Document:

Exhibit 10.2

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE
STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES LAWS.

UNLESS PERMITTED UNDER CANADIAN SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY SHALL NOT TRADE THE SECURITY (OR THE
SECURITIES ISSUABLE ON THE EXERCISE HEREOF) TO A RESIDENT OF A PROVINCE OR
TERRITORY IN CANADA BEFORE JANUARY 22, 2008.

WARRANT TO PURCHASE

SHARES OF

COMMON STOCK OF

XPLORE TECHNOLOGIES CORP.

	
  No.:
  W0907-   

  	
   

  	
  Number of Warrant Shares:     

  
	
   

  	
   

  	
   

  
	
  Date of Issuance: September 21, 2007

  	
   

  	
   

  

 

FOR
VALUE RECEIVED, subject to the provisions hereinafter set forth, the
undersigned, Xplore Technologies Corp., a corporation incorporated under the laws
of the State of Delaware (together with its successors and assigns, the “Issuer”),
hereby certifies that                     
or its registered assigns is entitled to subscribe for and purchase, during the
period specified in this Warrant, up to               
shares of Common Stock of the duly authorized, validly issued, fully paid and
nonassessable shares of Common Stock of the Issuer, at an exercise price per
share equal to the Warrant Price then in effect, subject, however, to the
provisions and upon the terms and conditions hereinafter set forth. Capitalized
terms used in this Warrant and not otherwise defined herein shall have the
respective meanings specified in Section 8 hereof.

1.                                       Term
of Warrant. The right to subscribe for and purchase Warrant Shares
represented hereby shall commence on the date of the issuance of this Warrant
and shall expire at 5:00 p.m. (Austin, Texas time), on September 21, 2009 (the “Expiration
Date”), such period being the “Term”.

2.                                       Method
of Exercise; Issuance of New Warrant; Transfer and Exchange.

(a)                                  Time
of Exercise.  The purchase rights
represented by this Warrant may be exercised in whole or in part at any time
and from time to time during the Term.

(b)                                 Method
of Exercise.  The Holder hereof may
exercise this Warrant, in whole or in part, by the surrender of this Warrant
(with the exercise form attached hereto duly executed) at the principal office
of the Issuer, and by the payment to the Issuer of an amount of consideration
therefor equal to the Warrant Price in effect on the date of such exercise
multiplied

by the number of Warrant Shares with respect to which this Warrant is
then being exercised. Payment may be made by (i) certified check payable to the
Issuer’s order or (ii) wire transfer of funds to the Issuer.

(c)                                  Issuance
of Common Stock Certificates.  In the
event of any exercise of the rights represented by this Warrant in accordance
with and subject to the terms and conditions hereof, (i) certificates for the
Warrant Shares so purchased shall be dated the date of such exercise and
delivered to the Holder hereof within a reasonable time, not exceeding three
Trading Days after such exercise, and the Holder hereof shall be deemed for all
purposes to be the Holder of the Warrant Shares so purchased as of the date of
such exercise, and (ii) unless this Warrant has expired, a new Warrant
representing the number of Warrant Shares, if any, with respect to which this
Warrant shall not then have been exercised shall also be issued to the Holder
hereof at the Issuer’s expense within such time.

(d)                                 Transferability
of Warrant.  Subject to Section 2(e),
this Warrant may be transferred by a Holder without the consent of the Issuer,
subject to applicable law and the right of the Issuer to require that the
transferee be an “accredited investor” as defined in Rule 501(a) promulgated
under the Securities Act. If transferred pursuant to this paragraph and subject
to the provisions of subsection (e) of this Section 2, this Warrant may be
transferred on the books of the Issuer by the Holder hereof, upon surrender of
this Warrant at the principal office of the Issuer, properly endorsed by the
Holder executing an assignment in the form attached hereto. This Warrant is
exchangeable at the principal office of the Issuer for Warrants for the
purchase of the same aggregate number of Warrant Shares, each new Warrant to
represent the right to purchase such number of Warrant Shares as the Holder
hereof shall designate at the time of such exchange. The terms and conditions
of all Warrants issued on exchange shall be identical with this Warrant except
as to the number of Warrant Shares issuable pursuant hereto.

(e)                                  Compliance
with Securities Laws.

(i)                                     The
Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant is
being acquired by the Holder as principal and solely for the Holder’s own
account and not as a nominee for any other party, and for investment, and that
the Holder will not offer, sell, pledge or otherwise dispose of this Warrant
except pursuant to an effective registration statement under the Securities
Act, or an opinion of counsel in a form reasonably satisfactory to the Issuer
that such registration is not required under the Securities Act, and in
accordance with the rules and regulations of all applicable securities laws.

(ii)                                  The
Holder acknowledges and agrees that it will comply with all applicable stock
exchange rules and any applicable securities legislation, orders, rules or
policy statements concerning the purchase of Warrant Shares. All certificates
representing Warrant Shares issued upon exercise hereof shall be stamped or
imprinted with a legend in substantially the following form:

THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD EXCEPT PURSUANT TO AN EFFECTIVE

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REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR PURSUANT TO AN OPINION OF COUNSEL IN A FORM REASONABLY
SATISFACTORY TO THE CORPORATION THAT REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT AND IN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES LAWS.

3.                                       Shares
Fully Paid; Covenants; Loss of Warrants.

(a)                                  Shares
Fully Paid.  The Issuer represents,
warrants, covenants and agrees that all Warrant Shares which may be issued upon
the exercise of this Warrant in accordance with the terms hereof will, at the
time of issuance, be duly authorized, validly issued, fully paid and
non-assessable and free from all taxes, liens and charges created by Issuer.
The Issuer further covenants and agrees that during the period within which
this Warrant may be exercised, the Issuer will at all times have authorized and
reserved for the purpose of the issue upon exercise of this Warrant a
sufficient number of shares of Common Stock to provide for the exercise of this
Warrant.

(b)                                 Covenants.  The Issuer shall not by any action including,
without limitation, amending the Articles of the Issuer, or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue
or sale of securities or any other action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be reasonably necessary or appropriate to
protect the rights of the Holder hereof against dilution (but only to the
extent specifically provided in Section 4 hereof) or impairment. Without
limiting the generality of the foregoing, the Issuer will (i) take all such
action as may be reasonably necessary in order that the Issuer may validly and
legally issue fully paid and nonassessable shares of Common Stock, free and
clear of any liens, claims, encumbrances and restrictions (other than such
restrictions as are expressly set forth herein and subject to applicable
securities laws) upon the exercise of this Warrant; and (ii) use its reasonable
best efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof as may be reasonably
necessary to enable the Issuer to perform its obligations under this Warrant.

(c)                                  Loss,
Theft, Destruction of Warrants.  Upon
receipt of evidence reasonably satisfactory to the Issuer of the ownership of
and the loss, theft, destruction or mutilation of any Warrant and, in the case
of any such loss, theft or destruction, upon receipt of indemnity or security
reasonably satisfactory to the Issuer or, in the case of any such mutilation,
upon surrender and cancellation of such Warrant, the Issuer will make and
deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new
Warrant of like tenor and representing the right to purchase the same number of
shares of Common Stock.

4.                                       Adjustment
of Warrant Price.  The Warrant Price
and kind of Securities purchasable upon the exercise of this Warrant shall be
subject to adjustment from time to time upon the happening of certain events as
follows:

(a)                                  Recapitalization;
Reorganization; Reclassification; Consolidation; Merger or Sale.

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(i)                                     In
case the Issuer at any time prior to the Expiration Date shall do any of the
following (each, a “Triggering Event”): 
(A) consolidate with or merge into any other Person and the Issuer
shall not be the continuing or surviving corporation of such consolidation or
merger, or (B) permit any other Person to consolidate with or merge into the
Issuer and the Issuer shall be the continuing or surviving Person but, in
connection with such consolidation or merger, any Capital Stock of the Issuer shall
be changed into or exchanged for Securities of any other Person or cash or any
other property, or (C) transfer, sell or otherwise dispose all or substantially
all of its properties or assets to any other Person, then, and in the case of
each such Triggering Event, proper provision shall be made so that, upon the
basis and the terms and in the manner provided in this Warrant, the Holder of
this Warrant shall be entitled, upon the exercise hereof at any time after the
consummation of such Triggering Event, to the extent this Warrant is not
exercised prior to such Triggering Event, to receive, and shall accept, at the
Warrant Price in effect at the time immediately prior to the consummation of
such Triggering Event in lieu of the shares of Common Stock issuable upon such
exercise of this Warrant prior to such Triggering Event, the Securities, cash
and property to which such Holder would have been entitled upon the
consummation of such Triggering Event if such Holder had exercised the rights
represented by this Warrant immediately prior thereto, subject to adjustments
and increases (subsequent to such corporate action) as nearly equivalent as
possible to the adjustments provided for in this Section 4.

(ii)                                  Notwithstanding
anything contained in this Warrant to the contrary, the Issuer will not, at any
time prior to the Expiration Date, effect any Triggering Event (other than a
merger involving the Issuer and one or more of its wholly-owned subsidiaries),
unless, prior to the consummation thereof, each Person (other than the Issuer)
which as a result of such Triggering Event may be required to deliver any
Securities, cash or property upon the exercise of this Warrant as provided
herein shall assume, by written instrument delivered to, and reasonably
satisfactory to, the Holder, (A) the obligations of the Issuer under this
Warrant (and if the Issuer shall survive the consummation of such Triggering
Event, such assumption shall be in addition to, and shall not release the
Issuer from, any continuing obligations of the Issuer under this Warrant) and
(B) the obligation to deliver to such Holder such Securities, cash or property
as in accordance with the foregoing provisions of this subsection (a).

(b)                                 Subdivision
or Consolidation of Common Stock.  If
the Issuer, at any time prior to the Expiration Date, shall subdivide or
consolidate the outstanding shares of Common Stock (A) in case of subdivision
of shares, the Warrant Price shall be proportionately reduced (as at the
effective date of such subdivision) to reflect the increase in the total number
of shares of Common Stock outstanding as a result of such subdivision, or (B)
in the case of a consolidation of the outstanding shares of Common Stock, the
Warrant Price shall be proportionately increased (as at the effective date of
such consolidation) to reflect the reduction in the total number of shares of
Common Stock outstanding as a result of such consolidation.

(c)                                  Certain
Dividends and Distributions.  If the
Issuer, at any time prior to the Expiration Date, shall:

(i)                                     Stock
Dividends.  Pay a stock dividend in,
or make any other distribution to its holders of Common Stock, the Warrant
Price shall be adjusted, as at the date of such payment or other distribution,
to that price determined by multiplying the Warrant Price in

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effect immediately prior to such payment or other
distribution, by a fraction (1) the numerator of which shall be the total
number of shares of Common Stock outstanding immediately prior to such dividend
or distribution, and (2) the denominator of which shall be the total number of
shares of Common Stock outstanding immediately after such dividend or
distribution (plus in the event that the Issuer paid cash for fractional
shares, the number of additional shares which would have been outstanding had
the Issuer issued fractional shares in connection with said dividends); or

(ii)                                  Other
Dividends.  Pay a cash dividend on,
or make any distribution of its assets upon or with respect to (including, but
not limited to, a distribution of its property as a dividend in liquidation or
partial liquidation or by way of return of capital), the Common Stock (other
than as described in clause (i) of this subsection (c)), then on the record
date for such payment or distribution, this Warrant shall represent a right to
acquire upon exercise, in addition to the number of Warrant Shares under this
Warrant, and without payment of any additional consideration therefor, the
amount of such dividend or additional stock or other Securities or property of
the Issuer to which such Holder would have been entitled upon such date if such
Holder had exercised this Warrant immediately prior thereto.

(d)                                 Adjustment
of Warrant Price Upon Issuance of Additional Common Stock. If the Issuer,
at any time prior to the Expiration Date, shall issue Additional Common Stock
at a price per share, or with an exercise price or conversion price (as the
case may be), lower than the Warrant Price in effect at such time, then the
Warrant Price shall be reduced, concurrently with such issue, to a price (calculated
to the nearest one-hundredth of a cent) determined in accordance with the
following formula:

WP2 = (WP1 * (A + B)) / (A + C)

For purposes of the foregoing formula, the following
definitions shall apply:

(A)                              “WP2” shall mean the Warrant Price
in effect immediately after such issue of Additional Common Stock;

(B)                                “WP1” shall mean the Warrant Price
in effect immediately prior to such issue of Additional Common Stock;

(C)                                “A”
shall mean the number of shares of Common Stock outstanding immediately prior
to such issue of Additional Common Stock (treating for this purpose as
outstanding all shares of Common Stock issuable upon conversion or exchange of
all Convertible Securities outstanding immediately prior to such issue);

(D)                               “B”
shall mean the number of shares of Common Stock that would have been issued if
such Additional Common Stock had been issued at a price per share equal to WP1; and

(E)                                 “C”
shall mean the number of such Additional Common Stock issued in such
transaction.

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(e)                                  Outstanding
Common Stock. With respect to the making of adjustments in the Warrant
Price, the number of shares of Common Stock at any time outstanding shall not
include any shares thereof then directly or indirectly owned or held by or for
the account of the Issuer or any of its Subsidiaries.

(f)                                    Other
Action Affecting the Common Stock. 
In case after the Original Issue Date the Issuer shall take any action
affecting its shares of Common Stock, other than an action described in any of
the foregoing subsections (a) through (d) of this Section 4, inclusive, and the
failure to make any adjustment would not fairly protect the purchase rights
represented by this Warrant in accordance with the essential intent and
principle of this Section 4, then, subject to the approval of the Principal Stock
Exchange, the Warrant Price shall be adjusted in such manner and at such time
as the Board may in good faith determine to be equitable in the circumstances.

(g)                                 Form
of Warrant after Adjustments.  The
form of this Warrant need not be changed because of any adjustments in the
Warrant Price or the number and kind of Securities purchasable upon the
exercise of this Warrant.

5.                                       Notice
of Adjustments.  Whenever the Warrant
Price shall be adjusted pursuant to Section 4 hereof (for purposes of this
Section 5, an “adjustment”), the Issuer shall, at least ten (10)
Business Days prior to the date of such adjustment, deliver notice to the
Holder of such adjustment and shall cause its Chief Financial Officer to
prepare and execute a certificate setting forth, in reasonable detail, the
event requiring the adjustment, the amount of the adjustment, the method by
which such adjustment was calculated (including a description of the basis on
which the Board made any determination hereunder), the calculations made in connection
therewith and the Warrant Price after giving effect to such adjustment, and
shall cause copies of such certificate to be delivered to the Holder of this
Warrant promptly after each adjustment. Any failure of the Chief Financial
Officer to deliver such certificate shall not prejudice the rights of the
Holder in connection with the applicable adjustment. Any dispute between the
Issuer and the Holder with respect to the matters set forth in such certificate
shall be determined by the Issuer’s independent outside auditors or, if they
are unable to act, by such firm of independent chartered accountants as may be
selected by the Board, and any such determination shall be conclusive and
binding on the Issuer, the Holder and the transfer agent for the Common Stock.
The firm selected by the Issuer as provided in the preceding sentence shall be
instructed to deliver a written opinion as to such matters to the Issuer and
such Holder within thirty days after submission to it of such dispute.  The fees and expenses of such accounting firm
shall be borne equally by such Holder and the Issuer.

6.                                       Fractional
Shares.  No fractional Warrant Shares
will be issued in connection with any exercise hereof, but in lieu of such
fractional shares, the Issuer shall make a cash payment therefor equal in
amount to the product of the applicable fraction multiplied by the Per Share
Market Value then in effect.

7.                                       Rules
Regarding Calculation of Adjustment of Warrant Price.

(a)                                  No
adjustment in the Warrant Price will be required unless such adjustment would
result in a change of at least 1% in the prevailing Warrant Price; provided,

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however, that any adjustments which, except for the provisions of this
subsection would otherwise have been required to be made, will be carried
forward and taken into account in any subsequent adjustment.

(b)                                 If
the Issuer sets a record date to determine the holders of Common Stock for the
purpose of entitling them to receive any dividend or distribution or sets a
record date to take any other action and thereafter and before the distribution
to such shareholders of any such dividend or distribution or the taking of any
other action, legally abandons its plan to pay or deliver such dividend or
distribution or take such other action, then no adjustment in the Warrant Price
shall be made.

8.                                       Definitions.  For the purposes of this Warrant, the
following terms have the following meanings:

“Additional Common Stock” means all shares of Common Stock and
Convertible Securities issued by the Issuer after the Original Issue Date,
except (i) the Warrant Shares, (ii) Common Stock or Convertible Securities
issued in connection with a bona fide business acquisition of or by the Issuer,
whether by merger, consolidation, sale of assets, sale or exchange of stock or
otherwise; (iii) Common Stock (including Common Stock issued upon the
conversion or exercise of Convertible Securities) or Convertible Securities
issued  to financial institutions, other
financing sources, or lessors, vendors, suppliers and other third party service
providers in connection with commercial credit arrangements, equipment
financings, supply and materials purchases, third party service procurement or
similar transactions as approved by the Board; (iv) Common Stock issued
pursuant to the exercise of options and warrants outstanding on the Original
Issue Date; (v) Common Stock issued in a bona fide firm commitment underwritten
public offering, (vi) Common Stock (including Common Stock issued upon the
conversion or exercise of Convertible Securities) or Convertible Securities
issued to joint venture or strategic partners pursuant to agreements authorized
by the Board, (vii) Common Stock (including Common Stock issued upon the
conversion or exercise of Convertible Securities) or Convertible Securities
issued to employees, consultants, officers or directors of the Issuer pursuant
to compensatory stock purchase or stock option plans, agreements or
arrangements approved by the Board, (viii) Common Stock (including Common Stock
issued upon the conversion or exercise of Convertible Securities) or
Convertible Securities issued to underwriters, brokers, dealers, finders or
others in connection with fundraising (debt or equity) activities, (ix) Common
Stock issued upon conversion or exercise of Convertible Securities outstanding
on the Original Issue Date, (x) Common Stock issued as dividends on any series
of the Issuer’s Preferred Stock, whether existing now or in the future, and
(xi) Common Stock issued in connection with a stock dividend or distribution
covered by Section 4(c)(i) or (ii).

“Articles of the Issuer” means the Certificate of Incorporation
and by-laws of the Issuer as in effect on the Original Issue Date, and as
hereafter from time to time amended, modified, supplemented or restated in
accordance with the terms hereof and thereof and pursuant to applicable law.

“Board” shall mean the Board of Directors of the Issuer.

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“Business Day” means any day other than Saturday, Sunday or a
day on which chartered banks are closed for business in New York, New York.

“Capital Stock” means (i) any and all shares, interests,
participations or other equivalents of or interests in  (however designated) corporate stock,
including, without limitation, shares of preferred stock, (ii) all partnership
interests (whether general or limited) in any Person which is a
partnership,  (iii) all membership
interests or limited liability company interests in any limited liability
company, and (iv) all equity or ownership interests in any Person of any other
type.

“Common Stock” means the shares of Common Stock, par value
$0.001 per share, of the Issuer and any other shares of Capital Stock into
which such stock may hereafter be changed.

“Convertible Securities” means evidences of indebtedness,
Capital Stock or other Securities which are or may be at any time convertible
into or exchangeable or exercisable for shares of Common Stock.  The term “Convertible Security” means one of
the Convertible Securities.

“Exchange Act” means the Securities Exchange Act of 1934, as
amended, or any similar Federal statute then in effect.

“Expiration Date” has the meaning specified in Section 1 hereof.

“Governmental Authority” means any governmental, regulatory or
self-regulatory entity, department, body, official, authority, commission,
board, agency or instrumentality, whether Federal, state, provincial or local,
and whether domestic or foreign.

“Holder” mean the Person who shall from time to time own this
Warrant.

“Issuer” means Xplore Technologies Corp., and its successors.

“Original Issue Date” means September 21, 2007.

“Person” means an individual, corporation, limited liability
company, partnership, joint stock company, trust, unincorporated organization,
joint venture, Governmental Authority or other entity of whatever nature.

“Per Share Market Value” means on any particular date the
weighted average trading price per share of Common Stock at which the shares of
Common Stock have traded on the Principal Stock Exchange (or if there is no
such price on such date, then the average of the closing bid and ask prices on
such Principal Stock Exchange) during the five (5) consecutive Trading Days
ending the second Trading Day before such date, and the weighted average
trading price shall be determined by dividing the aggregate sale price of all
shares of Common Stock sold in broad lots on such exchange during such five (5)
day period by the total number of shares sold during such period.

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“Principal Stock Exchange” means the Toronto Stock Exchange or
such other Canadian or United States national securities exchange or quotation
system which on the date of determination constitutes the principal trading
market for the shares of Common Stock.

“Securities” means any debt or equity securities of the Issuer,
whether now or hereafter authorized, any instrument convertible into or
exchangeable for Securities or a Security, and any option, warrant or other
right to subscribe for, purchase or acquire any Security.

“Securities Act” means the Securities Act of 1933, as amended,
or any similar Federal statute then in effect.

“Security” means one of the Securities.

“Subsidiary” means any corporation a majority of whose
outstanding Voting Stock shall at the time be owned directly or indirectly by
the Issuer or by one or more of its Subsidiaries, or by the Issuer and one or
more of its Subsidiaries.

“Term” has the meaning specified in Section 1 hereof.

“Trading Day” means a day on which the Common Stock is traded on
the Principal Stock Exchange as reported by the Principal Stock Exchange.

“Triggering Event” has the meaning specified in Section 4(a)(i)
hereof.

“Voting Stock”, as applied to the Capital Stock of any
corporation, means Capital Stock of any class or classes (however designated)
having ordinary voting power for the election of a majority of the members of
the Board of Directors (or other governing body) of such corporation, other
than Capital Stock having such power only by reason of the happening of a
contingency.

“Warrant Price” means $0.50 per share, as may be adjusted in
accordance with Section 4.

“Warrant Shares” means shares of Common Stock issuable upon
exercise of this Warrant or any portion thereof, as the case may be, issued
pursuant to the terms hereof, or otherwise issuable pursuant to any other
warrants of like tenor issued pursuant to the provisions of hereof.

9.                                       Other
Notices.  In case at any time:

(A)                              the
Issuer shall make any distributions to the holders of Common Stock; or

(B)                                the
Issuer shall authorize the granting to all holders of its Common Stock of
rights to subscribe for or purchase any shares of Common Stock of any class or
of any Convertible Securities or other rights; or

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(C)                                there
shall be any reclassification of the Capital Stock of the Issuer; or

(D)                               there
shall be any (i) consolidation or merger involving the Issuer or (ii) sale,
transfer or other disposition of all or substantially all of the Issuer’s
property, assets or business (except a merger or other reorganization in which
the Issuer shall be the surviving corporation and its Common Stock shall
continue to be outstanding and unchanged and except a consolidation, merger,
sale, transfer or other disposition involving a wholly-owned Subsidiary); or

(E)                                 there
shall be a voluntary or involuntary dissolution, liquidation or winding-up of
the Issuer or any partial liquidation of the Issuer or distribution to holders
of Common Stock;

then, in each of such cases, the Issuer shall give
written notice to the Holder of the date on which (i) the books of the Issuer
shall close or a record shall be taken for such dividend, distribution or
subscription rights or (ii) such reorganization, reclassification,
consolidation, merger, disposition, dissolution, liquidation or winding-up, as
the case may be, shall take place.  Such
notice also shall specify the date as of which the holders of Common Stock of
record shall participate in such dividend, distribution or subscription rights,
or shall be entitled to exchange their certificates for Common Stock, for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, disposition, dissolution, liquidation
or winding-up, as the case may be.  Such
notice shall be given at least twenty days prior to the action in question and
not less than twenty days prior to the record date or the date on which the
Issuer’s transfer books are closed in respect thereto.

10.                                 Amendment
and Waiver.  Any term, covenant,
agreement or condition in this Warrant may be amended, or compliance therewith
may be waived (either generally or in a particular instance and either
retroactively or prospectively), by a written instrument or written instruments
executed by the Issuer and the Holder.

11.                                 Governing
Law.  THIS  WARRANT SHALL BE GOVERNED
BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
DELAWARE WITHOUT REGARDS TO ITS CONFLICT OF LAW PRINCIPLES.  THE HOLDER HEREBY IRREVOCABLY CONSENTS TO THE
JURISDICTION AND VENUE OF ANY COURT WITHIN THE STATE OF DELAWARE, IN CONNECTION
WITH ANY MATTER BASED UPON OR ARISING OUT OF THIS WARRANT OR THE MATTERS
CONTEMPLATED HEREIN, AND AGREES THAT PROCESS MAY BE SERVED UPON THE HOLDER IN
ANY MANNER AUTHORIZED BY THE LAWS OF THE STATE OF DELAWARE FOR SUCH PERSONS.

12.                                 Notices.  Any and all notices or other communications
or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earlier of (i) the date
of transmission, if such notice or communication is delivered via facsimile at
the facsimile telephone number specified for notice prior to 5:00 p.m.,
(Austin, Texas time), on a Business Day, (ii) the Business Day after the date
of transmission, if such

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notice or communication is delivered via facsimile at
the facsimile telephone number specified for notice later than 5:00 p.m.,
(Austin, Texas time), on any date and earlier than 11:59 p.m., (Austin, Texas
time), on such date, (iii) the Business Day following the date of mailing, if
sent by nationally recognized overnight courier service, (iv) five (5) days
following the date of mailing, if sent by registered or certified mail (postage
prepaid return receipt requested), or 
(v) actual receipt by the party to whom such notice is required to be
given.  The addresses for such
communications shall be with respect to the Holder of this Warrant or of
Warrant Shares issued pursuant hereto, addressed to such Holder at its last
known address or facsimile number appearing on the books of the Issuer
maintained for such purposes, or with respect to the Issuer, addressed to: 

Xplore Technologies Corp.

14000 Summit Drive, Suite 900

Austin, Texas 78728

Attention: Michael J. Rapisand

Facsimile: (512) 336-7791

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

14.                                 Successors
and Assigns.  This Warrant and the
rights evidenced hereby shall inure to the benefit of and be binding upon the
successors and assigns of the Issuer, the Holder hereof and (to the extent provided
herein) the Holders of Warrant Shares issued pursuant hereto, and shall be
enforceable by any such Holder or Holder of Warrant Shares.

15.                                 Modification
and Severability.  If, in any action
before any court or agency legally empowered to enforce any provision contained
herein, any provision hereof is found to be unenforceable, then such provision
shall be deemed modified to the extent necessary to make it enforceable by such
court or agency.  If any such provision
is not enforceable as set forth in the preceding sentence, the unenforceability
of such provision shall not affect the other provisions of this Warrant, but
this Warrant shall be construed as if such unenforceable provision had never
been contained herein.

16.                                 Headings.  The headings of the Sections of this Warrant
are for convenience of reference only and shall not, for any purpose, be deemed
a part of this Warrant.

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INTENTIONALLY BLANK]

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IN WITNESS WHEREOF, the Issuer
has executed this Warrant as of the day and year first above written.

	
  

  	
  XPLORE TECHNOLOGIES CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Michael J. Rapisand

  
	
   

  	
   

  	
  Chief Financial Officer

  

 

EXHIBIT A

Form
of Exercise

(to be executed by the Holder)

The Holder hereby exercises its
rights to subscribe for and purchase         
shares of Common Stock as defined in the attached Warrant of XPLORE
TECHNOLOGIES CORP. evidenced by the attached Warrant and herewith makes payment
of the Warrant Price, as defined in the within Warrant, in the amount of $                    
by way of:

$                    
certified check payable to the Issuer’s order; or

$                    
wire transfer of funds to the Issuer.

Please issue a certificate in the
name of the Holder for the shares of Common Stock in accordance with the
instructions given below and issue a replacement Warrant in the name of the
Holder for the unexercised balance, if any, of the right to purchase Warrant
Shares evidenced by the within Warrant which were not exercised hereby.

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature of Holder

  
	
   

  	
   

  	
   

  
	
  Instructions for registration of shares

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Social Security or Employer Identification

  	
   

  	
   

  
	
  Number of Holder:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of Holder:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Street

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  City, State and Zip Code

  	
   

  	
   

  
					

 

ASSIGNMENT

FOR VALUE RECEIVED,                                   
hereby sells, assigns and transfers unto                                     
the within Warrant and all rights evidenced thereby and does irrevocably
constitute and appoint                           ,
attorney, to transfer the said Warrant on the books of the within named
corporation.

	
  Dated:

  	
  Signature:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
				

 

 

PARTIAL ASSIGNMENT

FOR VALUE RECEIVED,                                   
hereby sells, assigns and transfers unto                                     
the right to purchase                   
Warrant Shares evidenced by the within Warrant together with all rights
therein, and does irrevocably constitute and appoint                                       ,
attorney, to transfer that part of the said Warrant on the books of the within
named corporation.

	
  Dated:

  	
  Signature:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:Exhibit 10.3

REGISTRATION RIGHTS AGREEMENT

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), is dated as of September
21, 2007, by and among Xplore Technologies Corp., a Delaware corporation (the “Company”),
and each party set forth on the signature pages hereto (each, a “Holder”,
and collectively, the “Holders”).

WHEREAS:

A.  Pursuant to a Subscription Agreement (the “Subscription
Agreement”) by and between the Company and each subscriber thereto (each,
an “Investor”, and collectively, the “Investors”), entered into
in connection with a private placement conducted by the Company (the “Offering”),
each Investor has agreed to subscribe for and the Company has agreed to, upon
the terms and conditions set forth in the Subscription Agreement, issue and
sell to the Investor: (i) shares of the Company’s Series C Convertible
Preferred Stock, par value $0.001 per share (the “Series C Preferred Stock”),
which are convertible into shares of the Company’s common stock (the “Conversion
Shares”), in accordance with the terms of the Company’s Certificate of
Designation of the Series C Preferred Stock; and (ii) warrants (the “Warrants”)
to purchase shares of the Company’s common stock, at an exercise price of $0.50
per share (the “Warrant Shares”), in accordance with the terms of the
Warrants.

B.  In connection with the Offering, the Company
has issued to the Selling Agents warrants (the “Selling Agent Warrants”)
to purchase an aggregate of 226,440 shares of the Company’s common stock (the “Selling
Agent Warrant Shares”), at an exercise price of $0.50 per share, in
accordance with the terms of the Selling Agent Warrants.

C.  In connection with the Offering, the Company has
issued to SG Phoenix LLC warrants (the “Phoenix Warrants”) to purchase
660,000 shares of the Company’s common stock (the “Phoenix Warrant Shares”), at
an exercise price of $0.50 per share, in accordance with the terms of the
Phoenix Warrants.

D.  In order to induce each Investor to enter
into a Subscription Agreement, the Company has agreed to provide the
registration rights set forth in this Agreement.

NOW, THEREFORE,
in consideration of the mutual promises and the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and each of the Holders hereby
agree as follows:

1.             Registration
Rights. 

(a)           Initial Registration.  Promptly following the consummation of the
Offering, the Company will file a Registration Statement with the Securities
and Exchange Commission (the “SEC”) covering the sale of the Registrable
Securities by the Holders, the sale of all of the shares of the Company’s
Series A Preferred Stock and Series B Preferred Stock issued and outstanding as
of the date hereof by the holders thereof and the sale of the shares of common
stock issuable upon the exercise of warrants issued to Legend Merchant Group
(subject to shareholder approval) to purchase up to 2.5 million shares of
the Company’s common stock.  The Company
agrees to use its commercially reasonable efforts to cause such Registration
Statement to be declared effective by the SEC as soon as reasonably practicable
and to keep such Registration Statement effective for a period of six (6)
months after it is declared effective. 

(b)           Piggyback
Registration.  If during the period
commencing 180 days after the consummation of a Qualified Public Offering and
ending on the three year anniversary of the date hereof, the Company proposes
to register any of its securities (including any proposed registration of the
Company’s securities for the benefit of any stockholder) under the Securities
Act (other than in connection with registrations on Form S-4, Form S-8 or any
successor or similar forms), and the registration form to be used may be used
for the registration of Registrable Securities, the Company shall give written
notice to all Holders holding Registrable Securities of its intention to effect
such a registration and shall, subject to the terms of this Agreement, include
in such registration all Registrable Securities with respect to which the
Company has received written requests for inclusion therein within 20 days
after the delivery of the Company’s notice; provided,
however, that the Company has
received written requests from Holders holding at least a majority of the then
outstanding Registrable Securities (a “Piggyback Registration”).

(c)           Priority on Primary
Registrations.  If a Piggyback
Registration is an underwritten primary registration on behalf of the Company,
and the managing underwriter advises the Company in writing that, in its
opinion, the total number of securities requested to be included in such
registration exceeds the number which can be sold in an orderly manner in such
offering within a price range acceptable to the Company, then the Company shall
include in such registration (i) first, the securities the Company proposes to
sell, (ii) second, the Registrable Securities requested by the Holders thereof
to be included in such registration, pro rata among such Holders, and (iii)
third, any other securities requested to be included in such registration.

(d)           Priority on
Secondary Registrations.  If a
Piggyback Registration is an underwritten secondary registration on behalf of
holders of the Company’s securities other than the Holders (“Other Holders”),
and the managing underwriter advises the Company in writing that, in its
opinion, the total number of securities requested to be included in such
registration exceeds the number which can be sold in an orderly manner in such
offering within a price range acceptable to a majority of the securities held
by the Other Holders to be included in such registration, then the Company
shall include in such registration (i) first, the securities requested by the
Other Holders to be included in such registration, pro rata among the Other
Holders, (ii) second, the Registrable Securities requested by the Holders
thereof to be included in such registration, pro rata among such Holders, and
(iii) third, any other securities requested to be included in such
registration.

 2
 

2.             Holdback
Agreement.  During the term of this
Agreement, each Holder agrees not to effect any public sale or distribution
(including sales pursuant to Rule 144, short sales, and other derivative
transactions) of equity securities of the Company, or any securities, options
or rights convertible into or exchangeable or exercisable for such securities,
during the seven days prior to and the 180-day period beginning on the
effective date of any underwritten registration (except as part of such
underwritten registration), to the extent requested by the managing underwriter
in an underwritten registered public offering.

3.             Registration
Procedures. In connection with any Piggyback Registration, the Company
shall:

(a)           notify in writing each
Seller of Registrable Securities of the effectiveness of the applicable
Registration Statement and prepare and file with the SEC such amendments and
supplements to such Registration Statement and the prospectus used in
connection therewith as may be necessary to keep such Registration Statement
effective for a period of not less than 180 days and comply with the provisions
of the Securities Act with respect to the disposition of all securities covered
by such Registration Statement during such period in accordance with the
intended methods of disposition by the sellers thereof set forth in such
Registration Statement;

(b)           furnish to each Seller
of Registrable Securities such number of copies of the applicable Registration
Statement, each amendment and supplement thereto, the prospectus included in
such Registration Statement (including each preliminary prospectus) and such
other documents as such seller may reasonably request in order to facilitate
the disposition of the Registrable Securities owned by such Seller;

(c)           use commercially
reasonable efforts to register or qualify such Registrable Securities under
such other securities or blue sky laws of such jurisdictions in the United
States or Canada as any Seller reasonably requests and do any and all other
acts and things which may be reasonably necessary or advisable to enable such
Seller of Registrable Securities to consummate the disposition in such
jurisdictions of the Registrable Securities owned by such Seller of Registrable
Securities (provided that the Company shall not be required to (i) qualify to
do business in any jurisdiction where it would not otherwise be required to
qualify but for this Section 3(c), (ii) subject itself to taxation in any such
jurisdiction, or (iii) consent to general service of process in any such
jurisdiction);

(d)           promptly notify in
writing each Seller of Registrable Securities, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the
happening of any event as a result of which the prospectus included in the
applicable Registration Statement contains an untrue statement of a material fact
or omits any fact necessary to make the statements therein not misleading in
light of the circumstances under which they were made, and to prepare and
furnish to each such Seller a reasonable number of copies of a supplement or
amendment to such prospectus so that, as thereafter delivered to the purchasers
of such Registrable Securities, such prospectus will not contain an untrue
statement of a material fact or omit to state any fact necessary to make the
statements therein not misleading in light of the circumstances under which
they were made;

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(e)           cause all such
Registrable Securities to be listed on each securities exchange and trading
system on which similar securities issued by the Company are then listed; and

(f)            in the event of the
issuance of any stop order suspending the effectiveness of a Registration
Statement, or of any order suspending or preventing the use of any related
prospectus or suspending the qualification of any equity securities included in
such Registration Statement for sale in any jurisdiction, the Company shall use
commercially reasonable efforts to obtain the withdrawal of such order.

4.             Obligations of the
Holders.

(a)           At least five (5)
business days prior to the first anticipated filing date of a Registration
Statement which includes Registrable Securities pursuant to the terms of
Section 1 hereof, the Company shall notify each Holder in writing of the
information the Company requires from each such Holder if such Holder elects to
have any of such Holder’s Registrable Securities included in such Registration
Statement. It shall be a condition precedent to the obligations of the Company
to complete the registration pursuant to this Agreement with respect to the
Registrable Securities of a particular Holder that such Holder shall furnish to
the Company such information regarding itself, the Registrable Securities held
by it and the intended method of disposition of the Registrable Securities held
by it as shall be reasonably required in accordance with the Securities Act to
effect the effectiveness of the registration of such Registrable Securities and
shall execute such documents in connection with such registration as the
Company may reasonably request.

(b)           Each Holder shall
cooperate with the Company as reasonably requested by the Company in connection
with the preparation and filing of any Registration Statement hereunder, unless
such Holder has notified the Company in writing of such Holder’s election to
exclude all of such Holder’s Registrable Securities from such Registration Statement.

(c)           Each Holder agrees
that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 3(d), such Holder will immediately discontinue
disposition of its Registrable Securities pursuant to any Registration
Statement covering such Registrable Securities until such Holder’s receipt of
the copies of the supplemented or amended prospectus contemplated by Section
3(d) or receipt of notice that no supplement or amendment is required.

(d)           Each Holder shall comply
with the prospectus delivery requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to the
Registration Statement. 

5.             Registration
Expenses.  All reasonable expenses
(other than underwriting discounts and commissions, stock transfer taxes, and
any attorneys’ fees of the Sellers) incurred in connection with registrations,
filings or qualifications pursuant to this Agreement, including, without
limitation, all registration, listing and qualifications fees, printers and
accounting fees, and fees and disbursements of counsel for the Company, shall
be paid by the Company.

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6.             Indemnification.

(a)           The Company agrees to
indemnify and hold harmless, to the fullest extent permitted by law, each
Seller, its officers, directors, agents, partners and employees, and each
Person who controls such Seller (within the meaning of the Securities Act)
against all losses, claims, damages, liabilities, and expenses (or actions or
proceedings, whether commenced or threatened, in respect thereof) to which any
such indemnified party becomes subject under the Securities Act or otherwise
(collectively, “Losses”) arising out of or based upon (i) any untrue, or
alleged untrue, statement of a material fact contained in any Registration
Statement, prospectus or preliminary prospectus (as amended or supplemented),
or arising out of or related to any omission or alleged omission to state a
material fact required to be stated therein or necessary to make the statements
therein (in the case of a prospectus or supplement thereto, in light of the
circumstances under which they were made) not misleading, or (ii) any violation
or alleged violation by the Company of the Securities Act or any state
securities law, or any rule or regulation thereunder, in connection with the
performance of its obligations under this Agreement; provided, that the Company shall not be liable in any such
case to the extent that any such Losses result from, arise out of or are based
upon an untrue statement or omission made in such Registration Statement,
prospectus or preliminary prospectus, or amendment or supplement thereto, in
reliance upon, and in conformity with, written information prepared and
furnished in writing to the Company by a Seller of Registrable Securities
expressly for use therein or by such Seller’s failure to deliver a copy of the
Registration Statement or prospectus or any amendments or supplements thereto
after the Company has furnished such Seller with copies of the same. 

(b)           In connection with any
Registration Statement in which a Seller is participating, each such Seller
agrees to, severally and not jointly, indemnify and hold harmless, to the
fullest extent permitted by law, the Company, its directors, officers, agents
and employees, and each Person, if any, who controls the Company (within the
meaning of the Securities Act) against any Losses arising out of or based upon
(i) such Seller’s failure to comply with the prospectus delivery requirements
of the Securities Act or (ii) any untrue, or alleged untrue, statement of a
material fact contained in any Registration Statement, prospectus or
preliminary prospectus (as amended or supplemented), or arising out of or
related to any omission or alleged omission to state a material fact required
to be stated therein or necessary to make the statements therein not
misleading, but only to the extent that such untrue statement or omission is
made in reliance upon, and in conformity with, written information prepared and
furnished to the Company by such Seller expressly for use therein; and such
Seller will reimburse the Company and each such other indemnified party for any
reasonable legal or any other reasonable expenses incurred by them in
connection with investigating or defending any such Losses; provided, that the indemnity agreement
contained in this Section 6(b) shall be limited to the net amount of proceeds
received by such Seller from the sale of its Registrable Securities pursuant to
such Registration Statement.

(c)           Any
Person entitled to indemnification hereunder will (i) give prompt written
notice to the indemnifying party of any claim with respect to which it seeks
indemnification (provided that the failure to give prompt written notice shall
not impair any Person’s right to indemnification hereunder, but only to the
extent such failure has not prejudiced the indemnifying party) and (ii) unless
in such indemnified party’s reasonable judgment a conflict of interest between
such indemnified and indemnifying parties exists with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. If such defense is assumed,
then the

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indemnifying party will not be
subject to any liability for any settlement made by the indemnified party
without its consent (but such consent will not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense
of a claim will not be obligated to pay the fees and expenses of more than one
counsel for all parties indemnified by such indemnifying party with respect to
such claim. 

(d)           The indemnification
provided for under this Agreement shall be in addition to any other rights to
indemnification or contribution which any indemnified party may have pursuant
to law or contract. 

7.             Contribution.

(a)           If the indemnification
provided for in Section 6 is unavailable to or is insufficient to hold harmless
an indemnified party under Section 6 in respect to any Losses referred to
therein, then each indemnifying party, in lieu of indemnifying the indemnified
party, shall contribute to the amount paid or payable by such indemnified party
as a result of such Losses (i) in such proportion as is appropriate to reflect
the relative fault of the Company, the Sellers of Registrable Securities, any
other selling stockholders and the underwriters, if any, in connection with the
statements or omissions which resulted in such Losses, or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law,
then in such proportion as is appropriate to reflect not only the relative
fault referred to in clause (i) above but also the relative benefits received
by the Company, the Sellers of Registrable Securities, the other selling
stockholders and the underwriters, if any, from the offering of Registrable
Securities, as well as any other relevant equitable considerations. The
relative benefits received by the Company, the Sellers of Registrable
Securities, the other selling stockholders and the underwriters, if any, shall
be deemed to be in the same respective proportions that the proceeds or
commissions from the offering received by the Company, the Sellers of
Registrable Securities, the other selling stockholders and the underwriters, if
any, bear to the aggregate public offering price of the Registrable Securities.
The relative fault of the Company, the Sellers of Registrable Securities, the
other selling stockholders and the underwriters, if any, shall be determined by
reference to, among other things, whether the untrue statement of a material
fact or the omission to state a material fact relates to information supplied
by the Company, the Sellers of Registrable Securities, the other selling
stockholders or the underwriters, if any, and such Person’s relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.

(b)           The Company and the
Sellers of Registrable Securities agree that it would not be just and equitable
if contribution pursuant to this Section 7 were determined solely by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in Section 7(a). In no event shall a
Seller of Registrable Securities be required to contribute pursuant to this
Section 7 any amount in excess of the proceeds (net of underwriting discounts,
commissions and expenses) received by such Seller from the sale of its
Registrable Securities under such Registration Statement. No Person guilty of fraudulent
misrepresentation shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation.

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8.             Participation
in Underwritten Registrations.   No
Holder may participate in any underwritten registration hereunder unless such
Holder (i) agrees to sell its Registrable Securities on the basis provided in
any underwriting arrangements approved by the Holder, and (ii) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements, and other documents required under the terms of such underwriting
arrangements; provided, that no
Holder shall be required to furnish any information or make any representations
or warranties, other than information and representations and warranties
regarding such Holder, such Holder’s Registrable Securities and such Holder’s
intended method of distribution, and any other information required to be
supplied by law. Such Holder shall agree to indemnify the underwriters and
other Persons employed by, related to or affiliated with, the underwriters in
connection with such registration with respect to any representation or
warranty made by such Holder if so required by the underwriters provided that
the indemnification obligation of such Holder is pro rata with the other
selling security holders of the Company selling securities in such offering and
is limited to the aggregate proceeds received by such Holder in connection with
such offering.

9.             Definitions.

“Business Day”
means any day other than Saturday, Sunday or a day on which chartered banks are
closed for business in New York, New York.

“Person” means an
individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated
organization, any other business entity and a governmental entity or any
department, agency or political subdivision thereof.

“Qualified Public
Offering” means a firm commitment underwritten public offering of the
Company’s common stock at a price not less than $0.85 per share (subject to
appropriate adjustment for stock splits, combinations and other similar
recapitalizations affecting the Company’s common stock) resulting in at least
$20 million of proceeds, net of the underwriting discount and commission, to
the Company.

“Registrable
Securities” means (i) the Conversion Shares issued or issuable upon
conversion of the Series C Preferred Stock, (ii) the Warrant Shares issued or
issuable upon exercise of the Warrants, (iii) the Selling Agent Warrant Shares
issued or issuable upon exercise of the Selling Agent Warrants, (iv) the
Phoenix Warrant Shares issued or issuable upon exercise of the Phoenix
Warrants,  (v) the LMG Warrant Shares issued or
issuable upon exercise of the LMG Warrants, and (vi) any share capital of the
Company issued or issuable with respect to the Conversion Shares, the Warrant
Shares, the Selling Agent Warrant Shares, the Phoenix Warrant Shares  or the LMG Warrant Shares as a result of any stock split,
stock dividend, recapitalization, exchange or similar event; provided, that such securities will not be deemed to be
“Registrable Securities” when (a) a registration statement with respect to the
sale of such securities has become effective under the Securities Act and such
securities have been disposed of in accordance with such registration
statement, (b) such securities have been sold to the public pursuant to Rule
144, (c) such securities may be sold to the public pursuant to Rule 144(k), or
(d) such securities have ceased to be outstanding.

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“Registration
Statement” means a registration statement or registration statements of the
Company filed under the Securities Act covering Registrable Securities.

“Securities Act”
means the Securities Act of 1933, as amended, or any successor federal law then
in force, together with all rules and regulations promulgated thereunder.

“Seller” means a
holder of Registrable Securities whose such Registrable Securities are included
in any Registration Statement.

“Selling Agents”
means Legend Merchant Group, Andrew Garrett, Inc., John Thomas Financial and
McKyle Clyburn and their respective successors and assigns.

10.           Miscellaneous.  

(a)           Remedies.  Any Person having rights under any provision
of this Agreement shall be entitled to enforce such rights specifically to
recover damages caused by reason of any breach of any provision of this
Agreement and to exercise all other rights granted by law. The parties hereto
agree and acknowledge that money damages may not be an adequate remedy for any
breach of the provisions of this Agreement and that any party may in its sole
discretion apply to any court of competent jurisdiction (without posting any
bond or other security) for specific performance and for other injunctive
relief in order to enforce or prevent violation of the provisions of this
Agreement. Nothing contained in this Agreement shall be construed to confer
upon any Person who is not a signatory hereto any rights or benefits, whether
as a third party beneficiary or otherwise. 

(b)           Amendments and
Waivers.  Except as otherwise
provided herein, no modification, amendment, or waiver of any provision of this
Agreement shall be effective against the Company or the Holders unless such
modification, amendment, or waiver is approved in writing by the Company and
the Holders of at least a majority of the Registrable Securities then in
existence. No failure by any party to insist upon the strict performance of any
covenant, duty, agreement, or condition of this Agreement or to exercise any
right or remedy consequent upon a breach thereof shall constitute a waiver of
any such breach or any other covenant, duty, agreement, or condition. 

(c)           Successors and
Assigns; Transferability of Registration Rights.  All covenants and agreements in this
Agreement by or on behalf of any of the parties hereto shall bind and inure to
the benefit of the respective successors and assigns of the parties hereto
whether so expressed or not. In addition, whether or not any express assignment
has been made, the provisions of this Agreement which are for the benefit of
purchasers or holders of Registrable Securities are also for the benefit of,
and enforceable by, any subsequent holder of Registrable Securities.
Notwithstanding the foregoing, in order to obtain the benefit of this
Agreement, any subsequent holder of Registrable Securities must execute a
counterpart to this Agreement, thereby agreeing to be bound by the terms
hereof.

(d)           Severability.
Whenever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be prohibited by or invalid under
applicable law, such

 8
 

provision shall be ineffective
only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement.

(e)           Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same agreement. This Agreement, once executed by a
party, may be delivered to the other party hereto by facsimile transmission of
a copy of this Agreement bearing the signature of the party so delivering this
Agreement.

(f)            Descriptive
Headings.  The descriptive headings
of this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. 
Whenever required by the context, any pronoun used in this Agreement
shall include the corresponding masculine, feminine, or neuter forms, and the
singular form of nouns, pronouns, and verbs shall include the plural and vice
versa. The use of the word “including” in this Agreement shall be, in each
case, by way of example and without limitation. The use of the words “or,”
“either,” and “any” shall not be exclusive. Reference to any agreement,
document, or instrument means such agreement, document, or instrument as
amended or otherwise modified from time to time in accordance with the terms
thereof, and if applicable hereof. 

(g)           Governing Law.  All issues and questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall
be governed by, and construed in accordance with, the laws of the State of
Delaware, without giving effect to any choice of law or conflict of law rules
or provisions (whether of the State of Delaware or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than the
State of Delaware.

(h)           Notices.  Any and all notices or other communications
or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earlier of (i) the
Business Day following the date of mailing, if sent by nationally recognized
overnight courier service, (ii) five (5) days following the date of mailing, if
sent by registered or certified mail (postage prepaid return receipt
requested), or (iii) actual receipt by the party to whom such notice is
required to be given. Such notices, demands and other communications shall be
sent to each Holder at the addresses indicated on its signature page and to the
Company at Xplore Technologies Corp., 14000 Summit Drive, Suite 900, Austin,
Texas 78728, Attention: Michael J. Rapisand, with a copy to Thelen Reid Brown
Raysman & Steiner LLP, 875 Third Avenue, New York, New York 10022, Attention:
Jonathan J. Russo, Esq.

(i)            Entire Agreement.  This Agreement constitutes the complete
agreement and understanding among the parties and supersedes and preempts any
prior understandings, agreements or representations by or among the parties,
written or oral, which may have related to the subject matter hereof in any
way.

(j)            No Strict
Construction.  In the event an
ambiguity or question of intent or interpretation arises, this Agreement shall
be construed as if drafted jointly by the parties hereto, and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any of the provisions of this Agreement.

 9
 

(k)           Termination.  This Agreement shall terminate on the third
anniversary of the date hereof. Upon such termination of this Agreement, all
obligations under this Agreement shall terminate and this Agreement shall be of
no further force or effect; provided,
however, that the indemnification
and contribution obligations of the parties set forth in Sections 6 and 7 shall
survive any such termination of this Agreement.

*  *  *

 10

IN WITNESS WHEREOF, the Company
and each Holder have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written
above.

	
  

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  XPLORE TECHNOLOGIES CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Michael J. Rapisand

  
	
   

  	
   

  	
  Chief Financial Officer

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