Document:

kl04029_ex10-1.htm

    
      

    

     

    Exhibit 10.1

     

    
 

    

    MacAndrews
& Forbes LLC

    35
East 62nd
Street

    New
York, New York 10065

     

    

    

       April 29,
2009

    

    

    SIGA
Technologies, Inc.

    420
Lexington Avenue, Suite 408

    New York,
NY  10170

    

    

    Attn:       Eric
A. Rose, M.D.

    Chief Executive Officer and Chairman of
the Board

    

    Ayelet Dugary

    Chief Financial Officer

    

    

    Ladies
and Gentlemen:

    

    Reference
is made to that certain letter agreement (together with the term sheet attached
thereto, the "Letter Agreement"), dated June 19, 2008, by and between MacAndrews
& Forbes LLC and SIGA Technologies, Inc. (the "Company"), pursuant to which,
among other things, we agreed to invest, subject to the terms and conditions set
forth in the Letter Agreement, up to $8,000,000 in the Company, with such
commitment remaining available to the Company during the one year period from
the date of the Letter Agreement (the "Commitment Period").  We shall
also have the option, during the commitment period, to invest in the Company on
the commitment terms.

    

    The
parties hereby agree to amend the Letter Agreement to extend the Commitment
Period through June 19, 2010 and to increase the number of tranches pursuant to
the Investment Commitment and the Investment Option to no more than
six.

    

    This
letter shall, upon execution, be binding on the parties hereto.  All
rights and obligations under the Letter Agreement, as amended by this letter,
shall remain in full force and effect until the earlier of (i) the execution of
definitive documentation or (ii) the expiration of the Commitment
Period.

     

    Neither this letter nor
any of the provisions hereof may be amended, modified, changed or waived except
by an instrument in writing signed by the parties hereto.  This letter
shall be governed by and construed in accordance with the laws of the State of
New York.  This letter and the Letter Agreement contain the full and
entire understanding and agreement between the parties with regard to the
subject matters hereof and supersedes all prior understandings and agreements
relating to the matters set forth herein.  This letter may be executed
in counterparts, each of which shall be deemed to constitute an original but all
of which together shall constitute one and the same instrument.

    

    

                                    Very truly
yours,

    

    

                                    MACANDREWS &
FORBES LLC

    

    

                                    By: /s/ Barry F.
Schwartz              

                                           Barry F.
Schwartz

                                           Executive Vice
Chairman

    

     

     

    

    

    AGREED
AND ACCEPTED:

    

    

    SIGA
TECHNOLOGIES, INC.

    

    

    By: /s/ Eric A.
Rose

          Eric
A. Rose, M.D.

          Chief
Executive Officer and Chairman of the Boardkl04029_ex10-2.htm

    
      

    

     

    Exhibit 10.2

     

     

    
 

    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN

    REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY

    OTHER
SECURITIES LAWS, AND SUCH SECURITIES MAY NOT BE SOLD,

    PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE

    ABSENCE
OF SUCH REGISTRATION UNDER SAID ACT AND LAWS OR AN

    EXEMPTION
THEREFROM.

    

    

    SIGA
TECHNOLOGIES, INC.

    

    COMMON
STOCK PURCHASE WARRANT

    

    1.    Issuance;
Certain Definitions.

    

    1.1    In
consideration of good and valuable consideration, the receipt of which is hereby
acknowledged by SIGA TECHNOLOGIES, INC., a Delaware corporation (the "Company"),
MacAndrews & Forbes LLC, a Delaware limited liability corporation, or its
registered assigns, is hereby granted the right to purchase at any time until
5:00 P.M., New York City time, on the Expiration Date, 196,078 fully paid and
nonassessable shares of Common Stock, at an initial exercise price per share
(the “Exercise Price”) of $3.519 per share, subject to adjustment as set forth
herein.  The shares of Common Stock issued upon exercise of this
Warrant, as adjusted from time to time pursuant to Section 6 hereof, are
referred to as “Consideration Warrant Shares.”  This Warrant is being
issued pursuant to the terms and conditions of the Commitment
Letter.

    

    1.2    As
used in this Warrant, the following terms have the respective meanings set forth
below:

    

    "Actual
Minimum" has the meaning assigned to it in Section 11.2 hereof.

    

    "Affiliate"
means, with respect to any specified Person, (i) any other Person 50% or more of
whose Outstanding voting securities are directly or indirectly owned, controlled
or held with the power to vote by such specified Person or (ii) any other Person
directly or indirectly controlling, controlled by or under direct or indirect
common control with such specified Person.  For purposes of this
definition, the term "control" means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of a
Person by virtue of ownership of voting securities, by contract or
otherwise.

    

    "Appraisal
Procedure" means the following procedure to determine the fair market value, as
to any security, for purposes of the definition of "Fair Market Value" or the
fair market value, as to any other property (in either case, the "Valuation
Amount").  The Valuation Amount shall be determined in good faith
jointly by the Board of Directors and the Holder; provided, however, that if
such parties are not able to agree on the Valuation Amount within a reasonable
period of time (not to exceed 20 Business Days) the Valuation Amount shall be
determined by an investment banking firm of national reputation, which firm
shall be reason­ably acceptable to the Board of Directors and the
Holder.  If the Board of Directors and the Holder are unable to agree
upon an acceptable investment banking firm within 10 days after the date either
party proposed that one be selected, the investment banking firm will be
selected by an arbitrator located in New York City, New York, selected by the
American Arbitration Association (or if such organization ceases to exist, the
arbitrator shall be chosen by a court of competent jurisdiction). The arbitrator
shall select the investment banking firm (within 10 days of his appointment)
from a list, jointly prepared by the Board of Directors and the Holder, of not
more than six investment banking firms of national reputation in the United
States, of which no more than three may be named by the Board of Directors and
no more than three may be named by the Holder.  The arbitrator may
consider, within the 10-day period allotted, arguments from the parties
regarding which investment banking firm to choose, but the selection by the
arbitrator shall be made in its sole discretion from the list of
six.  The Board of Directors and the Holder shall submit their
respective valuations and other relevant data to the investment banking firm,
and the investment

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    banking
firm shall, within 30 days of its appointment, make its own determination of the
Valuation Amount.  The determination of the final Valuation Amount by
such investment banking firm shall be final and binding upon the
parties.  The Company shall pay all of the fees and expenses of the
investment banking firm and arbitrator (if any) used to determine the Valuation
Amount.  If required by any such investment banking firm or
arbitrator, the Company shall execute a retainer and engagement letter
containing reasonable terms and conditions, including, without limitation,
customary provisions concerning the rights of indemnification and contribution
by the Company in favor of such investment banking firm or arbitrator and its
officers, directors, partners, employees, agents and Affiliates.

    

    "Board of
Directors" means the board of directors of the Company.

    

    "Business
Day" means any day that is not a Saturday or Sunday or a day on which banks are
required or permitted to be closed in the State of New York.

    

    "Commitment
Letter" means the Commitment Letter by and between the Company and MacAndrews
& Forbes LLC, dated June 19, 2008, as amended by that certain Extension
Letter, dated as of April 29, 2009.

    

    "Common
Stock" means the Common Stock of the Company, par value $0.0001 per share, as
constituted on the Original Issue Date, and any capital stock into which such
Common Stock may thereafter be changed, and shall also include (i) capital stock
of the Company of any other class (regardless of how denominated) issued to the
holders of shares of any Common Stock upon any reclassification thereof which is
not preferred as to dividends or liquidation over any other class of stock of
the Company and which is not subject to redemption and (ii) shares of common
stock of any successor or acquiring corporation received by or distributed to
the holders of Common Stock of the Company in the circumstances contemplated by
Section 6.5 hereof.

    

    "Company"
has the meaning assigned to it in Section 1.1 hereof.

    

    "Designated
Office" has the meaning assigned to it in Section 11.3 hereof.

    

    "Excluded
Stock" has the meaning assigned to it in Section 6.10 hereof.

    

    "Exercise
Date" has the meaning assigned to it Section 2.1(a) hereof.

    

     "Exercise
Price" means, in respect of a share of Common Stock at any date herein
specified, the initial Exercise Price set forth in Section 1.1 hereof, as
adjusted from time to time pursuant to Section 6 hereof.

    

    "Expiration
Date" means April 29, 2013.

    

    "Fair
Market Value" means, as to any security, the Twenty Day Average of the average
closing prices of such security's sales on all domestic securities exchanges on
which such security may at the time be listed, or, if there have been no sales
on any such exchange on any day, the average of the highest bid and lowest asked
prices on all such exchanges at the end of such day, or, if on any day such
security is not so listed, the average of the highest bid and lowest asked
prices on such day in the domestic over-the-counter market as reported by the
National Quotation Bureau, Incorporated, or any similar or successor
organization (and in each such case excluding any trades that are not bona fide,
arm's length transactions).  If at any time such security is not
listed on any domestic securities exchange or quoted on the domestic
over-the-counter market, the "Fair Market Value" of such security shall be the
fair market value thereof as determined in accordance with the Appraisal
Procedure, using any appropriate valuation method, assuming an arms-length sale
to an independent party.

    

    "Form of
Assignment" has the meaning assigned to it in Section 4.1 hereof.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    "Governmental
Entity" means any national, federal, state, municipal, local, territorial,
foreign or other government or any department, commission, board, bureau,
agency, regulatory authority or instrumentality thereof, or any court, judicial,
administrative or arbitral body or public or private tribunal.

    

    "Holder"
means (a) with respect to this Warrant, the Person in whose name the Warrant set
forth herein is registered on the books of the Company maintained for such
purpose and (b) with respect to any other Warrant or Warrant Shares, the Person
in whose name such Warrant or Warrant Shares is registered on the books of the
Company maintained for such purpose.

    

    "Issuable
Minimum" has the meaning assigned to it in Section 11.2 hereof.

    

    "Lien"
means any mortgage or deed of trust, pledge, hypothecation, assignment, deposit
arrangement, lien, charge, claim, security interest, easement or encumbrance, or
preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever (including, without limitation, any lease or title
retention agreement, any financing lease having substantially the same economic
effect as any of the foregoing, and the filing of, or agreement to give, any
financing statement perfecting a security interest under the Uniform Commercial
Code or comparable law of any jurisdiction).

    

    "Notice
of Exercise" has the meaning assigned to it in Section 2.1(a)
hereof.

    

    "Original
Issue Date" means April 30, 2009.

    

    "Original
Warrants" means the Warrants originally issued by the Company on April 30, 2009,
pursuant to the Commitment Letter.

    

     "Outstanding"
means, (a) when used with reference to Common Stock, at any date as of which the
number of shares thereof is to be determined, all issued shares of Common Stock,
except shares then owned or held by or for the account of the Company or any
Subsidiary, and shall include all shares issuable in respect of Outstanding
scrip or any certificates representing fractional interests in shares of Common
Stock and (b) when used with reference to Warrants, at any date as of which the
number thereof is to be determined, all issued Warrants.

    

    "Permitted
Transferee" means (i) any Affiliate of the Holder, including, without
limitation, directors, executives and officers of the Holder, (ii) any member of
the family of any Affiliate of the Holder, including any such Person's spouse
and descendants and any trust, partnership, corporation, limited liability
company or other entity for the benefit of such spouse and/or descendants to
whom or which any of the Securities have been transferred by any such Person for
estate or tax planning purposes, (iii) any charity or foundation to which the
Securities have been transferred by the Holder or any Person or entity described
in clause (i) or (ii) above for estate or tax planning or charitable purposes,
or (iv) the beneficiary of any bona fide pledge by the Holder of any of the
Securities.

    

    "Person"
means any individual, sole proprietorship, partnership, limited liability
company, joint venture, trust, incorporated organization, association,
corporation, institution, Governmental Entity or any other entity.

    

    "Reserved
Spin Off Securities" has the meaning assigned to it in Section 6.2
hereof.

    

    "SEC"
means the U.S. Securities and Exchange Commission or any other federal agency
then administering the Securities Act and other federal securities
laws.

    

    "Securities
Act" means the Securities Act of 1933, as amended, and the rules and regulations
of the SEC thereunder, all as the same shall be in effect at the
time.

    

    "Spin Off
Securities" has the meaning assigned to it in Section 6.2 hereof.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    "Subsidiary"
means, with respect to any Person, any corporation, association trust, limited
liability company, partnership, joint venture or other business association or
entity (i) at least 50% of the Outstanding voting securities of which are at the
time owned or controlled directly or indirectly by such Person or (ii) with
respect to which the Company possesses, directly or indirectly, the power to
direct or cause the direction of the affairs or management of such
Person.

    

    “Subscription
Agreement” means the Subscription Agreement by and between the Company and
MacAndrews & Forbes LLC, dated April 30, 2009.

    

    "Transfer"
means any disposition of any Warrant or Warrant Shares or of any interest
therein, which would constitute a "sale" thereof within the meaning of the
Securities Act.

    

    "Twenty
Day Average" means, with respect to any prices and in connection with the
calculation of Fair Market Value, the average of such prices over the 20
Business Days ending on the Business Day immediately prior to the day as of
which Fair Market Value is being determined.

    

    "Warrant
Price" means an amount equal to (i) the number of Consideration Warrant Shares
being purchased upon exercise of this Warrant pursuant to Sections 1 and 2
hereof, multiplied by (ii) the Exercise Price.

    

    "Consideration
Warrant Shares" has the meaning assigned to it in Section 1.1
hereof.

    

    "Warrants"
means the Original Warrants and all Warrants issued upon transfer, division or
combination of, or in substitution for, the Original Warrants, or any other such
Warrant subsequently issued to the Holder.  All Warrants shall at all
times be identical as to terms and conditions, except as to the Consideration
Warrant Shares for which they may be exercised and their date of
issuance.

    

    2.     
Exercise of Warrants.

    

    2.1    Manner
of Exercise.

    

    (a) This
Warrant is exercisable in whole or in part at any time and from time to time on
any Business Day from and after the Original Issue Date and at any time until
5:00 P.M., New York time, on the Expiration Date.  Such exercise shall
be effectuated by submitting to the Company at its Designated Office (i) a
completed and duly executed written notice of the Holder's election to exercise
this Warrant (a "Notice of Exercise") (substantially in the form attached to
this Warrant as Annex A) indicating the Consideration Warrant Shares then being
purchased pursuant to such exercise, together with this Warrant and (ii) payment
to the Company of the Warrant Price. The date on which such delivery and payment
shall have taken place being sometimes referred to as the "Exercise
Date."

    

    (b) Upon
receipt by the Company of such Notice of Exercise, surrender of this Warrant and
payment of the Warrant Price (in accordance with Section 2.1(c) hereof), the
Holder shall be entitled to receive as promptly as practicable, and in any event
within five Business Days thereafter, a certificate or certificates for
Consideration Warrant Shares so purchased in such denomination or denominations
as the exercising Holder shall reasonably request in the Notice of Exercise,
registered in the name of the Holder or, subject to Section 4 hereof, such other
name as shall be designated in the Notice of Exercise, together with cash in
lieu of any fraction of a share, as provided in Section 2.3
hereof.  If this Warrant shall have been exercised in part, the
Company shall, at the time of delivery of the certificate or certificates
representing the Consideration Warrant Shares being issued, deliver to the
Holder a new Warrant evidencing the rights of the Holder to purchase the
remaining Consideration Warrant Shares underlying this Warrant.  Such
new Warrant shall in all other respects be identical to this
Warrant.  This Warrant shall be deemed to have been exercised and such
certificate or certificates of Consideration Warrant Shares shall
be

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    deemed to have been issued, and the Holder or any other Person so
designated to be named therein shall be deemed to have become a holder of record
of such Consideration Warrant Shares for all purposes, as of the Exercise Date.

     

    (c) Payment of the Warrant Price shall be made at the option of the Holder
by one or more of the following methods: (i) by delivery of a certified or
official bank check or by wire transfer of immediately available funds in the
amount of such Warrant Price payable to the order of the Company, (ii) by
instructing the Company to withhold a number of Consideration Warrant Shares
then issuable upon exercise of this Warrant with an aggregate Fair Market Value
equal to such Warrant Price, (iii) by surrendering to the Company shares of
Common Stock previously acquired by the Holder with an aggregate Fair Market
Value equal to such Warrant Price, or (iv) any combination of the
foregoing.  In the event of any withholding of Consideration Warrant
Shares or surrender of Common Stock pursuant to clause (ii), (iii) or (iv) above
where the number of shares whose Fair Market Value is equal to the Warrant Price
is not a whole number, the number of shares withheld by or surren­dered to
the Company shall be rounded up to the nearest whole share and the Company shall
make a cash payment to the Holder based on the incremental fraction of a share
being so withheld by or surrendered to the Company in an amount determined in
accordance with Section 2.3 hereof.

    

    2.2    Payment
of Taxes.  All Consideration Warrant Shares issuable upon the exercise
of this Warrant pursuant to the terms hereof shall be validly issued, fully paid
and nonassessable, issued without violation of any preemptive or similar rights
of any stockholder of the Company and free and clear of all
Liens.  The Company shall pay all expenses in connection with, and all
taxes and other governmental charges that may be imposed with respect to, the
issue or delivery thereof.  The Company shall not, however, be
required to pay any tax or governmental charge which may be issuable upon
exercise of this Warrant payable in respect of any Transfer involved in the
issue and delivery of Consideration Warrant Shares in a name other than that of
the holder of the Warrants to be exercised, and no such issue or delivery shall
be made unless and until the Person request­ing such issue has paid to the
Company the amount of any such tax, or has established to the satisfaction of
the Company that such tax has been paid.

    

    2.3    Fractional
Shares.  The Company shall not be required to issue a fractional share
of Common Stock upon exercise of any Warrant.  As to any fraction of a
share that the Holder of one or more Warrants, the rights under which are
exercised in the same transaction, would otherwise be entitled to purchase upon
such exercise, the Company shall pay to such Holder an amount in cash equal to
such fraction multiplied by the Fair Market Value of one share of Common Stock
on the Exercise Date.

    

    3. 
    Reservation and Authorization of Common
Stock.  The Company shall at all times during the term of this Warrant
reserve for issuance upon exercise of the then outstanding balance of this
Warrant such number of shares of its Common Stock as shall be required for
issuance of the Consideration Warrant Shares.  Before taking any
action that would result in an adjustment in the number of Consideration 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 over such action.  If any Consideration Warrant Shares
required to be reserved for issuance upon exercise of Warrants require
registration or qualification with any Governmental Entity (other than under the
Securities Act or any state securities law) before such shares may be so issued,
the Company will in good faith and as expeditiously as possible and at its
expense endeavor to cause such shares to be duly registered.  Before
taking any action that would cause an adjustment reducing the Exercise Price
below the then par value (if any) of the shares of Common Stock deliverable upon
exercise of the Warrant or that would cause the number of Consideration Warrant
Shares issuable upon exercise of the Warrant to exceed (when taken together with
all other Outstanding shares of Common Stock) the number of Consideration
Warrant Shares that the Company is authorized to issue, the Company will take
any corporate action that, in the opinion of its counsel, is necessary in order
that the Company may validly and legally issue the full number of fully paid and
non-assessable shares of Common Stock issuable upon exercise of the Warrant at
such adjusted exercise price.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    4.     
Transfer, Assignment, Division, Combination, Mutilation or Loss of
Warrant.

    

    4.1    Transfer
or Assignment of Warrant.  Subject to the limitations set forth in
Section 7 hereof, upon (a) surrender of this Warrant to the Company at its
Designated Office accompanied by a Form of Assignment annexed hereto as Annex B
(each, a “Form of Assignment”) duly executed and funds sufficient to pay any
applicable transfer tax, and (b) delivery of an opinion of counsel to the Holder
reasonably satisfactory to the Company to the effect that, in the opinion of
such counsel, the transfer is exempt from the registration requirements of the
Securities Act (provided that no such opinion shall be required in the event of
a Transfer to a Permitted Transferee), the Company shall, without charge,
execute and deliver a new Warrant registered in the name of the assignee named
in the Form of Assignment at the address, and evidencing the right to purchase
the shares of Common Stock, specified in the Form of Assignment, and the Warrant
represented by this Warrant shall promptly be cancelled.

    

    4.2    Mutilation
or Loss of Warrant.  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) receipt of reasonably
satisfactory indemnification, and (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will execute and deliver a new Warrant
of like tenor and date and any such lost, stolen, destroyed or mutilated Warrant
shall thereupon become void.

    

    4.3    Division
and Combination.  Subject to compliance with the applicable provisions
of this Warrant, this Warrant may be divided or combined with other Warrants
upon presentation hereof at the Designated Office, 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 the applicable provisions of this Warrant 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.

    

    4.4    Expenses.  The
Company shall prepare, issue and deliver at its own expense any new Warrant or
Warrants required to be issued hereunder.

    

    4.5    Maintenance
of Books.  The Company agrees to maintain, at the Desig­nated
Office, books for the registration and transfer of the Warrants.

    

    5.     
Rights of the Holder.  The Holder shall not, by virtue hereof, be
entitled to any rights of a stockholder in the Company, either at law or equity,
and the rights of the Holder are limited to those expressed in this Warrant and
are not enforceable against the Company except to the extent set forth
herein.

    

    6.     
Protection Against Dilution and Other Adjustments.

    

    6.1    Adjustment
of Number of Shares Purchasable. Upon any adjustment of the Exercise Price as
provided in Sections 6.3 through 6.6 hereof, the Holders of the Warrants shall
thereafter be entitled to purchase upon the exercise thereof, at the Exercise
Price resulting from such adjustment, the number of shares of Common Stock
(calculated to the nearest 1/100th of a share) obtained by multiplying the
Exercise Price in effect immediately prior to such adjustment by the number of
shares of Common Stock issuable on the exercise hereof immediately prior to such
adjustment and dividing the product thereof by the Exercise Price resulting from
such adjustment.

    

    6.2    Adjustment
Upon Spin Off.  If, at any time or from time to time after the
Original Issue Date, the Company shall spin off or otherwise divest itself of a
part of its business or operations or dispose of all or of a part of its assets
in a transaction in which the Company does not receive compensation for such
business, operations or assets, but causes securities of another entity (the
“Spin Off Securities”) to be issued to security holders of the Company, then the
Company shall cause (i) to be reserved a number of Spin Off Securities (the
"Reserved Spin

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Off
Securities") equal to the number of Spin Off Securities that would have been
issued to the Holder had all of the Holder’s Outstanding Warrants on the record
date for determining the number of Spin Off Securities to be issued to
stockholders of the Company been exercised as of the close of business on the
trading day immediately before such record date, and (ii) to be issued to the
Holder on the exercise of all or any of the Outstanding Warrants, a number
of  Reserved Spin Off Securities equal to (x) the Reserved Spin Off
Securities multiplied by (y) a fraction, the numerator of which shall be the
amount of the Outstanding Warrants then being exercised, and the denominator of
which shall be the amount of the Outstanding Warrants.

    

    6.3    Upon
Stock Dividends, Subdivisions or Splits.  If, at any time or from time
to time after the Original Issue Date, the number of shares of Common Stock
Outstanding is increased by a stock dividend payable in shares of Common Stock
or by a subdivision or split-up of shares of Common Stock, then, following the
record date for the determination of holders of Common Stock entitled to receive
such stock dividend, or to be affected by such subdivision or split-up, the
Exercise Price shall be appropriately decreased by multiplying the Exercise
Price by a fraction, the numerator of which is the number of shares of Common
Stock Outstanding immediately prior to, and the denominator of which is the
number of shares of Common Stock Outstanding immediately after, such increase in
Outstanding shares.

    

    6.4    Upon
Combinations or Reverse Stock Splits.  If, at any time or from time to
time after the Original Issue Date, the number of shares of Common Stock
Outstanding is decreased by a combination or reverse stock split of the
Outstanding shares of Common Stock into a smaller number of shares of Common
Stock, then, following the record date to determine shares affected by such
combination or reverse stock split, the Exercise Price shall be appropriately
increased by multiplying the Exercise Price by a fraction, the numerator of
which is the number of shares of Common Stock Outstanding immediately prior to,
and the denominator of which is the number of shares of Common Stock Outstanding
immediately after, such decrease in Out­standing shares.

    

    6.5    Upon
Reclassifications, Reorganizations, Consolidations or Mergers.  If, at
any time or from time to time after the Original Issue Date, there is any
capital reorganization of the Company, any reclassification of the stock of the
Company (other than a change in par value or from par value to no par value or
from no par value to par value or as a result of a stock dividend or
subdivision, split-up or combination of shares), or any consolidation or merger
of the Company with or into another Person (where the Company is not the
surviving Person or where there is a change in or distribution with respect to
the Common Stock), each Warrant shall after such reorganization,
reclassification, consolidation, or merger be exercisable for the kind and
number of shares of stock or other securities or property of the Company or of
the successor Person resulting from such consolidation or surviving such merger,
if any, to which the holder of the Consideration Warrant Shares deliverable
(immediately prior to the time of such reorganization, reclassification,
consolidation or merger) upon exercise of such Warrant would have been entitled
upon such reorganization, reclassification, consolidation or
merger.  The provisions of this clause shall similarly apply to
successive reorganizations, reclassifications, consolidations, or
mergers.  The Company shall not effect any such reorganization,
reclassification, consolidation or merger unless, prior to the consummation
thereof, the successor Person (if other than the Company) resulting from such
reorganization, reclassification, consolidation or merger, shall assume, by
written instrument, the obligation to deliver to the Holders of the Warrant such
shares of stock, securities or assets, which, in accordance with the foregoing
provisions, such Holders shall be entitled to receive upon such
conversion.

    

    6.6    Upon
Issuance of Common Stock.  If, at any time or from time to time after
the Original Issue Date, the Company shall issue any shares of Common Stock,
options to purchase or rights to subscribe for Common Stock, securities by their
terms convertible into or exchangeable for Common Stock, or options to purchase
or rights to subscribe for such convertible or exchangeable securities, other
than Excluded Stock, without consideration or for consideration per share less
than either (x) the Exercise Price in effect immediately prior to such issuance
or (y) the Fair Market Value per share of the Common Stock immediately prior to
such issuance, then such Exercise Price shall forthwith be lowered to a price
equal to the price obtained by multiplying:

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    (i) the
Exercise Price in effect immediately prior to the issuance of such Common Stock,
options, rights or securities by

    

    (ii) a
fraction of which (x) the numerator shall be the sum of (A) the number of shares
of Common Stock Outstanding on a fully-diluted basis immediately prior to such
issuance and (B) the number of additional shares of Common Stock which the
aggregate consideration for the number of shares of Common Stock so offered
would purchase at the greater of the Exercise Price  in effect
immediately prior to such issuance or the Fair Market Value per share of Common
Stock and (y) the denominator shall be the number of shares of Common Stock
Outstanding on a fully-diluted basis immediately after such
issuance.

    

    6.7    Provisions
Applicable to Adjustments.  For purposes of any adjustment of the
Exercise Price pursuant to Section 6.6 hereof, the following provisions shall be
applicable:

    

    (i) In
the case of the issuance of Common Stock for cash in a public offering or
private placement, the consideration shall be deemed to be the amount of cash
paid therefor before deducting therefrom any discounts, commissions or placement
fees payable by the Company to any underwriter or placement agent in connection
with the issuance and sale thereof.

    

    (ii) In
the case of the issuance of Common Stock for a consideration in whole or in part
other than cash, the consideration other than cash shall be deemed to be the
Valuation Amount as determined in accordance with the Appraisal
Procedure.

    

    (iii) In
the case of the issuance of options to purchase or rights to subscribe for
Common Stock, securities by their terms convertible into or exchangeable for
Common Stock, or options to purchase or rights to subscribe for such convertible
or exchangeable securities (except for options to acquire Excluded
Stock):

    

    (A) the
aggregate maximum number of shares of Common Stock deliverable upon exercise of
such options to purchase or rights to subscribe for Common Stock shall be deemed
to have been issued at the time such options or rights were issued and for a
consideration equal to the consideration (determined in the manner provided in
subparagraphs (i) and (ii) above), if any, received by the Company upon the
issuance of such options or rights plus the minimum purchase price provided in
such options or rights for the Common Stock covered thereby;

    

    (B) the
aggregate maximum number of shares of Common Stock deliverable upon conversion
of or in exchange for any such convertible or exchangeable securities or upon
the exercise of options to purchase or rights to subscribe for such convertible
or exchangeable securities and subsequent conversion or exchange thereof shall
be deemed to have been issued at the time such securities, options, or rights
were issued and for a consideration equal to the consideration received by the
Company for any such securities and related options or rights (excluding any
cash received on account of accrued interest or accrued dividends), plus the
minimum additional consideration, if any, to be received by the Company upon the
conversion or exchange of such securities or the exercise of any related options
or rights (the consideration in each case to be determined in the manner
provided in paragraphs (i) and (ii) above);

    

    (C) on
any change in the number of shares or exercise price of Common Stock deliverable
upon exercise of any such options or rights or conversions of or exchanges for
such securities, other than a change resulting from the anti-dilution provisions
thereof, the Exercise Price shall forthwith be readjusted to such Exercise Price
as would have been obtained had the adjustment made upon the issuance of such
options, rights or securities not converted prior to such change or options or
rights related to such securities not converted prior to such change been made
upon the basis of such change;

    

    (D) upon
the expiration of any options to purchase or rights to subscribe for Common
Stock which shall not have been exercised, the Exercise Price computed upon the
issuance thereof (or upon the occurrence of a record date

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    with
respect thereto), and any subsequent adjustments based thereon, shall, upon such
expiration, be recomputed as if the only additional shares of Common Stock
issued were the shares of Common Stock, if any, actually issued upon the
exercise of such options to purchase or rights to subscribe for Common Stock,
and the consideration received therefor was the consideration actually received
by the Company for the issue of the options to purchase or rights to subscribe
for Common Stock that were exercised, plus the consideration actually received
by the Company upon such exercise; and

    

    (E) no
further adjustment of the Exercise Price adjusted upon the issuance of any such
options, rights, convertible securities or exchangeable securities shall be made
as a result of the actual issuance of Common Stock on the exercise of any such
rights or options or any conversion or exchange of any such
securities.

    

    6.8    Deferral
in Certain Circumstances.  In any case in which the provisions of this
Section 6 shall require that an adjustment shall become effective immediately
after a record date of an event, the Company may defer until the occurrence of
such event (a) issuing to the Holder of any Warrant exercised after such record
date and before the occurrence of such event the shares of capital stock
issuable upon such exercise by reason of the adjustment required by such event
and issuing to such Holder only the shares of capital stock issuable upon such
exercise before giving effect to such adjustments, and (b) paying to such Holder
any amount in cash in lieu of a fractional share of capital stock pursuant to
Section 2.3 above; provided, however, that the Company shall deliver to such
Holder an appropriate instrument or due bills evidencing such Holder’s right to
receive such additional shares or such cash.

    

    6.9    Appraisal
Procedure.  In any case in which the provisions of this Section 6
shall necessitate that the Appraisal Procedure be utilized for purposes of
determining an adjustment to the Exercise Price, the Company may defer until the
completion of the Appraisal Procedure and the determination of the adjustment
(a) issuing to the Holder of any Warrant exercised after the date of the event
that requires the adjustment and before completion of the Appraisal Procedure
and the determination of the adjustment, the shares of capital stock issuable
upon such exercise by reason of the adjustment required by such event and
issuing to such Holder only the shares of capital stock issuable upon such
exercise before giving effect to such adjustment and (b) paying to such Holder
any amount in cash in lieu of a fractional share of capital stock pursuant to
Section 2.3 above; provided, however, that the Company shall deliver to such
Holder an appropriate instrument or due bills evidencing such Holder’s right to
receive such additional shares or such cash.

    

    6.10    Exceptions.  This
Section 6 shall not apply to (a) securities offered to the public pursuant to a
public offering; (b) securities issued to employees or directors of the Company
pursuant to an employee stock option plan or stock incentive plan approved by
the Board of Directors; or (c) securities Outstanding as of the date hereof
(provided that the terms of such securities will not be modified in any manner
following the date hereof) (collectively, "Excluded Stock").

    

    6.11    Notice
of Adjustment of Exercise Price.  Whenever the Exercise Price is
adjusted as herein provided:

    

    (i) the
Company shall compute the adjusted Exercise Price in accor­dance with this
Section 6 and shall prepare a certificate signed by the treasurer or chief
financial officer of the Company setting forth the adjusted Exercise Price and
showing in reasonable detail the facts upon which such adjustment is based, and
such certificate shall forthwith be filed at each Designated Office;
and

    

    (ii) a
notice stating that the Exercise Price has been adjusted and setting forth the
adjusted Exercise Price shall forthwith be prepared by the Company and mailed to
all Holders at their last addresses as they shall appear in the warrant
register.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    7.     
Transfer to Comply with the Securities Act.

    

    7.1    Transfer.  This
Warrant has not been registered under the Securities Act and has been issued to
the Holder for investment and not with a view to the distribution of either the
Warrant or the Consideration Warrant Shares.  Neither this Warrant nor
any of the Consideration Warrant Shares or any other security issued or issuable
upon exercise of this Warrant may be sold, transferred, pledged or hypothecated
in the absence of an effective registration statement under the Securities Act
relating to such security or an opinion of counsel satisfactory to the Company
that registration is not required under the Securities Act; provided, that, no
registration statement or opinion of counsel shall be required in the event of a
Transfer to a Permitted Transferee.  Each Warrant, the Consideration
Warrant Shares and any other security issued or issuable upon exercise of this
Warrant shall contain a legend on the face thereof, in substantially the
following form by which the Holder (and any transferee thereof) shall be
bound:

    

    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY OTHER SECURITIES LAWS, AND SUCH
SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION UNDER SAID ACT AND LAWS OR AN EXEMPTION
THEREFROM.

    

    8.     
Notice of Corporate Actions; Taking of Record; Transfer Books.

    

    8.1    Notices
of Corporate Actions.  In case:

    

    (a) of
the Company granting to all of the holders of its Common Stock rights or
warrants to subscribe for or purchase any shares of capital stock of any class;
or

    

    (b) of
any reclassification of the Common Stock (other than a subdivision or
combination of the Outstanding shares of Common Stock), or of any consolidation,
merger or share exchange to which the Company is a party and for which approval
of any stockholders of the Company is required, or of the sale or transfer of
all or substantially all of the assets of the Company; or

    

    (c) of
the voluntary or involuntary dissolution, liquidation or winding up of the
Company; or

    

    (d) of
the commencement by the Company or any Subsidiary of a tender offer for all or a
portion of the Outstanding shares of Common Stock (or the amending of any such
tender offer to change the maximum number of shares being sought or the amount
or type of consideration being offered therefor);

    

    then the
Company shall cause to be filed at each office or agency maintained for such
purpose, and shall cause to be mailed to all Holders at their last addresses as
they shall appear in the warrant register, at least 30 days prior to the
applicable record, effective or expiration date hereinafter specified, a notice
stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution or granting of rights or warrants, or, if a record is not
to be taken, the date as of which the holders of Common Stock of record who will
be entitled to such dividend, distribution, rights or warrants are to be
determined, (y) the date on which such reclassification, consolidation, merger,
share exchange, sale, transfer, dissolution, liquidation or winding up is
expected to become effective, and the date as of which it is expected that
holders of Common Stock of record shall be entitled to exchange their shares of
Common Stock for securities, cash or other property deliverable upon such
reclassification, consolidation, merger, share exchange, sale, transfer,
dissolution, liquidation or winding up, or (z) the date on which such tender
offer commenced, the date on which such tender offer is scheduled to expire
unless extended, the consideration offered and the other material terms thereof
(or the material terms of the amendment thereto).  Such notice shall
also set forth such facts with respect thereto as shall be reasonably necessary
to indicate the effect of such action on the Exercise Price and the number and
kind or class of shares or other securities or

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    property
which shall be deliverable or purchasable upon the occurrence of such action or
deliverable upon exercise of the Warrants.  Neither the failure to
give any such notice nor any defect therein shall affect the legality or
validity of any action described in clauses (a) through (d) of this Section
8.1.

     

    8.2    Taking
of Record.  In the case of all dividends or other distributions by the
Company to the holders of its Common Stock with respect to which any provision
of hereof refers to the taking of a record of such holders, the Company will in
each such case take such a record and will take such record as of the close of
business on a Business Day.

    

    8.3    Closing
of Transfer Books.  The Company shall not at any time, except upon
dissolution, liquidation or winding up of the Company, close its stock transfer
books or Warrant transfer books so as to result in preventing or delaying the
exercise or transfer of any Warrant.

    

    9.    Notices.  Any
notice or other communication required or permitted hereunder shall be in
writing and shall be delivered personally, telegraphed, telexed, sent by
facsimile transmission or sent by certified, registered or express mail, postage
pre-paid.  Any such notice shall be deemed given when so delivered
personally, telegraphed, telexed or sent by facsimile transmission, or, if
mailed, two days after the date of deposit in the United States mails, as
follows:

    

    (i)     if
to the Company, to:

    

    SIGA
Technologies, Inc.

    420
Lexington Avenue, Suite 408

    New York,
New York 10170

    Attention:  Ayelet
Dugary

    Telephone
No.:  (212) 672-9100

    Facsimile
No.:   (212) 697-3130

    

    with a
copy (which shall not constitute notice) to:

    

    Kramer
Levin Naftalis & Frankel LLP

    1177
Avenue of the Americas

    New York,
New York 10036

    Attention:  James
A. Grayer, Esq.

    Facsimile
No.: (212) 715-8000

    

    (ii)   if
to the Holder, to:

    

    MacAndrews
& Forbes LLC

    35 East
62nd Street

    New York,
New York 10021

    Attention:
Barry F. Schwartz, Esq.

    Facsimile
No.: (212) 572-8435

    

    Any party
may be given notice in accordance with this Section 9, unless such party
designates another address or person for receipt of notice
hereunder.

    

    10.    No
Impairment; Regulatory Compliance And Cooperation; Notice Of
Expiration.  The Company shall not by any action, including, without
limitation, amending its charter documents or through any reorganization,
reclassification, transfer of assets, consolidation, merger, dissolution, issue
or sale of securities or any other similar 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 the Holder against impairment.

    

    11.     
Miscellaneous.

    

    11.1    Successors
and Assigns. This Warrant shall inure to the benefit of and be binding upon the
successors and assigns of  the Company, the Holder and their
respective successors and assigns.  The Holder's rights under this
Warrant may be assigned, in whole or in part, to (a) any Permitted Transferee,
and any Permitted Transferee shall be deemed to be a Holder for all purposes
hereunder or (b) any transferee of a Warrant, or, if applicable, any portion of
a Warrant, that represents (x) the greater of (A) 10% of the Consideration
Warrant Shares exercisable by such transferor on the date of such transfer and
(B) 29, 411 Consideration Warrant Shares (subject to adjustment as set forth
herein) or (y) if the transferor shall then hold Warrants representing less than
29,411 Consideration Warrant Shares (subject to adjustment as set forth herein),
all of the Warrants held by such transferor, and any such transferee shall be
deemed to be a Holder for all purposes hereunder.

    

    11.2    Limitation
on Exercise.  Notwithstanding anything to the contrary contained
herein, the maximum number of shares of Common Stock that the Company may issue
pursuant to the Commitment Letter or any other documentation contemplated under
the Commitment Letter at an effective purchase price less than the greater of
book or market value of the Company's Common Stock on the trading day
immediately preceding the date of the Commitment Letter equals 19.99% of the
outstanding shares of Common Stock immediately preceding the date of the
Commitment Letter (the "Issuable Maximum"), unless the Company obtains
shareholder approval in accordance with the rules and regulations of the Nasdaq
Stock Market.  If, at the time any Holder requests an exercise of any
of the Warrants, the Actual Minimum (excluding any shares issued or issuable at
an effective purchase price in excess of the greater of book or market value of
the Company's Common Stock on the trading day immediately preceding the date of
the Commitment Letter) exceeds the Issuable Maximum (and if the Company has not
previously obtained the required shareholder approval), then the Company shall
issue to such Holder requesting such exercise a number of shares of Common Stock
equal to the Issuable Maximum.  The Company shall not be obligated to
seek stockholder approval under the rules and regulations of the Nasdaq Stock
Market and shall not be in breach under this Warrant Agreement, the Commitment
Letter or any other documentation contemplated under the Commitment Letter for
failure to issue securities as a result of its failure to obtain shareholder
approval as contemplated hereby.  For purposes hereof, "Actual
Minimum" shall mean, as of any date, the maximum aggregate number of shares of
Common Stock then issued or potentially issuable in the future pursuant to the
Commitment Letter or any other documentation contemplated under the Commitment
Letter, without giving effect to any limits on the number of shares of Common
Stock that may be owned by a Holder at any one time.

    

    11.3    Designated
Office.  As long as any of the Warrants remain Outstanding, the
Company shall maintain an office or agency, which may be the principal executive
offices of the Company (the "Desig­nated Office"), where the Warrants may be
presented for exercise, registration of transfer, division or combination as
provided in this Warrant.  Such Designated Office shall initially be
the office of the Company at 420 Lexington Avenue, Suite 408, New York, New York
10170.  The Company may from time to time change the Designated Office
to another office of the Company or its agent within the United States by notice
given to all registered Holders at least 10 Business Days prior to the effective
date of such change.

    

    11.4    Supplements
and Amendments; Whole Agreement.  This Warrant may be amended or
supplemented only by an instrument in writing signed by the parties
hereto.  This Warrant, the Commitment Letter and Subscription
Agreement contain the full understanding of the parties hereto with respect to
the subject matter hereof and thereof and there are no representations,
warranties, agreements or understandings other than expressly contained herein
and therein.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    11.5    Governing
Law; Jurisdiction; Waiver Of Jury Trial.  The internal laws, and not
the laws of conflicts (other than Section 5-1401 of the General Obligations Law
of the State of New York), of New York shall govern the enforceability and
validity of this Warrant, the construction of its terms and the interpretation
of the rights and duties of the Company.  Any suit, action or
proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with, this Warrant or the transactions contemplated
hereby may be brought in any federal or state court located in the County and
State of New York, and the Company hereby consents to the jurisdiction of such
courts (and of the appropriate appellate courts therefrom) in any such suit,
action or proceeding and irrevo­cably waives, to the fullest extent
permitted by law, any objection which it may now or hereafter have to the laying
of the venue of any such suit, action or proceeding in any such court or that
any such suit, action or proceeding which is brought in any such court has been
brought in an inconvenient forum.  Process in any such suit, action or
proceeding may be served on the company anywhere in the world, whether within or
without the jurisdiction of any such court.  The Company hereby
irrevocably waives any and all right to trial by jury in any legal proceeding
arising out of or related to this Warrant or the transactions contemplated
hereby.

    

    11.6    Remedies.  Each
Holder of Warrants, in addition to being entitled to exercise its rights granted
by law, including recovery of damages, shall be entitled to specific performance
of its rights provided 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
shall  waive, in an action for specific performance, the defense that
a remedy at law would be adequate.

    

    11.7    Limitation
of Liability.  No provision hereof and no enumeration herein of the
rights or privileges of the Holder hereof, shall give rise to any liability of
such Holder to pay the Exercise Price for any Consideration Warrant Shares other
than pursuant to an exercise of this Warrant or any liability as a stockholder
of the Company, whether such liability is asserted by the Company or by
creditors of the Company.

    

    11.8    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 provision or the remaining provisions of this
Warrant.

    

    11.9    Descriptive
Headings.  Descriptive headings of the several sections of this
Warrant are inserted for convenience only and shall not control or affect the
meaning or construction of any of the provisions hereof.

    

    [Remainder
of Page Intentionally Left Blank]

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    IN
WITNESS WHEREOF, this Warrant has been executed as of the 30th day of April,
2009.

    

                SIGA
TECHNOLOGIES, INC.

    

    

    

                By:
/s/ Ayelet
Dugary

                      Ayelet
Dugary

                      Chief
Financial Officer

    

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    ANNEX
A

    

    NOTICE OF
EXERCISE OF WARRANT

    

    [To be
executed only upon exercise of Warrant]

    

    

    The
undersigned hereby irrevocably elects to exercise the right, represented by the
Warrant dated as of April ___, 2009, to purchase ______ shares of common stock,
par value $0.0001 per share (the "Consideration Warrant Shares"), of SIGA
TECHNOLOGIES, INC. and tenders herewith payment in accordance with Sections 1
and 2 of such Warrant.  The undersigned further requests, in
accordance with Section 2.1(b) of the Warrant, that certificates for the
Consideration Warrant Shares hereby purchased (and any securities or other
property issuable upon exercise) be issued in the name of and delivered to
______________ and, if such Consideration Warrant Shares are not all of the
Consideration Warrant Shares issuable upon exercise of the Warrant, that a new
Warrant of like tenor be issued for the balance of the Consideration Warrant
Shares.

    

    

    

            _______________________________

            (Name
of Registered Owner)

    

            _______________________________

            (Signature
of Registered Owner)

    

            _______________________________

            (Street
Address)

    

            _______________________________

            (City)    (State)    (Zip
Code)

    

    

    
      	
              NOTICE:

            	
              The
      signature on this subscription must correspond with the name as written
      upon the face of the within Warrant in every particular, without
      alteration or enlarge­ment or any change
  whatsoever.

            

    

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

    

    ANNEX
B

    

    FORM OF
ASSIGNMENT

    

    (To be
executed by the registered holder if such

    holder
desires to transfer the Warrant.)

    

    FOR VALUE
RECEIVED ________________ hereby sells, assigns and transfers unto
______________________________________________________________

    

    ________________________________________________________________________________________________________________________________

    (Please
print name and address of transferee)

    

    the
Warrants represented by this Warrant, together with all right, title and
interest therein, and does hereby irrevocably constitute and appoint
___________________________ attorney-in-fact, with full power of substitution,
to transfer the within Warrant on the books of SIGA TECHNOLOGIES, INC. to give
effect to the transfer made hereby.

    

    Date:  _____________,
____

    

                    _________________________________

                            Signature

    

    
      	
              NOTICE:

            	
              The
      signature on this assignment must correspond with the name as written upon
      the face of the within Warrant in every particular, without alteration or
      enlarge­ment or any change
whatsoever.

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