Document:

Unassociated Document

    Exhibit
10.3

     

    
      THESE
SECURITIES HAVE NOT 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 SUCH EFFECT, THE
SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. ADDITIONALLY,
HEDGING TRANSACTIONS IN RESPECT OF THESE SECURITIES MUST BE EFFECTED IN
ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IF
APPLICABLE. THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL
INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE
SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

       

      WARRANT TO
PURCHASE COMMON STOCK

       

      OF

       

      OSTEOLOGIX,
INC.

       

      W2008-[
]

       

      This is to
certify that, FOR VALUE RECEIVED, ____________ or its registered assigns
(“Holder”), is entitled to purchase, subject to the provisions of this Warrant,
from Osteologix, Inc., a Delaware corporation (the “Company”), up to
__________________ (_________) fully paid, validly issued and nonassessable
shares (the “Warrant Shares”) of the common stock, par value $.0001 per share,
of the Company (“Common Stock”), at the Exercise Price at any time or from time
to time during the period commencing on the 30th day
after the closing of the Placement through the Warrant Expiration Date (the
“Exercise Period”).  The number of Warrant Shares to be received upon
the exercise of this Warrant and the price to be paid for each Warrant Share may
be adjusted from time to time as hereinafter set forth.  This Warrant,
together with the other warrants of like tenor issued in the Placement, are
collectively referred to as the “Warrants” which are being issued
contemporaneously to the Holders upon consummation of the
Placement.

       

      1.           Definitions.  As
used herein, the following terms shall have the following meanings, unless the
context shall otherwise require:

       

      (a)  “Exercise
Date” shall mean the date on which the Company shall have received both (a) the
Notice of Exercise annexed hereto duly executed by the Holder hereof or his
attorney duly authorized in writing, and (b) if payment is to be made in cash,
cash or an official bank or certified check made payable to the Company, of an
amount in lawful money of the United States of America equal to the Exercise
Price.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)  “Exercise
Price” shall mean the purchase price to be paid upon exercise of this Warrant in
accordance with the terms hereof, which price shall be $1.32 per Warrant Share,
subject to adjustment from time to time pursuant to the provisions of Section 5
hereof.

       

      (c)  “Placement”
shall mean the Company’s private placement of 2,015,151.5 units (“Units”), each
Unit consisting of (i) two shares of Common Stock and (ii) one common stock
purchase warrant exercisable to purchase one share of Common Stock pursuant to
the Purchase Agreement.

       

      (d)  “Purchase
Agreement” means that certain Securities Purchase Agreement dated as of March
27, 2008, by and among the Company and the purchasers named on the signature
page thereto.

       

      (e)  “Registered
Holder” shall mean the person in whose name any Warrant shall be registered on
the books maintained by the Company.

       

      (f)  “Warrant
Expiration Date” shall mean 5:00 P.M. (New York time) on September 30,
2009.

       

      2.           Exercise.

       

      (a)  The
purchase rights represented by this Warrant shall be exercisable by the Holder
in whole or in part at any time or from time to time during the Exercise Period
by the surrender of this Warrant and the Notice of Exercise attached as Annex I
hereto duly completed and executed on behalf of the Holder, together (unless
such exercise is on a cashless basis pursuant to Section 2(b)) with the payment
to the Company, by cash or official bank or certified check, of the Exercise
Price for the Warrant Shares so purchased, at the principal office of the
Company (or such other office or agency of the Company as it may designate by
notice in writing to the Holder at the address of the Holder appearing on the
books of the Company).  This Warrant shall be deemed to have been
exercised immediately prior to the close of business on the date of its
surrender for exercise as provided above (including payment), and the person
entitled to receive the Warrant Shares issuable upon such exercise shall be
treated for all purposes as the holder of record of such shares as of the close
of business on such date.  As promptly as practicable on or after such
date (but no more than five (5) days thereafter), the Company, at its expense,
shall issue and deliver to the person or persons entitled to receive the same, a
certificate or certificates for the number of Warrant Shares issuable upon such
exercise.  In the event that this Warrant is exercised in part, the
Company, at its expense, shall, simultaneously with the delivery described in
the immediately preceding sentence, execute and deliver a new Warrant of like
tenor exercisable for the number of shares for which this Warrant may then be
exercised.

       

      (b)  The Holder
may, at its option, exchange this Warrant on a cashless basis, in whole or in
part (a “Warrant Exchange”), for the number of Warrant Shares determined in
accordance with this Section 2(b), by surrendering this Warrant at the principal
office of the Company, accompanied by the Notice of Exercise attached as Annex I
hereto duly completed and executed on behalf of the Holder indicating the
Holder’s intent to effect such exchange, the number of Warrant Shares underlying
such Warrant to be exchanged and the date of the notice of such intent to
exchange (the “Notice of Exchange”).  The Warrant Exchange shall take
place on the date set forth in the Notice of Exchange (the “Exchange Date”),
which date shall not be prior to the date the Notice of Exchange was
delivered.  Certificates for the Warrant Shares issuable upon such
Warrant Exchange and, if applicable, a new Warrant of like tenor evidencing the
balance of the Warrant Shares remaining subject to this Warrant, shall be issued
as of the Exchange Date and delivered to the Holder as soon as practicable (but
not more than five (5) business days) following the Exchange Date.  In
connection with any Warrant Exchange, the Company shall issue to the Holder such
number of fully paid and nonassessable shares of Common Stock as is computed
using the following formula:

       

      
      

       

      
        	
                X=

              	
                Y(A-B)

              	 
	 	
                A

              	 

      

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                where

              	
                X =
        the number of shares to be issued to the Holder pursuant to the
      Warrant Exchange.

              
	 
      	
                Y =
        the number of shares covered by the Warrant which the Holder has
      elected to exchange pursuant to this Section 4(b).

              
	 
      	
                A =
        the current market price per share of Common Stock (as defined
      below) on the Exchange Date.

              
	 
      	
                B =
        the Exercise Price in effect under the Warrant on the Exchange Date
      (as adjusted to the date of such calculation).

              
	 
      	 
      

      

       

      For the
purpose of any computation under Subsections (b) above, the current market price
per share of Common Stock on the Exchange Date shall be determined as
follows:

       

      (i)  If the
Common Stock is listed on or quoted for trading on the American Stock Exchange,
the New York Stock Exchange, the Nasdaq Global Market, the Nasdaq Global Select
Market, or the Nasdaq Capital Market, the current market value shall be the last
reported sale price of the Common Stock on such exchange on such trading day or
if no such sale is made on such day, the average closing bid and asked prices
for such day on such exchange;

       

      (ii)  If the
Common Stock is not so listed or quoted for trading, but is traded or quoted for
trading on the OTC Bulletin Board or in the pink sheets, the current market
value shall be the mean of the average of the last reported bid and asked prices
reported by the National Quotation Bureau, Inc. for such trading day (or if no
such prices are available on such date, the most recent date preceding such date
when such prices were reported); or

       

      (iii)  If the
Common Stock is not so listed or admitted to unlisted trading privileges and bid
and asked prices are not so reported, the current market value shall be an
amount, not less than book value thereof as at the end of the most recent fiscal
year of the Company ending prior to such business day, determined in such
reasonable manner as may be prescribed by the Board of Directors of the
Company.

       

      3.           Reservation of Shares; Listing;
Payment of Taxes; Etc.

       

      (a)  The
Company covenants that it will at all times reserve and keep available out of
its authorized Common Stock, solely for the purpose of issue upon exercise of
the Warrants, such number of shares of Common Stock as shall then be issuable
upon the exercise of all outstanding Warrants.  The Company covenants
that all shares of Common Stock which shall be issuable upon exercise of the
Warrants and payment of the Exercise Price shall, at the time of delivery, be
duly and validly issued, fully paid, nonassessable and free from all taxes,
liens and charges with respect to the issue thereof (other than those which the
Company shall promptly pay or discharge).

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (b)  The
Company will use reasonable efforts to obtain appropriate approvals or
registrations under state “blue sky” securities laws with respect to the
issuance of the Warrant Shares; provided, however, that the Company shall not be
obligated to file any general consent to service of process or qualify as a
foreign corporation in any jurisdiction.  With respect to any such
state securities laws, however, Warrants may not be exercised by, or shares of
Common Stock issued to, any Registered Holder in any state in which such
exercise would be unlawful.

       

      (c)  The
Company shall pay all documentary, stamp or similar taxes and other governmental
charges that may be imposed with respect to the issuance of any Warrants or
Warrant Shares; provided, however, that if the Warrant Shares are to be
delivered in a name other than the name of the Registered Holder of the Warrant
being exercised, then no such delivery shall be made unless the person
requesting the same has paid to the Company the amount of transfer taxes or
charges incident thereto, if any.

       

      4.           Exchange, Transfer, Assignment or
Loss of Warrant.

       

      (a)  This
Warrant is exchangeable, without expense, at the option of the Holder, upon
presentation and surrender hereof to the Company or at the office of its stock
transfer agent, if any, for other warrants of different denominations entitling
the holder thereof to purchase in the aggregate the same number of shares of
Common Stock purchasable hereunder.  Subject to compliance with the
conditions set forth herein and upon surrender of this Warrant to the Company at
its principal office with the Assignment Form annexed hereto duly executed by
the Holder (which Assignment Form shall include a representation by the Holder
to the Company that the representations and warranties set forth in Section 9
are true and correct as of the date of such exercise as if they had been made on
such date with respect to the Warrant Shares issuable upon such exercise) and
funds sufficient to pay any transfer tax delivered by the Holder, the Company
shall, without charge, subject to the Holder’s compliance with the restrictive
legend set forth on the front page of this Warrant, execute and deliver a new
Warrant in the name of the assignee named in such instrument of assignment and
this Warrant shall promptly be cancelled.  This Warrant may be divided
or combined with other warrants that carry the same rights upon presentation
hereof at the principal office of the Company or at the office of its stock
transfer agent, if any, together with a written notice specifying the
denominations in which new warrants are to be issued to the Holder and signed by
the Holder hereof.  The term “Warrants” as used herein includes any
warrants into which this Warrant may be divided or exchanged.  Upon
receipt by the Company of evidence satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and (in the case of loss, theft or
destruction) of reasonably satisfactory indemnification, and upon surrender and
cancellation of this Warrant, if mutilated, the Company will execute and deliver
a new Warrant of like tenor and date.  Any such new Warrant executed
and delivered shall constitute an additional contractual obligation on the part
of the Company, whether or not this Warrant so lost, stolen, destroyed, or
mutilated shall be at any time enforceable by anyone.

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (b)  If, at the
time of the surrender of this Warrant in connection with any assignment of this
Warrant, the transfer of this Warrant shall not be registered pursuant to an
effective registration statement under the Securities Act of 1933 (the
“Securities Act”) and under applicable state securities or blue sky laws, the
Company may require, as a condition of allowing such assignment (i) that the
Holder or transferee of this Warrant, as the case may be, furnish to the Company
a written opinion of counsel to the Holder, which opinion shall be reasonably
acceptable to the Company and 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.

       

      5.           Anti-Dilution
Provisions.  The Exercise Price in effect at any time and the
number and kind of securities purchasable upon the exercise of this Warrant
shall be subject to adjustment from time to time upon the happening of certain
events as follows:

       

      (a)  In case
the Company shall (i) declare a dividend or make a distribution on its
outstanding shares of Common Stock in shares of Common Stock, (ii) subdivide or
reclassify its outstanding shares of Common Stock into a greater number of
shares or (iii) combine or reclassify its outstanding shares of Common Stock
into a smaller number of shares, the Exercise Price in effect at the time of
such dividend or distribution or of the effective date of such subdivision,
combination or reclassification shall be adjusted so that it shall equal the
price determined by multiplying the Exercise Price by a fraction, the
denominator of which shall be the number of shares of Common Stock outstanding
after giving effect to such action, and the numerator of which shall be the
number of shares of Common Stock outstanding immediately prior to such
action.  Such adjustment shall be made successively whenever any event
listed above shall occur.

       

      (b)  In case of
any reclassification, capital reorganization, exchange of shares, liquidation,
recapitalization or change of the Common Stock (other than as a result of a
subdivision, combination or stock dividend provided for in Section 5(a)
hereof), or in case of any consolidation or merger of the Company with or into
another corporation or entity (other than a merger with a subsidiary in which
merger the Company is the continuing corporation and which does not result in
any reclassification or capital reorganization or change of the outstanding
Common Stock) or in case of any sale, lease or conveyance to another corporation
or entity of all or substantially all of the assets of the Company, then the
Company shall, as a condition precedent to such transaction, cause lawful and
effective provisions to be made (and duly executed documents evidencing the same
from the Company or its successor shall be delivered to the Holder) so that the
Holder shall have the right thereafter upon exercise of this Warrant, to
purchase the kind and amount of shares of stock and other securities and
property receivable upon such reclassification, capital reorganization, exchange
of shares, liquidation, recapitalization, change, consolidation, merger, sale or
conveyance by a holder of the number of shares of Common Stock which might have
been received upon conversion of this Warrant immediately prior to such
reclassification, capital reorganization, exchange of shares, liquidation,
recapitalization, change, consolidation, merger, sale or conveyance, and in any
such event, such provision shall include provision for adjustments which shall
be as nearly equivalent as may be practicable to the adjustments provided for
herein.  The Company shall not effect any such consolidation, merger,
sale, transfer or other disposition described above, unless prior to or
simultaneously with the consummation thereof the successor corporation (if other
than the Company) resulting from such consolidation or merger or the corporation
purchasing or otherwise acquiring such assets shall assume, by written
instrument executed and mailed or delivered to the Holder of this Warrant at the
last address of the Holder appearing on the books of the Company, the obligation
to deliver to the Holder such shares of stock, securities, cash or properties
as, in accordance with the foregoing provisions, the Holder may be entitled to
acquire.  The above provisions of this paragraph shall similarly apply
to successive reorganizations, reclassifications, exchanges, liquidations,
recapitalizations, changes, consolidations, mergers, sales, transfers or other
dispositions, if any.

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (c)  The
Company shall promptly give written notice of any adjustment under this Section
5 to each Registered Holder of the Warrants.

       

      (d)  Irrespective
of any adjustments in the Exercise Price or the number or kind of shares of
Common Stock purchasable upon exercise of this Warrant, this Warrant may
continue to express the same price and number and kind of Warrant Shares as were
stated prior to such adjustment.  In all events, appropriate
adjustment (as determined in good faith by the Company’s Board of Directors)
shall be made in the application of the provisions of this Warrant with respect
to the rights and interests of the Holder after the transaction, to the end that
the provisions of this Warrant shall be applicable after that event, as near as
reasonably may be, in relation to any shares or other property deliverable after
that event upon exercise of this Warrant.

       

      6.           Registration Under the Securities Act
of 1933.  The Company agrees to register the resale of the
Warrant Shares under the Securities Act on the terms and subject to the
conditions set forth in the Registration Rights Agreement between the Company
and the purchasers of Units in the Placement.

       

      7.           Fractional Warrants and Fractional
Shares.  The Company shall not be required to issue fractions
of shares, upon exercise of this Warrant or otherwise, or to distribute
certificates that evidence fractional shares. With respect to any fraction of a
share called for upon any exercise of this Warrant, the Company shall pay to the
Holder an amount in cash equal to such fraction multiplied by the current market
value of such fractional share, determined in accordance with Section 2(b)
hereof, except that the price under clauses (i) and (ii) thereof shall be based
on the ten (10) trading days prior to the date of exercise of this
Warrant.

       

      8.           Warrant Holders Not Deemed
Stockholders.  The Holder shall not, as such, be entitled to
vote or to receive dividends or be deemed the holder of Common Stock that may at
any time be issuable upon exercise of this Warrant for any purpose whatsoever,
nor shall anything contained herein be construed to confer upon the Holder, as
such, any of the rights of a stockholder of the Company or any right to vote for
the election of directors or upon any matter submitted to stockholders at any
meeting thereof, or to give or withhold consent to any corporate action (whether
upon any recapitalization, issue or reclassification of stock, change of par
value or change of stock to no par value, consolidation, merger or conveyance or
otherwise), or to receive notice of meetings, or to receive dividends or
subscription rights, until the Holder shall have exercised this Warrant and been
issued shares of Common Stock in accordance with the provisions
hereof.

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      9.           Investment Intent; Limited
Transferability.

       

      (a)  The Holder
represents, by accepting this Warrant, that it understands that this Warrant and
any securities obtainable upon exercise of this Warrant have not been registered
for sale under Federal or state securities or blue sky laws and are being
offered and issued to the Holder pursuant to one or more exemptions from the
registration requirements of such securities laws.  In the absence of
an effective registration of such securities or an exemption therefrom, any
certificates for such securities shall bear a legend substantially similar to
the legend set forth on the first page hereof.  The Holder understands
that it must bear the economic risk of its investment in this Warrant and any
securities obtainable upon exercise of this Warrant for an indefinite period of
time, as this Warrant and such securities have not been registered under Federal
or state securities or blue sky laws and therefore cannot be sold except as set
forth in Section 4.

       

      (b)  The Holder
represents that it has been afforded (i) the opportunity to ask such questions
as it has deemed necessary of, and to receive answers from, representatives of
the Company concerning the terms and conditions of this Warrant or the exercise
of the Warrant and the finance operations and business of the Company; and (ii)
the opportunity to request such additional information which the Company
possesses or can acquire without unreasonable effort or
expense.  Nothing contained in this Section 9(b) shall alter, amend or
change Holder’s reliance on the representations, covenants or warranties
contained herein.

       

      (c)  The Holder
represents that it did not (i) receive or review any advertisement, article,
notice or other communication published in a newspaper or magazine or similar
media or broadcast over television or radio, whether closed circuit, or
generally available, or (ii) attend any seminar, meeting or investor or other
conference whose attendees were, to such Holder’s knowledge, invited by any
general solicitation or general advertising.

       

      (d)  The Holder
represents that it is an “accredited investor” within the meaning of Regulation
D promulgated under the Securities Act and that it is acquiring the Warrants for
its own account and not with a present view to, or for sale in connection with,
any distribution thereof in violation of the registration requirements of the
Securities Act, without prejudice, however, to such Holder’s right, subject to
the provisions of this Warrant, at all times to sell or otherwise dispose of all
or any part of the Warrants and Warrant Shares.

       

      (e)  The Holder
represents that it, either by reason of such Holder’s business or financial
experience or the business or financial experience of its professional advisors
(who are unaffiliated with and who are not compensated by the Company or any
affiliate, finder or selling agent of the Company, directly or indirectly), has
such sophistication, knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of its investment in the
Company and the capacity to protect such Holder’s interests in connection with
the transactions contemplated by this Warrant and the Purchase
Agreement.

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      (f)  The Holder
represents that it has the ability to bear the economic risks of its investment
for an indefinite period of time and could afford a complete loss of its
investment.

       

      (g)  The Holder
agrees and acknowledges that the representations made by the Holder in this
Section 9 are conditions to the exercise of this Warrant.

       

      10.           Modification.  The
provisions of the Warrants may from time to time be amended, modified or waived,
if such amendment, modification or waiver is in writing and consented to by the
Company, Nordic Biotech Opportunity Fund K/S (“Nordic”) (as long as Nordic
continues to hold at least 50% of the outstanding Warrants) and the holders of
at least a majority of the outstanding Warrants held by any parties (except for
Nordic as long as Nordic continues to hold at least 50% of the outstanding
Warrants); provided, that
Section 6 of the Warrants held by Holders may only be modified by the consent of
holders of at least eighty percent (80%) of the outstanding Warrants (based on
the number of Warrant Shares underlying the Warrants).  Any such
amendment, modification or waiver shall be binding upon the Holder of this
Warrant regardless of whether the Holder consented to such amendment,
modification or waiver; provided, that
nothing shall prevent the Company and the Holder from consenting to
modifications to this Warrant which affect or are applicable to the Holder
only.  For purposes of this Section, the calculation of an amount of
Warrants shall be based on the number of Warrant Shares underlying the
Warrants.

       

      11.           Governing Law.  This
Warrant shall be governed by and construed in accordance with the laws of the
State of New York, without giving effect to its conflict of laws rules, except
to the extent that the application of the General Corporation Law of the State
of Delaware is mandatorily applicable.

       

      12.           Notices, Etc.  All
notices, requests, consents and other communications hereunder shall be in
writing and shall be deemed to have been made when delivered personally, one
business day after being sent by overnight courier, and five business days after
being mailed first class registered or certified mail, postage prepaid as
follows (i) if to the Holder, at the address of the Holder as shown on the
registry books maintained by the Company, or at such other address as the Holder
shall have furnished to the Company in writing, and (ii) if to the Company, to
it at 425 Market Street, Suite 2230, San Francisco, California 94105, Attention:
Chief Financial Officer, or at such other address as the Company shall have
furnished to the Holder.

       

      13.           Severability.  If
any provision of this Warrant is held to be unenforceable under applicable law,
then such provision shall be excluded from this Warrant and the balance of this
Warrant shall be interpreted as if such provision were so excluded and shall be
enforceable in accordance with its terms.  A court of competent
jurisdiction, in its discretion, may substitute for the excluded provision an
enforceable provision which in economic substance reasonably approximates the
excluded provision.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      14.           Waiver.  The Company
will not, by any voluntary action avoid or seek to avoid the observance or
performance of any of the terms to be observed or performed hereunder by the
Company, but will at all times in good faith assist in the carrying out of all
provisions of this Warrant and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder of this
Warrant against impairment.

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

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

       

       

      
        	 	 
      	 	
                OSTEOLOGIX,
      INC.

              
	 	 	 	 
	 	 	 	 
	 	 
      	 	 
      
	Dated: 	
                April
      __, 2008

              	By:	
                 

              
	 	 	 	Name:
	 	 	 	Title:

      

       

      
 

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

       

      Annex
I

       

      NOTICE OF
EXERCISE

       

      To Be
Executed by the Holder

      in Order
to Exercise Warrants

       

      The
undersigned Holder hereby irrevocably elects to exercise this Warrant to the
extent of purchasing ____________________ shares of Common Stock of Osteologix,
Inc., tenders herewith payment of the exercise price in full, together with all
applicable transfer taxes, if any, and requests that certificates for such
securities shall be issued in the name of:

       

      PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER

       

      
        
          

        

         

        
          

        

         

        

      

      
        [please
print or type name and address]

      

       

      and be
delivered to:

       

      
        
          
            

          

           

          
            

          
 

          

        

        
          [please
print or type name and address]

        

      

       

      and if
such Warrant is not be exercised in full, that a new Warrant to purchase the
balance of shares be registered in the name of, and delivered to, the Holder at
the address stated below.

       

      As a
condition to this exercise, the undersigned Holder hereby represents and
warrants to the Company that the representations and warranties set forth in
Section 9 of the Warrant are true and correct as of the date hereof as if they
had been made on such date with respect to the Warrant Shares.  The
undersigned Holder further acknowledges that the sale, transfer, assignment or
hypothecation of the Warrant Shares to be issued upon exercise of this Warrant
is subject to the terms and conditions contained in Sections 4 and 9 of this
Warrant.

       

      If
Cashless Exercise pursuant to Section 2(b), check here _____, and
indicate:

       

      Number of
Warrant Shares to be Exchanged:
____________________                                                       

       

      Exchange
Date: ___________________________

       

      
        	Dated: 	 	 	 
	 	
                 

              	 	
                Name
      (please print)

              
	 	 	 	 
	 	 	 	 
	 	 	 	
                Address

              

      

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
        	 	 
	 	Signature
	 	 
	 
      	 
	 
      	
                Taxpayer
      Identification Number

              

      

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

       

      ASSIGNMENT

       

      To Be
Executed by the Holder

      in Order
to Assign Warrants

       

      FOR VALUE
RECEIVED, ____________________ hereby sells, assigns and transfers
unto

       

      PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER

       

      
        
          
            

          

           

          
            

          
 

          

        

        
          [please
print or type name and address]

        

      

       

       

      the right
to purchase Common Stock of Osteologix, Inc. represented by this Warrant to the
extent of ____________ shares, and hereby irrevocably constitutes and appoints
____________________________________ _______________________________ Attorney to
transfer this Warrant on the books of the Company, with full power of
substitution in the premises.  As a condition to this assignment, the
Holder acknowledges that its assignee must deliver a written instrument to the
Company that the representations and warranties of Section 9 of the Warrant are
true and correct as of the date hereof as if they had been made by such assignee
on such date with respect to the Warrants.

       

       

      
        	Dated:	 	 
	 	
                 

              	
                 

              
	 Signature:	 	 

      

       

       

       

      13Exhibit 10.1

                      SECOND AMENDMENT TO CREDIT AGREEMENT
                      ------------------------------------

         THIS SECOND AMENDMENT TO CREDIT AGREEMENT is dated and effective as of
March 31, 2008 (the "Second Amendment"), by and among LHC GROUP, INC., a
Delaware corporation (the "Borrower"), and CAPITAL ONE, NATIONAL ASSOCIATION, a
national banking association, as Administrative Agent (the "Agent") for the
Lenders, and the LENDERS that are signatory parties hereto.

                                R E C I T A L S:

         1.    The Borrower, the Agent, and the Lenders, have entered into a
Credit Agreement dated as of February 20, 2008, as amended by First Amendment
thereto dated as of March 6, 2008 (as so amended, the "Agreement"), pursuant to
which the Lenders established a Line of Credit in favor of the Borrower.

         2.    The parties hereto desire to amend further the Agreement for the
purpose of increasing the Swing Line.

         NOW, THEREFORE, the parties hereto, in consideration of the mutual
covenants hereinafter set forth and intending to be legally bound hereby, do
hereby further amend the Agreement and agree as follows:

         A.    Defined Terms. Capitalized terms used herein which are defined in
the Agreement (or used in the Agreement), are used herein with such defined
meanings or usage, except as may be expressly set forth in this Second
Amendment.

         B.    Revision to Defined Terms.

         1.    The definition of the term "Swing Line" contained in Section 1.1
of the Agreement is hereby deleted and restated as follows:

               "Swing Line" shall mean all Swing Line loans, up to a total
               maximum aggregate principal amount of $7,500,000.00, made to
               Borrower by the Swing Line Lender.

         2.    The following new definitions are hereby added to Section 1.1 of
the Agreement:

               "First Amendment" shall mean that certain First Amendment to
               Credit Agreement dated as of March 6, 2008 by and among Borrower,
               Agent and the Lenders.

               "Second Amendment" shall mean that certain Second Amendment to
               Credit Agreement dated as of March 31, 2008 by and among
               Borrower, Agent and the Lenders.

                                       1
<PAGE>

         C.    Revision of Section 2.3. Section 2.3 of the Agreement is hereby
amended such that the reference to "$2,000,000" in the fourth line of Section
2.3 is replaced with "$7,500,000.00."

         D.    Representations; No Default. On and as of the date of this Second
Amendment, and after giving effect to this Second Amendment, the Borrower
confirms, reaffirms, and restates the representations and warranties set forth
in the Agreement and the Loan Documents; provided, that each reference to the
Agreement herein shall be deemed to include the Agreement as amended by this
Second Amendment.

         E.    Payment of Expenses. The Borrower agrees to pay or reimburse the
Agent for all legal fees and expenses of counsel to the Agent in connection with
the transactions contemplated by this Second Amendment.

         F.    AMENDMENTS. THE AGREEMENT AND THE SECOND AMENDMENT ARE CREDIT OR
LOAN AGREEMENTS AS DESCRIBED IN LA. R.S. 6:ss.1121, ET SEQ. THE AGREEMENT, AS
AMENDED BY THIS SECOND AMENDMENT, AND THE OTHER LOAN DOCUMENTS SET FORTH THE
ENTIRE AGREEMENT OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND
SUPERSEDE ALL PRIOR WRITTEN AND ORAL UNDERSTANDINGS AMONG THE BORROWER, THE
AGENT, AND THE LENDERS, WITH RESPECT TO THE MATTERS HEREIN AND THEREIN SET
FORTH. THE AGREEMENT, AS AMENDED BY THIS SECOND AMENDMENT, CANNOT BE MODIFIED OR
AMENDED EXCEPT BY A WRITING SIGNED AND DELIVERED AS PROVIDED IN THE AGREEMENT.

         G.    Waiver of Defenses. In consideration of the Lender's execution of
this Second Amendment, the Borrower hereby irrevocably waive any and all claims
and/or defenses to payment on any indebtedness arising under the Agreement and
owed by any of them to the Lenders that may exist as of the date of execution of
this Second Amendment.

         H.    Governing Law: Counterparts. This Second Amendment shall be
governed by and construed in accordance with the laws of the State of Louisiana.
This Second Amendment may be executed in any number of counterparts, all of
which counterparts, when taken together, shall constitute one and the same
instrument.

         I.   Continued Effect. Except as expressly modified herein, the
Agreement, as amended by this Second Amendment, shall continue in full force and
effect. The Agreement, as amended by this Second Amendment, is hereby ratified
and confirmed by the parties hereto.

         J.    Resolutions/Consents. The Borrower hereby certifies to the Agent
that all resolutions and consents of the Borrower previously delivered to the
Agent in connection with the Agreement remain in effect.

           (The remainder of this page was intentionally left blank.)

                                       2
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Second
Amendment to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

                                            Borrower:

                                            LHC GROUP, INC.
                                            a Delaware corporation

                                            By:
                                               ---------------------------------
                                            Name:  John L. Indest
                                            Title: President

                                            Agent:

                                            CAPITAL ONE, NATIONAL ASSOCIATION

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                            Lenders:

                                            CAPITAL ONE, NATIONAL ASSOCIATION

Line of Credit                              By:
                                               ---------------------------------

Loan Commitment:  $25,000,000.00               Name:
                                                    ----------------------------
Commitment Percentage  66.667%                 Title:
                                                     ---------------------------

                                            FIRST TENNESSEE BANK, N.A.

Line of Credit                              By:
                                               ---------------------------------

Loan Commitment:  $12,500,000.00               Name:
                                                    ----------------------------
Commitment Percentage  33.333%                 Title:
                                                     ---------------------------

                                       3
<PAGE>

                                     CONSENT
                                     -------

         Each of the undersigned Guarantors hereby consents to the foregoing
Second Amendment to Credit Agreement as of March 31, 2008 by and among LHC
Group, Inc., Capital One, National Association, as Administrative Agent, and the
Lenders.

         Dated as of March 31, 2008.

HOME CARE PLUS, INC.

By:  ____________________________
Name:  John L. Indest
Title: Secretary

DIABETES SELF MANAGEMENT CENTER, INC.

By:  ____________________________
Name:  John L. Indest
Title: Secretary

ABLE HOME HEALTH, INC.

By:  ____________________________
Name:  John L. Indest
Title: Secretary

ABLE HOME HEALTH, INC.

By:  ____________________________
Name:  John L. Indest
Title: Secretary

                  [Signatures Continue on the Following Pages]

                                       4
<PAGE>

ACADIAN HOME HEALTH CARE SERVICES, L.L.C.
AHCG MANAGEMENT, LLC
ALABAMA HEALTH CARE GROUP, LLC
HOME NURSING CARE, L.L.C.
HOMECARE MANAGEMENT GROUP, LLC
LHC GROUP PHARMACEUTICAL SERVICES, L.L.C.
LHCG-II, L.L.C.
LHCG VI, LLC
LHCG VII, L.L.C.
LHCG IX, L.L.C.
LHCG XI, LLC
LOUISIANA EXTENDED CARE HOSPITAL OF ARCADIA, LLC
LOUISIANA EXTENDED CARE HOSPITAL OF WEST MONROE, LLC
LOUISIANA HEALTH CARE GROUP, L.L.C.
LOUISIANA HOMECARE OF HAMMOND, LLC
LOUISIANA HOMECARE OF NEW ORLEANS, L.L.C.
LOUISIANA HOSPICE AND PALLIATIVE CARE, L.L.C.
LOUISIANA PHYSICAL THERAPY, L.L.C.
MHCG OF JACKSON, LLC
MISSISSIPPI HEALTH CARE GROUP, L.L.C.
MISSISSIPPI HOMECARE, L.L.C.
MISSISSIPPI HOMECARE OF NATCHEZ, LLC
NORTH CAROLINA HEALTH CARE GROUP, LLC
OAK SHADOWS OF JENNINGS, L.L.C.
OAK ARBOR OF JENNINGS, LLC
OAK ARBOR OF SUNSET, LLC
OKLAHOMA HEALTH CARE GROUP, LLC
PICAYUNE HOMECARE, L.L.C.
ST. JAMES HOMECARE, L.L.C.
TEXAS HEALTH CARE GROUP, L.L.C.
TEXAS HEALTH CARE GROUP HOLDINGS, L.L.C.
TEXAS HEALTH CARE GROUP OF LONGVIEW, L.L.C.
TEXAS HEALTH CARE GROUP OF TEXARKANA, L.L.C.
WEST VIRGINIA HEALTH CARE GROUP, LLC

By:  LHC Group, Inc., as manager

By:  ____________________________
Name:  John L. Indest
Title: President

                  [Signatures Continue on the Following Pages]

                                       5
<PAGE>

LHCG X, L.L.C.
LHCG XIV, L.L.C.
GEORGIA HEALTH CARE GROUP, L.L.C.
TENNESSEE HEALTH CARE GROUP, LLC
LHC HEALTH CARE GROUP OF FLORIDA, LLC
MISSOURI HEALTH CARE GROUP, LLC
KENTUCKY HEALTH CARE GROUP, LLC
LHC HOMECARE-LIFELINE, LLC
LHC HOMECARE, LLC
LHC REAL ESTATE I, LLC
SOUTH CAROLINA HEALTH CARE GROUP, LLC
VIRGINIA HEALTH CARE GROUP, LLC
PALMETTO EXPRESS, L.L.C.
LEAF RIVER HOME HEALTH CARE, LLC

By:  LHC Group, Inc., as manager

By:  ____________________________
Name:  John L. Indest
Title: President

ARKANSAS HEALTH CARE GROUP, LLC
MENA MEDICAL CENTER HOME HEALTH, L.L.C.
MENA MEDICAL CENTER HOSPICE, L.L.C.
DALLAS COUNTY MEDICAL CENTER HOMECARE, L.L.C.
EUREKA SPRINGS HOSPITAL HOME CARE, LLC
EUREKA SPRINGS HOSPITAL HOSPICE, LLC
ARKANSAS HOMECARE OF FORREST CITY, LLC
PATIENT'S CHOICE HOSPICE, LLC

By:  AHCG Management, LLC, their manager

By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

                  [Signatures Continue on the Following Pages]

                                       6
<PAGE>

ACADIAN PREMIERE REGIONAL NURSING, LLC
HOMECARE MANAGEMENT GROUP, LLC

By:  Louisiana Health Care Group, L.L.C., its member
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

ROANE HOMECARE, LLC
WETZEL COUNTY HOMECARE, LLC

By:  West Virginia Health Care Group, LLC, its manager
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

ARKANSAS HOMECARE OF FULTON, LLC

By:  Arkansas Health Care Group, LLC, its member

By:  AHCG Management, LLC, as manager
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

FLOYD HOMECARE, LLC

By:  Georgia Health Care Group, L.L.C., its member
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

                  [Signatures Continue on the Following Pages]

                                       7
<PAGE>

LIFELINE HOME HEALTH CARE OF UNION CITY, LLC

By:  Tennessee Health Care Group, LLC, its member
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

LIFELINE OF WEST TENNESSEE, LLC
LIFELINE HOME HEALTH CARE OF SPRINGFIELD, LLC

By:  Tennessee Health Care Group, LLC, their member
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

LIFELINE HOME HEALTH CARE OF LAKELAND, LLC
LIFELINE HOME HEALTH CARE OF MARATHON, LLC
LIFELINE HOME HEALTH CARE OF PORT CHARLOTTE, LLC
LHC HOMECARE, LLC
LIFELINE HOME HEALTH CARE OF SEBRING, LLC
LIFELINE HOME HEALTH CARE OF ST. PETERSBURG, LLC

By:  LHC Health Care Group of Florida, LLC, its manager
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

MISSOURI HOMECARE, LLC
SOUTHWEST MISSOURI HOMECARE, LLC

By:  Missouri Health Care Group, L.L.C., as member
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

                  [Signatures Continue on the Following Pages]

                                       8
<PAGE>

LIFELINE HOME HEALTH CARE OF BOWLING GREEN, LLC
LIFELINE HOME HEALTH CARE OF LEXINGTON, LLC
LIFELINE HOME HEALTH CARE OF RUSSELLVILLE, LLC
LIFELINE HOME HEALTH CARE OF SOMERSET, LLC
LIFELINE PRIVATE DUTY SERVICES OF KENTUCKY, LLC

By:  LHC HomeCare-Lifeline, LLC, its manager
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

LIFELINE HOME HEALTH CARE OF FULTON, LLC
LIFELINE HOME HEALTH CARE OF HOPKINSVILLE, LLC

By:  Kentucky Health Care Group, LLC, its member
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

LHC HOMECARE, LLC

By:  North Carolina Health Care Group, L.L.C., its member and manager
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

LHC HOMECARE, LLC

By:  Oklahoma Health Care Group, L.L.C., its member and manager
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

                  [Signatures Continue on the Following Pages]

                                       9
<PAGE>

SOUTH CAROLINA HOMECARE, LLC

By:  South Carolina Health Care Group, L.L.C., its member and manager
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

VIRGINIA HOMECARE, LLC

By:  Virginia Health Care Group, L.L.C., its member and manager
By:  LHC Group, Inc., its manager

By:  ____________________________
Name:  John L. Indest
Title: President

                                       10

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