Document:

Exhibit
      4.4

    REGISTRATION
      RIGHTS

     

    The
      Holder shall be entitled to any and all of the rights of the Purchasers pursuant
      to a Registration Rights Agreement dated as of December 17, 2007 (the “RRA”)
      among United Benefits & Pension Services, Inc. (the “Company”) and several
      purchasers signatory thereto. For all purposes the “Registrable Securities” (as
      defined below) shall be deemed Registrable Securities pursuant to that RRA
      and
      the Holder of this Warrant, any other Placement Agent Warrant (collectively,
      the
“Warrants”) and/or any Warrant Shares shall be deemed a “Holder” pursuant to the
      terms of the RRA.

     

    As
      provided in the Placement Agent Agreement, as amended by the Supplement to
      Placement Agent Agreement dated December 17, 2007, in addition to Holders’
registration rights under the RRA, the Holder shall have the following
      additional and supplementary registration rights:

     

    1.1.
      Request
      for Registration - Demand Right.

     

    (a) At
      any
      time commencing 95 days after the effective date of the registration statement
      to be filed by the Company under the RRA with respect to the Holder's
      Registrable Securities and all other "Registrable Securities" contemplated
      in
      the RRA, if the Company shall receive a written request from either Maxim Group
      LLC or Holder(s) of Placement Agent Warrants (including this Warrant) or Warrant
      Shares then outstanding (collectively the “Holders”) representing at least 40%
      of the aggregate Warrant Shares issued or issuable upon exercise of the
      Placement Agent Warrants that the Company effect the registration under the
      Securities Act of 1933 (the “1933 Act”) of (i) any or all of the shares of UBPS
      Common Stock issued or issuable pursuant to the terms of this Warrant or any
      other Placement Agent Warrant issued in connection with the transactions
      contemplated by the Memorandum (the “Warrant Shares”), (ii) any securities
      issued or issuable in connection with any anti-dilution provisions of this
      Warrant or any other Placement Agent Warrant or (iii) any securities issued
      or
      issuable upon any stock split, dividend or other distribution, recapitalization
      or similar event with respect to the foregoing (the “Registrable Securities”)
      then the Company shall, within five (5) business days of the receipt thereof,
      give written notice of such request to all Holders of Warrants or Warrant
      Shares; and shall, subject to the limitations of this Section 1.1, use its
      best efforts to effect such a registration as soon as practicable and in any
      event to file within 45 days of the receipt of such request a registration
      statement under the 1933 Act covering all the Registrable Securities which
      the
      Holders shall in writing request to be included in such registration and to
      use
      its best efforts to have such registration statement become effective.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    (b) If
      the
      Holders intend to distribute the Registrable Securities covered by their request
      by means of an underwriting, the right of any Holder to include its Registrable
      Securities in such registration shall be conditioned upon such Holder's
      participation in such underwriting and the inclusion of such Holder's
      Registrable Securities in the underwriting to the extent provided herein. All
      parties proposing to distribute their securities through such underwriting
      shall
      (together with the Company as provided in Section 1.2(d)) enter into an
      underwriting agreement in customary form with the underwriter or underwriters
      selected for such underwriting by the Company and reasonably acceptable to
      a
      majority in interest of the Holders. Notwithstanding any other provision of
      this
      Section 1.1, if, in the case of a registration requested pursuant to
      Section 1.1(a), the underwriter advises the Holders in writing that
      marketing factors require a limitation of the number of shares to be
      underwritten, then the Holders shall so advise the Company, and all the
      securities other than Registrable Securities sought to be included in the
      underwriting shall first be excluded to the extent necessary. To the extent
      that
      further limitation is required, the number of Registrable Securities that may
      be
      included in the underwriting shall be allocated pro rata among all Holders
      thereof desiring to participate in such underwriting (according to the number
      of
      Registrable Securities then held by each such Holder). No Registrable Securities
      requested by any Holder to be included in a registration pursuant to
      Section 1.1(a) shall be excluded from the underwriting unless all
      securities other than Registrable Securities are first excluded.

     

    (c) The
      Company is obligated to effect only one registration pursuant to
      Section 1.1(a); provided,
      however,
      that no
      registration pursuant to Section 1.1(a) shall be deemed to be a
      registration for any purpose of this sentence if (i) the number of
      Registrable Securities included in the underwriting does not equal or exceed
      50%
      of the number of Registrable Securities proposed by the Holders to be
      distributed through such underwriting or (ii) the Holders pay all expenses
      of such registration, including those otherwise payable by the Company in
      accordance with Section 1.5; and provided,
      further,
      that no
      registration of Registrable Securities which shall not have become and remained
      effective in accordance with Section 1.3 shall be deemed to be a
      registration for any purpose of this sentence unless such registration was
      withdrawn at the request of the Holders.

     

    (d) Notwithstanding
      the foregoing provisions of this Section 1.1, in the event that the Company
      is requested to file any registration statement pursuant to this
      Section 1.1, (i) the Company shall not be obligated to effect the
      filing of such registration statement for a period of up to 60 days after the
      date of a request for registration pursuant to this Section 1.1 if at the time
      of such request (1) the Company is engaged, or has fixed plans to engage, within
      60 days of the time of such request, in a firm commitment underwritten public
      offering of Common Stock in which the holders of Registrable Securities may
      participate pursuant to Section 1.2, or (2) the Company is currently engaged
      in
      a self-tender or exchange offer and the filing of a registration statement
      would
      cause a violation of the Securities Exchange Act of 1934, as amended (the “1934
      Act”); or (ii) if the Company shall furnish to the Holders requesting such
      registration statement a certificate signed by the Chief Executive Officer
      of
      the Company stating that, in the good faith judgment of the Board of Directors,
      it would not be in the best interests of the Company and its stockholders
      generally for such registration statement to be filed, the Company shall have
      the right to defer such filing for a period of not more than 60 days after
      receipt of the request of the relevant Holders; provided,
      however,
      that
      the Company may not utilize the right set forth in this Section 1.1(d)(ii)
      more than once in any twelve-month period.

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    1.2.
      Company
      Registration-Piggyback Right.
      If (but
      without any obligation to do so) the Company proposes to register (including
      for
      this purpose a registration effected by the Company for stockholders other
      than
      the Holders) any of its capital stock or other equity securities (or securities
      convertible into equity securities) under the 1933 Act in connection with the
      public offering of such securities solely for cash (other than a registration
      on
      Form S-8 relating solely to the sale of securities to participants in a Company
      stock plan or a registration on Form S-4), the Company shall, at such time,
      promptly give each Holder written notice of such registration. Upon the written
      request of any Holder, given within 20 days after mailing of such notice by
      the
      Company, the Company shall, subject to the provisions of Section 1.7 and
      the following sentence of this Section 1.2, use its best efforts to cause a
      registration statement covering all of the Registrable Securities that each
      such
      Holder has requested to be registered to become effective under the 1933 Act.
      The Company shall be under no obligation to complete any offering of its
      securities it proposes to make and shall incur no liability to any Holder for
      its failure to do so.

     

    1.3. Obligations
      of the Company.
      Whenever required under this Section 1 to use its best efforts to effect
      the registration of any Registrable Securities, the Company shall, as
      expeditiously as reasonably possible, prepare and file with the SEC a
      registration statement with respect to such Registrable Securities and use
      its
      best efforts to cause such registration statement to become effective, and,
      upon
      the request of the Holders of a majority of the Registrable Securities
      registered thereunder, keep such registration statement effective for up to
      180
      days or until such earlier time at which such Holders have informed the Company
      in writing that the distribution of their securities has been completed (such
      180-day or shorter period, the “Effectiveness
      Period”).
      In
      addition, the Company shall:

     

    (a) Prepare
      and file with the SEC such amendments and supplements to such registration
      statement and the prospectus used in connection with such registration
      statement, and use its best efforts to cause each such amendment and supplement
      to become effective, as may be necessary to comply with the provisions of the
      1933 Act with respect to the disposition of all securities covered by such
      registration statement during the Effectiveness Period.

     

    (b) Furnish
      to the Holders such number of copies of a prospectus, including a preliminary
      prospectus, in conformity with the requirements of the 1933 Act, and such other
      documents as they may reasonably request in order to facilitate the disposition
      of Registrable Securities owned by them.

     

    (c) Use
      its
      best efforts to register or qualify the securities covered by such registration
      statement under such other securities or Blue Sky laws of such states and
      jurisdictions as shall be reasonably requested by the Holders, except that
      the
      Company shall not be required in connection therewith or as a condition thereto
      to qualify to do business, subject itself to taxation or file a general consent
      to service of process in any such state or jurisdiction.

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    (d) In
      the
      event of any underwritten public offering, enter into and perform its
      obligations under an underwriting agreement, in usual and customary form, with
      the managing underwriter of such offering. Each Holder participating in such
      underwriting shall also enter into and perform its obligations under such an
      underwriting agreement, including furnishing an opinion of counsel or entering
      into a lock-up agreement reasonably requested by the managing
      underwriter.

     

    (e) Notify
      each Holder covered by such registration statement, at any time when a
      prospectus relating thereto covered by such registration statement is required
      to be delivered under the 1933 Act, of the happening of any event known to
      the
      Company as a result of which the prospectus included in such 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 not misleading in the light of the circumstances
      then existing and promptly file such amendments and supplements which may be
      required pursuant to Section 1.3(a) on account of such event and use its
      best efforts to cause each such amendment and supplement to become
      effective.

     

    (f) Furnish,
      at the request of any Holder requesting registration of Registrable Securities
      pursuant to this Section 1, on the date that such Registrable Securities
      are delivered to the underwriters for sale in connection with a registration
      pursuant to this Section 1, if such securities are being sold through
      underwriters, or, if such securities are not being sold through underwriters,
      on
      the date that the registration statement with respect to such securities becomes
      effective: (i) an opinion or opinions, dated such date, of the counsel
      representing the Company for the purposes of such registration, in form and
      substance as is customarily given by company counsel to the underwriters in
      an
      underwritten public offering, addressed to the underwriters, if any, and to
      the
      Holders requesting registration of Registrable Securities, and (ii) a letter
      dated such date, from the independent certified public accountant of the
      Company, in form and substance as is customarily given by independent certified
      public accountants to underwriters in an underwritten public offering, addressed
      to the underwriters, if any, and to the Holders requesting registration of
      Registrable Securities.

     

    (g) Apply
      for
      listing and use its best efforts to list the Registrable Securities being
      registered on any national securities exchange on which a class of the Company's
      equity securities is listed or, if the Company does not have a class of equity
      securities listed on a national securities exchange, apply for qualification
      and
      use its best efforts to qualify the Registrable Securities being registered
      for
      inclusion on the automated quotation system of the National Association of
      Securities Dealers, Inc.

     

    (h) Without
      in any way limiting the types of registrations to which this Section 1
      shall apply, in the event that the Company shall effect a “shelf registration”
on Form S-1 or Form S-3 under Rule 415 promulgated under the 1933 Act, the
      Company shall take all necessary action, including, without limitation, the
      filing of post-effective amendments, to permit the Investors to include their
      Registrable Securities in such registration in accordance with the terms of
      this
      Section 1. 

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    1.4. Furnish
      Information.
      It
      shall be a condition precedent to the obligations of the Company to take any
      action pursuant to this Section 1 in respect of the Registrable Securities
      of any selling Holder, that such selling Holder shall furnish to the Company
      such information regarding itself, the Registrable Securities held by it, and
      the intended method of disposition of such securities, as shall be required
      to
      effect the registration of its Registrable Securities.

     

    1.5. Expenses
      of Demand Registration.
      All
      expenses other than underwriting discounts and commissions relating to
      Registrable Securities incurred in connection with each registration, filing
      or
      qualification pursuant to Section 1.1(a), including (without limitation)
      all registration, filing and qualification fees, printing and accounting fees,
      fees and disbursements of counsel for the Company, of the reasonable fees and
      disbursements of one counsel for the selling Holders, shall be borne by the
      Company; provided,
      however,
      that
      the Company shall not be required to pay for any expenses of any registration
      begun pursuant to Section 1.1(a) if the registration request is
      subsequently withdrawn at any time at the request of the Holders of a majority
      of the Registrable Securities to be registered (in which case all participating
      Holders shall bear such expenses), unless the Holders of a majority of the
      Registrable Securities agree to forfeit their right to one demand registration
      pursuant to Section 1.1(a); and provided,
      further,
      that if
      at the time of any withdrawal described in the foregoing clause the Holders
      have
      learned of a material adverse change in the condition, business, or prospects
      of
      the Company (other than a change in market demand for its securities or in
      the
      market price thereof) from that known to the Holders of the Registrable
      Securities then outstanding at the time of their request (or of which the
      Company advised them in writing within 20 days thereafter) that makes the
      proposed offering unreasonable in the good faith reasonable judgment of the
      Holders of the Registrable Securities, then the Holders shall not be required
      to
      pay any of such expenses and the right to one demand registrations pursuant
      to
      Section 1.1(a) shall not be forfeited. All underwriting discounts and
      commissions relating to Registrable Securities included in any registration
      effected pursuant to Section 1.1(a) will be borne and paid ratably by the
      Holders of such Registrable Securities.

     

    1.6. Expenses
      of Company Registration.
      The
      Company shall bear and pay all expenses incurred in connection with any
      registration, filing or qualification of Registrable Securities with respect
      to
      any registration pursuant to Section 1.1 or Section 1.2 for each Holder,
      including, without limitation, all registration, filing and qualification fees,
      printing and accounting fees, fees and disbursements of counsel for the Company
      and the reasonable fees and disbursements of one counsel for the selling
      Holders. Underwriting discounts and commissions relating to Registrable
      Securities included in any registration effected pursuant to Section 1.1 or
      Section 1.2 will be borne and paid ratably by the Holders of such Registrable
      Securities.

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    1.7. Underwriting
      Requirements.
      In
      connection with any offering involving an underwriting of securities being
      issued by the Company, the Company shall not be required under Section 1.2
      to include any of the Holders' securities in such underwriting unless such
      Holders accept the terms of the underwriting as agreed upon between the Company
      and the underwriters selected by it, and then only in such quantity, if any,
      as
      in the opinion of the underwriters, marketing factors allow. If
      the
      managing underwriter for the offering shall advise the Company in writing that
      the total amount of securities, including Registrable Securities, requested
      by
      shareholders to be included in such offering exceeds the amount of securities
      to
      be sold other than by the Company that marketing factors allow, then the Company
      shall be required to include in the offering only that number of such
      securities, including Registrable Securities, which the managing underwriter
      believes marketing factors allow (the securities so included to be reduced
      as
      follows: (a) all securities which stockholders other than the Company and the
      Holders seek to include in the offering shall be excluded from the offering
      to
      the extent limitation on the number of shares included in the underwriting
      is
      required, and (b) if further limitation on the number of shares to be included
      in the underwriting is required, then the number of shares held by the Holders
      that may be included in the underwriting shall be reduced so that the number
      of
      shares included in the underwriting are pro rata in accordance with the number
      of shares of Registrable Securities held by each such Holder) but in no event
      shall the amount of securities of the selling Holders included in the offering
      be reduced below 30% of the total amount of securities included in such
      offering, unless such offering is the initial public offering of the Company's
      securities in which case the selling Holders may be excluded if the managing
      underwriter makes the determination described above and no securities other
      than
      those of the Company are included. For purposes of the preceding parenthetical
      concerning apportionment, for any selling shareholder which is a Holder of
      Registrable Securities and which is a partnership, a limited liability company
      or a corporation, the partners, retired partners, members, retired members
      and
      shareholders of such Holder, or the estates and family members of such partners,
      retired partners, members, retired members and shareholders and any trusts
      for
      the benefit of any of the foregoing persons shall collectively be deemed to
      be a
      "selling Holder," and any pro rata reduction with respect to such "selling
      Holder" shall be based upon the aggregate amount of shares carrying registration
      rights owned by all entities and individuals included in such "selling Holder,"
      as defined in this sentence.

     

    1.8. Indemnification.
      In the
      event any Registrable Securities are included in a registration statement under
      this Section 1, the Company will provide the Holders with all of the
      indemnification and contribution rights set forth in Section 5 of the RRA.
      The
      obligations of the Company under this Section 1.8 shall survive the
      completion of any offering of Registrable Securities in a registration statement
      whether under the RRA or this Section 1 or otherwise.

     

    
      
         

      

      
        -6-Unassociated Document

    
      Exhibit
        4.5

       

    

    NEITHER
      THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAVE
      BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
      COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
      MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
      STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
      OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
      SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
      EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE
      SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY
      AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN
      CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH
      SECURITIES.

     

    COMMON
      STOCK PURCHASE WARRANT

     

    UNITED
      BENEFITS & PENSION SERVICES, INC.

    

    
      	
              Warrant Shares: ________

            	 	
              Initial Exercise Date: December
                17, 2007

            

    

     

    THIS
      COMMON STOCK PURCHASE WARRANT (the “Warrant”)
      certifies that, for value received, ____________ (the “Holder”),
      is
      entitled, upon the terms and subject to the limitations on exercise and the
      conditions hereinafter set forth, at any time on or after the date hereof (the
      “Initial
      Exercise Date”)
      and on
      or prior to the close of business on the fifth anniversary of the Initial
      Exercise Date (the “Termination
      Date”)
      but
      not thereafter, to subscribe for and purchase from United Benefits & Pension
      Services, Inc., a Delaware corporation (the “Company”),
      up to
      ______ shares (the “Warrant
      Shares”)
      of
      common stock, $.00001 par value per share (the “Common
      Stock”),
      of
      the Company. The purchase price of one share of Common Stock under this Warrant
      shall be equal to the Exercise Price, as defined in Section 2(b).

     

    
      	 	Section
              1.	
              Definitions.

            

    

     

    (a) Capitalized
      terms used and not otherwise defined herein shall have the meanings ascribed
      to
      them in that certain Amended and Restated Private Placement Memorandum, (the
      “Memorandum”),
      dated
      November 5, 2007, of the Company, as supplemented or amended. 

     

    (b) “Trading
      Day”
shall
      mean any day other than a Saturday, Sunday or a day on which banks in New York
      City or the New York Stock Exchange are authorized or obligated by applicable
      law or executive order to close or are otherwise generally closed.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	Section
              2.	
              Exercise.

            

    

     

    (a) Exercise
      of Warrant.
      Exercise of the purchase rights represented by this Warrant may be made, in
      whole or in part, at any time or times on or after the Initial Exercise Date
      and
      on or before the Termination Date by delivery to the Company of a duly executed
      facsimile copy of the Notice of Exercise Form annexed hereto (or such other
      office or agency of the Company as it may designate by notice in writing to
      the
      registered Holder at the address of such Holder appearing on the books of the
      Company); and, within three (3) Trading Days of the date said Notice of Exercise
      is delivered to the Company, the Company shall have received payment of the
      aggregate Exercise Price of the shares thereby purchased by wire transfer or
      cashier’s check drawn on a United States bank. Notwithstanding anything herein
      to the contrary, the Holder shall not be required to physically surrender this
      Warrant to the Company until the Holder has purchased all of the Warrant Shares
      available hereunder and the Warrant has been exercised in full, in which case,
      the Holder shall surrender this Warrant to the Company for cancellation within
      three (3) Trading Days of the date the final Notice of Exercise is delivered
      to
      the Company. Partial exercises of this Warrant resulting in purchases of a
      portion of the total number of Warrant Shares available hereunder shall have
      the
      effect of lowering the outstanding number of Warrant Shares purchasable
      hereunder in an amount equal to the applicable number of Warrant Shares
      purchased. The Holder and the Company shall maintain records showing the number
      of Warrant Shares purchased and the date of such purchases. The Company shall
      deliver any objection to any Notice of Exercise Form within one (1) Trading
      Day
      of receipt of such notice. In the event of any dispute or discrepancy, the
      records of the Holder shall be controlling and determinative in the absence
      of
      manifest error. The Holder and any assignee, by acceptance of this Warrant,
      acknowledge and agree that, by reason of the provisions of this paragraph,
      following the purchase of a portion of the Warrant Shares hereunder, the number
      of Warrant Shares available for purchase hereunder at any given time may be
      less
      than the amount stated on the face hereof.

     

    (b) Exercise
      Price.
      The
      exercise price per share of the Common Stock under this Warrant shall be
      $0.00001, subject to adjustment hereunder (the “Exercise
      Price”).

     

    (c) Cashless
      Exercise.
      If at
      any time after one year from the date of issuance of this Warrant there is
      no
      effective Registration Statement registering, or no current prospectus available
      for, the resale of the Warrant Shares by the Holder, then this Warrant may
      also
      be exercised at such time by means of a “cashless exercise” in which the Holder
      shall be entitled to receive a certificate for the number of Warrant Shares
      equal to the quotient obtained by dividing [(A-B) (X)] by (A),
      where:

     

    
      	
            	(A)	
              =
                the volume weighted average price (“VWAP”)
                on the Trading Day immediately preceding the date of such
                election;

            

    

     

    
      	
            	(B)	
              =
                the Exercise Price of this Warrant, as adjusted;
                and

            

    

     

    
      	
            	(X)	
              =
                the number of Warrant Shares issuable upon exercise of this Warrant
                in
                accordance with the terms of this Warrant by means of a cash exercise
                rather than a cashless exercise.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
      anything herein to the contrary, on the Termination Date, this Warrant shall
      be
      automatically exercised via cashless exercise pursuant to this Section
      2(c).

     

    Notwithstanding
      anything herein to the contrary, the Holder shall not be entitled in any
      circumstance whatsoever to receive a net cash settlement in lieu of physical
      settlement in shares of Common Stock and this Warrant shall not be redeemed
      by
      the Company in whole or in part for cash under any circumstances
      whatsoever.

     

    (d) Holder’s
      Restrictions.
      The
      Company shall not effect any exercise of this Warrant, and a Holder shall not
      have the right to exercise any portion of this Warrant, pursuant to Section
      2(c)
      or otherwise, to the extent that after giving effect to such issuance after
      exercise as set forth on the applicable Notice of Exercise, such Holder
      (together with such Holder’s Affiliates, and any other person or entity acting
      as a group together with such Holder or any of such Holder’s Affiliates), as set
      forth on the applicable Notice of Exercise, would beneficially own in excess
      of
      the Beneficial Ownership Limitation (as defined below). For purposes of the
      foregoing sentence, the number of shares of Common Stock beneficially owned
      by
      such Holder and its Affiliates shall include the number of shares of Common
      Stock issuable upon exercise of this Warrant with respect to which such
      determination is being made, but shall exclude the number of shares of Common
      Stock which would be issuable upon (A) exercise of the remaining, nonexercised
      portion of this Warrant beneficially owned by such Holder or any of its
      Affiliates and (B) exercise or conversion of the unexercised or nonconverted
      portion of any other securities of the Company subject to a limitation on
      conversion or exercise analogous to the limitation contained herein beneficially
      owned by such Holder or any of its Affiliates. Except as set forth in the
      preceding sentence, for purposes of this Section 2(d), beneficial ownership
      shall be calculated in accordance with Section 13(d) of the Securities and
      Exchange Act of 1934, as amended (the “Exchange
      Act”),
      and
      the rules and regulations promulgated thereunder, it being acknowledged by
      Holder that the Company does not represent to Holder that such calculation
      is in
      compliance with Section 13(d) of the Exchange Act and such Holder is solely
      responsible for any schedules required to be filed in accordance therewith.
      To
      the extent that the limitation contained in this Section 2(d) applies, the
      determination of whether this Warrant is exercisable (in relation to other
      securities owned by such Holder together with any Affiliates) and of which
      a
      portion of this Warrant is exercisable shall be in the sole discretion of a
      Holder, and the submission of a Notice of Exercise shall be deemed to be each
      Holder’s determination of whether this Warrant is exercisable (in relation to
      other securities owned by such Holder together with any Affiliates) and of
      which
      portion of this Warrant is exercisable, in each case subject to such aggregate
      percentage limitation, and the Company shall have no obligation to verify or
      confirm the accuracy of such determination. In addition, a determination as
      to
      any group status as contemplated above shall be determined in accordance with
      Section 13(d) of the Exchange Act and the rules and regulations promulgated
      thereunder. For purposes of this Section 2(d), in determining the number of
      outstanding shares of Common Stock, a Holder may rely on the number of
      outstanding shares of Common Stock as reflected in the most recently published
      of (x) the Company’s most recent Form 10-QSB or Form 10-KSB, as the case may be,
      (y) a public announcement by the Company or (z) any other notice by the Company
      or the Company’s Transfer Agent setting forth the number of shares of Common
      Stock outstanding. Upon the written or oral request of a Holder, the Company
      shall within two Trading Days confirm orally and in writing to such Holder
      the
      number of shares of Common Stock then outstanding. In any case, the number
      of
      outstanding shares of Common Stock shall be determined after giving effect
      to
      the conversion or exercise of securities of the Company, including this Warrant,
      by such Holder or its Affiliates since the date as of which such number of
      outstanding shares of Common Stock was reported. The “Beneficial
      Ownership Limitation”
shall
      be 9.99% of the number of shares of the Common Stock outstanding immediately
      after giving effect to the issuance of shares of Common Stock issuable upon
      exercise of this Warrant. The provisions of this paragraph shall be construed
      and implemented in a manner otherwise than in strict conformity with the terms
      of this Section 2(d) to correct this paragraph (or any portion hereof) which
      may
      be defective or inconsistent with the intended Beneficial Ownership Limitation
      herein contained or to make changes or supplements necessary or desirable to
      properly give effect to such limitation. The limitations contained in this
      paragraph shall apply to a successor holder of this Warrant.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (e) Mechanics
      of Exercise.

     

    i. Authorization
      of Warrant Shares.
      The
      Company covenants that all Warrant Shares which may be issued upon the exercise
      of the purchase rights represented by this Warrant will, upon exercise of the
      purchase rights represented by this Warrant, be duly authorized, validly issued,
      fully paid and nonassessable and free from all taxes, liens and charges created
      by the Company in respect of the issue thereof (other than taxes in respect
      of
      any transfer occurring contemporaneously with such issue).

     

    ii. Delivery
      of Certificates Upon Exercise.
      Certificates for shares purchased hereunder shall be transmitted by the transfer
      agent (or by the Company in the event the Company has no transfer agent and,
      in
      such event certificates must be transmitted by physical delivery to the Holder)
      of the Company to the Holder by crediting the account of the Holder’s prime
      broker with the Depository Trust Company through its Deposit Withdrawal Agent
      Commission (“DWAC”)
      system
      if the Company is a participant in such system, and otherwise by physical
      delivery to the address specified by the Holder in the Notice of Exercise within
      three (3) Trading Days from the delivery to the Company of the Notice of
      Exercise Form, surrender of this Warrant (if required) and payment of the
      aggregate Exercise Price as set forth above (“Warrant
      Share Delivery Date”).
      This
      Warrant shall be deemed to have been exercised on the date the Exercise Price
      is
      received by the Company. The Warrant Shares shall be deemed to have been issued,
      and Holder or any other person so designated to be named therein shall be deemed
      to have become a holder of record of such shares for all purposes, as of the
      date the Warrant has been exercised by payment to the Company of the Exercise
      Price (or by cashless exercise, if permitted) and all taxes required to be
      paid
      by the Holder, if any, pursuant to Section 2(e)(vii) prior to the issuance
      of
      such shares, have been paid.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    iii. Delivery
      of New Warrants Upon Exercise.
      If this
      Warrant shall have been exercised in part, the Company shall, at the request
      of
      a Holder and upon surrender of this Warrant certificate, at the time of delivery
      of the certificate or certificates representing Warrant Shares, deliver to
      Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased
      Warrant Shares called for by this Warrant, which new Warrant shall in all other
      respects be identical with this Warrant. 

     

    iv. Rescission
      Rights.
      If the
      Company fails to cause its Corporation’s transfer agent to transmit to the
      Holder a certificate or certificates representing the Warrant Shares pursuant
      to
      this Section 2(e)(iv) by the third Trading Day following the Warrant Share
      Delivery Date, then the Holder will have the right to rescind such
      exercise.

     

    v. Compensation
      for Buy-In on Failure to Timely Deliver Certificates Upon
      Exercise.
      In
      addition to any other rights available to the Holder, if the Company fails
      to
      transmit or to cause its transfer agent to transmit to the Holder a certificate
      or certificates representing the Warrant Shares pursuant to an exercise on
      or
      before the third Trading Day following the Warrant Share Delivery Date, and
      if
      after such date the Holder is required by its broker to purchase (in an open
      market transaction or otherwise) or the Holder’s brokerage firm otherwise
      purchases, shares of Common Stock to deliver in satisfaction of a sale by the
      Holder of the Warrant Shares which the Holder anticipated receiving upon such
      exercise (a “Buy-In”),
      then
      the Company shall (1) pay in cash to the Holder the amount by which (x) the
      Holder’s total purchase price (including brokerage commissions, if any) for the
      shares of Common Stock so purchased exceeds (y) the amount obtained by
      multiplying (A) the number of Warrant Shares that the Company was required
      to
      deliver to the Holder in connection with the exercise at issue times (B) the
      price at which the sell order giving rise to such purchase obligation was
      executed, and (2) at the option of the Holder, either reinstate the portion
      of
      the Warrant and equivalent number of Warrant Shares for which such exercise
      was
      not honored or deliver to the Holder the number of shares of Common Stock that
      would have been issued had the Company timely complied with its exercise and
      delivery obligations hereunder. For example, if the Holder purchases Common
      Stock having a total purchase price of $11,000 to cover a Buy-In with respect
      to
      an attempted exercise of shares of Common Stock with an aggregate sale price
      giving rise to such purchase obligation of $10,000, under clause (1) of the
      immediately preceding sentence the Company shall be required to pay the Holder
      $1,000. The Holder shall provide the Company written notice indicating the
      amounts payable to the Holder in respect of the Buy-In and, upon request of
      the
      Company, evidence of the amount of such loss. Nothing herein shall limit a
      Holder’s right to pursue any other remedies available to it hereunder, at law or
      in equity including, without limitation, a decree of specific performance and/or
      injunctive relief with respect to the Company’s failure to timely deliver
      certificates representing shares of Common Stock upon exercise of the Warrant
      as
      required pursuant to the terms hereof.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    vi. No
      Fractional Shares or Scrip.
      No
      fractional shares or scrip representing fractional shares shall be issued upon
      the exercise of this Warrant. As to any fraction of a share which Holder would
      otherwise be entitled to purchase upon such exercise, the Company shall at
      its
      election, either pay a cash adjustment in respect of such final fraction in
      an
      amount equal to such fraction multiplied by the Exercise Price or round up
      to
      the next whole share.

     

    vii. Charges,
      Taxes and Expenses.
      Issuance of certificates for Warrant Shares shall be made without charge to
      the
      Holder for any issue or transfer tax or other incidental expense in respect
      of
      the issuance of such certificate, all of which taxes and expenses shall be
      paid
      by the Company, and such certificates shall be issued in the name of the Holder
      or in such name or names as may be directed by the Holder; provided,
      however,
      that in
      the event certificates for Warrant Shares are to be issued in a name other
      than
      the name of the Holder, this Warrant when surrendered for exercise shall be
      accompanied by the Assignment Form attached hereto duly executed by the Holder;
      and the Company may require, as a condition thereto, the payment of a sum
      sufficient to reimburse it for any transfer tax incidental thereto.

     

    viii. Closing
      of Books.
      The
      Company will not close its stockholder books or records in any manner which
      prevents the timely exercise of this Warrant, pursuant to the terms
      hereof.

     

    
      	
            	Section
              3.	
              Certain
                Adjustments.

            

    

     

    (a) Stock
      Dividends and Splits.
      If the
      Company, at any time while this Warrant is outstanding: (i) pays a stock
      dividend or otherwise make a distribution or distributions on shares of its
      Common Stock or any other equity or equity equivalent securities payable in
      shares of Common Stock (which, for avoidance of doubt, shall not include any
      shares of Common Stock issued by the Company upon exercise of this Warrant),
      (ii) subdivides outstanding shares of Common Stock into a larger number of
      shares, (iii) combines (including by way of reverse stock split) outstanding
      shares of Common Stock into a smaller number of shares, or (iv) issues by
      reclassification of shares of the Common Stock any shares of capital stock
      of
      the Company, then in each case the Exercise Price shall be multiplied by a
      fraction the numerator of which shall be the number of shares of Common Stock
      (excluding treasury shares, if any) outstanding immediately before such event
      and the denominator of which shall be the number of shares of Common Stock
      outstanding immediately after such event and the number of shares issuable
      upon
      exercise of this Warrant shall be proportionately adjusted. Any adjustment
      made
      pursuant to this Section 3(a) shall become effective immediately after the
      record date for the determination of stockholders entitled to receive such
      dividend or distribution and shall become effective immediately after the
      effective date in the case of a subdivision, combination or
      re-classification.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b) Subsequent
      Equity Sales.
      If the
      Company or any Subsidiary thereof, as applicable, at any time while this Warrant
      is outstanding, shall sell or grant any option to purchase or 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”
and
      such issuances collectively, a “Dilutive
      Issuance”)
      (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 are 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 on such date of the Dilutive
      Issuance), then the Exercise Price shall be reduced and only reduced to equal
      the Base Share Price and the number of Warrant Shares issuable hereunder shall
      be increased such that the aggregate Exercise Price payable hereunder, after
      taking into account the decrease in the Exercise Price, shall be equal to the
      aggregate Exercise Price prior to such adjustment. Such adjustment shall be
      made
      whenever such Common Stock or Common Stock Equivalents are issued.
      Notwithstanding the foregoing, no adjustments shall be made, paid or issued
      under this Section 3(b) in respect of an Exempt Issuance. The Company shall
      notify the Holder in writing, no later than the Trading Day following the
      issuance of any Common Stock or Common Stock Equivalents subject to this Section
      3(b), indicating therein the applicable issuance price, or applicable reset
      price, exchange price, conversion price and other pricing terms (such notice
      the
“Dilutive
      Issuance Notice”).
      For
      purposes of clarification, whether or not the Company provides a Dilutive
      Issuance Notice pursuant to this Section 3(b), upon the occurrence of any
      Dilutive Issuance, after the date of such Dilutive Issuance the Holder is
      entitled to receive a number of Warrant Shares based upon the Base Share Price
      regardless of whether the Holder accurately refers to the Base Share Price
      in
      the Notice of Exercise. As used herein, the term “Exempt
      Issuance”
shall
      mean any issuance, sale, grant or award of (i) any Common Stock issued or
      issuable upon the conversion of the Bridge Notes; (ii) any Common Stock issued
      or issuable upon exercise of the Noteholder Warrants; or
      (iii)
      any
      Common Stock, option or right to purchase Common Stock, or any security
      convertible into or exchangeable for Common Stock issued or issuable to any
      officer, director, employee, consultant or advisor of the Company pursuant
      to a
      bona fide option or equity incentive plan or other agreement or arrangement
      duly
      adopted by the Company, in consideration for services rendered or to be rendered
      to the Company by such officer, director, employee, consultant or advisor.
      

     

    (c) Subsequent
      Rights Offerings.
      If the
      Company, at any time while the Warrant is outstanding, shall issue rights,
      options or warrants to all holders of Common Stock (and not to Holders)
      entitling them to subscribe for or purchase shares of Common Stock at a price
      per share less than the VWAP at the record date mentioned below, then either
      the
      Exercise Price or the number of Warrant Shares issuable upon exercise of this
      Warrant shall be equitably adjusted as determined by the Board of Directors
      in
      good faith. Such adjustment shall be made whenever such rights or warrants
      are
      issued, and shall become effective immediately after the record date for the
      determination of stockholders entitled to receive such rights, options or
      warrants. Notwithstanding the foregoing, no adjustments shall be made, paid
      or
      issued under this Section 3(c) in respect of an Exempt Issuance. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (d) Pro
      Rata Distributions.
      If the
      Company, at any time prior to the Termination Date, shall distribute to all
      holders of Common Stock (and not to Holders of the Warrants) evidences of its
      indebtedness or assets (including cash and cash dividends) or rights or warrants
      to subscribe for or purchase any security other than the Common Stock (which
      shall be subject to Section 3(b)), then in each such case either the Exercise
      Price or the number of Warrant Shares issuable upon exercise of this Warrant
      shall be equitably adjusted as determined by the Board of Directors in good
      faith. In either case the adjustments shall be described in a statement provided
      to the Holder of the portion of assets or evidences of indebtedness so
      distributed or such subscription rights applicable to one share of Common Stock.
      Such adjustment shall be made whenever any such distribution is made and shall
      become effective immediately after the record date mentioned above.

     

    (e) Fundamental
      Transaction.
      

     

    i. If,
      at
      any time while this Warrant is outstanding, (A) the Company effects any merger
      or consolidation of the Company with or into another Person, (B) the Company
      effects any sale of all or substantially all of its assets in one or a series
      of
      related transactions, (C) any tender offer or exchange offer (whether by the
      Company or another Person) is completed pursuant to which holders of Common
      Stock are permitted to tender or exchange their shares for other securities,
      cash or property, or (D) the Company effects any reclassification of the Common
      Stock or any compulsory share exchange pursuant to which the Common Stock is
      effectively converted into or exchanged for other securities, cash or property
      (each a “Fundamental
      Transaction”),
      then,
      upon any subsequent exercise of this Warrant, the Holder shall have the right
      to
      receive,
      for
      each Warrant Share that would have been issuable upon such exercise immediately
      prior to the occurrence of such Fundamental Transaction, the number of shares
      of
      Common Stock of the successor or acquiring corporation or of the Company, if
      it
      is the surviving corporation, and any additional consideration (the
“Alternate
      Consideration”)
      receivable as a result of such merger, consolidation or disposition of assets
      by
      a Holder of the number of shares of Common Stock for which this Warrant is
      exercisable immediately prior to such event. 

     

    ii. For
      purposes of any exercise following the occurrence of a Fundamental Transaction,
      the determination of the Exercise Price shall be appropriately adjusted to
      apply
      to such Alternate Consideration based on the amount of Alternate Consideration
      issuable in respect of one share of Common Stock in such Fundamental
      Transaction, and the Company shall apportion the Exercise Price among the
      Alternate Consideration in a reasonable manner reflecting the relative value
      of
      any different components of the Alternate Consideration. If holders of Common
      Stock are given any choice as to the securities, cash or property to be received
      in a Fundamental Transaction, then the Holder shall be given the same choice
      as
      to the Alternate Consideration it receives upon any exercise of this Warrant
      following such Fundamental Transaction. 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    iii. To
      the
      extent necessary to effectuate the provisions of this Section 3(e), any
      successor to the Company or surviving entity in such Fundamental Transaction
      shall issue to the Holder a new warrant consistent with the foregoing provisions
      and evidencing the Holder’s right to exercise such warrant into Alternate
      Consideration. The terms of any agreement pursuant to which a Fundamental
      Transaction is effected shall include terms requiring any such successor or
      surviving entity to comply with the provisions of this Section 3(e) and insuring
      that this Warrant (or any such replacement security) will be similarly adjusted
      upon any subsequent transaction analogous to a Fundamental Transaction.

     

    iv. Notwithstanding
      anything to the contrary, in the event of a Fundamental Transaction that is
      (1)
      an all cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3
      under the Securities Exchange Act of 1934, as amended, or (3) a Fundamental
      Transaction involving a person or entity not traded on a national securities
      exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq
      Capital Market, the Company or any successor entity shall pay at the Holder’s
      option, exercisable at any time concurrently with or within 30 days after the
      consummation of the Fundamental Transaction, an amount of cash equal to the
      value of this Warrant as determined in accordance with the Black-Scholes option
      pricing formula using an expected volatility equal to the 100 day historical
      price volatility obtained from the HVT function on Bloomberg L.P. as of the
      trading day immediately prior to the public announcement of the Fundamental
      Transaction.

     

    (f) Calculations.
      All
      calculations under this Section 3 shall be made to the nearest cent or the
      nearest 1/100th of a share, as the case may be. For purposes of this Section
      3,
      the number of shares of Common Stock deemed to be issued and outstanding as
      of a
      given date shall be the sum of the number of shares of Common Stock (excluding
      treasury shares, if any) issued and outstanding.

     

    (g) Voluntary
      Adjustment By Company.
      The
      Company may at any time during the term of this Warrant reduce the then current
      Exercise Price to any amount and for any period of time deemed appropriate
      by
      the Board of Directors of the Company.

     

    (h) Notice
      to Holder.

     

    i. Adjustment
      to Exercise Price.
      Whenever the Exercise Price is adjusted pursuant to any provision of this
      Section 3, the Company shall promptly mail to the Holder a notice setting forth
      the Exercise Price after such adjustment and setting forth a brief statement
      of
      the facts requiring such adjustment. If the Company issues a variable rate
      security, the Company shall be deemed to have issued Common Stock or equivalents
      thereof at the lowest possible conversion or exercise price at which such
      securities may be converted or exercised in the case of a variable rate
      transaction.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    ii. Notice
      to Allow Exercise by Holder.
      If (A)
      the Company shall declare a dividend (or any other distribution in whatever
      form) on the Common Stock; (B) the Company shall declare a special nonrecurring
      cash dividend on or a redemption of the Common Stock; (C) the Company shall
      authorize the granting to all holders of the Common Stock rights or warrants
      to
      subscribe for or purchase any shares of capital stock of any class or of any
      rights; (D) the approval of any stockholders of the Company shall be required
      in
      connection with any reclassification of the Common Stock, any consolidation
      or
      merger to which the Company is a party, any sale or transfer of all or
      substantially all of the assets of the Company, of any compulsory share exchange
      whereby the Common Stock is converted into other securities, cash or property;
      (E) the Company shall authorize the voluntary or involuntary dissolution,
      liquidation or winding up of the affairs of the Company; then, in each case,
      the
      Company shall cause to be mailed to the Holder at its last address as it shall
      appear upon the Warrant Register of the Company, at least 20 calendar days
      prior
      to the applicable record or effective date hereinafter specified, a notice
      stating (x) the date on which a record is to be taken for the purpose of such
      dividend, distribution, redemption, rights or warrants, or if a record is not
      to
      be taken, the date as of which the holders of the Common Stock of record to
      be
      entitled to such dividend, distributions, redemption, rights or warrants are
      to
      be determined or (y) the date on which such reclassification, consolidation,
      merger, sale, transfer or share exchange is expected to become effective or
      close, and the date as of which it is expected that holders of the Common Stock
      of record shall be entitled to exchange their shares of the Common Stock for
      securities, cash or other property deliverable upon such reclassification,
      consolidation, merger, sale, transfer or share exchange; provided that the
      failure to mail such notice or any defect therein or in the mailing thereof
      shall not affect the validity of the corporate action required to be specified
      in such notice. The Holder is entitled to exercise this Warrant during the
      20-day period commencing on the date of such notice to the effective date of
      the
      event triggering such notice.

     

    
      	
            	Section
              4.	
              Transfer
                of Warrant.

            

    

     

    (a) Transferability.
      Subject
      to compliance with any applicable securities laws and the conditions set forth
      in Section 4(d) hereof and to the provisions of Section 7(a) of the Subscription
      Agreement, this Warrant and all rights hereunder (including, without limitation,
      any registration rights) are transferable, in whole or in part, upon surrender
      of this Warrant at the principal office of the Company or its designated agent,
      together with a written assignment of this Warrant substantially in the form
      attached hereto duly executed by the Holder or its agent or attorney and funds
      sufficient to pay any transfer taxes payable upon the making of such transfer.
      Upon such surrender and, if required, such payment, the Company shall execute
      and deliver a new Warrant or Warrants in the name of the assignee or assignees
      and in the denomination or denominations specified in such instrument of
      assignment, and shall issue to the assignor a new Warrant evidencing the portion
      of this Warrant not so assigned, if any, and this Warrant shall promptly be
      cancelled. A Warrant, if properly assigned, may be exercised by a new holder
      for
      the purchase of Warrant Shares without having a new Warrant issued.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (b) New
      Warrants.
      This
      Warrant may be divided or combined with other Warrants upon presentation hereof
      at the aforesaid office of the Company, together with a written notice
      specifying the names and denominations in which new Warrants are to be issued,
      signed by the Holder or its agent or attorney. Subject to compliance with
      Section 4(a), as to any transfer which may be involved in such division or
      combination, the Company shall execute and deliver a new Warrant or Warrants
      in
      exchange for the Warrant or Warrants to be divided or combined in accordance
      with such notice. 

     

    (c) Warrant
      Register.
      The
      Company shall register this Warrant, upon records to be maintained by the
      Company for that purpose (the “Warrant Register”), in the name of the record
      Holder hereof from time to time. The Company may deem and treat the registered
      Holder of this Warrant as the absolute owner hereof for the purpose of any
      exercise hereof or any distribution to the Holder, and for all other purposes,
      absent actual notice to the contrary.

     

    (d) Transfer
      Restrictions.
      If, at
      the time of the surrender of this Warrant in connection with any transfer of
      this Warrant, the transfer of this Warrant shall not be registered pursuant
      to
      an effective registration statement under the Securities Act and under
      applicable state securities or blue sky laws, the Company may require, as a
      condition of allowing such transfer, that (i) the Holder or transferee of this
      Warrant, as the case may be, furnish to the Company a written opinion of counsel
      (which opinion shall be in form, substance and scope customary for opinions
      of
      counsel in comparable transactions) to the effect that such transfer may be
      made
      without registration under the Securities Act and under applicable state
      securities or blue sky laws, and (ii) the Holder or transferee execute and
      deliver to the Company an investment letter in form and substance acceptable
      to
      the Company, and (iii) the transferee be an “accredited investor” as defined in
      Rule 501 promulgated under the Securities Act or a “qualified institutional
      buyer” as defined in Rule 144A(a) promulgated under the Securities
      Act.

     

    Section
      5. Miscellaneous.

     

    (a) No
      Rights as Shareholder Until Exercise.
      This
      Warrant does not entitle the Holder to any voting rights or other rights as
      a
      shareholder of the Company prior to the exercise hereof as set forth in Section
      2(e)(ii).

     

    (b) Loss,
      Theft, Destruction or Mutilation of Warrant.
      The
      Company covenants that upon receipt by the Company of evidence reasonably
      satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
      or any stock certificate relating to the Warrant Shares, and in case of loss,
      theft or destruction, of indemnity or security reasonably satisfactory to it
      (which, in the case of the Warrant, shall not include the posting of any bond),
      and upon surrender and cancellation of such Warrant or stock certificate, if
      mutilated, the Company will make and deliver a new Warrant or stock certificate
      of like tenor and dated as of such cancellation, in lieu of such Warrant or
      stock certificate.

     

    (c) Saturdays,
      Sundays, Holidays, etc.
      If the
      last or appointed day for the taking of any action or the expiration of any
      right required or granted herein shall not be a Trading, then such action may
      be
      taken or such right may be exercised on the next succeeding Trading
      Day.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (d) Authorized
      Shares.

     

    The
      Company covenants that during the period the Warrant is outstanding, it will
      reserve from its authorized and unissued Common Stock a sufficient number of
      shares to provide for the issuance of the Warrant Shares upon the exercise
      of
      any purchase rights under this Warrant. The Company further covenants that
      its
      issuance of this Warrant shall constitute full authority to its officers who
      are
      charged with the duty of executing stock certificates to execute and issue
      the
      necessary certificates for the Warrant Shares upon the exercise of the purchase
      rights under this Warrant. The Company will take all such reasonable action
      as
      may be necessary to assure that such Warrant Shares may be issued as provided
      herein without violation of any applicable law or regulation, or of any
      requirements of the trading market upon which the Common Stock may be
      listed.

     

    Except
      and to the extent as waived or consented to by the Holder, the Company shall
      not
      by any action, including, without limitation, amending its certificate of
      incorporation or through any reorganization, transfer of assets, consolidation,
      merger, dissolution, issue or sale of securities or any other voluntary action,
      avoid or seek to avoid the observance or performance of any of the terms of
      this
      Warrant, but will at all times in good faith assist in the carrying out of
      all
      such terms and in the taking of all such actions as may be necessary or
      appropriate to protect the rights of Holder as set forth in this Warrant against
      impairment. Without limiting the generality of the foregoing, the Company will
      (a) not increase the par value of any Warrant Shares above the amount payable
      therefor upon such exercise immediately prior to such increase in par value,
      (b)
      take all such action as may be necessary or appropriate in order that the
      Company may validly and legally issue fully paid and nonassessable Warrant
      Shares upon the exercise of this Warrant, and (c) use commercially reasonable
      efforts to obtain all such authorizations, exemptions or consents from any
      public regulatory body having jurisdiction thereof as may be necessary to enable
      the Company to perform its obligations under this Warrant.

     

    Before
      taking any action which would result in an adjustment in the number of Warrant
      Shares for which this Warrant is exercisable or in the Exercise Price, the
      Company shall obtain all such authorizations or exemptions thereof, or consents
      thereto, as may be necessary from any public regulatory body or bodies having
      jurisdiction thereof.

     

    (e) Jurisdiction.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Warrant shall be determined in accordance with the provisions of the
      laws of the State of New York.

     

    (f) Restrictions.
      The
      Holder acknowledges that the Warrant Shares acquired upon the exercise of this
      Warrant, if not registered, will have restrictions upon resale imposed by state
      and federal securities laws.

     

    (g) Nonwaiver
      and Expenses.
      No
      course of dealing or any delay or failure to exercise any right hereunder on
      the
      part of Holder shall operate as a waiver of such right or otherwise prejudice
      Holder’s rights, powers or remedies, notwithstanding the fact that all rights
      hereunder terminate on the Termination Date. If the Company willfully and
      knowingly fails to comply with any provision of this Warrant, which results
      in
      any material damages to the Holder, the Company shall pay to Holder such amounts
      as shall be sufficient to cover any costs and expenses including, but not
      limited to, reasonable attorneys’ fees, including those of appellate
      proceedings, incurred by Holder in collecting any amounts due pursuant hereto
      or
      in otherwise enforcing any of its rights, powers or remedies
      hereunder.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (h) Notices.
      Any
      notice, request or other document required or permitted to be given or delivered
      to the Holder by the Company shall be delivered in accordance with the notice
      provisions of the Subscription Agreement.

     

    (i) Limitation
      of Liability.
      No
      provision hereof, in the absence of any affirmative action by Holder to exercise
      this Warrant to purchase Warrant Shares, and no enumeration herein of the rights
      or privileges of Holder, shall give rise to any liability of Holder for the
      purchase price of any Common Stock or as a stockholder of the Company, whether
      such liability is asserted by the Company or by creditors of the
      Company.

     

    (j) Remedies.
      Holder,
      in addition to being entitled to exercise all rights granted by law, including
      recovery of damages, will be entitled to specific performance of its rights
      under this Warrant. The Company agrees that monetary damages would not be
      adequate compensation for any loss incurred by reason of a breach by it of
      the
      provisions of this Warrant and hereby agrees to waive and not to assert the
      defense in any action for specific performance that a remedy at law would be
      adequate.

     

    (k) Successors
      and Assigns.
      Subject
      to applicable securities laws, this Warrant and the rights and obligations
      evidenced hereby shall inure to the benefit of and be binding upon the
      successors of the Company and the successors and permitted assigns of Holder.
      The provisions of this Warrant are intended to be for the benefit of all Holders
      from time to time of this Warrant and shall be enforceable by any such Holder
      or
      holder of Warrant Shares.

     

    (l) Amendment.
      This
      Warrant may be modified or amended or the provisions hereof waived with the
      written consent of the Company and the Holder.

     

    (m) Severability.
      Wherever possible, each provision of this Warrant shall be interpreted in such
      manner as to be effective and valid under applicable law, but if any provision
      of this Warrant shall be prohibited by or invalid under applicable law, such
      provision shall be ineffective to the extent of such prohibition or invalidity,
      without invalidating the remainder of such provisions or the remaining
      provisions of this Warrant.

     

    (n) Headings.
      The
      headings used in this Warrant are for the convenience of reference only and
      shall not, for any purpose, be deemed a part of this Warrant. 

     

    ************************

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
      officer thereunto duly authorized as of the date first above
      indicated.

    
      	 	 	 
	 	
              UNITED
                BENEFITS & PENSION SERVICES,

              INC.

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    NOTICE
      OF EXERCISE

     

    TO:
      [__________________________

     

    (1)
      The
      undersigned hereby elects to purchase ________ Warrant Shares of the Company
      pursuant to the terms of the attached Warrant (only if exercised in full),
      and
      tenders herewith payment of the exercise price in full, together with. all
      applicable transfer taxes, if any.

     

    (2)
      Payment shall take the form of (check applicable box):

     

    o in
      lawful money of
      the United States; or

     

    o [if
      permitted] the cancellation of
      such number of Warrant Shares as is necessary, in accordance with the formula
      set forth in subsection 2(c), to exercise this Warrant with respect to the
      maximum number of Warrant Shares purchasable pursuant to the cashless exercise
      procedure set forth in subsection 2(c).

     

    (3)
      Please issue a certificate or certificates representing said Warrant Shares
      in
      the name of the undersigned or in such other name as is specified
      below:

     

    _____________________________

     

    The
      Warrant Shares shall be delivered to the following DWAC Account Number or by
      physical delivery of a certificate to:

     

    _____________________________

     

    _____________________________

     

    _____________________________

     

    (4)
      Accredited
      Investor.
      The
      undersigned is an “accredited investor” as that term is defined in Regulation D
      promulgated under the Securities Act of 1933, as amended.

     

    [SIGNATURE
      OF HOLDER]

     

    Name
      of
      Investing Entity:

    _________________________________________________________

    Signature
      of Authorized Signatory of Investing Entity:

    ___________________________________

    Name
      of
      Authorized Signatory:

    _____________________________________________________

    Title
      of
      Authorized Signatory:

    ______________________________________________________

    Date:

    __________________________________________________________________________

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT
      FORM

     

    (To
      assign the foregoing warrant, execute

    this
      form
      and supply required information. 

    Do
      not
      use this form to exercise the warrant.)

    

     

    FOR
      VALUE
      RECEIVED, [      ] all of or
      [            ]
      shares of the foregoing Warrant and all rights evidenced thereby are hereby
      assigned to

     

    ______________________________________whose
      address is

     

    ___________________________________________________

     

    Dated:
      ___________, _____

     

     

    Holder’s
      Signature: ______________________

     

    Holder’s
      Address: ______________________

     

     

    Signature
      Guaranteed: ___________________________________

     

    NOTE:
      The
      signature to this Assignment Form must correspond with the name as it appears
      on
      the face of the Warrant, without alteration or enlargement or any change
      whatsoever, and must be guaranteed by a bank or trust company. Officers of
      corporations and those acting in a fiduciary or other representative capacity
      should file proper evidence of authority to assign the foregoing
      Warrant.

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