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Exhibit 4.4    
    

 
 

Form of Lock-Up Agreement    
    

            ,
2004 

MAXIM
GROUP LLC

405 Lexington Avenue

New York, NY 10174
 As Representative of the Underwriters  

Re:    Hyperspace Communications, Inc. Lock-Up Agreement

Ladies
and Gentlemen: 

        This
letter agreement (this "Agreement") relates to the proposed public offering (the
"Offering") by Hyperspace Communications, Inc., a Colorado corporation (the "Company"), of its
Common Stock, no par value per share (the "Stock"). The Offering is governed by the certain Underwriting Agreement, dated as
of                        , 2004
(the "Underwriting Agreement"), by and among the Company and Maxim Group LLC (the "Representative"), as
representative of the several underwriters named therein. 

        In
order to induce the Representative to underwrite the Offering, the undersigned (on behalf of himself) hereby agrees that, without the prior written consent of the Representative
during the period from the date hereof until            (    ) months from the date of the final prospectus for the Offering (the "Lock-Up
Period"), the undersigned: (a) will not, directly or indirectly, offer, sell, agree to offer or sell, solicit offers to purchase, grant any call option or purchase any
put option with respect to, pledge, borrow or otherwise dispose of any Relevant Security (as defined below), and (b) will not establish or increase any "put equivalent position" or liquidate or
decrease any "call equivalent position" with respect to any Relevant Security (in each case within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder), or otherwise enter into any swap, derivative or other transaction or arrangement that transfers to another, in whole or in part, any economic consequence of
ownership of a Relevant Security, whether or not such transaction is to be settled by delivery of Relevant Securities, other securities, cash or other consideration. As used herein
"Relevant Security" means any common stock or other security of the Company or any Subsidiary thereof that is convertible into, or exercisable or
exchangeable for common stock or equity securities or that holds the right to acquire any common stock or equity securities of the Company or any Subsidiary or any other such Relevant Security, except
for such rights as may have been fully satisfied or waived prior to the effectiveness of the Registration Statement. 

        The
Representative agrees to review this Agreement, after 12 months from the Effective Date, to determine in its sole discretion if all or any portion of the shares subject to
this Agreement may be released prior to the expiration of the Lock-Up Period. 

        The
undersigned hereby authorizes the Company during the Lock-Up Period to cause any transfer agent for the Relevant Securities to decline to transfer, and to note stop
transfer restrictions on the stock register and other records relating to, Relevant Securities for which the undersigned is the record holder and, in the case of Relevant Securities for which the
undersigned is the beneficial but not the record holder, agrees during the Lock-Up Period to cause the record holder to cause the relevant transfer agent to decline to transfer, and to
note stop transfer restrictions on the stock register and other records relating to, such Relevant Securities. 

        The
undersigned hereby further agrees that, without the prior written consent of the Representative during the Lock-Up Period the undersigned will not: (x) file or
participate in the filing with the Securities and Exchange Commission of any registration statement, or circulate or participate in the circulation of any preliminary or final prospectus or other
disclosure document with respect to any proposed offering or sale of a Relevant Security and (y) exercise any rights the undersigned may 

 

have
to require registration with the Securities and Exchange Commission of any proposed offering or sale of a Relevant Security. 

        The
undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Agreement and that this Agreement constitutes the legal, valid and
binding obligation of the undersigned, enforceable in accordance with its terms. Upon request, the undersigned will execute any additional documents necessary in connection with enforcement hereof.
Any obligations of the undersigned shall be binding upon the successors and assigns of the undersigned from the date first above written. 

        This
Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of laws principles thereof. Delivery of a signed
copy of this letter by facsimile transmission shall be effective as delivery of the original hereof. 

	Very truly yours,
	

By:	
 	

          

	

Print Name:	
 	

          

2

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Exhibit 4.4

Form of Lock-Up AgreementQuickLinks
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Exhibit 4.5    
    

 
 

HYPERSPACE COMMUNICATIONS, INC.
  MARKET STAND-OFF AGREEMENT    
    

        WHEREAS, the undersigned ("Investor") is an investor in HyperSpace Communications, Inc. (the "Company"), having puchased shares of the capital stock of the
Company or certain notes and warrants issued by the Company, which notes and or warrants are convertible into the capital stock of the Company. 

        WHEREAS,
the Company is in negotiations with an underwriter (the "Underwriter") in connection with a proposed firm commitment uderwritten
public offering of shares of the Company's common stock (the "Firm Commitment Offering"). 

        WHEREAS,
as a condition precedent to undertaking the Firm Commitment Offering, the Underwriter has requested that Investor agree not to sell or otherwise transfer any of the securities
of the Company owned by Investor, or issuable upon conversion of the notes or warrants held by Investor, for a period of time. 

        NOW
THEREFORE, in order to induce the Underwriter to undertake the Firm Commitment Offering, if a registration statement registering shares of the Company's common stock is declared
effective, Investor agrees, not to sell, make short sales of, loan, grant any options for the purchase of, or otherwise dispose of any securities of the Company held by such Investor without the prior
written consent of the Company and the Underwriter for one hundred eighty (180) days from and after the effective date of the Company's registration statement (Registration
No. 333-115404). Investor further agrees that the Company may impose stop transfer instructions in order to enforce the foregoing covenants. 

        Acknowledged
and agreed. 

	 	 	"Investor"

(if an individual)
	 	 	          

	

 	
 	

Print Name:	
 	

          

	

 	
 	

(if an entity)
	

 	
 	

          
 (print entity name)
	

 	
 	

By:	
 	

          

	

 	
 	

Name:	
 	

          

	

 	
 	

Title:	
 	

          

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Exhibit 4.5

HYPERSPACE COMMUNICATIONS, INC. MARKET STAND-OFF AGREEMENTQuickLinks
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Exhibit 4.6    
    

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED. 

NOT
EXERCISABLE PRIOR TO                        , 2005. VOID AFTER 5:00 P.M. EASTERN TIME,
                        , 2009. 

 
 

PURCHASE WARRANT    
    
    For the Purchase of up to    
    
    220,000 Shares of Common Stock    
    
    of    
    
    HYPERSPACE COMMUNICATIONS, INC.    
    
    (A Colorado
Corporation)    
    

        1.    Purchase Warrant.    

        THIS
CERTIFIES THAT, in consideration of $10.00 duly paid by or on behalf of                        ("Holder"), as registered owner of
this Purchase Warrant, to Hyperspace
Communications, Inc. ("Company"), Holder is entitled, at any time or from time to time at or after                        ,
2005 ("Commencement Date"), and at or before 5:00 p.m., Eastern Time,
                        , 2009 ("Expiration Date"), but not thereafter, to subscribe for, purchase and receive, in whole or in
part, up to two hundred twenty thousand (220,000) shares of Common Stock of the
Company, no par value per share ("Common Stock") during the period commencing one year and expiring five years from the effective date of the registration statement on Form SB-2
(No. 333-115404) ("Registration Statement") pursuant to which the Company has registered the shares of Common Stock ("Effective Date"). If the Expiration Date is a day on which
banking institutions are authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the
period ending on the Expiration Date, the Company agrees not to take any action that would terminate the Purchase Warrant. This Purchase Warrant is initially exercisable at $            per
share
of Common Stock purchased (120% of the initial public offering price per share of Common Stock); provided, however, that upon the occurrence of any of
the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price and the number of shares of Common Stock to be received upon such exercise,
shall be adjusted as therein specified. The term "Exercise Price" shall mean the initial exercise price or the adjusted exercise price, depending on the context. 

        2.    Exercise.    

        2.1    Exercise Form.    In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly
executed and completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price in cash or by certified check or official bank check for the shares of Common
Stock being purchased. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall become and
be void without further force or effect, and all rights represented hereby shall cease and expire. 

        2.2    Legend.    Each certificate for shares of Common Stock purchased under this Purchase Warrant shall bear a
legend as follows unless such shares of Common Stock have been registered under the Securities Act of 1933, as amended: 

"The
shares of Common Stock represented by this certificate have not been registered under the Securities Act of 1933, as amended ("Act") or applicable state law. The shares may not be 

 

offered
for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable state
law." 

        2.3    Conversion Right.    

        2.3.1    Determination of Amount.    In lieu of the payment of the Exercise Price in the manner required by
Section 2.1, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Warrant into shares of Common Stock ("Conversion
Right") as follows. Upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of shares of Common
Stock equal to the quotient obtained by dividing (x) the "Value" (as defined below), at the close of trading on the next to last trading day immediately preceding the exercise of the Conversion
Right, of the portion of the Purchase Warrant being converted by (y) the "Market Price" (as defined below). The "Value" of the portion of the Purchase Warrant being converted shall equal the
remainder derived from subtracting (a) the Exercise Price multiplied by the number of shares of Common Stock underlying that portion of the Purchase Warrant being converted from (b) the
Market Price of the Common Stock multiplied by the number of shares of Common Stock underlying that portion of the Purchase Warrant being converted. As used in this herein, the term "Market Price" at
any date shall be deemed to be the last reported sale price of the Common Stock on such date, or, in case no such reported sale takes place on such day, the last reported sale price for the
immediately preceding trading day, in either case as officially reported by the principal securities exchange on which the Common Stock is listed or admitted to trading, or, if the Common Stock is not
listed or admitted to trading on any national securities exchange or if any such exchange on which the Common Stock is listed is not its principal trading market, the last reported sale price as
furnished by the NASD through the Nasdaq National Market or SmallCap Market, or, if applicable, the OTC Bulletin Board, or if the Common Stock is not listed or admitted to trading on any of the
foregoing markets, or similar organization, as determined in good faith by resolution of the Board of Directors of the Company, based on the best information available to it. 

        2.3.2    Mechanics of Conversion.    The Conversion Right may be exercised by the Holder on any business day on or
after the Commencement Date and not later than the Expiration Date by delivering the Purchase Warrant with a duly executed exercise form attached hereto with the Conversion Right section completed to
the Company, exercising the Conversion Right and specifying the total number of shares of Common Stock that the Holder will purchase pursuant to such Conversion Right. 

        3.    Transfer.    

        3.1    General Restrictions.    The registered Holder of this Purchase Warrant, by its acceptance hereof, agrees that
it will not sell, transfer or assign or hypothecate this Purchase Warrant prior to the Commencement Date to anyone other than (i) an officer or partner of such Holder, (ii) an officer of
either Maxim Group LLC or Pali Capital, Inc., the underwriters of the public offering with respect to which this Purchase Warrant has been issued ("Underwriters") or an officer or partner of
any selected dealer in connection with the Company's public offering with respect to which this Purchase Warrant has been issued, or (iii) any selected dealer. On and after the Commencement
Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the
assignment form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall
immediately transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly
evidencing the right to 

2

 

purchase
the aggregate number of shares of Common Stock purchasable hereunder or such portion of such number as shall be contemplated by any such assignment. 

        3.2    Restrictions Imposed by the Act.    This Purchase Warrant and the shares of Common Stock underlying this
Purchase Warrant shall not be transferred unless and until (i) the Company has received the opinion of counsel for the Holder that this Purchase Warrant or the shares of Common Stock, as the
case may be, may be transferred pursuant to an exemption from registration under the Act and applicable state law, the availability of which is established to the reasonable satisfaction of the
Company (the Company hereby agreeing that an opinion of Ellenoff Grossman & Schole LLP shall be deemed satisfactory evidence of the availability of an exemption), or (ii) a registration
statement relating to such Purchase Warrant or shares of Common Stock, as the case may be, has been filed by the Company and declared effective by the Securities and Exchange Commission and compliance
with applicable state law. 

        4.    New Purchase Warrants to be Issued.    

        4.1    Partial Exercise or Transfer.    Subject to the restrictions in Section 3 hereof, this Purchase Warrant
may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly
executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of
like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the aggregate number of shares of Common Stock purchasable hereunder as to which this
Purchase Warrant has not been exercised or assigned. 

        4.2    Lost Certificate.    Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction
or mutilation of this Purchase Warrant and of reasonably satisfactory indemnification, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new
Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company. 

        5.    Registration Rights.    

        5.1    Demand Registration.    

        5.1.1    Grant of Right.    The Company, upon written demand ("Initial Demand Notice") of the Holder(s) of at least
51% of the Purchase Warrants and/or the underlying shares of Common Stock ("Majority Holders"), agrees to register on one occasion, all or any portion of the Purchase Warrants requested by the
Majority Holders in the Initial Demand Notice and all of the shares of Common Stock underlying such Purchase Warrants (collectively the "Registrable Securities"). On such occasion, the Company will
file a registration statement covering the Registrable Securities within sixty (60) days after receipt of the Initial Demand Notice and use its best efforts to have the registration
statement declared effective promptly thereafter. If the Company fails to comply with the provisions of this Section 5.1.1, the Company shall, in addition to any other equitable or other relief
available to the Holder(s), be liable for any and all incidental, special and consequential damages sustained by the Holder(s). The demand for registration may be made at any time during a period of
four years beginning one year from the Effective Date. The Company covenants and agrees to give written notice of its receipt of any Initial Demand Notice by any Holder(s) to all other registered
Holders of the Purchase Warrants and/or the Registrable Securities within ten days from the date of the receipt of any such Initial Demand Notice. 

        5.1.2    Terms.    The Company shall bear all fees and expenses attendant to registering the Registrable Securities,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable
Securities. The Company agrees to use its reasonable best efforts to cause 

3

 

the
filing required herein to become effective promptly and to qualify or register the Registrable Securities in such States as are reasonably requested by the Holder(s); provided, however, that in no
event shall the Company be required to register the Registrable Securities in a State in which such registration would cause (i) the Company to be obligated to register or license to do
business in such State or submit to general service of process in such State, or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the
Company. The Company shall cause any registration statement filed pursuant to the demand right granted under Section 5.1.1 to remain effective for a period of at least twelve consecutive months
from the date that the Holders of the Registrable Securities covered by such registration statement are first given the opportunity to sell all of such securities. 

        5.2    "Piggy-Back" Registration.    

        5.2.1    Grant of Right.    In addition to the demand right of registration, the Holders of the Purchase Warrants
shall have the right for a period of six (6) years commencing one year from the Effective Date, to include the Registrable Securities as part of any other registration of securities filed by
the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Act or pursuant to Form S-8 or any equivalent form); provided,
however, that if, in the written determination of the Company's managing underwriter or underwriters, if any, for such offering, the inclusion of the Registrable Securities, when added to the
securities being registered by the Company or the selling stockholder(s), will exceed the maximum amount of the Company's securities which can be marketed (i) at a price reasonably related to
their then current market value, or (ii) without materially and adversely affecting the entire offering, the Company shall nevertheless register all or any portion of the Registrable Securities
required to be so registered but such Registrable Securities shall not be sold by the Holders until 90 days after the registration statement for such offering has become effective and provided
further that, if any securities are registered for sale on behalf of other stockholders in such offering and such stockholders have not agreed to defer such sale until the expiration of such
90 day period, the number of securities to be sold by all stockholders in such public offering during such 90 day period shall be apportioned pro
rata among all such selling stockholders, including all holders of the Registrable Securities, according to the total amount of securities of the Company owned by said selling
stockholders, including all holders of the Registrable Securities. 

        5.2.2    Terms.    The Company shall bear all fees and expenses attendant to registering the Registrable Securities,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable
Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice
prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by the Company until such time as all
of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise the "piggy-back" rights provided for herein by giving written notice,
within twenty (20) days of the receipt of the Company's notice of its intention to file a registration statement. The Company shall cause any registration statement filed pursuant to the
above "piggyback" rights to remain effective for at least twelve months from the date that the Holders of the Registrable Securities are first given the opportunity to sell all of such securities. 

        5.3    General Terms.    

        5.3.1    Indemnification.    The Company shall indemnify the Holder(s) of the Registrable Securities to be sold
pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a) of the Securities
Exchange Act of 1934, as amended ("Exchange Act"), against all loss, claim, damage, 

4

 

expense
or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may
become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the
Company has agreed to indemnify the Underwriters contained in Section 5 of the Underwriting Agreement between the Underwriters and the Company, dated the Effective Date. The Holder(s) of the
Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage,
expense or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become
subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such
registration statement to the same extent and with the same effect as the provisions contained in Section 5 of the Underwriting Agreement pursuant to which the Underwriters have agreed to
indemnify the Company. 

        5.3.2    Exercise of Purchase Warrants.    Nothing contained in this Purchase Warrant shall be construed as requiring
the Holder(s) to exercise their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof. 

        5.3.3    Documents Delivered to Holders.    The Company shall furnish to each Holder participating in any of the
foregoing offerings and to each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of (i) an opinion of counsel to the Company, dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related
thereto), and (ii) a "cold comfort" letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date
of the closing under the underwriting agreement) signed by the independent public accountants who have issued a report on the Company's financial statements included in such registration statement, in
each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants' letter, with respect to events
subsequent to the date of such financial statements, as are customarily covered in opinions of issuer's counsel and in accountants' letters delivered to underwriters in underwritten public offerings
of securities. The Company shall also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing underwriter copies
of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration
statement and permit each Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it
deems reasonably necessary to comply with applicable securities laws or rules of the National Association of Securities Dealers, Inc. ("NASD"). Such investigation shall include access to books,
records and properties and opportunities
to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request. 

        5.3.4    Underwriting Agreement.    The Company shall enter into an underwriting agreement with the managing
underwriter(s) selected by any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably satisfactory to the Company.
Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by
the Company and such other terms as are customarily contained in 

5

 

agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their
option, require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such
Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to such Holders, their shares and their intended
methods of distribution. 

        5.3.5    Documents to be Delivered by Holder(s).    Each of the Holder(s) participating in any of the foregoing
offerings shall furnish to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling securityholders. 

        6.    Adjustments.    

        6.1    Adjustments to Exercise Price and Number of Securities.    The Exercise Price and the number of shares of
Common Stock underlying the Purchase Warrant shall be subject to adjustment from time to time as hereinafter set forth: 

        6.1.1    Stock Dividends—Recapitalization, Reclassification, Split-Ups.    If after the date
hereof, and subject to the provisions of Section 6.2 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a
split-up, recapitalization or reclassification of shares of Common Stock or other similar event, then, on the effective date thereof, the number of shares of Common Stock issuable on
exercise of the Purchase Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock. 

        6.1.2    Aggregation of Shares.    If after the date hereof, and subject to the provisions of Section 6.2, the
number of outstanding shares of Common Stock is decreased by a consolidation, combination or
reclassification of shares of Common Stock or other similar event, then, upon the effective date thereof, the number of shares of Common Stock issuable on exercise of the Purchase Warrant shall be
decreased in proportion to such decrease in outstanding shares. 

        6.1.3    Adjustments in Exercise Price.    Whenever the number of shares of Common Stock purchasable upon the exercise
of this Purchase Warrant is adjusted, as provided in this Section 6.1, the Exercise Price shall be adjusted (to the nearest cent) by multiplying such Exercise Price immediately prior to such
adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of this Purchase Warrant immediately prior to such adjustment,
and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 

        6.1.4    Replacement of Securities upon Reorganization, etc.    In case of any reclassification or reorganization of
the outstanding shares of Common Stock other than a change covered by Section 6.1.1 hereof or which solely affects the par value of such shares of Common Stock, or in the case of any merger or
consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and which does not result in any reclassification
or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially
as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase
Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or
property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or other transfer, by a Holder of the number of
shares of Common Stock of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any 

6

 

reclassification
also results in a change in shares of Common Stock covered by Section 6.1.1, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.3 and this Section 6.1.4.
The provisions of this Section 6.1.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 

        6.1.5    Changes in Form of Purchase Warrant.    This form of Purchase Warrant need not be changed because of any
change pursuant to this Section, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of shares of Common Stock as are stated in the Purchase Warrants
initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required or permissive change shall not be deemed to waive any rights to
a prior adjustment or the computation thereof. 

        6.2    Elimination of Fractional Interests.    The Company shall not be required to issue certificates representing
fractions of shares of Common Stock upon the exercise or transfer of the Purchase
Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any
fraction up or down to the nearest whole number of shares of Common Stock. 

        7.    Reservation and Listing.    The Company shall at all times reserve and keep available out of its authorized
shares of Common Stock, solely for the purpose of issuance upon exercise of the Purchase Warrants, such number of shares of Common Stock or other securities, properties or rights as shall be issuable
upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price therefor, all shares of Common Stock and other securities
issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. As long as the Purchase Warrants shall
be outstanding, the Company shall use its best efforts to cause all shares of Common Stock issuable upon exercise of the Purchase Warrants to be listed (subject to official notice of issuance) on all
securities exchanges (or, if applicable on Nasdaq) on which the Common Stock issued to the public in connection herewith are then listed and/or quoted. 

        8.    Certain Notice Requirements.    

        8.1    Holder's Right to Receive Notice.    Nothing herein shall be construed as conferring upon the Holders the right
to vote or consent or to receive notice as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If, however, at any time
prior to the expiration of the Purchase Warrants and their exercise, any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written
notice of such event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholders entitled to such
dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such
record date or the date of the closing of the transfer books, as the case may be. 

        8.2    Events Requiring Notice.    The Company shall be required to give the notice described in this Section 8
upon one or more of the following events: (i) if the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or
distribution on the books of the Company, or (ii) the Company shall offer to all the holders of its Common Stock any additional shares of capital stock of the Company or securities convertible
into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other
than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business shall be proposed. 

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        8.3    Notice of Change in Exercise Price.    The Company shall, promptly after an event requiring a change in the
Exercise Price pursuant to Section 6 hereof, send notice to the Holders of such event and change ("Price Notice"). The Price Notice shall describe the event causing the change and the method of
calculating same and shall be certified as being true and accurate by the Company's President and Chief Financial Officer. 

        8.4    Transmittal of Notices.    All notices, requests, consents and other communications under this Purchase Warrant
shall be in writing and shall be deemed to have been duly made on the date of delivery if delivered personally or sent by overnight courier, with acknowledgement of receipt to the party to which
notice is given, or on the fifth day after mailing if mailed to the party to whom notice is to be given, by registered or certified mail, return receipt requested, postage prepaid and properly
addressed as follows: (i) if to the registered Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to its
principal executive office. 

        9.    Miscellaneous.    

        9.1    Amendments.    The Company and the Underwriters may from time to time supplement or amend this Purchase Warrant
without the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions
herein, or to make any other provisions in regard to matters or questions arising hereunder which the Company and the Underwriters may deem necessary or desirable and which the Company and the
Underwriters deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent of the party against whom enforcement of the
modification or amendment is sought. 

        9.2    Headings.    The headings contained herein are for the sole purpose of convenience of reference, and shall not
in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant. 

        9.3    Entire Agreement.    This Purchase Warrant (together with the other agreements and documents being delivered
pursuant to or in connection with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and
understandings of the parties, oral and written, with respect to the subject matter hereof. 

        9.4    Binding Effect.    This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the
Holder and the Company and their respective successors, legal representatives and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or
in respect of or by virtue of this Purchase Warrant or any provisions herein contained. 

        9.5    Governing Law; Submission to Jurisdiction.    This Purchase Warrant shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against it arising out of, or
relating in any way to this Purchase Warrant shall be brought and enforced in the courts of the State of New York or of the United States of America for the Southern District of New York, and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to
Perkins Coie LLP, 1899 Wynkoop Street, Suite 700, Denver, Colorado 80202, Attention: Donald Salcito, Esq. Such mailing shall be deemed personal service and shall be legal and binding upon the Company
in any action, proceeding or claim. The Company and the Holder, by acceptance hereof, agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all
of its 

8

 

reasonable
attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. 

        9.6    Waiver, Etc.    The failure of the Company or the Holder to at any time enforce any of the provisions of this
Purchase Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right of the
Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the
provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no
waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or
non-fulfillment. 

        IN
WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of
the                        day
of                        , 2004.
 

	 	 	HYPERSPACE COMMUNICATIONS, INC.
	

 	
 	

By:	
 	

          
 Mark Endry

Chief Executive Officer and President

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        Form
to be used to exercise Purchase Warrant: 

        Hyperspace
Communications, Inc. 

        Date:                        ,
200      

        The
undersigned hereby elects irrevocably to exercise the within Purchase Warrant and to purchase            shares of Common Stock of Hyperspace Communications, Inc. and
hereby makes payment of $                        (at the rate of
$                        per share of Common Stock and
$                              per Warrant) in payment of the Exercise Price pursuant thereto.
Please issue the Common Stock as to which this Purchase Warrant is exercised in accordance with the instructions given below. 

or

        The
undersigned hereby elects irrevocably to exercise the within Purchase Warrant and to purchase                        shares of
Common Stock of Hyperspace Communications, Inc. by
surrender of the unexercised portion of the within Purchase Warrant (with a "Value" of $            based on a "Market Price" of
$                        . Please issue the Common Stock as to which this
Purchase Warrant is exercised in accordance with the instructions given below. 

	 	 	
 Signature

        NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant in every particular without alteration or
enlargement or any change whatsoever.

INSTRUCTIONS FOR REGISTRATION OF SECURITIES  

	Name	 	          
 (Print in Block Letters)
	

Address	
 	

          

10

 

Form
to be used to assign Purchase Warrant: 

ASSIGNMENT  

        (To be executed by the registered Holder to effect a transfer of the within Purchase Warrant): 

        FOR
VALUE RECEIVED,                        does hereby sell, assign and transfer
unto                        the right to
purchase                        shares of Common Stock of Hyperspace
Communications, Inc. ("Company") evidenced by the within Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company. 

Dated:                        ,
200      

	 	 	
 Signature
	

 Signature Guaranteed	
 	

 

        NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant in every particular without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities
exchange. 

11

QuickLinks

Exhibit 4.6

PURCHASE WARRANT For the Purchase of up to 220,000 Shares of Common Stock of HYPERSPACE COMMUNICATIONS, INC. (A Colorado Corporation)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]