Document:

EX-10.56

 Exhibit 10.56 

Executive Officer Compensation Information 

The following table sets forth the annual base salary rates for 2016 and 2017 for the executive officers of Seattle Genetics, Inc. (the
“Company”), in each case based on full-time employment status. The table below also sets forth the bonuses awarded to the Company’s executive officers for the 2016 fiscal year under the Company’s 2016 Senior Executive Annual
Bonus Plan. The 2017 target bonuses (based on a percentage of annual base pay as of December 31, 2016) for the Company’s executive officers under the Company’s Senior Executive Annual Bonus Plan are also set forth in the table below.

  

																	
	 Name and Title
	  	2016 Annual
Base Salary Rate	 	  	2016
Bonus	 	  	2017
Annual
Base Salary
Rate	 	  	2017 Target
Bonus Percentage	 
	 Clay B. Siegall, Ph.D.
	  	$	855,750	  	  	$	985,000	  	  	$	890,000	  	  	 	100	%
	 President & Chief Executive Officer
	  				  				  				  			
	 Todd E. Simpson
	  	$	476,900	  	  	$	269,500	  	  	$	493,600	  	  	 	50	%
	 Chief Financial Officer
	  				  				  				  			
	 Eric L. Dobmeier
	  	$	535,615	  	  	$	261,800	  	  	$	555,706	  	  	 	50	%
	 Chief Operating Officer
	  				  				  				  			
	 Jonathan Drachman
	  	$	512,200	  	  	$	294,600	  	  	$	531,450	  	  	 	50	%
	 Chief Medical Officer and Executive Vice President, Research and Development
	  				  				  				  			
	 Vaughn Himes
	  	$	460,000	  	  	$	246,900	  	  	$	478,400	  	  	 	50	%
	 Chief Technical Officer
	  				  				  				  			
	 Darren Cline
	  	$	440,000	  	  	$	221,700	  	  	$	454,300	  	  	 	45	%
	 Executive Vice President, Commercial
	  				  				  				  			

 Director Compensation Information 

The following table sets forth the compensation components for non-employee members of the Company’s Board of Directors for 2016 and 2017,
including equity awards. 
  

									
	 Compensation Element
	  	2016	 	  	2017	 
			
	 General Board Service – Cash Retainer
	  	$	50,000	  	  	$	50,000	  
			
	 General Board Service – Equity
	  				  			
			
	 Initial Grant – Number of Options
	  	 	13,275	  	  	 	14,250	  
			
	 Initial Grant – Number of Restricted Stock Units
	  	 	5,310	  	  	 	5,750	  
			
	 Annual Grant – Number of Shares
	  	 	9,260	  	  	 	9,260	  
			
	 Annual Grant – Number of Restricted Stock Units
	  	 	3,700	  	  	 	3,700	  
			
	 Chair Service – Annual Retainer
	  				  			
			
	 Lead Director
	  	$	25,000	  	  	$	25,000	  
	 Audit
	  	$	20,000	  	  	$	20,000	  
	 Compensation
	  	$	15,000	  	  	$	15,000	  
	 Nominating & Governance
	  	$	10,000	  	  	$	10,000	  
			
	 Committee Member Service – Annual Retainer
	  				  			
			
	 Audit
	  	$	10,000	  	  	$	10,000	  
	 Compensation
	  	$	8,000	  	  	$	8,000	  
	 Nominating & Governance
	  	$	5,000	  	  	$	5,000ex4-1.htm

Exhibit 4.1

 

NEITHER THIS WARRANT NOR THE COMMON SHARES ISSUABLE UPON ITS EXERCISE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS (I) PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OR (II) IN COMPLIANCE WITH AN EXEMPTION THEREFROM AND ACCOMPANIED, IF REQUESTED BY THE ISSUER, WITH AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH AN EXEMPTION THEREFROM.

 

 

 

LSI INDUSTRIES INC.

 

	
Warrant No. _  
	
 Number of Shares: _______

	
Date of Issuance February 21, 2017 
	
 (subject to adjustment)       

                                      

 

 

FORM OF Warrant TO PURCHASE 

 

________ COMMON SHARES (SUBJECT TO ADJUSTMENT)

 

THIS IS TO CERTIFY THAT, for value received, _______or his permitted assigns (collectively, the “Registered Holder”) is entitled to purchase from LSI Industries Inc., an Ohio corporation (the “Company”), at the place where the Warrant Office designated pursuant to Section 2.1 is located, at a purchase price per share of $                (as adjusted pursuant to the terms of this Warrant, the “Exercise Price”), _______of duly authorized, validly issued, fully paid and non-assessable Common Shares, no par value per share, of the Company (the “Warrant Shares”), and is entitled also to exercise the other appurtenant rights, powers and privileges hereinafter set forth. The number of Common Shares purchasable hereunder and the Exercise Price are subject to adjustment in accordance with Article III hereof. This Warrant shall expire at 5:00 p.m., Cincinnati time, on February 21, 2022 (the “Expiration Date”). Receipt of this Warrant by the Registered Holder shall constitute acceptance of and agreement to the terms and conditions set forth herein.

 

This Warrant is issued in connection with that certain Stock Purchase Agreement dated February 21, 2017 among the Company, James Hewes Bennett and Rector Samuel Hunt III, as Sellers, and Atlas Lighting Products, Inc.

 

Article I

Exercise of Warrant

 

1.1     Method of Exercise. The Warrant Shares pursuant to this Warrant may be exercised by the Registered Holder in whole or in part at any time and from time to time subsequent to the date hereof and until the Expiration Date at which time this Warrant shall expire and be of no further force or effect; provided, however, that the minimum number of Warrant Shares that may be purchased on a single exercise shall be 1,000 or the entire number of shares remaining available for exercise hereunder, whichever is less. To exercise this Warrant, the Registered Holder shall deliver to the Company, at the Warrant Office designated in Section 2.1, a written notice in the form of the Purchase Form attached as Exhibit A hereto, stating therein the election of the Registered Holder to exercise this Warrant in the manner provided in the Purchase Form, along with payment in full of the Exercise Price (in the manner described below) for all Warrant Shares purchased hereunder. This Warrant shall be deemed to be exercised on the date of receipt by the Company of the Purchase Form, accompanied by payment for the Warrant Shares to be purchased and surrender of this Warrant, as aforesaid, and such date is referred to herein as the “Exercise Date.” Upon such exercise, the Company shall promptly (and in any event within five business days following the Exercise Date) issue and deliver to the Registered Holder a certificate or statement evidencing ownership in book-entry form for the full number of the Warrant Shares purchasable by the Registered Holder hereunder, against the receipt by the Company of the total Exercise Price payable hereunder for all such Warrant Shares, (a) in cash or by certified or cashier’s check or (b) pursuant to the Net Exercise provisions of Section 1.2. The Person in whose name the certificate(s) or book-entry statements for Common Shares is to be issued shall be deemed to have become a holder of record of such Common Shares on the Exercise Date. If the Company fails to deliver such certificate or statement during the time period specified above, then the Registered Holder will have the right to rescind such exercise; provided, that nothing herein shall limit a Registered 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 or injunctive relief with respect to the Company’s failure to deliver such certificate or statement in accordance with the terms of this Warrant.

 

 

 

 

 

 

1.2     Net Exercise. In lieu of exercising the Warrant Shares by delivering payment of the Exercise Price to the Company in cash, if the fair market value of one Common Share is greater than the Exercise Price (at the date of calculation as set forth below), the Registered Holder of this Warrant may elect to receive a number of Common Shares equal to the value of this Warrant (or of any portion of this Warrant being canceled) by surrender of this Warrant at the Warrant Office together with a properly completed and executed Purchase Form, in which event the Company shall issue the Registered Holder a number of Common Shares computed as follows:

 

	
X =
	
Y (A – B) 

	  	
A

Where:

 

	
X
	
=
	
the number of Common Shares to be issued to the Registered Holder.

	 	 	 
	
Y
	
=
	
the number of Common Shares purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation).

	 	 	 
	
A
	
=
	
the Current Market Price of one Common Share (at the date of such calculation). For purposes of this Article I, “Current Market Price” means, the volume-weighted average, rounded to the nearest cent, of the closing sales price of Common Shares on the NASDAQ Stock Market, as reported by The Wall Street Journal for the immediately preceding ten (10) trading days.

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

 

1.3     Fractional Shares. No fractional Common Shares shall be issued in connection with any exercise of this Warrant. In lieu of any fractional shares that would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the Current Market Price of one Common Share at the date of exercise.

 

1.4     Termination. Notwithstanding any other provision of this Warrant, the right to exercise this Warrant shall terminate upon the Expiration Date; provided, however, if this Warrant shall not have been exercised in full prior to a Change of Control of any kind described in clause (i) of the definition thereof, the right to exercise this Warrant shall be automatically converted into the right to receive from the Company (or any successor entity thereto) an amount calculated as follows: (x) the maximum number of Warrant Shares for which this Warrant shall be exercised at the time of the closing of such Change of Control, calculated pursuant to the Net Exercise provisions of Section 1.2, multiplied by (y) the amount of consideration per Common Share received by a holder thereof in such Change of Control.

 

For purposes of this Warrant:

 

“Affiliate” means, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control with such Person, (ii) any Person directly or indirectly owning or controlling 10% or more of any class of outstanding equity securities of such Person or (iii) any officer, director, general partner, managing member or trustee of any such Person described in clause (i) or (ii).

 

“control,” including the terms “controlled by” and “under common control with,” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, as general partner or managing member, by contract or otherwise, including the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such Person.

 

“Change of Control” means the occurrence of any of the following at any time after the date hereof: (i) any Person or group of Persons that does not, together with their Affiliates, as of the date hereof, own beneficially more than 50% of outstanding voting securities of the Company, shall have become the beneficial owner of more than 50% of then outstanding voting securities of the Company, or (ii) the board of directors (or similar governing body), or if applicable the shareholders, of the Company, as the case may be, shall have approved the transfer, sale, assignment, or other disposition of all or substantially all the assets of the Company in one transaction or a series of related transactions.

 

 

 

2

 

 

“Person” means, an individual, corporation, partnership, limited liability company, limited liability partnership, joint venture, syndicate, person, trust, association, organization or other entity, including any governmental authority, and including any successor, by merger or otherwise, of any of the foregoing.

 

1.5     Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of the Registered Holder and upon surrender of this Warrant, at the time of delivery of the certificate or statement evidencing ownership in book- entry form for the Warrant Shares purchased by the Registered Holder hereunder, deliver to the Registered Holder a new Warrant evidencing the rights of the Registered Holder to purchase the unpurchased Warrant Shares pursuant to this Warrant, which new Warrant shall in all other respects be identical to this Warrant.

 

1.6     Withholding. Solely to the extent required by applicable law and upon prior notice, Parent shall be entitled to deduct and withhold from any amounts or Warrant Shares to be delivered hereunder to a Registered Holder which constitute compensation, any amounts required to be deducted and withheld with respect to the making of such payment. Any amounts so deducted and withheld shall be timely paid over to the appropriate governmental authority and shall be treated for all purposes of this Warrant as having been paid to the Registered Holder in respect of which such deduction and withholding was made.

 

Article II

Warrant Office; Transfer

 

2.1     Warrant Office. The Company shall maintain an office for certain purposes specified herein (the “Warrant Office”), which office shall initially be the Company’s principal office, and may subsequently be such other office of the Company or of any transfer agent of the Common Shares in the continental United States of which written notice has previously been given to the Registered Holder. The Company shall maintain, at the Warrant Office, a register for the Warrant in which the Company shall record the name and address of the Registered Holder, as well as the name and address of each permitted assignee of the rights of the Registered Holder.

 

2.2     Ownership of Warrant. The Company may deem and treat the Registered Holder as the holder and owner hereof (notwithstanding any notations of ownership or writing hereon made by anyone other than the Company) for all purposes and shall not be affected by any notice to the contrary, until presentation of this Warrant for registration of transfer as provided in this Article II.

 

 

 

3

 

 

2.3     Transfer of Warrants. The Company agrees to maintain at the Warrant Office books for the registration and transfer of this Warrant. Unless otherwise consented to in writing by the Company (which consent may be granted or withheld in its sole discretion), this Warrant may be transferred by any Registered Holder (including, for the avoidance of doubt, any subsequent transferee) in whole or in part only in compliance with applicable law and only to his, her or its Permitted Transferees. The Company, from time to time, shall register the transfer in whole or in part of this Warrant in such books upon surrender of this Warrant at the Warrant Office, properly endorsed, together with a written assignment of this Warrant, substantially in the form of the Assignment attached as Exhibit B hereto. Upon any such transfer, a new Warrant shall be issued to the transferee, and the Company shall cancel the surrendered Warrant. The Registered Holder shall pay all taxes and all other expenses and charges payable in connection with the transfer of Warrants pursuant to this Section 2.3. For purposes of this Warrant, “Permitted Transferees” shall mean (a) in the case of an individual, the individual’s spouse, child, estate, personal representative, heir or successor, a trust for the benefit of any of the foregoing persons, or a partnership or limited liability company the partners or members of which consist solely of any of the foregoing persons and (b) in the case of any Registered Holder that is not an individual (other than a trust as described in clause (a) of this sentence, for whom transfers may be made to the persons described in such clause (a)), to a Person that is an affiliate, direct partner, member or shareholder of such Registered Holder.

 

2.4     No Rights as Shareholder Until Exercise. No holder of this Warrant, as such, shall be entitled to vote or receive dividends or be deemed to be a shareholder of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Registered Holder of this Warrant, as such, any rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action, receive notice of meetings, receive dividends or subscription rights, or otherwise. Upon the surrender of this Warrant and the payment of the aggregate Exercise Price, the Warrant Shares so purchased shall be and be deemed to be issued to the Registered Holder as the record owner of such shares as of the close of business on the later of the date of such surrender or payment.

 

2.5     Expenses of Delivery of Warrants. Except as provided in Section 2.3, the Company shall pay all reasonable expenses, taxes and other charges payable in connection with the preparation, issuance and delivery of Warrants and related Warrant Shares hereunder.

 

2.6     Compliance with Securities Laws. The Registered Holder (and its transferees and assigns), by acceptance of this Warrant, covenants and agrees that such Registered Holder is acquiring the Warrants evidenced hereby, and, upon exercise hereof, the Warrant Shares, for its own account as an investment and not with a view to distribution thereof in violation of applicable law. Neither this Warrant nor the Warrant Shares issuable hereunder have been registered under the Securities Act or any state securities laws and no transfer of this Warrant or any Warrant Shares shall be permitted unless the Company has received notice of such transfer in the form of the assignment attached hereto as Exhibit B, accompanied, if requested by the Company, by an opinion of counsel reasonably satisfactory to the Company that an exemption from registration of such Warrant or Warrant Shares under the Securities Act is available for such transfer, except that no such opinion shall be required after a registration for resale of the Warrant Shares has become effective. Upon any exercise of the Warrants prior to effective registration for resale or except as in accordance with Rule 144 under the Securities Act, certificates representing the Warrant Shares shall bear a restrictive legend substantially identical to that set forth as follows:

 

 

 

4

 

 

“The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state (collectively, the “Acts”). Neither the shares nor any interest therein may be offered, sold, transferred, pledged, or otherwise disposed of in the absence of an effective registration statement with respect to the shares under all of the applicable Acts, or an opinion of counsel reasonably satisfactory to the Company to the effect that such registrations are not required.”

 

Any purported transfer of the Warrant or Warrant Shares not in compliance with the provisions of this section shall be null and void. Stop transfer instructions have been or will be imposed with respect to the Warrant Shares so as to restrict resale or other transfer thereof, subject to this Section 2.6.

 

2.7     Valid Issuance. All Common Shares which may be issued upon exercise of this Warrant will, upon issuance by the Company, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof attributable to any act or omission by the Company, and the Company shall take no action which will cause a contrary result (including without limitation, any action which would cause the Exercise Price to be less than the par value, if any, of the Common Shares). 

 

Article III

Adjustments

 

3.1     Adjustment of Exercise Price and Number of Shares. In order to prevent dilution of the rights granted under this Warrant in the circumstances provided herein, the Exercise Price shall be subject to adjustment from time to time as provided in this Article III, and the number of Warrant Shares obtainable upon exercise of this Warrant shall be subject to adjustment from time to time as provided in this Article III.

 

3.2     Subdivision or Combination of Common Shares. If the Company at any time on or prior to the Expiration Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) its outstanding Common Shares into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Shares obtainable upon exercise of this Warrant shall be proportionately increased. If the Company at any time combines (by reverse stock split or otherwise) its outstanding Common Shares into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be proportionately increased and the number of Warrant Shares obtainable upon exercise of this Warrant shall be proportionately decreased. Any adjustment under this Section 3.2 shall become effective at the close of business on the date the subdivision or combination becomes effective.

 

 

 

5

 

 

3.3     Reorganization, Reclassification, Consolidation, Merger or Sale. Other than as a result of any subdivision or combination provided for in Section 3.2 above or a Change of Control transaction covered in Section 1.4 above, any recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company’s assets or other transaction, which in each case is effected in such a way that the holders of Common Shares are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Shares is referred to herein as “Organic Change.” Prior to the consummation of any Organic Change, the Company shall make appropriate provision to insure that the Registered Holder shall thereafter have the right to acquire and receive, in lieu of or addition to (as the case may be) the Warrant Shares immediately theretofore acquirable and receivable upon the exercise of this Warrant, such shares of stock, securities or assets as would have been issued or payable in such Organic Change (if the Registered Holder had exercised this Warrant immediately prior to such Organic Change) with respect to or in exchange for the number of Warrant Shares immediately theretofore acquirable and receivable upon exercise of this Warrant had such Organic Change not taken place. In any such case, the Company shall make appropriate provision with respect to the Registered Holder’s rights and interests to insure that the provisions substantially similar to this Article III shall thereafter be applicable to the Warrants (including, in the case of any such consolidation, merger or sale in which the successor entity or purchasing entity is other than the Company, an immediate adjustment in the number of Common Shares acquirable and receivable upon exercise of the Warrant based on the relative value of the Common Shares and the Common Shares of the successor entity or purchasing entity).

 

3.4     Adjustment Notices. Promptly after any adjustment of the Exercise Price or the number of Warrant Shares, the Company shall give written notice to the Registered Holder, setting forth in reasonable detail the calculation of such adjustment. The Registered Holder and its accountants and other professional representatives may make reasonable inquiries of the Company regarding questions or disagreements concerning the adjustment calculation set forth in the notice delivered by the Company pursuant to this paragraph, and the Company shall use its commercially reasonable efforts to cooperate with and respond to such inquiries.

 

Article IV

Miscellaneous

 

4.1     Entire Agreement. This Warrant contains the entire agreement between the Registered Holder and the Company with respect to the Warrant Shares that it can purchase upon exercise hereof and the related transactions and supersedes all prior arrangements or understanding with respect thereto.

 

4.2     Governing Law. This Warrant shall be governed by and construed in accordance with the internal laws of the State of Ohio, without regard to its conflict of law provisions.

 

4.3     Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally submits in any suit, action or proceeding arising out of or related to this Agreement or any of the transactions contemplated hereby to the jurisdiction of the courts of the State of Ohio, the courts of the United States of America for the Southern District of Ohio (each, a “Ohio Court”) and any appellate courts from any thereof and irrevocably waives any immunity from the jurisdiction of such courts and any claim of improper venue, forum non conveniens or any similar objection which it might otherwise be entitled to raise in any such suit, action or proceeding. Each of the parties hereto irrevocably agrees that service of process upon such party by first-class mail to the address of such party pursuant to Section 4.7 shall be deemed, in every respect, effective service of process upon such party. The parties further agree that any suit, action or proceeding instituted by a party to this Warrant against another party to this Warrant shall be initially instituted exclusively in an Ohio Court, and each of the parties hereby voluntarily and irrevocably waives all its rights, whether granted by statutory, constitutional or common law, to seek a trial before a jury with respect to such claim.

 

 

 

6

 

 

4.4     Waiver and Amendment. Any term or provision of this Warrant may be waived at any time by the party which is entitled to the benefits thereof, and any term or provision of this Warrant may be amended or supplemented at any time by the written consent of the parties. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any prior or subsequent such occurrence.

 

4.5     Illegality. In the event that any one or more of the provisions contained in this Warrant shall be determined to be invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in any other respect and the remaining provisions of this Warrant shall not, at the election of the party for whom the benefit of the provision exists, be in any way impaired.

 

4.6     Copy of Warrant. A copy of this Warrant shall be filed among the records of the Company.

 

4.7     Notice. Any notice or other document required or permitted to be given or delivered to the Registered Holder shall be delivered at, or sent by certified or registered mail to such Registered Holder at, the last address shown on the books of the Company maintained at the Warrant Office for the registration of this Warrant or at any more recent address of which the Registered Holder shall have notified the Company in writing. Any notice or other document required or permitted to be given or delivered to the Company, other than such notice or documents required to be delivered to the Warrant Office, shall be delivered at, or sent by certified or registered mail to, the principal office of the Company, or any other address within the continental United States of America as shall have been designated in writing by the Company delivered to the Registered Holder.

 

4.8     Exchange, Loss, Destruction, etc. of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, mutilation or destruction of this Warrant, and, in the case of any such loss, theft or destruction, upon delivery of indemnity or security in such form and amount as shall be reasonably satisfactory to the Company, or, in the event of such mutilation upon surrender and cancellation of this Warrant, the Company will make and deliver a new Warrant of like tenor, in lieu of such lost, stolen, destroyed or mutilated Warrant; provided, however, that the original Registered Holder of this Warrant shall not be required to provide any bond of indemnity and may in lieu thereof provide their agreement of indemnity. Any Warrant issued under the provisions of this Section 4.8 in lieu of any Warrant alleged to be lost, destroyed or stolen, or in lieu of any mutilated Warrant, shall constitute an original contractual obligation on the part of the Company. This Warrant shall be promptly canceled by the Company upon the surrender hereof in connection with any exchange or replacement. The Registered Holder of this Warrant shall pay all taxes (including securities transfer taxes) and all other reasonable expenses and charges payable in connection with the preparation, execution and delivery of replacement Warrant(s) pursuant to this Section 4.8.

 

 

 

7

 

 

4.9     Headings. The Article and Section and other headings herein are for convenience only and are not a part of this Warrant and shall not affect the interpretation thereof.

 

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

 

4.11     Remedies. The parties hereto, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of their respective rights under this Warrant. Each party 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. The rights and remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights or remedies available at law, in equity or otherwise.

 

4.12     Counterparts. This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.

 

4.13     Further Assurances. The Company and the Registered Holder will take such actions as may be reasonably required or desirable to carry out the provisions of this Warrant.

 

[Remainder of Page Intentionally Left Blank; Signature Page Follows]

 

 

 

8

 

  

IN WITNESS WHEREOF, the Company has executed this Warrant as of the date first written above.

 

LSI INDUSTRIES INC.

 

By:                                                                          

 

Name:                                                                     

 

Title:                                                                       

 

 

 

Accepted and Agreed:

 

                                                                                 

Name of Holder

 

                                                                                

Signature

 

                                                                                

Street Address

 

                                                                                

City                                                        State

 

 

 

 

 

[Signature Page To Warrant]

 

  

EXHIBIT A

 

PURCHASE FORM

 

TO: LSI Industries Inc. (the “Company”)

 

1.     The undersigned registered owner of this Warrant hereby elects to purchase ___ Common Shares of the Company pursuant to the terms of the attached Warrant by:

 

	 	
☐
	
A cash payment or cancellation of indebtedness, and tenders herewith payment of the purchase price for such shares in full, together with all applicable transfer taxes, if any.

 

	 	
☐
	
The net exercise provisions of the attached warrant.

 

2.     Please issue a certificate(s) or statement evidencing ownership in book-entry form representing said Common Shares in the name of the undersigned.

 

 

 

                                                                           

(Signature of Registered Owner)

 

                                                                           

(Street Address)

 

                                                                           

(City)                           (State)           (Zip)

 

 

 

 

 Exhibit A

 

 

EXHIBIT B

 

FORM OF ASSIGNMENT

 

FOR VALUE RECEIVED the undersigned registered owner of this Warrant hereby sells, assigns and transfers unto the Assignee named below all of the rights of the undersigned under the within Warrant, with respect to the number of Common Shares set forth below:

 

	
Name of Assignee
	
Address
	
No. of Shares

	  	  	  
	  	  	  
	  	  	  

and does hereby irrevocably constitute and appoint ______________________ Attorney to make such transfer on the books of LSI Industries Inc., maintained for the purpose, with full power of substitution in the premises.

 

DATED :

 

                                                                          

(Signature)

 

                                                                           

(Witness)

 

 

 

 

 

Exhibit B

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