Document:

Exhibit 4.5

 

THE SECURITIES
REPRESENTED BY THIS STOCK PURCHASE WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT
BE SOLD, OFFERED FOR SALE, ASSIGNED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH
ACT OR LAWS UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT
TO RULE 144 OF SUCH ACT AND AN EXEMPTION UNDER APPLICABLE STATE SECURITIES
LAWS.

 

WARRANT
TO PURCHASE STOCK

 

	
   

  	
  Corporation:

  	
  Convio, Inc.

  
	
   

  	
  Number
  of Shares:

  	
  18,087

  
	
   

  	
  Class of
  Stock:

  	
  Series D
  Convertible Preferred Stock

  
	
   

  	
  Initial
  Exercise Price:

  	
  $1.65864
  per share

  
	
   

  	
  Issue
  Date:

  	
  December 27,
  2005

  
	
   

  	
  Expiration Date:

  	
  December 27, 2012

  

 

THIS WARRANT CERTIFIES THAT, for good and valuable consideration, the
receipt of which is hereby acknowledged, BRIDGE BANK N.A.
(“Holder”) is entitled to purchase the
number of fully paid and nonassessable shares (the “Shares”)
of Series D Convertible Preferred Stock (the “Series D
Preferred”) of Convio, Inc. (the “Company”)
at the initial exercise price per Share of $1.65864 (the “Warrant
Price”) as adjusted pursuant to Article 2 of this warrant,
subject to the provisions and upon the terms and conditions set forth in this
warrant.

 

ARTICLE 1

 

EXERCISE

 

1.1          Method of Exercise. 
Subject to Section 4.1, Holder shall exercise this warrant by
delivering this warrant and a duly executed Notice of Exercise in substantially
the form attached as Appendix 1 to the principal office of the Company.  Unless Holder is exercising the conversion
right set forth in Section 1.2, Holder shall also deliver to the Company a
check for the aggregate Warrant Price for the Shares being purchased.

 

1.2          Conversion Right. 
In lieu of exercising this warrant as specified in Section 1.1,
Holder may from time to time convert this warrant, in whole or in part, into a
number of Shares determined by dividing (a) the aggregate fair market
value of the Shares or other securities otherwise issuable upon exercise of
this warrant minus the aggregate Warrant Price of such Shares by (b) the
fair market value of one Share.  The fair
market value of the Shares shall be determined pursuant to Section 1.3.

 

1.3          Fair Market Value. 
If the Shares are traded regularly in a public market, the fair market
value of the Shares shall be the closing price of the Shares (or the closing
price of the Company’s stock into which the Shares are convertible) reported
for the business day immediately before Holder delivers its Notice of Exercise
to the Company.  If the Shares are not
regularly traded in a public market, the Board of Directors of the Company
shall determine fair market value in its reasonable good faith judgment.

 

1

 

1.4          Delivery of Certificate and New
Warrant.  Promptly after Holder exercises or converts
this warrant, the Company shall deliver to Holder certificates for the Shares
acquired and, if this warrant has not been fully exercised or converted and has
not expired, a new warrant representing the Shares not so acquired.

 

1.5          Replacement of Warrants. 
On receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this warrant and, in the case of
loss, theft or destruction, on delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company or, in the case of mutilation,
on surrender and cancellation of this warrant, the Company at its expense shall
execute and deliver, in lieu of this warrant, a new warrant of like tenor.

 

ARTICLE 2

 

ADJUSTMENTS TO THE SHARES

 

2.1          Stock Dividends, Splits, Etc. 
In the event of any proportional adjustment by stock dividend, split or
otherwise of the number of outstanding shares of Series D Preferred, the
number of Shares and the Warrant Price shall be similarly proportionally
adjusted so that the Holder shall receive upon exercise, the total number of
Shares to which Holder would have been entitled had Holder owned the Shares of
record as of the date the adjustment occurred.

 

2.2          Reclassification, Exchange or
Substitution.  Upon any reclassification, exchange,
substitution, or other event that results in a change of the number and/or
class of the securities issuable upon exercise or conversion of this warrant,
Holder only shall be entitled to receive, upon exercise or conversion of this
warrant, the number and kind of securities and property that Holder would have
received for the Shares if this warrant had been exercised immediately before
such reclassification, exchange, substitution, or other event.  Such an event shall include any automatic
conversion of the outstanding or issuable securities of the Company of the same
class or series as the Shares to common stock pursuant to the terms of the
Company’s Fourth Amended and Restated Certificate of Incorporation, as amended
from time to time (the “Certificate of
Incorporation”).  The
Company or its successor shall promptly issue to Holder a new warrant for such
new securities or other property.  The
new warrant shall provide for adjustments which shall be as nearly equivalent
as may be practicable to the adjustments provided for in this Article 2
including, without limitation, adjustments to the Warrant Price and to the
number of securities or property issuable upon exercise of the new
warrant.  The provisions of this Section 2.2
shall similarly apply to successive reclassifications, exchanges,
substitutions, or other events.

 

2.3          Adjustments for Combinations, Etc. 
If the outstanding Shares are combined or consolidated, by
reclassification or otherwise, into a lesser number of shares, the Warrant
Price shall be proportionately increased. 
If the outstanding Shares are combined or consolidated, by
reclassification or otherwise, into a greater number of shares, the Warrant
Price shall be proportionately decreased.

 

2.4          Adjustments for Diluting Issuances. 
In the event of the issuance by the Company of Additional Shares of
Common (as defined in the Certificate of Incorporation) after 

 

2

 

the Issue Date at a price
per share less than the Warrant Price, then the number of shares of common
stock issuable upon conversion of the Shares shall be adjusted in accordance
with Article IV.B.3(e) of the Certificate of Incorporation.

 

2.5          No Impairment. 
The Company shall not, by amendment of its Certificate of Incorporation
or through a 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 to be
observed or performed under this warrant by the Company, but shall at all times
in good faith assist in carrying out all the provisions of this Article 2
and in taking all such action as may be necessary or appropriate to protect
Holder’s rights under this Article against impairment.

 

2.6          Certificate as to Adjustments. 
Upon each adjustment of the Warrant Price, the Company at its expense
shall promptly compute such adjustment, and furnish Holder with a certificate
of its Chief Financial Officer setting forth such adjustment and the facts upon
which such adjustment is based.  The Company
shall, upon written request, furnish Holder a certificate setting forth the
Warrant Price in effect upon the date thereof and the series of adjustments
leading to such Warrant Price.

 

2.7          Fractional Shares. 
No fractional Shares shall be issuable upon exercise or conversion of
the Warrant and the Number of Shares to be issued shall be rounded down to the
nearest whole Share.  If a fractional
share interest arises upon any exercise or conversion of the Warrant, the
Company shall eliminate such fractional share interest by paying Holder amount
computed by multiplying the fractional interest by the fair market value of a
full Share.

 

ARTICLE 3

 

REPRESENTATIONS AND COVENANTS OF THE
COMPANY

 

3.1          Representations and Warranties. 
The Company hereby represents and warrants to the Holder as follows:

 

(a)           The initial Warrant Price referenced on the first page of
this warrant is not greater than the fair market value of the Shares as of the
date of this warrant.

 

(b)           All Shares which may be issued upon the exercise of
the purchase right represented by this warrant, and all securities, if any,
issuable upon conversion of the Shares, shall, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable, and free of any liens
and encumbrances except for restrictions on transfer provided for herein or
under applicable federal and state securities laws.

 

(c)           The Company’s capitalization table attached to this
warrant is true and complete as of the Issue Date.  [NOTE: Company provide
updated cap table including recent exercises of options.]

 

3.2          Notice of Certain Events. 
If the Company proposes at any time (a) to declare any dividend or
distribution upon its Series D Preferred, whether in cash, property,
stock, or other securities and whether or not a regular cash dividend; (b) to
offer for subscription pro rata 

 

3

 

to the holders of Series D
Preferred any additional shares of stock of any class or series or other
rights; (c) to effect any reclassification or recapitalization of Series D
Preferred; (d) to sell substantially all of the Company’s assets or
merge or consolidate with another Company as a result of which the stockholders
of the Company before such merger or consolidation do not retain, directly or
indirectly, at least a majority of the beneficial interest in the voting stock
of the surviving corporation (a “Change of Control”); or (e) liquidate,
dissolve or wind up, then, in connection with each such event, the Company
shall give Holder (1) at least 10 days prior written notice of the date on
which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of common stock will be
entitled thereto) or for determining rights to vote, if any, in respect of the
matters referred to in (a) and (b) above; and (2) in the case of
the matters referred to in (c), (d) or (e) above at least 10 days
prior written notice of the date when the same will take place (and specifying
the date on which the holders of common stock will be entitled to exchange
their common stock for securities or other property deliverable upon the
occurrence of such event).

 

3.3          Registration Under Securities Act of
1933, as amended.  The Company agrees that, following execution
of this warrant, the shares of common stock issuable upon conversion of the
Shares shall be “Registrable Securities,” and Holder shall be deemed a “Holder”
under that certain Third Amended and Restated Investors’ Rights Agreement among
the Company and other persons dated as of July 2, 2004.

 

ARTICLE 4

 

MISCELLANEOUS

 

4.1          Term: Exercise Upon
Expiration.  This warrant is exercisable in whole or in
part, at any time and from time to time on or before the earlier of (i) the
Expiration Date set forth above; (ii) one (1) year after the Company
completes its initial public offering or (iii) a Change of Control.  If this warrant has not been exercised prior
to the Expiration Date, this warrant shall be deemed to have been automatically
exercised on the Expiration Date by “cashless” conversion pursuant to Section 1.2.

 

4.2          Legends. 
This warrant and the Shares (and the securities issuable, directly or
indirectly, upon conversion of the Shares, if any) shall be imprinted with a
legend in substantially the following form:

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH
RULE 144 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR
THE HOLDER OF THESE SECURITIES REASONABLY SATISFACTORY TO THE COMPANY, STATING
THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION
AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

 

4.3          Assignment; Compliance with
Securities Laws on Transfer.  This Warrant
may be assigned or transferred only with the prior written approval of the
Company.  This Warrant shall be 

 

4

 

binding upon any
successors or assigns of the Company. 
Any assignment not in compliance with this Section 4.3 shall be
null and void.  In no event may this
warrant or the Shares issuable upon exercise of this warrant (and the
securities issuable, directly or indirectly, upon conversion of the Shares, if
any) be transferred or assigned in whole or in part without compliance with
applicable federal and state securities laws by the transferor and the
transferee.

 

4.4          Notices. 
All notices and other communications from the Company to the Holder, or
vice versa, shall be deemed delivered and effective when given personally or
mailed by first-class registered or certified mail, postage prepaid, at such
address as may have been furnished to the Company or the Holder, as the case
may be, in writing by the Company or such Holder from time to time.  All notices to the Holder shall be addressed
as follows:

 

Bridge Bank N.A.

525 University Ave.

Palo Alto, CA  94301

Attn:  Dan Pistone

 

4.5          Amendments. 
This warrant and any term hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by the party against which
enforcement of such change, waiver, discharge or termination is sought.

 

4.6          Attorneys’ Fees.  In
the event of any dispute between the parties concerning the terms and
provisions of this warrant, the party prevailing in such dispute shall be
entitled to collect from the other party all costs incurred in such dispute,
including reasonable attorneys’ fees.

 

4.7          Governing Law. 
This warrant shall be governed by and construed in accordance with the
laws of the State of California, without giving effect to its principles
regarding conflicts of law.

 

 

	
   

  	
  CONVIO,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  JR Offerdahl

  
	
   

  	
  Name:

  	
  JR
  Offerdahl

  
	
   

  	
  Title:

  	
  CFO

  

 

5

 

APPENDIX
1

 

NOTICE
OF EXERCISE

 

1.             The undersigned hereby elects to purchase                             
shares of the                             
stock of CONVIO, INC. pursuant to the terms of the attached warrant, and tenders herewith
payment of the purchase price of such shares in full.

 

2.             The undersigned hereby elects to convert the attached
warrant into shares in the manner specified in the warrant.  This conversion is exercised with respect to                             
of the shares covered by the warrant.

 

[Strike
paragraph that does not apply.]

 

3.             Please issue a certificate or certificates
representing said shares in the name of the undersigned or in such other name
as is specified below:

 

Bridge Bank N.A.

 

4.             The undersigned represents it is acquiring the shares
solely for its own account and not as a nominee for any other party and not
with a view toward the resale or distribution thereof except in compliance with
applicable securities laws.

 

 

BRIDGE BANK N.A. or Registered Assignee

 

 

	
   

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (Date)Exhibit
4.6

 

THIS WARRANT AND THE
SECURITIES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED
WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE
144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS
COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

 

AMENDED & RESTATED WARRANT TO PURCHASE SECURITIES

 

	
  Corporation:

  	
                                  
  

  	
   

  
	
  Number of Units:

  	
                                  

  	
   

  
	
  Initial Exercise Price:

  	
  $                               per Unit

  	
   

  
	
  Unit Value (per unit):

  	
                                  
  Shares of Series A Preferred Stock

                                  
  Shares of Series P Common Stock

  	
   

  
	
  Aggregate Number of Shares
  underlying Units:

  	
                                  
  Shares of Series A Preferred Stock

                                  
  Shares of Series P Common Stock

  	
   

  
	
  Original Issue Date:

  	
                                  

  	
   

  
	
  Re-Issue Date:

  	
                                  

  	
   

  
	
  Expiration Date:

  	
                                  
  (Subject to Section 4.1)

  	
   

  

 

This warrant certifies that,
for good and valuable consideration, the receipt of which is hereby
acknowledged,                                   
or its permitted assignee (“Holder”) is entitled to purchase the number of
units (“Units”) of Convio, Inc., a Delaware corporation (the “Company”),
at the initial exercise price per Unit (the “Warrant Price”) all as set forth
above and as adjusted pursuant to Article 2 of this warrant, subject to
the provisions and upon the terms and conditions set forth in this warrant.

 

Each Unit represents the
number of fully paid and nonassessable shares of the classes of securities (the
“Shares”) of the Company identified above. 
Immediately upon the exercise of this warrant, the Company shall deliver
that number of Shares underlying the number of Units acquired pursuant to the
exercise, and the purchased Units shall terminate and have no further value.

 

This warrant has been issued
pursuant to Section 2.2 of that certain warrant issued by the Company to
Holder on April 3, 2003 (the “Prior Warrant”) in connection with a
recapitalization recently undertaken by the Company.  The validity of this warrant and the Company’s
obligation to issue the Units and the underlying Shares pursuant to this
Warrant is conditioned upon the surrender of the Prior Warrant to the Company
and the release by the Holder of any and all obligations of the Company under
the Prior Warrant and relinquishment of any purchase and other rights the
Holder might have had thereunder.

 

ARTICLE 1:                              EXERCISE.

 

1.1                                 Method of Exercise. 
Holder may exercise this warrant by delivering this warrant and a duly
executed Notice of Exercise in substantially the form attached as Appendix 1 to
the principal office of the Company. 
Unless Holder is exercising the conversion right set forth in 

 

1

 

Section 1.2, Holder shall also deliver to the
Company a check for the aggregate Warrant Price for the Units being purchased.

 

1.2                                 Conversion Right. 
In lieu of exercising this warrant as specified in Section 1.1,
Holder may from time to time convert this warrant, in whole or in part, into a
number of Units determined by dividing (a) the aggregate fair market value
of the Units or other securities otherwise issuable upon exercise of this
warrant minus the aggregate Warrant Price of such Units by (b) the fair
market value of one Unit.  The fair
market value of the Units shall be determined pursuant to Section 1.4.

 

1.3                                 Intentionally Omitted.

 

1.4                                 Fair Market Value. 
If all of the Shares underlying the Units are traded regularly in a
public market, the fair market value of each Unit shall be the equal to (a) the
Closing Price (as defined below) of a single share of Series A Preferred
Stock (or the closing price of the Company’s stock into which shares of the Series A
Preferred Stock are convertible) multiplied by the number of fractional shares
of Series A Preferred Stock underlying a single Unit, plus (b) the
Closing Price of a single share of Series P Common Stock (or the closing
price of the Company’s stock into which shares of the Series P Common
Stock are convertible) multiplied by the number of fractional shares of Series P
Common Stock underlying a single Unit. For purposes of this Section 1.4, “Closing
Price” shall mean the last price per share at which such share traded during
the last regular trading session on the security’s primary market that closed
prior to the Holder’s delivery of its Notice of Exercise to the Company.  If all of the Shares are not regularly traded in a public market,
the Board of Directors of the Company shall determine fair market value in its
reasonable good faith judgment.

 

1.5                                 Delivery of Certificate and New Warrant. 
Promptly after Holder exercises or converts this warrant, the Company
shall deliver to Holder certificates for the Shares underlying the Units
acquired and, if this warrant has not been fully exercised or converted and has
not expired, a new warrant representing the Units not so acquired.

 

1.6                                 Replacement of Warrants. 
On receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this warrant and, in the case of
loss, theft or destruction, on delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company or, in the case of mutilation,
on surrender and cancellation of this warrant, the Company at its expense shall
execute and deliver, in lieu of this warrant, a new warrant of like tenor.

 

1.7                                 Repurchase on Sale, Merger, or
Consolidation of the Company.

 

1.7.1                        “Acquisition.” For the purpose of
this warrant, “Acquisition” means (a) any sale, license, or other
disposition of all or substantially all of the assets (including intellectual
property) of the Company, or (b) any reorganization, consolidation, merger
or sale of the voting securities of the Company or any other transaction where
the holders of the Company’s securities before the transaction beneficially own
less than 50% of the outstanding voting securities of the surviving entity
after the transaction.

 

2

 

1.7.2                        Assumption of Warrant. 
If upon the closing of any Acquisition the successor entity assumes the
obligations of this warrant, then this warrant shall be exercisable for the
same securities, cash, and property as would be payable for the Shares
underlying the Units issuable upon exercise of the unexercised portion of this
warrant as if such Shares were outstanding on the record date for the
Acquisition and subsequent closing.  The
Warrant Price shall be adjusted accordingly. 
The Company shall use reasonable efforts to cause the surviving
corporation to assume the obligations of this warrant.

 

1.7.3                        Nonassumption.  If upon the
closing of any Acquisition the successor entity does not assume the obligations
of this warrant and Holder has not otherwise exercised this warrant in full,
then this warrant shall be deemed to have been automatically converted pursuant
to Section 1.2 and thereafter Holder shall participate in the Acquisition
on the same terms as other holders of the same class of securities of the
Company.

 

ARTICLE 2:                              ADJUSTMENTS TO
THE SHARES.

 

2.1                                 Stock Dividends, Splits, Etc. 
If the Company declares or pays a dividend on its Series A
Preferred Stock or Common Stock payable in Series A Preferred Stock or
Common Stock, or other securities, subdivides the outstanding Series A
Preferred Stock or Common Stock into a greater amount of Series A
Preferred Stock or Common Stock, then upon exercise of this warrant, for each
Share acquired, Holder shall receive, without cost to Holder, the total number
and kind of securities to which Holder would have been entitled had Holder
owned the Shares of record as of the date the dividend or subdivision occurred.

 

2.2                                 Reclassification, Exchange or
Substitution.  Upon any reclassification, exchange,
substitution, or other event that results in a change of the number and/or
class of the securities underlying the Units issuable upon exercise or
conversion of this warrant, Holder shall be entitled to receive, upon exercise
or conversion of this warrant, the number and kind of securities and property
that Holder would have received for the Shares if this warrant had been
exercised immediately before such reclassification, exchange, substitution, or
other event.  Such an event shall include
any automatic conversion of the outstanding or issuable securities of the
Company of the same class or series as the Shares to common stock pursuant to
the terms of the Company’s Certificate of Incorporation upon the closing of a
registered public offering of the Company’s common stock.  The Company or its successor shall promptly
issue to Holder a new warrant for such new securities or other property.  The new warrant shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Article 2 including, without limitation, adjustments
to the Warrant Price and to the number of securities or property issuable upon
exercise of the new warrant.  The
provisions of this Section 2.2 shall similarly apply to successive
reclassifications, exchanges, substitutions, or other events.

 

2.3                                 Adjustments for Combinations, Etc. 
If the outstanding Shares are combined or consolidated, by
reclassification or otherwise, into a lesser number of shares, the Warrant
Price shall be proportionately increased. 
If the outstanding Shares are combined or consolidated, by reclassification
or otherwise, into a greater number of shares, the Warrant Price shall be
proportionately decreased.

 

3

 

2.4                                 Adjustments for Diluting Issuances. 
The Warrant Price and the number of Shares underlying the Units issuable
upon exercise of this warrant shall be subject to adjustment, from time to
time, in the manner set forth in Exhibit A hereto in the event of
Diluting Issuances (as defined in Exhibit A).

 

2.5                                 No Impairment. 
The Company shall not, by amendment of its Certificate of Incorporation
or through a 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 to be
observed or performed under this warrant by the Company, but shall at all times
in good faith assist in carrying out all the provisions of this Article 2
and in taking all such action as may be necessary or appropriate to protect
Holder’s rights under this Article against impairment.

 

2.6                                 Certificate as to Adjustments. 
Upon each adjustment of the Warrant Price, the Company at its expense
shall promptly compute such adjustment, and furnish Holder with a certificate
of its Chief Financial Officer setting forth such adjustment and the facts upon
which such adjustment is based.  The
Company shall, upon written request, furnish Holder a certificate setting forth
the Warrant Price in effect upon the date thereof and the series of adjustments
leading to such Warrant Price.

 

2.7                                 Fractional Shares. 
No fractional Shares shall be issuable upon exercise or conversion of
the Warrant and the Number of Shares to be issued shall be rounded down to the
nearest whole Share.  If a fractional
share interest arises upon any exercise or conversion of the Warrant, the
Company shall eliminate such fractional share interest by paying Holder amount
computed by multiplying the fractional interest by the fair market value of a
full Share.

 

ARTICLE 3:                              REPRESENTATIONS
AND COVENANTS OF THE COMPANY.

 

3.1                                 Representations and Warranties. 
The Company hereby represents and warrants to the Holder as follows:

 

(a)                                  [Intentionally
omitted.]

 

(b)                                 All Units which
may be issued upon the exercise of the purchase right represented by this
warrant, and the Shares underlying the Units and all securities, if any,
issuable upon conversion of the Shares, shall, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable, and free of any liens
and encumbrances except for restrictions on transfer provided for herein or
under applicable federal and state securities laws.

 

(c)                                  The Company’s
capitalization table attached to this warrant is true and complete as of the
Issue Date.

 

3.2                                 Notice of Certain Events. 
If the Company proposes at any time (a) to declare any dividend or
distribution upon its common stock, whether in cash, property, stock, or other
securities and whether or not a regular cash dividend; (b) to effect any
reclassification or recapitalization of common stock; or (c) to merge or
consolidate with or into any other corporation, or sell, lease, license, or
convey all or substantially all of its assets, or to liquidate, dissolve or
wind up, then, in connection with each such event, the Company shall give
Holder 

 

4

 

(1) at least 10 days prior written notice of the
date on which a record will be taken for such dividend or distribution (and
specifying the date on which the holders of common stock will be entitled
thereto) or for determining rights to vote, if any, in respect of the matters
referred to in (a) of this Section 3.2, above; and (2) in the
case of the matter referred to in (b) and (c) above at least 10 days
prior written notice of the date when the same will take place (and specifying
the date on which the holders of common stock will be entitled to exchange
their common stock for securities or other property deliverable upon the
occurrence of such event).

 

3.3                                 Information Rights. 
So long as the Holder holds this warrant and/or any of the Shares, the
Company shall deliver to the Holder (a) promptly after mailing, copies of
all communiques to the shareholders of the Company, (b) within one hundred
twenty (120) days after the end of each fiscal year of the Company, the annual
audited financial statements of the Company certified by independent public
accountants of recognized standing and (c) within forty-five (45) days
after the end of each of the first three quarters of each fiscal year, the
Company’s quarterly, unaudited financial statements.

 

3.4                                 Registration Under Securities Act of 1933. 
as amended.  The Company agrees
that the Shares or, if the Shares are convertible into common stock of the
Company, such common stock, shall be subject to the registration rights set
forth on Exhibit B.

 

ARTICLE 4:                              MISCELLANEOUS.

 

4.1                                 Term: 
Notice of Expiration.  This warrant
is exercisable in whole or in part, at any time and from time to time on or
before the Expiration Date set forth above; provided, however, that if
the Company completes its initial public offering within the three-year period
immediately prior to the Expiration Date, the Expiration Date shall
automatically be extended until the third anniversary of the effective date of
the Company’s initial public offering. 
If this warrant has not been exercised prior to the Expiration Date,
this warrant shall be deemed to have been automatically exercised on the
Expiration Date by “cashless” conversion pursuant to Section 1.2.

 

4.2                                 Legends.  This warrant
and the certificates representing the Shares (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) shall be
imprinted with a legend in substantially the following form:

 

THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION
THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT SUCH
REGISTRATION IS NOT REQUIRED.

 

4.3                                 Compliance with Securities Laws on
Transfer.  This warrant and the Shares underlying the
Units issuable upon exercise of this warrant (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) may not be
transferred or assigned in whole or in part without compliance with applicable
federal and state securities laws by the transferor and the transferee
(including, without limitation, the delivery of investment representation
letters 

 

5

 

and legal opinions reasonably satisfactory to the
Company).  The Company shall not require
Holder to provide an opinion of counsel if the transfer is to an affiliate of
Holder or if there is no material question as to the availability of current
information as referenced in Rule 144(c), Holder represents that it has
complied with Rule 144(d) and (e) in reasonable detail, the
selling broker represents that it has complied with Rule 144(f), and the
Company is provided with a copy of Holder’s notice of proposed sale.

 

4.4                                 Transfer Procedure. 
Subject to the provisions of Section 4.3, Holder may transfer all
or part of this warrant or the Shares underlying the Units issuable upon
exercise of this warrant (or the securities issuable, directly or indirectly,
upon conversion of the Shares, if any) by giving the Company notice of the
portion of the warrant being transferred setting forth the name, address and
taxpayer identification number of the transferee and surrendering this warrant
to the Company for reissuance to the transferee(s) (and Holder, if
applicable); provided, however, that Holder may transfer all or part of
this warrant to its affiliates, including, without limitation,                                             ,
at any time without notice to the Company, and such affiliate shall then be
entitled to all the rights of Holder under this warrant and any related
agreements, and the Company shall cooperate fully in ensuring that any stock
issued upon exercise of this warrant is issued in the name of the affiliate
that exercises the warrant.  The terms
and conditions of this warrant shall inure to the benefit of, and be binding
upon, the Company and the holders hereof and their respective permitted
successors and assigns.  Unless the
Company is filing financial information with the SEC pursuant to the Securities
Exchange Act of 1934, the Company shall have the right to refuse to transfer
any portion of this warrant to any person who directly competes with the
Company.

 

4.5                                 Notices.  All notices
and other communications from the Company to the Holder, or vice versa, shall
be deemed delivered and effective when given personally or mailed by
first-class registered or certified mail, postage prepaid, at such address as
may have been furnished to the Company or the Holder, as the case may be, in
writing by the Company or such Holder from time to time.  All notices to the Holder shall be addressed
as follows:

 

Attn:

 

 

 

4.6                                 Amendments.  This warrant
and any term hereof may be changed, waived, discharged or terminated only by an
instrument in writing signed by the party against which enforcement of such
change, waiver, discharge or termination is sought.

 

4.7                                 Attorneys’ Fees. 
In the event of any dispute between the parties concerning the terms and
provisions of this warrant, the party prevailing in such dispute shall be
entitled to collect from the other party all costs incurred in such dispute,
including reasonable attorneys’ fees.

 

4.8                                 Governing Law. 
This warrant shall be governed by and construed in accordance with the laws
of the State of Delaware, without giving effect to its principles regarding
conflicts of law.

 

6

 

[Signatures
appear on the following page.]

 

7

 

	
   

  	
  CONVIO, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  

 

Authorized signatories under
Corporate Resolutions to Borrow or an authorized signer(s) under a
resolution covering warrants must sign the warrant.

 

8

 

APPENDIX 1

 

NOTICE OF EXERCISE

 

1.                                       The undersigned
hereby elects to purchase                               
Units of CONVIO, INC. pursuant to the terms of the attached warrant, and
tenders herewith payment of the purchase price of such Units in full, which
Units shall immediately convert into                               
shares of Series A Preferred Stock and                                   
shares of Series P Common Stock. 
(The number of shares in this paragraph one shall be determined by
multiplying number of Units by the Unit Value on page one of the warrant.)

 

1.                                       The undersigned
hereby elects to convert the attached warrant into shares in the manner
specified in the warrant.  This
conversion is exercised with respect to                                  of the shares covered by the
warrant.

 

[Strike paragraph 1 that does not
apply.]

 

2.                                       Please issue a
certificate or certificates representing the shares underlying said Units in
the name of the undersigned or in such other name as is specified below:

 

Attn:

 

 

 

3.                                       The undersigned
represents it is acquiring the Shares solely for its own account and not as a
nominee for any other party and not with a view toward the resale or
distribution thereof except in compliance with applicable securities laws.

 

	
   

  	
  or Registered Assignee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (Date)

  	
   

  

 

9

 

EXHIBIT A

 

Anti-Dilution Provisions

(For Preferred Stock Warrants
With Existing Anti-Dilution Protection)

 

In the event of the issuance
(a “Diluting Issuance”) by the Company, after the Issue Date of the warrant, of
securities at a price per share less than the Warrant Price, then the number of
shares of common stock issuable upon conversion of the Shares shall be adjusted
in accordance with those provisions (the “Provisions”) of the Company’s
Certificate of Incorporation which apply to Diluting Issuances.

 

Under no circumstances shall
the aggregate Warrant Price payable by the Holder upon exercise of the warrant
increase as a result of any adjustment arising from a Diluting Issuance.

 

 

EXHIBIT B

 

Registration Rights

 

The Shares (if common
stock), or the common stock issuable upon conversion of the Shares, shall be
deemed “registrable securities” or otherwise entitled to “piggy back” registration
rights in accordance with the terms of the following agreement (the “Agreement”)
between the Company and its investor(s):

 

Fifth Amended and Restated Investors’ Rights
Agreement dated as of April 10, 2007 by and among the Company and the
other parties listed thereon.

 

The Company agrees that no
amendments will be made to the Agreement, which would have an adverse impact on
Holder’s registration rights thereunder without the consent of Holder.  By acceptance of the Warrant to which this Exhibit B
is attached, Holder shall be deemed to be a party to the Agreement, for
purposes of Section 6 thereof relating to piggy-back rights.

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