Document:

Exhibit 4.19

	

Exhibit
4.19  

THIS COMMON STOCK PURCHASE
WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING THIS COMMON
STOCK PURCHASE WARRANT, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH
SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE
COMPANY, (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT, OR (C) IF REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. 

COMMON STOCK
PURCHASE WARRANT

	
      

    
	

      Number of shares:

      Strike Price: US

      Expiration: 
      

    	

      Holder:
		
	For identification
      only. The governing terms of this Warrant are set forth below.
	
      

    

	

American International
Petroleum Corporation, a Nevada corporation (the “Company”),
hereby certifies that, for value received, ___________________ or assigns, is
entitled, subject to the terms set forth below, to purchase from the Company at
any time or from time to time after the date hereof and prior to the fifth
anniversary hereof (the “Exercise Period”), at the Purchase
Price hereinafter set forth, ________________________ shares of the fully paid
and nonassessable shares of Common Stock of the Company. The number and
character of such shares of Common Stock and the Purchase Price are subject to
adjustment as provided herein. 

     The
purchase price per share of Common Stock issuable upon exercise of this Warrant
(the “Purchase Price”) shall initially be equal to _______;
provided, however, that the Purchase Price shall be adjusted from time to
time as provided herein. 

     Capitalized
terms used herein not otherwise defined shall have the meanings ascribed thereto
in the Securities Purchase Agreement between the Company and
_________________________ of even date herewith (the “Purchase
Agreement”). As used herein the following terms, unless the context
otherwise requires, have the following respective meanings: 

	 	     (a)
The term “Company” shall include American International Petroleum
Corporation and any corporation that shall succeed or assume the obligations of such
corporation hereunder. 

	

1 

	

	 	     (b)
The term “Common Stock” includes (a) the Company’s common stock, par
value $0.08 per share, (b) any other capital stock of any class or classes (however
designated) of the Company, authorized on or after such date, the Holders of which shall
have the right, without limitation as to amount, either to all or to a share of the
balance of current dividends and liquidating dividends after the payment of dividends and
distributions on any shares entitled to preference, and the Holders of which shall
ordinarily, in the absence of contingencies, be entitled to vote for the election of a
majority of directors of the Company (even though the right so to vote has been suspended
by the happening of such a contingency) and (c) any other securities into which or for
which any of the securities described in (a) or (b) may be converted or exchanged
pursuant to a plan of recapitalization, reorganization, merger, sale of assets or
otherwise.

	 	     (c)
The term “Other Securities” refers to any stock (other than Common Stock)
and other securities of the Company or any other person (corporate or otherwise) that the
Holder of this warrant at any time shall be entitled to receive, or shall have received,
on the exercise of this Warrant, in lieu of or in addition to Common Stock, or that at
any time shall be issuable or shall have been issued in exchange for or in replacement of
Common Stock or Other Securities pursuant to Section 4 or otherwise.

	 	
1.
Exercise of Warrant. 

	 	     1.1
Method of Exercise. 

	 	
(a)
This warrant may be exercised in whole or in part (but not as to a fractional
share of Common Stock), at any time and from time to time during the Exercise
Period by the Holder hereof by delivery of a notice of exercise (a
“Notice of Exercise”) substantially in the form attached hereto
as Exhibit A via facsimile to the Company. Promptly thereafter the Holder
shall surrender this Warrant to the Company at its principal office, accompanied
by payment of the Purchase Price multiplied by the number of shares of Common
Stock for which this Warrant is being exercised (the “Exercise
Price”). Payment of the Exercise Price shall be made, at the option of
the Holder, (i) by check or bank draft payable to the order of the Company, (ii)
by wire transfer to the account of the Company, (iii) in shares of Common Stock
having a Market Value on the Exercise Date (as hereinafter defined) equal to the
aggregate Exercise Price or (iv) by presentation and surrender of this Warrant
to the Company for cashless exercise (a “Cashless Exercise”),
which such surrender being deemed a waiver of the Holder’s obligation to
pay all or any portion of the Exercise Price. In the event the Holder elects a
Cashless Exercise (which such election shall be irrevocable) the Holder shall
exchange this Warrant for that number of shares of Common Stock determined by
multiplying the number of shares of Common Stock being exercised by a fraction,
the numerator of which shall be the difference between the then current Market
Value of the Common Stock and the Purchase Price, and the denominator of which
shall be the then current Market Value of the Common Stock. If the amount of the
payment received by the Company is less than the Exercise Price, the Holder will
be notified of the deficiency and shall make payment in that amount within five
(5) business days. In the event the payment exceeds the Exercise Price, the
Company will promptly refund the excess to the Holder. Upon exercise, the Holder
shall be entitled to receive, promptly refund the excess to the Holder. Upon
exercise, the Holder shall be entitled to receive, promptly after payment in
full, one or more certificates, issued in the Holder’s name or in such name
or names as the Holder may direct, subject to the limitations on transfer
contained herein, for the number of shares of Common Stock so purchased. The
shares of Common Stock so purchased shall be deemed to be issued as of the close
of business on the date on which the Company shall have received from the Holder
payment in full of the Exercise Price (the “Exercise Date”).

	

2 

	

	 	     (b)
Notwithstanding anything to the contrary set forth herein, upon exercise of all or a
portion of this Warrant in accordance with the terms hereof, the Holder shall not be
required to physically surrender this Warrant to the Company. Rather, records showing the
amount so exercised and the date of exercise shall be maintained on a ledger
substantially in the form of Annex B attached hereto (a copy of which shall be
delivered to the Company or transfer agent with each Notice of Exercise). It is
specifically contemplated that the Holder hereof shall act as the calculation agent for
all exercises of this Warrant. In the event of any dispute or discrepancies, such records
maintained by the Holders shall be controlling and determinative in the absence of
manifest error. The Holder and any assignee, by acceptance of this Warrant, acknowledge
and agree that, by reason of the provisions of this paragraph, following an exercise of a
portion of this Warrant, the number of shares of Common Stock represented by this Warrant
will be the amount indicated on Annex B attached hereto (which may be less than the
amount stated on the face hereof).

	

     
     1.2
Regulation D Restrictions. The Holder hereof represents and warrants to the Company
that it has acquired this Warrant and anticipates acquiring the shares of Common Stock
issuable upon exercise of the Warrant solely for its own account for investment purposes
and not with a view to or for resale of such securities unless such resale has been
registered with the Commission or an applicable exemption is available therefore. At the
time this Warrant is exercised, the Company may require the Holder to state in the Notice
of Exercise such representations concerning the Holder as are necessary or appropriate to
assure compliance by the Holder with the Securities Act. 

     
     1.3
Company Acknowledgment. The Company will, at the time of the exercise of this
Warrant, upon request of the Holder hereof, acknowledge in writing its continuing
obligation to afford to such Holder the registration rights to which such Holder shall
continue to be entitled after such exercise in accordance with the provisions of a
Registration Rights Agreement dated the date hereof (the “Registration Rights
Agreement”). If the Holder shall fail to make any such request, such failure shall not
affect the continuing obligation of the Company to afford such Holder any such rights. 

3 

	

     
     1.4
Limitation on Exercise. Notwithstanding the rights of the Holder to exercise all or
a portion of this Warrant as described herein, such exercise rights shall be limited,
solely to the extent set forth in the Purchase Agreement as if such provisions were
specifically set forth herein. In addition, the number of shares of Common Stock issuable
upon exercise of this Warrant is subject to reduction as specified in Section 10.3 of the
Purchase Agreement. 

     2.
Delivery of Stock Certificates, etc., on Exercise. As soon as practicable after the
exercise of this Warrant, and in any event within five (5) business days thereafter, the
Company at its expense (including the payment by it of any applicable issue, stamp or
transfer taxes) will cause to be issued in the name of and delivered to the Holder
thereof, or, to the extent permissible hereunder, to such other person as such Holder may
direct, a certificate or certificates for the number of fully paid and nonassessable
shares of Common Stock (or Other Securities) to which such Holder shall be entitled on
such exercise, plus, in lieu of any fractional share to which such Holder would otherwise
be entitled, cash equal to such fraction multiplied by the then applicable Purchase
Price, together with any other stock or other securities and property (including cash,
where applicable) to which such Holder is entitled upon such exercise pursuant to Section
1 or otherwise.  

     3.
Adjustment for Extraordinary Events. The Purchase Price to
be paid by the Holder upon exercise of this Warrant, and the consideration to be
received upon exercise of this Warrant, shall be adjusted in case at any time or
from time to time pursuant to Article XI of the Purchase Agreement as if such
provisions were specifically set forth herein. 

     4.
No Impairment. The Company will not, by amendment of its
Certificate of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder of this
warrant against impairment. Without limiting the generality of the foregoing,
the Company (a) will not increase the par value of any shares of stock
receivable on the exercise of this Warrant above the amount payable therefore on
such exercise, (b) will take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and
unassessable shares of stock on the exercise of this Warrant, and (c) will not
transfer all or substantially all of its properties and assets to any other
person (corporate or otherwise), or consolidate with or merge into any other
person or permit any such person to consolidate with or merge into the Company
(if the Company is not the surviving person), unless such other person shall
expressly assume in writing and will be bound by all the terms of this Warrant. 

4 

	

     5.
Accountant’s Certificate as to Adjustments. In each
case of any adjustment or readjustment in the shares of Common Stock (or Other
Securities) issuable on the exercise of this Warrant, the Company at its expense
will promptly cause independent certified public accountants of national
standing selected by the Company to compute such adjustment or readjustment in
accordance with the terms of this Warrant and prepare a certificate setting
forth such adjustment or readjustment and showing in detail the facts upon which
such adjustment or readjustment is based, including a statement of (a) the
consideration received or receivable by the Company for any additional shares of
Common Stock (or Other Securities) issued or sold or deemed to have been issued
or sold, (b) the number of shares of Common Stock (or Other Securities)
outstanding or deemed to be outstanding, and (c) the Purchase Price and the
number of shares of Common Stock to be received upon exercise of this Warrant,
in effect immediately prior to such issue or sale and as adjusted and readjusted
as provided in this Warrant. The Company will forthwith mail a copy of each such
certificate to the Holder of this Warrant, and will, on the written request at
any time of the Holder of this Warrant, furnish to such Holder a like
certificate setting forth the Purchase Price at the time in effect and showing
how it was calculated. 

     6.
Notices of Record Date, etc. In the event of  

	 	     (a)
any taking by the Company of a record of the Holders of any class or securities for the
purpose of determining the Holders thereof who are entitled to receive any dividend or
other distribution, or any right to subscribe for, purchase or otherwise acquire any
shares of stock of any class or any other securities or property, or to receive any other
right, or

	 	     (b)
any capital reorganization of the Company, any reclassification or recapitalization of
the capital stock of the Company or any transfer of all or substantially all the assets
of the Company to or consolidation or merger of the Company with or into any other
person, or

	 	     (c)
any voluntary or involuntary dissolution, liquidation or winding-up of the Company, 

	

then and in each such event the
Company will mail or cause to be mailed to the Holder of this Warrant a notice specifying
(i) the date on which any such record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, and (ii) the date on which any such reorganization,
reclassification, recapitalization, transfer, consolidation, merger, dissolution,
liquidation or winding-up is to take place, and the time, if any, as of which the Holders
of record of Common Stock (or Other Securities) shall be entitled to exchange their
shares of Common Stock (or Other Securities) for then and in each such event the Company
will mail or cause to be mailed to the Holder of this Warrant a notice specifying (i) the
date on which any such record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount of character of such dividend, distribution
or right, and (ii) the date on which any such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up
is to take place, and the time, if any, as of which the Holders of record of Common Stock
(or Other Securities) shall be entitled to exchange their shares of Common Stock (or
Other Securities) for securities or other property deliverable on such reorganization,
reclassification, recapitalization, transfer, consolidation, merger, dissolution,
liquidation or winding-up. Such notice shall be mailed at least 20 days prior to the date
specified in such notice on which any action is to be taken.  

5 

	

     7.
Reservation of Stock, etc. Issuable on Exercise of Warrant.
The Company will at all times reserve and keep available, solely for issuance
and delivery on the exercise of this Warrant, all shares of Common Stock (or
Other Securities) from time to time issuable on the exercise of this Warrant. 

     8.
Exchange of Warrant.  

     
     (a)
On surrender for exchange of this Warrant, properly endorsed and in compliance with the
restrictions on transfer set forth in the legend on the face of this Warrant, to the
Company, the Company at its expense will issue and deliver to or on the order of the
Holder thereof a new Warrant of like tenor, in the name of such Holder or as such Holder
(on payment by such Holder of any applicable transfer taxes) may direct, calling in the
aggregate on the face or faces thereof for the number of shares of Common Stock called
for on the face of the Warrant so surrendered. 

     
     (b)
Upon written notice from the Purchasers pursuant to Section 2.5(b)(iii) of the Purchase
Agreement that the Purchasers have elected to transfer amongst each other a portion of
this Warrant, and on surrender for amendment and restatement of this Warrant, the Company
at its expense will issue and deliver to or on the order of the Holder thereof a new
Warrant of like tenor, in the name of such Holder as the Purchasers (on payment by such
Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face
or faces thereof for the number of shares of Common Stock as set forth in such notice
reflecting such transfer. 

     9.
Replacement of Warrant. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this
Warrant, on delivery of an indemnity agreement or security reasonably
satisfactory in form and amount to the Company or, in the case of any such
mutilation, on surrender and cancellation of this Warrant, the Company at its
expense will execute and deliver, in lieu thereof, a new Warrant of like tenor. 

     10.
Remedies. The Company stipulates that the remedies at law
of the Holder of this Warrant in the event of any default or threatened default
by the Company in the performance of or compliance with any of the terms of this
Warrant are not and will not be adequate, and that such terms may be
specifically enforced by a decree for the specific performance of any agreement
contained herein or by an injunction against a violation of any of the terms
hereof or otherwise. 

6 

	

     11.
Negotiability, etc.. This Warrant is issued upon the following terms, to all of which
each Holder or owner hereof by the taking hereof consents and agrees:  

     
     (a)
title to this Warrant may be transferred by endorsement and delivery in the same manner
as in the case of a negotiable instrument transferable by endorsement and delivery. 

     
     (b)
any person in possession of this Warrant properly endorsed is authorized to represent
himself as absolute owner hereof and is empowered to transfer absolute title hereto by
endorsement and delivery hereof to a bona fide purchaser hereof for value; each prior
taker or owner waives and renounces all of his equities or rights in this Warrant in
favor of such bona fide purchaser, and each such bona fide purchaser shall acquire
absolute title hereto and to all rights represented hereby;  

     
     (c)
until this Warrant is transferred on the books of the Company, the Company may treat the
registered Holder hereof as the absolute owner hereof for all purposes, notwithstanding
any notice to the contrary; and 

     
     (d)
notwithstanding the foregoing, this Warrant may be sold, transferred or assigned except
pursuant to an effective registration statement under the Securities Act or pursuant to
an applicable exemption there from. 

     12.
Registration Rights. The Company is obligated to register the shares of Common Stock
issuable upon exercise of this Warrant in accordance with the terms of the Registration
Rights Agreement.  

     13.
Notices, etc.. All notices and other communications from
the Company to the Holder of this Warrant shall be mailed by first class
registered or certified mail, postage prepaid, at such address as may have been
furnished to the Company in writing by such Holder or, until any such Holder
furnishes to the Company any address, then to, and at the address of, the last
Holder of this Warrant who has so furnished an address to the Company. 

     14.
Miscellaneous. This Warrant and any term hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge
or termination is sought. This Warrant shall be construed and enforced in
accordance with and governed by the internal laws of the State of New York. The
headings in this Warrant are for the purposes of reference only, and shall not
limit or otherwise affect any of the terms hereof. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or
enforceability of any other provision. 

[Signature Page Follows] 

7 

	

     DATED
as of June 18, 2002. 

		AMERICAN INTERNATIONAL

      PETROLEUM CORPORATION

      

      

      By______________________

      Name: Denis Fitzpatrick

      Title: Chief Financial Officer
	      	
	[Corporate
      Seal]	
	      	
	Attest:	 
	     	 
	By:_______________________

                  Assistant
      Secretary	

	

8 

	

EXHIBIT A

FORM OF NOTICE EXERCISE
—WARRANT
(To be executed only upon exercise 
of the Warrant in whole or in part)  

To
_________________________________________ 

     The
undersigned registered Holder of the accompanying Warrant, hereby exercises such
Warrant or portion thereof for, and purchases there under,
__________(1) shares of Common Stock (as defined in such Warrant) and
herewith makes payment therefore in the amount and manner set forth below, as of
the date written below. The undersigned requests that the certificates for such
shares of Common Stock be issued in the name of, and delivered to,
whose address is _______________________________________. 

     The
Exercise Price is paid as follows: 

			|_|  		Bank
draft payable to the Company in the amount of $_____________. 

			|_|  		Wire
transfer to the account of the Company in the amount of $___________. 

			|_|  		Delivery
of __________________ previously held shares of Common Stock having an aggregate Market
Price of $_____________. 

			|_| 		Cashless
exercise. Surrender of ___________ shares purchasable under this Warrant for such shares
of Common Stock issuable in exchange therefore pursuant to the Cashless Exercise
provisions of the Warrant, as provided in Section 1.1(iv) thereto. 

	

     Upon
exercise pursuant to this Notice of Exercise, the Holder will be in compliance
with the Limitation on Exercise (as defined in the Securities Purchase Agreement
pursuant to which this Warrant was issued). 

	Date:______________________	______________________________________
		(Name must conform
      to name of Holder as

      specified on the face of the Warrant)

	

     (1) Insert
the number of shares of Common Stock as to which the accompanying Warrant is
being exercised. In the case of a partial exercise, a new Warrant or Warrants
will be issued and delivered, representing the unexercised portion of the
accompanying Warrant, to the Holder surrendering the same. 

9 

	

	 	By:__________________________________

      Name:________________________________

      Title:_________________________________
	  	
		Address of Holder:   _____________________

                                           _____________________
      
		
	Date of exercise:__________________________	

	

10 

	

ANNEX B

WARRANT
EXERCISE LEDGER

	
      

    
	 Date	Original
      Number of

      Warrants	Warrants

      Exercised	Exercise
      Price

      Paid	New
      Balance

      of Warrants	Issuer

      Initials	Holder

      Initials
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    
	 	 	 	 	 	 	 
	
      

    

	

11Exhibit 10.18

	

     Exhibit
10.18 

March 31, 2002 

Mr. Denis J. Fitzpatrick
Chief
Financial Officer
American International Petroleum Corporation
2950 North Loop West, Suite 1000
Houston, TX 77092 

Re: Amendment of 14% Secured Note
due December 19, 2002 (the “Note”) 

Dear Denis: 

This letter sets forth the
terms under which Global Capital Funding Group, L. P. (the “Holder”)
will agree to amend the terms related to the payment of accrued interest on the
Note by American International Petroleum Corporation (“AIPC”)
(together, the “Parties”). 

The Parties agree that it
was originally intended that the payment of accrued interest when due under the
Note be allowed in cash or, at AIPC’s option, in shares of AIPC’s
common stock, but the terms of the Note do not properly reflect this condition. 

Therefore, the Holder
agrees to amend the language in the Note to enable accrued interest under the
Note to be paid when due in cash, or at AIPC’s option, in shares of
AIPC’s common stock. 

No other terms of the Note
or related transaction documents shall be changed. 

Sincerely, 

/s/ Lewis N. Lester  

Lewis N. Lester
President

Global Capital Funding Group, L.P. 

Accepted and Agreed to this
31st day of March, 2002 

	By:
     /s/Denis J. Fitzpatrick
Name: Denis J.
Fitzpatrick
Title:   Chief Financial Officer

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