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Exhibit 10.11    
    

This Warrant and the underlying shares of Common Stock represented by this Certificate have not been registered under the Securities Act of 1933 (the "Act"), and are
"restricted securities" as that term is defined in Rule144 under the Act. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration
statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

Warrant No.2004-«WarrantNo» 

***HYPERSPACE COMMUNICATIONS, INC.***  

 WARRANT TO PURCHASE SHARES OF COMMON STOCK  

 Warrant to Purchase                        Shares

(subject to adjustment as set forth herein)  

 Exercise Price $0.3125 Per Share

(subject to adjustment as set forth herein)  

 VOID AFTER 3:00 P.M., MOUNTAIN TIME, ON

            , 2009]  

        THIS CERTIFIES THAT [INVESTOR NAME], [INVESTOR ADDRESS], is entitled to purchase from Hyperspace
Communications, Inc. (hereinafter called the "Company") with its principal office located in Denver, Colorado, at any time before 3:00 P.M., Mountain Time, on
[            , 2009](the "Termination Date"), at the purchase price of $0.3125 per share (the "Exercise Price"), the number of shares (the "Shares") of the Company's Common
Stock (the "Common Stock") set forth above. The number of Shares purchasable upon exercise of this Warrant and the Exercise Price per Share shall be subject to adjustment from time to time as set
forth in Section 4 below. 

 Section 1.    Definitions.  

        The following terms used in this agreement shall have the following meanings (unless otherwise expressly provided herein): 

        1.1.    The "Act."    The Securities Act of 1933, as amended. 

        1.2.    The "Commission."    The Securities and Exchange Commission. 

        1.3.    The "Company."    Hyperspace Communications, Inc. 

        1.4.    "Common Stock."    The Company's Common Stock. 

        1.5.    "Current Market Price."    The Current Market Price shall be determined as follows: 

        (a)   if
the security at issue is listed on a national securities exchange or admitted to unlisted trading privileges on such an exchange or quoted on either the National
Market System or the Small Cap Market of the automated quotation service operated by Nasdaq, Inc. ("NASDAQ"), the current value shall be the last reported sale price of that security on such
exchange or system on the day for which the Current Market Price is to be determined or, if no such sale is made on such day, the average of the highest closing bid and lowest asked price for such day
on such exchange or system; or 

        (b)   if
the security at issue is not so listed or quoted or admitted to unlisted trading privileges, the Current Market Value shall be the average of the last reported
highest bid and lowest asked prices quoted on the NASDAQ Electronic Bulletin Board, or, if not so quoted, then by the 

 

National
Quotation Bureau, Inc. on the last business day prior to the day for which the Current Market Price is to be determined; or 

        (c)   if
the security at issue is not so listed or quoted or admitted to unlisted trading privileges and bid and asked prices are not reported, the current market value shall
be determined in such reasonable manner as may be prescribed from time to time by the Board of Directors of the Company, subject to the objection and arbitration procedure as described in
Section 6 below. 

        1.6.    "Exercise Date."    The date of exercise of this Warrant. 

        1.7.    "Exercise Price."    $0.3125 per Share, as modified in accordance with Section 4, below. 

        1.8.    "Expiration Date."    [            ], 2009. 

        1.9.    "Holder "or "Warrant Holder."    The person to whom this Warrant is issued, and any valid transferee thereof
pursuant to Section 3.1 below. 

        1.10.    "NASD."    The National Association of Securities Dealers, Inc. 

        1.11.    "Nasdaq."    The automated quotation system operated by The NASDAQ Stock Market, Inc. 

        1.12.    "Termination of Business."    Any sale, lease or exchange of all, or substantially all, of the Company's
assets or business or any dissolution, liquidation or winding up of the Company. 

        1.13.    "Warrants."    The warrants issued in accordance with the terms of this Agreement and any Warrants issued in
substitution for or replacement of such warrants, including those evidenced by a certificate or certificates originally issued or issued upon division, exchange, substitution or transfer pursuant to
this Agreement. 

        1.14.    "Warrant Securities."    The Common Stock purchasable upon exercise of a Warrant including the Common Stock
underlying unexercised portions of a Warrant. 

 Section 2.    Term of Warrants; Exercise of Warrant.  

        2.1.    Exercise of Warrant.    Subject to the terms of this Agreement, the Holder shall have the right, at any time
prior to 5:00 p.m., Denver Time, on the Expiration Date, to purchase from the Company up to the number of fully paid and nonassessable Shares to which the Holder may at the time be entitled to
purchase pursuant to this Agreement, upon surrender to the Company, at its principal office, of the Warrant to be exercised, together with the purchase form on the reverse thereof, or the Warrant
Conversion Exercise Form in the case of a warrant conversion pursuant to Section 2.3 herein, duly filled in and signed, and upon payment to the Company of the Exercise Price for the
number of Shares in respect of which such Warrants are then exercised, but in no event for less than 100 Shares (unless fewer than an aggregate of 100 shares are then purchasable under all outstanding
Warrants held by a Holder). 

        2.2.    Payment of Exercise Price.    Payment of the aggregate Exercise Price shall be made in cash or by check, or
any combination thereof. 

        2.3.    Issuance of Shares.    Upon such surrender of the Warrants and payment of such Exercise Price as aforesaid,
the Company shall issue and cause to be delivered with all reasonable dispatch to or upon the written order of the Holder and in such name or names as the Holder may designate, a certificate or
certificates for the number of full Shares so purchased upon the exercise of the Warrant, together with cash, as provided in Section 12 hereof, in respect of any fractional Shares otherwise
issuable upon such surrender. 

        2.4   Upon
receipt of the Warrant by the company as described in Section 2.1 and payment of the Exercise Price as described in Section 2.2 above, the Holder
shall be deemed to be the holder of record of the Shares issuable upon such exercise, notwithstanding that the transfer books of the Company may 

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then
be closed or that certificates representing such Shares may not have been prepared or actually delivered to the Holder. 

 Section 3.    Transferability and Form of Warrant  

        3.1.    Limitation on Transfer.    Subject to applicable securities laws, including, but not limited to the Act or any
state securities laws or "Blue Sky" laws, any assignment or transfer of a Warrant shall be made by the presentation and surrender of the Warrant to the Company at its principal office or the office of
its transfer agent, if any, accompanied by a duly executed Assignment Form and an opinion of counsel, in form acceptable to the Company, that the transfer does not violate applicable securities
laws. Upon the presentation and surrender of these items to the Company, the Company, at its sole expense, shall execute and deliver to the new Holder or Holders a new Warrant or Warrants, in the name
of the new Holder or Holders as named in the Assignment Form, and the Warrant presented or surrendered shall at that time be canceled. 

        3.2.    Exchange of Warrant.    Any Warrant may be exchanged for another warrant or warrants entitling the Warrant
Holder to purchase a like aggregate number of Shares as the warrant or warrants surrendered then entitled such Warrant Holder to purchase. Any Warrant Holder desiring to exchange a Warrant shall make
such request in writing delivered to the Company, and shall surrender, properly endorsed, with signatures guaranteed, the Warrant to be so exchanged. Thereupon, the Company shall execute and deliver
to the person entitled thereto a new Warrant as so requested. 

        3.3.    Mutilated, Lost, Stolen, or Destroyed Certificate.    In case the Warrant shall be mutilated, lost, stolen or
destroyed, the Company shall, at the request of the Warrant Holder, issue and deliver in exchange and substitution for and upon cancellation of the mutilated Warrant, or in lieu of and substitution
for Warrants lost, stolen or destroyed, a new Warrant of like tenor and representing an equivalent right or interest, but only upon receipt of evidence satisfactory to the Company of such loss, theft
or destruction of such Warrant and a bond of indemnity, if requested, also satisfactory in form and amount, at the applicant's cost. Applicants for such substitute Warrant shall also comply with such
other reasonable regulations and pay such other reasonable charges as the Company may prescribe. 

 Section 4.    Adjustment of Number of Shares.  

        The number and kind of securities purchasable upon the exercise of the Warrants and the Warrant Price shall be subject to adjustment from time to time upon the
happening of certain events, as follows: 

        4.1.    Adjustments.    The number of Shares purchasable upon the exercise of the Warrants shall be subject to
adjustments as follows: 

        (a)   In
case the Company, after the date of this Warrant, shall (i) pay a dividend in Common Stock or make a distribution to its stockholders in Common Stock,
(ii) subdivide its outstanding Common Stock, (iii) combine its outstanding Common Stock into a smaller number of shares of Common Stock, or (iv) issue, by reclassification of its
Common Stock, other securities of the Company, the number of Shares purchasable upon exercise of the Warrants immediately prior thereto shall be adjusted so that the Warrant Holder shall be entitled
to receive the kind and number of Shares or other securities of the Company which it would have owned or would have been entitled to receive immediately after the happening of any of the events
described above, had the Warrants been exercised immediately prior to the happening of such event or any record date with respect thereto. Any adjustment made pursuant to this
subsection 4.1.(a) shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event. 

        (b)   In
case the Company, after the date of this Warrant, shall issue rights, options, warrants, or convertible securities to all or substantially all holders of its Common
Stock, without any charge 

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to
such holders, entitling them to subscribe for or purchase Common Stock at a price per share which is lower at the record date mentioned below than the then Current Market Price, the number of
Shares thereafter purchasable upon the exercise of each Warrant shall be determined by multiplying the number of Shares theretofore purchasable upon exercise of the Warrants by a fraction, of which
the numerator shall be the number of shares of Common Stock outstanding immediately prior to the issuance of such rights, options, warrants or convertible securities plus the number of additional
shares of Common Stock offered for subscription or purchase, and of which the denominator shall be the number of shares of Common Stock outstanding immediately prior to the issuance of such rights,
options, warrants, or convertible securities plus the number of shares which the aggregate offering price of the total number of shares offered would purchase at such Current Market Price. Such
adjustment shall be made whenever such rights, options, warrants, or convertible securities are issued, and shall become effective immediately and retroactively to the record date for the
determination of stockholders entitled to receive such rights, options, warrants, or convertible securities. 

        (c)   In
case the Company, after the date of this Warrant, shall distribute to all or substantially all holders of its Common Stock evidences of its indebtedness or assets
(excluding cash dividends or distributions out of earnings) or rights, options, warrants, or convertible securities containing the right to subscribe for or purchase Common Stock (excluding those
referred to in subsection 4.1(b) above), then in each case the number of Shares thereafter purchasable upon the exercise of the Warrants shall be determined by multiplying the number of Shares
theretofore purchasable upon exercise of the Warrants by a fraction, of which the numerator shall be the then Current Market Price on the date of such distribution, and of which the denominator shall
be such Current Market Price on such date minus the then fair value (determined as provided in subparagraph (e) below of the portion of the assets or evidences of indebtedness so distributed or
of such subscription rights, options, warrants, or convertible securities applicable to one share. Such adjustment shall be made whenever any such distribution is made and shall become effective on
the date of distribution retroactive to the record date for the determination of stockholders entitled to receive such distribution. 

        (d)   No
adjustment in the number of Shares purchasable pursuant to the Warrants shall be required unless such adjustment would require an increase or decrease of at least one
percent in the number of Shares then purchasable upon the exercise of the Warrants or, if the Warrants are not then exercisable, the number of Shares purchasable upon the exercise of the Warrants on
the first date thereafter that the Warrants become exercisable; provided, however, that any adjustments which by reason of this subsection 4.1(d) are not required to be made immediately shall
be carried forward and taken into account in any subsequent adjustment. 

        (e)   Whenever
the number of Shares purchasable upon the exercise of the Warrant is adjusted, as herein provided, the Exercise Price payable upon exercise of the Warrant shall
be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, of which the numerator shall be the number of Warrant Shares purchasable upon the exercise of the
Warrant immediately prior to such adjustment, and of which the denominator shall be the number of Warrant Shares so purchasable immediately thereafter. 

        (f)    Whenever
the number of Shares purchasable upon exercise of the Warrants is adjusted as herein provided, the Company shall cause to be promptly mailed to the Warrant
Holder by first class mail, postage prepaid, notice of such adjustment and a certificate of the chief financial officer of the Company setting forth the number of Shares purchasable upon the exercise
of the Warrants after such adjustment, a brief statement of the facts requiring such adjustment and the computation by which such adjustment was made. 

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        (g)   For
the purpose of this Section 4.1, the term "Common Stock" shall mean (i) the class of stock designated as the Common Stock of the Company at the date of
this Agreement, or (ii) any other class of stock resulting from successive changes or reclassifications of such Common Stock, after the date of this Warrant, consisting solely of changes in par
value, or from par value to no par value, or from no par value to par value. In the event that at any time, as a result of an adjustment made pursuant to this
Section 4, the Warrant Holder shall become entitled to purchase any securities of the Company other than Common Stock, (y) if the Warrant Holder's right to purchase is on any other basis
than that available to all holders of the Company's Common Stock, the Company shall obtain an opinion of an independent investment banking firm valuing such other securities and (z) thereafter
the number of such other securities so purchasable upon exercise of the Warrants shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the
provisions with respect to the Shares contained in this Section 4. 

        (h)   Upon
the expiration of any rights, options, warrants, or conversion privileges, if such shall have not been exercised, the number of Shares purchasable upon exercise of
the Warrants, to the extent the Warrants have not then been exercised, shall, upon such expiration, be readjusted and shall thereafter be such as they would have been had they been originally adjusted
(or had the original adjustment not been required, as the case may be) on the basis of (i) the fact that the only shares of Common Stock so issued were the shares of Common Stock, if any,
actually issued or sold upon the exercise of such rights, options, warrants, or conversion privileges, and (ii) the fact that such shares of Common Stock, if any, were issued or sold for the
consideration actually received by the Company upon such exercise plus the consideration, if any, actually received by the Company for the issuance, sale or grant of all such rights, options,
warrants, or conversion privileges whether or not exercised; provided, however, that no such readjustment shall have the effect of decreasing the number of Shares purchasable upon exercise of the
Warrants by an amount in excess of the amount of the adjustment initially made in respect of the issuance, sale, or grant of such rights, options, warrants, or conversion rights. 

        4.2.    No Adjustment for Dividends.    Except as provided in Section 4.1, no adjustment in respect of any
dividends or distributions out of earnings shall be made during the term of the Warrants or upon the exercise of the Warrants. 

        4.3.    No Adjustment in Certain Cases.    No adjustments shall be made pursuant to Section 4 hereof in
connection with the issuance of the Common Stock upon exercise of the Warrants. No adjustments shall be made pursuant to Section 4 hereof in connection with grant or exercise of presently
authorized or outstanding options to purchase, or the issuance of shares of Common Stock under the Company's stock option, equity inventive, director, or employee benefit plans. 

        4.4.    Preservation of Purchase Rights upon Reclassification, Consolidation, etc.    In case of any consolidation of
the Company with or merger of the Company into another corporation, or in case of any sale or conveyance to another corporation of the property, assets, or business of the Company as an entirety or
substantially as an entirety, the Company or such successor or purchasing corporation, as the case may be, shall execute with the Warrant Holder an agreement that the Warrant Holder shall have the
right thereafter upon payment of the Exercise Price in effect immediately prior to such action to purchase, upon exercise of the Warrants, the kind and amount of shares and other securities and
property which it would have owned or have been entitled to receive after the happening of such consolidation, merger, sale, or conveyance had the Warrants been exercised immediately prior to such
action. In the event of a merger described in Section 368(a)(2)(E) of the Internal Revenue Code of 1986, in which the Company is the surviving corporation, the right to purchase Shares under
the Warrants shall terminate on the date of such merger and thereupon the Warrants shall become null and void, but only if the controlling corporation shall agree to substitute for the Warrants, its
warrants which entitle the holder thereof to purchase upon their exercise the kind and amount of shares and 

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other
securities and property which it would have owned or been entitled to receive had the Warrants been exercised immediately prior to such merger. Any such agreements referred to in this
Section 4.4 shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in Section 4 hereof. The provisions of this
Section 4.4 shall similarly apply to successive consolidations, mergers, sales, or conveyances. 

        4.5.    Par Value of Shares of Common Stock.    Before taking any action which would cause an adjustment effectively
reducing the portion of the Exercise Price allocable to each Share below the par value per share of the Common Stock issuable upon exercise of the Warrants, the Company will take any corporate action
which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable Common Stock upon exercise of the Warrants. 

        4.6.    Independent Public Accountants.    The Company may retain a firm of independent public accountants of
recognized national standing (which may be any such firm regularly employed by the Company) to make any computation required under this Section 4, and a certificate signed by such firm shall be
conclusive evidence of the correctness of any computation made under this Section 4. 

        4.7.    Statement on Warrants.    Irrespective of any adjustments in the number of securities issuable upon exercise
of the Warrants, Warrants theretofore or thereafter issued may continue to express the same number of securities as are stated in the similar Warrants initially issuable pursuant to this Agreement.
However, the Company may, at any time in its sole discretion (which shall be conclusive), make any change in the form of Warrant that it may deem appropriate and that does not affect the substance
thereof; and any Warrant thereafter issued, whether upon registration of transfer of, or in exchange or substitution for, an outstanding Warrant, may be in the form so changed. 

        4.8.    Treasury Stock.    For purposes of this Section 4, shares of Common Stock owned or held at any relevant
time by, or for the account of, the Company, in its treasury or otherwise, shall not be deemed to be outstanding for purposes of the calculations and adjustments described. 

 Section 5.    Notice to Holders.  

        If, prior to the expiration of this Warrant either by its terms or by its exercise in full, any of the following shall occur: 

        (a)   the
Company shall declare a dividend or authorize any other distribution on its Common Stock; or 

        (b)   the
Company shall authorize the granting to the shareholders of its Common Stock of rights to subscribe for or purchase any securities or any other similar rights; or 

        (c)   any
reclassification, reorganization or similar change of the Common Stock, or any consolidation or merger to which the Company is a party, or the sale, lease, or
exchange of any significant portion of the assets of the Company; or 

        (d)   the
voluntary or involuntary dissolution, liquidation or winding up of the Company; or 

        (e)   any
purchase, retirement or redemption by the Company of its Common Stock; 

then,
and in any such case, the Company shall deliver to the Holder or Holders written notice thereof at least 10 days prior to the earliest applicable date specified below with respect to
which notice is to be given, which notice shall state the following: 

        (x)   the
date on which a record is to be taken for the purpose of such dividend, distribution or rights, or, if a record is not to be taken, the date as of which the
shareholders of Common Stock of record to be entitled to such dividend, distribution or rights are to be determined; 

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        (y)   the
date on which such reclassification, reorganization, consolidation, merger, sale, transfer, dissolution, liquidation, winding up or purchase, retirement or
redemption is expected to become effective, and the date, if any, as of which the Company's shareholders of Common Stock of record shall be entitled to exchange their Common Stock for securities or
other property deliverable upon such reclassification, reorganization, consolidation, merger, sale, transfer, dissolution, liquidation, winding up, purchase, retirement or redemption; and 

        (z)   if
any matters referred to in the foregoing clauses (x) and (y) are to be voted upon by shareholders of Common Stock, the date as of which those shareholders to
be entitled to vote are to be determined. 

 Section 6.    Officers' Certificate.  

        Whenever the Exercise Price or the aggregate number of Warrant Securities purchasable pursuant to this Warrant shall be adjusted as required by the provisions of
Section 4 above, the Company shall promptly file with its Secretary or an Assistant Secretary at its principal office, and with its transfer agent, if any, an officers' certificate executed by
the Company's President and Secretary or Assistant Secretary, describing the adjustment and setting forth, in reasonable detail, the facts requiring such adjustment and the basis for and calculation
of such adjustment in accordance with the provisions of this Warrant. Each such officers' certificate shall be made available to the Holder or Holders of this Warrant for inspection at all reasonable
times, and the Company, after each such adjustment, shall promptly deliver a copy of the officers' certificate relating to that adjustment to the Holder or Holders of this Warrant. The officers'
certificate described in this Section 6 shall be deemed to be conclusive as to the correctness of the adjustment reflected therein if, and only if, no Holder of this Warrant delivers written
notice to the Company of an objection to the adjustment within 30 days after the officers' certificate is delivered to the Holder or Holders of this Warrant. The Company will make its books and
records available for inspection and copying during normal business hours by the Holder so as to permit a determination as to the correctness of the adjustment. If written notice of an objection is
delivered by a Holder to the Company and the parties cannot reconcile the dispute, the Holder and the Company shall submit the dispute to arbitration pursuant to the provisions of Section 19
below. Failure to prepare or provide the officers' certificate shall not modify the parties' rights hereunder. 

 Section 7.    Reservation of Warrant Securities.  

        The the Company shall at all times keep reserved, so long as the Warrants remain outstanding, out of its authorized and unissued Common Stock, such number of
shares of Common Stock as shall be subject to purchase under the Warrants. Every transfer agent for the Common Stock and other securities of the Company issuable upon the exercise of the Warrants will
be irrevocably authorized and
directed at all times to reserve such number of authorized shares and other securities as shall be requisite for such purpose. The Company will keep a copy of this Agreement on file with every
transfer agent for the Common Stock and other securities of the Company issuable upon the exercise of the Warrants. The Company will supply every such transfer agent with duly executed stock and other
certificates, as appropriate, for such purpose and will provide or otherwise make available any cash which may be payable as provided in Section 11 hereof. 

 Section 8.    Restrictions on Transfer; Registration Rights.  

        8.1.    Restrictions on Transfer.    The Warrant Holder agrees that prior to making any disposition of the Warrants or
the Shares, the Warrant Holder shall give written notice to the Company describing briefly the manner in which any such proposed disposition is to be made; and no such disposition shall be made if the
Company has notified the Warrant Holder that, in the opinion of counsel satisfactory to the Company, a registration statement or other notification or post-effective amendment thereto
(hereinafter collectively a "Registration Statement") under the Act, or any applicable securities laws, is 

7

 

required
with respect to such disposition and no such Registration Statement has been filed by the Company. 

        8.2.    Registration Rights Agreement.    This Warrant and the Warrants Securities are subject to the terms of a
Registration Rights Agreement dated February       , 2004. The terms of that Registration Rights Agreement are incorporated by reference into this Warrant. 

 Section 9.    Payment of Taxes.  

        The Company will pay all documentary stamp taxes, if any, attributable to the initial issuance of the Warrants or the securities comprising the Shares; provided,
however, the Company shall not be required to pay any tax which may be payable in respect of any transfer of the Warrants or the securities comprising the Shares. 

 Section 10.    Transfer to Comply With the Securities Act of 1933  

        This Warrant, the Warrant Securities, and all other securities issued or issuable upon exercise of this Warrant, may not be offered, sold or transferred, in whole
or in part, except in compliance with the Act, and except in compliance with all applicable state and federal securities laws. The Company may cause substantially the following legends, or their
equivalents, to be set forth on each certificate representing the Warrant Securities, or any other security issued or issuable upon exercise of this Warrant, not theretofore distributed to the public
or sold to underwriters, as defined by the Act, for distribution to the public pursuant to Section 8 above: 

	(a)
	"THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, EXCHANGED,
HYPOTHECATED OR TRANSFERRED IN ANY MANNER EXCEPT IN COMPLIANCE WITH THE AGREEMENT PURSUANT TO WHICH THEY WERE ISSUED."

	(b)
	Any
legend required by applicable state securities laws. 

        Any
certificate issued at any time in exchange or substitution for any certificate bearing such legends (except a new certificate issued upon completion of a public distribution pursuant
to a registration statement under the Securities Act of 1933, as amended (the "Act"), or the securities represented thereby) shall also bear the above legends unless, in the opinion of the Company's
counsel, the securities represented thereby need no longer be subject to such restrictions. 

 Section 11.    Fractional Shares  

        No fractional shares or scrip representing fractional shares shall be issued upon the exercise of all or any part of this Warrant. With respect to any fraction of
a share of any security called for upon any exercise of this Warrant, the Company shall pay to the Holder an amount in money equal to that fraction multiplied by the Current Market Price of that
share. 

 Section 12.    No Rights as Stockholder; Notices to Warrant Holder.  

        Nothing contained in this Agreement or in the Warrants shall be construed as conferring upon the Warrant Holder or its transferees any rights as a stockholder of
the Company, including the right to vote, receive dividends, consent or receive notices as a stockholder in respect to any meeting of stockholders for the election of directors of the Company or any
other matter. The Company covenants, however, that for so long as this Warrant is at least partially unexercised, it will furnish any Holder of this Warrant with copies of all reports and
communications furnished to the shareholders of 

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the
Company. In addition, if at any time prior to the expiration of the Warrants and prior to their exercise, any one or more of the following events shall occur: 

        (a)   any
action which would require an adjustment pursuant to Section 4.1 (except subsections 4.1(e) and 4.1(h) or 4.4; or 

        (b)   a
dissolution, liquidation, or winding up of the Company (other than in connection with a consolidation, merger, or sale of its property, assets, and business as an
entirety or substantially as an entirety) shall be proposed: 

then
the Company shall give notice in writing of such event to the Warrant Holder, as provided in Section 16 hereof, at least 10 days prior to the date fixed as a record date or the date
of closing the transfer books for the determination of the stockholders entitled to any relevant dividend, distribution, subscription rights or other rights or for the determination of stockholders
entitled to vote on such proposed dissolution, liquidation, or winding up. Such notice shall specify such record date or the date of closing the transfer books, as the case may be. Failure to mail or
receive notice or any defect therein shall not affect the validity of any action taken with respect thereto. 

 Section 13.    Charges Due Upon Exercise.  

        The Company shall pay any and all issue or transfer taxes, including, but not limited to, all federal or state taxes, that may be payable with respect to the
transfer of this Warrant or the issue or delivery of Warrant Securities upon the exercise of this Warrant. 

 Section 14.    Warrant Securities to be Fully Paid  

        The Company covenants that all Warrant Securities that may be issued and delivered to a Holder of this Warrant upon the exercise of this Warrant and payment of
the Exercise Price will be, upon such delivery, validly and duly issued, fully paid and nonassessable. 

 Section 15.    Notices  

        Any notice pursuant to this Agreement by the Company or by a Warrant Holder or a holder of Shares shall be in writing and shall be deemed to have been duly given
if delivered or mailed by certified mail, return receipt requested: 

          (i)  If
to a Warrant Holder or a holder of Shares, addressed to the address set forth above. 

         (ii)  If
to the Company addressed to it at 1899 Wynkoop Street, Suite 700, Denver, Colorado 80202, Attention: President. 

        Each
party may from time to time change the address to which notices to it are to be delivered or mailed hereunder by notice in accordance herewith to the other party. 

 Section 16.    Merger or Consolidation of the Company.  

        The Company will not merge or consolidate with or into any other corporation or sell all or substantially all of its property to another corporation, unless the
provisions of Section 4.4 are complied with. 

 Section 17.    Applicable Law  

        This Warrant shall be governed by and construed in accordance with the laws of the State of Colorado, and courts located in Colorado shall have exclusive
jurisdiction over all disputes arising hereunder. 

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 Section 18.    Arbitration.  

        The Company and the Holder, and by receipt of this Warrant or any Warrant Securities, all subsequent Holders or holders of Warrant Securities, agree to submit all
controversies, claims, disputes and matters of difference with respect to this Warrant, including, without limitation, the application of this Section 18 to arbitration in Denver, Colorado,
according to the rules and practices of the American Arbitration Association from time to time in force; provided, however, that if such rules and practices conflict with the applicable procedures of
Colorado courts of general jurisdiction or any other provisions of Colorado law then in force, those Colorado rules and provisions shall govern. This agreement to arbitrate shall be specifically
enforceable. Arbitration may proceed in the absence of any party if notice of the proceeding has been given to that party. The parties agree to abide by all awards rendered in any such proceeding.
These awards shall be final and binding on all parties to the extent and in the manner provided by the rules of civil procedure enacted in Colorado. All awards may be filed, as a basis of judgment and
of the issuance of execution for its collection, with the clerk of one or more courts, state or federal, having jurisdiction over either the party against whom that award is rendered or its property.
No party shall be considered in default hereunder during the pendency of arbitration proceedings relating to that default. 

 Section 19.    Acceptance of Terms; Successors.  

        By its acceptance of this Warrant Certificate, the Holder accepts and agrees to comply with all of the terms and provisions hereof. All the covenants and
provisions of this Warrant Certificate by or for the benefit of the Company or the Holder shall bind and inure to the benefit of their respective successors and assigns hereunder. 

 Section 20.    Miscellaneous Provisions  

        (a)   Subject
to the terms and conditions contained herein, this Warrant shall be binding on the Company and its successors and shall inure to the benefit of the original
Holder, its successors and assigns and all holders of Warrant Securities and the exercise of this Warrant in full shall not terminate the provisions of this Warrant as it relates to holders of Warrant
Securities. 

        (b)   If
either party to this Warrant fails to perform any of its obligations hereunder, it shall be liable to the other for all damages, costs and expenses resulting from the
failure, including, but not limited to, all reasonable attorney's fees and disbursements. 

        (c)   This
Warrant cannot be changed or terminated or any performance or condition waived in whole or in part except by an agreement in writing signed by the party against
whom enforcement of the change, termination or waiver is sought; provided, however, that any provisions hereof may be amended, waived, discharged or terminated upon the written consent of the Company
and the Holder. 

        (d)   If
any provision of this Warrant shall be held to be invalid, illegal or unenforceable, such provision shall be severed, enforced to the extent possible, or modified in
such a way as to make it enforceable, and the invalidity, illegality or unenforceability shall not affect the remainder of this Warrant. 

        (e)   Each
party to this Warrant agrees to execute such further agreements, conveyances, certificates and other documents as may be reasonably requested by the other to
effectuate the intent and provisions of this Warrant. 

        (f)    Paragraph
headings used in this Warrant are for convenience only and shall not be taken or construed to define or limit any of the terms or provisions of this Warrant.
Unless otherwise provided, 

10

 

or
unless the context shall otherwise require, the use of the singular shall include the plural and the use of any gender shall include all genders. 

	Dated	 	
	 	 	 	 
	

 	
 	

 	
 	

HYPERSPACE COMMUNICATIONS, INC.
	

 	
 	

 	
 	

By:	
 	

11

 
PURCHASE FORM  

Dated                         , 

        The
undersigned hereby irrevocably elects to exercise the Warrant represented by this Warrant Certificate to the extent of purchasing            Shares of Hyperspace
Communications, Inc., and hereby tenders payment of the exercise price thereof. 

INSTRUCTIONS
FOR REGISTRATION OF STOCK 

	Name:	 	

	 	 	(please type or print in block letters)
	

Address:	
 	

ASSIGNMENT FORM  

        FOR VALUE RECEIVED,                        , hereby sells, assigns
and transfers unto 

	Name:	 	

	 	 	(Please type or print in block letters)
	

Address:	
 	

the
right to purchase Shares of Hyperspace Communications, Inc., represented by this Warrant Certificate to the extent of Shares as to which such right is exercisable and does hereby
irrevocably constitute and appoint                        attorney, to transfer the same on the books of the Company with full
power of substitution in the premises. 

	Signature	 	
	 	Dated	 	

Notice: the signature on this assignment must correspond with the name as it appears upon the face of this Warrant Certificate in every particular, without alteration or
enlargement or any change whatever.

12

QuickLinks

Exhibit 10.11QuickLinks
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Exhibit 10.12    
    

 
  SECURED PROMISSORY NOTE    
    

	$50,000.00	 	January 15, 2004

        FOR
VALUE RECEIVED, HyperSpace Communications, Inc., a Colorado corporation (the "Borrower"), hereby promises to pay to the order
of Ed Peats (the "Lender"), the principal sum of Fifty Thousand dollars ($50,000), together with simple interest thereon from the date of this
Note on the unpaid principal balance. Interest shall accrue at a rate of ten percent (10%) per annum. 

        1.    Repayments and Prepayments.    

        (a)   All
principal and accrued but unpaid interest under this Note is due and payable upon written demand by the Lender;  provided, however, that such demand
may not be made prior to May 1, 2004 (the
"Maturity Date"). 

        (b)   All
payments shall be made in lawful money of the United States of America at the principal office of the Borrower, or at such other place as the holder hereof may from
time to time designate in writing to the Borrower. Payment shall be credited first to the accrued interest then due and payable and the remainder applied to principal. Prepayment of principal,
together with accrued interest, in whole or part, may be made without penalty at any time by Lender. 

        (d)   Upon
payment in full of all principal and interest payable hereunder, this Note shall be surrendered to the Borrower for cancellation. 

        2.    Grant of Warrant.    

        Provided
that Lender executes and delivers to Borrower a certificate of accredited investor ("Certificate"), in substantially the form attached hereto as  Exhibit A, in connection with issuing this Note,
Borrower shall grant the Lender a warrant, to purchase 5,000 shares of the Common Stock of the
Borrower at a price of $0.3125 per share (the "Warrant"). The Warrant shall expire on January 15, 2005 and shall be in substantially the form
attached hereto as Exhibit B. 

        3.    Events of Default; Acceleration.    

        Upon
the occurrence of any event of default under this Note, including, but not limited to, any failure to pay to Lender any amounts due and owing hereunder when due, and the written
election Lender, the entire unpaid principal balance of this Note and all of the unpaid interest accrued thereon shall be immediately due and payable and the Lender shall have all legal and
equitable rights of holders of secured debt instruments. 

        4.    Liquidation Preference.    In the event that the Company participates in a Liquidation Event (as that term is
defined below) prior to the full satisfaction or conversion of this Note. Lender shall be entitled to receive in satisfaction of this Note, and in preference to the holders of any preferred or common
stock of Borrower, an amount equal to 1.5 times the principal amount outstanding under this Note, together with any accrued but unpaid interest (the "Liquidation Preference"), as of the date of the
Liquidation Event. For the purposes of this Note, a declaration of bankruptcy or a dissolution and winding up of Borrower shall constitute a "Liquidation Event." 

        5.    Miscellaneous.    

        (a)   With
the written consent of Lender, the obligations of the Borrower and the rights of the holders under the Notes may be waived (either generally or in a particular
instance, either retroactively or prospectively and either for a specified period of time or indefinitely), and with the same consent the Borrower, when authorized by resolution of its Board of
Directors, may enter into a supplementary agreement for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Note. 

        (b)   This
Note shall be binding upon the Borrower's successors and assigns, and shall inure to the benefit of the Lender's successors and assigns. 

 

        (c)   In
no event shall the interest rate and other charges under this Note exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in
a final determination, deem applicable hereto. In the event that a court determines that Lender has received interest and other charges under this Note in excess of the highest permissible rate
applicable hereto, such excess shall be deemed received on account of, and shall automatically be applied to reduce, the outstanding principal amount hereunder and the provisions thereof shall be
amended to provide for the highest permissible rate. If there is no outstanding principal amount under this Note, Lender shall refund such excess to the Borrower. 

        (d)   This
Note and the rights and obligations of the Company, the Lender, or any subsequent holder of this Note shall be governed by, and shall be construed and
enforced in accordance with, the internal laws of the state of Colorado, without regard to conflicts of law principles. No party hereto, holder hereof, or beneficiary hereunder shall commence or
prosecute any action, suit, proceeding or claim arising under or by reason of this Note other than in the state or federal courts located in the city and county of Denver, Colorado. The
Company, the Lender, and each subsequent holder of this Note irrevocably consents to the jurisdiction and venue of the courts identified in the preceding sentence in connection with any action,
suit, proceeding or claim arising under or by reason of this Note. 

        (e)   The
Borrower hereby agrees, subject only to any limitation imposed by applicable law, to pay all expenses, including reasonable attorneys' fees and legal expenses,
incurred by the holder of this Note in endeavoring to collect any amounts payable hereunder which are not paid when due, whether by declaration or otherwise. 

        (f)    Nothing
contained in this Note shall be construed as conferring upon the Lender or any other person the right to vote or to consent or to receive notices as a
shareholder in respect of meetings of shareholders for the election of directors of the Company or any other matters or any rights whatsoever as a shareholder of the Company; and no dividends or
interest shall be payable or accrued in respect of this Note or the interest represented hereby or the Note Shares obtainable hereunder until, and only to the extent that, this
Note shall have been converted. 

        (g)   This
Note is secured only by an account receivable from Telecom Italia in approximately the amount of $128,345, as per invoice number 1050089. 

        (h)   The
parties hereby expressly waive presentment, demand for payment, dishonor, notice of dishonor, protest, notice of protest, and any other formality. 

	 	 	BORROWER:
	

 	
 	

HYPERSPACE COMMUNICATION, INC
	

 	
 	

    
 (signature)
	

 	
 	

    
 (print name)
	

 	
 	

    
 (title)

2

 
 

Exhibit A    
    
    CERTIFICATE OF ACCREDITED INVESTOR    
    

        1.     The
undersigned warrant holder (the "Warrant Holder") understands and agrees that neither the Warrant, nor the securities issuable thereunder (the "Securities"), have
been or will be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and the Securities are being offered and sold by the Company to the Warrant Holder in
reliance upon an exemption from registration provided by Section 4(2) of the Securities Act, or Regulation D promulgated thereunder. 

        2.     The
Warrant Holder understands, acknowledges, and agrees that the Company is a development stage entity, with little operating history and no liquid assets. The Company
has provided to Warrant Holder its business plan and/or other materials that discuss the goals and mission of the Company (the "Materials"), but in the end analysis, the Materials constitute only a
forward-looking plan containing forward-looking statements. These statements relate to future events and involve known and unknown risks and uncertainties that may cause the actual results, levels of
activity, performance or achievements of the Company to be materially different from any projections of future results, levels of activity, performance or achievements expressed or implied by the
Materials. Since there are many risks, both known and unknown, involved with investing in a development stage entity, the Company has limited the offer or Sale of the Securities to "accredited
investors" who will evaluate the Company and the Materials critically based on such Warrant Holder's own experiences, without reliance upon any disclosure of the Company. The Materials disclose only
an expectation of what the Company intends to accomplish based on management's beliefs and assumptions concerning the existing economic and business environment. Actual events or results may differ
materially. In evaluating the Company and the Securities, the undersigned Warrant Holder considered all factors, especially the risks of a development stage venture that will need additional funding,
and customer contacts to execute on its business plan, even though there is no assurance that such additional funding or customer contacts will be obtained or available. Warrant Holder acknowledges
and agrees that the Securities are highly speculative investments that involve a substantial degree of risk of loss, up to and including a loss of Warrant Holder's entire investment in the Company. 

        3.     The
Warrant Holder represents, warrants and covenants (which representations, warranties and covenants shall survive delivery of the Warrant or the Securities issuable
thereunder) to the Company, and acknowledges that the Company is relying thereon, that: 

	(a)
	Warrant
Holder is authorized to consummate the purchase of the Securities;

	(b)
	Warrant
Holder is a sophisticated investor and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits, and risks of the
investment and is able to bear the economic risk of loss of the investment;

	(c)
	Warrant
Holder is an "accredited investor" within the meaning of Rule 501(a) of Regulation D under the Securities Act ("Accredited Investor") and is purchasing the
Securities for his, her or its own account for investment and not with a view to any resale, distribution or other disposition of the Securities or any part thereof in any transaction that would be in
violation of the securities laws of the United States or any state thereof;

	(d)
	Warrant
Holder has not purchased the Securities as a result of any form of general solicitation or general advertising, as those terms are used in Regulation D under the
Securities Act, including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio, or television, or any seminar or
meeting whose attendees have been invited by general solicitation or general advertising;

	(e)
	if
Warrant Holder decides to offer, sell or otherwise transfer any of the Securities, it will not offer, sell or otherwise transfer any of such securities directly or indirectly,
unless:

	(i)
	the
sale is to the Company;

	(ii)
	the
sale is made pursuant to an effective registration statement; 

 

	(iii)
	the
sale is made in compliance with the exemption from the registration requirements under the Securities Act provided by Rule 144, Rule 145 or Rule 144A
thereunder, if available, and in accordance with any applicable state securities or "Blue Sky" laws; or

	(iv)
	the
securities are sold in a transaction that does not require registration under the Securities Act or any applicable U.S. state laws and regulations governing the offer and sale of
securities; and with respect to subparagraph (iv) hereof, it has prior to such sale, furnished to the Company an opinion of counsel reasonably satisfactory to the Company;

	(f)
	the
Warrant Holder understands and acknowledges that the Securities are "restricted securities" and upon the original issuance thereof, and until such time as the same is no longer
required under the applicable requirements of the Securities Act or applicable U.S. state laws and regulations, the certificates representing the Securities will bear a legend in substantially the
following form: 

THE
SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, AND NO INTEREST MAY BE SOLD, DISTRIBUTED, ASSIGNED,
OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING
SAID SECURITIES, (B) THE COMPANY RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER OF THE SECURITIES REASONABLY SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSACTION IS EXEMPT FROM
REGISTRATION OR (C) THE COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION OR (D) PURSUANT TO RULE 144 OF THE SECURITIES ACT OF 1933. 

	(g)
	Warrant
Holder has been afforded the opportunity (i) to ask such questions as the Warrant Holder has deemed necessary of, and to receive answers from, representatives of the
Company concerning the terms and conditions of the offering of the Securities and (ii) to obtain such additional information which the Company possesses or can acquire without unreasonable
effort or expense necessary to verify the accuracy and completeness of the information requested and that he, she or it has considered necessary in connection with its decision to invest in the
Securities;

	(h)
	Warrant
Holder understands that the Company shall instruct its transfer agent to refuse to register any transfer of Securities without first being notified by the Company that it is
satisfied that such transfer is exempt from or not subject to the registration requirements of the Securities Act;

	(i)
	Warrant
Holder consents to the Company making a notation on its records or giving instruction to the registrar and transfer agent of the Company in order to implement the restrictions
on transfer set forth and described herein;

	(j)
	the
address of the Warrant Holder at which the Warrant Holder received and accepted the offer to purchase the Securities is the address listed on the signature page to this
Certificate;

	(k)
	the
Company is a development stage entity that has been operating at a loss and may do so for the foreseeable future;

	(l)
	any
projections, predictions, or forecasts that may have been made available to Warrant Holder, including but not limited to, projections, predictions, or forecasts concerning
revenues, expenses, customers, and head count, are based on estimates, assumptions and forecasts which 

2

 

may
prove to be incorrect; and no assurance is given that actual results will correspond with the results contemplated by the various projections; 

	(m)
	at
no time has it been explicitly or implicitly represented, guaranteed or warranted to the Warrant Holder by the Company, the agents and employees of the Company, or any other
person: (i) that Warrant Holder will or will not have to remain as owner of the Securities for an exact or approximate length of time; (ii) that a percentage of profit and/or amount or
type of consideration will be realized as a result of this investment; (iii) that any cash dividends from Company operations or otherwise will be made to holders of the Securities by any
specific date or will be made at all; or (iv) that any specific tax benefits will accrue as a result of an investment in the Company;

	(n)
	Warrant
Holder is capable of bearing the high degree of economic risks and burdens of this start-up venture including, but not limited to, the possibility of complete loss
of investment and the lack of a public market which may make it impossible to readily liquidate the investment whenever desired;

	(o)
	Warrant
Holder has had prior personal or business relationships with the Company or its affiliates, or by reason of the undersigned's business or financial experience (either alone or
with the aid of a purchaser representative), the undersigned has the capacity to protect the undersigned's own interest in connection with this transaction;

	(p)
	Warrant
Holders has been advised to consult with Warrant Holder's own attorney regarding legal matters concerning an investment in the Company and has done so to the extent the
undersigned considers necessary

	(q)
	Warrant
Holder acknowledges that the representations and warranties and agreements contained in this Certificate are made with the intent that they may be relied upon by the Company
in determining Warrant Holder's eligibility to purchase Securities. The Warrant Holder agrees that by accepting Securities Warrant Holder is representing and warranting that the representations and
warranties above are true upon delivery of the Securities with the same force and effect as if they had been made by Warrant Holder upon delivery of such Securities and that they shall survive the
purchase of Securities and shall continue in full force and effect notwithstanding any subsequent disposition by Warrant Holder of such Securities. 

	 	 	 	WARRANT HOLDER:
	

Date:	

 	
 	

 	

 
	 	
	 	
 Ed Peats
	

 	

 	
 	

Address:	

 
	 	 	 	 	

	

 	

 	
 	

 	

	

 	

 	
 	

 	

3

 
 

Exhibit B    
    

        THE WARRANTS AND UNDERLYING SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND ARE
"RESTRICTED SECURITIES" AS THAT TERM IS DEFINED IN RULE 144 UNDER THE ACT. THE SECURITIES REPRESENTED HEREBY MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY. 

Warrant
Certificate No.         

WARRANT
TO PURCHASE 5,000 SHARES

VOID AFTER 5:00 P.M., MOUNTAIN TIME, ON THE TERMINATION DATE 

HYPERSPACE
COMMUNICATIONS, INC.
 WARRANT AGREEMENT AND CERTIFICATE  

        This certifies that, for value received, Ed Peats, the registered holder hereof (the "Warrantholder") is entitled to purchase from HyperSpace
Communications, Inc., a Colorado corporation (the "Company") with its principal office located at 8480 E. Orchard Road, Suite 6600, Denver, CO 80111, at any time before on or before the
Termination Date (as defined below) at the purchase price of $0.3125 per share (the "Exercise Price"), the number of shares of the Company's Common Stock (the "Shares") set forth above. The number of
Shares purchasable upon exercise of this Warrant, and the Exercise Price per Share, shall be subject to adjustment from time to time as set forth in Section 3 below. The Termination Date is
5:00 P.M., Mountain Time, January 15, 2005. 

        Section 1.    Transfer or Exchange of Warrant.    

        1.1   The
Company shall be entitled to treat the registered owner of any Warrant as the owner in fact thereof for all purposes and shall not be bound to recognize any
equitable or other claim to or interest in such Warrant on the part of any other person, and shall not be liable for any registration of transfer of Warrants which are registered or to be registered
in the name of a fiduciary or the nominee of a fiduciary unless made with the actual knowledge that a fiduciary or nominee is committing a breach of trust in requesting such registration of transfer,
or with such knowledge of such facts that its participation therein amounts to gross negligence or bad faith. 

        1.2   This
Warrant may not be sold, transferred, assigned or hypothecated except pursuant to all applicable federal and state securities laws. 

        1.3   A
Warrant shall be transferable only on the books of the Company upon delivery of this Warrant Certificate duly endorsed by the Warrantholder or by its duly authorized
attorney or representative, or accompanied by proper evidence of succession, assignment or authority to transfer. Upon any registration of transfer, the Company shall deliver a new Warrant Certificate
to the persons or entities entitled thereto. 

        Section 2.    Term of Warrants; Exercise of Warrants.    

        2.1   Subject
to the terms of this Agreement and Certificate, the Warrantholder shall have the right, which may be exercised commencing upon issuance and ending at
5:00 p.m. Mountain Time on the Termination Date, to purchase from the Company the number of Shares which the Warrantholder may at that time be entitled to purchase on exercise of this Warrant. 

        2.2   A
Warrant shall be exercised by surrender to the Company, at its principal office, of this Certificate evidencing the Warrant to be exercised, together with the form of
election to purchase attached hereto duly filled in and signed, and payment to the Company of the Exercise Price for the number of Shares in respect of which such Warrant is then exercised. Payment of
the aggregate Exercise Price shall be made in cash or certified funds. 

 

        2.3   Subject
to Section 3 hereof, upon surrender of a Warrant Certificate and payment of the Exercise Price as aforesaid, the Company shall issue and cause to be
delivered with all reasonable dispatch, to or upon the written order of the Warrantholder exercising such Warrant and in such name or names as such Warrantholder may designate, certificates for the
number of Shares so purchased upon the exercise of such Warrant. Such certificate or certificates shall be deemed to have been issued and any person so designated to be named therein shall be deemed
to have become a holder of record of such Shares as of the date of receipt by the Company of such Warrant Certificate and payment of the Exercise Price. The rights of purchase represented by the
Warrants shall be exercisable, at the election of the Warrantholder, either in full or from time to time in part and, in the event that a Warrant Certificate is exercised to purchase less than all of
the Shares purchasable on such exercise at any time prior to the Termination Date, a new Warrant Certificate evidencing the remaining Warrant or Warrants will be issued. 

        2.4   The
Warrantholder will pay all documentary stamp taxes, if any, attributable to the initial issuance of the Shares upon the exercise of Warrants. 

        Section 3.    Adjustment of Exercise Price and Shares.    

        3.1   If
there is any change in the number of shares of outstanding Common Stock through the declaration of stock dividends, or through a recapitalization resulting in stock
splits or combinations or exchanges of such shares, the number of shares of Common Stock underlying the Warrants, and the exercise price per share of the outstanding Warrants, shall be proportionately
adjusted by the Board to reflect any increase or decrease in the number of issued shares of Common Stock; provided, however, that any fractional shares resulting from such adjustment shall be
eliminated. 

        3.2   In
the event of the proposed dissolution or liquidation of the Company, or any corporate separation or division, including, but not limited to, split-up,
split-off or spin-off, or a merger or consolidation of the Company with another corporation, the Board may provide that each Warrantholder shall have the right to exercise such
Warrant (at its then current Exercise Price) solely for the kind and amount of shares of stock and other securities, property, cash or any combination thereof receivable upon such dissolution,
liquidation, corporate separation or division, or merger or consolidation by a holder of the number of shares of Common Stock for which such Warrant might have been exercised immediately prior to such
dissolution, liquidation, corporate separation or division, or merger or consolidation; or, in the alternative the Board may provide that the Warrants shall terminate as of a date fixed by the Board;
provided, however, that not less than 30 days' written notice of the date so fixed shall be given to each Warrantholder, who shall have the right, during the period of 30 days preceding
such termination, to exercise the Warrant as to all or any part of the shares of Common Stock covered thereby. 

        3.3   The
preceding paragraph shall not apply to a merger or consolidation in which the Company is the surviving corporation and shares of Common Stock are not converted into
or exchanged for stock, securities of any other corporation, cash or any other thing of value. Notwithstanding the preceding sentence, in case of any consolidation or merger of another corporation
into the Company in which the Company is the surviving corporation and in which there is a reclassification or change (including a change to the right to receive cash or other property) of the shares
of Common Stock (excluding a change in par value, or from no par value to par value, or any change as a result of a subdivision or combination, but including any change in such shares into two or more
classes or series of shares), the Board may provide that the holder of this Warrant shall have the right to exercise such Warrant solely for the kind and amount of shares of stock and other securities
(including those of any new direct or indirect Parent of the Company), property, cash or any combination thereof receivable upon such reclassification, change, consolidation or merger by the holder of
the number of shares of Common Stock for which such Warrant might have been exercised. 

2

 

        3.4   In
the event of a change in the Common Stock of the Company as presently constituted into the same number of shares with a par value, the shares resulting from any such
change shall be deemed to be the Common Stock of the Company within the meaning of this agreement. 

        3.5   To
the extent that the foregoing adjustments relate to stock or securities of the Company, such adjustments shall be made by the Board, whose determination in that
respect shall be final, binding and conclusive. 

        3.6   Except
as expressly provided herein, the Warrantholder shall have no rights by reason of any subdivision or consolidation of shares of stock of any class, or the payment
of any stock dividend or any other increase or decrease in the number of shares of stock of any class, or by reason of any dissolution, liquidation, merger, or consolidation or spin-off of
assets or stock of another corporation; and any issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to this Warrant. The grant of this Warrant shall not affect in any way the right or power of the
Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structures, or to merge or consolidate, or to dissolve, liquidate, or sell or transfer all or any
part of its business or assets. 

        Section 4.    Mutilated or Missing Warrant Certificates.    In case any Warrant Certificate shall be mutilated,
lost, stolen or destroyed, the Company shall, at the request of the holder of such Certificate, issue and deliver, in exchange and substitution for and upon cancellation of the mutilated Certificate,
or in lieu of and substitution for the Certificate, lost, stolen or destroyed, a new Warrant Certificate of like tenor and representing an equivalent right or interest; but only upon receipt of
evidence satisfactory to the Company of such loss, theft or destruction of such Warrant Certificate and indemnity, if requested, also satisfactory to the Company. An applicant for such a substitute
Warrant Certificate shall also comply
with such other reasonable regulations and pay such other reasonable charges as the Company may prescribe. 

        Section 5.    Reservation of Shares of Common Stock.    There has been reserved, and the Company shall at all
times keep reserved so long as any of the Warrants remain outstanding, out of its authorized Common Stock a number of shares of Common Stock sufficient to provide for the exercise of the rights of
purchase represented by the outstanding Warrants and the underlying securities. 

        Section 6.    No Fractional Shares.    The Company shall not be required to issue fractional shares or scrip
representing fractional shares upon the exercise of the Warrants. As to any final fraction of a Share which the Warrantholder would otherwise be entitled to purchase upon such exercise, the Company
shall pay a cash adjustment in respect of such final fraction in an amount equal to the same fraction of the market price of a share of Common Stock on the business day preceding the day of exercise. 

        Section 7.    Transfer and Exercise to Comply With the Securities Act of 1933.    The Warrants may not be
exercised except in a transaction exempt from registration under the Act. 

        Section 8.    Notices.    Any notice pursuant to this Agreement by the Company or by the Warrantholder shall be
in writing and shall be deemed to have been duly given if delivered or mailed certified mail, return receipt requested to the Company or the Warrantholder at the addresses set forth above. Each party
hereto may from time to time change the address to which notices to it are to be delivered or mailed hereunder by notice in accordance herewith to the other party. 

        Section 9.    Successors.    All the covenants and provisions of this Agreement by or for the benefit of the
Company or the Warrantholder shall bind and inure to the benefit of their respective successors and assigns. 

3

 

        Section 10.    Applicable Law.    This Warrant Agreement and Certificate and any replacement Certificate issued
hereunder shall be governed by the laws of the State of Colorado. 

	 	 	HYPERSPACE COMMUNICATIONS, INC., a Colorado corporation
	

 	
 	

By:	
 	

 
	 	 	 	 	

	

 	
 	

Name:	
 	

 
	 	 	 	 	

	

 	
 	

Title:	
 	

 
	 	 	 	 	

4

 
 

PURCHASE FORM    
    

Dated                        ,         

        The undersigned hereby irrevocably elects to exercise the Warrant represented by this Warrant Certificate to the extent of purchasing
                        Shares of HYPERSPACE COMMUNICATION, INC., and hereby makes payment of $0.3125 per Share in payment of
the exercise price thereof.

INSTRUCTIONS FOR REGISTRATION OF STOCK  

	Name:	 	 
	 	 	
 (please type or print in block letters)
	

Address:	
 	

 
	 	 	

	

 	
 	

	

 	
 	

	

Signature	
 	

 
	 	 	

	

Dated:	
 	

                        ,
	 	 	

QuickLinks

Exhibit 10.12

SECURED PROMISSORY NOTE

Exhibit A CERTIFICATE OF ACCREDITED INVESTOR

Exhibit B

PURCHASE FORM

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