Document:

ex10-2.htm

Exhibit 10.2

 

EXHIBIT B TO NOTE PURCHASE AGREEMENT

 

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.  THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

COMMON STOCK PURCHASE WARRANT

CODE REBEL CORPORATION

Initial Exercise Date: ______ __, 2014

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _________________ (the “Purchaser”) or assigns (collectively with the Purchaser, the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the Final Closing Date under the Purchase Agreement (the “Initial Exercise Date”) and on or prior to the close of business on the three (3) year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Code Rebel Corporation, a Delaware corporation (the “Company”), up to that number of shares of Common Stock of the Company as shall be determined by dividing:

 

(a) $_____________ (representing five (5%) percent of the total Consideration paid by the Purchaser pursuant to the Purchase Agreement), by

 

(b) the Exercise Price described below (as subject to adjustment hereunder, the “Warrant Shares”).

 

The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.                      Definitions.  Capitalized terms used and not otherwise defined in this Warrant shall have the meanings set forth in that certain Note Purchase Agreement (the “Purchase Agreement”), dated as of ______ __, 2014, between the Company and the Purchaser signatory thereto.   In addition, the following capitalized terms, when used herein shall have the meanings described below

 

“Common Stock Equivalents” means the number of shares of Common Stock of the Company that a holder of any notes, debentures, preferred stock, rights, options, warrants or other instruments would be entitled to purchaser or acquire at any time upon the conversion, exercise or exchange of such notes, debentures, preferred stock, rights, options, warrants or other instruments into Common Stock, for Common Stock or in exchange for Common Stock.

 

 “Trading Day” means a day on which the principal Trading Market is open for trading.

 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE AMEX, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the OTC Bulletin Board or the OTC Markets Group Inc. (or any successors to any of the foregoing).

 

  

  

  

“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if the OTC Bulletin Board is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by the OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

Section 2.                      Exercise.

 

a) Exercise of Warrant.  Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise form annexed hereto. Within three (3) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one (1) Business Day of receipt of such notice.

 

b) Exercise Price.  The exercise price per share of the Common Stock (the “Exercise Price”) under this Warrant shall be shall equal to:

 

(i)           except for a Fundamental Transaction (hereinafter defined), the lower of (A) 80% of the price paid per share for Equity Securities by the investors in the Next Equity Financing (as defined in the Purchase Agreement), or (B) the quotient resulting from dividing (x) $10,000,000 by (y) the number of shares of “Fully-Diluted Common Stock” of the Company immediately prior to the closing of the Next Equity Financing.  As used in this Warrant, the term “Fully-Diluted Common Stock” means all of the issued and outstanding shares of Company Common Stock as at the date immediately prior to the closing of the Next Equity Financing, after giving effect to, and assuming the conversion of all securities convertible into Common Stock and exercise of all outstanding options and warrants to purchase Common Stock), but excluding, for this purpose (A) the shares reserved or authorized for issuance under the Company’s existing stock option plan (B) the conversion contemplated by Section 2.2 of the Purchase Agreement, and (C) any Common Stock issued or issuable upon the conversion into or exercise of any securities convertible or exercisable for Company Common Stock in connection with any acquisition or joint venture by the Company, including any securities issued by the Company to Ericom Software, Ltd. or its affiliate or any other Person; or

  

  

  

(ii)           with respect to a Fundamental Transaction, the quotient resulting from dividing (A) $10,000,000 by (B) the number of shares of Fully-Diluted Common Stock of the Company immediately prior to the closing of the Fundamental Transaction.

 

c) Cashless Exercise.  If at any time after a date which shall be one hundred and eighty (180) days after the closing of the Next Equity Financing (as defined in the Purchase Agreement), the shares of Common Stock of the Company are publicly traded, but there is then no effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	
  

	
(A) = the VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise;

	
  

	
(B) = the Exercise Price of this Warrant, as adjusted hereunder; and

	
  

	
(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

	
d)  

	
Mechanics of Exercise.

 

i.    Delivery of Certificates Upon Exercise.  Certificates for shares purchased hereunder shall be transmitted by the transfer agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the latest of (A) the delivery to the Company of the Notice of Exercise, (B) surrender of this Warrant (if required), and (C) payment of the aggregate Exercise Price as set forth above (including by cashless exercise, if permitted) (such date, the “Warrant Share Delivery Date”).   The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid.  If the Company fails for any reason to deliver to the Holder certificates evidencing the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such certificates are delivered or Holder rescinds such exercise.

 

ii.   Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

  

  

  

Rescission Rights.  If the Company fails to cause the transfer agent to transmit to the Holder a certificate or the certificates representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iii.    No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

 

iv.   Charges, Taxes and Expenses.  Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

 

v.   Closing of Books.  The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

 

  

  

  

 

e)           Holder’s Exercise Limitations.  The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other  Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.   In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the transfer agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant.  The Holder, upon not less than 61 days’ prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.  Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

  

  

  

 

Section 3.                      Certain Adjustments.

 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.  Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b) Dilutive Issuances. If the Company, at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other  disposition) any Common Stock or Common Stock Equivalents, at an effective price per share that is less than the Exercise Price then in effect (such issuances collectively, a “Dilutive Issuance”), then simultaneously with the consummation of each Dilutive Issuance, the Exercise Price for each Warrant Share payable upon exercise of this Warrant shall be adjusted (without rounding) so that it shall equal the product of the Exercise Price immediately prior to such adjustment multiplied by a fraction, the numerator of which shall be the sum of the (i) shares of Common Stock outstanding prior to the Dilutive Issuance and (ii) the number of shares of Common Stock equivalent to the total Consideration to be paid in the Dilutive Issuance divided by the Exercise Price and the denominator of which shall be the sum of the (i) shares of Common Stock outstanding and (ii) the number of shares of Common Stock issuable in the Dilutive Issuance. Such adjustment shall become effective immediately after the effective date of such Dilutive Issuance, retroactive to the record date, if any, for such event.  For the avoidance of doubt, the adjustment contemplated by this section can be expressed by formula as follows:

Ub = shares underlying this Warrant before the adjustment

Ua = shares underlying this Warrant after the adjustment

Pb = exercise price per share before the adjustment

Pa = exercise price per share after the adjustment

Ob = shares outstanding before the transaction in question

Oa = shares outstanding after the transaction in question

Ua = Ub x Oa / Ob

Pa = Pb x Ob / Oa

  

  

  

 

Such adjustment shall be made whenever such Dilutive Issuance shall occur, and shall become effective retroactive to immediately after the record date of such Dilutive Issuance.  If at the end of the period during which Common Stock Equivalents could be issued or exercised, not all of such Common Stock Equivalents have been issued, exercised or exchanged, the adjusted Exercise Price of this Warrant shall be immediately readjusted to what it would have been if the adjustments made in the foregoing formula had been based on the number of shares actually issued.  Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance.  The Company shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock Equivalents subject to this Section 3(b), indicating therein the applicable Exercise Price (such notice, the “Dilutive Issuance Notice”).  For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the adjusted Exercise Price regardless of whether the Holder accurately refers to the adjusted Exercise Price in the Notice of Exercise.

 

c) Subsequent Rights Offerings.  If the Company, at any time while the Warrant is outstanding, shall issue rights, options or warrants to all holders of Common Stock (and not to the Holder) entitling them to subscribe for or purchase shares of Common Stock at a price per share less than the VWAP on the record date mentioned below, then the Exercise Price shall be multiplied by a fraction, of which the denominator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights, options or warrants plus the number of additional shares of Common Stock offered for subscription or purchase, and of which the numerator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights, options or warrants plus the number of shares which the aggregate offering price of the total number of shares so offered (assuming receipt by the Company in full of all consideration payable upon exercise of such rights, options or warrants) would purchase at such VWAP.  Such adjustment shall be made whenever such rights, options or warrants are issued, and shall become effective immediately after the record date for the determination of stockholders entitled to receive such rights, options or warrants.

 

d) Pro Rata Distributions.  If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase any security other than the Common Stock (which shall be subject to Section 3(b)), then in each such case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness or rights or warrants so distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors in good faith.  In either case the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock.  Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above.

 

e) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other 

 

  

  

  

 

securities, cash or property, (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  Notwithstanding anything to the contrary, in the event of a Fundamental Transaction that is (1) an all cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Exchange Act, or (3) a Fundamental Transaction involving a person or entity not traded on a national securities exchange, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction.  “Black Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date.  The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this 

 

  

  

  

Warrant immediately prior to theconsummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g) Notice to Holder.

 

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment..

 

ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K or issue a press release disclosing such material non-public information.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice  except as may otherwise be expressly set forth herein.

 

  

  

  

 

Section 4.                      Transfer of Warrant.

 

a) Transferability.  Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time.  The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

               d) Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

e) Representation by the Holder.  The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section 5.                      Miscellaneous.

 

a) No Rights as Stockholder Until Exercise.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

 

  

  

  

 

b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

c) Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

 

d) Authorized Shares.

 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.  The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and non-assessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary 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 necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

 

  

  

  

 

f) Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g) Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate on the Termination Date.  If the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h) Notices.  Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

i) Limitation of Liability.  No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

 

j) Remedies.  The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant.  The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k) Successors and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.  The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

l) Amendment.  This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m) Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

n) Headings.  The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

  

  

  

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

  

 

 

	 	CODE REBEL CORPORATION 
	 	 
	 	
By:_______________________________________ 

Name: Arben Kryeziu

Title: Chief Executive Officer

 

 

 

  

  

  

NOTICE OF EXERCISE

TO:           CODE REBEL CORPORATION

    (1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

    (2) Payment shall take the form of (check applicable box):

 

[  ]  in lawful money of the United States; or

 

[  ]  [if permitted] the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

 

    (3) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

    _______________________________

 

The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

    _______________________________

    _______________________________

    _______________________________

 

    (4)  Accredited Investor.  The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

[SIGNATURE OF HOLDER]

Name of Investing Person____________________________________________________________________

Signature of Authorized Signatory of Investing Person: _____________________________________________

Name of Authorized Signatory: ________________________________________________________________

Title of Authorized Signatory: _________________________________________________________________

Date: ____________________________________________________________________________________

 

  

  

  

 

ASSIGNMENT FORM

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

FOR VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________ whose address is

_______________________________________________________________.

_______________________________________________________________

Dated:  ______________, _______

Holder’s Signature:                                _____________________________

Holder’s Address:                                 _____________________________

 

      _____________________________

Signature Guaranteed:  ___________________________________________

NOTE:  The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company.  Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.ex10-3.htm

Exhibit 10.3

 

WEBSITE AND SOFTWARE DEVELOPMENT AGREEMENT

 

THIS AGREEMENT is made as of 09/30/2007

 

BETWEEN:

 

Bump Networks, Inc., a company duly incorporated under the laws of the State of Hawaii and having an office at

 

201 - 89 Ho’okele Street

 

Kahului, Hawaii 96732

 

(hereinafter referred to as the “BUMP NETWORKS”)

 

AND:

 

Code Rebel LLC, and having an office at:

201 - 89 Ho’okele Street

Kahului, HI 96732

 

(hereinafter referred to as the “CUSTOMER”)

 

WHEREAS:

 

	
A.  

	
BUMP NETWORKS is a creative technology company, specializing in web and mobile design and development.

 

	
a.  

	
BUMP NETWORKS will provide web and software development services to the CUSTOMER relating to the creation or modification of a website.

 

	
b.  

	
BUMP NETWORKS will provide Services to the Customer and will be entitled to charge the Customer for such Services at cost.  Customer must report bugs, including browser compatibility issues, within 6 weeks of launch to be covered by Bump Networks services free of charge.

 

	
B.  

	
The CUSTOMER desires to retain BUMP NETWORKS to provide web and software development.

 

	
C.  

	
For purposes of this Agreement, the Effective Date shall be _09/30/2007.

 

NOW THEREFORE IN CONSIDERATION of the mutual covenants and agreements hereinafter contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each Party, the COMPANY and the CUSTOMER agree as follows:

 

  

  

  

 

ARTICLE ONE - AGREEMENT

 

	
1.1  

	
Termination of Prior Agreements.  This Web Development Agreement, from and after the Effective Date hereof, supersedes and takes the place of any other Contracts, Agreements or understandings, whether oral, written or implied, with respect to the subject matter heretofore existing between the Parties hereto.

 

	
1.2  

	
Term of Agreement.  The Term of Agreement shall be from the Effective Date until terminated by one party in writing.  The Term of Agreement may be modified, provided that such modification is in writing and executed by all Parties.

 

ARTICLE TWO - WEBSITE AND SOFTWARE

 

DEVELOPMENT SERVICES AND GENERAL REQUIREMENTS

 

	
2.1  

	
Description of Services.  BUMP NETWORKS will provide website and software development services to the CUSTOMER relating to the creation or modification of a website and/or a software.  Subject to any lawful restraint imposed upon it by any other party (such as an obligation as to confidence), Bump Networks will make available to the CUSTOMER all knowledge, information and expertise in its possession in performing the “Services”.

 

	
2.2  

	
Products.  BUMP NETWORKS may also supply the CUSTOMER with Products (as ordered by CUSTOMER and agreed by BUMP NETWORKS) from time to time.  In the context of this Agreement, “Products” means any hardware and/or third party software provided to the CUSTOMER by or on behalf of BUMP NETWORKS pursuant to this Agreement.

 

ARTICLE THREE - CONSULTING RATES AND PAYMENT

 

	
3.1  

	
Consulting Rates.  BUMP NETWORKS will provide Services to the CUSTOMER and will be entitled to charge the CUSTOMER for such Services at cost.  The CUSTOMER must report bugs, including browser compatibility issues, within 3 months of launch to be covered by BUMP NETWORKS services free of charge.

 

	
3.2  

	
Products.  Upon the CUSTOMER’s written approval of the procurement of any Products, the CUSTOMER will pay BUMP NETWORKS for the cost of any Products (including any licensing that BUMP NETWORKS is required to pay to obtain a sub-license in favor of the CUSTOMER for any third party software) together with BUMP NETWORKS’ own charge that it levies for handling and/or obtaining any relevant sub-licenses.

 

	
3.3  

	
Reimbursements.  The CUSTOMER will also reimburse BUMP NETWORKS for all reasonable expenses incurred by BUMP NETWORKS on the CUSTOMER’s behalf or in carrying out its obligations under this Agreement.

 

	
3.4  

	
Method of Payment.  BUMP NETWORKS accepts payment by Credit Card, Check, PayPal, Postal Money Order and Wire Transfer.  BUMP NETWORKS shall charge a $25.00 for each NSF (non sufficient funds) check by the bank.  BUMP NETWORKS accepts Visa, MasterCard, American Express, and Discover.

 

	
3.5  

	
Late Payment or Failure to Pay.  The CUSTOMER agrees and acknowledges hereto, failure to remit payment to BUMP NETWORKS by the invoice due date is cause for the following to be exercised at BUMP NETWORKS’ discretion:

 

  

  

  

 

	
a.  

	
A late charge of two percent (2%) per month above the Bank of America prime rate; and/or

 

	
b.  

	
The Agreement to be terminated without further notification to the CUSTOMER.  The CUSTOMER agrees that BUMP NETWORKS shall not be held liable for such termination.

 

	
3.6  

	
Customer Invoicing Disputes and Request for Further Substantiation.  The CUSTOMER may dispute any invoice and may request further substantiation of any line item or other charge on any invoice provided by BUMP NETWORKS.  The CUSTOMER shall notify BUMP NETWORKS of any invoicing dispute or request for further substantiation, and such notification shall set forth in reasonable detail the amount disputed and the basis and facts upon which the CUSTOMER disputes or requests further information.  The amount invoiced to the CUSTOMER by BUMP NETWORKS will be deemed to be correct if not disputed by the CUSTOMER with written notice within sixty (60) days of the bill date.

 

ARTICLE FOUR - TAXES

 

	
4.1  

	
Taxes.  The CUSTOMER shall pay any monies owing relating to Federal, State, Provincial, Municipal, or Local Sales or Use Tax (or its equivalent) that is required by applicable Law to be due on any taxable services or products purchased hereunder from BUMP NETWORKS.  BUMP NETWORKS shall separately bill such tax, if applicable, on its invoice to the CUSTOMER.  The CUSTOMER agrees to pay BUMP NETWORKS for such tax.  All other taxes, including, but not limited to, Federal, State, Provincial, Municipal, and Local Income Taxes, Gross Receipts Taxes, Federal, State, Provincial, Municipal, and Local Sales and Use Taxes, shall be the responsibility of the Party who incurs the tax liability.

 

ARTICLE FIVE - REPRESENTATIONS AND WARRANTIES

 

	
5.1  

	
General Representations and Warranties.  Each Party represents and warrants to the other Part as of the Effective Date that:

 

	
a.  

	
It is a legal entity duly organized and validly existing under the laws of its State and/or country of incorporation, as applicable;

 

	
b.  

	
It has the power and authority to perform its obligations hereunder;

 

	
c.  

	
That the individual executing this Agreement on behalf of any business, corporation, organization or other entity, represents and warrants that he or she (1) has full power and authority to enter into and execute this Agreement and (2) has the full power and authority to bind the person, corporation, organization, or other entity for whom he or she is signing;

 

	
d.  

	
The execution, delivery and performance by it, of this Agreement and its compliance with the terms and provisions hereof does not and will not conflict with or result in a breach of any other Agreement or relationship BUMP NETWORKS or the CUSTOMER has with any other party.

 

	
e.  

	
BUMP NETWORKS shall be considered to be an independent contractor.  The relationship between BUMP NETWORKS and the CUSTOMER shall not be construed to be that of Employer and Employee, nor to constitute a partnership, joint venture, or agency of any kind.

 

BUMP NETWORKS makes no representations or warranties beyond this Agreement, whether expressed or implied for the Services it is providing.

 

  

  

  

 

	
5.2  

	
Proprietary Rights.  BUMP NETWORKS warrants that all work under this Agreement shall be BUMP NETWORKS’ original work and none of the Services or Work Product or any development, use, production, distribution or exploitation thereof will infringe, misappropriate or violate any intellectual property or other right of any person or entity (including, without limitation, BUMP NETWORKS), and BUMP NETWORKS has the full right to allow BUMP NETWORKS to provide the CUSTOMER with the assignments and rights provided for herein.

 

	
5.3  

	
Title and Interest.  BUMP NETWORKS represents and warrants that BUMP NETWORKS has the title and interest to transfer all the rights (including but not limited to assignments and licenses) granted pursuant to this Agreement.

 

	
5.4  

	
Deliverable Compliance.  BUMP NETWORKS represents and warrants that the Deliverables provided hereunder will comply to the material requirements (if any) of each Statement of Work.

 

	
5.5  

	
Services.  BUMP NETWORKS warrants that the Services will be performed in a professional and workmanlike manner and that none of the Services or any part of this Agreement will be inconsistent with any obligations BUMP NETWORKS may have to others.

 

	
5.6  

	
Authorization.  Each party warrants that it has the right to enter into this Agreement and that there exist no prior commitments or other obligations, which prevent such party from making all of the grants and undertakings provided for in this Agreement.

 

	
5.7  

	
Policies.  BUMP NETWORKS network resources used by the CUSTOMER may not be used to impersonate any person or misrepresent authorization to act on behalf of others or BUMP NETWORKS.

 

	
5.8  

	
No Poaching.  Both parties undertake that each will not for a period of two years from the termination of this Agreement entice away or endeavor to entice away from the other party any employee of such other party.  Each party acknowledges that the prohibition and restriction contained in this clause are reasonable in the circumstances and necessary to protect the business of the other party.

 

	
5.9  

	
Non-Exclusive Agreement.  The CUSTOMER acknowledges that BUMP NETWORKS is providing Services to the CUSTOMER on a non-exclusive basis and that BUMP NETWORKS may provide services of the same or a similar nature as the Services to any other party.

 

ARTICLE SIX -  PREMISES AND FACILITIES

 

	
6.1  

	
Premises.  BUMP NETWORKS shall be entitled to provide the Services remotely from its own premises and will not be required to access the Customer’s premises.  If BUMP NETWORKS is required to access the CUSTOMER’s premises for any reason pursuant to this Agreement, the CUSTOMER will reimburse BUMP NETWORKS for reasonable transport and/or accommodation expenses incurred by BUMP NETWORKS in doing so.  However, this does not include transport or accommodation expenses where the CUSTOMER’s premises are located within 25 miles of the BUMP NETWORKS office, located at 89 Ho’okele Street, Suite 201, Kahului Hawaii.

 

	
6.2  

	
Facilities.  The CUSTOMER authorizes BUMP NETWORKS to obtain access to the CUSTOMER’s computing facilities referred to in Schedule “A” : “Facilities” using the remote means of access referred to in Schedule “A” : “Means of Access” and subject to any Restrictions on Access set out in Schedule “A”, for the purposes of providing the CUSTOMER with Services.

 

	
a.  

	
BUMP NETWORKS will not use “Means of Access” (or any other methods of remote access) to access the Facilities for any purpose other than to provide Services.

 

  

  

  

 

	
6.3  

	
Security.  BUMP NETWORKS will take the following steps to ensure the security of the Facilities (insofar as the use of BUMP NETWORKS’ systems and Means of Access are concerned)

 

	
a.  

	
Ensuring that no passwords are stored in easily recognizable form on BUMP NETWORKS’ own systems in circumstances where a breach of BUMP NETWORKS’ own internal security may reveal them.

 

	
b.  

	
Ensuring that only those employees and contractors of BUMP NETWORKS who are required to access the Facilities using BUMP NETWORKS’ systems and the Means of Access are able to do so.

 

	
c.  

	
Ensuring that the Facilities are not capable of being accessed by a third party system or user, which may also use BUMP NETWORKS systems, except as permitted by this Agreement.

 

	
6.4  

	
Loss or Damages.  The CUSTOMER indemnifies BUMP NETWORKS against any loss or damage arising directly or indirectly from any unauthorized use of the Facilities to which BUMP NETWORKS has been granted remote access, provided that such unauthorized use has not arisen as the result of any action or omission on the part of BUMP NETWORKS, or a material breach by BUMP NETWORKS of its own obligations under Clause 6.3 of this agreement.

 

	
6.5  

	
Assistance.  The CUSTOMER will provide BUMP NETWORKS with all reasonable assistance free of charge (including without limitation of the Means of Access and other Items referred to in Schedule “A”, office facilities, and liaison with the necessary officers and employees of the CUSTOMER) in order to permit BUMP NETWORKS to efficiently provide the Services.

 

ARTICLE SEVEN - CONFIDENTIALITY

 

	
7.1  

	
Non-Disclosure.  BUMP NETWORKS will not disclose to any third party or use, other than for the purposes of this Agreement, any knowledge or information imparted to or obtained by it during or in connection with the fulfillment of this Agreement which is of a secret or confidential nature relating to the business, equipment, processes relating to the equipment, the products, services, process, or business strategies offered or employed by the CUSTOMER.

 

	
7.2  

	
Necessary Disclosures.  This obligation of confidence will cease to apply in relation to information that BUMP NETWORKS is required to disclose by any law so long as in such case BUMP NETWORKS provides the CUSTOMER prior notice of any such disclosure, and allows the CUSTOMER to appeal such disclosure.  Or by which such disclosure becomes part of the public domain other than as the result of a breach by BUMP NETWORKS of its obligations of confidence under this Agreement.

 

ARTICLE EIGHT -  INTELLECTUAL PROPERTY RIGHTS

 

	
8.1  

	
Work Product.  The CUSTOMER shall own, all right, title, claims and interest in and to all software resulting from or relating to the Services (collectively “Work Product”).

 

	
a.  

	
Whereas, rights include: all patent rights, copyrights, trade secret rights, mask work rights, trademark rights, database rights and all other intellectual and proprietary rights of any sort whatsoever.

 

	
b.  

	
Whereas, software includes: source code, mask works, works of authorship, notes, records, drawings, designs, know-how, ideas, concepts, inventions, improvements, developments, discoveries, trade secrets, Deliverables, work-in-progress, and other information and materials made, conceived, discovered, in whole or part, alone or with others.

  

  

  

 

BUMP NETWORKS agrees to promptly disclose and provide all Work Product to CUSTOMER.  To the maximum extent allowable by applicable law, all Work Product constitutes a “work made for hire” with CUSTOMER as the sole author and owner thereof.  BUMP NETWORKS further agrees to assign, and does hereby irrevocably and fully assign to CUSTOMER for good and valuable consideration and without reservation, all right to the Work Product, agrees to execute any documents in connection with such assignment that CUSTOMER may reasonably request, and appoints CUSTOMER its attorney-in-fact to execute assignments of, and register all rights to, the Work Product.  This appointment is coupled with an interest.  BUMP NETWORKS hereby waives any so-called “moral rights” in and to the Work Product.

 

	
8.2  

	
Bump Materials.  If any part of the Services or any deliverable requires the use of BUMP NETWORKS technologies or intellectual property rights and not assigned hereunder, BUMP NETWORKS hereby grants the CUSTOMER irrevocable, royalty-free, non-exclusive, right and license to exercise all such technology and intellectual property rights in support of the CUSTOMER’s exercise of the Services or Deliverables.  All such BUMP NETWORKS Materials shall be identified in Schedule “B”.

 

	
8.3  

	
Third Party Material.  BUMP NETWORKS shall not incorporate any materials owned by a third party including any open source code (“Third Party Materials”) in a deliverable unless:

 

	
a.  

	
Such Third Party Material is identified in Schedule “B” and;

 

	
b.  

	
BUMP NETWORKS has sufficient authority to grant, and does grant, the CUSTOMER a worldwide, irrevocable, fully paid license, with rights to sublicense and to authorize the granting of further sublicense, to use or otherwise distribute all Third Party Materials incorporated in the Deliverables.

 

	
8.4  

	
Right to Perform.  BUMP NETWORKS warrants to the CUSTOMER that to the best of its knowledge, it has the right to perform the Services, assign the Work Product, and grant the licenses referred to in this Agreement, and that the use by the CUSTOMER of any software or results of any of the Services provided by BUMP NETWORKS will not infringe on the rights of any third party.  BUMP NETWORKS agrees to defend, indemnify and hold the CUSTOMER harmless from any and all claims, actions, damages, liabilities, costs, and expenses.  This is includes reasonable attorneys’ fees and expenses, arising out of any third party claim that any of the Services, Deliverables or other materials provided to the CUSTOMER by BUMP NETWORKS hereunder misappropriates any trade secret, or infringes an patent, copyright, mask rights, or other intellectual property rights of any third party.

 

ARTICLE NINE -  LIMITED LIABILITY

 

	
9.1  

	
Damages.  In no event shall BUMP NETWORKS and any of its affiliates, respective directors, officers, employees, shareholders, partners or agents or the like, involved in creating, developing, marketing, advising, funding, producing or distributing BUMP NETWORKS’ Services be liable for:

 

	
a.  

	
Any incidentally, indirect, punitive, exemplary, or consequential damages whatsoever (including damages for loss of profits, interruption, loss of business, or any other pecuniary loss) in connection with any claim, loss, damage, action, suit or other proceeding arising under or out of this Agreement, including but without limitation the CUSTOMER’s use of, reliance upon, access to, or exploitation of BUMP NETWORKS’ Services or any parte thereof, or any rights granted to action is based on contract, tort (including negligence), infringement of intellectual property rights or otherwise.  No action, regardless of form or nature, arising out of this Agreement may be brought by or on behalf of the CUSTOMER more than two (2) years after the cause of action first arose and shall not exceed the aggregate dollar amount which the CUSTOMER paid to BUMP NETWORKS during the Term of Agreement.

 

  

  

  

 

	
b.  

	
Any direct, indirect, incidental, special or consequential damages that result from the CUSTOMER’s non-compliance with the CUSTOMER’s Federal, State, Local, Provincial, Municipal, or the like laws;

 

	
c.  

	
Mistakes, omissions, interruptions, deletion of files, errors, defects, delays in operation, or transmission or any failure of performance, whether or not limited to acts of war, acts of God, fire, flood, earthquake, accident, riot, sabotage, labor shortage or dispute, government acts, Internet interruption, communication failure, theft, destruction, or unauthorized access to BUMP NETWORKS’ records, programs, or Services.

 

	
9.2  

	
Lawful Purposes.  The CUSTOMER acknowledges and agrees that BUMP NETWORKS’ Services may only be used for lawful purposes.  Transmission of any material in violation of any Federal, State, Provincial, Municipal, or Local law, code, regulation or ordinance is prohibited.  This includes, but is not limited to copyrighted material, material legally judged to be threatening or obscene, or material protected by trade secrets.

 

	
9.3  

	
Software Backup.  The CUSTOMER is solely responsible for the proper backup and protection of all of its software and data, except to the extent that BUMP NETWORKS is providing Services to the CUSTOMER which include the maintenance, hosting and storage of such software and data, as well as the implementation and maintenance of firewalls and security measures (including proper virus control) in relation to the Facilities.

 

	
9.4  

	
High Risk Activities.  None of the software or the Products provided pursuant to this Agreement is designed or intended to be fault-tolerant or design or intended for use as or for use where their failure or malfunction could lead to death, personal injury, or economic, physical or environmental damage (“High Risk Activities”).

 

	
a.  

	
The term “High Risk Activities” includes but is not limited to: on-line control equipment in hazardous environments requiring fail-safe performance (such as in the operation of nuclear facilities, aircraft navigation or communications systems, air traffic control, direct life support machines, weapons systems, banking or financial control or reporting systems, or security systems).

 

	
b.  

	
The CUSTOMER warrants that it will not use, distribute or resell any of the Products or software for any High Risk Activities and that it will ensure that permitted end-users of such Products or software are provided with a notice.  The CUSTOMER will indemnify BUMP NETWORKS for any loss, cost, damage or third party claim arising from the CUSTOMER’s use of any of the Products in High Risk Activities or from any breach by the CUSTOMER of this clause.

 

	
9.5  

	
Trademarks and Copyrights.  Unless expressly contracted for in this Agreement, the CUSTOMER understands and agrees that it is solely responsible for obtaining the applicable licensing, copyrights and trademark licenses and rights for the use, display, broadcast and reproduction of all images used on its website, as well as for any trademark or copyright searches pertaining thereto.  The CUSTOMER acknowledges and agrees that BUMP NETWORKS does not have the ability to supervise or control the CUSTOMER’s conduct regarding image selection or placement and further agrees that BUMP NETWORKS is not vicariously liable for any trademark, trade dress, or copyright infringement.

 

	
a.  

	
Stock imagery recommended by BUMP NETWORKS must be purchased in the CUSTOMER’s name and provided to BUMP NETWORKS prior to use.  The CUSTOMER agrees to maintain all records of stock imagery purchases, licenses and rights related to its website and to make such records available for copying and review by BUMP NETWORKS upon reasonable notice.

 

  

  

  

 

ARTICLE TEN - INDEMNIFICATION

 

	
10.1  

	
Indemnification.  The CUSTOMER hereby covenants and agrees to indemnify, defend, and hold harmless BUMP NETWORKS and its respective directors, officers, shareholders, employees, affiliates, agents, merchant licensers or the like, from any and all claims, demands, liabilities, charges, losses, expenses, actions, suits, causes of action, damages, injury and costs whatsoever (including legal costs on a solicitor or counsel and own client basis) arising out of or related to or in connection with:

 

	
a.  

	
Any breach of the CUSTOMER pursuant to this Agreement, or any other Agreement between the parties, including but without limitation, the breach of any covenant or representation or warranty contained herein;

 

	
b.  

	
All claims, damages, and expenses of every kind arising from or related to acts of the CUSTOMER;

 

	
c.  

	
As a direct or indirect consequence of termination of this Agreement in accordance with its terms;

 

	
d.  

	
Any injury to persons or property caused by, arising from or related to any Products distributed or Services rendered in connection with BUMP NETWORKS’ Services

 

	
e.  

	
Any material supplied by the CUSTOMER infringing or allegedly infringing on the proprietary rights of a third party

 

	
f.  

	
Any alleged copyright, trademark, service mark or trade dress, patent infringement or any other intellectual property rights;

 

	
g.  

	
Any alleged trade secrets misappropriation.  The CUSTOMER shall reimburse BUMP NETWORKS upon demand for any payment made by BUMP NETWORKS at any time with respect to such losses, damages, liabilities, attorneys’ fees and costs, actions, suits or other claims to which the foregoing indemnity applies.

 

ARTICLE ELEVEN - TERMINATION

 

	
11.1  

	
Termination.  This Agreement may be terminated in the following circumstances:

 

	
a.  

	
By either party by giving the other party thirty (30) days notice in writing to that effect;

 

	
b.  

	
Immediately by BUMP NETWORKS by notice in writing if the CUSTOMER fails to remedy a breach of this Agreement (including any provision as to payment) within fourteen (14) days of receipt of a notice from BUMP NETWORKS of such breach requiring it to do so; or

 

	
c.  

	
By either party immediately by notice in writing if the other party takes any corporate action or other steps are taken or legal proceedings are started (and are not withdrawn, discontinued or struck out within twenty-one (21) days) for its winding up, liquidation or dissolution (other than for the purposes of reconstruction) or the appointment of an administrator, receiver, manager, official manager, Liquidator, provisional Liquidator, trustee or similar office of it or of any or all of its revenues and assets (“Insolvency Event”), and such Insolvency Event remains in existence in respect of such party as the time of service of the Notice.

 

	
11.2  

	
Payment at Termination.  On termination of this Agreement however occurring, the CUSTOMER will pay BUMP NETWORKS for services rendered up to the date of termination.  BUMP NETWORKS shall refund any overpayment by the CUSTOMER.

 

  

  

  

 

	
11.3  

	
Surviving Clauses and Articles.  Clauses 5.2-5.6 Clauses 6.4, Article 7, Article 8, and Article 9, inclusive shall survive any termination or expiration of this Agreement.

 

ARTICLE TWELVE - GENERAL CONTRACT PROVISIONS

 

	
12.1  

	
Governing Law, Jurisdiction and Venue.  This Agreement and all matters arising hereunder shall be interpreted and construed in accordance with the commonly understood meaning of the words and phrases hereof in the United States of America, and it and any and all performance of the Parties hereunder shall be governed by and construed and enforced in accordance with the laws of the State of Hawaii, notwithstanding any conflict of law rules or decisions.  Furthermore, the Parties agree that any action or proceeding brought to enforce or declare rights arising out of or relating to this Agreement will be brought exclusively in the State or Federal Courts in and for the State of Hawaii, and the Parties further consent to the exclusive jurisdiction of said Courts and waive any claims of forum non conveniens or any other claims relating to venue.

 

	
12.2  

	
Notice.  Any notice, demand, request, waiver, approval or other communication required or permitted to be given by either Party hereunder shall be in writing and may be validly given if sent via electronic mail with confirmation of receipt, registered address as any party entitled to notice shall have communicated in writing to the other party.

 

	
If to BUMP NETWORKS:

	
201 - 89 Ho’okele Street

Kahului, Hawaii 96732

Email: accountinq@bumpnetworks.com

	
If to the CUSTOMER:

	
201 - 89 Ho’okele Street

Kahului, Hawaii 96732

Email: arben@coderebel.com

 

	
a.  

	
Any notices or communications to either party hereunder shall be deemed as given when deposited in the mail, addressed to the then current address of such party.

 

	
b.  

	
Either party may change its address, email address, or phone for purposes of this Agreement by giving the other party written notice of its new address.  Any such notice if given or made by registered or recorded delivery international air mail letter shall be deemed to have been received on the earlier of the dates actually received and the date fifteen (15) calendar days after the same was posted (and in proving such it shall be sufficient to prove that the envelope containing the same was properly addressed and posted as aforesaid) and if given or made by telecopy transmission shall be deemed to have been received at the time of dispatch, unless such a date of deemed receipt is not a Business Day, in which case the date of deemed receipt shall be the next such succeeding Business Day.

 

	
12.3  

	
Severability.  If any covenant or provision contained herein is declared or determined to be void, invalid or unenforceable in whole or in part for any reason whatsoever by a court having competent jurisdiction, the parties agree that this Agreement shall endure except for the covenant or provision declared void, invalid or unenforceable by order of such court and further the covenant or provision declared void, invalid or unenforceable by order of such court shall not be deemed to affect or impair the validity or enforceability of any other covenant or provisions hereof, and such unenforceable covenant or provisions or part thereof shall be treated as severable from the remainder of this Agreement.  The parties shall consult and use their best efforts to agree upon a valid and enforceable provision that shall be a reasonable substitute for such invalid or unenforceable provision in light of the intent of this Agreement.

  

  

  

	
12.4  

	
Entire Agreement.  This Agreement and any Schedules attached hereto constitutes the whole of the Agreement between the Parties hereto.  There are no collateral representations, agreements or conditions not specifically set forth herein.  The COMPANY acknowledges that any express representations not contained in the Agreement, made negligently, innocently or otherwise to the COMPANY, by the respective directors, officers, shareholders, employees, affiliates, agents, merchant licensers, or the like, of BUMP NETWORKS, whether acting with actual or ostensible authority or otherwise, and whether such representations are made prior to, on, or subsequent to the date hereof, have been, are or shall be so made without responsibility on the part of BUMP NETWORKS, its respective directors, officers, shareholders, employees, affiliates, agents, merchant licensers, or the like, for any tortious liability, economic losses, non-pecuniary losses or other damages.  The COMPANY also further acknowledges and agrees that any representation that may by implication arise as a result of the past, present or future interactions of BUMP NETWORKS and the COMPANY, shall not attribute or import any tortious liability to BUMP NETWORKS, its respective directors, officers, shareholders, employees, affiliates, agents, merchant licensers or the like.

 

	
12.5  

	
Amendments.  No modification, amendment or variation hereof shall be of effect or binding upon the Parties hereto unless agreed to in writing, by each of them and thereafter such modifications, amendment or variation shall have the same effect as if it had originally formed part of this Agreement.

 

	
12.6  

	
Successors and Assigns.  This Agreement and the rights and obligations hereunder shall not be assigned, delegated or transferred.  The Agreement is specific to the COMPANY and shall not be assigned, delegated or transferred by the Company without the BUMP NETWORKS’ prior written consent (which consent may be withheld in the CONSULTANT`s sole discretion).

 

	
12.7  

	
Enurement.  This Agreement shall enure to the benefit of and be binding upon the Parties hereto and each of their respective legal personal representatives, assigns, and successors.

 

	
12.8  

	
Waiver.  None of the conditions or provisions of this Agreement shall be held as waived by any act or knowledge on the part of either party, except by an instrument in writing signed by a duly authorized officer or representative of such party.  Further, the waiver by either party of any right hereunder or the failure to enforce at any time any of the provisions of this Agreement, or any rights with respect thereto, shall not be deemed to be a waiver of any other rights hereunder or any breach or failure of performance of the other party.

 

	
12.9  

	
Force Majeure.  Any delay or failure in the performance by BUMP NETWORKS hereunder shall be excused if and to the extent caused by the occurrence of a Force Majeure.  For purposes of this Agreement, Force Majeure shall mean a cause or event that is not reasonably foreseeable or otherwise caused by or under the control of BUMP NETWORKS.  Claiming Force Majeure can include, but is not limited to:

 

	
a.  

	
Acts of God, fires, floods, tsunamis, explosions, riots, wars (declared or undeclared), hurricane, lightning, earthquake, any other natural disaster or calamity;

 

	
b.  

	
Any acts of terrorism, vandalism, accident;

 

	
c.  

	
Restraint of government, governmental acts (including laws, regulations, orders, authority or statutory undertaking), injunctions;

 

	
d.  

	
Labor strikes, lockouts or labor disputes, industrial disputes;

 

	
e.  

	
Acts of gross, reckless or willful misconduct of the employees of the CUSTOMER;

 

	
f.  

	
Embargoes;

 

	
g.  

	
Other like events that are beyond the reasonable anticipation and control of BUMP NETWORKS;

 

Thereby, despite such reasonable efforts to prevent, avoid, delay, or mitigate the effect of such acts, events or occurrences, and which events or the effects thereof are not attributable to BUMP NETWORKS’ failure to perform its obligations under this Agreement.

 

	
12.10  

	
CUSTOMER Bankruptcy.  The CUSTOMER irrevocably and unconditionally guarantees the payment of any obligations to BUMP NETWORKS related to or arising from this Agreement, upon

 

	
a.  

	
The dissolution, insolvency or business failure of, or any assignment for the benefit of creditors by, or commencement of any bankruptcy reorganization, arrangement, moratorium or other debtor relief proceedings by or against the CUSTOMER, or;

 

	
b.  

	
The appointment of a receiver for, or the attachment, restraint of or making or levying of any order of court or legal process affecting, the property of the CUSTOMER, and unconditionally promises to pay such obligations to BUMP NETWORKS on demand, in lawful money of the United States of America.

 

	
12.11  

	
No Strict Construction.  The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

  

  

  

	
12.12  

	
CUSTOMER’s Acknowledgement.  The CUSTOMER acknowledges that it has read and understand the foregoing and specifically acknowledges:

 

	
a.  

	
That BUMP NETWORKS advised the CUSTOMER to seek independent legal advice prior to executing this Agreement, and;

 

	
b.  

	
The CUSTOMER had the reasonable opportunity to seek or be advised by independent legal advice prior to executing this Agreement and;

 

	
c.  

	
The CUSTOMER had the opportunity to participate in the review and drafting of this Agreement

 

In consideration of BUMP NETWORKS’ Services, the CUSTOMER agrees to be bound by the terms and conditions of this Agreement.  The CUSTOMER further agrees that this is the complete and exclusive statement of the Agreement between the CUSTOMER and BUMP NETWORKS, which supersedes any proposal or prior Agreement, oral or written, and any other communication between BUMP NETWORKS and the CUSTOMER relating to the subject of this Agreement.

 

 

NOW THEREFORE, the Parties have duly executed Agreement as of September 30, 2007.

 

SIGNED, SEALED, and DELIVERED

 

	
BUMP NETWORKS

	  
	
Per:

	
Crystal Kryeziu

	
Title:

	
President

	
Signature:

	

/s/ Crystal Kryeziu

	  
	  
	
Per:

	
Arben Kryeziu

	
Title:

	
CEO - Code Rebel LLC

	
Signature:

	

/s/ Arben Kryeziu

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