Document:

Exhibit 10.5

 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF CERTAIN STATES AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE DISTRIBUTED FOR VALUE UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT
COVERING SUCH SECURITIES.

WARRANT

TO PURCHASE

SHARES OF COMMON STOCK

OF

DAKOTA PLAINS HOLDINGS, INC.

	shares of Common Stock 	,
    20     

 

Dakota Plains
Holdings, Inc., a Nevada corporation formerly known as MCT Holding Corporation (the “Company”), hereby agrees that,
for value received,
                         
(the “Holder”) or its assigns, is entitled, subject to the terms set forth below, to purchase from the Company at
any time or from time to time on or prior to
            , 20     (the “Expiration
Date”), up to
            
(            ) shares of the Company’s common stock, par
value $0.001 per share (the “Shares”), at an exercise price of $        per
share.

This Warrant has
been issued to replace a Warrant to purchase the same number of shares, as adjusted, of common stock of Dakota Plains, Inc., a
Minnesota corporation, under similar terms originally issued on            ,
20    .

1.            Exercise of
Warrant.

(a)           Vesting.
The Holder shall have no right to exercise this Warrant to purchase the Shares until this Warrant vests as provided herein.
The rights represented by this Warrant shall vest and become exercisable in a single lump sum upon the earliest to occur of the
following events:

(i)           at the
open of business on             ,
20    ;

(ii)           immediately
upon the occurrence of any event constituting a Change in Control (as defined below); or

(iii)           immediately
in the event the Company terminates the Holder’s employment for any reason other than “For Cause” (as specified
in Section 1(c)(ii) below).

(b)           Definition
of Change in Control. Any of the following shall constitute a “Change in Control” for the purposes hereof:

(i)           The consummation
of a reorganization, merger, share exchange, consolidation or similar transaction (other than a transaction effectuated in connection
with the Company becoming “publicly traded”), or the sale or disposition of all or substantially all of the assets
of the Company, unless, in any case, the persons beneficially owning the voting securities of the Company immediately before that
transaction beneficially own, directly or indirectly, immediately after the transaction, at least fifty percent (50%) of the voting
securities of the Company or any other corporation or other entity resulting from or surviving the transaction in substantially
the same proportion as their respective ownership of the voting securities of the Company immediately prior to the transaction;
or

    	 

    	 

    

(ii)           The
Company’s shareholders approve a complete liquidation or dissolution of the Company.

(c)           Termination
of Warrant. This Warrant shall automatically terminate to the extent not vested and the Holder shall forfeit any and all unexercised
rights to any unvested shares hereunder in the event that:

(i)           the Holder
terminates his employment with the Company for any reason before the Warrant has fully vested; or

(ii)           the
Company terminates the Holder’s employment with the Company for any of the following reasons (each of which reasons shall
be considered “For Cause”):

(A)           an
intentional act of fraud, embezzlement, theft or any other material violation of law;

(B)           grossly
negligent or intentional damage to the Company’s reputation or assets;

(C)           grossly
negligent or intentional disclosure of Confidential Information and Materials set forth in the Holder’s Employment Agreement
with the Company; or

(D)           the
willful and continued failure to substantially perform required duties for the Company (other than as a result of incapacity due
to physical or mental illness).

(d)           Exercise
Procedures. The party exercising this Warrant shall deliver a completed notice of any exercise (in the form attached hereto)
to the Company at its principal office at least three business (3) days prior to the intended date of exercise. Such notice shall
be accompanied by the surrender of this Warrant and payment to the Company of the purchase price for the Shares. Certificates for
the Shares so purchased, bearing the restrictive legend shall be delivered to the address requested by the Holder within three
(3) business days after the rights represented by this Warrant have been so exercised, and, unless this Warrant has expired, a
new warrant representing the number of Shares, if any, with respect to which this Warrant has not been exercised shall also be
delivered to the Holder within such time. No fractional shares shall be issued upon the exercise of this Warrant.

(e)           The
Company covenants and agrees that all Shares that may be issued upon the exercise of the rights represented by this Warrant shall,
upon issuance, be duly authorized and issued, fully paid and non-assessable shares of Common Stock. The Company further covenants
and agrees that during the period within which the rights represented by this Warrant may be exercised, the Company will at all
times have authorized and reserved for the purposes of issue or transfer upon exercise of the rights evidenced by this Warrant
a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this Warrant. The Company
may require that such certificate or certificates contain on the face thereof a legend indicating that such shares must be sold
under appropriate federal and state laws.

    	2

    	 

    

2.           Adjustment
of Purchase Price, Reorganization, etc. In the event the Company shall at any time hereafter subdivide or combine its outstanding
shares of Common Stock, or declare a stock dividend, the exercise price and number of Shares into which this Warrant may convert
in effect immediately prior to the subdivision, combination or dividend shall be adjusted to maintain the pro rata amounts
for this Warrant. In the event of any capital reorganization or any reclassification of the shares of Common Stock of the Company,
or in the case of any consolidation with or merger of the Company into or with another corporation, or the sale of all or a majority
of its assets to another corporation effected in such a manner that the holders of Common Stock shall be entitled to receive stock,
securities or assets with respect to or in exchange for Common Stock, then, as a part of such reorganization, reclassification,
consolidation, merger or sale, as the case may be, lawful provision shall be made so that the Holder of the warrant shall have
the right thereafter to receive, upon the exercise hereof, the kind and amount of stock, securities or assets which the Holder
would have been entitled to receive if, immediately prior to such reorganization, reclassification, consolidation, merger or sale,
the Holder had held the number of Shares which were purchasable upon the exercise of the warrant. In any such event, an appropriate
adjustment (as determined in good faith by the Board of Directors of the Company) shall be made in the application of the provisions
set forth herein with respect to the rights and interest thereafter of the Holder of the warrant, such that the provisions set
forth herein (including provisions with respect to adjustments of the exercise price) shall thereafter be applicable, as nearly
as reasonably may be, in relation to any shares of stock or other property thereafter deliverable upon the exercise of the warrant.

3.           Transferability.
This warrant and all rights hereunder are non-transferable without the Company’s the express written consent.

4.           Voting.
This warrant shall not entitle the Holder hereof through the use of this Warrant to any voting rights or other rights as a shareholder
of the Company.

5.           Reservation
of Common Stock. A number of shares of Common Stock sufficient to provide for the exercise of this Warrant upon the basis herein
set forth shall at all times be reserved for the exercise thereof.

6.           Miscellaneous.
The Company will not by amendment of its Articles of Incorporation or through reorganization, consolidation, merger, dissolution
or sale, or by any other voluntary act or deed, avoid or seek to avoid the observance or performance of any of the conditions to
be observed or performed hereunder by the Company, but will at all times in good faith assist, insofar as it is able, in the carrying
out of all provisions hereof and in the taking of all other action which may be necessary in order to protect the rights of the
Holder hereof.

The representations,
warranties and agreements herein contained shall survive the exercise of this Warrant. All Shares of Common Stock or other securities
issued upon the exercise of the warrant shall be validly issued, fully paid and non-assessable.

[Signature Page Follows]

 

 

 

 

    	3

    	 

    

IN WITNESS WHEREOF,
this Warrant has been duly executed by the undersigned, as of the      day of             
20    .

	 	DAKOTA
    PLAINS HOLDINGS, INC.	 
	 	 	 
	 	 	 
	 	 	 
	 	By	 
	 	Its	 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Warrant to Purchase
Shares of Common Stock of Dakota Plains Holdings, Inc.]Exhibit 10.6

 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF CERTAIN STATES AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE DISTRIBUTED FOR VALUE UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT
COVERING SUCH SECURITIES.

WARRANT

TO PURCHASE

SHARES OF COMMON STOCK

OF

DAKOTA PLAINS HOLDINGS, INC.

	shares of Common Stock 	20     

 

Dakota Plains Holdings, Inc., a Nevada
corporation formerly known as MCT Holding Corporation (the “Company”), hereby agrees that, for value
received,
                         
(the “Holder”) or its assigns, is entitled, subject to the terms set forth below, to purchase from the Company at
any time or from time to time on or prior to             ,
20     (the “Expiration Date”), up to
            
(            ) shares of the Company’s common stock, par
value $0.001 per share (the “Shares”), at an exercise price of $        per
share.

This Warrant has
been issued to replace a Warrant to purchase the same number of shares, as adjusted, of common stock of Dakota Plains, Inc., a
Minnesota corporation, under similar terms originally issued on            ,
20    , which was issued to induce the original holder to lend certain money to the Company as approved by
the Company’s Board of Directors.

1.           Exercise
of Warrant.

(a) No
Vesting. The rights represented by this Warrant are immediately exercisable.

(b) Cashless
Conversion Option. In lieu of the payment of cash for the exercise of this Warrant, the Holder shall have the right (but not
the obligation), to require the Company to convert this Warrant into Shares on a “cashless basis” as provided for in
this Subsection 1(b) (the “Conversion Right”). Upon exercise of the Conversion Right, the Company shall deliver to
Holder (without payment by the Holder of any cash) that number of Shares (the “Conversion Shares”) equal to the quotient
obtained by dividing (x) the value of this Warrant at the time the Conversion Right is exercised (determined by subtracting the
aggregate Warrant exercise price in effect immediately prior to the exercise of the Conversion Right from the aggregate current
market price of all of the Shares immediately prior to the exercise of the Conversion Right) by (y) the current market price of
one (1) share of the Company’s common stock immediately prior to the exercise of the Conversion Right. The current market
price of the Company’s common stock shall be the last sale price on such date as quoted on the principal securities exchange,
market, electronic communication network or other similar system quoting bid, asked and/or sales prices for the Company’s
common stock. If no sale takes place on such day, the current market price of the Company’s common stock shall be the average
of the last reported closing bid and asked prices quoted on such exchange, market, network or system. If there are no last reported
closing bid and asked prices, the current market price shall be the price at which the Company most recently issues shares of its
common stock for consideration of any kind. Any cashless conversion of this Warrant is intended to be a recapitalization under
Internal Revenue Code §368(a)(1)(E) and Treasury Regulation (Reg.) 1.368-2(e) and a tax-free exchange under Internal Revenue
Code 1036.

    	 

    	 

    

 

(c) Exercise
Procedures. The party exercising this Warrant shall deliver hand-written notice of any exercise to the Company at least three
(3) days prior to the intended date of exercise and by the surrender of this Warrant at the principal office of the Company and
upon payment to the Company of the purchase price for the Shares. Certificates for the Shares so purchased, bearing the restrictive
legend shall be delivered to the address requested by the Holder within three (3) days after the rights represented by this Warrant
have been so exercised, and, unless this Warrant has expired, a new Warrant representing the number of Shares, if any, with respect
to which this Warrant has not been exercised shall also be delivered to the Holder within such time. No fractional shares shall
be issued upon the exercise of this Warrant.

(d) The Company
covenants and agrees that all Shares that may be issued upon the exercise of the rights represented by this Warrant shall, upon
issuance, be duly authorized and issued, fully paid and non-assessable shares of common stock. The Company further covenants and
agrees that during the period within which the rights represented by this Warrant may be exercised, the Company will at all times
have authorized and reserved for the purposes of issue or transfer upon exercise of the rights evidenced by this Warrant a sufficient
number of shares of common stock to provide for the exercise of the rights represented by this Warrant. The Company may require
that such certificate or certificates contain on the face thereof a legend indicating that such shares must be sold under appropriate
federal and state laws.

2.           Adjustment
of Purchase Price, Reorganization, etc. In the event the Company shall at any time hereafter subdivide or combine its outstanding
shares of common stock, or declare a stock dividend, the exercise price and number of Shares into which this Warrant may convert
in effect immediately prior to the subdivision, combination or dividend shall be adjusted to maintain the pro rata amounts
for this Warrant. In the event of any capital reorganization or any reclassification of the shares of common stock of the Company,
or in the case of any consolidation with or merger of the Company into or with another corporation, or the sale of all or a majority
of its assets to another corporation effected in such a manner that the holders of common stock shall be entitled to receive stock,
securities or assets with respect to or in exchange for common stock, then, as a part of such reorganization, reclassification,
consolidation, merger or sale, as the case may be, lawful provision shall be made so that the Holder of the Warrant shall have
the right thereafter to receive, upon the exercise hereof, the kind and amount of stock, securities or assets which the Holder
would have been entitled to receive if, immediately prior to such reorganization, reclassification, consolidation, merger or sale,
the Holder had held the number of Shares which were purchasable upon the exercise of the Warrant. In any such event, an appropriate
adjustment (as determined in good faith by the Board of Directors of the Company) shall be made in the application of the provisions
set forth herein with respect to the rights and interest thereafter of the Holder of the Warrant, such that the provisions set
forth herein (including provisions with respect to adjustments of the exercise price) shall thereafter be applicable, as nearly
as reasonably may be, in relation to any shares of stock or other property thereafter deliverable upon the exercise of the Warrant.

3.           Transferability.
This Warrant and all rights hereunder are nontransferable without the Company’s express written consent.

4.           Voting.
This Warrant shall not entitle the Holder hereof through the use of this Warrant to any voting rights or other rights as a shareholder
of the Company.

5.           Reservation
of Common Stock. A number of shares of common stock sufficient to provide for the exercise of this Warrant upon the basis herein
set forth shall at all times be reserved for the exercise thereof.

    	2

    	 

    

 

6.           Miscellaneous.
The Company will not by amendment of its Articles of Incorporation or through reorganization, consolidation, merger, dissolution
or sale, or by any other voluntary act or deed, avoid or seek to avoid the observance or performance of any of the conditions to
be observed or performed hereunder by the Company, but will at all times in good faith assist, insofar as it is able, in the carrying
out of all provisions hereof and in the taking of all other action which may be necessary in order to protect the rights of the
Holder hereof.

The representations,
warranties and agreements herein contained shall survive the exercise of this Warrant. All shares of common stock or other securities
issued upon the exercise of the Warrant shall be validly issued, fully paid and non-assessable.

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

    	3

    	 

    

IN WITNESS WHEREOF,
this Warrant has been duly executed by the undersigned, as of the       day of          ,
20   .

	 	DAKOTA PLAINS HOLDINGS, INC.	 
	 	 	 
	 	 	 
	 	 	 
	 	By	 
	 	Its	 

 

 

 

 

 

 

[Signature Page to Warrant to Purchase Shares
of Common Stock of Dakota Plains Holdings, Inc.]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]