Document:

Exhibit 4.1 Form of Warrant

EXHIBIT
A

 

TO

 

SECURITIES
PURCHASE AGREEMENT

 

FORM
OF WARRANT

 

NEITHER
THIS WARRANT NOR ANY SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE OF THIS
WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE “SECURITIES
ACT”). THIS
WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE
OFFERED, SOLD, OR OTHERWISE TRANSFERRED IN THE ABSENCE OF REGISTRATION UNDER THE
SECURITIES ACT OR UNLESS SUCH OFFER, SALE OR TRANSFER IS EXEMPT FROM SUCH
REGISTRATION.

 

MIRAVANT
MEDICAL TECHNOLOGIES 

COMMON
STOCK WARRANT

 

No.
__________May
3, 2005

 

MIRAVANT
MEDICAL TECHNOLOGIES, a
Delaware corporation (the “Company”),
hereby certifies that ______________________________________, its permissible
transferees, designees, successors and assigns (collectively, the “Holder”), for
value received, is entitled to purchase from the Company at any time commencing
on the effective date, as set forth in Section 1 below (the “Effective
Date”), and
terminating on the fifth anniversary of such date (the “Termination
Date”) up to
_____________ shares (each, a “Share” and
collectively the “Shares”) of the
Company’s common stock par value $0.01 per Share (the “Common
Stock”), at an
exercise price per Share equal to $1.00 (the “Exercise
Price”). The
number of Shares purchasable hereunder and the Exercise Price are subject to
adjustment as provided in Section
5
hereof.

 

1.  Exercise
of Warrant.

 

(a)  The
purchase right represented by this Warrant is exercisable, in whole or in part,
at any time and from time to time from the Date of Grant through and including
the Termination Date; provided,
however, that
Holder may not exercise this Warrant until such time as the Company’s
shareholders approve an increase in the number of authorized shares of Common
Stock to one hundred million (100,000,000) or such other number as may be
sufficient to allow for the reservation for issuance of all shares of Common
Stock underlying each outstanding security convertible or exercisable for, or
exchangeable into, Common Stock (the “Proposal”).

 

(b)  Upon
presentation and surrender of this Common Stock Warrant (this “Warrant”),
accompanied by a completed Election to Purchase in the form attached hereto as
Exhibit
A (the
“Election
to Purchase”) duly
executed, at the principal office of the Company currently located at 336 Bollay
Drive, Santa Barbara, California 93117, Attn: Chief Financial Officer, (or such
other office or agency of the Company within the United States as the Company
may designate to the Holder) together with a check payable to, or wire transfer
to, the Company in the amount of the Exercise Price multiplied by the number of
Shares being purchased, the Company or the Company’s Transfer Agent, as the case
may be, shall within three (3) business days deliver to the Holder hereof
certificates of fully paid and non-assessable Common Stock which in the
aggregate represent the number of Shares being purchased. The certificates so
delivered shall be in such denominations as may be requested by the Holder and
shall be registered in the name of the Holder or such other name as shall be
designated by the Holder. All or less than all of the purchase rights
represented by this Warrant may be exercised and, in case of the exercise of
less than all, the Company, upon surrender hereof, will at the Company’s expense
deliver to the Holder a new warrant entitling said holder to purchase the number
of Shares represented by this Warrant which have not been exercised. This
Warrant may only be exercised to the extent the Company has a sufficient number
of Shares of Common Stock available for issuance at the time of any
exercise.

 

2.  Net
Exercise. In lieu
of payment of the Exercise Price described in Section 1, the Holder may elect to
receive, without the payment by the Holder of any additional consideration,
Shares equal to the value of this Warrant or any portion hereof by the surrender
of this Warrant or such portion to the Company, with the net issue election
notice attached hereto as Exhibit
B (the
“Net
Issuance Election Notice”) duly
executed, at the office of the Company as specified in Section 1.
Thereupon, the Company shall issue to the Holder such number of fully paid and
nonassessable Shares as is computed using the following formula:

 

where: X
= Y
(A-B)

A

 

	 	
      X
      =
	
      the
      number of Shares to be issued to the Holder pursuant to this Section
      2.
      

 

	 	
      Y
      =
	
      the
      number of Shares covered by this Warrant in respect of which the net
      issuance election is made pursuant to this Section
      2.

 

	 	
      A
      =
	
      the
      fair market value of one Share, as determined in accordance with the
      provisions of this Section
      2.

 

	 	
      B
      =
	
      the
      Exercise Price in effect under this Warrant at the time the net issuance
      election is made pursuant to this Section
      2.

 

For
purposes of this Section
2, the
“fair market value” per Share shall mean:

 

i. If the
class of Shares is traded on a national securities exchange or is listed on the
Nasdaq National Market (the “NNM”) or other over-the-counter quotation system,
the fair market value shall be the last reported sale price of a Share on such
exchange or on the NNM or other over-the-counter quotation system on the last
business day before the effective date of exercise of the net issuance election
or if no such sale is made on such day, the mean of the closing bid and asked
prices for such day on such exchange, the NNM or over-the-counter quotation
system; and 

 

ii. If the
class of Shares is not so listed and bid and ask prices are not reported, the
fair market value shall be the price per Share which the Company could obtain
from a willing buyer for Shares sold by the Company, as such price shall be
determined in good faith by the Company’s Board of Directors. 

 

3.  Warrant.

 

(a)  Exchange,
Transfer and Replacement. At any
time prior to the exercise hereof, this Warrant may be exchanged upon
presentation and surrender to the Company, alone or with other warrants of like
tenor of different denominations registered in the name of the same Holder, for
another warrant or warrants of like tenor in the name of such Holder exercisable
for the aggregate number of Shares as the warrant or warrants
surrendered.

 

(b)  Replacement
of Warrant. Upon
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, upon delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company, or, in the case of any such
mutilation, upon surrender and cancellation of this Warrant, the Company, at its
expense, will execute and deliver in lieu thereof, a new Warrant of like
tenor.

 

(c)  Cancellation;
Payment of Expenses. Upon
the surrender of this Warrant in connection with any transfer, exchange or
replacement as provided in this Section
3, this
Warrant shall be promptly canceled by the Company. The Company shall pay all
taxes (other than securities transfer taxes) and all other expenses (other than
legal expenses, if any, incurred by the Holder or transferees) and charges
payable in connection with the preparation, execution and delivery of Warrants
pursuant to this Section
3.

 

(d)  Warrant
Register. The
Company shall maintain, at its principal executive offices (or at the offices of
the transfer agent for the Warrant or such other office or agency of the Company
as it may designate by notice to the holder hereof), a register for this Warrant
(the “Warrant
Register”), in
which the Company shall record the name and address of the person in whose name
this Warrant has been issued, as well as the name and address of each transferee
and each prior owner of this Warrant.

 

4.  Rights
and Obligations of Holders of this Warrant. The
Holder of this Warrant shall not, by virtue hereof, be entitled to any rights of
a stockholder in the Company, either at law or in equity; provided,
however, that in
the event any certificate representing shares of Common Stock or other
securities is issued to the holder hereof upon exercise of this Warrant, such
holder shall, for all purposes, be deemed to have become the holder of record of
such Common Stock on the date on which this Warrant, together with a duly
executed Election to Purchase, was surrendered and payment of the aggregate
Exercise Price was made, irrespective of the date of delivery of such Common
Stock certificate.

 

5.  Adjustments. 

 

(a)  Stock
Dividends, Reclassifications, Recapitalizations, Etc. In the
event the Company: (i) pays a dividend in Common Stock or makes a distribution
in Common Stock, (ii) subdivides its outstanding Common Stock into a greater
number of shares, (iii) combines its outstanding Common Stock into a smaller
number of shares or (iv) increases or decreases the number of shares of Common
Stock outstanding by reclassification of its Common Stock (including a
recapitalization in connection with a consolidation or merger in which the
Company is the continuing corporation), then (1) the Exercise Price on the
record date of such division or distribution or the effective date of such
action shall be adjusted by multiplying such Exercise Price by a fraction, the
numerator of which is the number of shares of Common Stock outstanding
immediately before such event and the denominator of which is the number of
shares of Common Stock outstanding immediately after such event, and (2) the
number of shares of Common Stock for which this Warrant may be exercised
immediately before such event shall be adjusted by multiplying such number by a
fraction, the numerator of which is the Exercise Price immediately before such
event and the denominator of which is the Exercise Price immediately after such
event.

 

(b)  Cash
Dividends and Other Distributions. In the
event that at any time or from time to time the Company shall distribute to all
holders of Common Stock (i) any dividend or other distribution of cash,
evidences of its indebtedness, shares of its capital stock or any other
properties or securities or (ii) any options, warrants or other rights to
subscribe for or purchase any of the foregoing (other than in each case, (w) the
issuance of any rights under a shareholder rights plan, (x) any dividend or
distribution described in Section
5(a), (y) any
rights, options, warrants or securities described in Section
5(c) and (z)
any cash dividends or other cash distributions from current or retained
earnings), then the number of shares of Common Stock issuable upon the exercise
of this Warrant shall be increased to a number determined by multiplying the
number of shares of Common Stock issuable upon the exercise of this Warrant
immediately prior to the record date for any such dividend or distribution by a
fraction, the numerator of which shall be such Current Market Value (as
hereinafter defined) per share of Common Stock on the record date for such
dividend or distribution, and the denominator of which shall be such Current
Market Value per share of Common Stock on the record date for such dividend or
distribution less the sum of (x) the amount of cash, if any, distributed per
share of Common Stock and (y) the fair value (as determined in good faith by the
Board of Directors of the Company, whose determination shall be evidenced by a
board resolution, a copy of which will be sent to the Holders upon request) of
the portion, if any, of the distribution applicable to one share of Common Stock
consisting of evidences of indebtedness, shares of stock, securities, other
property, warrants, options or subscription or purchase rights; and the Exercise
Price shall be adjusted to a number determined by dividing the Exercise Price
immediately prior to such record date by the above fraction. Such adjustments
shall be made whenever any distribution is made and shall become effective as of
the date of distribution, retroactive to the record date for any such
distribution. No adjustment shall be made pursuant to this Section
5(b) which
shall have the effect of decreasing the number of shares of Common Stock
issuable upon exercise of this Warrant or increasing the Exercise Price.

 

(c)  Combination:
Liquidation. (i)
Except as provided in Section
5(d), in the
event of a Combination (as defined below), each Holder shall have the right to
receive upon exercise of the Warrant the kind and amount of shares of capital
stock or other securities or property which such Holder would have been entitled
to receive upon or as a result of such Combination had such Warrant been
exercised immediately prior to such event (subject to further adjustment in
accordance with the terms hereof). Unless paragraph (ii) is applicable to a
Combination, the Company shall provide that the surviving or acquiring Person
(the “Successor
Company”) in
such Combination will assume by written instrument the obligations under this
Section
5 and the
obligations to deliver to the Holder such shares of stock, securities or assets
as, in accordance with the foregoing provisions, the Holder may be entitled to
acquire. “Combination” means
an event in which the Company consolidates with, mergers with or into, or sells
all or substantially all of its assets to another Person, where “Person” means
any individual, corporation, partnership, joint venture, limited liability
company, association, joint-stock company, trust, unincorporated organization,
government or any agency or political subdivision thereof or any other entity;
(ii) In the event of (x) a Combination where consideration to the holders of
Common Stock in exchange for their shares is payable solely in cash or (y) the
dissolution, liquidation or winding-up of the Company, the Holders shall be
entitled to receive, upon surrender of their Warrant, distributions on an equal
basis with the holders of Common Stock or other securities issuable upon
exercise of the Warrant, as if the Warrant had been exercised immediately prior
to such event, less the Exercise Price. In case of any Combination described in
this Section
5, the
surviving or acquiring Person and, in the event of any dissolution, liquidation
or winding-up of the Company, the Company, shall deposit promptly with an agent
or trustee for the benefit of the Holders of the funds, if any, necessary to pay
to the Holders the amounts to which they are entitled as described above. After
such funds and the surrendered Warrant are received, the Company is required to
deliver a check in such amount as is appropriate (or, in the case or
consideration other than cash, such other consideration as is appropriate) to
such Person or Persons as it may be directed in writing by the Holders
surrendering such Warrant.

 

(d)  Subsequent
Equity Sales. If the
Company or any subsidiary thereof, as applicable, at any time while this Warrant
is outstanding, shall offer, sell, grant any option to purchase or offer, sell
or grant any right to reprice its securities, or otherwise dispose of or issue
(or announce any offer, sale, grant or any option to purchase or other
disposition) any Common Stock or Common Stock Equivalents entitling any Person
to acquire shares of Common Stock, at an effective price per share less than the
then Exercise Price (such lower price, the "Base Share Price"), as adjusted
hereunder (if the holder of the Common Stock or Common Stock Equivalents so
issued shall at any time, whether by operation of purchase price adjustments,
reset provisions, floating conversion, exercise or exchange prices or otherwise,
or due to warrants, options or rights per share which is issued in connection
with such issuance, be entitled to receive shares of Common Stock at an
effective price per share which is less than the Exercise Price, such issuance
shall be deemed to have occurred for less than the Exercise Price), then, the
Exercise Price shall immediately be reduced to the Base Share Price. Such
adjustment shall be made whenever such Common Stock or Common Stock Equivalents
are issued. The Company shall notify the Holder in writing, no later than the
second business day following the issuance of any Common Stock or Common Stock
Equivalents subject to this section, indicating therein the applicable issuance
price, or of applicable reset price, exchange price, conversion price and other
pricing terms. "Common Stock Equivalents" means any securities of the Company or
any subsidiary which would entitle the holder thereof to acquire at any time
Common Stock, including without limitation, any debt, preferred stock, rights,
options, warrants or other instrument that is at any time convertible into or
exchangeable for, or otherwise entitles the holder thereof to receive Common
Stock. This Section 5(d) shall not apply to (i) shares of Common Stock issued or
issuable to officers, directors and employees of, or consultants to, the Company
pursuant to stock grants, option plans, purchase plans or other employee stock
incentive programs or arrangements approved by the Board of Directors, or upon
exercise of options or warrants granted to such parties pursuant to any such
plan or arrangements or (ii) shares of Common Stock issued or issuable to banks,
equipment lessors or other financial institutions pursuant to a debt financing
or commercial leasing transaction approved by the Board of
Directors.

 

(e)  Notice
of Adjustment.
Whenever the Exercise Price or the number of shares of Common Stock and other
property, if any, issuable upon exercise of the Warrant is adjusted, as herein
provided, the Company shall deliver to the holders of the Warrant in accordance
with Section
11 a
certificate of the Company’s Chief Financial Officer setting forth, in
reasonable detail, the event requiring the adjustment and the method by which
such adjustment was calculated (including a description of the basis on which
(i) the Board of Directors determined the fair value of any evidences of
indebtedness, other securities or property or warrants, options or other
subscription or purchase rights and (ii) the Current Market Value of the Common
Stock was determined, if either of such determinations were required), and
specifying the Exercise Price and number of shares of Common Stock issuable upon
exercise of Warrant after giving effect to such adjustment.

 

(f)  Notice
of Certain Transactions. In the
event that the Company shall propose (a) to pay any dividend payable in
securities of any class to the holders of its Common Stock or to make any other
non-cash dividend or distribution to the holders of its Common Stock, (b) to
offer the holders of its Common Stock rights to subscribe for or to purchase any
securities convertible into shares of Common Stock or shares of stock of any
class or any other securities, rights or options, (c) to effect any capital
reorganization, reclassification, consolidation or merger affecting the class of
Common Stock, as a whole, or (d) to effect the voluntary or involuntary
dissolution, liquidation or winding-up of the Company, the Company shall, within
the time limits specified below, send to each Holder a notice of such proposed
action or offer. Such notice shall be mailed to the Holders at their addresses
as they appear in the Warrant Register (as defined in Section
3(d)), which
shall specify the record date for the purposes of such dividend, distribution or
rights, or the date such issuance or event is to take place and the date of
participation therein by the holders of Common Stock, if any such date is to be
fixed, and shall briefly indicate the effect of such action on the Common Stock
and on the number and kind of any other shares of stock and on other property,
if any, and the number of shares of Common Stock and other property, if any,
issuable upon exercise of each Warrant and the Exercise Price after giving
effect to any adjustment pursuant to Section
5 which
will be required as a result of such action. Such notice shall be given as
promptly as possible and (x) in the case of any action covered by clause (a) or
(b) above, at least ten (10) days prior to the record date for determining
holders of the Common Stock for purposes of such action or (y) in the case of
any other such action, at least twenty (20) days prior to the date of the taking
of such proposed action or the date of participation therein by the holders of
Common Stock, whichever shall be the earlier.

 

(g)  Current
Market Value.
“Current
Market Value” per
share of Common Stock or any other security at any date means (i) if the
security is not registered under the Securities Exchange Act of 1934 and/or
traded on a national securities exchange, quotation system or bulletin board, as
amended (the “Exchange
Act”), (a)
the value of the security, determined in good faith by the Board of Directors of
the Company and certified in a board resolution, based on the most recently
completed arm’s-length transaction between the Company and a Person other than
an affiliate of the Company or between any two such Persons and the closing of
which occurs on such date or shall have occurred within the six-month period
preceding such date, or (b) if no such transaction shall have occurred within
the six-month period, the value of the security as determined by an independent
financial expert or an agreed upon financial valuation model or (ii) if the
security is registered under the Exchange Act and/or traded on a national
securities exchange, quotation system or bulletin board, the average of the
daily closing bid prices (or the equivalent in an over-the-counter market) for
each day on which the Common Stock is traded for any period on the principal
securities exchange or other securities market on which the common Stock is
being traded (each, a “Trading
Day”) during
the period commencing thirty (30) days before such date and ending on the date
one day prior to such date.

 

(h)  Other
Adjustments. If the
event of any other transaction of the type contemplated by this Section
5, but not
expressly provided for by the provisions hereof, the Board of Directors of the
Company will make appropriate adjustment in the Exercise Price so as to
equitably protect the rights of the Holder. [In addition, the Exercise Price of
this Warrant shall be adjusted in accordance with Section 4.4 of the
Purchase Agreement in the event of a subsequent financing transaction as
specified therein.]

 

(i)  No
Impairment of Holder’s Rights. The
Company will not, by amendment of its certificate of incorporation or bylaws 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 action as may be necessary or appropriate in order to
protect the rights of the Holder against dilution or other
impairment.

 

6.  Company’s
Representations.
 

 

(a)  The
Company covenants and agrees that, assuming approval of the Proposal and filing
with the Delaware Secretary of State of an amended Certificate of Incorporation
reflecting such approval, all shares of Common Stock issuable upon exercise of
this Warrant Certificate will, upon delivery, be duly and validly authorized and
issued, fully-paid and non-assessable and free from all taxes, liens, claims and
encumbrances. 

 

(b)  The
Company covenants and agrees that it will seek approval from its stockholders to
the Proposal, and to the extent received will, after such approval, at all times
reserve and keep available an authorized number of shares of its Common Stock
and other applicable securities sufficient to permit the exercise in full of
this Warrant Certificate.

 

(c)  The
Company has taken all necessary action and proceedings as required and permitted
by applicable law, rule and regulation, including, without limitation, the
notification of the principal market on which the Common Stock is traded, for
the legal and valid issuance of this Warrant.

 

(d)  The
Warrant Shares, after receipt of approval of the Company’s stockholders to the
Proposal, when issued in accordance with the terms hereof, will be duly
authorized and, when paid for or issued in accordance with the terms hereof,
shall be validly issued, fully paid and non-assessable. 

 

(e)  With a
view to making available to Holder the benefits of Rule 144 promulgated under
the Act and any other rule or regulation of the Securities and Exchange
Commission (“SEC”) that
may at any time permit Holder to sell securities of the Company to the public
without registration, the Company agrees to use its reasonable best efforts
to:

 

(i) make and
keep public information available, as those terms are understood and defined in
Rule 144, at all times;

 

(ii) file with
the SEC in a timely manner all reports and other documents required of the
Company under the Act and the Securities Exchange Act of 1934, as amended (the
“Exchange
Act”);
and

 

(iii) furnish
to any Holder forthwith upon request a written statement by the Company that it
has complied with the reporting requirements of Rule 144 and of the Act and the
Exchange Act, a copy of the most recent annual or quarterly report of the
Company, and such other reports and documents so filed by the Company as may be
reasonably requested to permit any such Holder to take advantage of any rule or
regulation of the SEC permitting the selling of any such securities without
registration.

7.  Registration
Rights. The
Holder is entitled to the benefit of such registration rights in respect of the
Shares as are set forth in the Registration Rights Agreement dated as of May 3,
2005 by and between the Company and the Holder.

 

8.  Fractional
Shares. In lieu
of issuance of a fractional share upon any exercise hereunder, the Company will
pay the cash value of that fractional share, calculated on the basis of the
Exercise Price. 

 

9.  Legends. Prior
to issuance of the shares of Common Stock underlying this Warrant, all such
certificates representing such shares shall bear a restrictive legend to the
effect that the Shares represented by such certificate have not been registered
under the 1933 Act, and that the Shares may not be sold or transferred in the
absence of such registration or an exemption therefrom, such legend to be
substantially in the form of the bold-face language appearing at the top of Page
1 of this Warrant. 

 

10.  Disposition
of Warrants or Shares. The
Holder of this Warrant, each transferee hereof and any holder and transferee of
any Shares, by his or its acceptance thereof, agrees that no public distribution
of Warrants or Shares will be made in violation of the provisions of the 1933
Act. Furthermore, it shall be a condition to the transfer of this Warrant that
any transferee thereof deliver to the Company his or its written agreement to
accept and be bound by all of the terms and conditions contained in this
Warrant. 

 

11.  Merger
or Consolidation. The
Company will not merge or consolidate with or into any other corporation, or
sell or otherwise transfer its property, assets and business substantially as an
entirety to another corporation, unless the corporation resulting from such
merger or consolidation (if not the Company), or such transferee corporation, as
the case may be, shall expressly assume, by supplemental agreement reasonably
satisfactory in form and substance to the Holder, the due and punctual
performance and observance of each and every covenant and condition of this
Warrant to be performed and observed by the Company.

 

12.  Notices. Except
as otherwise specified herein to the contrary, all notices, requests, demands
and other communications required or desired to be given hereunder shall only be
effective if given in writing by certified or registered U.S. mail with return
receipt requested and postage prepaid; by private overnight delivery service
(e.g. Federal Express); by facsimile transmission (if no original documents or
instruments must accompany the notice); or by personal delivery. Any such notice
shall be deemed to have been given (a) on the business day immediately following
the mailing thereof, if mailed by certified or registered U.S. mail as specified
above; (b) on the business day immediately following deposit with a private
overnight delivery service if sent by said service; (c) upon receipt of
confirmation of transmission if sent by facsimile transmission; or (d) upon
personal delivery of the notice. All such notices shall be sent to the following
addresses (or to such other address or addresses as a party may have advised the
other in the manner provided in this Section
12):

 

If
to the Company:

Miravant
Medical Technologies

336
Bollay Drive

Santa
Barbara, CA 93117

Attention:
John M. Philpott 

Chief
Financial Officer

Fax:
(805) 685-7981

Telephone:
(805) 685-9880

If
to the Holder:

____________________________

____________________________

____________________________

Attention:

Fax:

Telephone:

with
a copy to:

____________________________

____________________________

____________________________

Attention:

Fax:

Telephone:

Notwithstanding
the time of effectiveness of notices set forth in this Section, an Election to
Purchase shall not be deemed effectively given until it has been duly completed
and submitted to the Company together with this original Warrant and payment of
the Exercise Price in a manner set forth in this Section.

 

13.  Governing
Law. This
Warrant shall be governed by and construed in accordance with the laws of the
State of California applicable to contracts made and to be performed in the
State of California. 

 

14.  Successors
and Assigns. This
Warrant shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns.

 

15.  Headings. The
headings of various sections of this Warrant have been inserted for reference
only and shall not affect the meaning or construction of any of the provisions
hereof.

 

16.  Severability. If any
provision of this Warrant is held to be unenforceable under applicable law, such
provision shall be excluded from this Warrant, and the balance hereof shall be
interpreted as if such provision were so excluded.

 

17.  Modification
and Waiver. This
Warrant and any provision hereof may be amended, waived, discharged or
terminated only by an instrument in writing signed by the Company and the
Holder. 

 

18.  Specific
Enforcement. The
Company and the Holder acknowledge and agree that irreparable damage would occur
in the event that any of the provisions of this Warrant were not performed in
accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent or cure breaches of the provisions of this Warrant and to
enforce specifically the terms and provisions hereof, this being in addition to
any other remedy to which either of them may be entitled by law or
equity.

 

19.  Assignment. Subject
to prior written approval by the Company, this Warrant may be transferred or
assigned, in whole or in part, at any time and from time to time by the then
Holder by submitting this Warrant to the Company together with a duly executed
Assignment in substantially the form and substance of the Form of Assignment
which accompanies this Warrant, as Exhibit
C hereto,
and, upon the Company’s receipt hereof, and in any event, within three (3)
business days thereafter, the Company shall issue a warrant to the Holder to
evidence that portion of this Warrant, if any as shall not have been so
transferred or assigned.

 

 

 

	
      #80039823.2
      (DT FINAL)
	
      -1-
	 
	 	 	
      0WEG-083556

 

20.  Mandatory
Exercise. In the
event that (a) the registration statement required to be filed by the Company
pursuant to the Registration Rights Agreement shall have been declared effective
by the Securities and Exchange Commission and shall remain effective with
respect to the shares of Common Stock issuable upon exercise hereof, and (b) the
Market Price of the Common Stock has been greater than Four Hundred Percent
(400%) of the Exercise Price then in effect for at least twenty (20) consecutive
trading days (the satisfaction of the criteria specified in clauses (a) and (b)
being referred to herein as a “Mandatory
Exercise Trigger Event”), then
the Company shall be entitled, subject to the terms of this Section
20, to
require the Holder to exercise all or any portion of the Warrants evidenced by
this Warrant Certificate (a “Mandatory
Exercise”) by
giving written notice to the Holder at least thirty (30) days prior to the date
fixed for such Mandatory Exercise; provided,
however, that in
the event that the Company desires to cause a Mandatory Exercise of all or any
portion of these Warrants, the Company shall be required to elect to cause a
Mandatory Exercise of the same proportion of all other warrants issued pursuant
to the Purchase Agreement that contain this Mandatory Exercise
provision;
and,
provided further, that
each Mandatory Exercise shall be limited to an aggregate of 1,000,000 shares of
Common Stock upon each occurrence of a Mandatory Exercise Trigger Event among
all warrants issued pursuant to the Purchase Agreement that contain this
Mandatory Exercise provision. For purposes of satisfying the conditions required
to constitute a Mandatory Exercise Trigger Event set forth in clause (b) hereof,
upon the election by the Company to cause a Mandatory Exercise, the Company may
not cause another Mandatory Exercise until the Market Price of the Common Stock
has been greater than Four Hundred Percent (400%) of the Exercise Price then in
effect for an additional twenty (20) consecutive trading days
thereafter. Neither
the occurrence of a Mandatory Exercise Trigger Event or an election by the
Company to cause a Mandatory Exercise shall affect the right of the Holder
hereof to exercise these Warrants prior to the date fixed for such Mandatory
Exercise or cause the holder to own more than 4.95% of the Company’s outstanding
Common Shares. 

 

1.  

 

	
      #80039823.2
      (DT FINAL)
	 	 
	 	 	
      0WEG-083556

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed,
manually or by facsimile, by one of its officers thereunto duly
authorized.

 

MIRAVANT
MEDICAL TECHNOLOGIES

Date: May
3, 2005   By:_________________________________

Name: Gary S.
Kledzik

Title:
Chief Executive Officer

#80039823v2

EXHIBIT
A

TO

WARRANT
CERTIFICATE

ELECTION
TO PURCHASE

To Be
Executed by the Holder

in Order
to Exercise the Warrant 

The
undersigned Holder hereby elects to purchase _______ Shares pursuant to the
attached Warrant, and requests that certificates for securities be issued in the
name of:

__________________________________________________________

(Please
type or print name and address)

__________________________________________________________

__________________________________________________________

__________________________________________________________

(Social
Security or Tax Identification Number)

and
delivered to:______________________________________________________________
_______________________________________________________________________.

(Please
type or print name and address if different from above)

If such
number of Shares being purchased hereby shall not be all the Shares that may be
purchased pursuant to the attached Warrant, a new Warrant for the balance of
such Shares shall be registered in the name of, and delivered to, the Holder at
the address set forth below.

In full
payment of the purchase price with respect to the Shares purchased and transfer
taxes, if any, the undersigned hereby tenders payment of $__________ by check,
money order or wire transfer payable in United States currency to the order of
Miravant Medical Technologies.

HOLDER:

By:_____________________________________

Name:

Title:

Address:
      

Dated:___________________ 

	
      #80039823.2
	
      --
	 
	 	 	
      0WEG-083556

EXHIBIT
B

TO

WARRANT
CERTIFICATE

NET
ISSUANCE ELECTION NOTICE

 

The
undersigned hereby elects to purchase ___________ shares of ___________ (the
“Shares”) pursuant to Section 2 of the attached Warrant. The Certificate(s) for
the Shares issuable upon such net issuance election shall be issued in the name
of the undersigned or as otherwise indicated below.

 

Please
issue a new Warrant for the unexercised portion of the attached Warrant, if any,
in the name of the undersigned.

 

The
undersigned hereby represents and warrants that the undersigned is acquiring
such Shares for its own account for investment purposes only, and not for resale
or with a view to distribution of such Shares or any part thereof.

HOLDER:

Name:

Title:

Date:

Address:

Name in
which shares should be registered:

#80039823v2

EXHIBIT
C

TO

WARRANT

FORM OF
ASSIGNMENT

(To be
signed only on transfer of Warrant)

For value
received, the undersigned hereby sells, assigns, and transfers unto
_____________ the right represented by the within Warrant to purchase ______
shares of Common Stock of Miravant Medical Technologies, a Delaware corporation,
to which the within Warrant relates, and appoints ____________________ Attorney
to transfer such right on the books of Miravant Medical Technologies, a Delaware
Corporation, with full power of substitution of premises.

Dated:
     By:___________________________________
       
Name:

Title:

(signature
must conform to name         of holder
as specified on the fact         of the
Warrant)

Address:
    

Signed in
the presence of :

Dated:Exhibit 4.2 Registration Rights

EXHIBIT
D

 

TO

 

SERIES
B PREFERRED STOCK PURCHASE AGREEMENT

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT, is entered into as of May
3, 2005, by and
between MIRAVANT
MEDICAL TECHNOLOGIES, a
Delaware corporation (the “Company”), with
headquarters located at 336 Bollay Drive, Santa Barbara, California 93117, and
SCORPION
CAPITAL PARTNERS, LP, ALBA LTD. and ALERT INVESTMENTS
LIMITED (the
“Purchasers”).
Capitalized terms used herein are used as defined in Section 1 of this
Agreement.

 

RECITALS

 

A. In
connection with the Series B Preferred Stock Purchase Agreement dated as of May
3, 2005 between the Purchasers and the Company (the “Purchase
Agreement”), the
Company has agreed, upon the terms and subject to the conditions of said
Purchase Agreement, to issue and sell to the Purchasers, and the Purchasers have
agreed to purchase from the Company, up to Eight Million Dollars ($8,000,000) of
the Company’s Series B Preferred Stock ("Preferred Stock") and related
Warrants.

 

B. To induce
the Purchasers to execute and deliver the Purchase Agreement, the Company has
agreed to provide certain registration rights under the Securities Act of 1933,
as amended (the “Securities
Act”), with
respect to the shares of Common Stock issuable upon conversion of the Preferred
Stock and issuable upon exercise of the Warrants (collectively, the
“Registrable
Shares”).

 

AGREEMENTS

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Purchasers hereby agree as
follows:

 

1.  Definitions.
Capitalized terms used herein and not otherwise defined herein shall have the
respective meanings set forth in the Purchase Agreement. As used in this
Agreement, the following terms shall have the following meanings:

 

(a)  “Common
Stock” means
the Company’s common stock, par value $0.01 per share.

 

(b)  “Holders” are
stockholders of the Company who, by virtue of agreements with the Company, are
entitled to include their securities in certain Registration Statements filed by
the Company.

 

(c)  “Purchasers” means
the Purchasers and any transferee or assignee of the Purchasers who agree to
become bound by the provisions of this Agreement in accordance with Section 9
hereof.

 

(d)  “Registrable
Securities” means
the Registrable Shares, together with any shares of Common Stock or other
securities which may be issued as a dividend or other distribution or in
exchange for Registrable Shares and any additional shares of Common Stock, which
may be issued to Purchasers in accordance with antidilution rights available to
the Purchasers.

 

(e)  “Registration
Period” means
the period between the date of this Agreement and the earliest of (i) the
date on which all of the Registrable Securities (including all shares of Common
Stock into which the Warrants are exercisable) have been sold in transactions
where the transferee is not subject to securities law resale restrictions (or is
subject to securities law resale restrictions solely because it is an
“affiliate” of the Company under the Securities Act and the Rules promulgated
thereunder), or (ii) the date on which the Registrable Securities (in the
opinion of Purchasers' or the Company’s counsel) may be immediately sold without
registration and free of restrictions on transfer.

 

(f)  “Registration
Statement” means a
registration statement of the Company filed with the Securities and Exchange
Commission (the “SEC”) under
the Securities Act.

 

(g)  The terms
“register,” “registered,” and “registration” refer to a registration effected by
preparing and filing a Registration Statement in compliance with the Securities
Act and applicable rules and regulations thereunder and pursuant to
Rule 415 under the Securities Act, and the declaration or ordering of
effectiveness of such Registration Statement by the SEC.

 

2.  Registration.

 

(a)  Required
Registration.
Pursuant to the terms of this Section
2(a), and
upon the earlier of (i) sixty (60) days of a demand by Purchasers holding a
majority of the issued and outstanding Preferred Stock, or (ii) thirty (30) days
following approval of the Proposal, the Company shall prepare promptly and file
a Registration Statement with the SEC, registering the Registrable Securities
for resale. To the extent allowable under the Securities Act and the Rules
promulgated thereunder (including Rule 416), the Registration Statement shall
include such indeterminate number of additional shares of Common Stock as may
become issuable upon conversion of the Preferred Stock and exercise of the
Warrants (A) to prevent dilution resulting from stock splits, stock dividends or
similar transactions, or (B) by reason of changes in the exercise price of the
Warrants in accordance with the terms thereof. The Registration Statement (and
each amendment or supplement thereto) shall be provided to, and subject to the
reasonable approval of, the Purchasers and their counsel prior to its filing or
other submission. The Company shall use its best efforts to cause such
Registration Statement to be declared effective by the SEC as soon as
practicable following the filing thereof, but in any event no later than the
ninetieth (90th) day following the filing of the Registration Statement. A
registration shall not count as a required registration for purposes of this
Section
2(a) until
(x) the Registration Statement filed in connection with such required
registration has become effective, and (ii) each of the Purchasers is able to
register and offer for sale all of their Registrable Securities.

 

(b)  Payments
by the Company. If any
Registration Statement (or any amendment or supplement to any Registration
Statement) required to be filed pursuant to Section
2(a) or
2(c) hereof
has not been filed by the Company with the SEC prior to the earlier of (i) sixty
(60) days of a demand by Purchasers holding a majority of the issued and
outstanding Preferred Stock, or (ii) thirty (30) days following approval of the
Proposal, in the case of the filing under Section
2(a) (the
“Initial
Filing Deadline”), or
the sixtieth (60th) day following the applicable Registration Trigger Date (as
defined in Section
2(c) below),
in the case of a filing under Section
2(c) (a
“Subsequent
Filing Deadline”), or if
the Company shall not have caused the Registration Statement to be declared
effective by the SEC not later than the one hundred and twentieth (120th) day
following the date hereof (the "Initial
Effectiveness Deadline"), or
after a Registration Statement is first declared effective by the SEC, it ceases
for any reason to remain continuously effective as to all Registrable Securities
for which it is required to be effective, for in any such cases ten Business
Days (which need not be consecutive days) in the aggregate during any 12-month
period (each such day being a "Non-Effective
Day"), then
the Company shall make payments to each Purchaser in such amounts and at such
times as shall be determined pursuant to this Section
2(b) as
partial relief for the damages to the Purchasers by reason of any such delay in
or reduction of their ability to sell the Registrable Securities (which remedy
shall not be exclusive of any other remedies available at law or in equity). The
Company shall pay to each Purchaser an amount equal to the product of (i) the
aggregate purchase price of the Preferred Stock then outstanding and held by
such Purchaser (including, for this purpose, the liquidated preference of any
Preferred Stock that have been converted into shares of Common Stock then held
by such Purchaser as if such Preferred Stock had not been so converted),
multiplied by (ii) one hundredth (.01), for each 30 day period (or portion
thereof) (A) after the Initial Filing Deadline and prior to the date the
Registration Statement is filed with the SEC pursuant to Section
2(a), or (B)
after any Subsequent Filing Deadline and prior to the date the respective
Registration Statement (or amendment or supplement to any previous Registration
Statement) is filed with the SEC pursuant to Section
2(c), or (C)
if the Registration Statement is not declared effective by the Initial
Effectiveness Deadline, until such effectiveness occurs, or (D) containing a
Non-Effective Day; provided,
however, that,
for purpose of calculating the payment amount owed to any given Purchasers,
there shall be excluded from each such period any delays which are solely
attributable to changes required by such Purchaser in the Registration Statement
with respect to information relating to such Purchaser, including, without
limitation, changes to the plan of distribution (other than any corrections of
Company mistakes with respect to information previously provided by such
Purchaser). All such amounts required to be paid hereunder shall be paid in cash
within five days after demand therefor by Purchasers.

 

(c)  Piggy-Back
Registrations. To the
extent permitted under the Company's existing registration rights agreements,
if, at any time and from time to time prior to the expiration of the
Registration Period (a “Registration
Trigger Date”), the
Company shall file with the SEC a Registration Statement relating to an offering
for its own account or the account of others under the Securities Act of any of
its equity securities (other than on Form S-4 or Form S-8 or their then
equivalents relating to equity securities to be issued solely in connection with
any acquisition of any entity or business or equity securities issuable in
connection with stock option or other employee benefit plans), the Company shall
send to each Purchaser written notice of such filing, and if, within fifteen
(15) days after the date of such notice, such Purchaser shall so request in
writing, the Company shall include in such Registration Statement all or any
part of the Registrable Securities such Purchaser requests to be registered.
Notwithstanding the foregoing, in the event that, in connection with any
underwritten public offering, the managing underwriter(s) thereof shall impose a
limitation on the number of shares of Common Stock which may be included in the
Registration Statement because, in such underwriter(s)’ judgment, marketing or
other factors dictate such limitation is necessary to facilitate public
distribution, then the Company shall be obligated to include in such
Registration Statement only such limited portion of the Registrable Securities
with respect to which such Purchaser has requested inclusion hereunder as the
underwriter shall permit; provided,
however, that
(i) the Company shall not exclude any Registrable Securities unless the Company
has first excluded all outstanding securities, the holders of which are not
contractually entitled to inclusion of such securities in such Registration
Statement or are not contractually entitled to pro rata inclusion with the
Registrable Securities, (ii) after giving effect to the immediately preceding
proviso, any such exclusion of Registrable Securities shall be made pro rata
among the Purchasers seeking to include Registrable Securities and the holders
of other securities having the contractual right to inclusion of their
securities in such Registration Statement by reason of required registration
rights, in proportion to the number of Registrable Securities or other
securities, as applicable, sought to be included by each such Purchaser or other
holder, and (iii) no such reduction shall reduce the amount of Registrable
Securities included in the registration below fifty (50%) of the total amount of
securities included in such registration. No right to registration of
Registrable Securities under this Section
2(c) shall be
construed to limit any registration required under Section
2(a) hereof.
If an offering in connection with which a Purchaser is entitled to registration
under this Section
2(c) is an
underwritten offering, then each Purchaser whose Registrable Securities are
included in such Registration Statement shall, unless otherwise agreed by the
Company, offer and sell such Registrable Securities in an underwritten offering
using the same underwriter or underwriters and, subject to the provisions of
this Agreement, on the same terms and conditions as other shares of Common Stock
included in such underwritten offering. The Purchasers shall be entitled to
unlimited piggyback registrations during the Registration Period.

 

3.  Additional
Obligations of the Company. In
connection with the registration of the Registrable Securities, the Company
shall have the following additional obligations:

 

(a)  The
Company shall keep the Registration Statement required by Section 2(a) hereof
effective pursuant to Rule 415 under the Securities Act at all times during
the Registration Period as defined in Section 1(e)
above.

 

(b)  The
Registration Statement (including any amendments or supplements thereto and
prospectuses contained therein) filed by the Company shall not contain any
untrue statement of a material fact or omit to state a material fact required to
be stated therein, or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading. The Company shall prepare
and file with the SEC such amendments (including post-effective amendments) and
supplements to the Registration Statement and the prospectus used in connection
with the Registration Statement as may be necessary to keep the Registration
Statement effective at all times during the Registration Period, and, during
such period, shall comply with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities of the Company covered by the
Registration Statement until such time as all of such Registrable Securities
have been disposed of in accordance with the intended methods of disposition by
the sellers thereof as set forth in the Registration Statement. In the event the
number of shares of Common Stock included in a Registration Statement filed
pursuant to this Agreement is insufficient to cover all of the Registrable
Securities, the Company shall amend, if permissible, the Registration Statement
and/or file a new Registration Statement so as to cover all of the Registrable
Securities as soon as practicable, but in no event more than twenty (20)
business days after the Company first determines (or reasonably should have
determined) the need therefor. The Company shall use its commercially reasonable
efforts to cause such amendment and/or new Registration Statement to become
effective as soon as practicable following the filing thereof.

 

(c)  The
Company shall furnish to each Purchaser whose Registrable Securities are
included in the Registration Statement (i) promptly after the same is
prepared and publicly distributed, filed with the SEC or received by the
Company, one copy of the Registration Statement and any amendment thereto; each
preliminary prospectus and final prospectus and each amendment or supplement
thereto; and, in the case of the Registration Statement required under
Section 2(a) above,
each letter written by or on behalf of the Company to the SEC and each item of
correspondence from the SEC, in each case relating to such Registration
Statement (other than any portion of any item thereof which contains information
for which the Company has sought confidential treatment); and (ii) such
number of copies of a prospectus, including a preliminary prospectus, and all
amendments and supplements thereto, and such other documents as such Purchaser
may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such Purchaser.

 

(d)  The
Company shall use its commercially reasonable best efforts to (i) register
and qualify the Registrable Securities covered by the Registration Statement
under such other securities or blue sky laws of such jurisdictions as the
Purchasers reasonably request, (ii) prepare and file in those jurisdictions
such amendments (including post-effective amendments) and supplements to such
registrations as may be necessary to maintain the effectiveness thereof during
the Registration Period, (iii) take such other actions as may be necessary
to maintain such registrations and qualifications in effect at all times during
the Registration Period, and (iv) take all other actions reasonably
necessary or advisable to qualify the Registrable Securities for sale in such
jurisdictions. Notwithstanding the foregoing provision, the Company shall not be
required in connection therewith or as a condition thereto to (i) qualify
to do business in any jurisdiction where it would not otherwise be required to
qualify but for this Section 3(d),
(ii) subject itself to general taxation in any such jurisdiction,
(iii) file a general consent to service of process in any such
jurisdiction, (iv) provide any undertakings that cause more than nominal
expense or burden to the Company, or (v) make any change in its charter or
bylaws, which in each case the Board of Directors of the Company determines to
be contrary to the best interests of the Company and its
stockholders.

 

(e)  The
Company shall notify each Purchaser who holds Registrable Securities being sold
pursuant to a Registration Statement of the happening of any event of which the
Company has knowledge as a result of which the prospectus included in the
Registration Statement as then in effect includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading (a “Suspension
Event”). The
Company shall make such notification as promptly as practicable after the
Company becomes aware of such Suspension Event, shall promptly, but in all
events within five (5) business days, use its commercially reasonable best
efforts to prepare a supplement or amendment to the Registration Statement to
correct such untrue statement or omission, and shall deliver a number of copies
of such supplement or amendment to each Purchaser as such Purchaser may
reasonably request. Notwithstanding the foregoing provision, the Company shall
not be required to maintain the effectiveness of the Registration Statement or
to amend or supplement the Registration Statement for a period (a “Delay
Period”)
expiring upon the later to occur of (i)  the date on which the Company is
able to comply with its disclosure obligations and SEC requirements related
thereto, or (iii) thirty (30) days after the occurrence of the
Suspension Event.

 

(f)  The
Company shall use its commercially reasonable efforts to prevent the issuance of
any stop order or other suspension of effectiveness of a Registration Statement
and, if such an order is issued, shall use its commercially reasonable best
efforts to obtain the withdrawal of such order at the earliest possible time and
to notify each Purchaser who holds Registrable Securities being sold (or, in the
event of an underwritten offering, the managing underwriters) of the issuance of
such order and the resolution thereof.

 

(g)  The
Company shall permit a single firm of counsel designated by the Purchasers who
holds a majority in interest of the Registrable Securities being sold pursuant
to such registration to review the Registration Statement and all amendments and
supplements thereto (as well as all requests for acceleration or effectiveness
thereof) a reasonable period of time prior to their filing with the SEC, and
shall not file any document in a form to which such counsel reasonably
objects.

 

(h)  At the
request of any Purchaser who holds Registrable Securities being sold pursuant to
such registration, the Company shall furnish on the date that Registrable
Securities are delivered to an underwriter for sale in connection with the
Registration Statement (i) a letter, dated such date, from the Company’s
independent certified public accountants in form and substance as is customarily
given by independent certified public accountants to underwriters in an
underwritten public offering, addressed to the Purchasers; and (ii) an
opinion, dated such date, from counsel representing the Company for purposes of
such Registration Statement, in form and substance as is customarily given in an
underwritten public offering, addressed to the underwriters and
Purchasers.

 

(i)  The
Company shall make available for inspection by any Purchaser whose Registrable
Securities are being sold pursuant to such registration, any underwriter
participating in any disposition pursuant to the Registration Statement, and any
attorney, accountant or other agent retained by any such Purchaser or
underwriter (collectively, the “Inspectors”), all
pertinent financial and other records, pertinent corporate documents and
properties of the Company (collectively, the “Records”), as
shall be reasonably necessary to enable each Inspector to exercise its due
diligence responsibility, and cause the Company’s officers, directors and
employees to supply all information which any Inspector may reasonably request
for purposes of such due diligence; provided,
however, that
each Inspector shall hold in confidence and shall not make any disclosure
(except to a Purchaser) of any Record or other information which the Company
determines in good faith to be confidential, and of which determination the
Inspectors are so notified, unless (i) the disclosure of such Records is
necessary to avoid or correct a misstatement or omission in any Registration
Statement, (ii) the release of such Records is ordered pursuant to a
subpoena or other order from a court or government body of competent
jurisdiction, or such release is reasonably necessary in connection with
litigation or other legal process or (iii) the information in such Records
has been made generally available to the public other than by disclosure in
violation of this or any other agreement. The Company shall not be required to
disclose any confidential information in such Records to any Inspector until and
unless such Inspector shall have entered into confidentiality agreements (in
form and substance satisfactory to the Company) with the Company with respect
thereto, substantially in the form of this Section 3(j). Each
Purchaser agrees that it shall, upon learning that disclosure of such Records is
sought in or by a court or governmental body of competent jurisdiction or
through other means, give prompt notice to the Company and allow the Company, at
the Company’s expense, to undertake appropriate action to prevent disclosure of,
or to obtain a protective order for, the Records deemed confidential. Nothing
herein shall be deemed to limit the Purchasers' ability to sell Registrable
Securities in a manner which is otherwise consistent with applicable laws and
regulations.

 

(j)  The
Company shall hold in confidence and shall not make any disclosure of
information concerning the Purchasers provided to the Company pursuant hereto
unless (i) disclosure of such information is necessary to comply with
federal or state securities laws, (ii) the disclosure of such information
is necessary to avoid or correct a misstatement or omission in any Registration
Statement, (iii) the release of such information is ordered pursuant to a
subpoena or other order from a court or governmental body of competent
jurisdiction, or such release is reasonably necessary in connection with
litigation or other legal process or (iv) such information has been made
generally available to the public other than by disclosure in violation of this
or any other agreement. The Company agrees that it shall, upon learning that
disclosure of such information concerning the Purchasers is sought in or by a
court or governmental body of competent jurisdiction or through other means,
give prompt notice to the Purchasers and allow the Purchasers, at their expense,
to undertake appropriate action to prevent disclosure of, or to obtain a
protective order for, such information.

 

(k)  The
Company shall provide a transfer agent and registrar, which may be a single
entity, for the Registrable Securities not later than the effective date of the
Registration Statement.

 

(l)  The
Company shall cooperate with the Purchasers who hold Registrable Securities
being sold and the managing underwriter or underwriters, if any, to facilitate
the timely preparation and delivery of certificates (not bearing any restrictive
legends) representing Registrable Securities to be sold pursuant to the
Registration Statement and enable such certificates to be in such denominations
or amounts as the case may be, and registered in such names as the managing
underwriter or underwriters, if any, or the Purchasers may reasonably request;
and, within three (3) business days after a Registration Statement which
includes Registrable Securities is ordered effective by the SEC, the Company
shall deliver, and shall cause legal counsel selected by the Company to deliver,
to the transfer agent for the Registrable Securities (with copies to the
Purchasers whose Registrable Securities are included in such Registration
Statement) instructions to the transfer agent to issue new stock certificates
without a legend and an opinion of such counsel that the Registrable Shares have
been registered.

 

(m)  The
Company shall take all other reasonable actions necessary to expedite and
facilitate disposition by the Purchasers of the Registrable Securities pursuant
to the Registration Statement.

 

(n)  At the
request of any Purchaser, the Company shall promptly prepare and file with the
SEC such amendments (including post-effective amendments) and supplements to a
Registration Statement and the prospectus used in connection with the
Registration Statement as may be necessary in order to change the plan of
distribution set forth in such Registration Statement to conform to written
information supplied to the Company by such Purchaser for such
purpose.

 

(o)  In the
case of an underwritten offering, enter into such customary agreements
(including underwriting agreements in customary form) and take all such other
actions as the Purchasers of a majority of the Registrable Shares being sold or
the underwriters, if any, reasonably request in order to expedite or facilitate
the disposition of such Registrable Shares;

 

(p)  The
Company shall comply with all applicable laws related to a Registration
Statement and offering and sale of securities and all applicable rules and
regulations of governmental authorities in connection therewith.

 

4.  Obligations
of the Purchasers. In
connection with the registration of the Registrable Securities, the Purchasers
shall have the following obligations:

 

(a)  The
Purchasers agree to furnish to the Company such information regarding itself,
the number of Registrable Securities held by it and the intended method of
disposition of the Registrable Securities held by it as shall be reasonably
required by rules of the SEC to effect the registration of the Registrable
Securities. The information so provided by any given Purchaser shall be included
without material alteration in the Registration Statement and shall not be
modified without such Purchaser’s written consent. At least twenty (20)
business days prior to the first anticipated filing date of the Registration
Statement, the Company shall notify the Purchasers of the information the
Company requires from each Purchaser (the “Requested
Information”) if
such Purchaser elects to have any of such Purchaser’s Registrable Securities
included in the Registration Statement. 

 

(b)  The
Purchasers, by the Purchasers' acceptance of the Registrable Securities, agrees
to cooperate with the Company as reasonably requested by the Company in
connection with the preparation and filing of the Registration Statement
hereunder, unless any given Purchaser has notified the Company in writing of
such Purchasers' election to exclude all of such Purchaser’s Registrable
Securities from the Registration Statement.

 

(c)  The
Purchasers agree that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 3(f) or
3(g), the
Purchasers will immediately discontinue disposition of Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities
until such Purchaser’s’ receipt of the copies of the supplemented or amended
prospectus contemplated by Section 3(f) or
3(g) and, if
so directed by the Company, such Purchaser shall deliver to the Company (at the
expense of the Company) or destroy (and deliver to the Company a certificate of
destruction) all copies, other than file copies, in such Purchaser’s possession,
of the prospectus covering such Registrable Securities current at the time of
receipt of such notice.

 

5.  Expenses
of Registration. All
expenses, other than underwriting discounts and commissions, incurred in
connection with registrations, filings or qualifications pursuant to
Sections 2 and
3,
including, without limitation, all registration, listing and qualifications
fees, printers and accounting fees, the fees and disbursements of counsel for
the Company, and the reasonable fees and disbursements of one counsel selected
by the Purchasers pursuant to Section 3(e) hereof,
shall be borne by the Company.

 

6.  Indemnification. In the
event any Registrable Securities are included in a Registration Statement under
this Agreement:

 

(a)  To the
extent permitted by law, the Company will indemnify and hold harmless each
Purchaser who holds such Registrable Securities, the directors, if any, of such
Purchaser, the officers, if any, of such Purchaser, each person, if any, who
controls any Purchaser within the meaning of the Securities Act or the Exchange
Act, any underwriter (as defined in the Securities Act) for the Purchasers, the
directors, if any, of such underwriter and the officers, if any, of such
underwriter, and each person, if any, who controls any such underwriter within
the meaning of the Securities Act or the Exchange Act (each, an “Indemnified
Person”),
against any losses, claims, damages, expenses or liabilities (joint or several)
(collectively “Claims”) to
which any of them become subject under the Securities Act, the Exchange Act or
otherwise, insofar as such Claims (or actions or proceedings, whether commenced
or threatened, in respect thereof) arise out of or are based upon any of the
following statements, omissions or violations in the Registration Statement, or
any post-effective amendment thereof, or any prospectus included therein:
(i) any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement or any post-effective amendment thereof
or the omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading,
(ii) any untrue statement or alleged untrue statement of a material fact
contained in any preliminary prospectus if used prior to the effective date of
such Registration Statement, or contained in the final prospectus (as amended or
supplemented, if the Company files any amendment thereof or supplement thereto
with the SEC) or the omission or alleged omission to state therein any material
fact necessary to make the statements made therein, in light of the
circumstances under which the statements therein were made, not misleading, or
(iii) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act or any state securities law or any rule or regulation (the
matters in the foregoing clauses (i) through
(iii) being,
collectively, “Violations”).
Subject to the restrictions set forth in Section 6(c) with
respect to the number of legal counsel, the Company shall reimburse the
Purchasers and each such underwriter or controlling person, promptly as such
expenses are incurred and are due and payable, for any legal fees or other
reasonable expenses incurred by them in connection with investigating or
defending any such Claim. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this Section 6(a):
(A) shall not apply to a Claim arising out of or based upon a Violation
which occurs in reliance upon and in conformity with information furnished in
writing to the Company by any Indemnified Person or underwriter for such
Indemnified Person expressly for use in connection with the preparation of the
Registration Statement or any such amendment thereof or supplement thereto, if
such prospectus was timely made available by the Company pursuant to
Section 3(c) hereof;
(B) with respect to any preliminary prospectus shall not inure to the
benefit of any such person from whom the person asserting any such Claim
purchased the Registrable Securities that are the subject thereof (or to the
benefit of any person controlling such person) if the untrue statement or
omission of material fact contained in the preliminary prospectus was corrected
in the prospectus, as then amended or supplemented, if a prospectus was timely
made available by the Company pursuant to Section 3(c) hereof;
and (C) shall not apply to amounts paid in settlement of any Claim if such
settlement is effected without the prior written consent of the Company, which
consent shall not be unreasonably withheld. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of the
Indemnified Persons and shall survive the transfer of the Registrable Securities
by the Purchasers pursuant to Section 9.

 

(b)  In
connection with any Registration Statement in which a Purchaser is
participating, each such Purchaser, severally and not jointly, agrees to
indemnify and hold harmless, to the same extent and in the same manner set forth
in Section 6(a), the
Company, each of its directors, each of its officers who signs the Registration
Statement, each person, if any, who controls the Company within the meaning of
the Securities Act or the Exchange Act, any underwriter and any other
stockholder selling securities pursuant to the Registration Statement or any of
its directors or officers or any person who controls such stockholder or
underwriter within the meaning of the Securities Act or the Exchange Act
(collectively and together with an Indemnified Person, an “Indemnified
Party”),
against any Claim to which any of them may become subject, under the Securities
Act, the Exchange Act or otherwise, insofar as such Claim arises out of or is
based upon any Violation, in each case to the extent (and only to the extent)
that such Violation occurs in reliance upon and in conformity with written
information furnished to the Company by such Purchaser expressly for use in
connection with such Registration Statement, and such Purchaser will promptly
reimburse any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such Claim; provided,
however, that
the indemnity agreement contained in this Section 6(b) shall
not apply to amounts paid in settlement of any Claim if such settlement is
effected without the prior written consent of such Purchaser, which consent
shall not be unreasonably withheld; provided
further,
however, that
the Purchasers shall be liable under this Section 6(b) for only
that amount of a Claim as does not exceed the net proceeds to such Purchaser as
a result of the sale of Registrable Securities pursuant to such Registration
Statement. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of such Indemnified Party and shall
survive the transfer of the Registrable Securities by the Purchasers pursuant to
Section 9.
Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(b) with
respect to any preliminary prospectus shall not inure to the benefit of any
Indemnified Party if the untrue statement or omission of material fact contained
in the preliminary prospectus was corrected on a timely basis in the prospectus,
as then amended or supplemented.

 

(c)  Promptly
after receipt by an Indemnified Person or Indemnified Party under this
Section 6 of
notice of the commencement of any action (including any governmental action),
such Indemnified Person or Indemnified Party shall, if a Claim in respect
thereof is to made against any indemnifying party under this Section 6, deliver
to the indemnifying party a written notice of the commencement thereof and this
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume control of the defense thereof with counsel
mutually satisfactory to the indemnifying parties; provided,
however, that an
Indemnified Person or Indemnified Party shall have the right to retain its own
counsel, with the fees and expenses to be paid by the indemnifying party, if, in
the reasonable opinion of counsel retained by the indemnifying party, the
representation by such counsel of the Indemnified Person or Indemnified Party
and the indemnifying party would be inappropriate due to actual or potential
differing interests between such Indemnified Person or Indemnified Party and
other party represented by such counsel in such proceeding. The Company shall
pay for only one separate legal counsel for the Purchasers; such legal counsel
shall be selected by the Purchasers holding a majority in interest of the
Registrable Securities. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action shall not relieve such indemnifying party of any liability to the
Indemnified Person or Indemnified Party under this Section 6, except
to the extent that the indemnifying party is prejudiced in its ability to defend
such action. The indemnification required by this Section 6
shall be
made by periodic payments of the amount thereof during the course of the
investigation or defense, as such expense, loss, damage or liability is incurred
and is due and payable. The provisions of this Section 6 shall
survive the termination of this Agreement.

 

7.  Contribution. If the
indemnification provided for in Section 6 herein
is unavailable to the Indemnified Parties in respect of any losses, claims,
damages or liabilities referred to herein (other than by reason of the
exceptions provided therein), then each such Indemnifying Party, in lieu of
indemnifying such Indemnified Party, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such losses, claims, damages or
liabilities as between the Company on the one hand and any Purchaser on the
other, in such proportion as is appropriate to reflect the relative fault of the
Company and of such Purchaser in connection with the statements or omissions
which resulted in such losses, claims, damages or liabilities, as well as any
other relevant equitable considerations. The relative fault of the Company on
the one hand and of any Purchaser on the other shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates
to information supplied by the Company or by such Purchaser.

 

In no
event shall the obligation of any Indemnifying Party to contribute under this
Section 7 exceed
the amount that such Indemnifying Party would have been obligated to pay by way
of indemnification if the indemnification provided for under Section 6(a) or
6(b) hereof
had been available under the circumstances.

 

The
Company and the Purchasers agree that it would not be just and equitable if
contribution pursuant to this Section 7 were
determined by pro rata allocation (even if the Purchasers or the underwriters
were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred
to in the immediately preceding paragraphs. The amount paid or payable by an
Indemnified Party as a result of the losses, claims, damages and liabilities
referred to in the immediately preceding paragraphs shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such Indemnified Party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this
section, no Purchaser or underwriter shall be required to contribute any amount
in excess of the amount by which (i) in the case of any Purchaser, the net
proceeds received by such Purchaser from the sale of Registrable Securities or
(ii) in the case of an underwriter, the total price at which the
Registrable Securities purchased by it and distributed to the public were
offered to the public exceeds, in any such case, the amount of any damages that
such Purchaser or underwriter has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. No
person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the
Securities Act ) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.

 

8.  Public
Information. With a
view to making available to the Purchasers the benefits of Rule 144
promulgated under the Securities Act or any other similar rule or regulation of
the SEC that may at any time permit the Purchasers to sell securities of the
Company to the public without registration (“Rule 144”), the
Company agrees to:

 

(a)  File with
the SEC in a timely manner and make and keep available all reports and other
documents required of the Company under the Exchange Act so long as the Company
remains subject to such requirements and the filing and availability of such
reports and other documents is required for the applicable provisions of
Rule 144; and

 

(b)  Furnish
to the Purchasers so long as the Purchasers hold Registrable Securities,
promptly upon request, (i) a written statement by the Company that it has
complied with the reporting requirements of Rule 144 and the Exchange Act,
(ii) a copy of the most recent annual or quarterly report of the Company
and such other reports and documents so filed by the Company, and
(iii) such other information as may be reasonably requested to permit the
Purchasers to sell such securities pursuant to Rule 144 without
registration.

 

9.  Assignment
of Registration Rights. The
rights to have the Company register Registrable Securities pursuant to this
Agreement shall be automatically assigned by the Purchasers to transferees or
assignees of all or any portion of such securities or Warrants exercisable into
Registrable Securities only if (i) the Purchasers agree in writing with the
transferee or assignee to assign such rights, and a copy of such agreement is
furnished to the Company within a reasonable time after such assignment,
(ii) the Company is, within a reasonable time after such transfer or
assignment, furnished with written notice of the name and address of such
transferee or assignee and the securities with respect to which such
registration rights are being transferred or assigned, (iii) following such
transfer or assignment the further disposition of such securities by the
transferee or assignee is restricted under the Securities Act and applicable
state securities laws, (iv) at or before the time the Company received the
written notice contemplated by clause (ii) of this sentence, the transferee
or assignee agrees in writing with the Company to be bound by all of the
provisions contained herein, (v) such transfer shall have been made in
accordance with the applicable requirements of the Purchase Agreement, and
(vi) such transferee shall be an “accredited investor” as that term is
defined in Rule 501 of Regulation D promulgated under the Securities
Act.

 

10.  Amendment
of Registration Rights.
Provisions of this Agreement may be amended and the observance thereof may be
waived (either generally or in a particular instance and either retroactively or
prospectively) only with the written consent of the Company and Purchasers
holding a majority of the Registrable Securities then outstanding. Any such
amendment or waiver effected in accordance with this paragraph shall be binding
upon each holder of Registrable Securities (including securities into which such
securities have been converted or exchanged or for which such securities have
been exercised) and each future holder of all such securities. Each Purchaser
acknowledges that by the operation of this paragraph, the holders of a majority
of the Registrable Securities then outstanding will have the right and power to
diminish or eliminate all rights of Purchasers under this
Agreement.

 

11.  Miscellaneous.

 

(a)  Conflicting
Instructions. A
person or entity is deemed to be a holder of Registrable Securities whenever
such person or entity owns of record such Registrable Securities. If the Company
receives conflicting instructions, notices or elections from two or more persons
or entities with respect to the same Registrable Securities, the Company shall
act upon the basis of instructions, notice or election received from the
registered owner of such Registrable Securities.

 

(b)  Notices. Any
notices required or permitted to be given under the terms of this Agreement
shall be sent by certified or registered mail (with return receipt requested) or
delivered personally or by courier (including a nationally recognized overnight
delivery service) or by facsimile transmission. Any notice so given shall be
deemed effective upon receipt if delivered personally, by U.S. Mail or by
courier or facsimile transmission, in each case addressed to a party at the
following address or such other address as each such party furnishes to the
other in accordance with this Section 12(b),
and:

 

if
to the Company:

 

Miravant
Medical Technologies

 

336
Bollay Drive

 

Santa
Barbara, CA 93117

 

Attention:
John M. Philpott

 

Facsimile:
(805) 685-1901

 

with
copy to:

 

Sheppard
Mullin Richter & Hampton, LLP

 

800
Anacapa Street

 

Santa
Barbara, CA 93101

 

Attention:
Joseph E. Nida, Esq.

 

Facsimile:
(805) 568-1955

 

If
to the Purchasers:

Scorpion
Capital Partners, L.P.

245 Fifth
Avenue, 25th Floor

New York,
New York 10016

Attention:
Kevin R. McCarthy

Facsimile:
(212) 213-9607

 

 

 

Alba
Ltd.

___________________________

___________________________

___________________________

Alert
Investments Limited

___________________________

___________________________

___________________________

with
a copy to:

Liner
Yankelevitz Sunshine & Regenstreif LLP

1100
Glendon Ave., 14th Floor

Los
Angeles, CA 90024-3503 

Attention:
David M. Tamman, Esq.

Facsimile:
(310) 500-3501

(c)  Waiver. Failure
of any party to exercise any right or remedy under this Agreement or otherwise,
or delay by a party in exercising such right or remedy, shall not operate as a
waiver thereof.

 

(d)  Governing
Law. This
Agreement shall be governed by and construed in accordance with the laws of the
State of California applicable to contracts made and to be performed in the
State of California. 

 

(e)  Severability. In the
event that any provision of this Agreement is invalid or unenforceable under any
applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any provision hereof which
may prove invalid or unenforceable under any law shall not affect the validity
or enforceability of any other provision hereof.

 

(f)  Entire
Agreement. This
Agreement and the Purchase Agreement (including all schedules and exhibits
thereto) constitute the entire agreement among the parties hereto with respect
to the subject matter hereof. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein or therein. This
Agreement supersedes all prior agreements and understandings among the parties
hereto with respect to the subject matter hereof.

 

(g)  Successors
and Assigns. Subject
to the requirements of Section 9 hereof,
this Agreement shall inure to the benefit of and be binding upon the successors
and assigns of each of the parties hereto.

 

(h)  Use of
Pronouns. All
pronouns and any variations thereof refer to the masculine, feminine or neuter,
singular or plural, as the context may require.

 

(i)  Headings. The
headings and subheadings in the Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.

 

(j)  Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original but all of which shall constitute one and the same agreement.
This Agreement, once executed by a party, may be delivered to the other party
hereto by facsimile transmission, and facsimile signatures shall be binding on
the parties hereto.

 

(k)  Further
Acts. Each
party shall do and perform, or cause to be done and performed, all such further
acts and things, and shall execute and deliver all such other agreements,
certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this
Agreement and the consummation of the transactions contemplated
hereby.

 

(l)  Remedies. No
provision of this Agreement providing for any remedy to the Purchasers shall
limit any remedy which would otherwise be available to the Purchasers at law or
in equity. Nothing in this Agreement shall limit any rights a Purchasers may
have with any applicable federal or state securities laws with respect to the
investment contemplated hereby. The Company acknowledges that a breach by it of
its obligations hereunder will cause irreparable harm to a Purchaser.
Accordingly, the Company acknowledges that the remedy at law for a breach of its
obligations under this Agreement will be inadequate and agrees, in the event of
a breach or threatened breach by the Company of the provisions of this
Agreement, that a Purchaser shall be entitled, in addition to all other
available remedies, to an injunction restraining any breach and requiring
immediate compliance, without the necessity of showing economic loss and without
any bond or other security being required.

 

(signature
page immediately follows)

 

IN
WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to
be duly executed as of the date first above written.

 

COMPANY:

MIRAVANT
MEDICAL TECHNOLOGIES

By:      

Name: John M.
Philpott

Title: Chief
Financial Officer

PURCHASERS:

SCORPION
CAPITAL PARTNERS, LP

By:
 SCORPION
GP, LLC, its general partner

By:
 ___________________________

Name: Nuno
Brandolini

Title:
Managing Partner

ALBA
LTD.

By:_____________________________________

Name:

Title:

ALERT
INVESTMENTS LIMITED

By:_____________________________________

Name:

Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]