Document:

Prepared by MERRILL CORPORATION

Exhibit

10.47

BOARD OF DIRECTORS  - RETAINER AGREEMENT

 

 

This agreement made as of

May 30, 2001 between InVision Technologies, Inc., with its principal place of

business at 7151 Gateway Boulevard, Newark, CA 94560 (“InVision”) and Stephen

Blum, with an address of 220 East 65th Street, New York, NY 10021,

provides for director services, according to the following:

 

I.              Services

Provided

 

InVision agrees to engage

Stephen Blum to serve as a member of the Board of Directors (the “Director”)

and to provide those services required of a director under InVision’s Articles

of Incorporation and Bylaws (“Articles and Bylaws”), as both may be amended

from time, to time and under the General Corporation Law of Delaware, the

federal securities laws and other state and federal laws and regulations, as

applicable.

 

II.            Nature of

Relationship

 

The Director is an

independent contractor and will not be deemed an employee of InVision for

purposes of employee benefits, income tax withholding, F.I.C.A. taxes,

unemployment benefits or otherwise.  The

Director shall not enter into any agreement or incur any obligations on

InVision’s behalf.

 

InVision will supply, at

no cost to the Director:  periodic

briefings on the business, director packages for each board and committee

meeting, copies of minutes of meetings and any other materials that are

required under InVision’s Articles and Bylaws or the charter of any committee

of the board on which the director serves and any other materials which may, by

mutual agreement, be necessary for performing the services requested under this

contract.

 

III.           Director’s

Warranties

 

The Director warrants

that no other party has exclusive rights to his services in the specific areas

described and that the Director is in no way compromising any rights or trust

between any other party and the Director or creating a conflict of

interest.  The Director also warrants

that no other agreement will be entered into that will create a conflict of

interest with this agreement.  The

Director further warrants that he will comply with all applicable state and

federal laws and regulations, as applicable, including Sections 10 and 16 of

the Securities and Exchange Act of 1934.

 

Throughout the term of

this agreement and for a period of six months thereafter, the Director agrees

he will not, without obtaining InVision’s prior written consent, directly or

indirectly engage or prepare to engage in any activity in competition with any

InVision business or product, including products in the development stage,

accept employment or provide services to (including service as a member of a

board of directors), or establish a business in competition with InVision.

 

IV.           Compensation

 

                A.  Retainer

 

InVision

shall pay the Director a nonrefundable retainer of $25,000 per year during the term

of this agreement (prorate for the first year $14,583.33) to provide the

services described in Section I which shall

compensate him for all time spent preparing for, travelling to (if applicable)

and attending board of director meetings during the year; provided, however,

that if more than three board meetings require out-of-town travel time, such

additional travel time may be billed at the rate set forth in subparagraph C.

below.  The retainer shall be

provided for portions of the term less than a full calendar year.  This retainer may be revised by action of

InVision’s Board of Directors from time to time.  Such revision shall be effective as of the date specified in the

resolution for payments not yet made and need not be documented by an amendment

to this agreement.

 

B.    Stock Options

 

Subject to

approval by the Board of Directors, an annual grant of an option to purchase

InVision common stock, par value $.001 per share, shall be made to the

Director.  The grant shall consist of an

option to purchase a specified number of shares under the term of InVision’s

2000 Equity Incentive Plan or then effective incentive plan.  The specified number of shares for a new

appointment to the Board shall be 20,000 shares in 2001, which grant has

already been made, and an annual grant at the discretion of the Board.  Currently this grant is of 10,000

shares.  Twenty-five percent of the

option shall vest on each quarterly anniversary of the date of grant.  The amount

and terms of the annual option grant may be revised by action of

InVision’s Board of Directors from time to time.  Such revision shall be effective as of the date specified in the

resolution for any grants not yet made and need not be documented by an

amendment to this agreement.

 

C.    Additional Payments

 

To the

extent services described in Section I require more than three out-of-town

trips, such additional travel time may be charged at the rate of $2,000 per day

or part thereof.   This rate may be

revised by action of InVision’s Board of Directors from time to time for

payments not yet made.  Such revision

shall be effective as of the date specified in the resolution and need not be

documented by an amendment to this agreement.

 

D.    Payment

 

Retainer payments shall be made quarterly in cash in

advance on the first day of each accounting quarter.  Additional payments shall be made in arrears.  No invoices need be submitted by the

Director for payment of the retainer. 

Invoices for additional payments under C, above, shall be submitted.

Such invoices must be approved by InVision’s Chief Executive Officer as to form

and completeness.

 

D.    Expenses

 

InVision will reimburse

the Director for reasonable expenses approved in advance, such approval not to

be unreasonably withheld.  Invoices for

expenses, with receipts attached, shall be submitted. Such invoices must be

approved by InVision’s Chief Executive Officer as to form and completeness.

 

V.            Indemnification and Insurance

 

InVision will execute an

indemnification agreement in favor of the Director substantially in the form of

the agreement attached hereto as Exhibit B. 

In addition, InVision will provide directors and officers liability

insurance.

 

VI.           Term of Agreement

 

This agreement shall be

in effect from May 30, 2001 through the last date of the Director’s current

term as a member of InVision’s Board of Directors.  This agreement shall be automatically renewed on the date of the

Director’s reelection as a member of InVision’s Board of Director’s for the

period of such new term unless the Board of Directors determines not to renew

this agreement.   Any amendment to this

agreement must be approved by a written action of InVision’s Board of

Directors.  Amendments to Section IV

Compensation hereof do not require the Director’s consent to be effective.

 

VII.         Termination

 

This agreement shall

automatically terminate upon the death of the Director or upon his resignation

or removal from, or failure to win election or reelection to, the InVision

Board of Directors.

In the event of any

termination of this agreement, the Director agrees to return any materials

transferred to the Director under this agreement except as may be necessary to

fulfill any outstanding obligations hereunder. 

The Director agrees that InVision has the right of injunctive relief to

enforce this provision.

 

InVision’s obligation in

the event of such termination shall be to pay the Director the retainer and

other payments due through the date of termination.

 

Termination shall not

relieve either party of its continuing obligation under this agreement with respect

to confidentiality of proprietary information.

 

VIII.        Limitation of Liability

 

Under no circumstances

shall InVision be liable to the Director for any consequential damages claimed

by any other party as a result of representations made by the Director with

respect to InVision which are different from any to those made in writing by

InVision.

 

Furthermore, except for

the maintenance of confidentiality, neither party shall be liable to the other

for delay in any performance, or for failure to render any performance under

this agreement when such delay or failure is caused by Government regulations

(whether or not valid), fire, strike, differences with workmen, illness of

employees, flood, accident, or any other cause or causes beyond reasonable

control of such delinquent party.

 

IX.           Confidentiality

 

The Director agrees to

sign and abide by InVision’s Director Proprietary Information and Inventions

Agreement, a copy of which is attached hereto as Exhibit A.

 

X.            Resolution

of Dispute

 

Any dispute regarding the

agreement (including without limitation its validity, interpretation,

performance, enforcement, termination and damages) shall be determined in

accordance with the laws of the State of California, the United States of

America.  Any action under this paragraph

shall not preclude any party hereto from seeking injunctive or other legal

relief to which each party may be entitled.

 

XI.           Sole

Agreement

 

This agreement (including

agreements executed in substantially in the form of the exhibits attached

hereto) supersedes all prior or contemporaneous written or oral understandings

or agreements, and may not be added to, modified, or waived, in whole or in

part, except by a writing signed by the party against whom such addition,

modification or waiver is sought to be asserted.

 

XII.         Assignment

 

This agreement and all of

the provisions hereof shall be binding upon and insure to the benefit of the

parties hereto and their respective successors and permitted assigns and,

except as otherwise expressly provided herein, neither this agreement, nor any

of the rights, interests or obligations hereunder shall be assigned by either

of the parties hereto without the prior written consent of the other party.

 

XIII.        Notices

 

Any and all notices,

requests and other communications required or permitted hereunder shall be in

writing, registered mail or by facsimile, to each of the parties at the

addresses set forth above or the numbers set forth below:

 

	

  The Director:

  	

   

  	

  Attention:

  	

   

  	

  Mr. Stephen Blum

  	

   

  
	

   

  	

   

  	

  Telephone:

  	

   

  	

  212-872-2000

  	

   

  
	

   

  	

   

  	

  Facsimile:

  	

   

  	

  212-832-6759

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  InVision:

  	

   

  	

  Attention:

  	

   

  	

  Dr. Sergio Magistri

  	

   

  
	

   

  	

   

  	

  Telephone:

  	

   

  	

  510-739-2401

  	

   

  
	

   

  	

   

  	

  Facsimile:

  	

   

  	

  510-608-0770

  	

   

  

 

 

 

Any such notice shall be

deemed given when received and notice given by registered mail shall be considered

to have been given on the tenth (10th) day after having been sent in the manner

provided for above.

 

XIV.        Survival

of Obligations

 

Notwithstanding the

expiration of termination of this agreement, neither party hereto shall be

released hereunder from any liability or obligation to the other which has

already accrued as of the time of such expiration or termination (including,

without limitation, InVision’s obligation to make any fees and expense payments

required pursuant to Article IV hereof) or which thereafter might accrue in

respect of any act or omission of such party prior to such expiration or

termination.

 

XV.         Severability

 

Any provision of this

agreement which is determined to be invalid or unenforceable shall not affect

the remainder of this agreement, which shall remain in effect as though the

invalid or unenforceable provision had not been included herein, unless the

removal of the invalid or unenforceable provision would substantially defeat

the intent, purpose or spirit of this agreement.

 

IN WITNESS WHEREOF, the parties hereto have caused

this agreement to be executed by their duly authorized officers, as of the date

first written above.

 

 

 

 

	

  Signature:

  	

  /s/ Stephen Blum

  	

   

  	

  Date:

  	

  6/12/01

  
	

   

  	

   

  
	

  By:

  	

   

  	

  Stephen Blum

  
	

  Title:

  	

   

  	

  Director

  
	

   

  	

   

  
	

  InVision Technologies, Inc.

  
	

   

  	

   

  
	

  Signature:

  	

  /s/ Sergio Magistri

  	

   

  	

  Date:

  	

  8/20/01

  
	

   

  	

   

  
	

  By:

  	

   

  	

  Sergio Magistri

  
	

  Title:

  	

   

  	

  President and Chief Executive Officer

  
							

 

 

 

EXHIBIT A

 

BOARD OF DIRECTORS

PROPRIETARY INFORMATION

AND INVENTIONS AGREEMENT

 

                WHEREAS, the parties desire to assure the

confidential status of the information which may be disclosed by InVision to

the Director; NOW THEREFORE, in reliance upon and in consideration of the

following undertaking, the parties agree as follows:

 

                1.             Subject to the limitations set

forth in Paragraph 2, all information disclosed by InVision to the Director

shall be deemed to be "Proprietary Information".  In particular, Proprietary Information shall

be deemed to include any information, process, technique, algorithm, program,

design, drawing, formula or test data relating to any research project, work in

process, future development, engineering, manufacturing, marketing, servicing,

financing or personnel matter relating to InVision, its present or future

products, sales, suppliers, customers, employees, investors, or business,

whether or oral, written, graphic or electronic form.

 

                2.             The term "Proprietary

Information" shall not be deemed to include information which the Director

can demonstrate by competent written proof. (i) is now, or hereafter becomes,

through no act or failure to act on the part of the Director, generally known

or available; (ii) is known by the Director at the time of receiving such

information as evidenced by its records: (iii) is hereafter furnished to the

Director by a third party, as a matter of right and without restriction on

disclosure; or (iv) is the subject of a written permission to disclose provided

by InVision.

 

                3.             The Director shall maintain in

trust and confidence and not disclose to any third party or use for any

unauthorized purpose any Proprietary Information received from InVision.  The Director may use such Proprietary

Information only to the extent required to accomplish the purposes of this

Agreement.  The Director shall not use

Proprietary Information for any purpose or in any manner which would constitute

a violation of any laws or regulations, including without limitation the export

control laws of the United States.  No

other rights of licenses to trademarks, inventions, copyrights, or patents are implied

or granted under this Agreement.

 

                4.             Proprietary Information supplied

shall not be reproduced in any form except as required to accomplish the intent

of this Agreement.

 

                5.             The Director represents and

warrants that he shall protect the Proprietary Information received with at

least the same degree of care used to protect its own Proprietary Information

from unauthorized use or disclosure. 

The Director shall advise its employees or agents who might have access

to such Proprietary Information of the confidential nature thereof and shall

obtain from each of such employers and agents an agreement to abide by the

terms of this Agreement.  The Director

shall not disclose any Proprietary Information to any officer, employee or

agent who does not have a need for such information.

 

                6.             All Proprietary Information

(including all copies thereof) shall remain in the property of InVision, and

shall be returned to InVision after Director's need for it has expired, or upon

request of InVision, and in any event, upon completion or termination of this

Agreement.

 

                7.             Notwithstanding any other provision

of this Agreement, disclosure of Proprietary Information shall not be precluded

if such disclosure:

 

(a)   is in

response to a valid order of a court or other governmental body of the United

States or any political subdivision thereof; provided, however, that the

responding party shall first have given notice to the other party hereto and

shall have made a reasonable effort to obtain a protective order requiring that

the Proprietary Information so disclosed be used only for the purpose for which

the order was issued;

(b)   is

otherwise required by law; or

(c)   is

otherwise necessary to establish rights or enforced obligations under this

Agreement, but only to the extent that any such disclosure is necessary.

 

                8.             This Agreement shall continue in

full force and effect for so long as the Director continues to receive

Proprietary Information.  This Agreement

may be terminated at any time upon thirty (30) days written notice to the other

party.  The termination of the Agreement

shall not relieve the Director of the obligations imposed by Paragraphs 3, 4, 5

and 12 of this Agreement with respect to Proprietary information disclosed

prior to the effective date of such termination and the provisions of these

Paragraphs shall survive the termination of this Agreement for a period of five

(5) years from the date of such termination.

 

                9.             The Director agrees to indemnify

InVision for any loss or damage suffered as a result of any breach by the

Director of the terms of this Agreement, including any reasonable fees incurred

by InVision in the collection of such indemnity.

 

                10.           This Agreement shall be governed by

the laws of the State of California as those laws are applied to contracts entered

into and to be performed entirely in California by California residents.

 

                11.           This Agreement contains the final,

complete and exclusive agreement of the parties relative to the subject matter

hereof and may not be changed, modified, amended or supplemented except by a

written instrument signed by both parties.

 

                12.           Each party hereby acknowledges and

agrees that in the event of any breach of this Agreement by the Director,

including, without limitation, an actual or threatened disclosure of Proprietary

Information without the prior express written consent of InVision, InVision

will suffer an irreparable injury, such that no remedy at law will afford it

adequate protection against, or appropriate compensation for, such injury.  Accordingly, each party hereby agrees that

InVision shall be entitled to specific performance of the Director's

obligations under this Agreement, as well as such further injunctive relief as

may be granted by a court of competent jurisdiction.

 

	

  AGREED TO:

  	

   

  	

  AGREED TO:

  
	

  InVision Technologies

  	

   

  	

                  Mr.

  Stephen Blum

  
	

  7151 Gateway Blvd.

  	

   

  	

  220 East 65th Street

  
	

  Newark, CA 94560

  	

   

  	

  New York, NY 10021

  

 

	

  By:

  	

  /s/ Sergio Magistri

  	

   

  	

  By:

  	

  /s/ Stephen Blum

  
	

  Name:

  	

  Sergio Magistri

  	

   

  	

  Name:

  	

  Stephen Blum

  
	

  Title:

  	

  President & CEO

  	

   

  	

  Title:

  	

  Director

  

 

 

EXHIBIT B

 

INDEMNITY AGREEMENT

 

THIS AGREEMENT is made and entered

into this 30th day of May, 2001 by and between INVISION TECHNOLOGIES, INC.,

a Delaware corporation (the “Corporation”), and Stephen Blum (“Agent”).

 

RECITALS

 

WHEREAS, Agent performs a

valuable service to the Corporation in his capacity as Director of the

Corporation;

 

WHEREAS,

the stockholders of the Corporation have adopted bylaws (the “Bylaws”)

providing for the indemnification of the directors, officers, employees and

other agents of the Corporation, including persons serving at the request of

the Corporation in such capacities with other corporations or enterprises, as

authorized by the Delaware General Corporation Law, as amended (the “Code”);

 

WHEREAS,

the Bylaws and the Code, by their non-exclusive nature, permit contracts

between the Corporation and its agents, officers, employees and other agents

with respect to indemnification of such persons; and

 

WHEREAS,

in order to induce Agent to continue to serve as Director of the

Corporation, the Corporation has determined and agreed to enter into this

Agreement with Agent;

 

NOW,

THEREFORE, in consideration of

Agent’s continued service as Director after the date hereof, the parties hereto

agree as follows:

 

AGREEMENT

 

1. Services to the Corporation. Agent will serve,

at the will of the Corporation or under separate contract, if any such contract

exists, as Director of the Corporation or as a director, officer or other

fiduciary of an affiliate of the Corporation (including any employee benefit

plan of the Corporation) faithfully and to the best of his ability so long as

heis

duly elected and qualified in accordance with the provisions of the Bylaws or

other applicable charter documents of the Corporation or such affiliate; provided,

however, that Agent may at anytime and for any reason resign from

such position (subject to any contractual obligation that Agent may have

assumed apart from this Agreement) and that the Corporation or any affiliate

shall have no obligation under this Agreement to continue Agent in any such

position.

 

2. Indemnity of Agent. The Corporation

hereby agrees to hold harmless and indemnify Agent to the fullest extent

authorized or permitted by the provisions of the Bylaws and the Code, as the

same may be amended from time to time (but, only to the extent that such

amendment permits the Corporation to provide broader indemnification rights

than the Bylaws or the Code permitted prior to adoption of such amendment).

 

3. Additional Indemnity. In addition to and

not in limitation of the indemnification otherwise provided for herein, and

subject only to the exclusions set forth in Section 4 hereof, the Corporation

hereby further agrees to hold harmless and indemnify Agent:

 

(a) against any and all

expenses (including attorneys’ fees), witness fees, damages, judgments, fines

and amounts paid in settlement and any other amounts that Agent becomes legally

obligated to pay because of any claim or claims made against or by him in

connection with any threatened, pending or completed action, suit or

proceeding, whether civil, criminal, arbitrational, administrative or

investigative (including an action by or in the right of the Corporation) to

which Agent is, was or at any time becomes a party, or is threatened to be made

a party, by reason of the fact that Agent is, was or at any time becomes a

director, officer, employee or other agent of Corporation, or is or was serving

or at any time serves at the request of the Corporation as a director, officer,

employee or other agent of another corporation, partnership, joint venture,

trust, employee benefit plan or other enterprise; and

 

(b) otherwise to the fullest extent

as may be provided to Agent by the Corporation under the non-exclusivity

provisions of the Code and Section 41 of the Bylaws.

 

4. Limitations on Additional Indemnity.

No indemnity pursuant to Section 3 hereof shall be paid by the

Corporation:

 

(a) on account of any claim against

Agent solely for an accounting of profits made from the purchase or sale by

Agent of securities of the Corporation pursuant to the provisions of Section

16(b) of the Securities Exchange Act of 1934 and amendments thereto or similar

provisions of any federal, state or local statutory law;

 

(b) on account of Agent’s conduct

that is established by a final judgment as knowingly fraudulent or deliberately

dishonest or that constituted willful misconduct;

 

(c) on account of Agent’s conduct

that is established by a final judgment as constituting a breach of Agent’s

duty of loyalty to the Corporation or resulting in any personal profit or

advantage to which Agent was not legally entitled;

 

(d) for which payment is actually

made to Agent under a valid and collectible insurance policy or under a valid

and enforceable indemnity clause, bylaw or agreement, except in respect of any

excess beyond payment under such insurance, clause, bylaw or agreement;

 

(e) if indemnification is not lawful

(and, in this respect, both the Corporation and Agent have been advised that

the Securities and Exchange Commission believes that indemnification for

liabilities arising under the federal securities laws is against public policy

and is, therefore, unenforceable and that claims for indemnification should be

submitted to appropriate courts for adjudication); or

 

(f) in connection with any

proceeding (or part thereof) initiated by Agent, or any proceeding by Agent

against the Corporation or its directors, officers, employees or other agents,

unless (i) such indemnification is expressly required to be made by law, (ii)

the proceeding was authorized by the Board of Directors of the Corporation,

(iii) such indemnification is provided by the Corporation, in its sole

discretion, pursuant to the powers vested in the Corporation under the Code, or

(iv) the proceeding is initiated pursuant to Section 9 hereof.

5. Continuation of Indemnity. All agreements and

obligations of the Corporation contained herein shall continue during the

period Agent is a director, officer, employee or other agent of the Corporation

(or is or was serving at the request of the Corporation as a director, officer,

employee or other agent of another corporation, partnership, joint venture,

trust, employee benefit plan or other enterprise) and shall continue thereafter

so long as Agent shall be subject to any possible claim or threatened, pending

or completed action, suit or proceeding, whether civil, criminal,

arbitrational, administrative or investigative, by reason of the fact that

Agent was serving in the capacity referred to herein.

 

6. Partial Indemnification. Agent shall be

entitled under this Agreement to indemnification by the Corporation for a

portion of the expenses (including attorneys’ fees), witness fees, damages,

judgments, fines and amounts paid in settlement and any other amounts that

Agent becomes legally obligated to pay in connection with any action, suit or

proceeding referred to in Section 3 hereof even if not entitled hereunder to

indemnification for the total amount thereof, and the Corporation shall

indemnify Agent for the portion thereof to which Agent is entitled.

 

7. Notification and Defense of Claim. Not later than

thirty (30) days after receipt by Agent of notice of the commencement of any

action, suit or proceeding, Agent will, if a claim in respect thereof is to be

made against the Corporation under this Agreement, notify the Corporation of

the commencement thereof; but the omission so to notify the Corporation will

not relieve it from any liability which it may have to Agent otherwise than

under this Agreement. With respect to any such action, suit or proceeding as to

which Agent notifies the Corporation of the commencement thereof:

 

(a)   the Corporation will be entitled

to participate therein at its own expense;

 

(b)   except as otherwise provided

below, the Corporation may, at its option and jointly with any other indemnifying

party similarly notified and electing to assume such defense, assume the

defense thereof, with counsel reasonably satisfactory to Agent. After notice

from the Corporation to Agent of its election to assume the defense thereof,

the Corporation will not be liable to Agent under this Agreement for any legal

or other expenses subsequently incurred by Agent in connection with the defense

thereof except for reasonable costs of investigation or otherwise as provided

below. Agent shall have the right to employ separate counsel in such action,

suit or proceeding but the fees and expenses of such counsel incurred after

notice from the Corporation of its assumption of the defense thereof shall be

at the expense of Agent unless (i) the employment of counsel by Agent has been

authorized by the Corporation, (ii) Agent shall have reasonably concluded, and

so notified the Corporation, that there is an actual conflict of interest

between the Corporation and Agent in the conduct of the defense of such action

or (iii) the Corporation shall not in fact have employed counsel to assume the

defense of such action, in each of which cases the fees and expenses of Agent’s

separate counsel shall be at the expense of the Corporation. The Corporation

shall not be entitled to assume the defense of any action, suit or proceeding

brought by or on behalf of the Corporation or as to which Agent shall have made

the conclusion provided for in clause (ii) above; and

 

(c)   the Corporation shall not be

liable to indemnify Agent under this Agreement for any amounts paid in

settlement of any action or claim effected without its written consent, which

shall not be unreasonably withheld. The Corporation shall be permitted to

settle any action except that it shall not settle any action or claim in any

manner which would impose any penalty or limitation on Agent without Agent’s

written consent, which may be given or withheld in Agent’s sole discretion.

 

8. Expenses. The Corporation

shall advance, prior to the final disposition of any proceeding, promptly

following request therefor, all expenses incurred by Agent in connection with

such proceeding upon receipt of an undertaking by or on behalf of Agent to

repay said amounts if it shall be determined ultimately that Agent is not

entitled to be indemnified under the provisions of this Agreement, the Bylaws,

the Code or otherwise.

 

9. Enforcement. Any right to

indemnification or advances granted by this Agreement to Agent shall be

enforceable by or on behalf of Agent in any court of competent jurisdiction if

(i) the claim for indemnification or advances is denied, in whole or in part,

or (ii) no disposition of such claim is made within ninety (90) days of request

therefor. Agent, in such enforcement action, if successful in whole or in part,

shall be entitled to be paid also the expense of prosecuting his claim. It

shall be a defense to any action for which a claim for indemnification is made

under Section 3 hereof (other than an action brought to enforce a claim for

expenses pursuant to Section 8 hereof, provided that the required undertaking has

been tendered to the Corporation) that Agent is not entitled to indemnification

because of the limitations set forth in Section 4 hereof. Neither the failure

of the Corporation (including its Board of Directors or its stockholders) to

have made a determination prior to the commencement of such enforcement action

that indemnification of Agent is proper in the circumstances, nor an actual

determination by the Corporation (including its Board of Directors or its stockholders)

that such indemnification is improper shall be a defense to the action or

create a presumption that Agent is not entitled to indemnification under this

Agreement or otherwise.

 

10. Subrogation. In the event of

payment under this Agreement, the Corporation shall be subrogated to the extent

of such payment to all of the rights of recovery of Agent, who shall execute

all documents required and shall do all acts that may be necessary to secure

such rights and to enable the Corporation effectively to bring suit to enforce

such rights.

 

11. Non-Exclusivity of Rights. The rights

conferred on Agent by this Agreement shall not be exclusive of any other right

which Agent may have or hereafter acquire under any statute, provision of the

Corporation’s Certificate of Incorporation or Bylaws, agreement, vote of

stockholders or directors, or otherwise, both as to action in hisofficial

capacity and as to action in another capacity while holding office.

 

12. Survival of Rights.

 

(a)   The rights conferred on Agent by

this Agreement shall continue after Agent has ceased to be a director, officer,

employee or other agent of the Corporation or to serve at the request of the

Corporation as a director, officer, employee or other agent of another

corporation, partnership, joint venture, trust, employee benefit plan or other

enterprise and shall inure to the benefit of Agent’s heirs, executors and

administrators.

 

(b)   The Corporation shall require

any successor (whether direct or indirect, by purchase, merger, consolidation

or otherwise) to all or substantially all of the business or assets of the

Corporation, expressly to assume and agree to perform this Agreement in the

same manner and to the same extent that the Corporation would be required to

perform if no such succession had taken place.

 

13. Separability. Each of the

provisions of this Agreement is a separate and distinct agreement and

independent of the others, so that if any provision hereof shall be held to be

invalid for any reason, such invalidity or unenforceability shall not affect

the validity or enforceability of the other provisions hereof. Furthermore, if

this Agreement shall be invalidated in its entirety on any ground, then the

Corporation shall nevertheless indemnify Agent to the fullest extent provided by

the Bylaws, the Code or any other applicable law.

 

14. Governing Law. This Agreement

shall be interpreted and enforced in accordance with the laws of the State of

Delaware.

 

15. Amendment and Termination. No amendment,

modification, termination or cancellation of this Agreement shall be effective

unless in writing signed by both parties hereto.

 

16. Identical Counterparts. This Agreement may

be executed in one or more counterparts, each of which shall for all purposes

be deemed to be an original but all of which together shall constitute but one

and the same Agreement. Only one such counterpart need be produced to evidence

the existence of this Agreement.

 

17. Headings. The headings of the

sections of this Agreement are inserted for convenience only and shall not be

deemed to constitute part of this Agreement or to affect the construction

hereof.

 

18. Notices. All notices,

requests, demands and other communications hereunder shall be in writing and

shall be deemed to have been duly given (i) upon delivery if delivered by hand

to the party to whom such communication was directed or (ii) upon the third

business day after the date on which such communication was mailed if mailed by

certified or registered mail with postage prepaid:

 

(a)   If to Agent, to:  220 East 65th Street, New York,

NY 10021

(b)   If to the Corporation, to:

 

INVISION TECHNOLOGIES, INC.

7151 Gateway Blvd.

Newark, CA 94560

 

or to such other address as may have been

furnished to Agent by the Corporation.

 

IN WITNESS WHEREOF, the parties hereto

have executed this Agreement on and as of the day and year first above written.

	

  INVISION TECHNOLOGIES, INC,

  	

   

  
	

   

  	

   

  
	

  By:

  	

  /s/ Sergio Magistri

  	

   

  
	

  Name: Sergio Magistri

  	

  Title President & CEO

  	

   

  
	

   

  	

   

  
	

  AGENT

  	

   

  
	

   

  	

   

  
	

  /s/ Stephen Blum

  	

   

  
	

  Name: Stephen BlumPrepared by MERRILL CORPORATION

Exhibit

10.48

THE WARRANT EVIDENCED OR

CONSTITUTED HEREBY, AND ALL SHARES OF THE COMPANY’S COMMON STOCK ISSUABLE

HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION UNDER THE

SECURITIES ACT OF 1933, AS AMENDED (“THE ACT”) AND MAY NOT BE SOLD, OFFERED FOR

SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE ACT

UNLESS EITHER (i) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND

SUBSTANCE SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT REGISTRATION IS NOT

REQUIRED IN CONNECTION WITH SUCH DISPOSITION OR (ii) THE SALE OF SUCH

SECURITIES IS MADE PURSUANT TO SECURITIES AND EXCHANGE COMMISSION RULE 144.

WARRANT TO PURCHASE

COMMON STOCK

OF INVISION TECHNOLOGIES, INC.

	

  Warrant No. CSW-2001-1

  	

  Issue Date:  September 26, 2001

  

 

THIS

CERTIFIES THAT,

for good and valuable consideration received, Donald & Co. Securities Inc.,

or permitted registered assigns (“Holder”), is entitled, subject to the

terms and conditions of this Warrant, at any time or from time to time before

the first to occur of (i) 5:00 p.m. Pacific Time on September 25, 2006 and (ii)

the closing of a Sale of the Company (such earlier date, the “Expiration

Date”), to purchase from InVision Technologies Inc., a Delaware

corporation (the “Company”), up to One Hundred Thousand (100,000) shares of

Common Stock of the Company, $.001 par value (“Common Stock”), as more

fully described below, at a price per share equal to $9.95 (the “Exercise

Price”).  Both the number of

shares of Common Stock purchasable upon exercise of this Warrant and the

Exercise Price are subject to change as provided herein.

1.             CERTAIN DEFINITIONS. 

As used in this Warrant the following terms shall have the following

respective meanings:

“Fair Market Value” of a share of Common Stock

as of a particular date shall mean:

(a)           If

traded on a securities exchange or The Nasdaq National Market, the Fair Market

Value shall be deemed to be the average of the closing prices of the Common

Stock of the Company on such exchange or market over the 5 business days ending

immediately prior to the applicable date of valuation;

(b)           If

actively traded over-the-counter, but not on The Nasdaq National Market, the

Fair Market Value shall be deemed to be the average of the closing bid prices

over the 30-day period ending immediately prior to the applicable date of

valuation; and

(c)           If

there is no active public market, the Fair Market Value shall be the value

thereof, as determined in good faith by the Board of Directors of the Company

upon due consideration of the proposed determination thereof of the Holder.

“Registered Holder” shall mean any Holder in

whose name this Warrant is registered upon the books and records maintained by

the Company.

“Sale of the Company” shall mean (a) the

acquisition of the Company by another entity by means of any transaction or

series of related transactions (including, without limitation, any

reorganization, merger or consolidation) that results in the stockholders of

the Company immediately prior to such transaction or transactions owning less

that fifty percent (50%) or more of the outstanding voting power of the Company

or surviving entity following such transaction or transactions; or (b) a sale

of all or substantially all of the assets of the Company.

“Warrant” as used herein, shall include this

Warrant and any warrant delivered in substitution or exchange therefor as

provided herein.

2.             EXERCISE OF WARRANT.

2.1           Payment.  Subject to compliance with the terms and

conditions of this Warrant and applicable securities laws, this Warrant may be

exercised, in whole or in part at any time or from time to time on or before

the Expiration Date (the “Exercise Period”) by surrendering this

Warrant at the principal office of the Company together with:

(a)           the

form of Notice of Exercise attached hereto as Exhibit 1 (the “Notice of

Exercise”), duly executed by the Holder, and

(b)           payment,

(i) in cash (by check) or by wire transfer, (ii) by cancellation by the Holder

of indebtedness of the Company to the Holder; or (iii) by a combination of (i)

and (ii), of an amount equal to the product obtained by multiplying the number

of shares of Common Stock being purchased upon such exercise by the then

effective Exercise Price  (the “Exercise

Amount”).

2.2           Net

Issue Exercise.  In lieu of the

payment methods set forth in Section 2.1(b) above, the Holder may elect to

exchange all or some of the Warrant for shares of Common Stock equal to the

value of the amount of the Warrant being exchanged on the date of

exchange.  If Holder elects to exchange

this Warrant as provided in this Section 2.2, Holder shall tender to the

Company the Warrant for the amount being exchanged, along with the Notice of

Exercise, duly executed by the Holder, specifying the Holder’s election to

exchange some or all of the Warrant, and the Company shall issue to Holder the

number of shares of the Common Stock computed using the following formula:

	

  X =

  	

  Y

  	

  (A-B)

  
	

   

  	

   

  	

  A

  

 

Where X = the number of shares of Common Stock to be issued to Holder.

Y = the number of shares of Common Stock purchasable under the amount

of the Warrant being exchanged (as adjusted to the date of such calculation).

A = the Fair Market Value of one share of the Company’s Common Stock.

B = Exercise Price (as adjusted to the date of such calculation).

All references herein to an “exercise” of the Warrant

shall include an exchange pursuant to this Section 2.2.

2.3           Stock

Certificates; Fractional Shares.  As

soon as practicable on or after the date this Warrant is exercised, the Company

shall issue and deliver to the person or persons entitled to receive the same a

certificate or certificates for the number of whole shares of Common Stock

issuable upon such exercise, together with cash in lieu of any fraction of a

share equal to such fraction of the current Fair Market Value of one whole

share of Common Stock as of the date of exercise of this Warrant.  No fractional shares or scrip representing

fractional shares shall be issued upon an exercise of this Warrant.

2.4           Partial

Exercise; Effective Date of Exercise. 

In case of any partial exercise of this Warrant, the Company shall

cancel this Warrant upon surrender hereof and shall execute and deliver a new

Warrant of like tenor and date for the balance of the shares of Common Stock

purchasable hereunder.  This Warrant

shall be deemed to have been exercised immediately prior to the close of

business on the date of its surrender for exercise as provided above.  The person entitled to receive the shares of

Common Stock issuable upon exercise of this Warrant shall be treated for all

purposes as the holder of record of such shares as of the close of business on

the date the Holder is deemed to have exercised this Warrant.

3.             VALID ISSUANCE:  TAXES.  All shares

of Common Stock issued upon the exercise of this Warrant shall be validly

issued, fully paid and non-assessable, and the Company shall pay all taxes and

other governmental charges that may be imposed in respect of the issue or

delivery thereof.  The Company shall not

be required to pay any tax or other charge imposed in connection with any

transfer involved in the issuance of any certificate for shares of Common Stock

in any name other than that of the Registered Holder of this Warrant, and in

such case the Company shall not be required to issue or deliver any stock

certificate or security until such tax or other charge has been paid, or it has

been established to the Company’s reasonable satisfaction that no tax or other

charge is due.

4.             LOSS OR MUTILATION. 

Upon receipt of evidence reasonably satisfactory to the Company of the

ownership of and the loss, theft, destruction or mutilation of this Warrant,

and of indemnity reasonably satisfactory to it, and (in the case of mutilation)

upon surrender and cancellation of this Warrant, the Company will execute and

deliver in lieu thereof a new Warrant of like tenor as the lost, stolen,

destroyed or mutilated Warrant.

5.             ADJUSTMENTS. 

If the Company shall at any time prior to the expiration of this Warrant

subdivide its Common Stock, by split-up or otherwise, or combine its Common

Stock, or issue additional securities as a dividend with respect to any shares

of its Common Stock, the number of shares of Common Stock issuable on the

exercise of this Warrant shall forthwith be proportionately increased in the

case of a subdivision or stock dividend, or proportionately decreased in the

case of a combination.  Appropriate

adjustments shall also be made to the exercise price payable per share, but the

aggregate purchase price payable for the total number of shares of Common Stock

purchasable under this Warrant (as adjusted) shall remain the same.  Any adjustment under this Section 5 shall

become effective at the close of business on the date the subdivision or

combination becomes effective, or as of the record date of such dividend, or in

the event that no record date is fixed, upon the making of such dividend.

In the event of changes in the outstanding Common

Stock by reason of recapitalizations, reclassifications, combinations or

exchanges of shares, separations, reorganizations, liquidations, or the like as

to which the provisions of the previous paragraph do not apply, the number and

class of shares of Common Stock available under the Warrant in the aggregate

and the Exercise Price shall be correspondingly adjusted to give the Holder of

the Warrant, on exercise for the same aggregate Exercise Price, the total

number, class, and kind of shares as the Holder would have owned had the

Warrant been exercised prior to the event and had the Holder continued to hold

such shares until after the event requiring adjustment.  The form of this Warrant need not be changed

because of any adjustment in the number of shares of Common Stock subject to

this Warrant.

6.             RESERVATION OF STOCK. 

The Company hereby covenants that at all times there shall be reserved

for issuance and delivery upon exercise of this Warrant such number of shares

of Common Stock as are from time to time issuable upon exercise of this Warrant

and, from time to time as necessary, will take all steps necessary to amend its

Certificate of Incorporation to provide sufficient reserves of shares of Common

Stock issuable upon exercise of this Warrant. 

All such shares shall be duly authorized, and when issued upon such

exercise, shall be validly issued, fully paid and non-assessable, free and

clear of all liens, security interests, charges and other encumbrances or

restrictions on sale and free and clear of all preemptive rights, except

encumbrances or restrictions arising under federal or state securities laws.

Issuance of this Warrant shall constitute full authority to the Company’s

officers who are charged with the duty of executing stock certificates to

execute and issue the necessary certificates for shares of Common Stock upon

the exercise of this Warrant.

7.             TRANSFER AND EXCHANGE. 

Subject to the terms and conditions of this Warrant and compliance with

all applicable securities laws, this Warrant and all rights hereunder may be

transferred to any Registered Holder’s parent, subsidiary or affiliate, in

whole or in part, on the books of the Company maintained for such purpose at

the principal office of the Company referred to above, by the Registered Holder

hereof in person, or by duly authorized attorney, upon surrender of this

Warrant properly endorsed and upon payment of any necessary transfer tax or

other governmental charge imposed upon such transfer.  Upon any permitted partial transfer, the Company will issue and

deliver to the Registered Holder a new Warrant or Warrants with respect to the

shares of Common Stock not so transferred. 

Each taker and holder of this Warrant, by taking or holding the same,

consents and agrees that when this Warrant shall have been so endorsed, the

person in possession of this Warrant may be treated by the Company, and all

other persons dealing with this Warrant, as the absolute owner hereof for any

purpose and as the person entitled to exercise the rights represented hereby,

any notice to the contrary notwithstanding; provided, however that until a

transfer of this Warrant is duly registered on the books of the Company, the

Company may treat the Registered Holder hereof as the owner for all purposes.

8.             RESTRICTIONS ON

TRANSFER.  The Holder, by acceptance hereof, agrees

that, absent an effective registration statement filed with the United States

Securities and Exchange Commission under the Securities Act of 1933, as amended

(the “1933

Act”), covering the disposition or sale of this Warrant or the

Common Stock issued or issuable upon exercise hereof, as the case may be, and

registration or qualification under applicable state securities laws, such

Holder will not sell, transfer, pledge, or hypothecate any or all such Warrant

or Common Stock, as the case may be, unless either (a) the Company has received

an opinion of counsel, in form and substance satisfactory to the Company, to

the effect that such registration is not required in connection with such

disposition or (b) the sale of such securities is made pursuant to Rule 144

under the 1933 Act.

9.             COMPLIANCE WITH

SECURITIES LAWS.  By acceptance of this Warrant, the Holder

hereby represents, warrants and covenants that any shares of stock acquired

upon exercise of this Warrant shall be acquired for investment only and not

with a view to, or for sale in connection with, any distribution thereof; that

the Holder has had such opportunity as such Holder has deemed adequate to

obtain from representatives of the Company such information as is necessary to

permit the Holder to evaluate the merits and risks of its investment in the

Company; that the Holder is able to bear the economic risk of holding such

shares as may be acquired pursuant to the exercise of this Warrant for an

indefinite period; that the Holder is an accredited investor as defined in Rule

501(a) of Regulation D promulgated under the 1933 Act; that the Holder

understands that the shares of stock acquired pursuant to the exercise of this

Warrant will not be registered under the 1933 Act (unless otherwise required

pursuant to exercise by the Holder of the registration rights, if any,

previously granted to the registered Holder) and will be “restricted

securities” within the meaning of Rule 144 under the 1933 Act and that the

exemption from registration under Rule 144 will not be available for at least

one year from the date of exercise of this Warrant and even then will not be

available unless a public market then exists for the stock, adequate

information concerning the Company is then available to the public, and other

terms and conditions of Rule 144 are complied with; and that all stock

certificates representing shares of stock issued to the Holder upon exercise of

this Warrant may have affixed thereto a legend substantially in the following

form:

THE SECURITIES

REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,

AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS

ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS

PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO

REGISTRATION OR EXEMPTION THEREFROM.  INVESTORS

SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS

INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 

THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM

AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED

TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE

SECURITIES LAWS.

10.          NO RIGHTS OR

LIABILITIES AS STOCKHOLDER.  This Warrant

shall not entitle the Holder to any voting rights or other rights as a

stockholder of the Company.  In the

absence of affirmative action by such Holder to purchase Common Stock by

exercise of this Warrant, no provisions of this Warrant, and no enumeration

herein of the rights or privileges of the Holder hereof, shall cause such

Holder hereof to be a stockholder of the Company for any purpose.

11.          NOTICES. 

Except as may be otherwise provided herein, all notices and other

communications required or permitted hereunder shall be in writing and shall be

conclusively deemed to have been duly given to a party (a) when hand delivered

to that party; (b) when received when sent by facsimile at that party’s address

and number set forth below (provided, however, that notices given by facsimile

shall not be effective unless either (i) a duplicate copy of such facsimile

notice is promptly given by one of the other methods described in this Section

11, or (ii) the receiving party delivers a written confirmation of receipt for

such notice either by facsimile or any other method described in this Section 11;

(c) five business days after deposit in the U.S. or Canadian mail, as the case

may be with first class or certified mail receipt requested postage prepaid and

addressed to the other party as set forth below; or (d) the next business day

after deposit with a international overnight delivery service, postage prepaid,

addressed to that party as set forth below with next-business-day delivery

guaranteed, provided that the sending party receives a confirmation of delivery

from the delivery service provider.

	

  To the

  Holder:

  	

   

  	

  To the

  Company:

  
	

  Donald & Co. Securities Inc.

  Park Avenue Towers

  65 E. 55th Street 

  12th Floor

  New York, NY  10022

  Attn: Stephen Blum

  Fax:  (212) 832-6759

  	

   

  	

  InVision Technologies Inc.

  7151 Gateway Boulevard

  Newark, California 94560

  Attn:  President
 Fax: 

  (510) 608-0770

  

 

12.          HEADINGS. 

The headings in this Warrant are for purposes of convenience in

reference only, and shall not be deemed to constitute a part hereof.

13.          LAW GOVERNING. 

This Warrant shall be construed and enforced in accordance with, and

governed by, the laws of the State of California.

14.          NOTICES OF RECORD DATE. 

In case:

14.1         the

Company shall take a record of the holders of its Common Stock (or such stock

or securities as at the time are receivable upon the exercise of this Warrant)

for the purpose of entitling them to receive any dividend or other

distribution, or any right to subscribe for or purchase any shares of stock of

any class or any other securities or to receive any other right;

14.2         of

any consolidation or merger of the Company with or into another corporation,

any capital reorganization of the Company, any reclassification of the capital

stock of the Company, or any conveyance of all or substantially all of the

assets of the Company to another corporation in which holders of the Company’s

stock are to receive stock, securities or property of another corporation; or

14.3         of

any voluntary dissolution, liquidation or winding-up of the Company;

then, and in each such case, the Company will mail or

cause to be mailed to the Registered Holder of this Warrant a notice

specifying, as the case may be, (a) the date on which a record is to be taken

for the purpose of such dividend, distribution or right, or (b) the date on

which such reorganization, reclassification, consolidation, merger, conveyance,

dissolution, liquidation or  winding-up

is to take place, and the time, if any is to be fixed, as of which the holders

of record of Common Stock (or such stock or securities as at the time are

receivable upon the exercise of this Warrant), shall be entitled to exchange

their shares of Common Stock (or such other stock or securities), for

securities or other property deliverable upon such reorganization,

reclassification, consolidation, merger, conveyance, dissolution, liquidation or

winding-up.  Such notice shall be

delivered at least thirty (30) days prior to the date therein specified.

15.          SEVERABILITY. 

If any term, provision, covenant or restriction of this Warrant is held

by a court of competent jurisdiction to be invalid, void or unenforceable, the

remainder of the terms, provisions, covenants and restrictions of this Warrant

shall remain in full force and effect and shall in no way be affected, impaired

or invalidated.

16.          COUNTERPARTS. 

In the convenience of the parties, any number of counterparts of this

Warrant may be executed by the parties hereto and each such executed

counterpart shall be, and shall be deemed to be, an original instrument.

17.          SATURDAYS, SUNDAYS AND

HOLIDAYS.  If the Expiration Date falls on a Saturday,

Sunday or legal holiday, the Expiration Date shall automatically be extended

until 5:00 p.m. the next business day.

18.          NO IMPAIRMENT. 

Except and to the extent as waived or consented to by the Holder, the

Company will not, by amendment of its Certificate of Incorporation or through

any reorganization, transfer of assets, consolidation, merger, dissolution,

issue or sale of securities or any other voluntary action, avoid or seek to

avoid the observance or performance of any of the terms to be observed or performed

hereunder by the Company, but will at all times in good faith assist in the

carrying out of all the provisions of this Warrant and in the taking of all

such action as may be necessary or appropriate in order to protect the exercise

rights of the Holder against impairment.

 

 

[Remainder of

Page Intentionally Left Blank]

 

 

IN

WITNESS WHEREOF,

the Company and the Holder have executed this Warrant as of September 26, 2001.

	

   

  	

  InVision Technologies Inc.

  
	

   

  	

  a Delaware corporation

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Sergio Magistri

  
	

   

  	

   

  	

  Sergio Magistri

  
	

   

  	

   

  	

  President and Chief Executive

  Officer

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  Donald & Co. Securities Inc.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Stephen Blum

  

 

 

 

EXHIBIT 1

NOTICE OF EXERCISE

(To be executed upon exercise of

Warrant)

	

  InVision Technologies Inc.

  	

  Warrant

  No. CSW-2001-1

  

 

The undersigned hereby

reaffirms the statements made in Section 9 of the Warrant Certificate, and

irrevocably elects to exercise the right of purchase represented by the within

Warrant Certificate for, and to purchase thereunder, the securities of InVision Technologies Inc. as provided for

therein, and (check the applicable box):

•              Tenders

herewith payment of the exercise price in full in the form of cash or check in

the amount of $____________ for _________ such securities.

•              Elects

the Net Issue Exercise option pursuant to Section 2.2 of the Warrant, and

accordingly requests delivery of a net of ______________ of such securities.

Please issue a

certificate or certificates for such securities in the name of, and pay any

cash for any fractional share to (please print name, address and social

security number):

	

  Name:

  	

  ________________________________________

  
	

  Address:

  	

  ________________________________________

  
	

  Signature:

  	

  ________________________________________

  
	

  Dated:

  	

  ________________________________________

  

 

Note:  The above signature should

correspond exactly with the name on the first page of this Warrant Certificate

or with the name of the assignee appearing in the assignment form below.

If said number of shares shall not be all the shares purchasable under

the within Warrant Certificate, a new Warrant Certificate is to be issued in

the name of said undersigned for the balance remaining of the shares

purchasable thereunder rounded up to the next higher whole number of shares.

	

   

  	

  Donald

  & Co. Securities Inc.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:   

  ________________________________________________

  
	

   

  	

   

  

 

EXHIBIT 2

ASSIGNMENT

(To be executed only upon assignment

of Warrant Certificate)

	

  InVision Technologies Inc.

  	

  Warrant

  No. CSW-2001-1

  

 

For value received,

__________ hereby sells, assigns and transfers unto ____________________ the

within Warrant Certificate, together with all right, title and interest

therein, and does hereby irrevocably constitute and appoint

____________________________ attorney, to transfer said Warrant Certificate on

the books of the within-named Company with respect to the number of Warrants

set forth below, with full power of substitution in the premises:

	

  Name(s) of

  Assignee(s)

  	

   

  	

  Address

  	

   

  	

  # Of

  Warrants

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  

 

And if said number of

Warrants shall not be all the Warrants represented by the Warrant Certificate,

a new Warrant Certificate is to be issued in the name of said undersigned for

the balance remaining of the Warrants registered by said Warrant Certificate.

Dated:                                                                                                    

 

Signature:                                                                                              

Notice: 

The signature to the foregoing Assignment must correspond to the name as

written upon the face of this security in every particular.

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