Document:

EX-10.8

 Exhibit 10.8 

Execution Version 

SEPARATION AND RELEASE AGREEMENT 

THIS SEPARATION AND RELEASE AGREEMENT (this
“Agreement”) is made and entered into effective as of August 24, 2018 (the “Effective Date”), by and between Eclipse Resources Corporation, a Delaware corporation
(the “Company”), and Christopher K. Hulburt (“Executive”). Any capitalized term set forth in this Agreement that is not defined in this Agreement shall have the meaning given to such term in the
amended and restated employment agreement dated as of August 14, 2017, between Executive and the Company (the “Employment Agreement”). 

WHEREAS, the Company is a party to that certain Agreement and Plan of Merger (the “Merger Agreement”)
among the Company, Everest Merger Sub Inc., and Blue Ridge Mountain Resources, Inc.; 
 WHEREAS, Executive has been informed that his
employment will be terminated on the date of the closing (the “Closing Date”) of the transaction described in the Merger Agreement; 

WHEREAS, under the terms of the Employment Agreement, Executive is entitled to certain severance payments in the event of his
termination of employment or resignation under the circumstances described therein; 
 WHEREAS, in lieu of the payments or benefits
to which Executive would become eligible under the Employment Agreement upon his termination of employment without Cause, Executive and the Company agree that Executive will be eligible to receive the severance payments and benefits set forth
herein; and 
 WHEREAS, the parties desire to settle all claims and issues that have, or could have been raised by the Company or
Executive in relation to Executive’s employment with the Company and arising out of or in any way related to the acts, transactions or occurrences between Executive and the Company to date, including, but not limited to, Executive’s
employment with the Company or the termination of that employment, on the terms set forth below. 
 NOW, THEREFORE, in consideration
of the mutual premises, covenants and agreements herein contained, intending to be legally bound, the parties agree as follows: 
 1. Last
Day of Employment; Resignation from Board of Directors; Termination of Stockholder Rights Agreement. In connection with and contingent upon the Closing, (a) unless Executive’s employment with the Company terminates earlier,
Executive’s last day of employment with the Company will be on the Closing Date, (b) Executive agrees that he will resign from the Board of Directors of the Company effective as of the Closing Date and (c) Executive agrees to take
actions reasonably necessary to cause CKH Partners, L.P. to terminate that certain Stockholders Agreement dated as of June 25, 2014 by and among CKH Partners, L.P., certain other stockholders of the Company and the Company. 

2. Payments and Benefits to Executive from the Company. 

(a) If Executive remains continuously employed by the Company from the Effective Date through the earlier of (i) the
Closing Date, (ii) the date the Company 

 
terminates Executive’s employment with the Company without Cause, or (iii) the date the Executive terminates his employment for Good Reason (such applicable date, if any, is referred to
herein as the “Separation Date”) the Executive will be entitled to the following compensation and benefits to be paid or provided at the times set forth below: 

(i) Accrued Obligations. The Company shall pay the Executive any unpaid but earned Base Salary accrued up to the
Separation Date to be paid on the next regularly scheduled payroll date of the Company immediately following the Separation Date. In addition, Executive shall be entitled to receive (A) any benefits or compensation as provided under the
terms of any employee benefit and compensation agreements or plans applicable to Executive, (B) unreimbursed business expenses required to be reimbursed to Executive, and (C) rights to indemnification Executive may have under the
Company’s Articles of Incorporation, Bylaws, or separate indemnification agreement, as applicable. 
 (ii) Severance
Payment. The Company will pay Executive an amount equal to $1,283,160, which constitutes two (2) times the sum of (A) Executive’s Base Salary as of the Separation Date, and (B) the amount equal to Executive’s
target annual bonus for the fiscal year that includes the Separation Date, which amount will be paid in a lump sum payment following the Release Effective Date, but no more than 30 days after the Separation Date. 

(iii) Pro Rata Bonus. The Company shall pay the Executive an amount (the “Pro Rata Bonus”) equal
to the product of (A) $294,780 (his target annual bonus for the 2018 year) and (B) a fraction, the numerator which is the number of calendar days that elapsed between January 1, 2018, and the Separation Date, and the denominator of which
is 365. The Pro Rata Bonus will be paid in a lump sum payment following the Release Effective Date, but no more than 30 days after the Separation Date. 

(iv) Outstanding Equity Awards. 

(A) Performance Stock Units. 536,895 of the 637,620 outstanding and unvested performance stock units held by Executive
as set forth on the attached Schedule I shall immediately become earned and vested. Each such earned and vested performance stock unit shall represent the right to receive following the Release Effective Date, but no more than 30 days after
the Separation Date, (I) one (1) share of common stock of the Company if the issuance thereof occurs prior to the effectiveness of the Parent Charter Amendment (as defined in the Merger Agreement) or
(II) one-fifteenth (1/15) of one (1) share of common stock of the Company if the issuance thereof occurs after the effectiveness of the Parent Charter Amendment. The remaining 100,725 outstanding and
unvested performance stock units held by Executive as set forth on the attached Schedule I shall be immediately forfeited and cancelled. 

  
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 (B) Restricted Stock Units. 427,122 outstanding and unvested
restricted stock units held by the Executive as set forth on the attached Schedule II shall immediately vest. 
 (C)
The Company shall take all action reasonably required to cause the prompt issuance and delivery to Executive of any shares of common stock of the Company attributable to vested performance stock units and restricted stock units following the Release
Effective Date, but no more than 30 days after the Separation Date. 
 (D) In accordance with the terms of the applicable
award agreements, the Company shall withhold from the shares of stock to be issued to the Executive as a result of the vesting of performance stock units and restricted stock units pursuant to Sections 2(a)(v)(A) and (B) of this Agreement the
number of shares necessary to satisfy the Company’s obligation to withhold taxes. 
 (v) Accrued and Unused Paid Time
Off. The Company shall pay Executive the value of any of Executive’s accrued but unused paid time off (“PTO”) as of his Separation Date in a single lump sum payment following the Release Effective Date, but no more
than 30 days after the Separation Date. For this purpose, Executive’s accrued but unused PTO will be determined without regard to any annual PTO accrual limits under the Company’s PTO policy. 

(vi) Post-Employment Health Coverage. During the portion, if any, of the
18-month period following the Separation Date that Executive elects to continue coverage for Executive, Executive’s spouse or Executive’s eligible dependents under the Company’s group health
plans under COBRA, the Company will promptly reimburse Executive on a monthly basis for the amount paid to effect and continue such coverage (“COBRA Reimbursement Amounts”); provided, however, that payment of the COBRA
Reimbursement Amounts by the Company to Executive will cease immediately upon the date that Executive begins providing services to a subsequent employer that provides comparable group health plan coverage benefits to its employees. Nothing contained
herein is intended to limit or otherwise restrict any rights to continued group health plan coverage pursuant to COBRA following the period described in the preceding sentence. 

(b) Release and Compliance with this Agreement. With the exception of the Accrued Obligations set forth in
Section 2(a)(i), the obligation of the Company to pay any portion of the amounts due pursuant to Section 2(a) of this Agreement is expressly conditioned on Executive’s (i) execution (on or within
twenty-one (21) days following the Separation Date) and non-revocation of the release attached as Exhibit A (the
“Release”), and (ii) Executive’s compliance with the requirements of Sections 3 and 5(a). As used herein, the “Release Effective Date” is the date on which the Release becomes irrevocable (as
provided in Section 5 of the Release). 
 (c) Nonduplication of Benefits. If any payments or benefits are paid or
provided under Section 2 of this Agreement, then Executive shall not be paid or provided 

  
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any payments or benefits under Executive’s Employment Agreement. 

(d) Section 16. The Company shall prepare on behalf of Executive a Form 4, in form reasonably
approved by Executive, reporting, among any other required reportable transactions, Executive’s exit from the reporting system requirements of Section 16 of the Securities Exchange Act of 1934, as amended
(“Section 16”). The Company shall cause such Form 4 to be filed with the Securities and Exchange Commission (the “SEC”) on Executive’s behalf on the Separation Date. 

3. Continuing Obligations. Executive hereby acknowledges and affirms his continuing obligations under Section 6 (Confidentiality)
and Section 7 (Competition) of the Employment Agreement. 
 4. Protected Communications. Nothing in this Agreement is intended
to, or will be used in any way to, limit Executive’s rights to communicate with the SEC or any other governmental agency, as provided for, protected under or warranted by applicable law, including, but not limited to, Section 21F of the
Securities Exchange Act of 1934, as amended, and SEC Rule 21F-7 (the “Protected Communications”). Nothing in this Agreement requires you to notify, or obtain permission from, the
Company before engaging in any Protected Communications. 
 5. Nondisparagement. 

(a) Executive agrees to refrain from disparaging the Company and its affiliates, including any of its services, technologies or
practices, or any of its directors, officers, agents, representatives or stockholders, either orally or in writing. Nothing in this Section 5(a) precludes Executive from making truthful statements that are reasonably necessary to comply with
applicable law, regulation or legal process. 
 (b) The Company agrees to refrain from disparaging Executive, including any
of Executive’s services or practices, either orally or in writing. Nothing in this Section 5(b) precludes the Company from making truthful statements that are reasonably necessary to comply with applicable law, regulation or legal process.

 6. Assignment and Successors. The Company may assign its rights and obligations under this Agreement to any successor to all or
substantially all of the business or the assets of the Company (by merger or otherwise), and may assign or encumber this Agreement and its rights hereunder as security for indebtedness of the Company and its affiliates. This Agreement is binding
upon and inure to the benefit of the Company, Executive and their respective successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable. None of Executive’s
rights or obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be transferred only by will or operation of law. 

7. Section 409A. The amounts payable pursuant to this Agreement are intended to be exempt from section 409A of the
Code, and related U.S. treasury regulations or official pronouncements (“Section 409A”) and will be construed in a manner that is compliant with such exemption; provided, however, if and to
the extent that any compensation payable under this Agreement is determined to be subject to Section 409A, this Agreement will be construed in a manner that will comply with Section 409A, and provided further, however, that no person

  
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connected with this Agreement in any capacity, including but not limited to the Company and its affiliates, and their respective directors, officers, agents and employees, makes any
representation, commitment or guarantee that any tax treatment, including but not limited to, federal, state and local income, estate and gift tax treatment, will be applicable with respect to any amounts payable or benefits provided under this
Agreement. Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed on his Separation Date to be a “specified employee” within the meaning of Section 409A, then any payments and benefits under this
Agreement that are subject to Section 409A and paid by reason of a termination of employment will be made or provided on the later of (a) the payment date set forth in this Agreement or (b) the date that is the earliest of
(i) the expiration of the six-month period measured from the Separation Date, or (ii) the date of Executive’s death (the “Delay Period”). Payments and benefits subject to the
Delay Period will be paid or provided to Executive without interest for such delay. The terms “termination of employment” and “separate from service” as used throughout this Agreement refer to a “separation from
service” within the meaning of Section 409A. 
 8. Maximum Payments by the Company. Notwithstanding anything to the contrary
in this Agreement, if Executive is a “disqualified individual” (as defined in section 280G(c) of the Code), and the payments and benefits provided for in this Agreement, together with any other payments and benefits which Executive has the
right to receive from the Company or any of its affiliates, would constitute a “parachute payment” (as defined in section 280G(b)(2) of the Code), then the payments and benefits provided for in this Agreement will be either
(a) reduced (but not below zero) so that the present value of such total amounts and benefits received by Executive from the Company and its affiliates will be one dollar ($1.00) less than three times Executive’s “base amount”
(as defined in section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by Executive will be subject to the excise tax imposed by section 4999 of the Code, or (b) paid in full, whichever produces the better
net after-tax position to Executive (taking into account any applicable excise tax under section 4999 of the Code and any other applicable taxes). The reduction of payments and benefits hereunder, if
applicable, will be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and
continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order. The determination
as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary will be made by an Independent Tax Advisor. If a reduced payment or benefit is made or provided, and through error or otherwise, that payment
or benefit, when aggregated with other payments and benefits from the Company (or its affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times Executive’s base amount, then
Executive will immediately repay such excess to the Company upon notification that an overpayment has been made. “Independent Tax Advisor” shall mean a lawyer with a nationally recognized law firm, a certified public accountant with a
nationally recognized accounting firm, or a compensation consultant with a nationally recognized actuarial and benefits consulting firm, in each case with expertise in the area of executive compensation tax law, who shall be selected by the Company
and shall be acceptable to Executive, and all of whose fees and disbursements shall be paid by the Company. Nothing in this Section 8 requires the Company to be responsible for, or have any liability or obligation with respect to,
Executive’s excise tax liabilities under section 4999 of the Code. 
 9. Clawback. Notwithstanding any other provision of this
Agreement to the contrary, 

  
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Executive acknowledges and agrees that any amounts payable under this Agreement shall be subject to clawback, cancellation, recoupment, rescission, payback or other action in accordance with the
terms of any policy (the “Policy”) (whether in existence as of the Effective Date or later adopted) established by the Company providing for clawback, cancellation, recoupment, rescission, payback or other action of amounts
paid to Executive. Executive agrees and consents to the Company’s application, implementation and enforcement of (a) the Policy and (b) any provision of applicable law relating to the clawback, cancellation, recoupment, rescission or
payback of Executive’s compensation, and expressly agrees that the Company may take such actions as are necessary to effectuate the Policy or applicable law without further consent or action being required by Executive. To the extent that the
terms of this Agreement and the Policy conflict, then the terms of the Policy shall prevail. 
 10. Miscellaneous. 

(a) Notices. For purposes of this Agreement, notices and all other communications provided for herein will be in writing
and deemed to have been duly given (i) when received if delivered personally or by courier, or (ii) on the date receipt is acknowledged if delivered by certified mail, postage prepaid, return receipt requested, as follows: 

 

			
	If to Executive, addressed to:	  	 Christopher K. Hulburt
 414 Brandywine Drive

State College, PA 16801, or the last known
 residential address
reflected in the Company’s records

		
	If to the Company, addressed to:	  	 Eclipse Resources Corporation
 2121 Old
Gatesburg Road, Suite 110
 State College, Pennsylvania 16803

Attention: General Counsel

 or to such other address as either party may furnish to the other in writing, except that notices or changes of
address are effective only upon receipt. 
 (b) Applicable Law. This Agreement is entered into under, and governed for
all purposes by, the laws of the Commonwealth of Pennsylvania, without regard to conflicts of laws principles thereof. 
 (c)
No Waiver. No failure by either party hereto at any time to give notice of any breach by the other party of, or to require compliance with, any condition or provision of this Agreement will be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time. 
 (d) Severability. If a court of competent
jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision will not affect the validity or enforceability of any other provision of this Agreement, and all
other provisions remain in full force and effect. 

  
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 (e) Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original, but all of which together will constitute one and the same Agreement. 

(f) Withholding of Taxes and Other Employee Deductions. The Company or its affiliates may withhold from any benefits and
payments made pursuant to this Agreement all federal, state, city, and other taxes and withholdings as may be required pursuant to any law or governmental regulation or ruling and all other customary deductions made with respect to the
Company’s employees generally. 
 (g) Headings. The section headings have been inserted for purposes of
convenience and may not be used for interpretive purposes. 
 (h) Gender and Plurals. Wherever the context so
requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural and conversely. 

(i) Third Party Beneficiaries. Each affiliate of the Company will be a third party beneficiary of, and may directly
enforce, Executive’s obligations under Sections 3, 4 and 5. 
 (j) Survival. Termination of this Agreement will
not affect any right or obligation of any party which is accrued or vested prior to such termination. Without limiting the scope of the preceding sentence, the provisions of Sections 3, 4, 5 and 10, and those provisions necessary to interpret and
apply them will survive any termination of this Agreement. 
 (k) Entire Agreement. 

(i) This Agreement sets forth the payments and benefits Executive will be paid or provided solely in the event he incurs a
Covered Termination. If Executive incurs a Covered Termination, Executive will be entitled to the payments and benefits described in this Agreement only and will not be paid or provided any payments or benefits described in the Employment Agreement.
If Executive’s employment is terminated for a reason other than a Covered Termination, Executive will not receive any payments or benefits described in this Agreement; but will instead be paid or provided any payments or benefits described in
the Employment Agreement. 
 (ii) Except as described in Section 10(k)(i) or as provided in any signed written agreement
contemporaneously or hereafter executed by the Company and Executive, this Agreement (i) constitutes the entire agreement of the parties with regard to the subject matter hereof, (ii) supersedes all prior agreements, arrangements, and
understandings, written or oral, relating to the subject matter hereof, and (iii) contains all the covenants, promises, representations, warranties, and agreements between the parties with respect to employment of Executive by the Company.
Without limiting the scope of the preceding sentence, all understandings and agreements preceding the date of execution of this Agreement and relating to the subject matter hereof are hereby null and void and of no further force and effect. 

  
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 (l) Modification; Waiver. Any modification to or waiver of this
Agreement will be effective only if it is in writing and signed by the parties to this Agreement. 
 (m) Actions by the
Board. Any and all determinations or other actions required of the Board hereunder that relate specifically to Executive’s employment or the terms and conditions of such employment will be made by the members of the Board, other than
Executive if Executive is a member of the Board, and Executive will not have any right to vote or decide upon any such matter. 

(n) Forum and Venue. With respect to any claims, legal proceeding or litigation arising in connection with this
Agreement, the parties hereto hereby consent to the exclusive jurisdiction, forum, and venue of the state and federal courts, as applicable, located in Centre County, Pennsylvania. 

(o) Enforcement. The parties agree that irreparable damage, for which monetary damages would not be an adequate remedy,
would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached by the parties. It is accordingly agreed that the parties shall be entitled to seek an
injunction or injunctions, or any other appropriate form of specific performance or equitable relief, to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to
which they are entitled under the terms of this Agreement at law or in equity. 
 (p) Further Assurances. Upon the
reasonable request of any other party, each party hereto agrees to take any and all actions, including, without limitation, the execution of certificates, documents or instruments, necessary or appropriate to give effect to the terms and conditions
set forth in this Agreement. 
 (q) Interpretation. This Agreement shall not be construed more strictly against either
party hereto, regardless of which party is responsible for its preparation, it being agreed that this Agreement was fully negotiated by both parties. 

[Signatures begin on next page.] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of
the Effective Date. 
  

			
	ECLIPSE RESOURCES CORPORATION
		
	By:	 	 /s/ Matthew R. DeNezza

	Name: Matthew R. DeNezza
	Title: Executive Vice President and Chief Financial Officer
	
	EXECUTIVE
		
	By:	 	 /s/ Christopher K. Hulburt

	Name: Christopher K. Hulburt

 EXHIBIT A 

RELEASE 
 1. In accordance
with the terms of the Amended and Restated Employment Agreement(the “Employment Agreement”), dated as of August 14, 2017 by and between Christopher K. Hulburt (“Executive”) and Eclipse Resources
Corporation (the “Company”) (each of Executive and the Company, a “Party” and together, the “Parties”), and in consideration of the payments and benefits described in Section 2 of the
Separation and Release Agreement, dated as of August 24, 2018, by and between Executive and the Company (the “Separation Agreement”), the sufficiency of which Executive acknowledges, Executive, with the intention of binding
himself and his heirs, executors, administrators and assigns, does hereby release, remise, acquit and forever discharge the Company and each of its subsidiaries and affiliates (the “Company Affiliated Group”), their present and
former officers, directors, executives, stockholders, agents, attorneys, employees and employee benefit plans (and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the “Company
Released Parties”), of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of
whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected, which Executive, individually or as a member of a class, now has, owns
or holds, or has at any time heretofore had, owned or held, arising on or prior to the date hereof, against any Company Released Party that arises out of, or relates to, the Employment Agreement, Executive’s employment with the Company or any
of its subsidiaries and affiliates, or any termination of such employment, including claims (i) for severance or vacation or paid time off benefits, unpaid wages, salary or incentive payments, (ii) for breach of contract, wrongful
discharge, impairment of economic opportunity, defamation, intentional infliction of emotional harm or other tort, (iii) for any violation of applicable state and local labor and employment laws (including, without limitation, all laws
concerning unlawful and unfair labor and employment practices) and (iv) for employment discrimination under any applicable federal, state or local statute, provision, order or regulation, and including, without limitation, any claim
under Title VII of the Civil Rights Act of 1964 (“Title VII”), the Civil Rights Act of 1988, the Fair Labor Standards Act, the Americans with Disabilities Act (“ADA”), the Family and Medical Leave Act, the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), the Age Discrimination in Employment Act (“ADEA”), the Equal Pay Act, the Uniformed Services Employment and Reemployment Rights Act and any similar or
analogous state statute. Notwithstanding the foregoing, this Release will not apply and expressly excludes: (a) vested benefits under any plan maintained by the Company that provides for deferred compensation, equity compensation or pension or
retirement benefits; (b) health benefits under any policy or plan currently maintained by the Company that provides for health insurance continuation or conversion rights including, but not limited to, rights and benefits to continue health
care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended or similar state law; (c) any claim that cannot by law be waived or released by private agreement; (d) claims arising after the date of the Release;
(e) to the extent not paid as of the date of this Release, payments and benefits to be made under the Separation Agreement; (f) claims under any directors and officers insurance policies; and (g) rights to indemnification Executive
may have under the by-laws or certificate of incorporation of the Company and its Affiliates, any applicable indemnification agreements with the Company and its Affiliates or applicable law. 

  
 Exhibit A – Page 1

 2. Executive acknowledges and agrees that the release of claims set forth in this Release is
not to be construed in any way as an admission of any liability whatsoever by any Company Released Party, any such liability being expressly denied. 

3. The release of claims set forth in this Release applies to any relief no matter how called, including, without limitation, (i) wages,
(ii) back pay or front pay, (iii) compensatory damages, liquidated damages, punitive damages, damages for pain or suffering, (iv) costs, (v) attorneys’ fees and expenses, and (vi) any right to receive any compensation or benefit
from any complaint, claim, or charge with any local, state or federal court, agency or board, or in any proceeding of any kind which may be brought against the Company as a result of such a complaint, claim or charge. 

4. Executive specifically acknowledges that his acceptance of the terms of the release of claims set forth in this Release is, among other
things, a specific waiver of his rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or regulation in respect of discrimination of any kind; provided, however, that nothing herein will be deemed,
nor does anything contained herein purport, to be a waiver of any right or claim or cause of action which by law Executive is not permitted to waive. 

5. As to rights, claims and causes of action arising under the ADEA, Executive acknowledges that he has been given a period of twenty-one (21) days to consider whether to execute this Release. If Executive accepts the terms hereof and executes this Release, he may thereafter, for a period of seven (7) days following (and not
including) the date of execution, revoke this Release as it relates to the release of claims arising under the ADEA. If no such revocation occurs, this Release will become irrevocable in its entirety, and binding and enforceable against Executive,
on the day next following the day on which the foregoing seven-day period has elapsed. If such a revocation occurs, Executive will irrevocably forfeit any right to payment of the severance benefits described
in Section 2 of the Separation Agreement. 
 6. Other than as to rights, claims and causes of action arising under the ADEA, the release
of claims set forth in this Release will be immediately effective upon execution by Executive. 
 7. Executive acknowledges and agrees that
he has not, with respect to any transaction or state of facts existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal. 

8. Executive acknowledges that he is hereby advised to seek, and has had the opportunity to seek, the advice and assistance of an attorney with
regard to the release of claims set forth in this Release, and has been given a sufficient period within which to consider the release of claims set forth in this Release. 

9. Executive acknowledges that the release of claims set forth in this Release relates only to claims that exist as of the date of this
Release. 
 10. Executive acknowledges that the severance benefits described in Section 2 of the Separation Agreement he will receive in
connection with the release of claims set forth in this Release and his obligations under this Release are in addition to anything of value to which Executive is entitled from the Company. 

  
 Exhibit A – Page 2

 11. Each provision hereof is severable from this Release, and if one or more provisions
hereof are declared invalid, the remaining provisions will nevertheless remain in full force and effect. If any provision of this Release is so broad, in scope, or duration or otherwise, as to be unenforceable, such provision will be interpreted to
be only so broad as is enforceable. 
 12. This Release constitutes the complete agreement of the Parties in respect of the subject matter
hereof and will supersede all prior agreements between the Parties in respect of the subject matter hereof except to the extent set forth herein. 

13. The failure to enforce at any time any of the provisions of this Release or to require at any time performance by another party of any of
the provisions hereof will in no way be construed to be a waiver of such provisions or to affect the validity of this Release, or any part hereof, or the right of any party thereafter to enforce each and every such provision in accordance with the
terms of this Release. 
 14. This Release may be executed in several counterparts, each of which will be deemed to be an original, but all
of which together will constitute one and the same instrument. Signatures delivered by facsimile will be deemed effective for all purposes. 

15. This Release will be binding upon any and all successors and assigns of Executive and the Company. 

16. Except for issues or matters as to which federal law is applicable, this Release will be governed by and construed and enforced in
accordance with the laws of the Commonwealth of Pennsylvania without resort to any principle of conflict of laws that would require application of the laws of any other jurisdiction. 

[Signature Page Follows] 

  
 Exhibit A – Page 3

 IN WITNESS WHEREOF, this Release has been signed as of ____________________, 20__. 

 

			
	By:	 	
                     

	Name:	 	Christopher K. Hulburt

  
 Exhibit A – Page 4

 Schedule I 

Performance Stock Units 
  

													
	 Date of Grant
	  	PSUs Covered
by Award	 	  	Vested on
Separation Date	 	  	Forfeited on
Separation Date	 
	 April 22, 2016
	  	 	177,376	 	  	 	177,376	 	  	 	0	 
	 February 24, 2017
	  	 	276,744	 	  	 	276,744	 	  	 	0	 
	 February 23, 2018
	  	 	183,500	 	  	 	82,775	 	  	 	100,725	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	637,620	 	  	 	536,895	 	  	 	100,725	 

  
 Schedule I 

 Schedule II 

Restricted Stock Units 
  

					
	 Date of Grant
	  	RSUs	 
	 April 22, 2016
	  	 	59,126	 
	 February 24, 2017
	  	 	184,496	 
	 February 23, 2018
	  	 	183,500	 
		  	  
	  
	 
		  	 	427,122	 

  
 Schedule IIex_122856.htm

Exhibit 4.1 

 

 

COMMON STOCK PURCHASE WARRANT

 

BIO-KEY INTERNATIONAL, INC.

 

	
			Warrant Shares: ____________

				
			Issuance Date: August 24, 2018

			

 

THIS COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for value received, ____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the five (5) year anniversary of the Initial Exercise Date (the “Termination Date”; provided, however that if such date is not a Trading Day, the Termination Date shall be the immediately following Trading Day) but not thereafter, to subscribe for and purchase from BIO-key International, Inc., a Nevada corporation (the “Company”), up to ____________ shares (the “Warrant Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 1(b). This Warrant is one of the warrants (collectively, the “Warrants”) issued pursuant to the Company’s Registration Statement on Form S-3 (File number 333-225934) (the “Registration Statement”) to the holders thereof (collectively, the “Holders”).

 

Section 1.          Exercise.

 

(a)          Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy (or .pdf copy via e-mail attachment) of the Notice of Exercise in the form attached hereto as Exhibit A (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 1(d)(i) herein) following the date on which a Notice of Exercise is delivered to the Company, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 1(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the number of Warrant Shares purchasable hereunder by an amount equal to the number of Warrant Shares so purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

(b)          Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $1.50, subject to adjustment as provided herein (the “Exercise Price”).

 

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(c)         Cashless Exercise. If, at the time of exercise hereof, there is no effective registration statement registering, or the prospectus contained therein is not available for, the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	
			(A)

				
			as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 1(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day;

			
	 	
			 

				
			 

			
	 	
			(B)

				
			= the Exercise Price of this Warrant, as adjusted hereunder; and

			
	 	
			 

				
			 

			
	 	
			(X)

				
			= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

			

 

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act of 1933, amended (the “Securities Act”), the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 1(c).

 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Bid Price” means, at any time, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed on the Principal Market, the bid price of the Common Stock reported at such time on the Principal Market, (b) if the Common Stock is not listed on the Principal Market but is quoted on OTCQB or OTCQX, the most recent bid price per share of the Common Stock reported at such time on OTCQB or OTCQX, as applicable, (c) if the Common Stock is not then listed or quoted for trading on the Principal Market or the OTCQB or OTCQX, and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported at such time by such organization, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by Holders of Warrants that are exercisable into a number of Warrant Shares that represents a majority in interest of the number of Warrant Shares into which all of the Warrants then outstanding are exercisable, and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company

 

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“Principal Market” means the Nasdaq Capital Market.

 

“Subscription Date” means the date of execution of the underwriting agreement by and between the Company and Maxim Group LLC.

 

“Trading Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any successors to any of the foregoing).

 

“Transfer Agent” means Broadridge Corporate Issuer Solutions, Inc., with offices located at 1717 Arch St., Ste. 1300, Philadelphia, PA 19103, and any successor transfer agent of the Company.

 

“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed on the Principal Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Principal Market as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is not listed on the Principal Market but is quoted on OTCQB or OTCQX, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) (c) if the Common Stock is not then listed or quoted for trading on the Principal Market or the OTCQB or OTCQX, and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by Holders of Warrants that are exercisable into a number of Warrant Shares that represents a majority in interest of the number of Warrant Shares into which all of the Warrants then outstanding are exercisable, and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

Notwithstanding anything herein to the contrary, subject to the limitations set forth in Section 1(e), on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 1(c) if the applicable VWAP is greater than the Exercise Price.

 

(d)          Mechanics of Exercise.

 

(i)          Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is eligible for and is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is (i) the later of (A) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (B) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company or (ii) if the Standard Settlement Period at the time of such purchase is greater or less than two (2) Trading Days, the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise and, in the case of a cash exercise, the aggregate Exercise Price (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise; provided, that, if the aggregate Exercise Price is not received within such period, the Holder shall be deemed to have become the holder of record of such Warrant Shares on the date on which the aggregate Exercise Price is received by the Company. If the Company fails for any reason to deliver to the Holder the Warrant Shares to which the Holder is entitled on or before the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $5.00 per Trading Day for each of the first three Trading Days after such Warrant Share Delivery Date and $10.00 per Trading Day for each day thereafter until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means, with respect to a Notice of Exercise, the standard settlement period, expressed in a number of Trading Days, on the Principal Market or, if the Common Stock is not then listed on the Principal Market, on such other trading market or quotation system on which the Common Stock is then listed or quoted, as of the date of delivery of the Notice of Exercise.

 

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(ii)         Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant, on or before the second (2nd) Business Day following receipt by the Company of this Warrant, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the remaining Warrant Shares into which this Warrant is exercisable, which new Warrant shall in all other respects be identical with this Warrant.

 

(iii)        Rescission Rights. If, following an exercise of this Warrant, the Transfer Agent fails to transmit to the Holder the Warrant Shares issuable pursuant to Section 1(d)(i) by the Warrant Share Delivery Date, the Holder will have the right to rescind such exercise by delivery of written notice of rescission to the Company.

 

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

 

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

 

(vi)        Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as Exhibit B duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

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

  

(e)         Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 1 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind (“Persons”) acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 1(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and that the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 1(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises of this Warrant that are not in compliance with the Beneficial Ownership Limitation (other than to the extent that information on the number of outstanding shares of Common Stock of the Company is provided by the Company and relied upon by the Holder). In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises of this Warrant that are not in compliance with the Beneficial Ownership Limitation. For purposes of this Section 1(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Securities and Exchange Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon written notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 1(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of the shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 1(e) shall continue to apply. Any such increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

  

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Section 2.          Certain Adjustments.

 

(a)         Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged, subject to the limitation on fractional shares in Section 1(d)(v). Any adjustment made pursuant to this Section 2(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

(b)         [Reserved.]

 

(c)         Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 2(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

  

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(d)         Pro Rata Distributions. Beginning on the Subscription Date and during such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (other than dividends or distributions subject to Section 2(a)) (a “Distribution”), at any time after the Subscription Date, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

  

(e)         Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding shares of Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory stock exchange pursuant to which the shares of Common Stock are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 1(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 1(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 2(e) pursuant to customary written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable conditions or delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

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(f)          Calculations. All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 2, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

(g)         Notice to Holder.

 

(i)          Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 2, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

(ii)         Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory stock exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least ten (10) Trading Days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or stock exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or stock exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided by the Company in accordance with this Warrant constitutes, or contains, material, non-public information regarding the Company or any of its Subsidiaries, the Company shall simultaneously file a Current Report on Form 8-K disclosing such information. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

(iii)        Voluntary Adjustments by the Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors of Company with the prior written consent of the holders of a majority in interest of the Warrants based on the initial number of Warrants issued pursuant to the Registration Statement.

 

8

 

 

Section 3.          Transfer of Warrant.

 

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

 

(b)         New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 3(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issuance Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

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

 

Section 4.          Miscellaneous.

 

(a)         No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 1(d)(i), except as expressly set forth in Section 2.

 

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

  

(c)         Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day. For purposes of this Warrant, “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks located in New York City are permitted or required to close for business.

 

(d)        Authorized Shares. The Company covenants that, during the period this Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any trading market upon which the Common Stock may be listed or quoted. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

9

 

 

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

 

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

 

(f)         Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

  

(g)         Restrictions. The Holder acknowledges that if the Warrant Shares acquired upon the exercise of this Warrant are not registered under the Registration Statement or another effective registration statement, and the Holder does not utilize cashless exercise, the Warrant Shares will have restrictions upon resale imposed by state and federal securities laws.

 

(h)        Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

10

 

 

(i)          Notices. Any notices (including any Notice of Exercise), consents, waivers or other document or communications required or permitted to be given or delivered under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered personally; (ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s e-mail server that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier service, one (1) Business Day after timely deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same, provided, that if any such notice is delivered on a day that is not a Business Day, or after 5:00 p.m., New York time, on a Business Day, such notice shall be deemed delivered on the immediately following Business Day. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If to the Company:

 

BIO-key International, Inc.

3349 NJ-138

Wall Township, NJ 07719

E-mail: Michael.depasquale@bio-key.com

Facsimile: (732) 456-5691

Attention: Chief Executive Officer

 

With a copy (for informational purposes only) to:

  

Fox Rothschild LLP

Princeton Pike Corporate Center

997 Lenox Drive

Lawrenceville, NJ 08648-2311

E-mail: vvietti@foxrothschild.com

Facsimile: (609) 896-1469

Attention: Vincent A. Vietti, Esq.

 

If to a Holder, to its address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

 

Or, in each of the above instances, to such other address, facsimile number or e-mail address and/or to the attention of such other person as the recipient party has specified by written notice given to each other party at least five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing the time, date and recipient facsimile number or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iv) above, respectively. A copy of the e-mail transmission containing the time, date and recipient e mail address shall be rebuttable evidence of receipt by e-mail in accordance with clause (iii) above. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefor.

 

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

 

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

 

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(l)          Successors and Assigns. Subject to applicable securities laws, this Warrant shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

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

 

(n)        Severability. If any term, provision, covenant or restriction of this Warrant is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

(o)         Headings. The headings used herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof.

  

(Signature Page Follows)

  

12

 

 

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

 

	
			BIO-KEY INTERNATIONAL, INC.

				
			 

			
	
			   

				
			 

			
	
			By:

				
			 

				
			 

			
	
			 

				
			Cecelia Welch 

				
			 

			
	
			 

				
			Chief Financial Officer

				
			 

			

  

 

13

 

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

	
			TO:

				
			BIO-KEY INTERNATIONAL, INC.

			

 

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

 

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

 

☐ in lawful money of the United States; or

 

☐ if permitted, the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 1(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 1(c).

 

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

 

	
			 

			

 

The Warrant Shares shall be delivered to the following DWAC Account Number:

 

	
			 

			
	
			 

			
	
			 

			
	
			 

			
	
			 

			
	
			 

			

 

[SIGNATURE OF HOLDER]

 

	
			Name of Investing Entity:

				
			 

			
	
			 

				
			 

			

	
			Signature of Authorized Signatory of Investing Entity:

				
			 

			
	
			 

				
			 

			

	
			Name of Authorized Signatory:

				
			 

			
	
			 

				
			 

			

	
			Title of Authorized Signatory:

				
			 

			
	
			 

				
			 

			

	
			Date:

				
			 

				
			 

			

 

 

 

 

EXHIBIT B

ASSIGNMENT FORM

 

(To assign the Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the attached Warrant and all rights evidenced thereby are hereby assigned to

 

	
			Name:

				
			 

				
			 

			
	
			 

				
			(Please Print)

				
			 

			
	
			Address:

				
			 

				
			 

			
	
			 

				
			(Please Print)

				
			 

			
	
			 

				
			 

				
			 

			
	
			Phone Number:

				
			 

				
			 

			
	
			 

				
			 

				
			 

			
	
			Email Address:

				
			 

				
			 

			
	
			 

				
			 

				
			 

			
	
			Dated:

				
			 

				
			 

			
	
			 

				
			 

				
			 

			
	
			Holder’s Signature:

				
			 

				
			 

			
	
			 

				
			 

				
			 

			
	
			Holder’s Address:

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