Document:

Exhibit
      4.6

     

    NEITHER
      THIS SECURITY NOR THE SECURITIES INTO 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

    

    To
      Purchase _______
      Shares
      of
      Common Stock of

     

    UNITED
      BENEFITS & PENSION SERVICES, INC.

     

    THIS
      COMMON STOCK PURCHASE WARRANT (the “Warrant”)
      certifies that, for value received, ___________
      (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 date hereof (the
      “Initial
      Exercise Date”)
      and on
      or prior to the close of business on November 30, 2012, the five year
      anniversary of the Initial Exercise Date (the “Termination
      Date”)
      but
      not thereafter, to subscribe for and purchase from United Benefits & Pension
      Services, Inc., a Delaware corporation (the “Company”),
      _______
      shares
      (the “Warrant
      Shares”)
      of
      Common Stock, par value $.00001, of the Company (the “Common
      Stock”).
      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 herein shall have the meanings
      set forth in that certain Amended and Securities Purchase Agreement (the
“Purchase
      Agreement”),
      dated
      November 30, 2007, between the Company, Associated Third Party Administrators,
      a
      California corporation (“ATPA”) and the purchasers signatory
      thereto.

     

    Section
      2.            
      Exercise.

     

    
      	 	
              a)

            	
              Exercise
                of Warrant.
                Exercise of the purchase rights represented by this Warrant may be
                made at
                any time or times on or after the Initial Exercise Date and on or
                before
                the Termination Date by delivery to the Company of a duly executed
                facsimile copy of the Notice of Exercise Form annexed hereto (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 such Holder appearing
                on the books of the Company); provided,
                however,
                within 5 Business Days of the date said Notice of Exercise is delivered
                to
                the Company, the Holder shall have surrendered this Warrant to the
                Company
                and the Company shall have received payment of the aggregate Exercise
                Price of the shares thereby purchased by wire transfer or cashier’s check
                drawn on a United States bank. 

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              b)

            	
              Exercise
                Price.
                The exercise price of the Common Stock under this Warrant shall be
                $.00001, subject to adjustment hereunder (the “Exercise
                Price”).
                

            

    

     

    
      	 	
              c)

            	
              Cashless
                Exercise.
                This Warrant may also be exercised 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 of such
      election;

    

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

    

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

    

    
      	 	
              d)

            	
              Exercise
                Limitations;
                Holder’s
                Restrictions.
                The Holder shall not have the right to exercise any portion of this
                Warrant, pursuant to Section 2(c) or otherwise, to the extent that
                after
                giving effect to such issuance after exercise, the Holder (together
                with
                the Holder’s affiliates), as set forth on the applicable Notice of
                Exercise, would beneficially own in excess of 9.99% of the number
                of
                shares of the Common Stock outstanding immediately after giving effect
                to
                such issuance.  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 the determination of such sentence
                is being made, but shall exclude the number of shares of Common Stock
                which would be issuable upon (A) exercise of the remaining, nonexercised
                portion of this Warrant beneficially owned by the Holder or any of
                its
                affiliates and (B) exercise or conversion of the unexercised or
                nonconverted portion of any other securities of the Company (including,
                without limitation, any other Notes or Warrants) 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(d),
                beneficial ownership shall be calculated in accordance with Section
                13(d)
                of the Exchange Act, it being acknowledged by Holder that the Company
                is
                not representing to Holder that such calculation is in compliance
                with
                Section 13(d) of the Exchange Act and Holder is solely responsible
                for any
                schedules or forms required to be filed in accordance therewith or
                in
                accordance with Section 16 of the Exchange Act. To the extent that
                the
                limitation contained in this Section 2(d) applies,the determination
                of
                whether this Warrant is exercisable (in relation to other securities
                owned
                by the Holder) and of which a portion of this Warrant is exercisable
                shall
                be in the sole discretion of such Holder, and the submission of a
                Notice
                of Exercise shall be deemed to be such Holder’s determination of whether
                this Warrant is exercisable (in relation to other securities owned
                by such
                Holder) and of which portion of this Warrant is exercisable, in each
                case
                subject to such aggregate percentage limitation, and the Company
                shall
                have no obligation to verify or confirm the accuracy of such
                determination. For purposes of this Section 2(d), in determining
                the
                number of outstanding shares of Common Stock, the Holder may rely
                on the
                number of outstanding shares of Common Stock as reflected in (x)
                the
                Company’s most recent Form 10-QSB or Form 10-KSB, as the case may be, (y)
                a more recent public announcement by the Company or (z) any other
                notice
                by the Company or the Company’s Transfer Agent setting forth the number of
                shares of Common Stock outstanding.  Upon the written or oral request
                of the Holder, the Company shall within two Business 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 provisions of
                this
                Section 2(d) may be waived by the Holder upon, at the election of
                the
                Holder, not less than 61 days’ prior notice to the Company, and the
                provisions of this Section 2(d) shall continue to apply until such
                61st
                day (or such later date, as determined by the Holder, as may be specified
                in such notice of waiver).

            

    

    
      
        
        

      

      
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              e)

            	
              Mechanics
                of Exercise.
                

            

    

    

    i)            
      Authorization
      of Warrant Shares.
      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, be duly authorized, validly issued,
      fully paid and nonassessable and free from all taxes, liens and charges in
      respect of the issue thereof (other than taxes in respect of any transfer
      occurring contemporaneously with such issue). 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.

     

    ii)            Delivery
      of Certificates Upon Exercise.
      Certificates for shares purchased hereunder shall be transmitted by the transfer
      agent of the Company to the Holder by crediting the account of the Holder’s
      prime broker with the Depository Trust Company through its Deposit Withdrawal
      Agent Commission (“DWAC”)
      system
      if the Company is a participant in such system, and otherwise by physical
      delivery to the address specified by the Holder in the Notice of Exercise within
      3 Trading Days from the delivery to the Company of the Notice of Exercise Form,
      surrender of this Warrant and payment of the aggregate Exercise Price as set
      forth above (“Warrant
      Share Delivery Date”).
      This
      Warrant shall be deemed to have been exercised on the date the Exercise Price
      is
      received by the Company. 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 by payment to the Company of the Exercise
      Price and all taxes required to be paid by the Holder, if any, pursuant to
      Section 2(e)(vii) prior to the issuance of such shares, have been
      paid.

    
      
        
        

      

      
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    iii)           Delivery
      of New Warrants Upon Exercise.
      If this
      Warrant shall have been exercised in part, the Company shall, at the time of
      delivery of the certificate or certificates representing Warrant Shares, deliver
      to Holder a new Warrant evidencing the rights of 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.

     

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

     

    v)           Compensation
      for Buy-In on Failure to Timely Deliver Certificates Upon
      Exercise.
      In
      addition to any other rights available to the Holder, if the Company fails to
      transfer or cause its transfer agent to transmit to the Holder a certificate
      or
      certificates representing the Warrant Shares pursuant to an exercise on or
      before the Warrant Share Delivery Date, and if after such date the Holder is
      required by its broker to purchase (in an open market transaction or otherwise)
      shares of Common Stock to deliver in satisfaction of a sale by the Holder of
      the
      Warrant Shares which the Holder anticipated receiving upon such exercise (a
      “Buy-In”),
      then
      the Company shall (1) pay in cash to the Holder the amount by which (x) the
      Holder’s total purchase price (including brokerage commissions, if any) for the
      shares of Common Stock so purchased exceeds (y) the amount obtained by
      multiplying (A) the number of Warrant Shares that the Company was required
      to
      deliver to the Holder in connection with the exercise at issue times (B) the
      price at which the sell order giving rise to such purchase obligation was
      executed, and (2) at the option of the Holder, either reinstate the portion
      of
      the Warrant and equivalent number of Warrant Shares for which such exercise
      was
      not honored or deliver to the Holder the number of shares of Common Stock that
      would have been issued had the Company timely complied with its exercise and
      delivery obligations hereunder. For example, if the Holder purchases Common
      Stock having a total purchase price of $11,000 to cover a Buy-In with respect
      to
      an attempted exercise of shares of Common Stock with an aggregate sale price
      giving rise to such purchase obligation of $10,000, under clause (1) of the
      immediately preceding sentence the Company shall be required to pay the Holder
      $1,000. The Holder shall provide the Company written notice indicating the
      amounts payable to the Holder in respect of the Buy-In, together with applicable
      confirmations and other evidence reasonably requested by the Company. Nothing
      herein shall limit a Holder’s right to pursue any other remedies available to it
      hereunder, at law or in equity including, without limitation, a decree of
      specific performance and/or injunctive relief with respect to the Company’s
      failure to timely deliver certificates representing shares of Common Stock
      upon
      exercise of the Warrant as required pursuant to the terms
      hereof.

    
      
        
        

      

      
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    vi)           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 Holder would
      otherwise be entitled to purchase upon such exercise, the Company shall pay
      a
      cash adjustment in respect of such final fraction in an amount equal to such
      fraction multiplied by the Exercise Price.

     

    vii)         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.

     

    viii)        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.

     

    Section
      3.            
      Certain Adjustments.

     

    a)            Stock
      Dividends and Splits.
      If the
      Company, at any time while this Warrant is outstanding: (A) pays a stock
      dividend or otherwise make 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 pursuant to this Warrant), (B)
      subdivides outstanding shares of Common Stock into a larger number of shares,
      (C) combines (including by way of reverse stock split) outstanding shares of
      Common Stock into a smaller number of shares, or (D) 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 before such event and of which the denominator
      shall
      be the number of shares of Common Stock outstanding after such event and the
      number of shares issuable upon exercise of this Warrant shall be proportionately
      adjusted. 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.

    
      
        
        

      

      
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              b)

            	
              Subsequent
                Equity Sales.
                If the Company or any Subsidiary thereof, as applicable, at any time
                while
                this Warrant is outstanding, shall offer, sell, grant any option
                to
                purchase or offer, sell or grant any right to reprice its securities,
                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 entitling any Person to acquire shares of Common Stock,
                at an
                effective price per share less than the then Exercise Price (such
                lower
                price, the “Base
                Share Price”
                and such issuances collectively, a “Dilutive
                Issuance”),
                as adjusted hereunder (if the holder of the Common Stock or Common
                Stock
                Equivalents so issued shall at any time, whether by operation of
                purchase
                price adjustments, reset provisions, floating conversion, exercise
                or
                exchange prices or otherwise, or due to warrants, options or rights
                per
                share which is issued in connection with such issuance, be entitled
                to
                receive shares of Common Stock at an effective price per share which
                is
                less than the Exercise Price, such issuance shall be deemed to have
                occurred for less than the Exercise Price), then, the Exercise Price
                shall
                be reduced to equal the Base Share Price and the number of Warrant
                Shares
                issuable hereunder shall be increased such that the aggregate Exercise
                Price payable hereunder, after taking into account the decrease in
                the
                Exercise Price, shall be equal to the aggregate Exercise Price prior
                to
                such adjustment. Such adjustment shall be made whenever such Common
                Stock
                or Common Stock Equivalents are issued. Such adjustment shall be
                made
                whenever such Common Stock or Common Stock Equivalents are issued.
                The
                Company shall notify the Holder in writing, no later than the Trading
                Day
                following the issuance of any Common Stock or Common Stock Equivalents
                subject to this section, indicating therein the applicable issuance
                price,
                or of applicable reset price, exchange price, conversion price and
                other
                pricing terms (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, after the date of such Dilutive
                Issuance the Holder is entitled to receive a number of Warrant Shares
                based upon the Base Share Price regardless of whether the Holder
                accurately refers to the Base Share Price in the Notice of Exercise.
                

            

    

     

    
      	 	
              c)

            	
              Pro
                Rata Distributions.
                If the Company, at any time prior to the Termination Date, shall
                distribute to all holders of Common Stock (and not to Holders of
                the
                Warrants) evidences of its indebtedness or assets 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 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 Holders 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.

            

    

     

    
      
        
        

      

      
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              d)

            	
              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. The number of
                shares
                of Common Stock outstanding at any given time shall not includes
                shares of
                Common Stock owned or held by or for the account of the Company,
                and the
                description of any such shares of Common Stock shall be considered
                on
                issue or sale of Common Stock. 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.

            

    

     

    e)            Notice
      to Holders.
      

     

    i. Adjustment
      to Exercise Price.
      Whenever the Exercise Price is adjusted pursuant to this Section 3, the Company
      shall promptly mail to each Holder a notice setting forth the Exercise Price
      after such adjustment and setting forth a brief statement of the facts requiring
      such adjustment. If the Company issues a variable rate security, despite the
      prohibition thereon in the Purchase Agreement, the Company shall be deemed
      to
      have issued Common Stock or Common Stock Equivalents at the lowest possible
      conversion or exercise price at which such securities may be converted or
      exercised in the case of a Variable Rate Transaction (as defined in the Purchase
      Agreement), or the lowest possible adjustment price in the case of an MFN
      Transaction (as defined in the Purchase Agreement).

     

    ii. Notice
      to Allow Exercise by Holder.
      If (A)
      the Company shall declare a dividend (or any other distribution) 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, of any compulsory share exchange whereby the Common
      Stock
      is converted into other securities, cash or property; (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 addresses 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. The Holder is entitled to exercise this Warrant during the
      20-day period commencing the date of such notice to the effective date of the
      event triggering such notice.

    
      
        
        

      

      
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              f)

            	
              Fundamental
                Transaction.
                If, at any time while this Warrant is outstanding, (A) the Company
                effects
                any merger or consolidation of the Company with or into another Person,
                (B) the Company effects any sale of all or substantially all of its
                assets
                in one or a series of related transactions, (C) any tender offer
                or
                exchange offer (whether by the Company or another Person) is completed
                pursuant to which holders of Common Stock are permitted to tender
                or
                exchange their shares for other securities, cash or property, or
                (D) the
                Company effects any reclassification 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 (in any
                such
                case, a “Fundamental
                Transaction”),
                then, upon any subsequent conversion of this Warrant, the Holder
                shall
                have the right to receive, for each Warrant Share that would have
                been
                issuable upon such exercise absent such Fundamental Transaction,
                at the
                option of the Holder, (a) upon 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 Alternate Consideration
                receivable upon or as a result of such reorganization, reclassification,
                merger, consolidation or disposition of assets by a Holder of the
                number
                of shares of Common Stock for which this Warrant is exercisable
                immediately prior to such event or (b) cash equal to the value of
                this
                Warrant as determined in accordance with the Black-Scholes option
                pricing
                formula (the “Alternate
                Consideration”).
                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. To the extent necessary
                to
                effectuate the foregoing provisions, any successor to the Company
                or
                surviving entity in such Fundamental Transaction shall issue to the
                Holder
                a new warrant consistent with the foregoing provisions and evidencing
                the
                Holder’s right to exercise such warrant into Alternate Consideration. The
                terms of any agreement pursuant to which a Fundamental Transaction
                is
                effected shall include terms requiring any such successor or surviving
                entity to comply with the provisions of this paragraph (f) and insuring
                that this Warrant (or any such replacement security) will be similarly
                adjusted upon any subsequent transaction analogous to a Fundamental
                Transaction.

            

    

     

    
      	 	
              g)

            	
              Exempt
                Issuance.
                Notwithstanding the foregoing, no adjustments, Alternate Consideration
                nor
                notices shall be made, paid or issued under this Section 3 in respect
                of
                an Exempt Issuance as defined in the Security Purchase
                Agreement.

            

    

     

    
      
        
        

      

      
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              h)

            	
              Voluntary
                Adjustment By Company.
                The Company may at any time during the term of this Warrant reduce
                the
                then current Exercise Price to any amount and for any period of time
                deemed appropriate by the Board of Directors of the
                Company.

            

    

     

    Section
      4.            
      Transfer
      of Warrant.

     

    
      	 	
              a)

            	
              Transferability.
                Subject to compliance with any applicable securities laws and the
                conditions set forth in Sections 5(a) and 4(d) hereof and to the
                provisions of Section 4.1 of the Purchase Agreement, this Warrant
                and all
                rights hereunder are transferable, in whole or in part, upon surrender
                of
                this Warrant at the principal office of the Company, 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 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. A Warrant, if properly assigned,
                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.

            

    

     

    
      	 	
              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 registered pursuant
                to
                an effective registration
                statement under the Securities Act
                and under
                applicable state securities or blue sky laws, the Company may require,
                as
                a condition of allowing such transfer (i) that the Holder or transferee
                of
                this Warrant, as the case may be, furnish to the Company a written
                opinion
                of counsel (which opinion shall be in form, substance and scope customary
                for opinions of counsel in comparable transactions) to the effect
                that
                such transfer may be made without
                registration under
                the
                Securities Act and under applicable state securities or blue sky
                laws,
                (ii) that the holder or transferee execute and deliver to the Company
                an
                investment letter in form and substance acceptable to the Company
                and
                (iii) that the transferee be an “accredited
                investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), or (a)(8)
                promulgated under the Securities Act or a qualified institutional
                buyer as
                defined in Rule 144A(a) under the Securities
                Act.

            

    

     

    
      
        
        

      

      
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    Section
      5.            
      Miscellaneous.

     

    
      	 	
              a)

            	
              Title
                to Warrant.
                Prior to the Termination Date and subject to compliance with applicable
                laws and Section 4 of this Warrant, this Warrant and all rights hereunder
                are transferable, in whole or in part, at the office or agency of
                the
                Company by the Holder in person or by duly authorized attorney, upon
                surrender of this Warrant together with the Assignment Form annexed
                hereto
                properly endorsed. The transferee shall sign an investment letter
                in form
                and substance reasonably satisfactory to the
                Company.

            

    

     

    
      	 	
              b)

            	
              No
                Rights as Shareholder Until Exercise.
                This Warrant does not entitle the Holder to any voting rights or
                other
                rights as a shareholder of the Company prior to the exercise hereof.
                Upon
                the surrender of this Warrant and the payment of the aggregate Exercise
                Price (or by means of a cashless exercise), the Warrant Shares so
                purchased shall be and be deemed to be issued to such Holder as the
                record
                owner of such shares as of the close of business on the later of
                the date
                of such surrender or payment.

            

    

     

    
      	 	
              c)

            	
              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.

            

    

     

    
      	 	
              d)

            	
              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 be a Saturday,
                Sunday or a legal holiday, then such action may be taken or such
                right may
                be exercised on the next succeeding day not a Saturday, Sunday or
                legal
                holiday.

            

    

     

    
      	 	
              e)

            	
              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. 

            

    

     

    
      
        
        

      

      
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    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
      (a) 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,
      (b)
      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 (c) 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.

     

    
      	 	
              f)

            	
              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.

            

    

     

    
      	 	
              g)

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

            

    

     

    
      	 	
              h)

            	
              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 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 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
                Holder in collecting any amounts due pursuant hereto or in otherwise
                enforcing any of its rights, powers or remedies
                hereunder.

            

    

     

    
      	 	
              i)

            	
              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.

            

    

     

    
      	 	
              j)

            	
              Limitation
                of Liability.
                No provision hereof, in the absence of any affirmative action by
                Holder to
                exercise this Warrant or purchase Warrant Shares, and no enumeration
                herein of the rights or privileges of Holder, shall give rise to
                any
                liability of 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.

            

    

     

    
      
        
        

      

      
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              k)

            	
              Remedies.
                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 the defense in any action for specific performance
                that a
                remedy at law would be adequate.

            

    

     

    
      	 	
              l)

            	
              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 of the Company and the successors and permitted
                assigns of Holder. The provisions of this Warrant are intended to
                be for
                the benefit of all Holders from time to time of this Warrant and
                shall be
                enforceable by any such Holder or holder of Warrant
                Shares.

            

    

     

    
      	 	
              m)

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

            

    

     

    
      	 	
              n)

            	
              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.

            

    

     

    
      	 	
              o)

            	
              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.

            

    

     

    ********************

    
      
        
        

      

      
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          15

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
      officer thereunto duly authorized.

     

    
      	 	
              UNITED
                BENEFITS & PENSION SERVICES, INC.

            
	 	 
	 	 
	 	 	 
	 	
              Name:

            
	 	
              Title:

            

    

     

    
      
        
        

      

      
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    NOTICE
      OF EXERCISE

    

    TO:                
      COMPANY

    

    (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):

     

    o in
      lawful money of
      the United States; or

     

    o 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:

     

    
      	 	
              _______________________________

            
	 	 
	
              Tax
                ID Number

            	
              _______________________________

            

    

    

    The
      Warrant Shares shall be delivered to the following:

    

    
      	 	
              _______________________________

            
	 	 
	 	
              _______________________________

            
	 	 
	 	
              _______________________________

            

    

    

    (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 Entity:
      _______________________________________________________________________

    Signature
      of Authorized Signatory of Investing Entity:
      _________________________________________________

    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, 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.Unassociated Document

    Exhibit
      4.7

    

    NEITHER
      THIS SECURITY NOR THE SECURITIES INTO 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

     

    UNITED
      BENEFITS & PENSION SERVICES, INC.

     

    
      	
              Warrant
                Shares: ________

            	
              Initial
                Exercise Date: December 17, 2007

            

    

    

    THIS
      COMMON STOCK PURCHASE WARRANT (the “Warrant”)
      certifies that, for value received, MAXIM PARTNERS LLC (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 date hereof (the
      “Initial
      Exercise Date”)
      and on
      or prior to the close of business on the fifth anniversary of the Initial
      Exercise Date (the “Termination
      Date”)
      but
      not thereafter, to subscribe for and purchase from United Benefits & Pension
      Services, Inc., a Delaware corporation (the “Company”),
      up to
      ______ shares (the “Warrant
      Shares”)
      of
      common stock, $.00001 par value per share (the “Common
      Stock”),
      of
      the Company. 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.
      

     

    (a) Capitalized
      terms used and not otherwise defined herein shall have the meanings ascribed
      to
      them in that certain Amended and Restated Private Placement Memorandum, as
      amended on December 12, 2007 (the “Memorandum”),
      dated
      November 5, 2007, of the Company. 

     

    (b) “Trading
      Day”
shall
      mean any day other than a Saturday, Sunday or a day on which banks in New York
      City or the New York Stock Exchange are authorized or obligated by applicable
      law or executive order to close or are otherwise generally closed.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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 of a duly executed
      facsimile copy of the Notice of Exercise Form annexed hereto (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 such Holder appearing on the books of the
      Company); and, within three (3) Trading Days of the date said Notice of Exercise
      is delivered to the Company, the Company shall have received payment of the
      aggregate Exercise Price of the shares thereby purchased by wire transfer or
      cashier’s check drawn on a United States bank. 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) Trading
      Day
      of receipt of such notice. In the event of any dispute or discrepancy, the
      records of the Holder shall be controlling and determinative in the absence
      of
      manifest error. The Holder and any assignee, by acceptance of this Warrant,
      acknowledge and agree that, by reason of the provisions of this paragraph,
      following the purchase of a portion of the Warrant Shares hereunder, the number
      of Warrant Shares available for purchase hereunder at any given time may be
      less
      than the amount stated on the face hereof.

     

    (b) Exercise
      Price.
      The
      exercise price per share of the Common Stock under this Warrant shall be $2.50,
      subject to adjustment hereunder (the “Exercise
      Price”).

     

    (c) Cashless
      Exercise.
      If at
      any time after one year from the date of issuance of this Warrant there is
      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 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
                volume weighted average price (“VWAP”)
                on the Trading Day immediately preceding the date of such
                election;

            

    

     

    
      	 	
              (B)
                =

            	
              the
                Exercise Price of this Warrant, as adjusted;
                and

            

    

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (X)
                =

            	
              the
                number of Warrant Shares issuable upon exercise of this Warrant in
                accordance with the terms of this Warrant by means of a cash exercise
                rather than a cashless exercise.

            

    

     

    Notwithstanding
      anything herein to the contrary, on the Termination Date, this Warrant shall
      be
      automatically exercised via cashless exercise pursuant to this Section
      2(c).

     

    Notwithstanding
      anything herein to the contrary, the Holder shall not be entitled in any
      circumstance whatsoever to receive a net cash settlement in lieu of physical
      settlement in shares of Common Stock and this Warrant shall not be redeemed
      by
      the Company in whole or in part for cash under any circumstances
      whatsoever.

     

    (d) Holder’s
      Restrictions.
      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(c)
      or otherwise, to the extent that after giving effect to such issuance after
      exercise as set forth on the applicable Notice of Exercise, such Holder
      (together with such Holder’s Affiliates, and any other person or entity acting
      as a group together with such Holder or any of such Holder’s Affiliates), as set
      forth on the applicable Notice of Exercise, 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
      such 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 (A) exercise of the remaining, nonexercised
      portion of this Warrant beneficially owned by such Holder or any of its
      Affiliates and (B) exercise or conversion of the unexercised or nonconverted
      portion of any other securities of the Company subject to a limitation on
      conversion or exercise analogous to the limitation contained herein beneficially
      owned by such Holder or any of its Affiliates. Except as set forth in the
      preceding sentence, for purposes of this Section 2(d), beneficial ownership
      shall be calculated in accordance with Section 13(d) of the Securities and
      Exchange Act of 1934, as amended (the “Exchange
      Act”),
      and
      the rules and regulations promulgated thereunder, it being acknowledged by
      Holder that the Company does not represent to Holder that such calculation
      is in
      compliance with Section 13(d) of the Exchange Act and such 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(d) applies, the
      determination of whether this Warrant is exercisable (in relation to other
      securities owned by such Holder together with any Affiliates) and of which
      a
      portion of this Warrant is exercisable shall be in the sole discretion of a
      Holder, and the submission of a Notice of Exercise shall be deemed to be each
      Holder’s determination of whether this Warrant is exercisable (in relation to
      other securities owned by such Holder together with any Affiliates) and of
      which
      portion of this Warrant is exercisable, in each case subject to such aggregate
      percentage 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(d), 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 the most recently published
      of (x) the Company’s most recent Form 10-QSB or Form 10-KSB, as the case may be,
      (y) a public announcement by the Company or (z) any other notice by the Company
      or the Company’s 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 such 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 such 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 9.99% 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 provisions of this paragraph shall be construed
      and implemented in a manner otherwise than in strict conformity with the terms
      of this Section 2(d) 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.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    (e) Mechanics
      of Exercise.

     

    i. Authorization
      of Warrant Shares.
      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, be duly authorized, validly issued,
      fully paid and nonassessable 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).

     

    ii. Delivery
      of Certificates Upon Exercise.
      Certificates for shares purchased hereunder shall be transmitted by the transfer
      agent (or by the Company in the event the Company has no transfer agent and,
      in
      such event certificates must be transmitted by physical delivery to the Holder)
      of the Company to the Holder by crediting the account of the Holder’s prime
      broker with the Depository Trust Company through its Deposit Withdrawal Agent
      Commission (“DWAC”)
      system
      if the Company is a participant in such system, and otherwise by physical
      delivery to the address specified by the Holder in the Notice of Exercise within
      three (3) Trading Days from the delivery to the Company of the Notice of
      Exercise Form, surrender of this Warrant (if required) and payment of the
      aggregate Exercise Price as set forth above (“Warrant
      Share Delivery Date”).
      This
      Warrant shall be deemed to have been exercised on the date the Exercise Price
      is
      received by the Company. 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 by 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(e)(vii) prior to the issuance
      of
      such shares, have been paid.

     

    
      
        
        

      

      
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    iii. 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
      Holder a new Warrant evidencing the rights of 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. 

     

    iv. Rescission
      Rights.
      If the
      Company fails to cause its Corporation’s transfer agent to transmit to the
      Holder a certificate or certificates representing the Warrant Shares pursuant
      to
      this Section 2(e)(iv) by the third Trading Day following the Warrant Share
      Delivery Date, then the Holder will have the right to rescind such
      exercise.

     

    v. Compensation
      for Buy-In on Failure to Timely Deliver Certificates Upon
      Exercise.
      In
      addition to any other rights available to the Holder, if the Company fails
      to
      transmit or to cause its transfer agent to transmit to the Holder a certificate
      or certificates representing the Warrant Shares pursuant to an exercise on
      or
      before the third Trading Day following the Warrant Share Delivery Date, and
      if
      after such date the Holder is required by its broker to purchase (in an open
      market transaction or otherwise) or the Holder’s brokerage firm otherwise
      purchases, shares of Common Stock to deliver in satisfaction of a sale by the
      Holder of the Warrant Shares which the Holder anticipated receiving upon such
      exercise (a “Buy-In”),
      then
      the Company shall (1) pay in cash to the Holder the amount by which (x) the
      Holder’s total purchase price (including brokerage commissions, if any) for the
      shares of Common Stock so purchased exceeds (y) the amount obtained by
      multiplying (A) the number of Warrant Shares that the Company was required
      to
      deliver to the Holder in connection with the exercise at issue times (B) the
      price at which the sell order giving rise to such purchase obligation was
      executed, and (2) at the option of the Holder, either reinstate the portion
      of
      the Warrant and equivalent number of Warrant Shares for which such exercise
      was
      not honored or deliver to the Holder the number of shares of Common Stock that
      would have been issued had the Company timely complied with its exercise and
      delivery obligations hereunder. For example, if the Holder purchases Common
      Stock having a total purchase price of $11,000 to cover a Buy-In with respect
      to
      an attempted exercise of shares of Common Stock with an aggregate sale price
      giving rise to such purchase obligation of $10,000, under clause (1) of the
      immediately preceding sentence the Company shall be required to pay the Holder
      $1,000. The Holder shall provide the Company written notice indicating the
      amounts payable to the Holder in respect of the Buy-In and, upon request of
      the
      Company, evidence of the amount of such loss. Nothing herein shall limit a
      Holder’s right to pursue any other remedies available to it hereunder, at law or
      in equity including, without limitation, a decree of specific performance and/or
      injunctive relief with respect to the Company’s failure to timely deliver
      certificates representing shares of Common Stock upon exercise of the Warrant
      as
      required pursuant to the terms hereof.

     

    
      
        
        

      

      
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    vi. 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 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.

     

    vii. 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.

     

    viii. 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.

     

    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 make 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 the numerator of which shall be the number of shares of Common Stock
      (excluding treasury shares, if any) outstanding immediately before such event
      and the denominator of which 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. 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.

     

    
      
        
        

      

      
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    (b) Subsequent
      Equity Sales.
      If the
      Company or any Subsidiary thereof, as applicable, at any time while this Warrant
      is outstanding, shall sell or grant any option to purchase or sell or grant
      any
      right to reprice its securities, 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 entitling any Person to acquire shares
      of Common Stock, at an effective price per share less than the then Exercise
      Price (such lower price, the “Base
      Share Price”
and
      such issuances collectively, a “Dilutive
      Issuance”)
      (if
      the holder of the Common Stock or Common Stock Equivalents so issued shall
      at
      any time, whether by operation of purchase price adjustments, reset provisions,
      floating conversion, exercise or exchange prices or otherwise, or due to
      warrants, options or rights per share which are issued in connection with such
      issuance, be entitled to receive shares of Common Stock at an effective price
      per share which is less than the Exercise Price, such issuance shall be deemed
      to have occurred for less than the Exercise Price on such date of the Dilutive
      Issuance), then the Exercise Price shall be reduced and only reduced to equal
      the Base Share Price and the number of Warrant Shares issuable hereunder shall
      be increased such that the aggregate Exercise Price payable hereunder, after
      taking into account the decrease in the Exercise Price, shall be equal to the
      aggregate Exercise Price prior to such adjustment. Such adjustment shall be
      made
      whenever such Common Stock or Common Stock Equivalents are 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 of any Common Stock or Common Stock Equivalents subject to this Section
      3(b), indicating therein the applicable issuance price, or applicable reset
      price, exchange price, conversion price and other pricing terms (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, after the date of such Dilutive Issuance the Holder is
      entitled to receive a number of Warrant Shares based upon the Base Share Price
      regardless of whether the Holder accurately refers to the Base Share Price
      in
      the Notice of Exercise. As used herein, the term “Exempt
      Issuance”
shall
      mean any issuance, sale, grant or award of (i) any Common Stock issued or
      issuable upon the conversion of the Bridge Notes; (ii) any Common Stock issued
      or issuable upon exercise of the Noteholder Warrants; or
      (iii)
      any
      Common Stock, option or right to purchase Common Stock, or any security
      convertible into or exchangeable for Common Stock issued or issuable to any
      officer, director, employee, consultant or advisor of the Company pursuant
      to a
      bona fide option or equity incentive plan or other agreement or arrangement
      duly
      adopted by the Company, in consideration for services rendered or to be rendered
      to the Company by such officer, director, employee, consultant or advisor.
      

     

    (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 Holders)
      entitling them to subscribe for or purchase shares of Common Stock at a price
      per share less than the VWAP at the record date mentioned below, then either
      the
      Exercise Price or the number of Warrant Shares issuable upon exercise of this
      Warrant shall be equitably adjusted as determined by the Board of Directors
      in
      good faith. Such adjustment shall be made whenever such rights 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. Notwithstanding the foregoing, no adjustments shall be made, paid
      or
      issued under this Section 3(c) in respect of an Exempt Issuance. 

     

    
      
        
        

      

      
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    (d) Pro
      Rata Distributions.
      If the
      Company, at any time prior to the Termination Date, shall distribute to all
      holders of Common Stock (and not to Holders of the Warrants) 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 either the Exercise
      Price or the number of Warrant Shares issuable upon exercise of this Warrant
      shall be equitably adjusted 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.
      

     

    i. If,
      at
      any time while this Warrant is outstanding, (A) the Company effects any merger
      or consolidation of the Company with or into another Person, (B) the Company
      effects any sale of all or substantially all of its assets in one or a series
      of
      related transactions, (C) any tender offer or exchange offer (whether by the
      Company or another Person) is completed pursuant to which holders of Common
      Stock are permitted to tender or exchange their shares for other securities,
      cash or property, or (D) the Company effects any reclassification 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
      (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, 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 merger, consolidation or disposition of assets
      by
      a Holder of the number of shares of Common Stock for which this Warrant is
      exercisable immediately prior to such event. 

     

    ii. For
      purposes of any exercise following the occurrence of a Fundamental Transaction,
      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. 

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    iii. To
      the
      extent necessary to effectuate the provisions of this Section 3(e), any
      successor to the Company or surviving entity in such Fundamental Transaction
      shall issue to the Holder a new warrant consistent with the foregoing provisions
      and evidencing the Holder’s right to exercise such warrant into Alternate
      Consideration. The terms of any agreement pursuant to which a Fundamental
      Transaction is effected shall include terms requiring any such successor or
      surviving entity to comply with the provisions of this Section 3(e) and insuring
      that this Warrant (or any such replacement security) will be similarly adjusted
      upon any subsequent transaction analogous to a Fundamental Transaction.

     

    iv. 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 Securities Exchange Act of 1934, as amended, or (3) a Fundamental
      Transaction involving a person or entity not traded on a national securities
      exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq
      Capital Market, the Company or any successor entity shall pay at the Holder’s
      option, exercisable at any time concurrently with or within 30 days after the
      consummation of the Fundamental Transaction, an amount of cash equal to the
      value of this Warrant as determined in accordance with the Black-Scholes option
      pricing formula using an expected volatility equal to the 100 day historical
      price volatility obtained from the HVT function on Bloomberg L.P. as of the
      trading day immediately prior to the public announcement of the Fundamental
      Transaction.

     

    (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) Voluntary
      Adjustment By Company.
      The
      Company may at any time during the term of this Warrant reduce the then current
      Exercise Price to any amount and for any period of time deemed appropriate
      by
      the Board of Directors of the Company.

     

    (h) 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 setting forth a brief statement
      of
      the facts requiring such adjustment. If the Company issues a variable rate
      security, the Company shall be deemed to have issued Common Stock or equivalents
      thereof at the lowest possible conversion or exercise price at which such
      securities may be converted or exercised in the case of a variable rate
      transaction.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    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, of any compulsory share exchange
      whereby the Common Stock is converted into other securities, cash or property;
      (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. The Holder is entitled to exercise this Warrant during the
      20-day period commencing on the date of such notice to the effective date of
      the
      event triggering such notice.

     

    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 7(a) of the Subscription
      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
      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, if any, and this Warrant shall promptly be
      cancelled. A Warrant, if properly assigned, may be exercised by a new holder
      for
      the purchase of Warrant Shares without having a new Warrant issued.

     

    
      
        
        

      

      
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    (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. 

     

    (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 registered pursuant
      to
      an effective registration statement under the Securities Act and under
      applicable state securities or blue sky laws, the Company may require, as a
      condition of allowing such transfer, that (i) the Holder or transferee of this
      Warrant, as the case may be, furnish to the Company a written opinion of counsel
      (which opinion shall be in form, substance and scope customary for opinions
      of
      counsel in comparable transactions) to the effect that such transfer may be
      made
      without registration under the Securities Act and under applicable state
      securities or blue sky laws, and (ii) the Holder or transferee execute and
      deliver to the Company an investment letter in form and substance acceptable
      to
      the Company, and (iii) the transferee be an “accredited investor” as defined in
      Rule 501 promulgated under the Securities Act or a “qualified institutional
      buyer” as defined in Rule 144A(a) promulgated under the Securities
      Act.

     

    Section
      5.
      Registration
      Rights.
      The
      Holder shall have the registration rights set forth in Exhibit A annexed
      hereto.

     

    Section
      6.
      Miscellaneous.

     

    (a) No
      Rights as Shareholder Until Exercise.
      This
      Warrant does not entitle the Holder to any voting rights or other rights as
      a
      shareholder of the Company prior to the exercise hereof as set forth in Section
      2(e)(ii).

     

    (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.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    (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 Trading, then such action may
      be
      taken or such right may be exercised on the next succeeding Trading
      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.

     

    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
      (a) 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,
      (b)
      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 (c) 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
      laws of the State of New York.

     

    
      
        
        

      

      
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    (f) Restrictions.
      The
      Holder acknowledges that the Warrant Shares acquired upon the exercise of this
      Warrant, if not registered, 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
      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 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 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 Subscription Agreement.

     

    (i) Limitation
      of Liability.
      No
      provision hereof, in the absence of any affirmative action by Holder to exercise
      this Warrant to purchase Warrant Shares, and no enumeration herein of the rights
      or privileges of Holder, shall give rise to any liability of 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.
      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 of the Company and the successors and permitted assigns of Holder.
      The provisions of this Warrant are intended to be for the benefit of all Holders
      from time to time of this Warrant and shall be enforceable by any such 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. 

     

    ************************

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    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.

     

    
      	 	
              UNITED
                BENEFITS & PENSION SERVICES, 

              INC.

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

    

    

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    NOTICE
      OF EXERCISE

     

    TO:
      [__________________________

     

    (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):

     

    o
      in lawful money of the
      United States; or

     

    o
      [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 that term is defined in Regulation D
      promulgated under the Securities Act of 1933, as amended.

     

    [SIGNATURE
      OF HOLDER]

     

    Name
      of
      Investing Entity: 

    _________________________________________________________

    Signature
      of Authorized Signatory of Investing Entity:
      

    ___________________________________

    Name
      of
      Authorized Signatory: 

    _____________________________________________________

    Title
      of
      Authorized Signatory: 

    ______________________________________________________

    Date:
      

    __________________________________________________________________________

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    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.

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    REGISTRATION
      RIGHTS

     

    
      
        
        

      

      
        -17-

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