Document:

Exhibit 10.3

 

WARRANT
TO PURCHASE COMMON STOCK

 

THIS WARRANT AND THE SECURITIES ISSUABLE HEREUNDER HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR THE AVAILABILITY OF AN
EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.

 

WARRANT
TO PURCHASE COMMON STOCK

 

	
  Number
  of Shares:

  	
  462,963 shares

  
	
   

  	
   

  
	
  Warrant
  Price:

  	
  $0.27 per share

  
	
   

  	
   

  
	
  Issuance
  Date:

  	
  March 10,
  2006

  
	
   

  	
   

  
	
  Expiration
  Date:

  	
  March 10,
  2009

  

 

 

THIS
WARRANT CERTIFIES THAT for value received, M.A.G. Capital,
LLC, or its registered assigns (hereinafter called the “Holder”) is entitled
to purchase from Spescom Software Inc. (hereinafter called the “Company”), the above
referenced number of fully paid and nonassessable shares (the “Shares”) of common
stock (the “Common Stock”),
of Company, at the Warrant Price per Share referenced above; the number of
shares purchasable upon exercise of this Warrant referenced above being subject
to adjustment from time to time as described herein. This Warrant is issued in
connection with that certain Subscription Agreement dated as of March 10,
2006, by and between the Company, Holder, Monarch Pointe Fund, Ltd. and
Mercator Momentum Fund III, L.P. (the “Subscription Agreement”). The exercise of
this Warrant shall be subject to the provisions, limitations and restrictions
contained herein.

 

1.                                      Term
and Exercise.

 

1.1                               Term. This Warrant is exercisable in whole
or in part (but not as to any fractional share of Common Stock), at any
time and from time to time after the date hereof prior to 6:00 p.m. on the
Expiration Date set forth above.

 

1.2                               Warrant Price. The Warrant shall be exercisable at
the Warrant Price described above.

 

1.3                               Maximum Number of
Shares. The
maximum number of Shares of Common Stock exercisable pursuant to this Warrant
is 462,963 Shares. However, notwithstanding anything herein to the contrary, in
no event shall the Holder be permitted to exercise this Warrant for a number of
Shares greater than the number that would cause the aggregate beneficial
ownership of the Company’s Common Stock (calculated pursuant to Rule 13d-3
of the Securities Exchange Act of 1934, as amended) of (a) the Holder and
its affiliates or (b) M.A.G. Capital, LLC, and its affiliates to equal
9.99% of the Company’s Common Stock then outstanding.

 

1.4                               Procedure for
Exercise of Warrant. Holder may exercise this Warrant by delivering
the following to the principal office of the Company in accordance with Section 5.1
hereof: (i) a duly executed Notice of Exercise in substantially the form attached
as Schedule A, (ii) payment of the Warrant Price then in effect for
each of the Shares being purchased, as designated in the Notice of Exercise,
and (iii) this Warrant. Payment of the Warrant Price may be in cash,
certified or official bank check payable to the order of the Company, or wire
transfer of funds to the Company’s account (or any combination of any of the
foregoing) in the amount of the Warrant Price for each share being purchased.

 

1.5                               Delivery of
Certificate and New Warrant. In the event of any exercise of the rights
represented by this Warrant, a certificate or certificates for the shares of
Common Stock so purchased, registered in the name of the Holder or such other
name or names as may be designated by the Holder, together with any other
securities or other property which the Holder is entitled to receive upon
exercise of this Warrant, shall be delivered to the Holder hereof, at the
Company’s expense, within a reasonable time, not exceeding fifteen (15)
calendar days, after the rights represented by this Warrant shall have been so
exercised; and, unless this Warrant has expired, a new Warrant representing the
number of Shares (except a remaining fractional share), if any, with respect to
which this Warrant shall not then have been exercised shall also be issued to
the Holder hereof within such time. The person in whose name any certificate
for shares of Common Stock is issued upon exercise of this Warrant shall for
all purposes be deemed to have become the holder of record of such shares on
the date on which the Warrant was surrendered and payment of the Warrant Price
was received by the Company, irrespective of the date of delivery of such
certificate, except that, if the date of such surrender and payment is on a
date when the stock transfer books of the Company are closed, such person shall
be deemed to have become the holder of such Shares at the close of business on
the next succeeding date on which the stock transfer books are open.

 

1.6                               Restrictive Legend. Each certificate for Shares shall
bear a restrictive legend in substantially the form as follows, together
with any additional legend required by (i) any applicable state securities
laws and (ii) any securities exchange upon which such Shares may, at the
time of such exercise, be listed:

 

The
shares of stock evidenced by this certificate have not been registered under
the U.S. Securities Act of 1933, as amended, and may not be offered, sold,
pledged or otherwise transferred (“transferred”) in the absence of such
registration or an applicable exemption therefrom. In the absence of such
registration, such shares may not be transferred unless, if the Company
requests, the Company has received a written opinion from counsel in form and
substance satisfactory to the Company stating that such transfer is being made
in compliance with all applicable federal and state securities laws.

 

Any certificate issued at
any time in exchange or substitution for any certificate bearing such legend
shall also bear such legend unless, in the opinion of counsel for the Holder
thereof (which counsel shall be reasonably satisfactory to the Company), the
securities represented thereby are not, at such time, required by law to bear
such legend.

 

1

 

1.7                               Fractional Shares. No fractional Shares shall be
issuable upon exercise or conversion of the Warrant. In the event of a
fractional interest, the number of Shares to be issued shall be rounded down to
the nearest whole Share.

 

2.                                      Representations,
Warranties and Covenants.

 

2.1                               Representations and
Warranties.

 

(a)                                  The Company is a corporation duly
organized, validly existing and in good standing under the laws of its state of
incorporation and has all necessary power and authority to perform its
obligations under this Warrant;

 

(b)                                 The execution, delivery and performance
of this Warrant has been duly authorized by all necessary actions on the part of
the Company and constitutes the legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms; and

 

(c)                                  This Warrant does not violate and is
not in conflict with any of the provisions of the Company’s Articles of
Incorporation or Certificate of Determination, Bylaws and any resolutions of
the Company’s Board of Directors or stockholders, or any agreement of the
Company, and no event has occurred and no condition or circumstance exists that
might (with or without notice or lapse of time) constitute or result directly
or indirectly in such a violation or conflict.

 

2.2                               Issuance of Shares. The Company covenants and agrees that
all shares of Common Stock that may be issued upon the exercise of the
rights represented by this Warrant will, upon issuance, be validly issued,
fully paid and nonassessable, and free from all taxes, liens and charges with
respect to the issue thereof. The Company further covenants and agrees that it
will pay when due and payable any and all federal and state taxes which may be
payable in respect of the issue of this Warrant or any Common Stock or
certificates therefor issuable upon the exercise of this Warrant. The Company
further covenants and agrees that the Company will at all times have authorized
and reserved, free from preemptive rights, a sufficient number of shares of
Common Stock to provide for the exercise in full of the rights represented by
this Warrant. If at any time the number of authorized but unissued shares of
Common Stock of the Company shall not be sufficient to effect the exercise of
the Warrant in full, subject to the limitations set forth in Section 1.3
hereto, then the Company will take all such corporate action as may, in the
opinion of counsel to the Company, be necessary or advisable to increase the
number of its authorized shares of Common Stock as shall be sufficient to
permit the exercise of the Warrant in full, subject to the limitations set
forth in Section 1.3 hereto, including without limitation, using its best
efforts to obtain any necessary stockholder approval of such increase. The
Company further covenants and agrees that if any shares of capital stock to be
reserved for the purpose of the issuance of shares upon the exercise of this
Warrant require registration with or approval of any governmental authority
under any federal or state law before such shares may be validly issued or
delivered upon exercise, then the Company will in good faith and as
expeditiously as possible endeavor to secure such registration or approval, as
the case may be. If and so long as the Common Stock issuable upon the
exercise of this Warrant is listed on any national securities exchange or the
Nasdaq Stock Market, the Company will, if permitted by the rules of such
exchange or market, list and keep listed on such exchange or market, upon
official notice of issuance, all shares of such Common Stock issuable upon
exercise of this Warrant.

 

3.                                      Other
Adjustments.

 

3.1                               Subdivision or
Combination of Shares. In case the Company shall at any time subdivide its
outstanding Common Stock into a greater number of shares, the Warrant Price in
effect immediately prior to such subdivision shall be proportionately reduced,
and the number of Shares subject to this Warrant shall be proportionately
increased, and conversely, in case the outstanding Common Stock of the Company
shall be combined into a smaller number of shares, the Warrant Price in effect
immediately prior to such combination shall be proportionately increased, and
the number of Shares subject to this Warrant shall be proportionately
decreased.

 

3.2                               Dividends in Common
Stock, Other Stock or Property. If at any time or from time to time the holders of
Common Stock (or any shares of stock or other securities at the time receivable
upon the exercise of this Warrant) shall have received or become entitled to
receive, without payment therefor:

 

(a)                                  Common Stock, Options or any shares
or other securities which are at any time directly or indirectly convertible
into or exchangeable for Common Stock, or any rights or options to subscribe
for, purchase or otherwise acquire any of the foregoing by way of dividend or
other distribution;

 

(b)                                 any cash paid or payable otherwise
than as a regular cash dividend; or

 

(c)                                  Common Stock or additional shares or
other securities or property (including cash) by way of spin-off, split-up,
reclassification, combination of shares or similar corporate rearrangement
(other than Common Stock issued as a stock split or adjustments in respect of
which shall be covered by the terms of Section 3.1 above) and additional
shares, other securities or property issued in connection with a Change (as
defined below) (which shall be covered by the terms of Section 3.4 below),
then and in each such case, the Holder hereof shall, upon the exercise of this
Warrant, be entitled to receive, in addition to the number of shares of Common
Stock receivable thereupon, and without payment of any additional consideration
therefor, the amount of stock and other securities and property (including cash
in the cases referred to in clause (b) above and this clause (c)) which
such Holder would hold on the date of such exercise had such Holder been the
holder of record of such Common Stock as of the date on which holders of Common
Stock received or became entitled to receive such shares or all other
additional stock and other securities and property.

 

3.3                               Reorganization,
Reclassification, Consolidation, Merger or Sale. If any recapitalization,
reclassification or reorganization of the share capital of the Company, or any
consolidation or merger of the Company with another corporation, or the sale of
all or substantially all of its shares and/or assets or other transaction
(including, without limitation, a sale of substantially all of its assets
followed by a liquidation) shall be effected in such a way that holders of
Common Stock shall be entitled to receive shares, securities or other assets or
property (a “Change”), then, as a condition of such Change, lawful and
adequate provisions shall be made by the Company whereby the Holder hereof
shall thereafter have the right to purchase and receive (in lieu of the Common
Stock of the Company immediately theretofore purchasable and receivable upon
the exercise of the rights represented hereby) such shares, securities or other
assets or property as may be issued or payable with respect to or in
exchange for the number of outstanding Common Stock which such Holder would
have been entitled to receive had such Holder exercised this Warrant
immediately prior to the consummation of such Change. The Company or its
successor shall promptly issue to Holder a new Warrant for such new securities
or other property. The new Warrant shall provide for adjustments which shall be
as nearly equivalent as may be practicable to give effect to the
adjustments provided for in this Section 3 including, without limitation,
adjustments to the Warrant Price and to the number of securities or property issuable
upon exercise of the new Warrant. The provisions of this Section 3.3 shall
similarly apply to successive Changes.

 

4.                                      Ownership
and Transfer.

 

4.1                               Ownership of This
Warrant.
The Company may deem and treat the person in whose name this Warrant is registered
as the holder and owner hereof (notwithstanding any notations of ownership or
writing hereon made by anyone other than the Company) for all purposes and
shall not be affected by any notice to the contrary until presentation of this
Warrant for registration of transfer as provided in this Section 4.

 

4.2                               Transfer and
Replacement.
Subject to the terms and conditions of this Warrant and compliance with all
applicable securities laws, and upon prior written consent of the Company,
which consent shall not be unreasonably withheld, this Warrant and all rights
hereunder are transferable in whole or in part upon the books of the
Company by the Holder hereof in person or by duly authorized attorney, and a
new Warrant or Warrants, of the same tenor as this Warrant but registered in

 

2

 

the
name of the transferee or transferees (and in the name of the Holder, if a
partial transfer is effected) shall be made and delivered by the Company upon
surrender of this Warrant duly endorsed, at the office of the Company in
accordance with Section 6.1 hereof. Upon receipt by the Company of
evidence reasonably satisfactory to it of the loss, theft or destruction, and,
in such case, of indemnity or security reasonably satisfactory to it, and upon
surrender of this Warrant if mutilated, the Company will make and deliver a new
Warrant of like tenor, in lieu of this Warrant; provided that if the Holder
hereof is an instrumentality of a state or local government or an institutional
holder or a nominee for such an instrumentality or institutional holder an
irrevocable agreement of indemnity by such Holder shall be sufficient for all
purposes of this Warrant, and no evidence of loss or theft or destruction shall
be necessary. This Warrant shall be promptly cancelled by the Company upon the
surrender hereof in connection with any transfer or replacement. Except as
otherwise provided above, in the case of the loss, theft or destruction of a
Warrant, the Company shall pay all expenses, taxes and other charges payable in
connection with any transfer or replacement of this Warrant, other than income
taxes and stock transfer taxes (if any) payable in connection with a transfer
of this Warrant, which shall be payable by the Holder. Holder will not transfer
this Warrant and the rights hereunder except in compliance with federal and
state securities laws and except after providing evidence of such compliance
reasonably satisfactory to the Company.

 

5.                                      Compliance
with Securities Laws. By acceptance of this Warrant, the Holder hereby
represents, warrants and covenants that any shares of stock purchased upon
exercise of this Warrant or acquired upon conversion thereof 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 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 understands that the shares
of stock acquired pursuant to the exercise of this Warrant or acquired upon
conversion thereof will not be registered under the 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 Securities Act of 1933 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 or upon conversion of such shares may have affixed thereto a
legend substantially in the form set forth in Section 1.6 above.

 

6.                                      Miscellaneous
Provisions.

 

6.1                               Notices. Any notice or other document
required or permitted to be given or delivered to the Holder shall be delivered
or forwarded to the Holder at c/o M.A.G. Capital, LLC, 555 South Flower Street,
Suite 4200, Los Angeles, California 90071, Attention:  David F. Firestone (Facsimile No. 213/553-8285),
or to such other address or number as shall have been furnished to the Company
in writing by the Holder, with a copy to Sheppard Mullin Richter &
Hampton LLP, 333 South Hope Street, 48th Floor, Los Angeles,
California 90071-1448 Attention David C. Ulich (Facsimile No. 213/620-1398).
Any notice or other document required or permitted to be given or delivered to
the Company shall be delivered or forwarded to the Company at 10052 Mesa Ridge Court, Suite 100,
San Diego, California, 92121, Attention: 
John Low (Facsimile No. 858/625-3010), with a copy to Gibson, Dunn &
Crutcher LLP, 1881 Page Mill Rd., Palo Alto, California, 94304 Attention:
Russell C. Hansen (Facsimile No. 650/849-5083), or to such other address
or number as shall have been furnished to Holder in writing by the Company.

 

6.2                               All notices, requests and approvals
required by this Warrant shall be in writing and shall be conclusively deemed
to be given (i) when hand-delivered to the other party, (ii) when
received if sent by facsimile at the address and number set forth above;
provided that notices given by facsimile shall not be effective, unless either (a) a
duplicate copy of such facsimile notice is promptly given by depositing the
same in the mail, postage prepaid and addressed to the party as set forth below
or (b) the receiving party delivers a written confirmation of receipt for
such notice by any other method permitted under this paragraph; and further
provided that any notice given by facsimile received after 5:00 p.m.
(recipient’s time) or on a non-business day shall be deemed received on the
next business day; (iii) five (5) business days after deposit in the
United States mail, certified, return receipt requested, postage prepaid, and
addressed to the party as set forth below; or (iv) the next business day
after deposit with an international overnight delivery service, postage
prepaid, addressed to the party as set forth below with next business day
delivery guaranteed; provided that the sending party receives confirmation of
delivery from the delivery service provider.

 

6.3                               No Rights as
Shareholder; Limitation of Liability. This Warrant shall not entitle the Holder to any of
the rights of a shareholder of the Company except upon exercise in accordance
with the terms hereof. No provision hereof, in the absence of affirmative
action by the Holder to purchase shares of Common Stock, and no mere
enumeration herein of the rights or privileges of the Holder, shall give rise
to any liability of the Holder for the Warrant Price hereunder or as a shareholder
of the Company, whether such liability is asserted by the Company or by
creditors of the Company.

 

6.4                               Governing Law. This Warrant shall be governed by
and construed in accordance with the laws of the State of California as applied
to agreements among California residents made and to be performed entirely
within the State of California, without giving effect to the conflict of law
principles thereof.

 

6.5                               Binding Effect on
Successors.
This Warrant shall be binding upon any corporation succeeding the Company by
merger, consolidation or acquisition of all or substantially all of the Company’s
assets and/or securities. All of the obligations of the Company relating to the
Shares issuable upon the exercise of this Warrant shall survive the exercise
and termination of this Warrant. All of the covenants and agreements of the
Company shall inure to the benefit of the successors and assigns of the Holder.

 

6.6                               Waiver, Amendments
and Headings.
This Warrant and any provision hereof may be changed, waived, discharged
or terminated only by an instrument in writing signed by both parties (either
generally or in a particular instance and either retroactively or
prospectively). The headings in this Warrant are for purposes of reference only
and shall not affect the meaning or construction of any of the provisions
hereof.

 

6.7                               Jurisdiction. Each of the parties irrevocably
agrees that any and all suits or proceedings based on or arising under this
Agreement may be brought only in and shall be resolved in the federal or
state courts located in the City of Los Angeles, California and consents to the
jurisdiction of such courts for such purpose. Each of the parties irrevocably
waives the defense of an inconvenient forum to the maintenance of such suit or
proceeding in any such court. Each of the parties further agrees that service
of process upon such party mailed by first class mail to the address set
forth in Section 6.1 shall be deemed in every respect effective service of
process upon such party in any such suit or proceeding. Nothing herein shall
affect the right of a Holder to serve process in any other manner permitted by
law. Each of the parties agrees that a final non-appealable judgment in any
such suit or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on such judgment or in any other lawful manner.

 

6.8                               Attorneys’ Fees and
Disbursements.
If any action at law or in equity is necessary to enforce or interpret the
terms of this Agreement, the prevailing party or parties shall be entitled to
receive from the other party or parties reasonable attorneys’ fees and
disbursements in addition to any other relief to which the prevailing party or
parties may be entitled.

 

3

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be
signed by its duly authorized officer this tenth day of March, 2006.

 

	
  COMPANY:

  	
  SPESCOM
  SOFTWARE INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  John W. Low

  
	
   

  	
   

  	
   

  
	
   

  	
  Print
  Name:

  	
  John
  W. Low

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Chief
  Financial Officer

  
					

 

4

 

SCHEDULE A

 

FORM OF NOTICE OF EXERCISE

 

[To be signed only
upon exercise of the Warrant]

 

TO BE EXECUTED BY THE REGISTERED
HOLDER

TO EXERCISE THE WITHIN WARRANT

 

 

The undersigned hereby
elects to purchase               
shares of Common Stock (the “Shares”) of Spescom Software, Inc. under the
Warrant to Purchase Common Stock dated March 10, 2006, which the
undersigned is entitled to purchase pursuant to the terms of such Warrant.  The undersigned has delivered $                ,
the aggregate Warrant Price for           
Shares purchased herewith, in full in cash or by certified or official bank
check or wire transfer.

 

Please issue a
certificate or certificates representing such shares of Common Stock in the
name of the undersigned or in such other name as is specified below and in the
denominations as is set forth below:

 

	
   

  	
   

  	
   

  
	
   

  	
  [Type Name of Holder as it should appear on the
  stock certificate]

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Requested
  Denominations – if no denomination is specified, a single certificate will be
  issued]

  
	
   

  	
   

  
	
   

  	
  The initial address of
  such Holder to be entered on the books of Company shall be:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
				

 

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

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Print Name:

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated:

  	
   

  
						

 

1

 

FORM OF ASSIGNMENT

(ENTIRE)

 

[To be signed only upon transfer of
entire Warrant]

 

TO BE EXECUTED BY THE REGISTERED
HOLDER

TO TRANSFER THE WITHIN WARRANT

 

FOR VALUE RECEIVED
                                             
hereby sells, assigns and transfers unto                                              
all rights of the undersigned under and pursuant to the within Warrant, and the
undersigned does hereby irrevocably constitute and appoint                                  
Attorney to transfer the said Warrant on the books of                                ,
with full power of substitution.

 

 

	
   

  
	
  [Type Name of Holder]

  
	
   

  
	
   

  
	
  By:

  	
   

  
	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  
				

 

 

NOTICE

 

The signature to the foregoing Assignment must correspond exactly to
the name as written upon the face of the within Warrant, without alteration or
enlargement or any change whatsoever.

 

1

 

FORM OF ASSIGNMENT

(PARTIAL)

 

[To be signed only upon partial
transfer of Warrant]

 

TO BE EXECUTED BY THE REGISTERED
HOLDER

TO TRANSFER THE WITHIN WARRANT

 

FOR VALUE RECEIVED                                              
hereby sells, assigns and transfers unto                                              
(i) the rights of the undersigned to purchase                                 
shares of Common Stock under and pursuant to the within Warrant, and (ii) on
a non-exclusive basis, all other rights of the undersigned under and pursuant
to the within Warrant, it being understood that the undersigned shall retain,
severally (and not jointly) with the transferee(s) named herein, all rights
assigned on such non-exclusive basis. The undersigned does hereby irrevocably
constitute and appoint                                              
Attorney to transfer the said Warrant on the books of Spescom Software, Inc.,  with full power of substitution.

 

 

	
   

  
	
  [Type Name of Holder]

  
	
   

  	
   

  
	
  By:

  	
   

  
	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  
				

 

 

NOTICE

 

The signature to the foregoing Assignment must correspond exactly to
the name as written upon the face of the within Warrant, without alteration or
enlargement or any change whatsoever.

 

1Exhibit 10.4

 

WARRANT TO PURCHASE COMMON STOCK

 

THIS WARRANT AND THE SECURITIES ISSUABLE
HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAWS
OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND ANY
APPLICABLE STATE SECURITIES LAWS.

 

WARRANT
TO PURCHASE COMMON STOCK

 

	
  Number of Shares:

  	
   

  	
  342,593 shares

  
	
   

  	
   

  	
   

  
	
  Warrant Price:

  	
   

  	
  $0.27 per share

  
	
   

  	
   

  	
   

  
	
  Issuance Date:

  	
   

  	
  March 10, 2006

  
	
   

  	
   

  	
   

  
	
  Expiration Date:

  	
   

  	
  March 10, 2009

  

 

 

THIS
WARRANT CERTIFIES THAT for value received, Monarch Pointe
Fund, Ltd., or its registered assigns (hereinafter called the “Holder”) is entitled
to purchase from Spescom Software Inc. (hereinafter called the “Company”), the above
referenced number of fully paid and nonassessable shares (the “Shares”) of common
stock (the “Common Stock”),
of Company, at the Warrant Price per Share referenced above; the number of
shares purchasable upon exercise of this Warrant referenced above being subject
to adjustment from time to time as described herein. This Warrant is issued in
connection with that certain Subscription Agreement dated as of March 10,
2006, by and between the Company, M.A.G. Capital, LLC, Holder and Mercator
Momentum Fund III, L.P. (the “Subscription Agreement”). The exercise of this Warrant
shall be subject to the provisions, limitations and restrictions contained
herein.

 

1.                                      Term
and Exercise.

 

1.1                               Term. This Warrant is exercisable in whole
or in part (but not as to any fractional share of Common Stock), at any
time and from time to time after the date hereof prior to 6:00 p.m. on the
Expiration Date set forth above.

 

1.2                               Warrant Price. The Warrant shall be exercisable at
the Warrant Price described above.

 

1.3                               Maximum Number of
Shares. The
maximum number of Shares of Common Stock exercisable pursuant to this Warrant
is 342,593  Shares. However,
notwithstanding anything herein to the contrary, in no event shall the Holder
be permitted to exercise this Warrant for a number of Shares greater than the
number that would cause the aggregate beneficial ownership of the Company’s
Common Stock (calculated pursuant to Rule 13d-3 of the Securities Exchange
Act of 1934, as amended) of (a) the Holder and its affiliates or (b) M.A.G.
Capital, LLC, and its affiliates to equal 9.99% of the Company’s Common Stock
then outstanding.

 

1.4                               Procedure for
Exercise of Warrant. Holder may exercise this Warrant by delivering
the following to the principal office of the Company in accordance with Section 5.1
hereof: (i) a duly executed Notice of Exercise in substantially the form attached
as Schedule A, (ii) payment of the Warrant Price then in effect for
each of the Shares being purchased, as designated in the Notice of Exercise,
and (iii) this Warrant. Payment of the Warrant Price may be in cash,
certified or official bank check payable to the order of the Company, or wire
transfer of funds to the Company’s account (or any combination of any of the
foregoing) in the amount of the Warrant Price for each share being purchased.

 

1.5                               Delivery of
Certificate and New Warrant. In the event of any exercise of the rights represented
by this Warrant, a certificate or certificates for the shares of Common Stock
so purchased, registered in the name of the Holder or such other name or names
as may be designated by the Holder, together with any other securities or
other property which the Holder is entitled to receive upon exercise of this
Warrant, shall be delivered to the Holder hereof, at the Company’s expense,
within a reasonable time, not exceeding fifteen (15) calendar days, after the
rights represented by this Warrant shall have been so exercised; and, unless
this Warrant has expired, a new Warrant representing the number of Shares
(except a remaining fractional share), if any, with respect to which this
Warrant shall not then have been exercised shall also be issued to the Holder
hereof within such time. The person in whose name any certificate for shares of
Common Stock is issued upon exercise of this Warrant shall for all purposes be
deemed to have become the holder of record of such shares on the date on which
the Warrant was surrendered and payment of the Warrant Price was received by
the Company, irrespective of the date of delivery of such certificate, except
that, if the date of such surrender and payment is on a date when the stock
transfer books of the Company are closed, such person shall be deemed to have
become the holder of such Shares at the close of business on the next
succeeding date on which the stock transfer books are open.

 

1.6                               Restrictive Legend. Each certificate for Shares shall
bear a restrictive legend in substantially the form as follows, together
with any additional legend required by (i) any applicable state securities
laws and (ii) any securities exchange upon which such Shares may, at the
time of such exercise, be listed:

 

The
shares of stock evidenced by this certificate have not been registered under
the U.S. Securities Act of 1933, as amended, and may not be offered, sold,
pledged or otherwise transferred (“transferred”) in the absence of such
registration or an applicable exemption therefrom. In the absence of such
registration, such shares may not be transferred unless, if the Company
requests, the Company has received a written opinion from counsel in form and
substance satisfactory to the Company stating that such transfer is being made
in compliance with all applicable federal and state securities laws.

 

Any certificate issued at
any time in exchange or substitution for any certificate bearing such legend
shall also bear such legend unless, in the opinion of counsel for the Holder
thereof (which counsel shall be reasonably satisfactory to the Company), the
securities represented thereby are not, at such time, required by law to bear
such legend.

 

1

 

1.7                               Fractional Shares. No fractional Shares shall be
issuable upon exercise or conversion of the Warrant. In the event of a
fractional interest, the number of Shares to be issued shall be rounded down to
the nearest whole Share.

 

2.                                      Representations,
Warranties and Covenants.

 

2.1                               Representations and
Warranties.

 

(a)                                  The Company is a corporation duly
organized, validly existing and in good standing under the laws of its state of
incorporation and has all necessary power and authority to perform its
obligations under this Warrant;

 

(b)                                 The execution, delivery and
performance of this Warrant has been duly authorized by all necessary actions
on the part of the Company and constitutes the legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with
its terms; and

 

(c)                                  This Warrant does not violate and is
not in conflict with any of the provisions of the Company’s Articles of
Incorporation or Certificate of Determination, Bylaws and any resolutions of
the Company’s Board of Directors or stockholders, or any agreement of the
Company, and no event has occurred and no condition or circumstance exists that
might (with or without notice or lapse of time) constitute or result directly
or indirectly in such a violation or conflict.

 

2.2                               Issuance of Shares. The Company covenants and agrees
that all shares of Common Stock that may be issued upon the exercise of
the rights represented by this Warrant will, upon issuance, be validly issued,
fully paid and nonassessable, and free from all taxes, liens and charges with
respect to the issue thereof. The Company further covenants and agrees that it
will pay when due and payable any and all federal and state taxes which may be
payable in respect of the issue of this Warrant or any Common Stock or
certificates therefor issuable upon the exercise of this Warrant. The Company
further covenants and agrees that the Company will at all times have authorized
and reserved, free from preemptive rights, a sufficient number of shares of
Common Stock to provide for the exercise in full of the rights represented by
this Warrant. If at any time the number of authorized but unissued shares of
Common Stock of the Company shall not be sufficient to effect the exercise of
the Warrant in full, subject to the limitations set forth in Section 1.3
hereto, then the Company will take all such corporate action as may, in the
opinion of counsel to the Company, be necessary or advisable to increase the
number of its authorized shares of Common Stock as shall be sufficient to
permit the exercise of the Warrant in full, subject to the limitations set
forth in Section 1.3 hereto, including without limitation, using its best
efforts to obtain any necessary stockholder approval of such increase. The
Company further covenants and agrees that if any shares of capital stock to be
reserved for the purpose of the issuance of shares upon the exercise of this
Warrant require registration with or approval of any governmental authority
under any federal or state law before such shares may be validly issued or
delivered upon exercise, then the Company will in good faith and as
expeditiously as possible endeavor to secure such registration or approval, as
the case may be. If and so long as the Common Stock issuable upon the
exercise of this Warrant is listed on any national securities exchange or the
Nasdaq Stock Market, the Company will, if permitted by the rules of such
exchange or market, list and keep listed on such exchange or market, upon
official notice of issuance, all shares of such Common Stock issuable upon
exercise of this Warrant.

 

3.                                      Other
Adjustments.

 

3.1                               Subdivision or
Combination of Shares. In case the Company shall at any time subdivide its
outstanding Common Stock into a greater number of shares, the Warrant Price in
effect immediately prior to such subdivision shall be proportionately reduced,
and the number of Shares subject to this Warrant shall be proportionately
increased, and conversely, in case the outstanding Common Stock of the Company
shall be combined into a smaller number of shares, the Warrant Price in effect
immediately prior to such combination shall be proportionately increased, and
the number of Shares subject to this Warrant shall be proportionately
decreased.

 

3.2                               Dividends in Common
Stock, Other Stock or Property. If at any time or from time to time the holders of
Common Stock (or any shares of stock or other securities at the time receivable
upon the exercise of this Warrant) shall have received or become entitled to
receive, without payment therefor:

 

(a)                                  Common Stock, Options or any shares
or other securities which are at any time directly or indirectly convertible
into or exchangeable for Common Stock, or any rights or options to subscribe
for, purchase or otherwise acquire any of the foregoing by way of dividend or
other distribution;

 

(b)                                 any cash paid or payable otherwise
than as a regular cash dividend; or

 

(c)                                  Common Stock or additional shares or
other securities or property (including cash) by way of spin-off, split-up,
reclassification, combination of shares or similar corporate rearrangement (other
than Common Stock issued as a stock split or adjustments in respect of which
shall be covered by the terms of Section 3.1 above) and additional shares,
other securities or property issued in connection with a Change (as defined
below) (which shall be covered by the terms of Section 3.4 below), then
and in each such case, the Holder hereof shall, upon the exercise of this
Warrant, be entitled to receive, in addition to the number of shares of Common
Stock receivable thereupon, and without payment of any additional consideration
therefor, the amount of stock and other securities and property (including cash
in the cases referred to in clause (b) above and this clause (c)) which
such Holder would hold on the date of such exercise had such Holder been the holder
of record of such Common Stock as of the date on which holders of Common Stock
received or became entitled to receive such shares or all other additional
stock and other securities and property.

 

3.3                               Reorganization,
Reclassification, Consolidation, Merger or Sale. If any recapitalization,
reclassification or reorganization of the share capital of the Company, or any
consolidation or merger of the Company with another corporation, or the sale of
all or substantially all of its shares and/or assets or other transaction
(including, without limitation, a sale of substantially all of its assets
followed by a liquidation) shall be effected in such a way that holders of
Common Stock shall be entitled to receive shares, securities or other assets or
property (a “Change”), then, as a condition of such Change, lawful and
adequate provisions shall be made by the Company whereby the Holder hereof
shall thereafter have the right to purchase and receive (in lieu of the Common
Stock of the Company immediately theretofore purchasable and receivable upon
the exercise of the rights represented hereby) such shares, securities or other
assets or property as may be issued or payable with respect to or in
exchange for the number of outstanding Common Stock which such Holder would
have been entitled to receive had such Holder exercised this Warrant
immediately prior to the consummation of such Change. The Company or its
successor shall promptly issue to Holder a new Warrant for such new securities
or other property. The new Warrant shall provide for adjustments which shall be
as nearly equivalent as may be practicable to give effect to the
adjustments provided for in this Section 3 including, without limitation,
adjustments to the Warrant Price and to the number of securities or property
issuable upon exercise of the new Warrant. The provisions of this Section 3.3
shall similarly apply to successive Changes.

 

4.                                      Ownership
and Transfer.

 

4.1                               Ownership of This
Warrant.
The Company may deem and treat the person in whose name this Warrant is
registered as the holder and owner hereof (notwithstanding any notations of
ownership or writing hereon made by anyone other than the Company) for all
purposes and shall not be affected by any notice to the contrary until
presentation of this Warrant for registration of transfer as provided in this Section 4.

 

4.2                               Transfer and
Replacement.
Subject to the terms and conditions of this Warrant and compliance with all
applicable securities laws, and upon prior written consent of the Company,
which consent shall not be unreasonably withheld, this Warrant and all rights
hereunder are transferable in whole or in part upon the books of the
Company by the Holder hereof in person or by duly authorized attorney, and a
new Warrant or Warrants, of the same tenor as this Warrant but registered in

 

2

 

the name
of the transferee or transferees (and in the name of the Holder, if a partial
transfer is effected) shall be made and delivered by the Company upon surrender
of this Warrant duly endorsed, at the office of the Company in accordance with Section 6.1
hereof. Upon receipt by the Company of evidence reasonably satisfactory to it
of the loss, theft or destruction, and, in such case, of indemnity or security
reasonably satisfactory to it, and upon surrender of this Warrant if mutilated,
the Company will make and deliver a new Warrant of like tenor, in lieu of this
Warrant; provided that if the Holder hereof is an instrumentality of a state or
local government or an institutional holder or a nominee for such an
instrumentality or institutional holder an irrevocable agreement of indemnity
by such Holder shall be sufficient for all purposes of this Warrant, and no
evidence of loss or theft or destruction shall be necessary. This Warrant shall
be promptly cancelled by the Company upon the surrender hereof in connection
with any transfer or replacement. Except as otherwise provided above, in the
case of the loss, theft or destruction of a Warrant, the Company shall pay all
expenses, taxes and other charges payable in connection with any transfer or
replacement of this Warrant, other than income taxes and stock transfer taxes
(if any) payable in connection with a transfer of this Warrant, which shall be
payable by the Holder. Holder will not transfer this Warrant and the rights
hereunder except in compliance with federal and state securities laws and
except after providing evidence of such compliance reasonably satisfactory to
the Company.

 

5.                                      Compliance
with Securities Laws. By acceptance of this Warrant, the Holder hereby
represents, warrants and covenants that any shares of stock purchased upon
exercise of this Warrant or acquired upon conversion thereof 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 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 understands that the shares
of stock acquired pursuant to the exercise of this Warrant or acquired upon
conversion thereof will not be registered under the 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 Securities Act of 1933 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 or upon conversion of such shares may have affixed thereto a
legend substantially in the form set forth in Section 1.6 above.

 

6.                                      Miscellaneous
Provisions.

 

6.1                               Notices. Any notice or other document
required or permitted to be given or delivered to the Holder shall be delivered
or forwarded to the Holder at c/o M.A.G. Capital, LLC, 555 South Flower Street,
Suite 4200, Los Angeles, California 90071, Attention:  David F. Firestone (Facsimile No. 213/553-8285),
or to such other address or number as shall have been furnished to the Company
in writing by the Holder, with a copy to Sheppard Mullin Richter &
Hampton LLP, 333 South Hope Street, 48th Floor, Los Angeles,
California 90071-1448 Attention David C. Ulich (Facsimile No. 213/620-1398).
Any notice or other document required or permitted to be given or delivered to
the Company shall be delivered or forwarded to the Company at 10052 Mesa Ridge Court, Suite 100,
San Diego, California, 92121, Attention: 
John Low (Facsimile No. 858/625-3010), with a copy to Gibson, Dunn &
Crutcher LLP, 1881 Page Mill Rd., Palo Alto, California, 94304 Attention:
Russell C. Hansen (Facsimile No. 650/849-5083), or to such other address
or number as shall have been furnished to Holder in writing by the Company.

 

6.2                               All notices, requests and approvals
required by this Warrant shall be in writing and shall be conclusively deemed
to be given (i) when hand-delivered to the other party, (ii) when
received if sent by facsimile at the address and number set forth above;
provided that notices given by facsimile shall not be effective, unless either (a) a
duplicate copy of such facsimile notice is promptly given by depositing the
same in the mail, postage prepaid and addressed to the party as set forth below
or (b) the receiving party delivers a written confirmation of receipt for
such notice by any other method permitted under this paragraph; and further
provided that any notice given by facsimile received after 5:00 p.m.
(recipient’s time) or on a non-business day shall be deemed received on the
next business day; (iii) five (5) business days after deposit in the
United States mail, certified, return receipt requested, postage prepaid, and
addressed to the party as set forth below; or (iv) the next business day
after deposit with an international overnight delivery service, postage
prepaid, addressed to the party as set forth below with next business day
delivery guaranteed; provided that the sending party receives confirmation of
delivery from the delivery service provider.

 

6.3                               No Rights as
Shareholder; Limitation of Liability. This Warrant shall not entitle the Holder to any of
the rights of a shareholder of the Company except upon exercise in accordance
with the terms hereof. No provision hereof, in the absence of affirmative
action by the Holder to purchase shares of Common Stock, and no mere
enumeration herein of the rights or privileges of the Holder, shall give rise
to any liability of the Holder for the Warrant Price hereunder or as a
shareholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

6.4                               Governing Law. This Warrant shall be governed by
and construed in accordance with the laws of the State of California as applied
to agreements among California residents made and to be performed entirely
within the State of California, without giving effect to the conflict of law
principles thereof.

 

6.5                               Binding Effect on
Successors.
This Warrant shall be binding upon any corporation succeeding the Company by
merger, consolidation or acquisition of all or substantially all of the Company’s
assets and/or securities. All of the obligations of the Company relating to the
Shares issuable upon the exercise of this Warrant shall survive the exercise
and termination of this Warrant. All of the covenants and agreements of the
Company shall inure to the benefit of the successors and assigns of the Holder.

 

6.6                               Waiver, Amendments
and Headings.
This Warrant and any provision hereof may be changed, waived, discharged
or terminated only by an instrument in writing signed by both parties (either
generally or in a particular instance and either retroactively or
prospectively). The headings in this Warrant are for purposes of reference only
and shall not affect the meaning or construction of any of the provisions
hereof.

 

6.7                               Jurisdiction. Each of the parties irrevocably
agrees that any and all suits or proceedings based on or arising under this
Agreement may be brought only in and shall be resolved in the federal or
state courts located in the City of Los Angeles, California and consents to the
jurisdiction of such courts for such purpose. Each of the parties irrevocably
waives the defense of an inconvenient forum to the maintenance of such suit or
proceeding in any such court. Each of the parties further agrees that service
of process upon such party mailed by first class mail to the address set
forth in Section 6.1 shall be deemed in every respect effective service of
process upon such party in any such suit or proceeding. Nothing herein shall
affect the right of a Holder to serve process in any other manner permitted by
law. Each of the parties agrees that a final non-appealable judgment in any
such suit or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on such judgment or in any other lawful manner.

 

6.8                               Attorneys’ Fees and
Disbursements.
If any action at law or in equity is necessary to enforce or interpret the
terms of this Agreement, the prevailing party or parties shall be entitled to
receive from the other party or parties reasonable attorneys’ fees and
disbursements in addition to any other relief to which the prevailing party or
parties may be entitled.

 

3

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be
signed by its duly authorized officer this tenth day of March, 2006.

 

	
  COMPANY:

  	
  SPESCOM
  SOFTWARE INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  John W. Low

  
	
   

  	
   

  	
   

  
	
   

  	
  Print
  Name:

  	
  John
  W. Low

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Chief
  Financial Officer

  
					

 

4

 

SCHEDULE A

 

FORM OF NOTICE OF EXERCISE

 

[To be signed only
upon exercise of the Warrant]

 

TO BE EXECUTED BY THE REGISTERED
HOLDER

TO EXERCISE THE WITHIN WARRANT

 

The undersigned hereby
elects to purchase                
shares of Common Stock (the “Shares”) of Spescom Software, Inc. under the
Warrant to Purchase Common Stock dated March 10, 2006, which the
undersigned is entitled to purchase pursuant to the terms of such Warrant. The
undersigned has delivered $               ,
the aggregate Warrant Price for                
Shares purchased herewith, in full in cash or by certified or official bank
check or wire transfer.

 

Please issue a
certificate or certificates representing such shares of Common Stock in the name
of the undersigned or in such other name as is specified below and in the
denominations as is set forth below:

 

	
   

  	
   

  	
   

  
	
   

  	
  [Type Name of Holder as it should appear on the
  stock certificate]

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Requested
  Denominations – if no denomination is specified, a single certificate will be
  issued]

  
	
   

  	
   

  
	
   

  	
  The initial address of
  such Holder to be entered on the books of Company shall be:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
				

 

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

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Print
  Name:

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated:

  	
   

  
						

 

1

 

FORM OF ASSIGNMENT

(ENTIRE)

 

[To be signed only upon transfer of
entire Warrant]

 

TO BE EXECUTED BY THE REGISTERED
HOLDER

TO TRANSFER THE WITHIN WARRANT

 

FOR VALUE RECEIVED                                        
hereby sells, assigns and transfers unto                                        
all rights of the undersigned under and pursuant to the within Warrant, and the
undersigned does hereby irrevocably constitute and appoint                                        
Attorney to transfer the said Warrant on the books of                                        ,
with full power of substitution.

 

 

	
   

  	
   

  
	
  [Type Name of Holder]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  
					

 

 

NOTICE

 

The signature to the foregoing Assignment must correspond exactly to
the name as written upon the face of the within Warrant, without alteration or
enlargement or any change whatsoever.

 

1

 

FORM OF ASSIGNMENT

(PARTIAL)

 

[To be signed only upon partial
transfer of Warrant]

 

TO BE EXECUTED BY THE REGISTERED
HOLDER

TO TRANSFER THE WITHIN WARRANT

 

FOR VALUE RECEIVED                                    
hereby sells, assigns and transfers unto                                    
(i) the rights of the undersigned to purchase                            
shares of Common Stock under and pursuant to the within Warrant, and (ii) on
a non-exclusive basis, all other rights of the undersigned under and pursuant
to the within Warrant, it being understood that the undersigned shall retain,
severally (and not jointly) with the transferee(s) named herein, all rights
assigned on such non-exclusive basis. The undersigned does hereby irrevocably
constitute and appoint                                    
Attorney to transfer the said Warrant on the books of Spescom Software, Inc.,  with full power of substitution.

 

 

	
   

  	
   

  
	
  [Type Name of Holder]

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  
					

 

 

NOTICE

 

The signature to the foregoing Assignment must correspond exactly to
the name as written upon the face of the within Warrant, without alteration or
enlargement or any change whatsoever.

 

1

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