Document:

Warrant

 Exhibit 4.6 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR
OTHERWISE IN ACCORDANCE WITH APPLICABLE LAW. 
 WARRANT TO PURCHASE STOCK 
  

			
	 Company:
	  	AKRION, INC., a Delaware corporation
	 Number of Shares:
	  	As provided below
	 Class of Stock:
	  	Common Stock
	 Initial Exercise Price:
	  	$7.10 per share
	 Issue Date:
	  	August 25,2005
	 Expiration Date:
	  	August 25, 2012

 THIS WARRANT CERTIFIES THAT, for value received, receipt of which is hereby acknowledged, ORIX
Venture Finance LLC (“Holder”) is entitled to purchase that number of fully paid and nonassessable shares of common stock (the “Shares”) of AKRION, INC. (the “Company”) as are set forth under Section 1.1
below, at the initial exercise price of $7.10 per Share (the “Warrant Price”), as constituted on the date hereof and as adjusted pursuant to the other terms of this Warrant, subject to the provisions and upon the terms and
conditions set forth in this Warrant. This Warrant is being issued pursuant to an Amendment to Loan Documents between the Company and Holder dated of even date herewith amending that certain Loan and Security Agreement between the Company and Holder
dated as of April 28, 2004 (as amended, the “Loan Agreement”). (Capitalized terms used herein, which are not defined, shall have the meanings set forth in the Loan Agreement.) 
 ARTICLE 1. SHARES; EXERCISE. 
 1.1 Number of Shares.
Subject to the other adjustments provided in this Warrant, the number of Shares subject to this Warrant shall be the determined as follows: 
 (a) If the entire outstanding principal balance of the Additional Loan (as defined in the Loan Agreement) and all interest thereon is paid in full on or before November 20, 2005, then the number of Shares subject to this Warrant shall
be 14,085 Shares. 
 (b) If the entire outstanding principal balance of the Additional Loan and all interest thereon is paid in full after
November 20, 2005 but on or before February 20, 2006, then the number of Shares subject to this Warrant shall be 17,606 Shares. 
 (c) If the entire outstanding principal balance of the Additional Loan and all interest thereon is paid in full after February 20, 2006, but on or before May 20, 2006, then the number of Shares subject to this Warrant shall be
21,127 Shares. 
  

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 (d) If the entire outstanding principal balance of the Additional Loan and all interest thereon is paid
in full after May 20, 2006, then the number of Shares subject to this Warrant shall be 24,648 Shares. 
 1.2 Method of Exercise.
Holder may exercise this Warrant by delivering (including a facsimile transmission) a duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the
conversion right set forth in Section 1.3, Holder shall also deliver to the Company the aggregate Warrant Price for the Shares being purchased (i) by wire transfer or by check, or (ii) by notice of cancellation of indebtedness of the
Company to Holder, or (iii) a combination of (i) or (ii). 
 1.3 Conversion Right. In lieu of exercising this Warrant as
specified in Section 1.2, Holder may from time to time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon
the proposed whole or partial exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Section 1.6 below.

 1.4 Effective Date of Exercise. 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. The person entitled to receive the Shares issuable upon exercise of this Warrant shall be treated for all purposes as the holder of record of such shares as of the close of business on the
date the Holder is deemed to have exercised this Warrant. 
 1.5 No Rights of Shareholder. This Warrant does not entitle Holder to any
voting rights as a shareholder of the Company prior to the exercise hereof. Upon exercise hereof, as set forth herein, the Holder shall be deemed to be a shareholder of the Company holding the number of shares as to which this Warrant has been
exercised on the date the Notice of Exercise in substantially the form attached as Appendix 1 has been delivered to the principal office of the Company with any payment or other documents called for by the terms hereof. 
 1.6 Fair Market Value. If the Shares are traded in a nationally recognized public market, the fair market value of the Shares shall be the closing
price of the Shares reported for the business day immediately before Holder delivers its Notice of Exercise to the Company. If the Shares are not traded in a nationally recognized public market, the Board of Directors of the Company shall determine
fair market value in its reasonable good faith judgment. The foregoing notwithstanding, if Holder advises the Board of Directors in writing that Holder disagrees with such determination, then the Company and Holder shall promptly agree upon a
reputable investment banking firm to undertake such valuation. If the Company and Holder are unable to agree on such investment banking firm, then the Holder shall select three reputable investment banking firms, and from those three firms the
Company shall select one to undertake such valuation. If the valuation of such investment banking firm is greater than that determined by the Board of Directors, then all fees and expenses of such investment banking firm shall be paid by the
Company. In all other circumstances, such fees and expenses shall be paid by Holder. 
 1.7 Delivery of Certificate and New Warrant.
Promptly after Holder exercises or converts this Warrant, the Company shall deliver to Holder certificates for the Shares acquired 

  

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(if, at such time, the shares are generally certificated by the Company) and, if this Warrant has not been fully exercised or converted and has not expired,
a new Warrant representing the Shares not so acquired shall be delivered to Holder. 
 1.8 Replacement of Warrants. On receipt of an
affidavit of an officer of the Holder of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or,
in the case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 
 1.9 Acquisition of the Company. 
 (a)
Upon the written request of the Company, Holder agrees that, in the event of an Acquisition (as defined below) in which the sole consideration is cash (a “Cash Acquisition”), either (i) Holder shall exercise its conversion or purchase
right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition, or (ii) if Holder elects not to exercise the Warrant, this Warrant will expire upon the consummation of such
Acquisition. The Company shall provide the Holder with written notice of its request relating to the foregoing (together with such reasonable information as the Holder may request in connection with such contemplated Acquisition giving rise to such
notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition. 
 (b) Upon
the closing of any Acquisition, other than a Cash Acquisition (a “Non-Cash Acquisition”), the successor entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property
as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The Warrant Price shall be adjusted accordingly.
Following exercise of this Warrant following a Non-Cash Acquisition, Holder hereby agrees to be bound by any shareholders or other agreement governing the securities issuable upon exercise of this Warrant on the same terms to which Sunrise Capital
Partners, L.P. is bound, including any subsequent amendments thereto, provided the same do not conflict with the terms of this Warrant and do not require Holder to incur any monetary obligation or make any investment or other payment 
 (c) As used herein, “Acquisition” means any sale, exclusive license, or other disposition of all or substantially all of the assets of the
Company, or any reorganization, consolidation, or merger of the Company in which the holders of the Company’s voting securities before the transaction (for such purpose treating all outstanding options and warrants to purchase voting securities
of the Company as having been exercised and treating all outstanding debt and equity securities convertible into voting securities of the Company as having been converted) beneficially own less than 50% of the outstanding voting securities of the
surviving entity after the transaction. 
 1.10 Automatic Exercise Prior to Expiration. To the extent this Warrant is not previously
exercised as to all of the Shares subject hereto, and if the fair market value of one 

  

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Share is greater than the Warrant Price then in effect, this Warrant shall be deemed automatically exercised pursuant to Section 1.3 above (even if not
surrendered) immediately before its expiration date as set forth in this Warrant. For purposes of such automatic exercise, the fair market value of one Share upon such expiration shall be determined pursuant to Section 1.6 above. To the extent
this Warrant or any portion thereof is deemed automatically exercised pursuant to this Section, the Company agrees to promptly notify the holder hereof of the number of Shares, if any, the holder hereof is to receive by reason of such automatic
exercise. 
 ARTICLE 2. ADJUSTMENTS TO THE SHARES. 
 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on its common stock payable in common stock or other securities, or subdivides the outstanding common stock into a greater amount of common stock, then upon
exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend or
subdivision occurred. 
 2.2 Reclassification, Exchange or Substitution. Upon any reclassification, exchange, substitution, or other
event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and
property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. After the occurrence of such an event, the Company or its successor shall
promptly issue to Holder a new Warrant for such new securities or other property. The new Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including,
without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges,
substitutions, or other events. 
 2.3 Adjustments for Combinations, Etc. If the outstanding Shares are combined or consolidated, by
reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased. 
 2.4 Price
Adjustment. If the Company issues additional shares of common stock (including shares of common stock ultimately issuable upon conversion of a security convertible into common stock) after the date of the Warrant and the consideration per
additional common share is less than the Warrant Price in effect immediately before such issue, then the Warrant Price, the number of Shares issuable upon exercise of this Warrant, and/or the price at which the Shares are converted (as applicable),
shall be adjusted in accordance with the treatment of the series of securities of which the Shares are part under the Company’s Certificate of Incorporation in effect on the Issue Date. 
 2.5 No Impairment. The Company shall not, by amendment of its Certificate of Incorporation or through a reorganization, transfer of assets,
consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by the 

  

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Company, but shall at all times in good faith assist in carrying out of all the provisions of this Article 2 and in taking all such action as may be
necessary or appropriate to protect Holder’s rights under this Article against impairment. 
 2.6 Fractional Shares. No
fractional Shares shall be issuable upon exercise or conversion of the Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the
Warrant, the Company shall eliminate such fractional share interest by paying Holder a cash amount computed by multiplying the fractional interest by the fair market value of a full Share. 
 2.7 Certificate as to Adjustments: Other Adjustments. Upon each adjustment of the Warrant Price, the Company at its expense shall promptly compute
such adjustment, and furnish Holder with a certificate of its chief financial officer setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written request, furnish Holder a certificate setting
forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. If any change in the outstanding securities of the Company or any other event occurs, as to which the other provisions of this
Article 2 are not strictly applicable, or if strictly applicable would not fairly protect the purchase rights of the Holder in accordance with such provisions, then the Board of Directors of the Company shall make an adjustment in the number and
class of shares subject to this Warrant, the Warrant Price or the application of such provisions, so as to protect such purchase rights as aforesaid and to give the Holder, upon exercise for the same aggregate Warrant Price, the total number, class
and kind of securities as it would have owned had the Warrant been exercised prior to the event and had it continued to hold such securities until after the event requiring the adjustment. 
 ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 
 3.1 Representations and Warranties. The Company hereby represents and warrants to the Holder as follows: 
 (a) The initial
Warrant Price hereunder is not greater than the fair market value of the Company’s common stock as of the date of this Warrant. 
 (b)
All Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and
nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. The Company shall, at all times, reserve a sufficient number of shares of common
stock as will be sufficient to permit the exercise in full of this Warrant. 
 (c) The Capitalization Table attached hereto as Exhibit A is
true and complete as of the Issue Date. 
 3.2 Notice of Certain Events. If the Company proposes at any time (a) to declare any
dividend or distribution upon its common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription pro rata to the holders of any class or series of its stock any
additional shares of stock of any class or series or 

  

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other rights; (c) to effect any reclassification or recapitalization of common stock; (d) to merge or consolidate with or into any other
corporation, or sell, lease, license, or convey all or substantially all of its assets, or to liquidate, dissolve or wind up; or (e) offer holders of registration rights the opportunity to participate in an underwritten public offering of the
company’s securities for cash, then, in connection with each such event, the Company shall give Holder (1) at least 30 days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of common stock will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; (2) in the case of the matters
referred to in (c) and (d) above at least 30 days prior written notice of the date when the same will take place (and specifying the date on which the holders of common stock will be entitled to exchange their common stock for securities
or other property deliverable upon the occurrence of such event); and (3) in the case of the matter referred to in (e) above, the same notice as is given to the holders of such registration rights. 
 3.3 Information Rights. So long as the Holder holds this Warrant and/or any of the Shares, the Company shall deliver to the Holder
(a) promptly after mailing, copies of all notices or other written communications to the shareholders of the Company, (b) within 120 days after the end of each fiscal year of the Company, an accountant-reviewed year end financial statement and
certified by an officer of the Company, (c) within forty-five (45) days after the end of each fiscal quarter of the Company, a Company-prepared quarterly financial statement of the Company, and (d) within thirty (30) days after
the end of each month, a Company-prepared monthly financial statement of the Company. 
 3.4 Registration Under Securities Act of 1933, as
amended. The Company represents and warrants that, as of the date hereof, no person has any contractual rights to require registration of securities of the Company. The Company agrees that at such time, if any, as it enters into any such
registration rights agreement with any person, the Company shall, concurrently therewith or within a reasonable time thereafter, enter into a “piggyback” registration rights agreement with Holder on such terms and conditions as are
customary for such agreements and are otherwise mutually reasonably agreed to by the Company and Holder. 
 ARTICLE 4. REPRESENTATIONS, WARRANTIES OF THE
HOLDER. The Holder represents and warrants to the Company as follows: 
 4.1 Purchase for Own Account. Except for transfers to
Holder’s affiliates, this Warrant and the securities to be acquired upon exercise of this Warrant by the Holder will be acquired for investment for the Holder’s account, not as a nominee or agent, and not with a view to the public resale
or distribution within the meaning of the Securities Act of 1933, as amended (the “Securities Act”) and applicable state securities laws, and the Holder has no present intention of selling, granting any participation in, or otherwise
distributing the same. The Holder also represents that the Holder has not been formed for the specific purpose of acquiring this Warrant or the Shares. 
 4.2 Disclosure of Information. The Holder has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition
of this Warrant and its underlying securities. The Holder further 

  

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has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its
underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to the Holder or to which the
Holder has access. 
 4.3 Investment Experience. The Holder: (a) has experience as an investor in securities and acknowledges
that the Holder is able to fend for itself, can bear the economic risk of the Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that the Holder is capable of
evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or (b) has a preexisting personal or business relationship with the Company and certain of its officers, directors of controlling persons of a
nature and duration that enables the Holder to be aware of the character, business acumen and financial circumstances of such persons. 
 4.4
Accredited Investor Status. The Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act. 
 ARTICLES. MISCELLANEOUS 
 5.1 Term. This Warrant is exercisable, in whole or in part, at any time and from time to time on or
before the Expiration Date set forth above. 
 5.2 Legends. This Warrant and the Shares (and the securities issuable, directly or
indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THIS SECURITY HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT AND LAWS OR AS PERMITTED UNDER
APPLICABLE LAW. 
 5.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant
(and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities laws by the transferor and the
transferee. 
 5.4 Transfer Procedure. Subject to the provisions of Section 5.3, Holder may transfer all or part of this Warrant
or the Shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company notice of the portion of the Warrant being transferred setting forth the name,
address and taxpayer identification number of the transferee and surrendering this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable). 
 5.5 Notices. All notices and other communications from the Company to the Holder, or vice versa, shall be deemed delivered and effective when given personally or mailed by 

  

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first-class registered or certified mail, postage prepaid, to such address as may have been furnished to the Company or the Holder, as the case may be, in
writing by the Company or the Holder from time to time. 
 5.6 Waiver; Amendment. This Warrant and any term hereof may be
changed, waived. discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought 
 5.7 Issue Tax. The issuance of the securities subject to this Warrant shall be made without charge to the Holder for any issue tax (other than
applicable income taxes) in respect thereof. 
 5.8 Attorneys Fees. In the event of any dispute between the parties concerning the
terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs reasonably incurred in such dispute, including reasonable attorneys’ fees. 
 5.9 Governing Law. This Warrant and all acts, transactions, disputes and controversies arising hereunder or relating hereto, and all rights and
obligations of Holder and Company shall be governed by, and construed in accordance with the internal laws (and not the conflict of laws rules) of the State of Delaware. 
  

			
	Company:
	
	AKRION, INC.
		
	 By
	  	 /s/ W. James Whittle

	 Title
	  	CFO

  

			
	Holder:
	
	ORIX Venture Finance LLC
		
	 By
	 	 /s/ Kevin P. Sheehan

		 	Kevin P. Sheehan,
		 	President and CEO

  

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 APPENDIX I  
 NOTICE OF EXERCISE 
 1. The undersigned hereby elects to purchase
             Shares pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price of such shares in full. 
 1. The undersigned hereby elects to convert the attached Warrant into Shares in the manner specified in the Warrant. This conversion is exercised with
respect to                      of the Shares covered by the Warrant. 
 [Strike paragraph that does not apply.] 
 2. Please issue a certificate or certificates
representing said shares in the name of the undersigned or in such other name as is specified below: 
  

	
	  

	  

	  

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

	
	 (Signature)

	
	  

	 DateWarrant

 Exhibit 4.7 
 THE WARRANTS EVIDENCED HEREBY WERE ISSUED IN A TRANSACTION THAT WAS NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES LAW. THE HOLDER
HEREOF, BY ACQUIRING THIS INSTRUMENT, AGREES FOR THE BENEFIT OF AKRION, INC. (THE “COMPANY”) THAT THE WARRANTS EVIDENCED HEREBY MAY BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) (1) PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT, OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT; AND (B) PURSUANT TO AN AVAILABLE EXEMPTION OR EFFECTIVE REGISTRATION UNDER ANY APPLICABLE STATE OR OTHER SECURITIES
LAW. 
 THE WARRANTS EVIDENCED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF ARE SUBJECT TO A WARRANT PURCHASE AGREEMENT DATED
APRIL 26, 2006 BETWEEN THE COMPANY AND PNC BANK, NATIONAL ASSOCIATION (AS THE SAME MAY BE SUPPLEMENTED, MODIFIED, AMENDED OR RESTATED FROM TIME TO TIME, THE “WARRANT AGREEMENT”). A COPY OF THE WARRANT AGREEMENT IS AVAILABLE FOR REVIEW AT
THE PRINCIPAL OFFICE OF THE COMPANY. 
 COMMON STOCK PURCHASE WARRANTS 
 NO.W.-07 
 Date of Issuance: April 26, 2006 
 Capitalized terms used and not otherwise defined in this instrument shall have the meanings assigned to them in the Warrant Agreement. The Company
certifies that PNC Bank, National Association is the Holder of 30,000 warrants (the “Warrants”) to purchase fully paid and nonassessable shares of the common stock of the Company, par value $.01 per share (the “Common
Stock”), upon the terms and subject to the provisions of the Warrant Agreement and this instrument (the “Warrant Certificate”). The Exercise Price shall initially be $7.10 per share and each Warrant shall be exercisable for
one share of Common Stock. The Exercise Price and the number of Warrants evidenced hereby shall be subject to adjustment as provided in the Warrant Agreement. The Warrants evidenced hereby shall be exercisable at any time and from time to time until
the close of business on the Final Expiration Date. 
  

	1.	Exercise of Warrants. 

 1.1. Each Warrant evidenced hereby may be
exercised by the Holder of this Warrant Certificate at any time by surrender hereof to the Company, together with the Exercise Form, in the form attached hereto as Annex 1 (the “Exercise Form”), duly completed and executed and
payment of an amount equal to the Exercise Price multiplied by the number of Warrants being exercised. At the option of the Holder hereof, payment of the Exercise Price may be made by either (i) cash, (ii) a certified or cashier’s
check payable to the order of the Company, (iii) 

 
exercise of the net issuance option pursuant to Section 1.4, or (iv) any combination of the foregoing methods. Upon the Company’s receipt of
this Warrant Certificate, the duly completed and executed Exercise Form and the requisite payment, the Company shall issue and deliver (or cause to be delivered) stock certificates representing the aggregate number of shares of Common Stock being
purchased. In the event that less than all of the Warrants evidenced hereby are being exercised, the Company shall issue and deliver to or at the direction of Holder (or cause to be delivered) a new Warrant Certificate or Certificates at the same
time such stock certificates are delivered. That new Warrant Certificate or those new Warrant Certificates shall entitle the persons in whose names they are registered to exercise in the aggregate the number of Warrants not exercised in that partial
exercise and shall otherwise have the same terms and provisions as this Warrant Certificate. 
 1.2. In the event that the Holder of this Warrant Certificate
desires that any or all of the stock certificates to be issued upon the exercise of any Warrants evidenced hereby be registered in a name or names other than that of such Holder, such Holder must so request in writing at the time of exercise. In
addition, such Holder must remit to the Company funds sufficient to pay all transfer taxes (if any) payable in connection with such delivery of such stock certificates or prove, to the reasonable satisfaction of the Company, that no such taxes are
payable in connection with such transaction. 
 1.3. Upon due exercise by the Holder hereof of any Warrants evidenced hereby, whether in whole or in part,
such Holder (or any other person to whom a stock certificate is to be issued) shall be deemed for all purposes to have become the holder of record of the shares of Common Stock for which those Warrants have been so exercised effective immediately
prior to the close of business on the day this Warrant Certificate, the duly completed and executed Exercise Form and the requisite payment are duly delivered to the Company, irrespective of the date of actual delivery of the stock certificates
representing such shares of Common Stock. 
 1.4. Notwithstanding anything to the contrary set forth herein, if the current market value of a share of Common
Stock (determined in accordance with Section 7(b) of the Warrant Agreement) is greater than the Exercise Price on the Date of Determination, in lieu of exercising Warrants evidenced hereby for cash, the Holder hereof may elect to receive
shares of Common Stock equal to the value (determined in the manner set forth below) of a designated number of such Warrants by surrender of this Warrant Certificate at the principal office of the Company together with a duly completed and executed
Exercise Form. The “Date of Determination” is the business day immediately preceding the day on which this Warrant Certificate is being delivered to the Company pursuant to this Section 1. In such event, the Company shall issue
to the Holder hereof a number of shares of Common Stock computed using the following formula: 
 Y = X(A-B) 
 A 
 Where: 
 A = the current market value of a share of Common Stock on the Date of Determination; 
 B = the Exercise Price as of the close of business on the Date of Determination; 
  

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 X = the number of shares of Common Stock purchasable upon exercise of the Warrants being cancelled if such Warrants were
being exercised instead of being cancelled; and 
 Y = the number of shares of Common Stock to be issued to such Holder. 
 1.5. To the extent this Warrant is not previously exercised as to all of the Shares subject hereto, and if the fair market value of one Share is greater than the
Exercise Price then in effect, this Warrant shall be deemed automatically exercised pursuant to Section 1.4 above (even if not surrendered) immediately before its expiration date as set forth in this Warrant. For purposes of such automatic
exercise, the market value of one Share upon such expiration shall be determined pursuant to Section 1.4 above. To the extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this Section, the Company agrees to
promptly notify the holder hereof of the number of Shares, if any, the holder hereof is to receive by reason of such automatic exercise. 
  

	2.	Surrender of Warrants; Expenses. 

 2.1. Whether in connection with
the exercise, transfer, split-up, combination, exchange or replacement of this Warrant Certificate or any Warrants evidenced hereby, surrender of this Warrant Certificate shall be made to the Company during normal business hours on a business day
(unless the Company otherwise permits) at the principal office of the Company located at 6330 Hedgewood Dr., Suite 150, Allentown, Pennsylvania 18106 or to such other office or to any duly authorized representative of the Company as from time to
time may be designated by the Company by written notice given to the Holders of the Warrants. 
 2.2. The Company shall pay all costs and expenses incurred
in connection with the exercise, transfer, split-up, combination, exchange or replacement of this Warrant Certificate or any Warrants evidenced hereby, including the costs of preparation, execution and delivery of Warrant Certificates and stock
certificates, and shall pay all taxes (other than any taxes measured by the income of any person other than the Company) and other charges imposed by law payable in connection with the transfer, split-up, combination, exchange or replacement of this
Warrant Certificate or any Warrants evidenced hereby except as otherwise provided in Section 5(c) of the Warrant Agreement. 
  

	3.	Warrant Register; Exchange; Transfer; Loss. 

 3.1. The Company
shall, at all times, maintain at its principal office an open register for the Warrants, in which the Company shall record the name and address of each Holder to whom Warrants have been issued or transferred. 
 3.2. Subject to applicable law and the provisions of the Warrant Agreement, this Warrant Certificate may be exchanged for two or more Warrant Certificates entitling the
Holder hereof to exercise the same aggregate number of Warrants at the same Exercise Price and otherwise having the same terms and provisions as this Warrant Certificate. The Holder hereof may request such an exchange by surrendering this Warrant
Certificate to the Company, together with a written request specifying the desired number of Warrant Certificates and the allocation among them of the Warrants evidenced hereby. 
  

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 3.3. Subject to applicable law and the provisions of the Warrant Agreement, this Warrant Certificate and the Warrants
evidenced hereby may be transferred, in whole or in part, by the Holder hereof. A transfer shall be effected by surrendering this Warrant Certificate to the Company, together with an Assignment Form, in the form attached hereto as Annex 2 (the
“Assignment Form”), duly completed and executed. Within five business days after the Company’s receipt of this Warrant Certificate and the Assignment Form so completed and executed, the Company shall issue and
deliver to each transferee a new Warrant Certificate evidencing the number of Warrants being transferred to such person and otherwise having the same Exercise Price and other terms and provisions of this Warrant Certificate, which the Company will
register in such new Holder’s name. To the extent applicable, the Company shall issue to the Holder hereof a new Warrant Certificate evidencing the Warrants not being transferred to any person and otherwise having the same Exercise Price and
other terms and provisions of this Warrant Certificate. 
 3.4. In the event of the loss, theft or destruction of this Warrant Certificate, the Company shall
execute and deliver an identical Warrant Certificate to the Holder hereof in substitution herefor upon the Company’s receipt of (i) evidence reasonably satisfactory to the Company of such event (with the affidavit of an institutional
Holder being such sufficient evidence), and (ii) if requested by the Company, an indemnity agreement from any institutional Holder or an indemnity bond from any other Holder reasonably satisfactory in form and amount to the Company. 

4. Rights and Obligations of the Company and the Warrant Holder. The Company and the Holder of this Warrant Certificate are entitled to the rights and bound by
the obligations set forth in the Warrant Agreement, all of which rights and obligations are hereby incorporated by reference herein. This Warrant Certificate shall not entitle its Holder to any rights as a stockholder of the Company (other than as
set forth in Section 1.3). 
 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by its duly authorized
representative and attested to by its Secretary or an Assistant Secretary. 
 [SIGNATURE ON FOLLOWING PAGE] 
  

 - A4 - 

									
	 ATTEST:
	 		 	AKRION, INC.
					
	 By:
	 	 /s/ W. James Whittle
	 		 	By:	 	 /s/ James S. Molinaro

	 Name:
	 	W. James Whittle	 		 	Name:	 	James S. Molinaro
	 Title:
	 	Chief Financial Officer	 		 	Title:	 	Chief Executive Officer

  

 - A5 -

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