Document:

Separation Agreement and General Release effective as of December 20, 2007

 EXHIBIT 10.42 
 SEPARATION AGREEMENT & GENERAL RELEASE 
 THIS AGREEMENT (the “Agreement”)
is entered into as of December 20, 2007 (the “Effective Date”) by and between Timothy G. Smith (the “Employee”), residing at 85 Coles Street, Jersey City, New Jersey 07302, VONAGE NETWORK INC. (“VNI”) and
VONAGE HOLDINGS CORP. (“Vonage;” VNI and Vonage hereinafter being referred to collectively as the “Company”), each with its principal offices located at 23 Main Street, Holmdel, New Jersey 07733. 
 WHEREAS: 
 (A) Employee was employed
by VNI, a wholly-owned subsidiary of Vonage, as VNI’s President until October 22, 2007; and 
 (B) The parties now desire to set
forth their arrangements regarding Employee’s voluntary employment separation from the Company and with respect to related matters. 
 NOW, THEREFORE, in consideration of the promises, releases, covenants and agreements contained herein, and for other good a valuable consideration, the receipt and sufficiency of which being hereby acknowledged by the parties, it is
hereby agreed as follows: 
 1. (a) The Company agrees to pay to Employee, as severance, twenty-six weeks of Employee’s regular base
salary, less applicable withholding and deductions, which payments shall be made bi-weekly during the Company’s regular payroll cycles, commencing on the first payroll cycle after the Effective Date and on expiration of the Revocation Period
(unless Employee revokes this Agreement during the Revocation Period, as defined in Section 16 below). The Company’s first payment shall be a lump sum for eight weeks of severance, and thereafter the remaining payments shall be in two-week
intervals. 

 (b) Employee acknowledges and understands that except as otherwise specifically set forth below, the
severance set forth above constitutes the full payment of any monetary obligations owed by the Company to Employee, and Employee agrees that he is not entitled, and will not assert that he is entitled, to any other further payments or amounts.

 2. Employee may be eligible for continued health insurance coverage pursuant to the Company’s existing medical and dental insurance
plans under COBRA. If Employee elects COBRA coverage, the Company will reimburse Employee the cost of Employee’s paid COBRA premiums for a six month period from the Effective Date. Thereafter, Employee will be solely responsible for
payment of the COBRA premiums. 
 3. Employee and the Company hereby acknowledge and agree that the Employee voluntarily resigned his
position as President of VNI, effective October 22, 2007. 
 4. Employee hereby represents that he has returned to the Company all of
the Company’s physical property, records, reports, files, documents whether in electronic or hardcopy format, and any other equipment or property of the Company, including any original bound National Brand Computation Notebooks
(“Notebooks”) Employee possesses which contain Company information, whether such Notebooks also contain personal information. 
 5.
As a material inducement to the Company to enter into, and in consideration of the Company’s obligations under, this Agreement, and excepting only the Company’s agreements, liabilities and obligations to Employee arising hereunder,
Employee, for himself, his heirs, executors, administrators, trustees, legal representatives, successors and assigns (hereinafter collectively referred to as “Releasor”), hereby forever fully releases and discharges the Company, and each
of its past and present affiliates, parents, subsidiaries and divisions, and each of their past and present directors, officers, partners, shareholders, employees and agents in 

  

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their respective capacities as such, and the heirs, executors, administrators, successors and assigns of each of them (hereinafter collectively referred to
as “Releasee”), from all claims, charges, demands, sums of money, actions, rights, causes of action, obligations and liabilities of any kind or of any nature whatsoever, at law or in equity, which Releasor ever had, now has or hereafter
can, shall or may have for, upon, or by reason of any matter, cause or thing whatsoever, whether known or unknown, and whether heretofore asserted or unasserted, from the beginning of the world to the Effective Date, including, but not limited to,
claims arising out of or relating to Employee’s employment by the Company and the termination of such employment; claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of
1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, Sections 1981 through 1988 of Title 42 of the United States Code, the Equal Pay Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act, the
New Jersey Equal Pay Act, the New Jersey Law Against Discrimination, the New Jersey wage-hour and wage-payment laws, the New Jersey Worker Health and Safety Act, the New Jersey Conscientious Employee Protection Act, the New Jersey Family Leave Act,
the New Jersey Occupational Safety and Health Laws, the New Jersey Statues Annotated, “Workers’ Compensation: Retaliation” provision, the New Jersey Statutes Annotated, “Political Activities of Employee” provision, and any
other federal, state or local statute, rule, regulation and ordinance; and claims for fraud, libel, slander, breach of implied or express, oral or written, contract, tort, promissory estoppel, or under common law or in equity. 
 6. Employee agrees, to the fullest extent permitted by law, not to commence, maintain, prosecute or participate in any action or proceeding of any kind
against Releasee, their past and present affiliates, parents, subsidiaries and divisions, or their respective directors, 

  

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officers, partners, shareholders, employees or agents, and successors or assigns, arising out of any act, omission, transaction or occurrence occurring up to
and including the Effective Date, concerning any of the claims released in Section 5 hereof, except for any claims arising from or out of this Agreement, and warrants that he has not done so as of the date of this Agreement. 
 7. (a) Except as provided below and the Employee’s agreements, liabilities and obligations to the Company hereunder, as a material inducement to
Employee to enter into, and in consideration of the Employee’s obligations under, this Agreement, the Company and VNI for themselves, and each of their affiliates, parents, subsidiaries and divisions, and on behalf of each of their past and
present directors, officers, partners, shareholders, employees and agents in their respective capacities as such, as well as their trustees, legal representatives, successors and assigns (hereinafter collectively referred to as the “Company
Releasors”), hereby forever fully release and discharge the Employee, and each of his heirs, executors, administrators, successors and assigns of each of them (hereinafter collectively referred to as the “Employee Releasees”), from
any and all claims, charges, demands, sums of money, actions, rights, causes of action, obligations and liabilities of any kind or of any nature whatsoever, whether at law or in equity, which the Company Releasors ever had, now have or hereafter
can, shall or may have for, upon, or by reason of any matter, cause or thing whatsoever, whether known or unknown, and whether heretofore asserted or unasserted, from the beginning of the world to the Effective Date, including, but not limited to,
claims arising out of or relating to Employee’s employment by the Company and the termination of such employment. 
 (b) Notwithstanding
anything set forth in Section 7(a), nothing stated in this Agreement shall act or be construed as a release and discharge of any rights that the Company Releasors have or may have against the Employee Releasees for: (i) intentional acts of

  

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wrongdoing by Employee; (ii) discriminatory or retaliatory acts by Employee; (iii) any inappropriate acts by Employee outside the scope of his
employment; (iv) or violations or breaches of any agreement between the Employee and Company, including the Employee Confidentiality and Innovations Agreement and Non-Compete Agreement. 
 8. The Company agrees not to commence, maintain, prosecute or participate in any action or proceeding of any kind against the Employee Releasees, arising
out of any act, omission, transaction or occurrence occurring up to and including the Effective Date, concerning any of the claims released in Section 7 (a) hereof, and warrants that it has not done so as of the date of this Agreement.

 9. (a) Employee agrees that, to the fullest extent permitted by law, he shall (i) cooperate with and assist the Company and their
attorneys in any lawsuit, claim, arbitration or proceeding in which the Company is, or may become, involved, and (ii) provide information and assistance to the Company or its counsel, and shall comply with any reasonable request, and be
available on reasonable advance written notice, to provide testimony, assistance and information, and to furnish and execute any document required or requested in connection with any such lawsuit, claim, arbitration or proceeding. Employee further
agrees to cooperate and assist the Company in the transition of Employee’s responsibilities following Employee’s employment separation. 
 (b) In the event that Employee is required to assist the Company, and/or its attorneys, in connection with any lawsuit, claim, arbitration, administrative or other proceeding in which the Company is, or may become, involved, or otherwise is
required to provide information and assistance to the Company as provided in Section 9(a) above, the Company shall compensate the Employee on an hourly basis for the time he reasonably is required to expend at 

  

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the rate of $130.00 per hour, and shall reimburse him in a prompt manner for all reasonable out-of-pocket expenses necessarily incurred by the Employee in
connection therewith, including, but not limited to, travel, lodging and meals. 
 10. (a) Nothing in this Agreement is intended as, or
shall be deemed or operate as, a release by Employee of any rights to indemnification relating to his performance of services as an employee or officer of VNI, including, but not limited to, any rights to indemnification as are set forth in Article
EIGHTH of the Restated Certificate of Incorporation of Vonage Holdings Corp. dated as of May 30, 2006, or in Article NINTH of the Certificate of Incorporation of Vonage Network Inc. or any amendments thereto. Accordingly, nothing in this
Agreement prevents or prohibits Employee from filing a future claim for indemnification. The Company represents, warrants and covenants that Employee, as President of VNI, is entitled to indemnification under the terms of the Restated Certificate of
Incorporation of Vonage Holdings Corp. 
 (b) The Company hereby represents, warrants and covenants to Employee that it presently has in
effect Directors’ & Officers’ Liability Insurance. Nothing in this Agreement prevents or prohibits Employee from filing a future claim for coverage under any such policy of insurance. 
 11. Employee represents that to the extent, prior to the Effective Date, he had knowledge of any employee conduct or Company actions that may have
constituted a material violation of the Company’s Code of Conduct, Employee previously has reported such conduct or actions to the Company’s disclosure committee through the 302 certification questionnaire process. 
  

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 12. The parties hereto mutually agree to maintain and keep the terms of this Agreement confidential, and
neither party, nor any person or entity acting on such party’s behalf, shall disclose such terms, except to such party’s spouse or significant other, attorney, tax or financial advisor, or as otherwise required by law. 
 13. Employee agrees that neither he, nor anyone acting on his behalf, shall make any derogatory or disparaging statements about the Company or any of the
Company’s current and former directors, officers, managers, employees and agents. The Company agrees that it shall not make any derogatory or disparaging statements about Employee, except that nothing stated herein shall preclude the Company,
its directors or employees from describing or discussing Employee’s work performance while at the Company. 
 14. The mutual covenants,
representations, and agreements of the parties contained herein shall survive the execution and delivery of this Agreement and the payment referred to in Section 1 of this Agreement. 
 15. This Agreement shall not in any way be construed as an admission: (a) against the Company of any liability to Employee; or (b) that the
Company has acted wrongfully with respect to Employee. The Company specifically disclaims any liability for any wrongful acts against Employee on the part of itself, its current and former officers, managers, employees, and agents. This Agreement
shall not be offered, used or considered as evidence in any proceeding, except to the extent necessary to enforce its terms and the obligations of the parties hereunder. 
 16. (a) Employee acknowledges that (i) he has been advised by the Company to consult with and has, in fact, consulted with an independent attorney of his own choosing before executing this Agreement; (ii) he
has been provided with at least twenty-one (21) days to review and consider whether to sign this Agreement, (iii) he may waive and has in fact waived any 

  

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portion of such twenty-one (21) day period and any right further to review this Agreement; and (iv) he has been given seven (7) days following
execution to revoke this Agreement (the “Revocation Period”); and 
 (b) This Agreement will not become effective or enforceable
until the Revocation Period has expired, and the payment referred to in Section 1 will not be payable until after the Revocation Period. Such revocation shall only be effective if an originally executed written notice is delivered to the
Company at: 
 Vonage Holdings Corp. 
 23 Main Street 
 Holmdel, New Jersey 07733 
 Attention: Debbie Primera 
 on or before 5:00 PM on
the seventh (7th) day following the Effective Date. If so revoked, this Agreement shall be void and of no further force and effect. 
 17. (a) Except as otherwise provided in this Agreement, Employee agrees and acknowledges that the terms set forth in the Company’s (i) Employee Confidentiality and Innovations Agreement, and (ii) Non-Compete Agreement, each
of which was executed by Employee, will remain in full force and effect. 
 (b) The provisions of Section 17(a) above and of the
aforesaid Non-Compete Agreement notwithstanding, the Company acknowledges that there are a number of its current employees who likely joined the Company because of Employee’s association with the Company. The Company therefore acknowledges and
agrees that if an employee of the Company voluntarily, without any enticement or solicitation by the Employee, directly or indirectly, determines to terminate his or her employment with the Company and to join the Employee at his place of new
employment, such event shall not be considered or deemed to be a breach or violation of said Non-Compete, or of this Agreement. Nothing stated herein is 

  

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intended to limit the scope of the provisions set forth in the Employee’s Non-Compete Agreement. 
 (c) The provisions of Section 17(a) above and of the aforesaid Non-Compete Agreement notwithstanding, in the event that the Company fails to make
the payments set forth in paragraph 1(a) herein, and fails to cure such breach with seven (7) business days of the date of its receipt of a written notice of breach and opportunity to cure provided by the Employee, then the Non-Compete
Agreement automatically shall be deemed to be null and void and of no further force or effect whatsoever. Written notice under this paragraph 17(c) shall be addressed to Chief Legal Officer, Vonage Holdings Corp., 23 Main Street, Holmdel, NJ 07733,

 18. This Agreement: (a) constitutes the sole and complete understanding and agreement between the parties hereto with respect to the
matters set forth herein, and, except as provided in Section 18 hereof, there are no other agreements or understandings, whether written or oral and whether made contemporaneously or otherwise, that are binding upon the parties hereto;
(b) may not be amended except in a writing signed by each of the parties hereto; (c) shall be subject to, governed by and construed and enforced in accordance with the laws of the State of New Jersey, without reference to any conflicts of
law principles; and (d) shall inure to the benefit of and be binding upon the heirs, devisees, legatees, executors, administrators, successors, assigns, officers, directors and affiliates of each of the parties hereto. 
 19. The parties to this Agreement agree that any and all disputes arising out of or under this Agreement shall be heard and determined in New Jersey
state (Monmouth County vicinage) or federal court. The substantially prevailing party in any such litigation shall be entitled to an award of reasonable attorney’s fees, together with all reasonable and necessary 

  

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litigation costs and expenses incurred in such proceeding including, but not limited to, expert and accounting fees. 
 20. In the event that one or more provisions of this Agreement shall for any reason be held to be illegal or unenforceable, the remaining provisions
shall continue in full force and effect. However, upon a finding that Sections 5 and/or 6 hereof, in whole or part, are illegal, or unenforceable, Employee shall be required, at the option of the Company, either to return the payment referred to in
Section 1 hereof, or to execute a Release And Waiver and/or Covenant Not To Sue that is legal and enforceable. The Company can only exercise its right to request Employee return the payment provided hereunder if Employee initiates an action or
claim against the Company. 
 21. Employee acknowledges and agrees that he has read and fully understands this Agreement, including the
release and covenant not to sue; he assents to all of the terms and conditions of the Agreement; he has consulted with counsel before signing this Agreement; and he is signing this Agreement knowingly and voluntarily. 
 22. All communications hereunder to be effective shall be in writing and transmitted either by regular mail, or through a nationally recognized overnight
courier service, addressed to the parties at their respective addresses set forth in the Preamble to this Agreement or such other future addresses of the parties. 
 23. The individual executing this Agreement on behalf of the Company and VNI hereby represents and warrants to Employee that: (a) she has the full power and authority to execute this Agreement on behalf of, and
to bind, the Company; and (b) the execution and delivery of this Agreement, and the performance by the Company of its obligations hereunder, have been duly approved and authorized by the Board of Directors of the Company, as required.

  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date set forth opposite
their respective signatures. 
  

					
	Dated: December 21, 2007	 	 /s/ Timothy G. Smith

		 	Timothy G. Smith
		
		 	VONAGE HOLDINGS CORP.
			
	Dated: December 21, 2007	 	By:	 	 /s/ Debbie Primera

		 		 	Debbie Primera
		
		 	VONAGE NETWORK INC.
			
	Dated: December 21, 2007	 	By:	 	 /s/ Debbie Primera

		 		 	Debbie Primera

  

 11Warrant to purchase shares of common stock of Valicent, Inc.

 Exhibit 4.2 
 WARRANT 
 TO PURCHASE SHARES OF COMMON STOCK 
 OF 
 Valicert, Inc. 
 A Delaware Corporation 
 THIS WARRANT HAS BEEN, AND
THE SHARES OF COMMON STOCK WHICH MAY BE PURCHASED PURSUANT TO THE EXERCISE OF THIS WARRANT (THE “WARRANT SHARES”) WILL BE, ACQUIRED SOLELY FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR RESALE IN CONNECTION WITH, ANY DISTRIBUTION THEREOF.
NEITHER THIS WARRANT OR THE WARRANT SHARES (TOGETHER, THE “SECURITIES”) HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH DISPOSITION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE
SECURITIES ACT AND OF ANY APPLICABLE STATE SECURITIES LAWS. 
  

			
	Warrant No.: PFS-1	  	Issuance Date: May 30, 2001

 THIS CERTIFIES THAT, for value received, Pentech Financial Services, Inc. (the “Holder”) is entitled to
subscribe for and purchase from Valicert, Inc., a Delaware corporation (the “Company”), 87,719 fully paid and nonassessable shares (as adjusted pursuant to Section 2 hereof) (the “Warrant Shares”) of Common Stock of
the Company (“ Common Stock”) at a purchase price of $2,565 per share, (as adjusted pursuant to Section 2 hereof) (the “Exercise Price”), upon the terms and subject to the conditions hereinafter set forth: 

1.      EXERCISE RIGHTS. 
 (a)    Cash Exercise. The purchase rights represented by this Warrant may be exercised by the Holder at any time and from time to time during the term hereof, in whole or in part, by
delivery to the principal offices of the Company of this Warrant and a completed and duly executed Notice of Cash Exercise, in the form attached as Exhibit “A” hereto, accompanied by payment to the Company of an amount equal to the
Exercise Price then in effect multiplied by the number of Warrant Shares to be purchased by the Holder in connection with such cash exercise of this Warrant, which amount may be paid, at the election of the Holder, by wire transfer or delivery of a
certified check payable to the order of the Company. 
 (b)    Net Issue Exercise. 
 (i)    In lieu of exercising the purchase rights represented by this Warrant on a cash basis pursuant to Section 1(a) hereof, the
Holder may elect to exercise such rights represented by this Warrant at any time and from time to time during the term hereof, in whole or in part, on a net-issue basis by electing to receive the number of Warrant Shares which are equal in value to
the value of this Warrant (or any portion thereof to be canceled in connection with such net-issue exercise) at the time of any such net-issue exercise, by delivery to the principal offices of the Company of this Warrant and a completed and duly
executed Notice of Net-Issue Exercise, in the form attached as Exhibit “B” hereto, properly marked to indicate (A) the number of Warrant Shares to be delivered to the Holder in connection with such net-issue exercise, (B) the
number of Warrant Shares with respect to which the Warrant is being surrendered in payment of the aggregate Exercise Price for the Warrant Shares to be delivered to the Holder in connection with 
  

					
	Warrant Agreement	 	1	 	

 such net-issue exercise, and (C) the number of Warrant Shares which remain subject to the Warrant after such
net-issue exercise, if any (each as determined in accordance with Section 1(b)(ii) hereof). 
 (ii)    In the event
that the Holder shall elect to exercise the rights represented by this Warrant in whole or in part on a net-issue basis pursuant to this Section 1(b) the Company shall issue to the Holder the number of Warrant Shares determined in
accordance with the following formula: 
  

											
		 		 	 X =
  
	 	Y (A-B)	  		  	
		 		 	 	A	  		  	

 X    =    the number of Warrant Shares to be issued to the
Holder in connection with such net-issue exercise. 
 Y    =    the number of Warrant Shares
purchasable under this Warrant or the portion of the Warrant being exercised in connection with such net-issue exercise. 
 A    =    the Fair Market Value of one share of Common Stock. 
 B    =    the Exercise Price in effect as of the date of such net-issue exercise (as adjusted pursuant to Section 2 hereof.) 
 (c)    Fair Market Value. For purposes of this Section 1, the “Fair Market Value” of the Common Stock shall
have the following meanings: 
 (i)    If the Common Stock is not listed for trading on a national securities exchange or
admitted for trading on a national market system, then the Fair Market Value of the Common Stock shall be deemed to be the fair market value of Common Stock as determined in good faith from time to time by the Board of Directors of the Company (the
“Board of Directors”), and receipt and acknowledgement of this Warrant by the Holder shall be deemed to be an acknowledgement and acceptance of any such determination of the fair market value of Common Stock by the Board of Directors as
the final and binding determination of such fair market value of purposes of this Warrant. 
 (ii)    If the
Company’s Common Stock is listed for trading on a national securities exchange or admitted for trading on a national market system, or closing bid and asked prices therefor are published in the Over-the-Counter Summary in the Western Edition of
The Wall Street Journal, then the per share Fair Market Value of the Common Stock shall be deemed to be the closing price quoted on such national securities exchange or such national market system, or if not so listed, the average of the
closing bid and asked prices for the Company’s Common Stock quoted on the Over-the-Counter Summary, for the ten (10) trading days prior to the date of determination of Fair Market Value for Common Stock in accordance herewith. 

(d)    Additional Conditions to Exercise of Warrant. Unless there is a registration statement declared or
ordered effective by the Securities and Exchange Commission (the “Commission”) under the Securities Act which includes the Warrant Shares to be issued upon the exercise of the rights represented by this Warrant, such rights may not be
exercised unless and until: 
 (i)    the Company shall have received an Investment Representation Statement in the form
attached as Exhibit “C” hereto, certifying that, among other things, the Warrant Shares to be issued upon the exercise of the rights represented by this Warrant are being acquired for investment and not with a view to any sale or
distribution thereof; and 
  

					
	Warrant Agreement	 	2	 	

 (ii)    each certificate evidencing the Warrant Shares to be issued upon the exercise
of the rights represented by this Warrant shall be stamped or imprinted with a legend substantially in the following form: 
 THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND ARE “RESTRICTED SECURITIES” AS DEFINED IN RULE 144 PROMULGATED UNDER THE SECURITIES ACT. SUCH
SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE DISTRIBUTED EXCEPT (i) PURSUANT TO A REGISTRATION STATEMENT DECLARED OR ORDERED EFFECTIVE BY THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT
COVERING SUCH SECURITIES, OR (ii) IN COMPLIANCE WITH RULE 144, OR (iii) PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF SUCH SECURITIES THAT SUCH REGISTRATION OR RULE 144 COMPLIANCE IS NOT REQUIRED UNDER THE SECURITIES ACT
AS TO SUCH SALE, OFFER OF SALE, PLEDGE, HYPOTHECATION OR OTHER DISTRIBUTION. THIS CERTIFICATE MUST BE SURRENDERED TO THE ISSUER HEREOF OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE TRANSFER OF ANY INTEREST IN THE SECURITIES REPRESENTED
HEREBY. 
 (e)    Fractional Shares. Upon the exercise of the rights represented by this Warrant, the Company
shall not be obligated to issue fractional shares of Common Stock, and in lieu thereof, the Company shall pay to the Holder an amount in cash equal to the Fair Market Value per share of Common Stock immediately prior to such exercise multiplied by
such fraction (rounded to the nearest cent). 
 (f)    Record Ownership of Warrant Shares. The Warrant Shares
shall be deemed to have been issued, and the person in whose name any certificate representing Warrant Shares shall be issuable upon the exercise of the rights represented by this Warrant (as indicated in the appropriate Notice of Exercise) shall be
deemed to have become the holder of record of (and shall be treated for all purposes as the record holder of) the Warrant Shares represented thereby, immediately prior to the close of business on the date or dates upon which the rights represented
by this Warrant are exercised in accordance with the terms hereof. 
 (g)    Stock Certificates. In the event of
any exercise of the rights represented by this Warrant, certificates for the Warrant Shares so purchased pursuant hereto shall be delivered to the Holder within a reasonable time and, unless this Warrant has been fully exercised or has expired, a
new Warrant representing the Warrant Shares with respect to which this Warrant shall not have been exercised shall also be issued to the Holder within such time. 
 (h)    Issue Taxes. The issuance of certificates for shares of Common Stock upon the exercise of the rights represented by this Warrant shall be made without charge to the Holder for any
issuance tax in respect thereof, provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the
Holder of the Warrant. 
  

					
	Warrant Agreement	 	3	 	

 2.      ADJUSTMENT RIGHTS. 
 (a)    Right to Adjustment. The number of Warrant Shares purchasable upon the exercise of the rights represented by this
Warrant, and the Exercise Price therefor, shall be subject to adjustment from time to time upon the occurrence of certain events, as follows: 
 (i)    Reclassifications. In the event of a reclassification of the Common Stock other than by stock split, subdivision, consolidation or combination thereof, the Company shall execute a new Warrant, the terms of
which provide that the holder of this Warrant shall have the right to exercise the rights represented by such new Warrant, and procure upon such exercise and payment of the same aggregate Exercise Price then in effect, in lieu of the shares of
Common Stock theretofore issuable upon exercise of the rights represented by this Warrant, the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification by a holder of an equivalent number of
shares of Common Stock. Such new Warrant shall provide for adjustments, which are as equivalent as practicable to the adjustments provided for in this Section 2. The provisions of this Section 2(a)(i) shall apply with equal force and
effect to all successive reclassifications of the Common Stock. 
 (ii)    Stock Splits, Dividends, Combinations and
Consolidations. In the event of a stock split, stock dividend or subdivision of or in respect of the outstanding shares of Common Stock, the number of Warrant Shares issuable upon the exercise of the rights represented by this Warrant
immediately prior to such stock split, stock dividend or subdivision shall be proportionately increased and the Exercise Price then in effect shall be proportionately decreased, effective at the close of business on the date of such stock split,
stock dividend or subdivision, as the case may be. In the event of a reverse stock split, consolidation, combination or other similar event of or in respect of the outstanding shares of Common Stock, the number of Warrant Shares issuable upon the
exercise of the rights represented by this Warrant immediately prior to such reverse stock split, consolidation, combination or other similar event shall be proportionately decreased and the Exercise Price shall be proportionately increased,
effective at the close of business on the date of such reverse stock split, consolidation, combination or other similar event, as the case may be. 
 (iii)    Mergers and Consolidations: Sales of Assets or Stock. In the event of (1) a merger or consolidation of the Company with or into another corporation, limited liability company, general or limited
partnership, joint venture, association or other legal entity (other than a merger or consolidation pursuant to which the Company is the surviving corporation and the shareholders of the Company immediately preceding such merger or consolidation
continue to own at least fifty percent (50%) of the capital stock of the Company entitled to vote following the closing of such merger or consolidation and which does not result in any reclassification of the Warrant Shares issuable upon the
exercise of the rights represented by this Warrant), or (2) the sale of all or substantially all of the assets or capital stock of the Company, the Company, or any successor corporation or other legal entity, as the case may be, shall execute a
new Warrant, the terms of which provide that the holder of this Warrant shall have the right to exercise the rights represented by such new Warrant, and procure upon such exercise and payment of the same aggregate Exercise Price then in effect, in
lieu of the shares of Common Stock theretofore issuable upon exercise of the rights represented by this Warrant, the kind and amount of shares of stock, other securities, money and property receivable upon such merger, consolidation or sale of
assets or capital stock by a holder of an equivalent number of shares of Common Stock. Such new Warrant shall provide for adjustments, which are as equivalent as practicable to the adjustments provided for in this Section 2. The provisions of
this Section 2(a)(iii) shall apply with equal force and effect to all successive mergers, consolidations and sales of assets and capital stock of the Common Stock. 
 (b)    Adjustment Notices. Upon any adjustment of the Exercise Price, and any increase or decrease in the number of Warrant Shares subject to this Warrant, in accordance with this
Section 2, the Company, within sixty (60) days thereafter, shall give written notice thereof to the Holder at the address of such Holder as shown on the books of the Company, which notice shall state the Exercise Price as adjusted and, if
applicable, the increased or decreased number of Warrant Shares subject to this Warrant, setting forth in reasonable detail the method of calculation of each such adjustment. 
  

					
	Warrant Agreement	 	4	 	

 3.      TRANSFER OF WARRANT. 
 (a)    Requirements for Transfer. This Warrant and the rights represented hereby are not transferable, except in accordance
with the conditions set forth in this Section 3. In order to effect any transfer of all or a portion of this Warrant or the Warrant Shares, the Holder hereof shall deliver to the Company a completed and duly executed Notice of Transfer, in the
form attached as Exhibit “D” hereto. 
 (b)    Additional Conditions to Transfer of Warrant. Unless
there is a registration statement declared or ordered effective by the commission under the Securities Act which includes this Warrant, the Warrant may not be transferred unless and until: 
 (i)    the Company shall have received an Investment Representation Statement, in the form attached as Exhibit “E” hereto,
certifying that, among other things, this Warrant is being acquired for investment and not with a view to any sale or distribution thereof, and 
 (ii)    the Company shall have received a written notice from the Holder which describes the manner and circumstances of the proposed transfer accompanied by a written opinion of Holder’s legal counsel, in form and
substance reasonably satisfactory to the Company, stating that such transfer is exempt from the registration and prospectus delivery requirements of the Securities Act and all applicable state securities laws. 
 4.      REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby represents and warrants to the Holder as follows:

 (a)    This Warrant has been duly authorized and validly executed and delivered by the Company and constitutes a valid
and legally binding obligation of the Company enforceable against the Company in accordance with its terms. 
 (b)    The
Warrant Shares have been duly and validly authorized and reserved for issuance by the Company upon the exercise of the rights represented by this Warrant and, when issued upon the exercise of such rights in accordance with the terms and conditions
hereof, the Warrant Shares will be (A) duly authorized and validly issued, fully paid and nonassessable shares of Common Stock, (B) free from all preemptive rights, rights of first refusal or first offer, taxes, liens, charges or other
encumbrances with respect to the issuance thereof by the Company, and (C) free of any restrictions on the transfer thereof other than restrictions on transfer provided for herein or under applicable federal and state securities laws. At all
times during the term hereof, the Company shall have authorized and reserved for issuance a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this Warrant. 
 (c)    The due execution and delivery of this Warrant are not, and the issuance of the Warrant Shares upon the exercise of the rights
represented by this Warrant in accordance with the terms hereof will not, conflict with the Articles of Incorporation or Bylaws of the Company, each as amended to the date of issuance hereof. 
 (d)    The Company acknowledges that this Warrant does not constitute security for the repayment of any lease, loan or other
indebtedness due from the Company to the Holder. 
 5.      REPRESENTATIONS AND WARRANTIES OF THE HOLDER. The
Holder hereby represents and warrants to the Company as follows: 
 (a)    This Warrant is being acquired for such
Holder’s own account, for investment and not with a view to, or for resale in connection with, any distribution or public offering thereof within 

  

					
	Warrant Agreement	 	5	 	

 
the meaning of the Securities Act. Upon the exercise of the rights represented by this Warrant, the Holder shall, if so requested by the Company, confirm in
writing, in a form reasonably satisfactory to the Company, that the Warrant Shares issuable upon the exercise of such rights are being acquired for investment and not with a view toward distribution or resale thereof. 
 (b)    The Holder understands that the Warrant and the Warrant Shares have not been registered under the Securities Act by reason of
their issuance in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act pursuant to Section 4(2) thereof and Regulation D thereunder, and that such Warrant and the Warrant Shares, as the case may
be, must be held by the Holder indefinitely, and therefore, that the Holder must bear the economic risk of such investment, unless a subsequent disposition thereof is registered under the Securities Act or is exempt from such registration
requirements. The Holder further understands that the Warrant Shares have not been qualified under the California Securities Law of 1968 (the “California Law”) by reason of their issuance in a transaction exempt from the qualification
requirements of the California Law pursuant to Section 25102(f) thereof, which exemption depends upon, among other things, the bona fide nature of such Holder’s investment intent expressed herein. 
 (c)    The Holder has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and
risks of the purchase of this Warrant and the Warrant Shares and of protecting its interests in connection therewith. 
 (d)    The Holder is able to bear the economic risk of the purchase of the Warrant Shares pursuant to the terms of this Warrant. 
 (e)    Holder is an “accredited investor” within the meaning of Rule 501 of Regulation D, as presently in effect. 
 6.      NO SHAREHOLDER RIGHTS. The Holder of this Warrant (and any transferee hereof) shall not be entitled to vote on matters submitted for the approval or consent of the
shareholders of the Company or to receive dividends declared on or in respect of shares of Common Stock, or otherwise be deemed to be the holder of Common Stock or any other capital stock or other securities of the Company which may at any time be
issuable upon the exercise of the rights represented hereby for any purpose, nor shall anything contained herein be construed to confer upon the Holder (or any transferee hereof) any of the rights of a shareholder of the Company or any right to vote
for the election of directors or upon any matter submitted for the approval or consent of the shareholders, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock,
merger or consolidation, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until this Warrant shall have been exercised and the Warrant Shares issuable upon the exercise of the
rights represented hereby shall have become deliverable as provided herein. 
 7.      REGISTRATION RIGHTS. The
Holder shall be entitled to participate in Registrations as defined in Section 1.3 of that certain Registration Rights Agreement dated as of July 21, 1999, to the same extent as the holders of the Company’s Registrable Securities.

 8.      EXPIRATION OF WARRANT. This Warrant shall expire, and the rights represented hereby may no longer be
exercised on the close of business on the tenth anniversary of the date of issuance hereof. 
 9.      LOCK-UP
AGREEMENT. The Holder hereby agrees that, upon request of the Company or the managing underwriter of a public offering of any securities of the Company, such Holder shall not sell, make any short sale of, loan, grant any option for the
purchase of, or otherwise dispose of all or any portion of the Warrant Shares without the prior written consent of the Company or the managing underwriter, as the case may be, for such period of time (not to exceed 

  

					
	Warrant Agreement	 	6	 	

 
one hundred eighty (180) days from the date upon which the registration statement relating to such public offering is declared or ordered effective by
the Securities and Exchange Commission) as may be requested by the Company or the underwriters, as the case may be. 
 10.    MISCELLANEOUS. 
 (a)    Governing Law. This Warrant is being
delivered in the State of California, and shall be construed and enforced in accordance with and governed by the laws of such State. The parties expressly stipulate that any litigation under this Warrant shall be brought in the State courts of the
County of Santa Clara, California, and in the United States District Court for the Northern District of California. The parties agree to submit to the jurisdiction and venue of such courts. 
 (b)    Notice Procedures. Any written notice by the Company required hereunder shall be made by hand delivery or first class
mail, postage prepaid, address to the Holder at the address set forth on the books of the Company. 
 (c)    Successors and Assigns. The terms of this Warrant shall be binding upon and shall inure to the benefit of any successors or assigns of the Company and of the Holder or Holders of this Warrant and the
Warrant Shares issued or issuable upon the exercise of the rights represented by this Warrant. 
 (d)    Entire
Agreement. This Warrant constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof and supersedes in their entirety any prior or contemporaneous agreements by and between the Company
and the Holder with respect to such matters. 
 (e)    Further Assurances: No Impairment. The Company shall not,
by amendment of its Articles of Incorporation or through any other means, directly or indirectly, avoid or seek to avoid the observance or performance of any of the terms of this Warrant and shall at all times in good faith assist in the carrying
out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against impairment. The Company shall at no time close its transfer books against the transfer
of this Warrant or of any Warrant Shares issued or issuable upon the exercise of the rights represented by this Warrant in any manner, which interferes with a timely exercise of such rights. The Company shall not, by any action, seek to avoid the
observance or performance of any of the terms of this Warrant, but shall at all times in good faith seek to carry out all such terms and take all such actions as may be necessary or appropriate in order to protect the rights of the Holder under this
Warrant against impairment. 
 (f)    Lost Warrant. 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 such Warrant, the Company at the Holder’s expense shall execute and deliver to the Holder, in lieu thereof, a new Warrant of like date and tenor. 
 (g)    Amendments. This Warrant and any provision hereof may be amended, waived or terminated (either generally or in a
particular instance, retroactively or prospectively and for a specified period of time or indefinitely) only by a written instrument signed by the Company and the Holder, or, in the event of any partial transfer of the rights represented by this
Warrant, the Holders of rights to purchase more than fifty percent (50%) of the Warrant Shares issuable upon exercise of the rights represented by this Warrant, and with the same consent the Company may enter into a supplementary agreement for
the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Warrant or the Warrants, as the case may be, provided, however, that no such amendment, waiver, termination or supplemental agreement
shall reduce the aforesaid percentage which is required for consent to any amendment, waiver, termination or supplemental agreement without the consent of all of the Holders of the rights represented by this Warrant. 
  

					
	Warrant Agreement	 	7	 	

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer. 
 Issued this 30th day of May, 2001. 
  

			
	 Valicert, Inc.,
 a Delaware
corporation

		
	By:      	 	/s/ Timothy G. Conley
	  
 Name: Timothy G. Conley

	  
 Title:   VP FINANCE & CFO

 Acknowledged and Accepted: 
  

			
	 PENTECH FINANCIAL SERVICES, INC.
 A
California corporation

		
	By:      	 	/s/ Norman H. Nelson
	  
 Name: Norman H. Nelson

	  
 Title:   President & COO

	  
 Date: 6 - 5 - 01

  

					
	Warrant Agreement	 	8	 	

 EXHIBIT A 
 NOTICE OF CASH EXERCISE 
  

	To:	Valicert, Inc. 

 339 N. Bernardo Avenue

 Mountain View, CA 94043 
 1. The undersigned hereby elects to purchase                      shares of Common Stock of Valicert, Inc., a Delaware
corporation (the “Company”), pursuant to the terms of Warrant No.             , issued on
                    , 2001, to and in the name of Pentech Financial Services, Inc., a copy of which is attached hereto (the
“Warrant”), and tenders herewith full payment of the aggregate Exercise Price for such shares in accordance with the terms of the Warrant. 
 2. Please issue a certificate or certificates representing said shares of Common Stock in such name or names as specified below: 
 Pentech Financial Services, Inc. 
 a California corporation 
 310 West Hamilton Avenue, Suite 202 
 Campbell, CA 95008 
 3. The undersigned hereby represents and warrants that the aforesaid shares of Preferred Stock are being acquired for the account of the undersigned for investment and not with a view to, or for resale in connection
with, the distribution thereof, and that the undersigned has no present intention of distributing or reselling such shares and all representations and warranties of the undersigned set forth in attached Warrant are true and correct as of the date
hereof. In support thereof, the undersigned has executed an Investment Representation Statement, in the form attached as Exhibit C to the Warrant, concurrently herewith. 
  

			
	 Pentech Financial Services, Inc.
 a
California corporation

		
	By:	 	 
	  
 Name:
	 	 
	  
 Title:
	 	 

  

			
		
	By:	 	 
	  
 Name:
	 	 
	  
 Title:
	 	 
	  
 Date:
	 	 

  

					
	Warrant Agreement	 	9	 	

 EXHIBIT B 
 NOTICE OF NET-ISSUE EXERCISE 
  

	To:	Valicert, Inc. 

 339 N. Bernardo Avenue

 Mountain View, CA 94043 
 1. The undersigned hereby elects to purchase                      shares of Preferred Stock of Valicert, Inc., a Delaware
corporation (the “Company”), on a net-issue basis pursuant to the terms of Warrant No.            , issued on
                    , 2001, to and in the name of Pentech Financial Services, Inc., a copy of which is attached hereto (the
“Warrant”). 
 2. Net-Issue Information: 
  

	 	(a)	Number of Shares of Common Stock to be Delivered: ____________________ 

  

	 	(b)	Number of Shares of Common Stock Surrendered: _______________________ 

  

	 	(c)	Number of Shares Remaining Subject to Warrant: ______________________________ 

 3. Please issue a certificate or certificates representing said shares of Common Stock in such name or names as specified below: 
 Pentech Financial Services, Inc. 
 310 West Hamilton Avenue, Suite 202 
 Campbell, CA 95008 
 4. The undersigned hereby represents and warrants that the aforesaid shares of Common
Stock are being acquired for the account of the undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof, and that the undersigned has no present intention of distributing or reselling such shares
and all representations and warranties of the undersigned set forth in attached Warrant are true and correct as of the date hereof. In support thereof, the undersigned has executed an Investment Representation Statement, in the form attached as
Exhibit C to the Warrant, concurrently herewith. 
  

			
	 Pentech Financial Services, Inc.,
 a
California corporation

		
	By:	 	 
	  
 Name:
	 	 
	  
 Title:
	 	 

  

			
		
	By:	 	 
	  
 Name:
	 	 
	  
 Title:
	 	 
	  
 Date:
	 	 

  

					
	Warrant Agreement	 	10	 	

 EXHIBIT C 
 INVESTMENT REPRESENTATION STATEMENT 
  

			
	 PURCHASER:
	  	Pentech Financial Services, Inc.
		
	 SELLER:
	  	Valicert, Inc.
		
	 COMPANY:
	  	Valicert, Inc.
		
	 SECURITY:
	  	Common Stock Issued Upon The Exercise Of Warrant No
                         Issued On         , 2001.
		
		  	
		
	 AMOUNT:
	  	                     SHARES
	
	DATE:                                     
        
		
		  	

 The undersigned hereby represent and warrants to Valicert, Inc., a Delaware corporation
(the “Company”), as follows: 
 1. The undersigned is aware of the business affairs, financial condition and results of operations
of the Company and has acquired sufficient information about the Company to reach an informed and knowledgeable investment decision to acquire the Securities. The undersigned is purchasing the Securities for its own account for investment purposes
only and not with a view to, or for the resale in connection with, any “distribution” thereof for purposes of the Securities Act of 1933, as amended (the “Securities Act”). 
 2. The undersigned understands that the Securities have not been registered under the Securities Act in reliance upon a specific exemption therefrom,
which exemption depends upon, among other things, the bona fide nature of its investment intent as expressed herein. The undersigned understands that, in the view of the Securities and Exchange Commission (the “Commission”), the
statutory basis for such exemption may be unavailable if my representation was predicated solely upon a present intention to hold the Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an
increase or decrease in the market price of the Securities, or for a period of one year or any other fixed period in the future. 
 3. The
undersigned further understands that the Securities must be held indefinitely unless subsequently registered under the Securities Act or unless an exemption from registration is otherwise available. In addition, the undersigned understands that the
certificate evidencing the Securities will be imprinted with a legend, which prohibits the transfer of the Securities unless they are registered or such registration is not required in the opinion of counsel for the Company. 
 4. The undersigned is familiar with the provisions of Rule 144, promulgated under the Securities Act, which, in substance, permits limited public resale
of “restricted securities” acquired, directly or indirectly, from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. 
 5. The undersigned further understands that in the event all of the applicable requirements of Rule 144 are not satisfied, registration under the
Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rule 144 is not exclusive, the Staff of the Commission has expressed its opinion that persons proposing to
sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that
such persons and their respective brokers who participate in such transactions do so at their own risk. 
  

					
	Warrant Agreement	 	11	 	

 6. The undersigned is an “accredited investor” within the meaning of Rule 501 of Regulation D,
as presently in effect. 
  

			
	Pentech Financial Services, Inc.
		
	By:	 	 
	  
 Name:
	 	 
	  
 Title:
	 	 

  

			
		
	By:	 	 
	  
 Name:
	 	 
	  
 Title:
	 	 

  

			
	  
 Date:
	 	 

  

					
	Warrant Agreement	 	12	 	

 EXHIBIT D 
 NOTICE OF TRANSFER 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                        
the right represented by Warrant No.             , issued on
                    , 2001, to and in the name of Pentech Financial Services, Inc., to purchase
                     shares of Common Stock of Valicert, Inc., a Delaware corporation (the “Company”), a copy of which is
attached hereto (the “Warrant”), and appoints as attorney-in-fact to transfer such right on the books of the Company with full power of substitution in the premises. 
  

									
	Dated:                     	 		 	 Pentech Financial Services, Inc.,
 a
California corporation

					
		 		 		 	By	 	 
		 		 		 	  
 Name
	 	 
		 		 		 	  
 Title
	 	 

  

									
					
		 		 		 	By	 	 
		 		 		 	  
 Name
	 	 
		 		 		 	  
 Title
	 	 
				
		 		 		 	  
 (Signature must conform in all respects to name of the Holder as set
forth on the face of the Warrant)

				
		 		 		 	  
 310 West Hamilton Avenue, Suite 202
 Campbell, CA 95008

  

	
	Signed in the presence of:
	
	  

  

					
	Warrant Agreement	 	13	 	

 EXHIBIT E 
 INVESTMENT REPRESENTATION STATEMENT 
  

			
	 TRANSFEROR:
	  	Pentech Financial Services. Inc., a California corporation
	
	TRANSFEREE:
                                        
                        
	
	 COMPANY:
                                        
                              

		
	 COMPANY:
	  	Valicert, Inc.
		
	 SECURITY:
	  	WARRANT NO             , ISSUED ON
                    , 2001
		
	 AMOUNT:
	  	                     SHARES
	
	DATE:
                                        
                                       
 

 The undersigned hereby represents and warrants to Valicert, Inc., a Delaware corporation
(the “Company”), as follows: 
 1. The undersigned is aware of the business affairs, financial condition and results of operations
of the Company and has acquired sufficient information about the Company to reach an informed and knowledgeable investment decision to acquire the Securities. The undersigned is purchasing the Securities for its own account for investment purposes
only and not with a view to, or for the resale in connection with, any “distribution” thereof for purposes of the Securities Act of 1933, as amended (the “Securities Act”). 
 2. The undersigned understands that the Securities have not been registered under the Securities Act in reliance upon a specific exemption therefrom,
which exemption depends upon, among other things, the bona fide nature of my investment intent as expressed herein. The undersigned understands that, in the view of the Securities and Exchange Commission (the “Commission”), the statutory
basis for such exemption may be unavailable if my representation was predicated solely upon a present intention to hold the Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase
or decrease in the market price of the Securities, or for a period of one year or any other fixed period in the future. 
 3. The undersigned
further understands that the Securities must be held indefinitely unless subsequently registered under the Securities Act or unless an exemption from registration is otherwise available. In addition, the undersigned understands that the certificate
evidencing the Securities will be imprinted with a legend, which prohibits the transfer of the Securities unless they are registered or such registration is not required in the opinion of counsel for the Company. 
 4. The undersigned is familiar with the provisions of Rule 144, promulgated under the Securities Act, which, in substance, permits limited public resale
of “restricted securities” acquired, directly or indirectly, from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. 
 5. The undersigned further understands that in the event all of the applicable requirements of Rule 144 are not satisfied, registration under the
Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rule 144 is not exclusive, the Staff of the Commission has expressed its opinion that persons proposing to
sell private placement securities other than in a registered offering and 

  

					
	Warrant Agreement	 	14	 	

 
otherwise than pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers
or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. 
 6. The
undersigned is an “accredited investor” within the meaning of Rule 501 of Regulation D, as presently in effect. 
  

									
	Date:                     	 		 	Transferee:
		 		 	 
					
		 		 		 	By:	 	 
		 		 		 	  
 Name:
	 	 
		 		 		 	  
 Title:
	 	 

  

									
					
		 		 		 	By:	 	 
		 		 		 	  
 Name:
	 	 
		 		 		 	  
 Title:
	 	 

  

					
	Warrant Agreement	 	15

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