Document:

Unassociated Document

    THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO,
OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.  NO SUCH SALE
OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.

     

    
      	
              US
      $____________

            	
              February
      __, 2010

            

    

     

    NOVINT
TECHNOLOGIES, INC.

     

    5% SENIOR
SECURED CONVERTIBLE PROMISSORY NOTE

     

    Due
February __, 2011

     

    FOR VALUE
RECEIVED, the adequacy of which is hereby acknowledged, Novint Technologies,
Inc., a company organized under the laws of the State of Delaware (the “Company”), hereby
promises unconditionally to pay to ________________ (together with any assignee,
“Holder”), in
lawful money of the United States of America (“Dollars” or “$”) and in
immediately available funds, the principal sum of ___________________
($_____________) on the Maturity Date, as hereinafter defined, and to pay
interest on such principal amount of this Senior Secured Convertible Promissory
Note (the “Note”).  Capitalized
terms used but not otherwise defined herein have the respective meanings given
to such terms in Section 11
hereof.

     

    1.           Principal.  Unless
earlier repaid in full, the entire unpaid principal amount of this Note shall be
paid on the Maturity Date.  Promptly following the payment in full of
this Note, the Holder shall surrender this Note to the Company for
cancellation.

     

    2.           Prepayment.  The
Company shall have the right prior to the Maturity Date to repay all of the
principal amount of this Note and accrued but unpaid interest thereon and all
other sums due hereunder without premium or penalty.

     

    3.           Allocation.  Except
as otherwise provided herein, all payments made hereunder (whether in prepayment
or otherwise) shall be applied first against any sums incurred by the Holder for
the payment of any expenses in enforcing the terms of this Note, then against
any interest then due hereunder and finally against principal.

     

    4.           Interest.  Interest
on the Note shall accrue at a rate of five percent (5%) per annum from the date
of this Note, and shall be payable on the Maturity Date.  The rate of
interest payable under the Note from time to time shall in no event exceed the
maximum rate, if any, permissible under applicable law.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    5.           Payments.  All
payments to be made by the Company in respect of this Note shall be made in U.S.
Dollars by wire transfer to an account designated by the Holder by written
notice to the Company, subject to Section 6
hereof.  If the due date of any payment in respect of this Note would
otherwise fall on a day that is not a Business Day, such due date shall be
extended to the next succeeding Business Day.  All amounts payable
under this Note shall be paid free and clear of, and without reduction by reason
of, any deduction, setoff, or counterclaim.

     

    6.           Conversion.  .

     

    (a)           Conversion Option. At
any time during the term of this Note, the principal amount of this Note shall
be convertible (in whole or in part), at the option of the Holder (the “Conversion Option”),
into such number of fully paid and non-assessable shares of Common Stock (the
"Conversion
Rate") as is determined by dividing (x) that portion of the outstanding
principal balance under this Note that the Holder elects to convert by (y) the
Conversion Price (as defined in Section 6(b)(i) hereof) then in effect on the
date on which the Holder faxes a notice of conversion (the “Conversion Notice”),
duly executed, to the Company (the “Voluntary Conversion
Date”) along with surrender of the original of this Note. With respect to
partial conversions of this Note, the Company shall keep written records of the
amount of this Note converted as of each Conversion Date and, upon request,
shall issue a replacement note representing the remaining amount of
principal.

    

    (b)           Conversion
Price.

    

    (i) The term "Conversion Price"
shall mean $0.0625 per share of Common Stock, as adjusted for stock splits,
stock combinations, and the like; provided that, if the Holder sells any shares
of common stock of the Company during 120 days prior to the Maturity Date of
those certain  Senior Secured Promissory Notes issued pursuant to the
Subscription Agreement, then the conversion price of this Note shall
automatically reset to $1.00 per share.  The Company shall have the
right at any time to inspect the trading records of the Holder of this time
period to confirm compliance with the foregoing.

    

    (ii) Issue Taxes. The
Company shall pay any and all issue and other taxes, excluding federal, state or
local income taxes, that may be payable in respect of any issue or delivery of
shares of Common Stock on conversion of this Note pursuant thereto; provided, however, that the
Company shall not be obligated to pay any transfer taxes resulting from any
transfer requested by the Holder in connection with any such
conversion.

    

    (iii) Fractional Shares. No
fractional shares of Common Stock shall be issued upon conversion of this Note.
In lieu of any fractional shares to which the Holder would otherwise be
entitled, the Company shall round the fractional share to the nearest whole
share.

    

    (iv) Reservation of Common
Stock. The Company shall at all times when this Note shall be
outstanding, reserve and keep available out of its authorized but unissued
Common Stock, such number of shares of Common Stock as shall from time to time
be sufficient to effect the conversion of this Note.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (v) Regulatory
Compliance. If any shares of Common Stock to be reserved for the purpose
of conversion of this Note require registration or listing with or approval of
any governmental authority, stock exchange or other regulatory body under any
federal or state law or regulation or otherwise before such shares may be
validly issued or delivered upon conversion, the Company shall, at its sole cost
and expense, in good faith and as expeditiously as possible, endeavor to secure
such registration, listing or approval, as the case may be.

    

    (c)           Adjustment for Stock Splits;
Dividends.  The number and kind of securities purchasable upon
the conversion of this Note as well as the Conversion Price shall be subject to
adjustment from time to time upon the happening of any of the
following.  In case the Company shall (i) pay a dividend in shares of
Common Stock or make a distribution in shares of Common Stock to holders of its
outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock
into a greater number of shares, (iii) combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock, or (iv) issue any shares
of its capital stock in a reclassification of the Common Stock, then the number
of shares of Common Stock purchasable upon conversion of this Note immediately
prior thereto shall be adjusted so that the Holder shall be entitled to receive
the kind and number of underlying Common Stock of the Company which it would
have owned or have been entitled to receive had this Note been converted in
advance thereof. Upon each such adjustment of the kind and number of underlying
Common Stock of the Company which were purchasable hereunder, the Holder shall
thereafter be entitled to purchase the number of underlying Common Stock
resulting from such adjustment at a Conversion Price per share obtained by
multiplying the Conversion Price per share in effect immediately prior to such
adjustment by the number of underlying Common Stock purchasable pursuant thereto
immediately prior to such adjustment and dividing by the number of underlying
Common Stock of the Company resulting from such adjustment.  An
adjustment made pursuant to this paragraph shall become effective immediately
after the effective date of such event retroactive to the record date, if any,
for such event.

    

    7.           Covenants of the
Company.

     

    (a)          Affirmative Covenants of the
Company.  Until all principal and interest and any other
amounts due and payable under this Note have been paid in full, the Company
shall:

     

    (i)           provide
prompt written notice to the Holder of:  (i) the occurrence of any
Event of Default, or any event which with the giving of notice or lapse of time,
or both, would constitute an Event of Default hereunder, and (ii) any loss or
damage to any Collateral (as hereinafter defined) in excess of
$100,000;

     

    (ii)           do
or cause to be done all things necessary to preserve, renew and keep in full
force and effect its legal existence and the rights, licenses, permits,
privileges and franchises material to the conduct of its business and the
ownership of the Collateral;

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (iii)           maintain,
with financially sound and reputable insurance companies, customary insurance
for its insurable properties, including without limitation, the Collateral, all
to such extent and against such risks, including fire, casualty, fidelity,
business interruption and other risks insured against by extended coverage, as
is customary with companies in the same or similar businesses operating in the
same or similar locations;

     

    (iv)           provide
30 days’ prior written notice of its registration of any copyright with the
United States Copyright Office and promptly prepare and file such documentation
as requested by Holder to evidence Holder’s first priority security interest in
such copyrights;

     

    (v)           provide
prompt notice to Holder upon the occurrence of an adverse change in the
financial condition of the Company or reasonable belief that such a change is
imminent; and

     

    (vi)           maintain
the Collateral at the Company’s primary place of business and in a format which
can be accessed and retrieved by Holder.

     

    (b)          Negative Covenants of the
Company.  Until all principal and interest and any other
amounts due and payable under this Note have been paid in full in cash, the
Company shall not:

     

    (i)           declare
or pay any cash dividends on any shares of any class of its capital stock, or
apply any of its property or assets to the purchase, redemption or other
retirement of, or set apart any sum for the payment of any cash dividends on, or
for the purchase, redemption or other retirement of, or make any other
distribution by reduction of capital or otherwise in respect of, any shares of
any class of its capital stock; or

     

    (ii)           sell,
transfer, lease or otherwise dispose (including pursuant to a merger) of any
asset with a value greater than $100,000, except sales, transfers, leases and
other dispositions of inventory, used, obsolete or surplus equipment or other
property and investments in each case in the ordinary course of
business.

     

    8.           Transferability.  This
Note may be transferred by the Holder to any person or entity provided that such
transfer complies with all applicable securities laws.  Such transfer
may be made without any restriction other than compliance with all applicable
securities laws.

     

    9.           Events of
Default.  The term “Event of Default” as
used herein means any one of the following events (whatever the reasons of such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental
body):

     

    (a)          Payments.  Any
failure by the Company to pay in full the principal or accrued interest under
the Note on the Maturity Date.

     

    (b)          Breach of Covenant under
this Note.  Any material failure by the Company to observe any
covenant or agreement on its part contained in this Note.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (c)          Breach of Representation and
Warranty or Covenant under other Transaction Document.  The
material breach of any provision of, or the failure of performance of any of the
terms, conditions or covenants under any other document executed and/or
delivered in connection with this Note (including the Subscription Agreement) or
otherwise furnished to Holder in connection with the debt evidenced by this
Note.

     

    (d)          Insolvency.  a)  (A)
An involuntary proceeding shall be commenced or an involuntary petition shall be
filed in a court of competent jurisdiction seeking  relief in respect of
the Company, or of a substantial part of the property of the Company, under any
Debtor Relief Law and such proceeding or petition shall continue undismissed for
60 days or an order or decree approving or ordering any of the foregoing
shall be entered; (B) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for the Company or for a
substantial part of the property of the Company; or (C) the winding-up or
liquidation of the Company.

     

    (ii)              The
Company shall (A) voluntarily commence any proceeding or file any petition
seeking relief under any Debtor Relief Law; (B) consent to the institution
of, or fail to contest in a timely and appropriate manner, any proceeding or the
filing of any petition described in clause (ii) above; (C) apply for
or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the Company or for a substantial part of the
property of the Company; (D) file an answer admitting the material
allegations of a petition filed against it in any such proceeding; (E) make
a general assignment for the benefit of creditors; (F) take any action for
the purpose of effecting any of the foregoing; or (G) wind up or
liquidate.

     

    10.           Acceleration of
Note.  If an Event of Default occurs and is continuing, then
and in every such case the Holder may deliver a written notice of default which
shall specify the exact nature of the default and provide the Company thirty
(30) days to cure the default.  If, upon expiration of the thirty (30)
day opportunity to cure the Event of Default shall be continuing, the Holder may
declare the Note to be due and payable immediately, by a further notice in
writing to the Company, and upon any such declaration such Note shall become
immediately due and payable.  At any time after the Note shall become
immediately due and payable as a result of an acceleration thereof, and before a
decree or judgment for payment of the money due has been obtained, the Holder
may, by written notice to the Company, rescind and annul such acceleration and
its consequences.  Further, the Company agrees to pay all fees, costs
and expenses, including reasonable attorneys’ fees and legal expenses, incurred
by the Holder in endeavoring to collect any amounts payable hereunder which are
not paid when due, whether by acceleration or otherwise.

     

    11.           Definitions.  The
following terms shall have the meanings set forth below:

     

    “Business Day” means a
day other than Saturday, Sunday, or any day on which the banks located in the
State of New York are authorized or obligated to close.

     

    “Debtor Relief Law”
means Title 11 of the U.S. Code and any other federal, state or foreign law
relating to insolvency, bankruptcy, receivership or similar law.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    “Maturity Date” means
February __, 2011.

     

    “Notes” means this
Note and any other similar notes issued to refinance those
certain  Senior Secured Promissory Notes issued pursuant to the
Subscription Agreement.

     

    “Subscription
Agreement” means the Subscription Agreement, dated as of February __, 2009,
among the Company and the Subscribers.

     

    12.           Delay or Omission Not A
Waiver.  No delay or omission of the Holder in exercising any
right, power or privilege hereunder shall impair such right, power or privilege
or be a waiver of any default or an acquiescence therein; and no single or
partial exercise of any such right or power shall preclude other or further
exercise thereof, or the exercise of any other right; and no waiver shall be
valid unless in writing signed by Holder, and then only to the extent
specifically set forth in such writing.  All rights and remedies
hereunder or by law afforded shall be cumulative and shall be available to
Holder until the principal amount of and all interest on this Note have been
paid in full.

     

    13.           Binding
Effect.  All terms and conditions of this Note and all
covenants of the Company in this Note shall be binding upon the Company and its
successors and permitted assigns.  This Note shall inure to the
benefit of the Holder and its successors and assigns, and any subsequent holder
of this Note.

     

    14.           Delegation.  The
Company may not delegate any of its obligations hereunder without the prior
written consent of the Holder.

     

    15.           Waiver of
Demand.  The Company waives demand, presentment for payment,
notice of dishonor, protest, notice of protest, and notice of non-payment of
this Note.

     

    (a)          Notices.  Any
notice, demand, offer, request or other communication required or permitted to
be given pursuant to the terms of this Note shall be in writing and shall be
deemed effectively given the earlier of (i) when received, (ii) when
delivered personally, (iii) one business day after being delivered by
facsimile (with receipt of appropriate confirmation), or (iv) one business
day after being deposited with an overnight courier service, addressed to the
recipient at the address set forth below unless another address is provided to
the other party in writing:

     

    
      
        
          
            
              
                	 	
                        if to the Company, to:

                         

                        Novint
      Technologies, Inc.

                        4601
      Paradise Boulevard NW, Suite B

                        Albuquerque,
      New Mexico 87114

                        Attention:  Tom
      Anderson, CEO

                         

                      
	 	
                        with a copy to:

                         

                        Richardson
      & Patel LLP

                        10900
      Wilshire Boulevard

                        Suite
      500

                        Los
      Angeles, CA 90024

                        Attention:  Addison
      Adams

                        Fax:  (310)
      208-1154

                        Phone:  (310)
      208-1182 x721

                        Email:
      aadams@richardsonpatel.com

                         

                      
	 	
                        if to Holder, to:

                         

                        ______________________

                        ______________________

                        ______________________

                        ______________________

                         

                      
	 	
                        with a copy to:

                         

                        ______________________

                        ______________________

                        ______________________

                         

                      

              

            

          

        

      

    

    

     

    
      
         

      

      
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    16.           Amendments, Waivers or
Termination.  Neither this Note nor any term hereof may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the Company and a majority of the holders of the then
outstanding series of Notes issued pursuant to the Subscription
Agreement.  Any such change, waiver, discharge or termination approved
in accordance with this paragraph shall bind all such holders.

     

    17.           Attorneys’ and Collection
Fees.  Should the indebtedness evidenced by this Note or any
part hereof be collected at law or in equity or in bankruptcy, receivership or
other court proceedings, the Company agrees to pay, in addition to the principal
and interest due and payable hereon, all costs of collection, including
reasonable attorneys’ fees and expenses, incurred by the Holder or its agent in
collecting or enforcing this Note.

     

    18.           Governing
Law.  The validity of this Note, the construction of its terms,
and the rights of the Company and Holder shall be determined in accordance with
the laws of the State of Delaware, excluding any principles of conflicts of laws
that would refer the choice of law to another jurisdiction.

     

    19.           Security.

     

    (a)          Creation of Security
Interest.  This Note is a senior secured obligation of the
Company.  In order to secure the payment of the principal and interest
and all other obligations of the Company hereunder now or hereafter owed by the
Company to Holder (the “Secured
Obligations”), the Company hereby grants to Holder (the “Secured Party”) a
security interest in all of the Company’s right, title, and interest in, to and
under, whether now owned or hereafter acquired or arising, the following
property (the “Collateral”):

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (i)           all
intellectual property of any kind or nature whatsoever relating to, arising
under or used in connection with products, applications and technologies
in the field of haptics, and any and all other intellectual property including
without limitation patents, patent applications, copyrights, copyright
applications, trademarks and service marks and applications therefor, mask
works, net lists and trade secrets;

     

    (ii)           all
general intangibles, whether now existing or hereafter arising and wherever
arising, creating, evidencing, relating to, arising under or used in connection
with any of the property described in the foregoing item (i), including, but not
limited to, all letters of authorization, permits, licenses, consents, contract
rights, franchises, documents, certificates, records, customer and supplier
contracts, and other rights, privileges and goodwill creating, evidencing,
obtained or used in connection with any of the property described in the
foregoing item (i);

     

    (iii)           all
books, records and documents relating to any and all of the foregoing,
including, without limitation, records of account, whether in the form of
writing, microfilm, microfiche, tape, or electronic media;

     

    (iv)          all
Accounts;

     

    (v)           all
Chattel Paper;

     

    (vi)          all
Money and all Deposit Accounts, together with all amounts on deposit from time
to time in such Deposit Accounts;

     

    (vii)         all
Documents;

     

    (viii)        all
General Intangibles, including all intellectual property, Payment Intangibles
and Software;

     

    (ix)       
   all Goods, including Inventory, Equipment and
Fixtures;

     

    (x)          
 all Instruments;

     

    (xi)           all
Investment Property;

     

    (xii)          all
Letter-of-Credit Rights and other Supporting Obligations;

     

    (xiii)         all
Records;

     

    (xiv)         all
Commercial Tort Claims;

     

    (xv)          all
Proceeds and Accessions with respect to any of the foregoing Additional
Collateral; and

     

    
      
         

      

      
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    (xvi)         all
substitutes and replacements for, accessions, attachments, and other additions
to tools, parts, and equipment used in connection with, and all proceeds,
products, and increases of, any and all of the foregoing Collateral, in whatever
form, whether cash or noncash; interest, premium, and principal payments,
redemption proceeds and subscription rights; and, to the extent not otherwise
included, all (A) payments under insurance, or any indemnity, warranty or
guaranty, payable by reason of loss or damage to or otherwise with respect to
any of the foregoing Collateral, (B) cash and (C) security for the payment of
any of the Collateral, and all goods which gave or will give rise to any of the
Collateral or are evidenced, identified, or represented therein or
thereby.

     

    (xvii)         Each
category of Collateral set forth above shall have the meaning set forth in the
Uniform Commercial Code (to the extent such term is defined in the Uniform
Commercial Code), it being the intention of the Company that the description of
the Collateral set forth above be construed to include the broadest possible
range of assets.

     

    (xviii)        The
Company shall file this Note with the U.S. Patent and Trademark Office upon
request by Holder.

     

    (b)          Uniform Commercial Code
Security Agreement.  This Section is intended to be a security
agreement pursuant to the Uniform Commercial Code, as adopted in the State of
Delaware and as amended from time to time, for any of the items specified above
or below as part of the Collateral which, under applicable law, may be subject
to a security interest pursuant to the Uniform Commercial Code, and the Company
hereby grants the Holder a security interest in the Collateral.  The
Company agrees that the Holder may file any appropriate document in the
appropriate index as a financing statement for any of the items specified above
or below as part of the Collateral.  In addition, the Company agrees
to execute and deliver to the Holder, upon the Holder’s request, any financing
statements, as well as extensions, renewals and amendments thereof, and
reproductions of this Agreement in such form as the Holder may reasonably
require to perfect a security interest with respect to the
Collateral.  The Company shall pay all costs of filing such financing
statements and any extensions, renewals, amendments, and releases thereof, and
shall pay all reasonable costs and expenses of any record searches for financing
statements the Holder may reasonably require.  The Company shall also
take such further actions as may be required by Holder, including, without
limitation, modifications to the provisions hereof, to give effect to the intent
hereof and to insure that Holder at all times has a valid, perfected Lien on the
Collateral.  Upon the occurrence of an Event of Default, Secured Party
shall have the remedies of a secured party under the Uniform Commercial Code
and, at Secured Party’s option, may also invoke the other remedies provided in
this Note as to such items.

     

    (c)          Rights of Secured
Party.  b)  Upon an uncured Event of Default, Secured
Party may require the Company to assemble the Collateral and make it available
to Secured Party at the place to be designated by Secured Party which is
reasonably convenient to the parties.  Secured Party may sell all or
any part of the Collateral as a whole or in parcels by public
auction.  Secured Party may bid at any public sale on all or any
portion of the Collateral.  Secured Party shall give the Company
reasonable notice of the time and place of any public sale or of the time after
which any private sale or other disposition of the Collateral is to be made, and
notice given at least 10 days before the time of the sale or other disposition
shall be conclusively presumed to be reasonable.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (ii)           Upon
any such sale of the Collateral by Secured Party, the proceeds therefrom shall
be allocated in the following order: (i) to pay any and all reasonable expenses
incurred by Secured Party in selling such collateral, (ii) to pay all accrued
but unpaid interest on the Note, (iii) to repay outstanding principal on the
Note, and (iv) the remainder shall be paid to the Company.

     

    20.           Deficiency.  The
Company shall remain liable for any deficiency if the proceeds of any sale or
other disposition of the Collateral are insufficient to pay this Note, including
all Secured Obligations, and the fees and disbursements of any attorneys
employed by Holder to collect such deficiency.

     

    

     

    [Signature
page follows.]

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Company has caused this Note to be signed by its duly
authorized officer and this Note to be dated ________, 2009.

     

    
      	 
      	
              COMPANY:

            
	 
      	
              NOVINT
      TECHNOLOGIES, INC.

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:                                                             
      

            
	 
      	
              Name:
      Thomas G. Anderson

            
	 
      	
              Title:  
      Chief Executive Officer

            

    

    

    
      [5%
SENIOR SECURED CONVERTIBLE PROMISSORY NOTE]

    

    
 

    
      
        
           

        

         

      

      
        11

        
          

        

      

      
         

      

    

    FORM
OF

    

    NOTICE OF
CONVERSION

    

    (To be
Executed by the Holder in order to Convert the Note)

    

    The
undersigned hereby irrevocably elects to convert $ ________________ of the
principal amount of that certain 5% Senior Secured Convertible Promissory Note
(the “Note”) into shares of Common Stock of NOVINT TECHNOLOGIES, INC. (the
“Company”)
according to the conditions thereof, as of the date written below.

    

    The
undersigned agrees that for a period of eighteen (18) months from the date of
the first conversion of this Note (i) on any given day, the undersigned shall
not sell shares of the Company’s Common Stock in excess of ten percent (10%) of
that day’s trading volume, and (ii) the Company shall have the right to receive
reports showing the daily number of shares of the Company’s Common Stock sold by
the undersigned and to inspect such brokerage statements as the Company may
reasonably request to confirm compliance with the this trading
restriction.

    

    The
undersigned represents that the undersigned has not sold any shares of Common
Stock of the Company during 120 days prior to the Maturity Date of the Senior
Secured Promissory Note issued pursuant to the Subscription
Agreement.

    

    

    Date of
Conversion: ________________________________________________

    

    Conversion
Price: __________________________________________________

    

    Number of
shares of Common Stock to be issued: _________________________

    

    Signature:
________________________________________________________________

    

    Name:                                                                                                                                

    

    Address:________________________________________________________________

    

     ________________________________________________________________

    

     ________________________________________________________________

    
      
         

      

      
        12Unassociated Document

    

    NOVINT
TECHNOLOGIES, INC.

     

    COMMON
STOCK PURCHASE WARRANT

    

    (“WARRANT”)

     

    
      	
              Warrant No.
      ________

            	
               _________
      Warrants

            

    

           

    VOID
AFTER 5:00 P.M. ALBUQUERQUE TIME

     

    On
February __, 2014

     

    THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE
SECURITIES LAWS OR BLUE SKY LAWS.

     

    Novint
Technologies, Inc. (the “Company”), having its
principal office as of the date hereof at 4601 Paradise Blvd NW, Albuquerque,
New Mexico, 87114 hereby certifies that, for value received, _____________, or
its registered assigns, is entitled, subject to the terms and conditions set
forth below, to purchase from the Company at any time on or from time to time
after February __, 2009 (date that is the Original Issue Date), and before 5:00
P.M., Albuquerque time, on February __, 2014 (the “Expiration
Date”), _____________ fully paid and non-assessable shares of Common
Stock (as defined below), at the initial Purchase Price per share (as defined
below) of $1.00, subject to adjustment as provided below. The number of such
shares of Common Stock and the Purchase Price per share are subject to
adjustment as provided in Section 5.

     

    1. Definitions.

     

    As used
herein the following terms, unless the context otherwise requires, have the
following respective meanings:

     

    “Aggregate Purchase Price” has
the meaning set forth in Section 3.1.

     

    “Blue Sky Laws” means any state
securities or “blue sky” laws.

     

    “Business Day” means any day
other than Saturday, Sunday or any other day on which commercial banks in The
City of New York are authorized or required by law to remain
closed.

     

    “Company”
includes the Company and any corporation which shall succeed to or assume the
obligations of the Company hereunder. The term "corporation" shall include an
association, joint stock company, business trust, limited liability company or
other similar organization.

     

    “Common Stock” means the
Company’s Common Stock, $0.01 par value per share, authorized as of the date
hereof.

     

    “Delivery Date” has the meaning
set forth in Section 4.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    “Exchange Act” means the
Securities Exchange Act of 1934 as the same shall be in effect at the
time.

     

    “Holder” means any record owner
of Warrants or Underlying Securities.

     

    “Market Price” means, for one
share of Common Stock at any date (i) if the principal trading market for the
Common Stock is an exchange, the average of the closing sale prices per share
for the last twenty (20) previous trading days in which a sale was reported, as
officially reported on any consolidated tape, (ii) if the principal market for
such securities is the over-the-counter market, the average of the closing sale
prices per share on the last twenty (20) previous trading days in which a sale
was reported as set forth by Nasdaq or, (iii) if the security is not listed on
an exchange or Nasdaq, the average of the closing sale prices per share on the
last twenty (20) previous trading days in which a sale was reported as set forth
in the National Quotation Bureau sheet listing such securities for such days.
Notwithstanding the foregoing, if there is no reported closing sale price, as
the case may be, reported on any of the twenty (20) trading days preceding the
event requiring a determination of Market Price hereunder, then the Market Price
shall be the average of the high bid and asked prices for the last ten previous
trading days in which a sale was reported; and if there is no reported high bid
and asked prices, as the case may be, reported on any of the ten trading days
preceding the event requiring a determination of Market Price hereunder, then
the Market Price shall be determined in good faith by resolution of the Board of
Directors. The Market Price of Other Securities, if any, shall be determined in
the same manner as Common Stock.

     

    “Nasdaq” means the Nasdaq
Global Market or Nasdaq Capital Market.

     

    “Notice” has the meaning set
forth in Section 20.

     

    “Other Securities” refers to
any stock (other than Common Stock) and other securities of the Company or any
other Person (corporate or otherwise) which the Holders of the Warrants at any
time shall be entitled to receive, or shall have received, upon the exercise of
the Warrants, in lieu of or in addition to Common Stock, or which at any time
shall be issuable or shall have been issued in exchange for or in replacement of
Common Stock or Other Securities pursuant to Section 5 or 6.

     

    “Person” means any individual,
sole proprietorship, partnership, corporation, limited liability company,
business trust, unincorporated association, joint stock corporation, trust,
joint venture or other entity, any university or similar institution, or any
government or any agency or instrumentality or political subdivision
thereof.

     

    “Purchase Price per share”
means $1.00 per share, as may be adjusted from time to time in accordance with
Section 5 or 6, provided that, (i) if any of the Principal Amount of the Note
(as defined in the Subscription Agreement) is paid in cash on or before the
Maturity Date (as defined in the Note), the Purchase Price per share shall
automatically reset, on a pro rata basis, to  the Market Price per
share on the date of such payment, but in no event shall the Purchase Price per
share be less than $0.20 or more than $1.00;and (ii) if Holder sells any shares
of common stock of the Company during 120 days prior to the Maturity Date of the
Note, then the Purchase Price per share shall automatically reset to
$2.00.  The Company shall have the right at any time to inspect the
trading records of Holder of this time period to confirm compliance with the
foregoing..

     

    “Registered” and “Registration” refer to a
registration effected by filing a registration statement in compliance with the
Securities Act, to permit the disposition of Underlying Securities issued or
issuable upon the exercise of Warrants, and any post-effective amendments and
supplements filed or required to be filed to permit any such
disposition.

     

    “Securities Act” means the
Securities Act of 1933 as the same shall be in effect at the time.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    “Subscriber” has the meaning
set forth in the Subscription Agreement.

     

    “Underlying Securities” means
any Common Stock or Other Securities issued or issuable upon exercise of
Warrants.

     

    “Subscription Agreement” means
the Subscription Agreement, dated as of February __, 2009, among the Company and
the Subscribers.

     

    “Warrant” means, as applicable,
(i) this Warrant, and any successor or replacement Warrant, or (ii) each right
as set forth in this Warrant to purchase one share of Common Stock, as adjusted
from time to time in accordance with Section 5 or 6.

     

    2. Sale or
Exercise Without Registration. If, at the time of any exercise or
transfer of a Warrant or of Underlying Securities previously issued upon the
exercise of Warrants, such Warrant or Underlying Securities shall not be
registered under the Securities Act, the Company may require, as a condition of
allowing such exercise or transfer, that the Holder or transferee of such
Warrant or Underlying Securities, as the case may be, furnish to the Company an
opinion of counsel, reasonably satisfactory to the Company, to the effect that
such exercise or transfer may be made without registration under the Securities
Act and without registration or qualification under any applicable Blue Sky
Laws; provided that nothing contained in this Section 2 shall relieve the Holder
from its obligations under the Subscription Agreement.

     

    3. Exercise of
Warrant.

     

    3.1. Exercise in
Full. Subject to the
provisions hereof, this Warrant may be exercised in full by the Holder hereof by
surrender of this Warrant, with the form of subscription at the end hereof duly
executed by such Holder, to the Company at its principal office as set forth at
the head of this Warrant (or such other location as the Company from time to
time may advise the Holder in writing), accompanied by payment, in cash, wire
transfer to the Company, or by certified or official bank check payable to the
order of the Company, in the amount obtained (the “Aggregate Purchase
Price”) by multiplying (a)
the number of shares of Common Stock then issuable upon exercise of this Warrant
by (b) the Purchase Price per share on the date of such
exercise.

     

    3.2. Partial
Exercise. Subject to the
provisions hereof, this Warrant may be exercised in part by surrender of this
Warrant in the manner and at the place provided in Section 3.1 except that the
amount payable by the Holder upon any partial exercise shall be the amount
obtained by multiplying (a) the number of shares of Common Stock designated by
the Holder in the subscription at the end hereof by (b) the Purchase Price per
share on the date of such exercise. Upon any such partial exercise, the Company
at its expense shall forthwith issue and deliver to or upon the order of the
Holder hereof a new Warrant or Warrants of like tenor, in the name of the Holder
hereof or as such Holder (upon payment by such Holder of any applicable transfer
taxes and subject to the provisions of Section 2) may request, calling in the
aggregate on the face or faces thereof for the number of shares of Common Stock
equal to the number of such shares issuable prior to such partial exercise of
this Warrant minus the number of such shares designated by the Holder in the
subscription at the end hereof.

     

    3.3. Limited Net
Issue Exercise. At any
time or from time to time, to the extent there is no effective registration
statement registering the resale of the Underlying Securities by the Holder,
this Warrant may also be exercised at such time by means of a “Net Issue
Exercise” in which the
Holder shall be entitled to receive Underlying Securities equal to the value of
this Warrant (or the portion thereof being exercised by Net Issue Exercise) by
surrender of this Warrant to the Company together with notice of such Net Issue
Exercise, in which event the Company shall issue to Holder a number of
Underlying Securities computed as of the date of surrender of this Warrant to
the Company using the following formula:

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    X = Y x
(A-B)

    A

    Where:

     

    
      	
               
      

            	
              X
      =

            	
              the
      number of Underlying Securities to be issued to Holder pursuant to this
      Section 3.5;

            

    

     

    
      	 
      	
              Y
      =

            	
              the
      number of Underlying Securities otherwise purchasable under this Warrant,
      or any lesser number of Underlying Securities as to which this Warrant is
      being exercised (at the date of such
  calculation);

            

    

     

    
      	 
      	
              A
      =

            	
              the
      Market Price of one share of Common Stock (at the date of such
      calculation);

            

    

     

    
      	 
      	
              B
      =

            	
              the
      Purchase Price per share (as adjusted to the date of such
      calculation).

            

    

     

    4. Delivery of
Certificates. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within ten Business Days thereafter (the “Delivery
Date”), the Company at its
own expense (including the payment by it of any applicable issue taxes) shall
cause to be issued in the name of and delivered to the Holder hereof, or as such
Holder (upon payment by such Holder of any applicable transfer taxes and subject
to the provisions of Section 2) may direct, a certificate or certificates for
the number of fully paid and non-assessable shares of Common Stock or Other
Securities to which such Holder shall be entitled upon such exercise (with any
fractional shares being rounded to the nearest whole share).

     

    5. Adjustment
for Stock Splits; Dividends. The number and kind of securities
purchasable upon the exercise of this Warrant and the Purchase Price shall be
subject to adjustment from time to time upon the happening of any of the
following. In case the Company shall (i) pay a dividend in shares of Common
Stock or make a distribution in shares of Common Stock to holders of its
outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock
into a greater number of shares, (iii) combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock, or (iv) issue any shares
of its capital stock in a reclassification of the Common Stock, then the number
of Underlying Securities purchasable upon exercise of this Warrant immediately
prior thereto shall be adjusted so that the Holder shall be entitled to receive
the kind and number of Underlying Securities or other securities of the Company
which it would have owned or have been entitled to receive had such Warrant been
exercised in advance thereof Upon each such adjustment of the kind and number of
Underlying Securities or other securities of the Company which are purchasable
hereunder, the Holder shall thereafter be entitled to purchase the number of
Underlying Securities or other securities resulting from such adjustment at a
Purchase Price per share or other security obtained by multiplying the Purchase
Price per share in effect immediately prior to such adjustment by the number of
Underlying Securities purchasable pursuant hereto immediately prior to such
adjustment and dividing by the number of Underlying Securities or other
securities of the Company resulting from such adjustment. An adjustment made
pursuant to this paragraph shall become effective immediately after the
effective date of such event retroactive to the record date, if any, for such
event.

     

    6. Reorganization,
Consolidation, Merger, etc. In case the Company shall reorganize
its capital, reclassify its capital stock, consolidate or merge with or into
another corporation (where the Company is not the surviving corporation or where
there is a change in or distribution with respect to the Common Stock of the
Company), or sell, transfer or otherwise dispose of its property, assets or
business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger, consolidation or disposition of
assets, shares of common stock of the successor or acquiring corporation, or any
cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or
in lieu of common stock of the successor or acquiring corporation (“Other
Property”), are to be
received by or distributed to the holders of Common Stock of the Company, then
the Holder shall have the right thereafter to receive, upon 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 Other
Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a Holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume the
due and punctual observance and performance of each and every covenant and
condition of this Warrant to be performed and observed by the Company and all
the obligations and liabilities hereunder, subject to such modifications as may
be deemed appropriate (as determined in good faith by resolution of the Board of
Directors of the Company) in order to provide for adjustments of Underlying
Securities for which this Warrant is exercisable which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 6. For
purposes of this Section 6, “common stock of the successor or acquiring
corporation” shall include stock of such corporation of any class which is not
preferred as to dividends or assets over any other class of stock of such
corporation and which is not subject to redemption and shall also include any
evidences of indebtedness, shares of stock or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon
the arrival of a specified date or the happening of a specified event and any
warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this Section 6 shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of
assets.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    7. Further
Assurances. The Company
shall take all such action as may be necessary or appropriate in order that the
Company may validly and legally issue fully paid and non-assessable shares of
Underlying Securities upon the exercise of all Warrants from time to time
outstanding.

     

    8. Certificate
as to Adjustments. In each
case of any adjustment or readjustment in the Underlying Securities, the Company
shall, at its expense, promptly cause its Chief Financial Officer to compute
such adjustment or readjustment in accordance with the terms of this Warrant and
prepare a certificate setting forth such adjustment or readjustment and showing
in detail the facts upon which such adjustment or readjustment is based, and the
number of shares of Common Stock or Other Securities outstanding or deemed to be
outstanding. The Company shall forthwith mail a copy of each such certificate to
the Holder. 

     

    9. Notices of
Record Date, etc. In the
event of

     

    (a) any taking by the Company of a record
of its stockholders for the purpose of determining the stockholders thereof who
are entitled to receive any dividend or other distribution, or any right to
subscribe for, purchase or otherwise acquire any shares of stock of any class or
any other securities or property, or to receive any other right, or for the
purpose of determining stockholders who are entitled to vote in connection with
any proposed capital reorganization of the Company, any reclassification or
recapitalization of the capital stock of the Company or any transfer of all or
substantially all the assets of the Company to or consolidation or merger of the
Company with or into any other Person, or

     

    (b) any voluntary or involuntary
dissolution, liquidation or winding-up of the Company,

     

    then and
in each such event the Company shall mail or cause to be mailed to each Holder
of a Warrant a notice specifying (i) the date on which any such record is to be
taken for the purpose of such dividend, distribution or right, and stating the
amount and character of such dividend, distribution or right and (ii) the date
on which any such reorganization, reclassification, recapitalization, transfer,
consolidation, merger, dissolution, liquidation or winding-up is to take place,
and the time, if any, as of which the Holders of record of Underlying Securities
shall be entitled to exchange their shares of Underlying Securities for
securities or other property deliverable upon such reorganization,
reclassification, recapitalization, transfer, consolidation, merger,
dissolution, liquidation or winding-up. Such notice shall be mailed at least 20
days prior to the date therein specified.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    10. Reservation
of Stock Issuable on Exercise of Warrants. The Company shall at all times
reserve and keep available, solely for issuance and delivery upon the exercise
of this Warrant, all shares of Common Stock (or Other Securities) from time to
time issuable upon the exercise of this Warrant.

     

    11. Transfer of
Warrants. Subject to the
provisions of Section 2, upon surrender for transfer of this Warrant, properly
endorsed, to the Company, as soon as practicable (and in any event within three
Business Days) the Company at its own expense shall issue and deliver to or upon
the order of the Holder thereof a new Warrant or Warrants of like tenor, in the
name of such Holder or as such Holder (upon payment by such Holder of any
applicable transfer taxes) may direct, calling in the aggregate on the face or
faces thereof for the number of shares of Common Stock called for on the face of
this Warrant so surrendered.

     

    12. Replacement
of Warrants. Upon receipt
of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and, in the case of any such loss,
theft or destruction, upon delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company or, in the case of any such
mutilation, upon surrender and cancellation of this Warrant, the Company at its
expense shall execute and deliver, in lieu thereof, a new Warrant of like
tenor.

     

    13. Warrant
Agent. The Company may, by
written notice to each Holder of a Warrant, appoint an agent for the purpose of
issuing Common Stock (or Other Securities) upon the exercise of the Warrants
pursuant to Section 3, transferring Warrants pursuant to Section 11, and
replacing Warrants pursuant to Section 12, or any of the foregoing, and
thereafter any such issuance, transfer or replacement, as the case may be, shall
be made at such office by such agent.

     

    14. Remedies. The Company stipulates that the
remedies at law of the Holder of this Warrant in the event of any default or
threatened default by the Company in the performance of or compliance with any
of the terms of this Warrant may not be adequate, and that such terms may be
specifically enforced by a decree for the specific performance of any agreement
contained herein or by an injunction that may be sought against a violation of
any of the terms hereof or otherwise.

     

    15. No Rights
as Stockholder. This
Warrant does not entitle the Holder hereof to any voting rights or other rights
as a stockholder of the Company prior to the exercise
hereof.

     

    16. Negotiability. Subject to Section 2, this Warrant is
issued upon the following terms, to all of which each Holder or owner hereof by
the taking hereof consents and agrees that: (a) subject to the provisions of
this Warrant and the Subscription Agreement, title to this Warrant may be
transferred by endorsement (by the Holder hereof executing the form of
assignment at the end hereof); and (b) until this Warrant is transferred on the
books of the Company, the Company may treat the registered Holder hereof as the
absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.

     

    17. Entire
Agreement; Successors and Assigns. This Warrant, the Note and the
Subscription Agreement constitute the entire contract between the parties
relative to the subject matter hereof. This Warrant, the Note and the
Subscription Agreement supersede any previous agreement among the parties with
respect to the subject matter hereof. The terms and conditions of this Warrant
shall inure to the benefit of and be binding upon the respective permitted
executors, administrators, heirs, successors and assigns of the parties. Nothing
in this Warrant, expressed or implied, is intended to confer upon any party,
other than the Holder and the Company, any rights, remedies, obligations or
liabilities under or by reason of this Warrant.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    18. Governing
Law. This Warrant shall be
governed by and construed in accordance with the laws of the State of Delaware
without regard to principles of conflicts of law.

     

    19. Headings. The headings of the sections of this
Warrant are for convenience and shall not by themselves determine the
interpretation of this Warrant.

     

    20. Notices. Any notice or other communication
required or permitted to be given hereunder (each a “Notice”) shall be given in writing and shall
be made by personal delivery or sent by courier or recognized overnight delivery
service, addressed to a party at its address shown below or at such other
address as such party may designate by three days’ advance Notice to the other
party.

     

    Any
Notice to the Holder shall be sent to the address for such Holder set forth on
books and records of the Company.

     

    Any
Notice to the Company shall be sent to:

     

    Novint
Technologies, Inc.

    4601
Paradise Blvd NW

    Albuquerque,
New Mexico 87114

    Attention:
CEO

    

    Each
Notice shall be deemed given and effective upon receipt (or refusal of
receipt).

     

    21. Severability. Whenever possible, each provision of
this Warrant shall be interpreted in such a manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be deemed
prohibited or invalid under such applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, and such
prohibition or invalidity shall not invalidate the remainder of such provision
or any other provision of this Warrant.

     

    22. Amendments
and Waivers. Any provision
of this Warrant may be amended and the observance of any provision of this
Warrant may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company
and the Holders of a majority of the Warrants then outstanding issued pursuant
to the Subscription Agreement. Any amendment or waiver effected in accordance
with this Section 22 shall be binding upon each Holder of such
Warrants.

     

    23. Construction. Words (including capitalized terms
defined herein) in the singular shall be held to include the plural and vice
versa as the context requires. The words “herein”, “hereinafter”, “hereunder” and words of similar import used in
this Warrant shall, unless otherwise stated, refer to this Warrant as a whole
and not to any particular provision of this Warrant. All references to “$” in
this Warrant and the other agreements contemplated hereby shall refer to United
States dollars (unless otherwise specified expressly). Any reference to any
gender includes the other genders.

     

    24. Assignability. Subject to Section 2, this Warrant is
fully assignable at any time.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    

    IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
officer thereunto duly authorized.

     

    
      	
              Dated:               February
      __, 2009

            	
              NOVINT
      TECHNOLOGIES, INC.

               

               

              By:                                                             

              Thomas
      G. Anderson

              Chief
      Executive Officer

               

               

            

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    FORM OF
SUBSCRIPTION

     

    (To be
signed only upon exercise of Warrant)

     

    To:
NOVINT TECHNOLOGIES, INC.

     

    The
undersigned, the Holder of the within Warrant, hereby irrevocably elects to
exercise the purchase right represented by such Warrant for, and to purchase
thereunder, _______________ shares of Common Stock of Novint Technologies, Inc.
(the “Company”), and herewith makes payment of $__________ or, subject to
satisfaction of the conditions set forth in Section 3.3 of the Warrant, [by
initial here _____] Holder elects to exercise under the Net Issue Exercise
provisions of Section 3.3 of the Warrant, and requests that the certificates for
such shares be issued in the name of, and delivered to, ___________________,
whose address is _______________________.

     

    The
undersigned represents that the undersigned is acquiring such securities for its
own account for investment and not with a view to or for sale in connection with
any distribution thereof (except for any resale pursuant to, and in accordance
with a valid registration statement effective under the Securities Act of
1933).

    

    The
undersigned further represents that the undersigned has not sold any shares of
Common Stock of the Company during 120 days prior to the Maturity Date of the
Note issued in conjunction with this Warrant pursuant to the Subscription
Agreement.

     

    Dated:

     

    ________________________________________

    (Signature
must conform in all respects to the name of the Holder as specified on the face
of the Warrant)

    

    ________________________________________

    (Address)

     

    * Insert
here the number of shares called for on the face of the Warrant (or, in the case
of a partial exercise, the portion thereof as to which the Warrant is being
exercised).

     

    

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

    

    FORM OF
ASSIGNMENT

     

    (To be
signed by the Holder only upon transfer of Warrant)

     

    

    For value
received, the undersigned hereby sells, assigns and transfers unto
_________________________ the right represented by the within Warrant to
purchase _________ shares of Common Stock of Novint Technologies, Inc. to which
the within Warrant relates, and hereby does irrevocably constitute and appoint
______________________________ Attorney to transfer such right on the books of
Novint Technologies, Inc. with full power of substitution in the
premises.

     

    Dated:_______________

     

    __________________________________________

    (Signature
must conform in all respects to name of Holder as specified on the face of the
Warrant)

    

    

    __________________________________________

    (Address)

    

     

    
      
         

      

      
        ii

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