Document:

exhibit10-1.htm

     

    
      

      

    

    
      Exhibit
10.1

      

      WHITING
PETROLEUM CORPORATION

       

      RESTRICTED STOCK
AGREEMENT

       

      THIS
RESTRICTED STOCK AGREEMENT (this “Agreement”) is made and
entered into as of _____________________ by and between Whiting Petroleum
Corporation, a Delaware corporation with its principal offices at Denver,
Colorado (the “Company”), and the executive
officer of the Company or one of its affiliates whose signature is set forth on
the signature page hereof (the “Participant”).

       

      W
I T N E S S E T H :

      

      WHEREAS,
the Company has adopted the Whiting Petroleum Corporation 2003 Equity Incentive
Plan (as amended, the “Plan”) to permit shares of
the Company’s common stock (the “Stock”), to be awarded to
certain key salaried employees and non-employee directors of the Company and any
affiliate of the Company; and

       

      WHEREAS,
the Participant is an executive officer of the Company, and the Company desires
such person to remain in such capacity and to further an opportunity for his or
her stock ownership in the Company in order to increase his or her proprietary
interest in the success of the Company;

       

      NOW,
THEREFORE, in consideration of the premises and of the covenants and agreements
herein set forth, the parties hereby mutually covenant and agree as
follows:

       

      1.        Award of Restricted
Stock.  Subject to the terms and conditions set forth herein,
the Company hereby awards the Participant the number of shares of Stock set
forth on the signature page hereof (the “Restricted
Stock”).

       

      2.        Restrictions.  (a)  Except
as otherwise provided herein, Restricted Stock may not be sold, transferred,
pledged, assigned, encumbered or otherwise alienated or hypothecated until the
date of release (the “Release
Date”) determined as follows:

       

      (i)           the
Release Date with respect to one-third of the shares of Restricted Stock shall
be the first anniversary of the Grant Date specified on the signature page
hereof (the “Grant
Date”) if the Compensation Committee of the Board of Directors of the
Company (the “Committee”) determines the
Performance Contingency (as defined below) has been satisfied with respect to
the Company’s fiscal year immediately preceding the first anniversary of the
Grant Date;

       

      (ii)           the
Release Date with respect to two-thirds of the shares of Restricted Stock (less
any shares of Restricted Stock for which there already has been a Release Date)
shall be the second anniversary of the Grant Date if the Committee determines
the Performance Contingency has been satisfied with respect to the Company’s two
fiscal years immediately preceding the second anniversary of the Grant Date;
and

       

      (iii)           the
Release Date with respect to all of the shares of Restricted Stock (less any
shares of Restricted Stock for which there already has been a Release Date)
shall be the third anniversary of the Grant Date if the Committee determines the
Performance Contingency has been satisfied with respect to the Company’s three
fiscal years immediately preceding the third anniversary of the Grant
Date.

       

      
        
          
          

        

        
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        If the
Committee determines that the Performance Contingency has not been satisfied
with respect to the Company’s fiscal year immediately preceding the third
anniversary of the Grant Date, then all Restricted Stock that previously has not
been released shall be forfeited to the Company on the date the Committee makes
such determination.

         

      

      (b) Within
six weeks after the end of each of the Company’s fiscal years preceding the
first three anniversaries of the Grant Date, the Committee will determine
whether the Performance Contingency has been satisfied with respect to such
fiscal year based on the criteria set forth in this Section 2.  The
“Performance
Contingency” will be satisfied with respect to such a fiscal year (i) if
the Company Stock Price Percentage (as defined below) at the end of such fiscal
year is a positive number and either (A) the Peer Group Stock Price Percentage
(as defined below) at the end of such fiscal year is a positive number and such
Company Stock Price Percentage is greater than such Peer Group Stock Price
Change or (B) the Peer Group Stock Price Percentage is a negative number or (ii)
if the Company Stock Price Percentage at the end of such fiscal year is a
negative number and the Peer Group Stock Price Percentage at the end of such
fiscal year is a negative number and the absolute value of such Company Stock
Price Percentage is less than the absolute value of such Peer Group Stock Price
Percentage.

       

      (c) “Company Stock Price
Percentage” means the percentage (whether positive or negative) equal to
the quotient of (i) the amount determined by subtracting (A) $57.66 (i.e., the closing price of
the Stock on December 31, 2007), which shall be adjusted equitably for any stock
split, stock dividend, special cash dividend or similar event affecting the
Stock (the “Company
Base Price”), from (B)
the closing price of the Stock on each of the fiscal year ends (or the last
trading day of each such year) preceding the first three anniversaries, as
applicable, of the Grant Date divided by (ii) the Company Base
Price.

       

      (d) “Peer Group” means Bill
Barrett Corporation, Cabot Oil & Gas Corporation, Cimarex Energy Company,
Delta Petroleum Corporation, Denbury Resources, Inc., Encore Acquisition
Company, Forest Oil Corporation, Newfield Exploration Company, Petrohawk Energy
Corporation, Plains Petroleum & Production Company, Range Resources
Corporation and St. Mary’s Land & Exploration Company.  If any of
the foregoing companies is no longer a publicly traded company at any time
during a fiscal year, then such company shall be removed from the Peer Group and
the remaining companies shall make up the Peer Group for purposes of determining
the Peer Group Stock Price Percentage and whether the Performance Contingency
has been satisfied for such fiscal year and any applicable future fiscal
years.

       

      (e) “Peer Group Stock Price
Percentage” means the percentage (whether negative or positive) equal to
the average of the percentages determined for each company in Peer Group by
calculating the quotient of (i) the amount determined by subtracting (A) the
closing price of the common stock of such Peer Group company on December 31,
2007, which shall be adjusted equitably for any stock split, stock dividend,
special cash dividend or similar event affecting the common stock of such Peer
Group company (the “Peer Group
Company Base Price”), from (B) closing price of the common stock of such
Peer Group company on each of the fiscal year ends (or the last trading day of
each such year) preceding the first three anniversaries, as applicable, of the
Grant Date divided by (ii) the Peer Group Company Base Price.

       

      
        
          
          

        

        
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      3.        Initial
Issuance.  The Restricted Stock shall be issued as soon as
practicable in the name of the Participant but shall be held in a segregated
account by the transfer agent of the Company.  Unless forfeited as
provided herein, Restricted Stock eligible for release pursuant to the terms
hereof shall cease to be held in such segregated account and certificates for
such Restricted Stock shall be delivered or such Restricted Stock shall be
transferred electronically to the Participant on the applicable Release
Date.

       

      4.        Transfer After Release Date;
Securities Law Restrictions.  On the applicable Release Date as
determined in accordance with Paragraph 2, that portion of Restricted Stock
shall become free of the restrictions of Paragraph 2 and be freely transferable
by the Participant.  Notwithstanding the foregoing or anything to the
contrary herein, the Participant agrees and acknowledges with respect to any
Restricted Stock that has not been registered under the Securities Act of 1933,
as amended (the “Act”)
(i) he or she will not sell or otherwise dispose of such Stock except pursuant
to an effective registration statement under the Act and any applicable state
securities laws, or in a transaction which, in the opinion of counsel for the
Company, is exempt from such registration, and (ii) a legend will be placed on
the certificates for the Restricted Stock to such effect.

       

      5.      Termination of Employment or
Death.  If the Participant’s employment with the Company (as
applicable) is terminated for any reason (including death) prior to the Release
Date, all Restricted Stock that has not been released shall be forfeited to the
Company on the date on which such termination of status occurs.

       

      6.      Certificate
Legend.  In addition to any legends placed on certificates for
Restricted Stock under Paragraph 4 hereof, each certificate for shares of
Restricted Stock may bear the following legend:

       

      “THE SALE
OR OTHER TRANSFER OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE,
WHETHER VOLUNTARY, INVOLUNTARY OR BY OPERATION OF LAW, IS SUBJECT TO CERTAIN
RESTRICTIONS SET FORTH IN THE WHITING PETROLEUM CORPORATION 2003 EQUITY
INCENTIVE PLAN AND A RESTRICTED STOCK AGREEMENT BETWEEN WHITING PETROLEUM
CORPORATION AND THE REGISTERED OWNER HEREOF.  A COPY OF SUCH PLAN AND
SUCH AGREEMENT MAY BE OBTAINED FROM THE CORPORATE SECRETARY OF WHITING PETROLEUM
CORPORATION.”

      

      When the
restrictions imposed by Paragraph 2 hereof terminate, the Participant shall be
entitled to have the foregoing legend removed from the certificates representing
such Restricted Stock.

       

      7.      Voting Rights; Dividends and
Other Distributions.  (a)  While the Restricted Stock
is subject to restrictions under Paragraph 2 and prior to any forfeiture
thereof, the Participant may exercise full voting rights for the Restricted
Stock registered in his or her name and held in a segregated account
hereunder.

       

      (b) While the
Restricted Stock is subject to the restrictions under Paragraph 2 and prior to
any forfeiture thereof, the Participant shall be entitled to receive all
dividends and other distributions paid with respect to the Restricted
Stock.  If any such dividends or distributions are paid in Stock, such
shares shall be subject to the same terms, conditions and restrictions as the
shares of Restricted Stock with respect to which they were paid, including the
requirement that Restricted Stock be held in a segregated account pursuant to
Paragraph 3 hereof.

       

      
        
          
          

        

        
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      (c) Subject
to the provisions of this Agreement, the Participant shall have, with respect to
the Restricted Stock, all other rights of holders of Stock.

       

      8.      Tax
Withholding. (a)  It shall be a condition of the
obligation of the Company to issue or release from the segregated account
Restricted Stock to the Participant, and the Participant agrees, that the
Participant shall pay to the Company upon demand such amount as may be requested
by the Company for the purpose of satisfying its liability to withhold federal,
state, or local income or other taxes incurred by reason of the award of the
Restricted Stock or as a result of the termination of the restrictions on such
Stock hereunder.

       

      (b) If the
Participant does not make an election under Section 83(b) of the Internal
Revenue Code of 1986, as amended, with respect to the Restricted Stock awarded
hereunder, the Participant may satisfy the Company’s withholding tax
requirements by electing to have the Company withhold that number of shares of
Restricted Stock otherwise deliverable to the Participant from the segregated
account hereunder or to deliver to the Company a number of shares of Stock, in
each case, having a Fair Market Value (as defined in the Plan) on the Tax Date
(as defined below) equal to the minimum amount required to be withheld as a
result of the termination of the restrictions on such Restricted
Stock.  The election must be made in writing  and must be
delivered to the Company prior to the Tax Date.  If the number of
shares so determined shall include a fractional share, the Participant shall
deliver cash in lieu of such fractional share.  All elections shall be
made in a form approved by the Committee and shall be subject to disapproval, in
whole or in part, by the Committee.  As used herein, “Tax Date” means the date on
which the Participant must include in his or her gross income for federal income
tax purposes the fair market value of the Restricted Stock over the purchase
price therefor, if any.

       

      9.      Powers of Company Not
Affected.  The existence of the Restricted Stock shall not
affect in any way the right or power of the Company or its stockholders to make
or authorize any combination, subdivision or reclassification of the Stock or
any reorganization, merger, consolidation, business combination, exchange of
shares, or other change in the Company’s capital structure or its business, or
any issue of bonds, debentures or stock having rights or preferences equal,
superior or affecting the Restricted Stock or the rights thereof, or dissolution
or liquidation of the Company, or any sale or transfer of all or any part of its
assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.  Nothing in this Agreement shall
confer upon the Participant any right to continue in the employment of the
Company, or interfere with or limit in any way the right of the Company to
terminate the Participant’s employment at any time.

       

      10.           Interpretation by
Committee.  The Participant agrees that any dispute or
disagreement which may arise in connection with this Agreement shall be resolved
by the Committee, in its sole discretion, and that any interpretation by the
Committee of the terms of this Agreement or the Plan and any determination made
by the Committee under this Agreement or the Plan may be made in the sole
discretion of the Committee and shall be final, binding, and conclusive.
 Any such determination need not be uniform and may be made differently
among Participants awarded Restricted Stock.

       

      
        
          
          

        

        
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      11.           Miscellaneous.  (a)  This
Agreement shall be governed and construed in accordance with the internal laws
of the State of Delaware applicable to contracts made and to be performed
therein between residents thereof.

       

      (b) This
Agreement may not be amended or modified except by the written consent of the
parties hereto.

       

      (c) The
captions of this Agreement are inserted for convenience of reference only and
shall not be taken into account in construing this Agreement.

       

      (d) Any
notice, filing or delivery hereunder or with respect to Restricted Stock shall
be given to the Participant at either his or her usual work location or his or
her home address as indicated in the records of the Company, and shall be given
to the Committee or the Company at 1700 Broadway, Suite 2300, Denver, Colorado
80290-2300, Attention:  Corporate Secretary.  All such
notices shall be given by first class mail, postage prepaid, or by personal
delivery.

       

      (e) This
Agreement shall be binding upon and inure to the benefit of the Company and its
successors and assigns and shall be binding upon and inure to the benefit of the
Participant, except that the Participant may not transfer any interest in any
Restricted Stock prior to the release of the restrictions imposed by Paragraph
2.

       

      (f) This
Agreement is subject in all respects to the terms and conditions of the
Plan.

       

      12.           Change of
Control.  (a)  Notwithstanding any other provision to
the contrary contained in this Agreement, effective upon a Change in Control of
the Company (as defined below), the restrictions imposed upon the Restricted
Stock (except for any such shares which were previously forfeited to the
Company) by Paragraph 2 of this Agreement shall immediately be deemed to have
lapsed and the Release Date shall be deemed to have occurred as of the date of
the Change in Control of the Company with respect to such Restricted
Stock.

       

      (b)  The
following terms shall have the following meanings when used in this Paragraph
12:

       

      (i)           “Act” means the Securities
Exchange Act of 1934, as amended.

       

      (ii)           “Affiliate” and “Associate” shall have the
respective meanings ascribed to such terms in Rule l2b-2 of the General Rules
and Regulations under the Act.

       

      (iii)           A
Person shall be deemed to be the “Beneficial Owner” of any
securities:

       

      (A) which
such Person or any of such Person’s Affiliates or Associates has the right to
acquire (whether such right is exercisable immediately or only after the passage
of time) pursuant to any agreement, arrangement or understanding, or upon the
exercise of conversion rights, exchange rights, rights, warrants or options, or
otherwise; provided, however, that a Person shall not be deemed the Beneficial
Owner of, or to beneficially own, (i) securities tendered pursuant to a tender
or exchange offer made by or on behalf of such Person or any of such Person’s
Affiliates or Associates until such tendered securities are accepted for
purchase, or (ii) securities issuable upon exercise of rights issued pursuant to
the terms of any Rights Agreement of the Company, at any time before the
issuance of such securities;

       

      
        
          
          

        

        
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      (B) which
such Person or any of such Person’s Affiliates or Associates, directly or
indirectly, has the right to vote or dispose of or has “beneficial ownership” of (as
determined pursuant to Rule l3d-3 of the General Rules and Regulations under the
Act), including pursuant to any agreement, arrangement or understanding;
provided, however, that a Person shall not be deemed the Beneficial Owner of, or
to beneficially own, any security under this clause (B) as a result of an
agreement, arrangement or understanding to vote such security if the agreement,
arrangement or understanding: (i) arises solely from a revocable proxy or
consent given to such Person in response to a public proxy or consent
solicitation made pursuant to, and in accordance with, the applicable rules and
regulations under the Act and (ii) is not also then reportable on a Schedule l3D
under the Act (or any comparable or successor report); or

       

      (C) which are
beneficially owned, directly or indirectly, by any other Person with which such
Person or any of such Person’s Affiliates or Associates has any agreement,
arrangement or understanding for the purpose of acquiring, holding, voting
(except pursuant to a revocable proxy as described in clause (B) above) or
disposing of any voting securities of the Company.

       

      (iv)           “Board” means the Board of
Directors of the Company.

       

      (v)           “Change in Control” means
the occurrence of any of the following:

       

      (A) any
Person (other than (i) the Company or any of its subsidiaries, (ii) a trustee or
other fiduciary holding securities under any employee benefit plan of the
Company or any of its subsidiaries, (iii) an underwriter temporarily holding
securities pursuant to an offering of such securities or (iv) a corporation
owned, directly or indirectly, by the shareholders of the Company in
substantially the same proportions as their ownership of stock in the Company
(“Excluded Persons”))
is or becomes the Beneficial Owner, directly or indirectly, of securities of the
Company (not including in the securities beneficially owned by such Person any
securities acquired directly from the Company or its Affiliates after the date
of this Agreement, pursuant to express authorization by the Board that refers to
this exception) representing 20% or more of either the then outstanding shares
of common stock of the Company or the combined Voting Power of the Company’s
then outstanding voting securities; or

       

      (B) the
following individuals cease for any reason to constitute a majority of the
number of directors of the Company then serving:  (i) individuals who,
on the date of this Agreement constituted the Board and (ii) any new director
(other than a director whose initial assumption of office is in connection with
an actual or threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Company) whose
appointment or election by the Board or nomination for election by the Company’s
shareholders was approved by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors on the date of this
Agreement, or whose appointment, election or nomination for election was
previously so approved (collectively the “Continuing Directors”);
provided, however, that individuals who are appointed to the Board pursuant to
or in accordance with the terms of an agreement relating to a merger,
consolidation, or share exchange involving the Company (or any direct or
indirect subsidiary of the Company) shall not be Continuing Directors for
purposes of this definition until after such individuals are first nominated for
election by a vote of at least two-thirds (2/3) of the then Continuing Directors
and are thereafter elected as directors by the shareholders of the Company at a
meeting of shareholders held following consummation of such merger,
consolidation, or share exchange; and, provided further, that in the event the
failure of any such persons appointed to the Board to be Continuing Directors
results in a Change in Control of the Company, the subsequent qualification of
such persons as Continuing Directors shall not alter the fact that a Change in
Control of the Company occurred; or

       

      
        
          
          

        

        
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      (C) the
shareholders of the Company approve a merger, consolidation or share exchange of
the Company with any other corporation or approve the issuance of voting
securities of the Company in connection with a merger, consolidation or share
exchange of the Company (or any direct or indirect subsidiary of the Company)
pursuant to applicable stock exchange requirements, other than (i) a merger,
consolidation or share exchange which would result in the voting securities of
the Company outstanding immediately prior to such merger, consolidation or share
exchange continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or any parent thereof)
at least 50% of the combined Voting Power of the voting securities of the
Company or such surviving entity or any parent thereof outstanding immediately
after such merger, consolidation or share exchange, or (ii) a merger,
consolidation or share exchange effected to implement a recapitalization of the
Company (or similar transaction) in which no Person (other than an Excluded
Person) is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company (not including in the securities beneficially owned by
such Person any securities acquired directly from the Company or its Affiliates
after the date of this Agreement, pursuant to express authorization by the Board
that refers to this exception) representing 20% or more of either the then
outstanding shares of common stock of the Company or the combined Voting Power
of the Company’s then outstanding voting securities; or

       

      (D) the
shareholders of the Company approve a plan of complete liquidation or
dissolution of the Company or an agreement for the sale or disposition by the
Company of all or substantially all of the Company’s assets (in one transaction
or a series of related transactions within any period of 24 consecutive months),
other than a sale or disposition by the Company of all or substantially all of
the Company’s assets to an entity at least 75% of the combined Voting Power of
the voting securities of which are owned by Persons in
substantially the same proportions as their ownership of the Company immediately
prior to such sale.

       

      Notwithstanding
the foregoing, no “Change in
Control” shall be deemed to have occurred if there is consummated any
transaction or series of integrated transactions immediately following which the
record holders of the common stock of the Company immediately prior to such
transaction or series of transactions continue to own, directly or indirectly,
in the same proportions as their ownership in the Company, an entity that owns
all or substantially all of the assets or voting securities of the Company
immediately following such transaction or series of transactions.

       

      (vi)           “Person” means any
individual, firm, partnership, corporation or other entity, including any
successor (by merger or otherwise) of such entity, or a group of any of the
foregoing acting in concert.

       

      (vii)           “Voting Power” means the
voting power of the outstanding securities of the Company having the right under
ordinary circumstances to vote at an election of the Board.

       

      IN
WITNESS WHEREOF, the Company has caused this instrument to be executed by its
duly authorized officer and the Participant has hereunto affixed his or her
signature, all as of the day and year first set forth above.

       

      
        	
                COMPANY:

              	 
      	
                PARTICIPANT:

              	 
      
	
                WHITING
      PETROLEUM CORPORATION

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                By:

              	 
      	 
      	 
      	 
      
	
                Name:

              	 
      	 
      	
                No.
      of Shares of Restricted Stock:

              	 
      
	
                Title:

              	 
      	 
      	
                Grant
      Date:

              	 
      

      

       

      - 7 -anm_8k-ex0402.htm

     

    
      Exhibit
4.2

      

      FORM
OF COMMON STOCK PURCHASE WARRANT

      

      This warrant and the common stock
shares issuable upon exercise of this warrant have not been registered under the
securities act of 1933, as amended (the “Securities Act”). This warrant and the common
stock shares issuable
upon exercise of this warrant may not be sold, offered for sale, pledged or
hypothecated in the absence of an effective registration statement under the
securities act or an opinion of counsel reasonably satisfactory to Accelerize
New Media, Inc. that such registration is
not required.

      

      
        	 
      	
                Right
      to Purchase ________ shares of Common Stock of Accelerize New Media, Inc.
      (subject to adjustment as provided
herein)

              

      

      

      FORM
OF COMMON STOCK PURCHASE WARRANT

      
         

        
          	No. CN _
      _	
                  Issue Date:
      ___________, 2008

                

        

         

      

      ACCELERIZE
NEW MEDIA, INC., a corporation organized and existing under the laws of the
State of Delaware (the “Company”), hereby certifies that, for value
received, 
or its assigns (the “Holder”) is entitled, subject to the terms set forth below,
to purchase from the Company at any time after the issue date (the “Issue Date”)
until 5:00 p.m., E.S.T. on the fifth (5th) anniversary of the Issue Date (the
“Expiration Date”), ________ (______) fully paid and nonassessable shares of
Common Stock at a per share purchase price of $0.75.  The afore
described purchase price per share, as adjusted from time to time as herein
provided, is referred to herein as the “Purchase Price.”  The number
and character of such shares of Common Stock and the Purchase Price are subject
to adjustment as provided herein.  The Company may reduce the Purchase
Price without the consent of the Holder.  Capitalized terms used and
not otherwise defined herein shall have the meanings set forth in that certain
Convertible Promissory Note (the “Note”) made by the Company to the Holder
of the Warrant.

      

      As used
herein the following terms, unless the context otherwise requires, have the
following respective meanings:

      

      (a)           The
term “Company” shall include Accelerize New Media, Inc. and any corporation
which shall succeed or assume the obligations of Accelerize New Media, Inc.
hereunder.

      

      (b)           The
term “Common Stock” includes (a) the Company’s Common Stock, $0.001 par value
per share, and (b) any other securities into which or for which any of the
securities described in (a) 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) which the
holder of the Warrant at any time shall be entitled to receive, or shall have
received, on the exercise of the Warrant, in lieu of or in addition to Common
Stock, or which 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 herein or otherwise.

      

      
        
          
          

        

        
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      (d)           The
term “Warrant Shares” shall mean the Common Stock issuable upon exercise of this
Warrant.

      

      1.           Exercise of
Warrant.

      

      1.1.           Number of Shares Issuable
upon Exercise.  From and after the Issue Date through and
including the Expiration Date, the Holder hereof shall be entitled to receive,
upon exercise of this Warrant in whole in accordance with the terms of
subsection 1.2 or upon exercise of this Warrant in part in accordance with
subsection 1.3, ___________ of shares of Common Stock of the Company, subject to
adjustment pursuant to Section 4.

      

      1.2.           Full
Exercise.  This Warrant may be exercised in full by the Holder
hereof by delivery of an original or facsimile copy of the form of subscription
attached hereto as Exhibit A (the
“Subscription Form”) duly executed by such Holder and surrender of the original
Warrant within four (4) days of exercise, to the Company at its principal office
or at the office of its Warrant Agent (as provided hereinafter), accompanied by
payment, in cash, wire transfer or by certified or official bank check payable
to the order of the Company, in the amount obtained by multiplying the number of
shares of Common Stock for which this Warrant is then exercisable by the
Purchase Price then in effect.

       

      1.3.           Partial
Exercise.  This Warrant may be exercised in part (but not for a
fractional share) by surrender of this Warrant in the manner and at the place
provided in subsection 1.2 except that the amount payable by the Holder on such
partial exercise shall be the amount obtained by multiplying (a) the number of
whole shares of Common Stock designated by the Holder in the Subscription Form
by (b) the Purchase Price then in effect.  On any such partial
exercise, the Company, at its expense, will forthwith issue and deliver to or
upon the order of the Holder hereof a new Warrant of like tenor, in the name of
the Holder hereof or as such Holder (upon payment by such Holder of any
applicable transfer taxes) may request, the whole number of shares of Common
Stock for which such Warrant may still be exercised.

       

      1.4.           Fair Market Value.
Fair Market Value of a share of Common Stock as of a particular date (the
“Determination Date”) shall mean:

       

      (a)           If
the Company’s Common Stock is traded on an exchange or is quoted on the Nasdaq
Stock Market, Inc., then the last sale price reported for the last business day
immediately preceding the Determination Date;

       

      (b)           If
the Company’s Common Stock is not traded on an exchange or quoted on the Nasdaq
Stock Market, Inc. but is traded in the over-the-counter market, then the
average of the closing bid and ask prices reported for the last business day
immediately preceding the Determination Date;

       

      
        
          
          

        

        
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      (c)           Except
as provided in clause (d) below, if the Company’s Common Stock is not publicly
traded, then as the Holder and the Company agree, or in the absence of such an
agreement, by arbitration in accordance with the rules then standing of the
American Arbitration Association, before a single arbitrator to be chosen from a
panel of persons qualified by education and training to pass on the matter to be
decided; or

       

      (d)           If
the Determination Date is the date of a liquidation, dissolution or winding up,
or any event deemed to be a liquidation, dissolution or winding up pursuant to
the Company’s charter, then all amounts to be payable per share to holders of
the Common Stock pursuant to the charter in the event of such liquidation,
dissolution or winding up, plus all other amounts to be payable per share in
respect of the Common Stock in liquidation under the charter, assuming for the
purposes of this clause (d) that all of the shares of Common Stock then issuable
upon exercise of all of the Warrants are outstanding at the Determination
Date.

       

      1.5.           Company
Acknowledgment. The Company will, at the time of the exercise of the
Warrant, upon the request of the Holder hereof acknowledge in writing its
continuing obligation to afford to such Holder any rights to which such Holder
shall continue to be entitled after such exercise in accordance with the
provisions of this Warrant. If the Holder shall fail to make any such request,
such failure shall not affect the continuing obligation of the Company to afford
to such Holder any such rights.

       

      1.6.           Delivery of Stock
Certificates, etc. on Exercise.  The Company agrees that the
shares of Common Stock purchased upon exercise of this Warrant shall be deemed
to be issued to the Holder hereof as the record owner of such shares as of the
close of business on the date on which this Warrant shall have been surrendered
and payment made for such shares as aforesaid. As soon as practicable after the
exercise of this Warrant in full or in part, and in any event within three (3)
business days thereafter, the Company at its expense (including the payment by
it of any applicable issue taxes) will cause to be issued in the name of and
delivered to the Holder hereof, or as such Holder (upon payment by such Holder
of any applicable transfer taxes) may direct in compliance with applicable
securities laws, a certificate or certificates for the number of duly and
validly issued, 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 Fair Market Value of one full
share of Common Stock, 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.

       

      1.7.           Forced Exercise by the
Company.   The Company reserves the right to call the
Warrants, at a redemption price of $.001 per Warrant, commencing on the first
trading day after the Common Stock of the Company has traded for ten (10)
consecutive days at an average closing price at or exceeding $1.25 per share.
The call may be made within ten (10) days from the date the Company’s Common
Stock satisfies the average trading price described above, but the Company is
not required to make any such call and may make the call on the terms described
at any future date where the trading price of the common stock satisfies the
above criterion. Investors will have thirty (30) days from the date of such
notice to exercise the Warrants, and in the event the Warrants are not
exercised, the Company may cancel them, and investors will receive payment of
$0.001 per Warrant share.  The Company will also have the right to
assign the right to exercise the Warrant for a period of thirty (30) days to
another Purchaser in this offering or to any other person whether or not such
person is an existing shareholder of the Company.  Investors will not
receive any proceeds in the event such other person exercises the
Warrant.

       

      
        
          
          

        

        
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      2.           Adjustments.

       

      2.1.           Reorganization,
Consolidation, Merger, etc.  In case at any time or from time
to time, the Company shall (a) effect a reorganization, (b) consolidate with or
merge into any other person or (c) transfer all or substantially all of its
properties or assets to any other person under any plan or arrangement
contemplating the dissolution of the Company, then, in each such case, as a
condition to the consummation of such a transaction, proper and adequate
provision shall be made by the Company whereby the Holder of this Warrant, on
the exercise hereof as provided in Section 1, at any time after the consummation
of such reorganization, consolidation or merger or the effective date of such
dissolution, as the case may be, shall receive, in lieu of the Common Stock (or
Other Securities) issuable on such exercise prior to such consummation or such
effective date, the stock and other securities and property (including cash) to
which such Holder would have been entitled upon such consummation or in
connection with such dissolution, as the case may be, if such Holder had so
exercised this Warrant, immediately prior thereto, all subject to further
adjustment thereafter as provided in Section 3.

      

      2.2.           Dissolution.  In
the event of any dissolution of the Company following the transfer of all or
substantially all of its properties or assets, the Company, prior to such
dissolution, shall at its expense deliver or cause to be delivered the stock and
other securities and property (including cash, where applicable) receivable in
accordance with Section 2.1 by the Holder of the Warrants upon their exercise
after the effective date of such dissolution pursuant to this Section
2.

      

      2.3.           Continuation of
Terms.  Upon any reorganization, consolidation, merger or
transfer (and any dissolution following any transfer) referred to in this
Section 2, this Warrant shall continue in full force and effect and the terms
hereof shall be applicable to the Other Securities and property receivable on
the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such
transfer, as the case may be, and shall be binding upon the issuer of any Other
Securities, including, in the case of any such transfer, the person acquiring
all or substantially all of the properties or assets of the Company, whether or
not such person shall have expressly assumed the terms of this Warrant as
provided in Section 3.

      

      3.           Extraordinary Events
Regarding Common Stock.  In the event that the Company shall
(a) subdivide its outstanding shares of Common Stock, or (b) combine its
outstanding shares of the Common Stock into a smaller number of shares of the
Common Stock, then, in each such event, the Purchase Price shall, simultaneously
with the happening of such event, be adjusted by multiplying the then Purchase
Price by a fraction, the numerator of which shall be the number of shares of
Common Stock outstanding immediately prior to such event and the denominator of
which shall be the number of shares of Common Stock outstanding immediately
after such event, and the product so obtained shall thereafter be the Purchase
Price then in effect. The Purchase Price, as so adjusted, shall be readjusted in
the same manner upon the happening of any successive event or events described
herein in this Section 3. The number of shares of Common Stock that the Holder
of this Warrant shall thereafter, on the exercise hereof as provided in Section
1, be entitled to receive shall be adjusted to a number determined by
multiplying the number of shares of Common Stock that would otherwise (but for
the provisions of this Section 3) be issuable on such exercise by a fraction of
which (a) the numerator is the Purchase Price that would otherwise (but for the
provisions of this Section 3) be in effect, and (b) the denominator is the
Purchase Price in effect on the date of such exercise.

       

      
        
          
          

        

        
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      4.           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 the Warrants, the Company at its
expense will promptly cause its Chief Financial Officer or other appropriate
designee to compute such adjustment or readjustment in accordance with the terms
of the 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 adjustment or readjustment and as adjusted or readjusted as provided in
this Warrant. The Company will forthwith mail a copy of each such certificate to
the Holder of the Warrant and any Warrant Agent of the Company (appointed
pursuant to Section 9 hereof).

       

      5.           Reservation of Stock, etc.
Issuable on Exercise of Warrant; Financial
Statements.  The Company will at all times reserve and keep
available, solely for issuance and delivery on the exercise of the Warrants, all
shares of Common Stock (or Other Securities) from time to time issuable on the
exercise of the Warrant.  This Warrant entitles the Holder hereof to
receive copies of all financial and other information distributed or required to
be distributed to the holders of the Company’s Common Stock.

       

      6.           Assignment; Exchange of
Warrant.  Subject to compliance with applicable securities
laws, this Warrant, and the rights evidenced hereby, may be transferred by any
registered holder hereof (a “Transferor”). On the surrender for exchange of this
Warrant, with the Transferor’s endorsement in the form of Exhibit B attached
hereto (the “Transferor Endorsement Form”) and together with an opinion of
counsel reasonably satisfactory to the Company that the transfer of this Warrant
will be in compliance with applicable securities laws, the Company at its
expense, once, only, but with payment by the Transferor of any applicable
transfer taxes, will issue and deliver to or on the order of the Transferor
thereof a new Warrant or Warrants of like tenor, in the name of the Transferor
and/or the transferee(s) specified in such Transferor Endorsement Form (each a
“Transferee”), calling in the aggregate on the face or faces thereof for the
number of shares of Common Stock called for on the face or faces of the Warrant
so surrendered by the Transferor.  No such transfers shall result in a
public distribution of the Warrant.

       

      7.           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, twice only, will
execute and deliver, in lieu thereof, a new Warrant of like tenor.

      

      
        
          
          

        

        
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5

          
            

          

        

        
          
          

        

      

      8.           Warrant
Agent.  The Company may, by written notice to the Holder of the
Warrant, appoint an agent (a “Warrant Agent”) for the purpose of issuing Common
Stock (or Other Securities) on the exercise of this Warrant pursuant to Section
1, exchanging this Warrant pursuant to Section 6, and replacing this Warrant
pursuant to Section 7, or any of the foregoing, and thereafter any such
issuance, exchange or replacement, as the case may be, shall be made at such
office by such Warrant Agent.

      

      9.           Transfer on the
Company’s
Books.  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.

       

      10.           Notices.   All
notices, demands, requests, consents, approvals, and other communications
required or permitted hereunder shall be in writing and, unless otherwise
specified herein, shall be (i) personally served, (ii) deposited in the mail,
registered or certified, return receipt requested, postage prepaid, (iii)
delivered by reputable air courier service with charges prepaid, or (iv)
transmitted by hand delivery, telegram, or facsimile, addressed as set forth
below or to such other address as such party shall have specified most recently
by written notice.  Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if
delivered other than on a business day during normal business hours where
such notice is to be received) or (b) on the second business day following the
date of mailing by express courier service, fully prepaid, addressed to such
address, or upon actual receipt of such mailing, whichever shall first occur or
(c) three business days after deposited in the mail if delivered pursuant to
subsection (ii) above.  The addresses for such communications shall
be: (i) if to the Company to: 12121 WILSHIRE BLVD., SUITE 322, LOS ANGELES,
CALIFORNIA 90025, telecopier:  (310) 903 4001, and (ii) if to the
Holder, to the addresses and telecopier number set forth in the first paragraph
of this Warrant.  The Company may change its address for notices but
only to an address and fax number located in the United States.

      

      11.           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 laws of New
York.  Any dispute relating to this Warrant shall be adjudicated in
New York County in the State of New York.  The headings in this
Warrant are for 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.

      

       

      
        
          
          

        

        
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6

          
            

          

        

        
          
          

        

      

      

       

      IN
WITNESS WHEREOF, the Company has executed this Warrant as of the date first
written above.

       

      ACCELERIZE NEW MEDIA,
INC.

      

      By:______________________________

       

      Name:____________________________

      

      Title:_____________________________

       

      Witness:

       

      ______________________________________

       

       

       

      
        
          
          

        

        
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      Exhibit
A

      

      FORM OF
SUBSCRIPTION

      (to be
signed only on exercise of Warrant)

       

      TO:   ACCELERIZE
NEW MEDIA, INC.

       

      The
undersigned, pursuant to the provisions set forth in the attached Warrant
(No.____), hereby irrevocably elects to purchase (check applicable
box):

      

      ________
shares of the Common Stock covered by such Warrant;

       

      The
undersigned herewith makes payment of the full purchase price for such shares at
the price per share provided for in such Warrant, which is
$___________.  Such payment takes the form of a check in the face
amount of $_______:

      

      The
undersigned requests that the certificates for such shares be issued in the name
of, and delivered to _________________________________________ whose address
is_____________________________________________________

      

      The
undersigned represents and warrants that the representations and warranties in
Section 4 of the Note (as defined in this Warrant) are true and accurate with
respect to the undersigned on the date hereof.

      

      The
undersigned represents and warrants that all offers and sales by the undersigned
of the securities issuable upon exercise of the within Warrant shall be made
pursuant to registration of the Common Stock under the Securities Act, or
pursuant to an exemption from registration under the Securities
Act.

      

      Dated:___________________________

       

      

      _____________________________________

      (Signature
must conform to name of holder as

      specified
on the fact of theWarrant.)

       

      
        _____________________________________

         

        
          _____________________________________

        

      

      (Address)

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
B

      

      FORM OF
TRANSFEROR ENDORSEMENT

      (To be
signed only on transfer of Warrant)

       

      For value
received, the undersigned hereby sells, assigns, and transfers unto the
person(s) named below under the heading “Transferees” the right represented by
the within Warrant to purchase the percentage and number of shares of Common
Stock of ACCELERIZE NEW MEDIA, INC. to which the within Warrant relates
specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such
person Attorney to transfer its respective right on the books of ACCELERIZE NEW
MEDIA, INC. with full power of substitution in the premises.

       

      
        	
                  Transferees

              	
                  Percentage
    Transferred

              	
                  Number
Transferred

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

      

      

      

      
        	
                Dated:  ______________,
      ___________

                 

                 

                 

                Signed
      in the presence of:

                 

                ____________________________

                (Name)

                 

                 

                ACCEPTED
      AND AGREED:

                TRANSFEREE

                 

                ____________________________

                (Name)

                 

              	
                ___________________________________

                (Signature
      must conform to name of holder as

                specified
      on the face of the warrant)

                 

                 

                 

                ____________________________________

                ____________________________________

                (address)

                 

                ____________________________________

                ____________________________________

                (address)

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