Document:

Exhibit
10.22

    IEC
ELECTRONICS CORP.

    BOARD OF
DIRECTORS DEFERRED COMPENSATION PLAN

    

    1.
PURPOSE OF THE PLAN. The purpose of the IEC Electronics Corp. Board of Directors
Deferred Compensation Plan (the “Plan”) is to facilitate the recruitment and
retention of qualified individuals to serve as members of the Board of Directors
of IEC Electronics Corp. (the “Company”) by providing nonemployee directors of
the Company the opportunity to defer all or a portion of their cash
compensation.

    

    2.
DEFINITIONS.

    

    2.1. “Annual Deferred Compensation
Agreement” means a written agreement between a Participant and the Company in
substantially the form set forth in Appendix A, whereby a Participant
agrees to defer a portion of his or her Compensation.

    

    2.2. “Change in Control” means a change
in the ownership or effective control of the Company, or in the ownership of a
substantial portion of the assets of the Company, all as defined under Section
409A(a)(2)(A)(v) of the Code and any regulations or other guidance issued
thereunder.

    

    2.3. “Code” means the Internal Revenue
Code of 1986, as amended.

    

    2.4. “Committee” means the Compensation
Committee of the Company’s Board of Directors, or any successor to the
Committee.

    

    2.5. “Compensation” means a
Participant’s fees, payable in cash, for services rendered by a Participant as a
Director of the Company. Compensation shall not include any amounts paid by the
Company to a Participant that are not strictly in consideration for personal
services, such as expense reimbursements.

    

    2.6. “Deferred Account” means the
record maintained by the Company for each Participant of the cumulative amount
of Compensation deferred pursuant to this Plan.

    

    2.7. “Director” means an individual who
is not an employee of the Company and who is a member of the Company’s Board of
Directors.

    

    2.8. “Participant” means a Director who
has entered into a written Annual Deferred Compensation Agreement with the
Company in accordance with the provisions of the Plan.

    

    2.9. “Termination” means the
Participant’s ceasing to be a Director of the Company for any reason whatsoever,
whether voluntarily or involuntarily, including by reason of retirement,
resignation, removal or death. Notwithstanding the preceding sentence, the date
on which a Participant ceases to be a Director of the Company shall be deemed to
have not occurred for purposes of this Plan unless such cessation constitutes a
“separation from service” within the meaning of Section 409A(a)(2)(A)(i) of
the Code and any regulations or other guidance issued thereunder.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    3.
ADMINISTRATION AND INTERPRETATION. The Committee shall have final discretion,
responsibility, and authority to administer and interpret the Plan. This
includes the discretion and authority to determine all questions of fact,
eligibility, or benefits relating to the Plan. The Committee may also adopt any
rules it deems necessary to administer the Plan. The Committee’s
responsibilities for administration of the Plan may be exercised by Company
employees who have been assigned those responsibilities by the Committee. Any
Company employee exercising responsibilities relating to the Plan in accordance
with this section shall be deemed to have been delegated the discretionary
authority vested in the Committee with respect to those responsibilities, unless
limited in writing by the Committee. Any interpretation of the Plan by the
Committee shall be final and binding on the Participants.

    

    4.
PARTICIPANT DEFERRAL AND DISTRIBUTION ELECTIONS; TIME AND AMOUNT OF
ELECTION.

    

    A Director who wishes to participate in
the Plan must execute an Annual Deferred Compensation Agreement either
(a) for newly eligible individuals, within 30 days after first
becoming eligible to participate in the Plan (to defer Compensation earned for
the remainder of that calendar year), or (b) for incumbent directors, prior
to January 1 of any calendar year for which the Annual Deferred Compensation
Agreement is to be effective. The amount of Compensation to be deferred for that
calendar year will be specified in the appropriate Annual Deferred Compensation
Agreement, which shall be irrevocable. An Annual Deferred Compensation Agreement
that is timely delivered to the Company shall be effective with respect to
Compensation earned in all calendar years following the year in which the Annual
Deferred Compensation Agreement is delivered to the Company, unless such
agreement is revoked or modified (which revocation or modification shall be
effective on the first day of the calendar year following the year in which such
revocation or modification is delivered to the Company) or until terminated
automatically upon either the termination of the Plan or the Participant’s
Termination.

    

    5.
DEFERRED ACCOUNTS

    

    For each Participant there shall be
established a Deferred Account.  The maintenance of individual
Deferred Accounts is for bookkeeping purposes only.  The Company is
not obligated to make actual contributions to fund this Plan or to acquire or
set aside any particular assets for the discharge of its obligations, nor is any
Participant to have any property rights in any particular assets held by the
Company, whether or not held for the purpose of funding the Company's
obligations hereunder.

    

    5.1. CREDITING CASH TO A DEFERRED
ACCOUNT.  If a Participant defers receipt of any portion of
compensation by having an amount credited to a Deferred Account, then on each
date that payment would have been made in cash, the Company will credit to the
Deferred Account an amount equal to the dollar amount of the compensation
deferred.

     

    
      
        
        

      

      
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    5.2. INTEREST.  On the last
day of each fiscal quarter, the Company will also credit the Deferred Account
with interest, calculated at the Interest Rate, on the aggregate amount credited
to the Deferred Account.  For purposes of the Plan, "Interest Rate"
means the quarterly rate at which interest is deemed to accrue on the amounts
credited in a Deferred Account for a Participant.  The quarterly rate
shall be the average interest rate paid by the Company during the quarter to its
senior lender.  If the Company has no senior lender, the quarterly
rate shall be based upon the rate of interest announced by Manufacturers and
Traders Trust Company from time to time at its Rochester, New York office as its
prime commercial lending rate (the "Prime Rate") and shall be the Prime Rate in
effect as of the last day of the fiscal quarter.

    

    5.3. VESTING.  All amounts
credited to a Deferred Account shall be fully vested at all times.

    

    6.
DISTRIBUTIONS.

    

    6.1. DISTRIBUTIONS IN GENERAL. The
Company shall distribute Participants’ Deferred Accounts as elected by each
Participant in the applicable Annual Deferred Compensation Agreement, except as
otherwise provided in this Section 6. Notwithstanding any provision in this Plan
to the contrary, the Committee shall disregard any election by a Participant to
the extent such election would result in an “acceleration of benefits” or a
“change in time or form of distribution” within the meaning of Section 409A of
the Code and any regulations or other guidance issued thereunder.

    

    6.2. UPON CHANGE IN CONTROL. No later
than 10 days following a Change in Control, a Participant’s Deferred
Account, whether or not in payment pursuant to Sections 6.3 or 6.4 below, shall
be due and payable and shall be distributed to the appropriate Participant, or
his or her beneficiary designated in accordance with Section 6.4 below, in a
single lump-sum payment.

    

    6.3. PLAN BENEFITS UPON TERMINATION.
Upon Termination, payments of a Participant’s Deferred Account shall commence on
the date and shall be made in the manner elected by the Participant in the
applicable Annual Deferred Compensation Agreement. Unpaid balances under the
installment election continue to earn interest at the applicable rate set forth
in Section 4.2 above. If there is no effective distribution election in place
for a Participant as of the date of his or her Termination, his or her Deferred
Account shall be paid out in quarterly installments over ten years beginning
January 1 of the year following Termination. Notwithstanding anything in this
Section 6.3 to the contrary, if the Participant is a “specified employee” within
the meaning of Section 409A(a)(2)(B)(i) of the Code and any regulations or other
guidance issued  thereunder, the payments under this Section 6.3 shall
not commence before the date which is 6 months after the date of such
Participant’s separation from service (or, if earlier, the date of death of the
Participant).

     

    
      
        
        

      

      
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    6.4. DISTRIBUTIONS FOLLOWING
PARTICIPANT DEATH; DESIGNATION OF BENEFICIARY. The Company shall make all
payments to the Participant, if living. A Participant shall designate a
beneficiary in his or her Annual Deferred Compensation Agreement. If a
Participant dies either before benefit payments have commenced under this Plan
or after his or her benefits have commenced but before his or her entire
Deferred Account has been distributed, his or her designated beneficiary shall
receive any benefit payments in accordance with the elections made by the
Director in Sections 2 and 3 of the Annual Deferred Compensation Agreement and
this Plan. If no designation is in effect when any benefits payable under this
Plan become due, the beneficiary shall be the spouse of the Participant, or if
no spouse is then living, the Participant’s estate.

    

    7.
MISCELLANEOUS.

    

    7.1. ASSIGNABILITY. A Participant’s
rights and interests under the Plan may not be assigned or transferred except,
in the event of the Participant’s death, as described in Section
6.4.

    

    7.2. TAXES. The Company shall deduct
from all payments made under this Plan all applicable federal, state or local
taxes required by law to be withheld.

    

    7.3. CONSTRUCTION. To the extent not
preempted by federal law, the Plan shall be construed according to the laws of
the state of New York without regard to conflict of law rules. Notwithstanding
any other provision herein, this Plan shall be construed, administered, and
governed in a manner that is consistent with, and that satisfies the
requirements of, Section 409A of the Code and any regulations or other guidance
issued thereunder, so that taxation of a Participant is deferred under this Plan
until distribution as provided hereunder. Any provision that would cause the
Plan to fail to satisfy the requirements of Section 409A of the Code and any
regulations or other guidance issued thereunder shall have no force and effect
until amended to comply with such requirements (which amendment may be
retroactive to the extent permitted by Section 409A of the Code and may be made
by the Company’s Board of Directors (or any committee thereof) without the
consent of the Participants).

    

    7.4. FORM OF COMMUNICATION. Any
election, application, notice or other communication required or permitted to be
made by a Participant to the Committee or the Company shall be made in writing
and in such form as the Company may prescribe. Such communication shall be
effective upon receipt by the Company’s Chief Financial Officer.

    

    8.
AMENDMENT AND TERMINATION. Subject to Section 7.3 hereof, the Company, acting
through its Board of Directors, or any committee of the Board of Directors, may,
at its sole discretion, amend or terminate the Plan at any time, provided that
the amendment or termination shall not adversely affect the vested or accrued
rights or benefits of any Participant without the Participant’s prior consent.
Moreover, no such amendment or termination shall be effective to the extent such
action would result in an “acceleration of benefits” or a “change in time or
form of distribution” within the meaning of Section 409A of the Code and any
regulations or other guidance issued thereunder.

     

    
      
        
        

      

      
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    9.
UNSECURED GENERAL CREDITOR. The Company’s obligation under the Plan shall be an
unfunded and unsecured promise of the Company to pay money in the future. The
Plan does not grant Participants and their beneficiaries, heirs, successors, and
assigns any legal or equitable right, interest, or claim in any property or
assets of the Company. The assets of the Company shall not be held under any
trust for the benefit of Participants, their beneficiaries, heirs, successors,
or assigns, or held in any way as collateral security for the fulfilling of the
obligations of the Company under this Plan. Any and all Company assets shall be,
and remain, the general, unpledged, unrestricted assets of the
Company.

    

    10.
LAWSUITS, JURISDICTION, AND VENUE. Any lawsuit claiming entitlement to benefits
under this Plan must be initiated no later than one year after the event(s)
giving rise to the claim occurred. Any legal action involving benefits claimed
or legal obligations relating to or arising under this Plan may be filed only in
Federal District Court in the city of Rochester, New York. Federal law shall be
applied in the interpretation and application of this Plan and the resolution of
any legal action. To the extent not preempted by federal law, the laws of the
state of New York shall apply, without regard to principles of conflict of
laws.

    
      
         

      

      
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    APPENDIX
A

    

    Form of
Annual Deferred Compensation Agreement

    

    ANNUAL
DEFERRED COMPENSATION AGREEMENT

    

    THIS AGREEMENT dated
_____________________, is between IEC ELECTRONICS CORP. (“the Company”) and
_________________ (the “Director”). The Company designates the Director as a
Participant in the Company’s Board of Directors Deferred Compensation Plan (the
“Plan”), which is incorporated into this Agreement.

    

    The
Company and the Director agree as follows:

    

    For the
calendar year commencing _________________ and until revoked or modified in
accordance with the terms of the Plan, the Director irrevocably elects as
follows:

    

    1. The
Director elects to defer receipt of:

    
      
        
          
            
              	 
      	 
      	 
      	 
      
	 
      	 
      	
                      A.

                    	
                      $     
      Dollars; or

                    
	 
      	 
      	 
      	 
      
	 
      	 
      	
                      B.

                    	
                           
      percent of Compensation

                    
	 
      	 
      	 
      	 
      
	
                      The
      Company believes, but does not guarantee, that a deferral election made in
      accordance with the terms of the Plan is effective to defer the receipt of
      taxable income. The Director has been advised to consult with his or her
      attorney or accountant familiar with the federal and state tax laws
      regarding the tax implications of this Deferred Compensation Agreement and
      the Plan.

                    

            

          

        

      

    

    

    2. The
Director elects the following form of payment of his or her Deferred Account
(choose number of years):

    
      
        
          	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                  Quarterly
      installment payments (estimated to be level payments) over a period of
           
      years (not to exceed 10 years), payable on the first day of the month
      beginning the calendar quarter immediately following the distribution
      beginning date as set forth below, and continuing on the first day of the
      month beginning each subsequent calendar quarter until paid in
      full.

                

        

      

    

    

    
      
         

      

      
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    3. The
Director elects the following Deferred Account distribution beginning date
(choose one):

    
      
        
          	 
      	 
      	 
      	 
      	 
      
	
                     

                	 
      	
                  A.

                	 
      	
                  Date
      of Termination.

                
	
                     

                	 
      	
                  B.

                	 
      	
                  First
      anniversary of the date of Termination.

                
	
                     

                	 
      	
                  C.

                	 
      	
                  Second
      anniversary of the date of Termination.

                
	
                     

                	 
      	
                  D.

                	 
      	
                  The
      later of age      
      or Termination.

                

        

      

    

    

    4.
Following the death of a Director, the Company will pay the Director's
designated beneficiary the Deferred Account balance in the manner set forth in
Section 6.4 of the Plan.

    

    5. The
Director’s designated beneficiary is                               .

    

        Address
of designated beneficiary __________________________________

                                                               
__________________________________

    

         IN
WITNESS WHEREOF, the parties have entered into this Agreement on the day first
written above.

    

    IEC
ELECTRONICS CORP.

    By ____________________________________

    

    

    DIRECTOR

    _______________________________________

    
      
         

      

      
        7[INSERT
CANADIAN LEGEND FOR CANADIAN PURCHASERS.] [UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY] BEFORE THE
DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF (i) NOVEMBER 12, 2009, AND
(ii) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR
TERRITORY.]

     

    THIS
SECURITY AND THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE NOT BEEN
REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND
APPLICABLE STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH
SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.  THIS SECURITY AND THE
SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES,
PROVIDED, HOWEVER, ANY TRANSFER OF THE SECURITIES RESULTING FROM SUCH PLEDGE
MUST COMPLY WITH THE FOREGOING.

     

    COMMON
STOCK PURCHASE WARRANT

     

    SEARCHLIGHT
MINERALS CORP.

     

    Warrant
Shares:
____                                                                           Issue
Date:  November 12, 2009

    

    THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies
that, for value received, _____________ (the “Holder”) is entitled,
upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or prior to the close of business on
November 12, 2012 (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Searchlight Minerals
Corp., a Nevada corporation (the “Company”), up to
______ shares (the “Warrant Shares”) of
common stock, par value $0.001 per share of the Company (“Common
Stock”).  The purchase price of one share of Common Stock under
this Warrant shall be equal to the Exercise Price, as defined in Section
2(b).

     

    
      	
              Section
      1.

            	
              Definitions.  Capitalized
      terms used and not otherwise defined herein shall have the meanings set
      forth in that certain Securities Purchase Agreement (the “Purchase
      Agreement”), dated November 12, 2009, among the Company and the
      purchasers signatory thereto.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              Section
      2.

            	
              Exercise.

            

    

     

    (a)           Exercise of
Warrant.  Exercise of the purchase rights represented by this
Warrant may be made, in whole or in part, at any time or times on or before the
Termination Date by delivery to the Company of a duly executed facsimile copy of
the Notice of Exercise Form annexed hereto (or such other office or agency of
the Company as it may designate by notice in writing to the registered Holder at
the address of such Holder appearing on the books of the Company); and, within
three (3) Trading Days of the date said Notice of Exercise is delivered to the
Company, the Company shall have received  payment of the aggregate
Exercise Price of the shares thereby purchased by wire transfer or cashier’s
check drawn on a United States bank.  Notwithstanding anything herein
to the contrary, the Holder shall not be required to physically surrender this
Warrant to the Company until the Holder has purchased all of the Warrant Shares
available hereunder and the Warrant has been exercised in full, in which case,
the Holder shall surrender this Warrant to the Company for cancellation within
three (3) Trading Days of the date the final Notice of Exercise is delivered to
the Company.  Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant Shares available hereunder shall
have the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares
purchased.  The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such
purchases.  The Company shall deliver any objection to any Notice of
Exercise Form within one (1) Business Day of receipt of such
notice.  The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph,
following the purchase of a portion of the Warrant Shares hereunder, the number
of Warrant Shares available for purchase hereunder at any given time may be less
than the amount stated on the face hereof.

     

    (b)           Exercise
Price.  The exercise price per share of Common Stock under this
Warrant shall be $1.85, subject to adjustment hereunder (the “Exercise
Price”).

     

    (c)           Cashless
Exercise.  If at any time after one year from the Closing there
is no effective Registration Statement registering, or no current prospectus
available for, the resale of the Warrant Shares by the Holder, then this Warrant
may also be exercised at such time by means of a “cashless exercise” in which
the Holder shall be entitled to receive a certificate for the number of Warrant
Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A),
where:

     

    (A) = the
VWAP on the Trading Day immediately preceding the date of such
election;

     

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

     

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

    
      
         

      

      
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    (d)          Mechanics of
Exercise.

     

    (i)           Delivery of Certificates
Upon Exercise.  Certificates for shares of Common Stock
purchased hereunder shall be transmitted by the transfer agent of the Company to
the Holder by crediting the account of the Holder’s prime broker with the
Depository Trust Company through its Deposit Withdrawal Agent Commission (“DWAC”) system if the
Company is a participant in such system and there is an effective Registration
Statement permitting the resale of the Warrant Shares by the Holder, and
otherwise by physical delivery to the address specified by the Holder in the
Notice of Exercise within three (3) Trading Days from the delivery to the
Company of the Notice of Exercise Form, surrender of this Warrant (if required)
and payment of the aggregate Exercise Price as set forth above (“Warrant Share Delivery
Date”).  This Warrant shall be deemed to have been exercised on
the date the Exercise Price is received by the Company.  The Warrant
Shares shall be deemed to have been issued, and Holder or any other person so
designated to be named therein shall be deemed to have become a holder of record
of such shares for all purposes, as of the date the Warrant has been exercised
by payment to the Company of the Exercise Price (or by cashless exercise, if
permitted) and all taxes required to be paid by the Holder, if any, pursuant to
Section
2(d)(vi)2(d)(vi) prior to the issuance of such shares, have been paid. If
the Company fails for any reason to deliver to the Holder certificates
evidencing the Warrant Shares subject to a Notice of Exercise by the Second
Trading Day following the Warrant Share Delivery Date, the Company shall pay to
such Holder, in cash, as liquidated damages and not as a penalty, for each
$1,000 of Warrant Shares subject to such exercise (based on the VWAP of the
shares of Common Stock on the date of the applicable Notice of Exercise), $10
per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day
after such liquidated damages begin to accrue) for each Trading Day after such
Warrant Share Delivery Date until such certificates are delivered.

     

    (ii)          Delivery of New Warrants
Upon Exercise.  If this Warrant shall have been exercised in
part, the Company shall, at the request of a Holder and upon surrender of this
Warrant certificate, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to Holder a new Warrant evidencing the
rights of Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this
Warrant.

     

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

    
      
         

      

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

     

    (v)         No Fractional Shares or
Scrip.  No fractional shares or scrip representing fractional
shares shall be issued upon the exercise of this Warrant.  As to any
fraction of a share of Common Stock which Holder would otherwise be entitled to
purchase upon such exercise, the Company shall at its election, either pay a
cash adjustment in respect of such final fraction in an amount equal to such
fraction multiplied by the Exercise Price or round up to the next whole
share.

    
      
         

      

      
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    (vi)         Charges, Taxes and
Expenses.  Issuance of certificates for Warrant Shares shall be
made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such certificate, all of which
taxes and expenses shall be paid by the Company, and such certificates shall be
issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the event certificates for Warrant Shares
are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached
hereto duly executed by the Holder; and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax
incidental thereto.

     

    (vii)        Closing of
Books.  The Company will not close its stockholder books or
records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

     

    
      	
              Section
      3.

            	
              Certain
      Adjustments.

            

    

     

    (a)           Stock Dividends and
Splits. If the Company, at any time while this Warrant is outstanding:
(A) pays a stock dividend or otherwise make a distribution or distributions on
shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not
include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (B) subdivides outstanding shares of Common Stock into a larger number
of shares, (C) combines (including by way of reverse stock split) outstanding
shares of Common Stock into a smaller number of shares, or (D) issues by
reclassification of shares of the Common Stock any shares of capital stock of
the Company, then in each case the Exercise Price shall be multiplied by a
fraction of which the numerator shall be the number of shares of Common Stock
(excluding treasury stock, if any) outstanding immediately before such event and
of which the denominator shall be the number of shares of Common Stock
outstanding immediately after such event and the number of shares of Common
Stock issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain
unchanged.  Any adjustment made pursuant to this Section 3(a) shall
become effective immediately after the record date for the determination of
stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision,
combination or re-classification.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

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

     

    (c)          Pro Rata
Distributions.  If the Company, at any time while this Warrant
is outstanding, shall distribute to all holders of shares of Common Stock (and
not to Holders of the Warrants) evidences of its indebtedness or assets
(including cash and cash dividends) or rights or warrants to subscribe for or
purchase any security other than the shares of Common Stock (which shall be
subject to Section
3(b)), then in each such case the Exercise Price shall be adjusted by
multiplying the Exercise Price in effect immediately prior to the record date
fixed for determination of stockholders entitled to receive such distribution by
a fraction of which the denominator shall be the VWAP determined three Trading
Days prior to the record date mentioned above, and of which the numerator shall
be such VWAP less the then per share fair market value at such record date of
the portion of such assets or evidence of indebtedness so distributed applicable
to one outstanding share of Common Stock as determined by the Board of Directors
in good faith.  In either case the adjustments shall be described in a
statement provided to the Holder of the portion of assets or evidences of
indebtedness so distributed or such subscription rights applicable to one share
of Common Stock.  Such adjustment shall be made whenever any such
distribution is made and shall become effective immediately after the record
date mentioned above.  Notwithstanding the foregoing, no adjustments
shall be made, paid or issued under this Section 3(b) in
respect of any distributions with respect to the Company’s existing stockholder
rights plan in effect on the date of the Purchase Agreement, or as any such
stockholder rights plan shall be amended or restated from time to time
thereafter.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (d)          Fundamental
Transaction. If, at any time while this Warrant is outstanding, (A) the
Company effects any merger or consolidation of the Company with or into another
Person, (B) the Company effects any sale of all or substantially all of its
assets in one or a series of related transactions, (C) any tender offer or
exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of shares of Common Stock are permitted to tender or exchange
their stock for other securities, cash or property, or (D) the Company effects
any reclassification of the shares of Common Stock or any compulsory stock
exchange pursuant to which the shares of Common Stock are effectively converted
into or exchanged for other securities, cash or property (each “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the
Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction, the number of shares of Common Stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration (the “Alternate
Consideration”) receivable as a result of such merger, consolidation or
disposition of assets by a holder of the number of shares of Common Stock for
which this Warrant is exercisable immediately prior to such event. For purposes
of any such exercise, the determination of the Exercise Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the
Exercise Price among the Alternate Consideration in a reasonable manner
reflecting the relative value of any different components of the Alternate
Consideration.  If holders of shares of Common Stock are given any
choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction.  To the extent necessary to effectuate the
foregoing provisions, any successor to the Company or surviving entity in such
Fundamental Transaction shall issue to the Holder a new warrant consistent with
the foregoing provisions and evidencing the Holder’s right to exercise such
warrant into Alternate Consideration. The terms of any agreement pursuant to
which a Fundamental Transaction is effected shall include terms requiring any
such successor or surviving entity to comply with the provisions of this Section 3(d) and
insuring that this Warrant (or any such replacement security) will be similarly
adjusted upon any subsequent transaction analogous to a Fundamental
Transaction.  Notwithstanding anything to the contrary, in the event
of a Fundamental Transaction that is (1) an all cash transaction, (2) a “Rule
13e-3 transaction” as defined in Rule 13e-3 under the Securities Exchange Act of
1934, as amended, or (3) a Fundamental Transaction involving a person or entity
not traded on a national securities exchange, the Nasdaq Global Select Market,
the Nasdaq Global Market, or the Nasdaq Capital Market, the Company or any
successor entity shall pay at the Holder’s option, exercisable at any time
concurrently with or within 30 days after the consummation of the Fundamental
Transaction, an amount of cash equal to the value of this Warrant as determined
in accordance with the Black-Scholes option pricing formula using an expected
volatility equal to the 100 day historical price volatility obtained from the
HVT function on Bloomberg L.P. as of the trading day immediately prior to the
public announcement of the Fundamental Transaction.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (e)       
  Calculations. All
calculations under this Section 3 shall be
made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number
of shares of Common Stock deemed to be issued and outstanding as of a given date
shall be the sum of the number of shares of Common Stock (excluding treasury
stock, if any) issued and outstanding.

     

    (f)        
   Notice to
Holder.

     

    (i)           Adjustment to Exercise
Price. Whenever the Exercise Price is adjusted pursuant to any provision
of this Section
3, the Company shall promptly mail to the Holder a notice setting forth
the Exercise Price after such adjustment and setting forth a brief statement of
the facts requiring such adjustment.

     

    (ii)          Notice to Allow Exercise by
Holder. If (A) the Company shall declare a dividend (or any other
distribution in whatever form) on the shares of Common Stock; (B) the Company
shall declare a special nonrecurring cash dividend on or a redemption of the
shares of Common Stock; (C) the Company shall authorize the granting to all
holders of  shares of Common Stock rights or warrants to subscribe for
or purchase any shares of capital stock of any class or of any rights; (D) the
approval of any stockholders of the Company shall be required in connection with
any reclassification of the shares of Common Stock, any consolidation or merger
to which the Company is a party, any sale or transfer of all or substantially
all of the assets of the Company, of any compulsory stock exchange whereby the
shares of Common Stock are converted into other securities, cash or property;
(E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company; then, in each case, the
Company shall cause to be mailed to the Holder at its last address as it shall
appear upon the Warrant Register of the Company, at least 20 calendar days prior
to the applicable record or effective date hereinafter specified, a notice
stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of the shares of Common Stock of
record to be entitled to such dividend, distributions, redemption, rights or
warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or stock exchange is expected to become
effective or close, and the date as of which it is expected that holders of the
shares 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, sale, transfer or stock exchange;
provided that the failure to mail such notice or any defect therein or in the
mailing thereof shall not affect the validity of the corporate action required
to be specified in such notice.  The Holder is entitled to exercise
this Warrant during the period commencing on the date of such notice to the
effective date of the event triggering such notice.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
      	
              Section
      4.

            	
              Transfer of
      Warrant.

            

    

     

    (a)           Transferability.  Subject
to compliance with any applicable securities laws and the conditions set forth
in Section 4(d)
hereof and to the provisions of Section 4.1 of the Purchase Agreement, this
Warrant and all rights hereunder (including, without limitation, any
registration rights) are transferable, in whole or in part, upon surrender of
this Warrant at the principal office of the Company or its designated agent,
together with a written assignment of this Warrant substantially in the form
attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such
transfer.  Upon such surrender and, if required, such payment, the
Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees and in the denomination or denominations specified in such
instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall
promptly be cancelled.  A Warrant, if properly assigned, may be
exercised by a new holder for the purchase of Warrant Shares without having a
new Warrant issued.

     

    (b)           New Warrants. This
Warrant may be divided or combined with other Warrants upon presentation hereof
at the aforesaid office of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney.  Subject to compliance
with Section
4(a), as to any transfer which may be involved in such division or
combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice.

     

    (c)           Warrant Register. The
Company shall register this Warrant, upon records to be maintained by the
Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time.  The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the
contrary.

     

    (d)           Transfer
Restrictions. If, at the time of the surrender of this Warrant in
connection with any transfer of this Warrant, the transfer of this Warrant shall
not be registered pursuant to an effective registration statement under the
Securities Act and under applicable state securities or blue sky laws, the
Company may require, as a condition of allowing such transfer, that the Holder
or transferee of this Warrant, as the case may be, comply with the provisions of
Section 5.7 of the Purchase Agreement.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    
      	
              Section
      5.

            	
              Miscellaneous.

            

    

     

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

     

    (b)           Loss, Theft, Destruction or
Mutilation of Warrant. The Company covenants that upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it (which, in the case of the Warrant, shall
not include the posting of any bond), and upon surrender and cancellation of
such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

     

    (c)           Saturdays, Sundays,
Holidays, etc.  If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall not
be a Business Day, then such action may be taken or such right may be exercised
on the next succeeding Business Day.

     

    (d)           Authorized
Shares.  The Company covenants that during the period the
Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares of Common Stock to provide for the issuance
of the Warrant Shares upon the exercise of any purchase rights under this
Warrant.  The Company further covenants that its issuance of this
Warrant shall constitute full authority to its officers who are charged with the
duty of executing stock certificates to execute and issue the necessary
certificates for the Warrant Shares upon the exercise of the purchase rights
under this Warrant.  The Company will take all such reasonable action
as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any
requirements of the OTCBB or any other the Trading Market upon which the Common
Stock may be listed or quoted.  The Company covenants that all Warrant
Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this
Warrant, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges created by the Company in respect of the
issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    Except
and to the extent as waived or consented to by the Holder, the Company shall not
by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of Holder as set forth in this Warrant against
impairment.  Without limiting the generality of the foregoing, the
Company will (a) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in
par value, (b) take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable
Warrant Shares upon the exercise of this Warrant, and (c) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof as may be necessary
to enable the Company to perform its obligations under this
Warrant.

     

    Before
taking any action which would result in an adjustment in the number of Warrant
Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents
thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.

     

    (e)           Jurisdiction. All
questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be determined in accordance with the provisions of the
Purchase Agreement.

     

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

     

    (g)           Nonwaiver and
Expenses.  No course of dealing or any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice Holder’s rights, powers or remedies,
notwithstanding the fact that all rights hereunder terminate on the Termination
Date.  If the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder,
the Company shall pay to Holder such amounts as shall be sufficient to cover any
costs and expenses including, but not limited to, reasonable attorneys’ fees,
including those of appellate proceedings, incurred by Holder in collecting any
amounts due pursuant hereto or in otherwise enforcing any of its rights, powers
or remedies hereunder.

     

    (h)           Notices.  Any
notice, request or other document required or permitted to be given or delivered
to the Holder by the Company shall be delivered in accordance with the notice
provisions of the Purchase Agreement.

     

    (i)      
     Limitation of
Liability.  No provision hereof, in the absence of any
affirmative action by Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of Holder, shall
give rise to any liability of Holder for the purchase price of any shares of
Common Stock or as a stockholder of the Company, whether such liability is
asserted by the Company or by creditors of the Company.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (j)           
Remedies.  Holder,
in addition to being entitled to exercise all rights granted by law, including
recovery of damages, will be entitled to specific performance of its rights
under this Warrant.  The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it
of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be
adequate.

     

    (k)        
  Successors
and Assigns.  Subject to applicable securities laws, this
Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors of the Company and the successors
and permitted assigns of Holder.  The provisions of this Warrant are
intended to be for the benefit of all Holders from time to time of this Warrant
and shall be enforceable by any such Holder.

     

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

     

    (m)           Severability.  Wherever
possible, each provision of this Warrant shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of
this Warrant.

     

    (n)           Headings.  The
headings used in this Warrant are for the convenience of reference only and
shall not, for any purpose, be deemed a part of this Warrant.

     

    (o)           Construction.  The
Holder and the Company agree that each of them and/or their respective counsel
has reviewed and had an opportunity to revise the Transaction Documents and,
therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall not be employed in the
interpretation of the Transaction Documents or any amendments
hereto.

     

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

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
officer thereunto duly authorized as of the date first above
indicated.

     

    
      
        
          	 
      	
                  SEARCHLIGHT
      MINERALS CORP.

                
	 
      	 
      
	 
      	
                  By:

                	 
      
	 
      	 
      	
                  Name:

                
	 
      	 
      	
                  Title:

                

        

      

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    NOTICE OF
EXERCISE

     

    TO:          SEARCHLIGHT
MINERALS CORP.

     

    (1)           The
undersigned hereby elects to purchase ________ Warrant Shares of the Company
pursuant to the terms of the attached Warrant (only if exercised in full), and
tenders herewith payment of the exercise price in full, together with all
applicable transfer taxes, if any.

     

    (2)           Payment
shall take the form of (check applicable box):

     

    
      	
               
      

            	
               ̈

            	
              in
      lawful money of the United States;
or

            

    

     

    
      	
               
      

            	
               ̈

            	
              the
      cancellation of such number of Warrant Shares as is necessary, in
      accordance with the formula set forth in subsection 2(c),
      to exercise this Warrant with respect to the maximum number of Warrant
      Shares purchasable pursuant to the cashless exercise procedure set forth
      in subsection 2(c).

            

    

     

    (3)           Please
issue a certificate or certificates representing said Warrant Shares in the name
of the undersigned or in such other name as is specified below:

     

    _____________________________________________

     

    _____________________________________________

     

    _____________________________________________

    

     

    The
Warrant Shares shall be delivered to the following DWAC Account Number or by
physical delivery of a certificate to:

    
       

      _____________________________________________

       

      _____________________________________________

       

      _____________________________________________

    

     

    (4)           Accredited
Investor.  The undersigned is an “accredited investor” as
defined in Rule 501(a) of Regulation D promulgated under the United States
Securities Act of 1933, as amended (the “Securities
Act”).

     

    (5)           Unless
otherwise permitted under the Securities Purchase Agreement dated ________ ___,
2009 by and among the Company and the investors signatory thereto, the
certificates representing these securities will bear a legend restricting
transfer under the Securities Act and applicable state securities laws unless an
exemption from such registration requirements is available.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    [SIGNATURE
OF HOLDER]

     

    Name of
Investing
Entity: _______________________________________________________________________

     

    Signature of Authorized Signatory of
Investing Entity:
_________________________________________________

     

    Name of
Authorized Signatory:
___________________________________________________________________

     

    Title of
Authorized Signatory:
____________________________________________________________________

     

    Date:
_______________________________________________________________________________________

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    ASSIGNMENT
FORM

    (To
assign the foregoing warrant, execute

    this form
and supply required information.

    Do not
use this form to exercise the warrant.)

     

    FOR VALUE
RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all
rights evidenced thereby are hereby assigned to

     

    _______________________________________________
whose address is

     

    _______________________________________________________________.

     

    _______________________________________________________________

     

    Dated:  ______________,
_______

     

    Holder’s
Signature:  _______________________________

    Holder’s
Address:      ______________________________

     

    Signature
Guaranteed:  ___________________________________________

     

    NOTE:  The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Warrant, without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank or trust
company.  Officers of corporations and those acting in a fiduciary or
other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.

     

    
      
        
        

      

      
        16

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