT AND ANY APPLICABLE STATE
      SECURITIES LAWS, OR (2) PURSUANT
      TO AN EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT.

    

    IN
      ADDITION, A PREFERRED STOCK PURCHASE AGREEMENT DATED AS OF June 30, 2005 (THE
      “PURCHASE AGREEMENT”), A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY AT ITS
      PRINCIPAL EXECUTIVE OFFICE, CONTAINS CERTAIN ADDITIONAL AGREEMENTS BETWEEN
      THE
      PARTIES WITH RESPECT TO THIS WARRANT.

     

    
      
        

      

    

    

    SPEEDEMISSIONS,
      INC.

    

    COMMON
      STOCK PURCHASE WARRANT “A”

     

    
      
        	Number of Shares: 25,000,000	Holder: Barron Partners LP
	
              	
                c/o
                  Barron Capital Advisors LLC

              
	Original Issue Date: June 30, 2005	
                Managing
                  Partner

              
	 	
                Attn:
                  Andrew Barron Worden

              
	Expiration Date: June 30, 2010	
                730
                  Fifth Avenue, 9th Floor

              
	 	
                New
                  York NY 10019

              
	Exercise Price per Share: $0.24	
                tel
                  212-659-7790

              
	 	
                fax
                  646-607-2223

              

      

    

     

    Speedemissions,
      Inc., a company organized and existing under the laws of the State of Florida
      (the “Company”),
      hereby certifies that, for value received, BARRON
      PARTNERS LP,
      or its
      registered assigns (the “Warrant
      Holder”),
      is
      entitled, subject to the terms set forth below, to purchase from the Company
      up
      to Twenty Five Million (25,000,000) shares (as adjusted from time to time as
      provided in Section 7, the “Warrant
      Shares”)
      of
      common stock, $0.001 par value (the “Common
      Stock”),
      of
      the Company at a price of Twenty Four Cents ($0.24) per Warrant Share (as
      adjusted from time to time as provided in Section 7, the “Exercise
      Price”),
      at
      any time and from time to time from and after the date thereof and through
      and
      including 5:00 p.m. New York City time on June 30, 2010 (or eighteen months
      of
      effectiveness of a Registration Statement subsequent to the issuance hereof
      (such eighteen months to be extended by one month for each month or portion
      of a
      month during which a Registration Statement’s effectiveness has lapsed or been
      suspended), whichever is longer)(the “Expiration
      Date”),
      and
      subject to the following terms and conditions:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.  Registration
      of Warrant.
      The
      Company shall register this Warrant upon records to be maintained by the Company
      for that purpose (the “Warrant
      Register”),
      in
      the name of the record Warrant Holder hereof from time to time. The Company
      may
      deem and treat the registered Warrant Holder of this Warrant as the absolute
      owner hereof for the purpose of any exercise hereof or any distribution to
      the
      Warrant Holder, and for all other purposes, and the Company shall not be
      affected by notice to the contrary.

    

    2.  Investment
      Representation.
      The
      Warrant Holder by accepting this Warrant represents that the Warrant Holder
      is
      acquiring this Warrant for its own account or the account of an affiliate for
      investment purposes and not with the view to any offering or distribution and
      that the Warrant Holder will not sell or otherwise dispose of this Warrant
      or
      the underlying Warrant Shares in violation of applicable securities laws. The
      Warrant Holder acknowledges that the certificates representing any Warrant
      Shares will bear a legend indicating that they have not been registered under
      the United States Securities Act of 1933, as amended (the “1933
      Act”)
      and
      may not be sold by the Warrant Holder except pursuant to an effective
      registration statement or pursuant to an exemption from registration
      requirements of the 1933 Act and in accordance with federal and state securities
      laws. If this Warrant was acquired by the Warrant Holder pursuant to the
      exemption from the registration requirements of the 1933 Act afforded by
      Regulation S thereunder, the Warrant Holder acknowledges and covenants that
      this
      Warrant may not be exercised by or on behalf of a Person during the one year
      distribution compliance period (as defined in Regulation S) following the date
      hereof. “Person”
      means an
      individual, partnership, firm, limited liability company, trust, joint venture,
      association, corporation, or any other legal entity.

    

    3.  Validity
      of Warrant and Issue of Shares.
      The
      Company represents and warrants that this Warrant has been duly authorized
      and
      validly issued and warrants and agrees that all of Common Stock that may be
      issued upon the exercise of the rights represented by this Warrant will, when
      issued upon such exercise, be duly authorized, validly issued, fully paid and
      nonassessable and free from all taxes, liens and charges with respect to the
      issue thereof. The Company further warrants and agrees that during the period
      within which the rights represented by this Warrant may be exercised, following
      the effectiveness of an amendment to its articles of incorporation to increase
      its authorized common stock, the Company will at all times have authorized
      and
      reserved a sufficient number of Common Stock to provide for the exercise of
      the
      rights represented by this Warrant.

     

    4.      
      Registration
      of Transfers and Exchange of Warrants.

    a. Subject
      to compliance with the legend set forth on the face of this Warrant, the Company
      shall register the transfer of any portion of this Warrant in the Warrant
      Register, upon surrender of this Warrant with the Form of Assignment attached
      hereto duly completed and signed, to the Company at the office specified in
      or
      pursuant to Section 9. Upon any such registration or transfer, a new warrant
      to
      purchase Common Stock, in substantially the form of this Warrant (any such
      new
      warrant, a “New
      Warrant”),
      evidencing the portion of this Warrant so transferred shall be issued to the
      transferee and a New Warrant evidencing the remaining portion of this Warrant
      not so transferred, if any, shall be issued to the transferring Warrant Holder.
      The acceptance of the New Warrant by the transferee thereof shall be deemed
      the
      acceptance of such transferee of all of the rights and obligations of a Warrant
      Holder of a Warrant.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    b. This
      Warrant is exchangeable, upon the surrender hereof by the Warrant Holder to
      the
      office of the Company specified in or pursuant to Section 9 for one or more
      New
      Warrants, evidencing in the aggregate the right to purchase the number of
      Warrant Shares which may then be purchased hereunder. Any such New Warrant
      will
      be dated the date of such exchange.

     

    5.       
      Exercise
      of Warrants.

    a. Upon
      surrender of this Warrant with the Form of Election to Purchase attached hereto
      duly completed and signed to the Company, at its address set forth in Section
      9,
      and upon payment and delivery of the Exercise Price per Warrant Share multiplied
      by the number of Warrant Shares that the Warrant Holder intends to purchase
      hereunder, in lawful money of the United States of America, in cash or by
      certified or official bank check or checks, to the Company, all as specified
      by
      the Warrant Holder in the Form of Election to Purchase, the Company shall
      promptly (but in no event later than 7 business days after the Date of Exercise
      (as defined herein)) issue or cause to be issued and cause to be delivered
      to or
      upon the written order of the Warrant Holder and in such name or names as the
      Warrant Holder may designate (subject to the restrictions on transfer described
      in the legend set forth on the face of this Warrant), a certificate for the
      Warrant Shares issuable upon such exercise, with such restrictive legend as
      required by the 1933 Act. Any person so designated by the Warrant Holder to
      receive Warrant Shares shall be deemed to have become holder of record of such
      Warrant Shares as of the Date of Exercise of this Warrant.

    

    b. A
“Date
      of Exercise” means the date on which the Company shall have received (i) this
      Warrant (or any New Warrant, as applicable), with the Form of Election to
      Purchase attached hereto (or attached to such New Warrant) appropriately
      completed and duly signed, and (ii) payment of the Exercise Price for the number
      of Warrant Shares so indicated by the Warrant Holder to be
      purchased.

    

    c. This
      Warrant shall be exercisable at any time and from time to time for such number
      of Warrant Shares as is indicated in the attached Form of Election To Purchase.
      If less than all of the Warrant Shares which may be purchased under this Warrant
      are exercised at any time, the Company shall issue or cause to be issued, at
      its
      expense, a New Warrant evidencing the right to purchase the remaining number
      of
      Warrant Shares for which no exercise has been evidenced by this
      Warrant.

    

    d. (i) Notwithstanding
      anything contained herein to the contrary, the holder of this Warrant may,
      at
      its election exercised in its sole discretion, exercise this Warrant in whole
      or
      in part and, in lieu of making the cash payment otherwise contemplated to be
      made to the Company upon such exercise in payment of the Aggregate Exercise
      Price, elect instead to receive upon such exercise the “Net
      Number”
      of
      shares of Common Stock determined according to the following formula (a
“Cashless
      Exercise”):

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

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

    

    (ii) For
      purposes of the foregoing formula:

    

    A=
      the
      total number shares with respect to which this Warrant is then being
      exercised.

    

    B=
      the
      last reported sale price (as reported by Bloomberg) of the Common Stock on
      the
      trading day immediately preceding the date of the Exercise Notice.

    

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

    

    e. The
      holder of this Warrant agrees not to elect a Cashless Exercise for a period
      of
      six (6) months. The holder of this Warrant also agrees not to elect a Cashless
      Exercise so long as there is an effective registration statement for the Warrant
      Shares.

    

    6.  Maximum
      Exercise.
      The
      Warrant Holder shall not be entitled to exercise this Warrant
      on a Date of Exercise in connection with that number of shares of Common Stock
      which would be in excess of the sum of (i) the number of shares of Common Stock
      beneficially owned by the Warrant Holder and its affiliates on an exercise
      date,
      and (ii) the number of shares of Common Stock issuable upon the exercise of
      this
      Warrant with respect to which the determination of this limitation is being
      made
      on an exercise date, which would result in beneficial ownership by the Warrant
      Holder and its affiliates of more than 4.99% of the outstanding shares of Common
      Stock on such date. For the purposes of the immediately preceding sentence,
      beneficial ownership shall be determined in accordance with Section 13(d) of
      the
      Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder.
      Subject to the foregoing, the Warrant Holder shall not be limited to aggregate
      exercises which would result in the issuance of more than 4.99%. The restriction
      described in this paragraph may be revoked upon sixty-one (61) days prior notice
      from the Warrant Holder to the Company. The Warrant Holder may allocate which
      of
      the equity of the Company deemed beneficially owned by the Warrant Holder shall
      be included in the 4.99% amount described above and which shall be allocated
      to
      the excess above 4.99%.

    

    7.  Adjustment
      of Exercise Price and Number of Shares.
      The
      character of the shares of stock or other securities at the time issuable upon
      exercise of this Warrant and the Exercise Price therefore, are subject to
      adjustment upon the occurrence of the following events, and all such adjustments
      shall be cumulative:

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    a. Adjustment
      for Stock Splits, Stock Dividends, Recapitalizations, Etc.
      The
      Exercise Price of this Warrant and the number of shares of Common Stock or
      other
      securities at the time issuable upon exercise of this Warrant shall be
      appropriately adjusted to reflect any stock dividend, stock split, combination
      of shares, reclassification, recapitalization or other similar event affecting
      the number of outstanding shares of stock or securities.

    

    b. Adjustment
      for Reorganization, Consolidation, Merger, Etc.
      In case
      of any consolidation or merger of the Company with or into any other
      corporation, entity or person, or any other corporate reorganization, in which
      the Company shall not be the continuing or surviving entity of such
      consolidation, merger or reorganization (any such transaction being hereinafter
      referred to as a "Reorganization"),
      then, in
      each case, the holder of this Warrant, on exercise hereof at any time after
      the
      consummation or effective date of such Reorganization (the "Effective
      Date"),
      shall
      receive, in lieu of the shares of stock or other securities at any time issuable
      upon the exercise of the Warrant issuable on such exercise prior to the
      Effective Date, the stock and other securities and property (including cash)
      to
      which such holder would have been entitled upon the Effective Date if such
      holder had exercised this Warrant immediately prior thereto (all subject to
      further adjustment as provided in this Warrant).

    

    c. Certificate
      as to Adjustments.
      In case
      of any adjustment or readjustment in the price or kind of securities issuable
      on
      the exercise of this Warrant, the Company will promptly give written notice
      thereof to the holder of this Warrant in the form of a certificate, certified
      and confirmed by the Board of Directors of the Company, setting forth such
      adjustment or readjustment and showing in reasonable detail the facts upon
      which
      such adjustment or readjustment is based.

    

    d. The
      Company fails to meet certain earnings per share
      projections.
      In the
      event the Company earns between $0.0054 and $0.0033 per share (where such
      earnings in this paragraph shall always be defined as Earnings before Tax,
      Depreciation and Amortization (“EBTDA”) from recurring operations excluding any
      one time expenses using a fully diluted shares outstanding of 197,277,632 (the
      per share EBTDA figure is subject to adjustment per any reduction or increase
      in
      shares outstanding at year end)), the warrant exercise price shall be reduced
      proportionately by 0% if the earnings are $0.0054 per share and by 40% if the
      earnings are $0.0033 or less per share. For example, if the Company earns
      $0.0043 per share, or 20% below $0.0054 per share, then the warrant exercise
      price shall be reduced by 20%. Such reduction shall be made at the time the
      December 31st,
      2005
      financial results are reported and shall be made from the starting exercise
      price of the warrants being the exercise price of the warrants at that time,
      and
      shall be cumulative upon any other changes to the exercise price of the warrant
      that may already have been made. 

    

    e. The
      Company sells, grants or issues any shares, options, warrants, or any instrument
      convertible into shares or equity in any form below $0.06 per
      share.
      In the
      event the Company sells, grants or issues any shares, options, warrants, or
      any
      instrument convertible into shares or equity in any form below $0.06 per share
      the warrant exercise price shall be reduced proportionately. For example, if
      the
      Company sells, grants or issues any shares, options, warrants, or any instrument
      convertible into shares or equity in any form at $0.048 per share, or 20% below
      $0.06 per share, then the warrant exercise price shall be reduced by 20%. Such
      reduction shall be made at the time such transaction is made, and shall be
      cumulative upon any other changes to the exercise of the warrant that may
      already have been made.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    8.  Fractional
      Shares.
      The
      Company shall not be required to issue or cause to be issued fractional Warrant
      Shares on the exercise of this Warrant. The number of full Warrant Shares that
      shall be issuable upon the exercise of this Warrant shall be computed on the
      basis of the aggregate number of Warrants Shares purchasable on exercise of
      this
      Warrant so presented. If any fraction of a Warrant Share would, except for
      the
      provisions of this Section 8, be issuable on the exercise of this Warrant,
      the
      Company shall, at its option, (i) pay an amount in cash equal to the Exercise
      Price multiplied by such fraction or (ii) round the number of Warrant Shares
      issuable, up to the next whole number.

    

    9.  Sale
      or Merger of the Company.
      In the
      event of a sale of all or substantially all of the assets of the Company or
      the
      merger or consolidation of the Company in a transaction in which the Company
      is
      not the surviving entity, the 4.99% restriction will immediately be released
      and
      the Warrant Holder will have the right to exercise the warrants concurrent
      with
      the sale.

    

    10.  Issuance
      of Substitute Warrant.In
      the
      event of a merger, consolidation, recapitalization or reorganization of the
      Company or a reclassification of Company shares of stock, which results in
      an
      adjustment to the number of shares subject to this Warrant and/or the Exercise
      Price hereunder, the Company agrees to issue to the Warrant Holder a substitute
      Warrant reflecting the adjusted number of shares and/or Exercise Price upon
      the
      surrender of this Warrant to the Company.

    

    11.  Notice.
      All
      notices and other communications hereunder shall be in writing and shall be
      deemed to have been given (i) on the date they are delivered if delivered in
      person; (ii) on the date initially received if delivered by facsimile
      transmission followed by registered or certified mail confirmation; (iii) on
      the
      date delivered by an overnight courier service; or (iv) on the third business
      day after it is mailed by registered or certified mail, return receipt requested
      with postage and other fees prepaid as follows:

    

    If
      to
      the Company:

    

    Speedemissions,
      Inc.

    1134
      Senoia Road, Suite B2

    Tyrone,
      GA 30290

    Facsimile
      (770) 486-6022

    Attention:
      Richard A. Parlontieri

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    With
      a
      copy to:

    The
      Lebrecht Group, APLC

    22342
      Avenida Empresa, Suite 220

    Rancho
      Santa Margarita, CA 92688

    Facsimile
      (949) 635-1244

    Attn:
      Brian A. Lebrecht, Esq.

    

    If
      to
      the Warrant Holder:

    

    Barron
      Partners LP

    Barron
      Capital Advisors LLC, 

    Managing
      Partner

    Attn:
      Andrew Barron Worden

    730
      Fifth
      Avenue, 9th Floor

    New
      York
      NY 10019

    Facsimile
      (646) 607-2223

    tel
      212-659-7790

    

    12.       Miscellaneous.

    a. This
      Warrant shall be binding on and inure to the benefit of the parties hereto
      and
      their respective successors and permitted assigns. This Warrant may be amended
      only by a writing signed by the Company and the Warrant Holder.

    

    b. Nothing
      in this Warrant shall be construed to give to any person or corporation other
      than the Company and the Warrant Holder any legal or equitable right, remedy
      or
      cause of action under this Warrant; this Warrant shall be for the sole and
      exclusive benefit of the Company and the Warrant Holder.

    

    c. This
      Warrant shall be governed by, construed and enforced in accordance with the
      internal laws of the State of New York without regard to the principles of
      conflicts of law thereof.

    

    d. The
      headings herein are for convenience only, do not constitute a part of this
      Warrant and shall not be deemed to limit or affect any of the provisions
      hereof.

    

    e. In
      case
      any one or more of the provisions of this Warrant shall be invalid or
      unenforceable in any respect, the validity and enforceablilty of the remaining
      terms and provisions of this Warrant shall not in any way be affected or
      impaired thereby and the parties will attempt in good faith to agree upon a
      valid and enforceable provision which shall be a commercially reasonably
      substitute therefore, and upon so agreeing, shall incorporate such substitute
      provision in this Warrant.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    f. The
      Warrant Holder shall not, by virtue hereof, be entitled to any voting or other
      rights of a shareholder of the Company, either at law or equity, and the rights
      of the Warrant Holder are limited to those expressed in this
      Warrant.

    

    

    

    

    [SIGNATURES
      ON FOLLOWING PAGE]

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by
      the
      authorized officer as of the date first above stated.

    

    

    SPEEDEMISSIONS,
      INC., a Florida corporation

    
 

    By:
         /s/ Richard A.
      Parlontieri                            
       

    Name:
      Richard A. Parlontieri

    Title:
      President

    

    

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    FORM
      OF ELECTION TO PURCHASE

    

    (To
      be
      executed by the Warrant Holder to exercise the right to purchase shares of
      Common Stock under the foregoing Warrant)

     

    

    To:
      SPEEDEMISSIONS, INC.:

    

    In
      accordance with the Warrant enclosed with this Form of Election to Purchase,
      the
      undersigned hereby irrevocably elects to purchase ______________ shares of
      Common Stock (“Common Stock”), $0.001 par value, of Speedemissions, Inc. and
      encloses the warrant and $____ for each Warrant Share being purchased or an
      aggregate of $________________ in cash or certified or official bank check
      or
      checks, which sum represents the aggregate Exercise Price (as defined in the
      Warrant) together with any applicable taxes payable by the undersigned pursuant
      to the Warrant.

     

    

    The
      undersigned requests that certificates for the shares of Common Stock issuable
      upon this exercise be issued in the name of:

    _________________________________________________

    _________________________________________________

    _________________________________________________

    (Please
      print name and address)

     

    _________________________________________________

    (Please
      insert Social Security or Tax Identification Number)

    

    If
      the
      number of shares of Common Stock issuable upon this exercise shall not be all
      of
      the shares of Common Stock which the undersigned is entitled to purchase in
      accordance with the enclosed Warrant, the undersigned requests that a New
      Warrant (as defined in the Warrant) evidencing the right to purchase the shares
      of Common Stock not issuable pursuant to the exercise evidenced hereby be issued
      in the name of and delivered to:

    _________________________________________________

    _________________________________________________

    _________________________________________________

    (Please
      print name and address)

    

    Dated:
      ____________     Name
      of
      Warrant Holder:

    

    (Print)
      _________________________________ 

    (By:)
      __________________________________       

    

    

    (Name:)
      ________________________________      

    

    (Title:)
      _________________________________       

    

    Signature
      must conform in all respects to name of

    Warrant
      Holder as specified on the face of the

    Warrant

     

     

    
      
        
        

      

      
        10Unassociated Document

    

      THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY STATE SECURITIES
        LAWS AND NEITHER SUCH SHARES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
        PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT
        WITH RESPECT THERETO IS EFFECTIVE UNDER THE 1933 ACT AND ANY APPLICABLE STATE
        SECURITIES LAWS, OR (2) PURSUANT
        TO AN EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT.

      

      IN
        ADDITION, A PREFERRED STOCK PURCHASE AGREEMENT DATED AS OF June 30, 2005
        (THE
“PURCHASE AGREEMENT”), A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY AT ITS
        PRINCIPAL EXECUTIVE OFFICE, CONTAINS CERTAIN ADDITIONAL AGREEMENTS BETWEEN
        THE
        PARTIES WITH RESPECT TO THIS WARRANT.

       

      
        
          

        

         

      

      SPEEDEMISSIONS,
        INC.

      

      COMMON
        STOCK PURCHASE WARRANT “B”

      

      
        
          	Number of Shares: 18,900,000	Holder: Barron Partners LP
	 	
                  c/o
                    Barron Capital Advisors LLC

                
	Original Issue Date: June 30, 2005	
                  Managing
                    Partner

                
	 	
                  Attn:
                    Andrew Barron Worden

                
	
                  Expiration
                    Date: June 30, 2010

                	
                  730
                    Fifth Avenue, 9th Floor

                
	 	
                  New
                    York NY 10019

                
	Exercise Price per Share: $0.48	
                  tel
                    212-659-7790

                
	 	
                  fax
                    646-607-2223

                

        

      

       

      Speedemissions,
        Inc., a company organized and existing under the laws of the State of Florida
        (the “Company”),
        hereby certifies that, for value received, BARRON
        PARTNERS LP,
        or its
        registered assigns (the “Warrant
        Holder”),
        is
        entitled, subject to the terms set forth below, to purchase from the Company
        up
        to Eighteen Million Nine Hundred Thousand (18,900,000) shares (as adjusted
        from
        time to time as provided in Section 7, the “Warrant
        Shares”)
        of
        common stock, $0.001 par value (the “Common
        Stock”),
        of
        the Company at a price of Forty Eight Cents ($0.48) per Warrant Share (as
        adjusted from time to time as provided in Section 7, the “Exercise
        Price”),
        at
        any time and from time to time from and after the date thereof and through
        and
        including 5:00 p.m. New York City time on June 30, 2010 (or eighteen months
        of
        effectiveness of a Registration Statement subsequent to the issuance hereof
        (such eighteen months to be extended by one month for each month or portion
        of a
        month during which a Registration Statement’s effectiveness has lapsed or been
        suspended), whichever is longer)(the “Expiration
        Date”),
        and
        subject to the following terms and conditions:

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      1. Registration
        of Warrant.
        The
        Company shall register this Warrant upon records to be maintained by the
        Company
        for that purpose (the “Warrant
        Register”),
        in
        the name of the record Warrant Holder hereof from time to time. The Company
        may
        deem and treat the registered Warrant Holder of this Warrant as the absolute
        owner hereof for the purpose of any exercise hereof or any distribution to
        the
        Warrant Holder, and for all other purposes, and the Company shall not be
        affected by notice to the contrary.

      

      2. Investment
        Representation.
        The
        Warrant Holder by accepting this Warrant represents that the Warrant Holder
        is
        acquiring this Warrant for its own account or the account of an affiliate
        for
        investment purposes and not with the view to any offering or distribution
        and
        that the Warrant Holder will not sell or otherwise dispose of this Warrant
        or
        the underlying Warrant Shares in violation of applicable securities laws.
        The
        Warrant Holder acknowledges that the certificates representing any Warrant
        Shares will bear a legend indicating that they have not been registered under
        the United States Securities Act of 1933, as amended (the “1933
        Act”)
        and
        may not be sold by the Warrant Holder except pursuant to an effective
        registration statement or pursuant to an exemption from registration
        requirements of the 1933 Act and in accordance with federal and state securities
        laws. If this Warrant was acquired by the Warrant Holder pursuant to the
        exemption from the registration requirements of the 1933 Act afforded by
        Regulation S thereunder, the Warrant Holder acknowledges and covenants that
        this
        Warrant may not be exercised by or on behalf of a Person during the one year
        distribution compliance period (as defined in Regulation S) following the
        date
        hereof. “Person”
        means an
        individual, partnership, firm, limited liability company, trust, joint venture,
        association, corporation, or any other legal entity.

      

      3. Validity
        of Warrant and Issue of Shares.
        The
        Company represents and warrants that this Warrant has been duly authorized
        and
        validly issued and warrants and agrees that all of Common Stock that may
        be
        issued upon the exercise of the rights represented by this Warrant will,
        when
        issued upon such exercise, be duly authorized, validly issued, fully paid
        and
        nonassessable and free from all taxes, liens and charges with respect to
        the
        issue thereof. The Company further warrants and agrees that during the period
        within which the rights represented by this Warrant may be exercised, following
        the effectiveness of an amendment to its articles of incorporation to increase
        its authorized common stock, the Company will at all times have authorized
        and
        reserved a sufficient number of Common Stock to provide for the exercise
        of the
        rights represented by this Warrant.

       

      
        4.
          Registration
          of Transfers and Exchange of
          Warrants.

      

      

      a. Subject
        to compliance with the legend set forth on the face of this Warrant, the
        Company
        shall register the transfer of any portion of this Warrant in the Warrant
        Register, upon surrender of this Warrant with the Form of Assignment attached
        hereto duly completed and signed, to the Company at the office specified
        in or
        pursuant to Section 9. Upon any such registration or transfer, a new warrant
        to
        purchase Common Stock, in substantially the form of this Warrant (any such
        new
        warrant, a “New
        Warrant”),
        evidencing the portion of this Warrant so transferred shall be issued to
        the
        transferee and a New Warrant evidencing the remaining portion of this Warrant
        not so transferred, if any, shall be issued to the transferring Warrant Holder.
        The acceptance of the New Warrant by the transferee thereof shall be deemed
        the
        acceptance of such transferee of all of the rights and obligations of a Warrant
        Holder of a Warrant.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      b. This
        Warrant is exchangeable, upon the surrender hereof by the Warrant Holder
        to the
        office of the Company specified in or pursuant to Section 9 for one or more
        New
        Warrants, evidencing in the aggregate the right to purchase the number of
        Warrant Shares which may then be purchased hereunder. Any such New Warrant
        will
        be dated the date of such exchange.

       

      
        5.
          Exercise
          of Warrants.

         

      

      a. Upon
        surrender of this Warrant with the Form of Election to Purchase attached
        hereto
        duly completed and signed to the Company, at its address set forth in Section
        9,
        and upon payment and delivery of the Exercise Price per Warrant Share multiplied
        by the number of Warrant Shares that the Warrant Holder intends to purchase
        hereunder, in lawful money of the United States of America, in cash or by
        certified or official bank check or checks, to the Company, all as specified
        by
        the Warrant Holder in the Form of Election to Purchase, the Company shall
        promptly (but in no event later than 7 business days after the Date of Exercise
        (as defined herein)) issue or cause to be issued and cause to be delivered
        to or
        upon the written order of the Warrant Holder and in such name or names as
        the
        Warrant Holder may designate (subject to the restrictions on transfer described
        in the legend set forth on the face of this Warrant), a certificate for the
        Warrant Shares issuable upon such exercise, with such restrictive legend
        as
        required by the 1933 Act. Any person so designated by the Warrant Holder
        to
        receive Warrant Shares shall be deemed to have become holder of record of
        such
        Warrant Shares as of the Date of Exercise of this Warrant.

      

      b. A
“Date
        of Exercise” means the date on which the Company shall have received (i) this
        Warrant (or any New Warrant, as applicable), with the Form of Election to
        Purchase attached hereto (or attached to such New Warrant) appropriately
        completed and duly signed, and (ii) payment of the Exercise Price for the
        number
        of Warrant Shares so indicated by the Warrant Holder to be
        purchased.

      

      c. This
        Warrant shall be exercisable at any time and from time to time for such number
        of Warrant Shares as is indicated in the attached Form of Election To Purchase.
        If less than all of the Warrant Shares which may be purchased under this
        Warrant
        are exercised at any time, the Company shall issue or cause to be issued,
        at its
        expense, a New Warrant evidencing the right to purchase the remaining number
        of
        Warrant Shares for which no exercise has been evidenced by this
        Warrant.

      

      d. (i) Notwithstanding
        anything contained herein to the contrary, the holder of this Warrant may,
        at
        its election exercised in its sole discretion, exercise this Warrant in whole
        or
        in part and, in lieu of making the cash payment otherwise contemplated to
        be
        made to the Company upon such exercise in payment of the Aggregate Exercise
        Price, elect instead to receive upon such exercise the “Net
        Number”
        of
        shares of Common Stock determined according to the following formula (a
“Cashless
        Exercise”):

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

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

      

      (ii) For
        purposes of the foregoing formula:

      

      A=
        the
        total number shares with respect to which this Warrant is then being
        exercised.

      

      B=
        the
        last reported sale price (as reported by Bloomberg) of the Common Stock on
        the
        trading day immediately preceding the date of the Exercise Notice.

      

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

      

      e. The
        holder of this Warrant agrees not to elect a Cashless Exercise for a period
        of
        six (6) months. The holder of this Warrant also agrees not to elect a Cashless
        Exercise so long as there is an effective registration statement for the
        Warrant
        Shares.

      

      6. Maximum
        Exercise.
        The
        Warrant Holder shall not be entitled to exercise this Warrant
        on a Date of Exercise in connection with that number of shares of Common
        Stock
        which would be in excess of the sum of (i) the number of shares of Common
        Stock
        beneficially owned by the Warrant Holder and its affiliates on an exercise
        date,
        and (ii) the number of shares of Common Stock issuable upon the exercise
        of this
        Warrant with respect to which the determination of this limitation is being
        made
        on an exercise date, which would result in beneficial ownership by the Warrant
        Holder and its affiliates of more than 4.99% of the outstanding shares of
        Common
        Stock on such date. For the purposes of the immediately preceding sentence,
        beneficial ownership shall be determined in accordance with Section 13(d)
        of the
        Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder.
        Subject to the foregoing, the Warrant Holder shall not be limited to aggregate
        exercises which would result in the issuance of more than 4.99%. The restriction
        described in this paragraph may be revoked upon sixty-one (61) days prior
        notice
        from the Warrant Holder to the Company. The Warrant Holder may allocate which
        of
        the equity of the Company deemed beneficially owned by the Warrant Holder
        shall
        be included in the 4.99% amount described above and which shall be allocated
        to
        the excess above 4.99%.

      

      7. Adjustment
        of Exercise Price and Number of Shares.
        The
        character of the shares of stock or other securities at the time issuable
        upon
        exercise of this Warrant and the Exercise Price therefore, are subject to
        adjustment upon the occurrence of the following events, and all such adjustments
        shall be cumulative:

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      a. Adjustment
        for Stock Splits, Stock Dividends, Recapitalizations, Etc.
        The
        Exercise Price of this Warrant and the number of shares of Common Stock or
        other
        securities at the time issuable upon exercise of this Warrant shall be
        appropriately adjusted to reflect any stock dividend, stock split, combination
        of shares, reclassification, recapitalization or other similar event affecting
        the number of outstanding shares of stock or securities.

      

      b. Adjustment
        for Reorganization, Consolidation, Merger, Etc.
        In case
        of any consolidation or merger of the Company with or into any other
        corporation, entity or person, or any other corporate reorganization, in
        which
        the Company shall not be the continuing or surviving entity of such
        consolidation, merger or reorganization (any such transaction being hereinafter
        referred to as a "Reorganization"),
        then, in
        each case, the holder of this Warrant, on exercise hereof at any time after
        the
        consummation or effective date of such Reorganization (the "Effective
        Date"),
        shall
        receive, in lieu of the shares of stock or other securities at any time issuable
        upon the exercise of the Warrant issuable on such exercise prior to the
        Effective Date, the stock and other securities and property (including cash)
        to
        which such holder would have been entitled upon the Effective Date if such
        holder had exercised this Warrant immediately prior thereto (all subject
        to
        further adjustment as provided in this Warrant).

      

      c. Certificate
        as to Adjustments.
        In case
        of any adjustment or readjustment in the price or kind of securities issuable
        on
        the exercise of this Warrant, the Company will promptly give written notice
        thereof to the holder of this Warrant in the form of a certificate, certified
        and confirmed by the Board of Directors of the Company, setting forth such
        adjustment or readjustment and showing in reasonable detail the facts upon
        which
        such adjustment or readjustment is based.

      

      d. The
        Company fails to meet certain earnings per share
        projections.
        In the
        event the Company earns between $0.0054 and $0.0033 per share (where such
        earnings in this paragraph shall always be defined as Earnings before Tax,
        Depreciation and Amortization (“EBTDA”) from recurring operations excluding any
        one time expenses using a fully diluted shares outstanding of 197,277,632
        (the
        per share EBTDA figure is subject to adjustment per any reduction or increase
        in
        shares outstanding at year end)), the warrant exercise price shall be reduced
        proportionately by 0% if the earnings are $0.0054 per share and by 40% if
        the
        earnings are $0.0033 or less per share. For example, if the Company earns
        $0.0043 per share, or 20% below $0.0054 per share, then the warrant exercise
        price shall be reduced by 20%. Such reduction shall be made at the time the
        December 31st,
        2005
        financial results are reported and shall be made from the starting exercise
        price of the warrants being the exercise price of the warrants at that time,
        and
        shall be cumulative upon any other changes to the exercise price of the warrant
        that may already have been made. 

      

      e. The
        Company sells, grants or issues any shares, options, warrants, or any instrument
        convertible into shares or equity in any form below $0.06 per
        share.
        In the
        event the Company sells, grants or issues any shares, options, warrants,
        or any
        instrument convertible into shares or equity in any form below $0.06 per
        share
        the warrant exercise price shall be reduced proportionately. For example,
        if the
        Company sells, grants or issues any shares, options, warrants, or any instrument
        convertible into shares or equity in any form at $0.048 per share, or 20%
        below
        $0.06 per share, then the warrant exercise price shall be reduced by 20%.
        Such
        reduction shall be made at the time such transaction is made, and shall be
        cumulative upon any other changes to the exercise of the warrant that may
        already have been made.

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      8. Fractional
        Shares.
        The
        Company shall not be required to issue or cause to be issued fractional Warrant
        Shares on the exercise of this Warrant. The number of full Warrant Shares
        that
        shall be issuable upon the exercise of this Warrant shall be computed on
        the
        basis of the aggregate number of Warrants Shares purchasable on exercise
        of this
        Warrant so presented. If any fraction of a Warrant Share would, except for
        the
        provisions of this Section 8, be issuable on the exercise of this Warrant,
        the
        Company shall, at its option, (i) pay an amount in cash equal to the Exercise
        Price multiplied by such fraction or (ii) round the number of Warrant Shares
        issuable, up to the next whole number.

      

      9. Sale
        or Merger of the Company.
        In the
        event of a sale of all or substantially all of the assets of the Company
        or the
        merger or consolidation of the Company in a transaction in which the Company
        is
        not the surviving entity, the 4.99% restriction will immediately be released
        and
        the Warrant Holder will have the right to exercise the warrants concurrent
        with
        the sale.

      

      10. Issuance
        of Substitute Warrant. In
        the
        event of a merger, consolidation, recapitalization or reorganization of the
        Company or a reclassification of Company shares of stock, which results in
        an
        adjustment to the number of shares subject to this Warrant and/or the Exercise
        Price hereunder, the Company agrees to issue to the Warrant Holder a substitute
        Warrant reflecting the adjusted number of shares and/or Exercise Price upon
        the
        surrender of this Warrant to the Company.

      

      11. Notice.
        All
        notices and other communications hereunder shall be in writing and shall
        be
        deemed to have been given (i) on the date they are delivered if delivered
        in
        person; (ii) on the date initially received if delivered by facsimile
        transmission followed by registered or certified mail confirmation; (iii)
        on the
        date delivered by an overnight courier service; or (iv) on the third business
        day after it is mailed by registered or certified mail, return receipt requested
        with postage and other fees prepaid as follows:

      

      If
        to
        the Company:

      

      Speedemissions,
        Inc.

      1134
        Senoia Road, Suite B2

      Tyrone,
        GA 30290

      Facsimile
        (770) 486-6022

      Attention:
        Richard A. Parlontieri

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

         

      

      With
        a
        copy to:

      The
        Lebrecht Group, APLC

      22342
        Avenida Empresa, Suite 220

      Rancho
        Santa Margarita, CA 92688

      Facsimile
        (949) 635-1244

      Attn:
        Brian A. Lebrecht, Esq.

      

      If
        to
        the Warrant Holder:

      

      Barron
        Partners LP

      Barron
        Capital Advisors LLC, 

      Managing
        Partner

      Attn:
        Andrew Barron Worden

      730
        Fifth
        Avenue, 9th Floor

      New
        York
        NY 10019

      Facsimile
        (646) 607-2223

      tel
        212-659-7790

      

      12.
        Miscellaneous.

      

      a. This
        Warrant shall be binding on and inure to the benefit of the parties hereto
        and
        their respective successors and permitted assigns. This Warrant may be amended
        only by a writing signed by the Company and the Warrant Holder.

      

      b. Nothing
        in this Warrant shall be construed to give to any person or corporation other
        than the Company and the Warrant Holder any legal or equitable right, remedy
        or
        cause of action under this Warrant; this Warrant shall be for the sole and
        exclusive benefit of the Company and the Warrant Holder.

      

      c. This
        Warrant shall be governed by, construed and enforced in accordance with the
        internal laws of the State of New York without regard to the principles of
        conflicts of law thereof.

      

      d. The
        headings herein are for convenience only, do not constitute a part of this
        Warrant and shall not be deemed to limit or affect any of the provisions
        hereof.

      

      e. In
        case
        any one or more of the provisions of this Warrant shall be invalid or
        unenforceable in any respect, the validity and enforceablilty of the remaining
        terms and provisions of this Warrant shall not in any way be affected or
        impaired thereby and the parties will attempt in good faith to agree upon
        a
        valid and enforceable provision which shall be a commercially reasonably
        substitute therefore, and upon so agreeing, shall incorporate such substitute
        provision in this Warrant.

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      f. The
        Warrant Holder shall not, by virtue hereof, be entitled to any voting or
        other
        rights of a shareholder of the Company, either at law or equity, and the
        rights
        of the Warrant Holder are limited to those expressed in this
        Warrant.

      

      

      

      

      [SIGNATURES
        ON FOLLOWING PAGE]

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company has caused this Warrant to be duly executed
        by the
        authorized officer as of the date first above stated.

      

      

      SPEEDEMISSIONS,
        INC., a Florida corporation

      

      

      By:
        /s/ Richard A.
        Parlontieri                          
         

      Name:
        Richard A. Parlontieri

      Title:
        President

      

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      FORM
        OF ELECTION TO PURCHASE

      

      (To
        be
        executed by the Warrant Holder to exercise the right to purchase shares of
        Common Stock under the foregoing Warrant)

       

      

      To:
        SPEEDEMISSIONS, INC.:

      

      In
        accordance with the Warrant enclosed with this Form of Election to Purchase,
        the
        undersigned hereby irrevocably elects to purchase ______________ shares of
        Common Stock (“Common Stock”), $0.001 par value, of Speedemissions, Inc. and
        encloses the warrant and $____ for each Warrant Share being purchased or
        an
        aggregate of $________________ in cash or certified or official bank check
        or
        checks, which sum represents the aggregate Exercise Price (as defined in
        the
        Warrant) together with any applicable taxes payable by the undersigned pursuant
        to the Warrant.

       

      

      The
        undersigned requests that certificates for the shares of Common Stock issuable
        upon this exercise be issued in the name of:

      ______________________________________

      
        ______________________________________

      

      
        ______________________________________

      

      (Please
        print name and address)

       

      ______________________________________

      (Please
        insert Social Security or Tax Identification Number)

      

      If
        the
        number of shares of Common Stock issuable upon this exercise shall not be
        all of
        the shares of Common Stock which the undersigned is entitled to purchase
        in
        accordance with the enclosed Warrant, the undersigned requests that a New
        Warrant (as defined in the Warrant) evidencing the right to purchase the
        shares
        of Common Stock not issuable pursuant to the exercise evidenced hereby be
        issued
        in the name of and delivered to:

      ______________________________________

      ______________________________________

      ______________________________________

      (Please
        print name and address)

      

      Dated:
        ____________      Name
        of
        Warrant Holder:

      

      (Print)
        ___________________________________

      (By:)
        ____________________________________      

      

      

      (Name:)
        __________________________________

      (Title:)
        ___________________________________      

      

      Signature
        must conform in all respects to name of

      Warrant
        Holder as specified on the face of the

      Warrant

       

       

      
        
          
          

        

        
          10

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