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EXHIBIT 4.3    
    

 
  PLACEMENT AGENT WARRANT AGREEMENT    

        This
PLACEMENT AGENT WARRANT AGREEMENT (this "Warrant Agreement" or "Agreement"), dated as of September 19, 2003, is between GrayMark Productions, Inc. (the "Company") and
Viewtrade Financial, Inc. (the "Placement Agent") (the Company and Placement Agent are sometimes referred to as "parties" collectively and as "party" individually). 

W I T N E S S E T H:  

        WHEREAS, the Placement Agent has agreed, pursuant to the Placement Agent Agreement dated as August 11, 2003 (the "Placement Agent Agreement"), between the
Company and the Placement Agent, to act as the agent in connection with placement of the Company's private placement offering of 4,000,000 shares of the Company's Common Stock and 4,000,000 of the
Company's Redeemable Warrants in units consisting of one Common Stock share and one Redeemable Warrant (the "Unit" or collectively the "Units") at $1.00 per unit (the "Private Offering"); and 

        WHEREAS,
the Company proposes to issue to the Placement Agent and/or persons related to the Placement Agent as those persons are defined in Rule 2710 of the NASD Conduct Rules
(the "Holder"), warrants ("Placement Agent Warrants") to purchase 15 percent of the shares of the Company's Common Stock (the "Shares") sold as a portion of the Units. The "Placement Agent
Warrants" are also referred to as the "Warrants" and the "Shares" are also referred to as the "Warrant Securities"; and 

        WHEREAS,
the Warrants to be issued pursuant to this Agreement will be issued upon completion of the Offering by the Company to the Holders in consideration for, and as part of the
compensation in connection with, the Placement Agent acting as placement agent pursuant to the Placement Agent Agreement. 

        NOW,
THEREFORE, in consideration of the premises, the payment to the Company of TEN DOLLARS AND NO CENTS ($10.00), the agreements herein set forth and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

        1.    Grant and Period.    

        The
above recitals are true and correct. This Agreement, relating to the purchase of the Warrants, is entered into pursuant to the Placement Agent Agreement between the Company and the
Placement Agent in connection with the Private Offering. 

        Pursuant
to the Warrants, the Holders are hereby granted the right to purchase from the Company, at any time during the period commencing on the date of completion of the Offering (the
"Offering Completion Date") and expiring on October 30, 2008 (the "Expiration Time"), the Shares at an initial exercise price (subject to adjustment as provided in Article 8 hereof) of
$1.10 per share (the "Exercise Price" or "Purchase Price"), subject to the terms and conditions of this Agreement. 

        Except
as specifically otherwise provided herein, the Shares constituting the Warrant Securities shall bear the same terms and conditions as such securities described under the caption
"Description of Securities" in the Private Placement Memorandum dated September 19, 2003, and as designated in the Company's Certificate of Incorporation and any amendments thereto, and the
Holders shall have registration rights under the Securities Act of 1933, as amended (the "Act"), for the Warrants and the Shares, as more fully described in Section 7 of this Agreement. 

        2.    Warrant Certificates.    

        The
warrant certificates (the "Warrant Certificate") delivered and to be delivered pursuant to this Agreement shall be in the form set forth in the form of Warrant Certificate, attached
hereto and made 

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a
part hereof, with such appropriate insertions, omissions, substitutions, and other variations as required or permitted by this Agreement. 

        3.    Exercise of Warrant.    

        3.1    Full Exercise.    

	(i)
	The
Holder may effect a cash exercise of the Placement Agent Warrants by surrendering to the Company the Warrant Certificate, together with a Subscription in the form of
Exhibit "A" attached to the Warrant Certificate, duly executed by such Holder, at any time prior to the Expiration Time, at the Company's principal office, accompanied by payment in cash or by
certified or official bank check payable to the order of the Company in the amount of the aggregate purchase price (the "Aggregate Price"), subject to any adjustments provided for in this Agreement.
The aggregate price hereunder for each Holder shall be equal to the exercise price as set forth in Section 6 of this Agreement multiplied by the number of Shares that are the subject of each
Holder's Warrant (as adjusted as hereinafter provided).

	(ii)
	The
Holder may effect a cashless exercise of the Placement Agent Warrants by delivering the Warrant Certificate to the Company together with a Subscription in the form
of Exhibit "B" attached to the Warrant Certificate, duly executed by the Holder, in which case no payment of cash will be required. Upon such cashless exercise, the number of Shares to be purchased by
each Holder hereof shall be determined by dividing: (i) the number obtained by multiplying the number of Shares that are the subject of each Holder's Warrant Certificate by the amount, if any,
that the Market Value (as hereinafter defined) at the time of exercise exceeds the Purchase Price; by (ii) the then per share Market Value or Purchase Price, whichever is greater. In no event
shall the Company be obligated to issue any fractional securities and, at the time it causes a certificate or certificates to be issued, it shall pay the Holder in lieu of any fractional securities or
shares to which such Holder would otherwise be entitled, by the Company check, in an amount equal to such fraction multiplied by the Market Value. The Market Value shall be determined on a per Share
basis as of the close of the business day preceding the exercise, which determination shall be made as follows: (a) if the Common Stock is listed for trading on a national or regional stock
exchange or is included on the NASDAQ National Market or Small-Cap Market, the average closing sale price quoted on such exchange or the NASDAQ National Market or Small-Cap
Market which is published in The Wall Street Journal for the ten (10) trading days immediately preceding the date of exercise, or if no trade of
the Common Stock shall have been reported during such period, the last sale price so quoted for the next day prior thereto on which a trade in the Common Stock was so reported; or (b) if the
Common Stock is not so listed, admitted to trading or included, the average of the closing highest reported bid and lowest reported ask price as quoted on the National Association of Securities
Dealer's OTC Bulletin Board or in the "pink sheets" published by the National Daily Quotation Bureau for the first day immediately preceding the date of exercise on which the Common Stock is traded. 

        3.2    Partial Exercise.    The securities referred to in paragraph 3.1 above also may be exercised from time
to time in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 hereof, except that with respect to a cash exercise, the Purchase Price payable shall be equal to
the number of securities being purchased hereunder multiplied by the per security Purchase Price, subject to any adjustments provided for in this Agreement. Upon any such partial exercise, the
Company, at its expense, will forthwith issue to the Holder hereof a new Warrant Certificate or Warrants of like tenor calling in the aggregate for the number of securities (as constituted as of the
date hereof) for which the Warrant Certificate shall not have been exercised, issued in the name of the Holder hereof or as such Holder (upon payment by such Holder of any applicable transfer taxes)
may direct. 

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        4.    Issuance of Certificates.    

        Upon
the exercise of the Warrants, the issuance of certificates for the shares of Common Stock and/or other securities shall be made forthwith (and in any event within three
(3) business days thereafter) without charge to the Holder including, without limitation, any tax which may be payable in respect of the issuance thereof, and such certificates shall (subject
to the provisions of Sections 5 and 7 of this Agreement) be issued in the name of, or in such names as may be directed by, the Holder thereof; provided, however, that the Company shall not be required
to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such certificates in a name other than that of the Holder, and the Company shall not be
required to issue or deliver such certificates unless or until the person or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to
the satisfaction of the Company that such tax has been paid. 

        The
Warrant Certificates and the certificates representing the Common Stock Shares and/or other Warrant Securities shall be executed on behalf of the Company by the manual or facsimile
signature of the then present Chairman or Vice Chairman of the Board of Directors or Chief Executive Officer, President or Vice President of the Company, attested to by the manual or facsimile
signature of the then present Secretary or Assistant Secretary of the Company. Warrant Certificates shall be dated the date of execution by the Company upon initial issuance, division, exchange,
substitution or transfer. 

        5.    Restriction On Transfer of Warrants.    

        The
Holder of a Warrant Certificate, by acceptance thereof, covenants and agrees that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole
or in part, prior to September 19, 2004, except (a) to officers of the Placement Agent or to officers and partners of the other firms that are members of the National Association of
Securities Dealers, Inc. participating in the Private Offering; (b) by will; or (c) by operation of law. 

        6.    Exercise Price.    

        6.1    Initial and Adjusted Exercise Prices.    

        The
initial exercise price of each Common Stock Underwriter Warrant shall be $1.10 per share. The adjusted exercise price shall be the price which shall result from time to time from any
and all adjustments of the initial exercise price in accordance with the provisions of Section 8 of this Agreement. 

        6.2    Exercise Price.    

        The
term "Exercise Price" herein shall mean the initial exercise price or the adjusted exercise price, depending upon the context. 

        7.    Registration Rights.    

        7.1    Registration Under the Securities Act of 1933.    

        The
Warrants and the Warrant Securities (collectively the "Registrable Securities") have not been registered under the Securities Act of 1933, as amended (the "Act"). Upon exercise, in
part or in whole, of the Warrants, certificates representing the Shares shall bear the following legend in the event there is no current registration statement effective with the U. S. Securities and
Exchange Commission (the "Commission") at such time as to such securities: 

        The
securities represented by this certificate may not be offered or sold except pursuant to (i) an effective registration statement under the Act, (ii) to the extent
applicable, Rule 144 under the Act (or any similar rule under such Act relating to the disposition of securities), or (iii) an opinion of counsel, if such opinion shall be reasonably
satisfactory to counsel to the issuer, that an exemption from registration under such Act and applicable state securities laws is available. 

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        7.2    Piggyback Registration.    

        If,
at any time commencing after the Offering Completion Date and expiring seven (7) years thereafter, the Company prepares and files an amendment to a registration statement, or
a new registration
statement under the Act, or files a Notification on Form 1-A or otherwise registers securities under the Act, or files a similar disclosure document with the Commission
(collectively the "Registration Documents") as to any of its securities under the Act (other than under a Registration Statement pursuant to Form S-8 or
Form S-4), the Company will give written notice by registered mail, at least thirty (30) days prior to the filing of each such Registration Document, to the Placement Agent
and to all Holders of the Registrable Securities of the company's intention to do so. If anyone of the Holders of the Registrable Securities notifies the Company within twenty (20) days after
receipt of any such notice of its desire to include any such Registrable Securities in such proposed Registration Documents, the Company shall afford such Holder or Holders of such Registrable
Securities the opportunity to have any Registrable Securities registered under such Registration Documents or any other available Registration Document. 

        Notwithstanding
the provisions of this Section 7.2, the Company shall have the right at any time after it shall have given written notice pursuant to this Section 7.2
(irrespective of whether a written request for inclusion of any such securities shall have been made) to elect not to file any such proposed amendment or registration statement, or to withdraw the
same after the filing but prior to the effective date of the Registration Document. 

        7.3    Demand Registration.    

        (a)   At
any time commencing after the Offering Completion Date and expiring on October 30, 2008, the Holders of Registrable Securities representing more than 50% of
such securities at that time outstanding shall have the right (which right is in addition to the registration rights under Section 7.2 hereof), exercisable by written notice to the Company, to
have the Company prepare and file with the Commission, on one occasion, a registration statement and/or such other documents, including a prospectus, and/or any other appropriate disclosure document
as may be reasonably necessary in the opinion of both counsel for the Company and counsel for such Holders, in order to comply with the provisions of the Act, so as to permit a public offering and
sale of their respective Registrable Securities for nine (9) consecutive months (or such longer period of time as permitted by the Act) by such Holders and any other Holders of any of the
Registrable Securities who notify the Company within twenty (20) days after receipt of notice by registered or certified mail from the Company of such request. A Demand Registration shall not
be counted as a Demand Registration hereunder until such Demand Registration has been declared effective by the SEC and maintained continuously effective for a period of at least nine months or such
shorter period when all Registrable Securities included therein have been sold in accordance with such Demand Registration; provided, however, that a Demand Registration shall be counted as a Demand
Registration hereunder if the Company ceases its efforts in respect of such Demand Registration at the request of the majority Holders making the demand for a reason other than a material and adverse
change in the business, assets, prospects or condition (financial or otherwise) of the Company and its subsidiaries taken as a whole. 

        (b)   The
Company covenants and agrees to give written notice by registered or certified mail of any registration request under this Section 7.3 by the majority of the
Holders to all other registered Holders of any of the Registrable Securities within ten (10) days from the date of the receipt of any such registration request. 

        (c)   In
addition to the registration rights under Section 7.2 and subsection (a) of this Section 7.3, at any time commencing after the Offering
Completion Date and expiring on October 30, 2008, the Holders of a majority of the Registrable Securities shall have the right, exercisable by written request to the Company, to have the
Company prepare and file, on one occasion, with the Commission a registration statement or any other appropriate disclosure document so as to permit a public offering and sale for nine consecutive
months (or such longer period of time as permitted by the Act) by any 

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such
Holder of Registrable Securities; provided, however, that the provisions of Section 7.4(b) hereof shall not apply to any such registration request and registration and all costs incident
thereto shall be at the expense of the Holder or Holders participating in the offering pro-rata. 

        (d)   Any
written request by the Holders made pursuant to this Section 7.3 shall: 

        (i)    specify
the number of Registrable Securities which the Holders intend to offer and sell and the minimum price at which the Holders intend to offer and sell such
securities; 

        (ii)   state
the intention of the Holders to offer such securities for sale; 

        (iii)  describe
the intended method of distribution of such securities; and 

        (iv)  contain
an undertaking on the part of the Holders to provide all such information and materials concerning the Holders and take all such action as may be reasonably
required to permit the Company to comply with all applicable requirements of the Commission and to obtain acceleration of the effective date of the registration statement. 

        7.4    Covenants of the Company With Respect to Registration.    

        In
connection with the filing of any Registration Document by the Company, the Company covenants and agrees as follows: 

        (a)   The
Company shall use its best efforts to file a registration statement within forty-five (45) days of receipt of any demand pursuant to
Section 7.3, and shall use its best efforts to have any such registration statement declared effective at the earliest practicable time. The Company will promptly notify each seller of such
Registrable Securities and confirm such advice in writing, (i) when such registration statement becomes effective, (ii) when any post- effective amendment to such
registration statement becomes effective and (iii) of any request by the SEC for any amendment or supplement to such registration statement or any prospectus relating thereto or for additional
information. 

        The
Company shall furnish to each seller of such Registrable Securities such number of copies of such registration statement and of each such amendment and supplement thereto (in each
case including each preliminary prospectus and summary prospectus) in conformity with the requirements of the Act, and such other documents as such seller may reasonably request in order to facilitate
the disposition of the Registrable Securities by such seller. 

        (b)   The
Company shall pay all costs (excluding transfer taxes, if any, and fees and expenses of Holder(s)' counsel and the Holder's pro-rata portion of the
selling discount or commissions), fees and expenses in connection with all registration statements filed pursuant to Sections 7.2 and 7.3(a) hereof including, without limitation, the Company's legal
and accounting fees, printing expenses, blue sky fees and expenses. The Holder(s) will pay all costs, fees and expenses in connection with any registration statement filed pursuant to
Section 7.3(c). If the Company shall fail to comply with the provisions of Sections 7.3(a) and 7.4(a), the Company shall, in addition to any other equitable or other relief available to the
Holder(s), be liable for any or all special and consequential damages sustained by the Holder(s) requesting registration of their Registrable Securities. 

        (c)   The
Company shall prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be
reasonably necessary to keep such registration statement effective for at least nine months (or such longer period as permitted by the Act), and to comply with the provisions of the Act with respect
to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the seller or sellers of Registrable Securities
set forth in such registration statement. If at any time the SEC should institute or threaten to institute any proceedings for the purpose of issuing a stop order suspending the effectiveness of any
such registration statement, the Company will promptly notify each seller of such Registrable Securities and will use all reasonable 

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efforts
to prevent the issuance of any such stop order or to obtain the withdrawal thereof as soon as possible. The Company will use its good faith reasonable efforts and take all reasonably necessary
action which may be required in qualifying or registering the Registrable Securities included in a registration statement for offering and sale under the securities or blue sky laws of such states as
reasonably are required by the Holder(s), provided that the Company shall not be obligated to execute or file any general consent to service of process or to qualify as a foreign corporation to do
business under the laws of any such jurisdiction, nor shall the officers, directors and five percent (5%) or greater shareholders be required to deposit in escrow and securities of the Company owned
by them or subject such securities to any form of lockup arrangement in connection with such registration. The Company shall use its good faith reasonable efforts to cause such Registrable Securities
covered by such registration statement to be registered with or approved by such other governmental agencies or authorities of the United States or any State thereof as may be reasonably necessary to
enable the seller or sellers thereof to consummate the disposition of such Registrable Securities. 

        (d)   The
Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement and each person, if any, who controls such
Holders within the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended ("Exchange Act"), against all loss, claim, damage, expense or
liability (including all expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Act, the Exchange Act or
otherwise, arising from such registration statement. 

        (e)   If
requested by the Company prior to the filing of any registration statement covering the Registrable Securities, each of the Holder(s) of the Registrable Securities to
be sold pursuant to a registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors and each person, if any, who
controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim, damage or expense or liability (including all expenses
reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from written
information furnished by such Holder, or their successors or assigns, for specific inclusion in such registration statement. 

        (f)    Nothing
contained in this Agreement shall be construed as requiring the Holder(s) to exercise their Warrants prior to the filing of any registration statement or the
effectiveness thereof. 

        (g)   The
Company shall not permit the inclusion of any securities other than the Registrable Securities to be included in any registration statement filed pursuant to
Section 7.3 hereof without the prior written consent of the Holders of the Registrable Securities representing a majority of such securities. 

        (h)   The
Company shall furnish to each Holder participating in the offering and to each underwriter, if any, a signed counterpart, addressed to such Holder or underwriter, of
(i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date
of the closing under the underwriting agreement), and (ii) a "cold comfort" letter dated the effective date of such registration statement (and, if such registration includes an underwritten
public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent public accountants who have issued a report on the Company's financial statements
included in such registration statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such
accountants' letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer's counsel and in accountants' letters delivered to
underwriters in underwritten public offerings of securities. 

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        (i)    The
Company shall deliver promptly to each Holder participating in the offering and to the Placement Agent copies of all correspondence between the Commission and the
Company, its counsel or auditors and all non- privileged memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each
Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to
comply with applicable securities laws or rules of the National Association of Securities Dealers, Inc. ("NASD"). Such investigation shall include access to books, records and properties and
opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often as any such Holder shall
reasonably request. 

        (j)    With
respect to a registration statement filed pursuant to Section 7.3, the Company, if requested, shall enter into an underwriting agreement with the managing
underwriter, reasonably satisfactory to the Company, selected for such underwriting by Holders holding a majority of the Registrable Securities requested to be included in such underwriting. Such
agreement shall be satisfactory in form and substance to the Company, each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and
such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten sale
of their Registrable Securities, may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be
made to and for the benefit of such Holders and any or all representations, warranties and covenants of such Holders to or for the benefit of such underwriters shall also be made to and for the
benefit of the Company. Such Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to such Holders and
their intended methods of distribution. 

        (k)   Notwithstanding
the provisions of paragraph 7.2 or paragraph 7.3 of this Agreement, the Company shall not be required to effect or cause the registration
of Registrable Securities pursuant to paragraph 7.2 or paragraph 7.3 hereof if, within thirty (30) days after its receipt of a request to register such Registrable Securities
(i) counsel for the Company delivers an opinion to the Holders requesting registration of such Registrable Securities, in form and substance satisfactory to counsel to such Holder(s), to the
effect that the entire number of Registrable Securities proposed to be sold by such Holder(s) may otherwise be sold, in the manner proposed by such Holder(s), without registration under the Securities
Act, or (ii) the SEC shall have issued a no-action position, in form and substance satisfactory to counsel for the Holder(s) requesting registration of such Registrable Securities,
to the effect that the entire number of Registrable Securities proposed to be sold by such Holder(s) may be sold by it, in the manner proposed by such Holder(s), without registration under the Act. 

        (l)    After
completion of the Private Offering, the Company shall not, directly or indirectly, enter into any merger, business combination or consolidation in which
(a) the Company shall not be the surviving corporation and (b) the stockholders of the Company are to receive, in whole or in part, capital stock or other securities of the surviving
corporation, unless the surviving corporation shall, prior to such merger, business combination or consolidation, agree in writing to assume the obligations of the Company under this Agreement, and
for that purpose references hereunder to "Registrable Securities" shall be deemed to include the securities which the Holders would be entitled to receive in exchange for Registrable Securities under
any such merger, business combination or consolidation, provided that to the extent such securities to be received are convertible into shares of Common Stock of the issuer thereof, then any such
shares of Common Stock as are issued or issuable upon conversion of said convertible securities shall also be included within the definition of "Registrable Securities". 

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        8.    Adjustments to Exercise Price and Number of Securities.    

        8.1    Adjustment for Dividends, Subdivisions, Combinations or Reclassifications.    

        In
case the Company shall (a) pay a dividend or make a distribution in shares of its capital stock (whether shares of Common Stock or of capital stock of any other class),
(b) subdivide its outstanding shares of Common Stock into a greater number of shares, (c) combine its outstanding shares of Common Stock into a smaller number of shares, or
(d) issue by reclassification of its shares of Common Stock any shares of capital stock of the Company; then, and in each such case, the per share Exercise Price and the number of Warrant
Securities in effect immediately prior to such action shall be adjusted so that the Holder of this Warrant thereafter upon the exercise hereof shall be entitled to receive the number and kind of
shares of the Company which such Holder would have owned immediately following such action had the Warrants been exercised immediately prior thereto. An adjustment made pursuant to this Section shall
become effective immediately after the record date in the case of a dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination
or reclassification. If, as a result of an adjustment made pursuant to this Section, the Holder of this Warrant shall become entitled to receive shares of two or more classes of capital stock of the
Company, the Board of Directors of the Company (whose determination shall be conclusive) shall determine the allocation of the adjusted Exercise Price between or among shares of such class of capital
stock. 

        Immediately
upon any adjustment of the Exercise Price pursuant to this Section, the Company shall send written notice thereof to the Holder of Warrant Certificates (by first class mail,
postage prepaid), which notice shall state the Exercise Price resulting from such adjustment, and any increase or decrease in the number of Warrant Securities to be acquired upon exercise of the
Warrants, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 

        8.2    Adjustment For Reorganization, Merger or Consolidation.    

        In
case of any reorganization of the Company or consolidation of the Company with, or merger of the Company with, or merger of the Company into, another corporation (other than a
consolidation or merger that does not result in any reclassification or change of the outstanding Common Stock), the corporation formed by such consolidation or merger shall execute and deliver to the
Holder a supplemental Warrant Agreement providing that the Holder of each Warrant then outstanding or to be outstanding shall have the right thereafter (until the Expiration Date) to receive, upon
exercise of such warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or merger, by a holder of the number of shares of Common Stock of
the Company for which such warrant might have been exercised immediately prior to such reorganization, consolidation, merger, conveyance, sale or transfer. Such supplemental Warrant Agreement shall
provide for adjustments which shall be identical to the adjustments provided in Section 8 and such registration rights and other rights as provided in this Agreement. The Company shall not
effect any such consolidation, merger, or similar transaction as contemplated by this paragraph, unless prior to or simultaneously with the consummation thereof, the successor corporation (if other
than the Company) resulting from such consolidation or merger or the corporation purchasing, receiving, or leasing such assets or other appropriate corporation or entity shall assume, by written
instrument executed and delivered to the Holders, the obligation to deliver to the Holders, such shares of stock, securities, or assets as, in accordance with the foregoing provisions, such holders
may be entitled to purchase, and to perform the other obligations of the Company under this Agreement. The above provision of this Subsection shall similarly apply to successive consolidations or
successively whenever any event listed above shall occur. 

        8.3    Dividends and Other Distributions.    

        In
the event that the Company shall at any time prior to the earlier of (i) exercise of all of the Warrants or (ii) the Expiration Date, distribute to its shareholders any
assets, property, rights, evidences of indebtedness, securities (other than a distribution made as a cash dividend payable out of earnings 

9

 

or
out of any earned surplus legally available for dividends under the laws of the jurisdictions of incorporation of the Company), whether issued by the Company or by another, the Holders of the
unexercised Warrants shall thereafter be entitled, in addition to the shares of Common Stock or other securities and property receivable upon the exercise thereof, to receive, upon the exercise of
such Warrants, the same property, assets, rights, evidences of indebtedness, securities or any other thing of value that they would have been entitled to receive at the time of such distribution as if
the Warrants had been exercised immediately prior to such distribution. At the time of any such distribution, the Company shall make appropriate reserves to ensure the timely performance of the
provisions of this subsection or an adjustment to the Exercise Price, which shall be effective as of the day following the record date for such distribution. 

        8.4    Adjustment in Number of Securities.    

        Upon
each adjustment of the Exercise Price pursuant to the provisions of this Section 8, the number of securities issuable upon the exercise of each Warrant shall be adjusted to
the nearest full amount by multiplying a number equal to the Exercise Price in effect immediately prior to such adjustment by the number of securities issuable upon exercise of the Warrants
immediately prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price. 

        8.5    No Adjustment of Exercise Price in Certain Cases.    

        No
adjustment of the Exercise Price shall be made if the amount of said adjustment shall be less than one cent ($.01) per Share, provided, however, that in such case any adjustment that
would otherwise be required then to be made shall be carried forward and shall be made at the time of and together with the next subsequent adjustment which, together with any adjustment so carried
forward, shall amount to at least one cent ($.01) per Share. 

        8.6    Accountant's Certificate of Adjustment.    

        In
each case of an adjustment or readjustment of the Exercise Price or the number of any securities issuable upon exercise of the Warrants, the Company, at its expense, shall cause
independent certified public accountants of recognized standing selected by the Company (who may be the independent
certified public accountants then auditing the books of the Company) to compute such adjustment or readjustment in accordance herewith and prepare a certificate showing such adjustment or
readjustment, and shall mail such certificate, by first class mail, postage prepaid, to any Holder of the Warrants at the Holders' address as shown on the Company's books. The certificate shall set
forth such adjustment or readjustment, showing in detail the facts upon which such adjustment or readjustment is based including, but not limited to, a statement of (i) the Exercise Price at
the time in effect, and (ii) the number of additional or fewer securities and the type and amount, if any, of other property which at the time would be receivable upon exercise of the Warrants. 

        9.    Exchange and Replacement of Warrant Certificates.    

        Each
Warrant Certificate is exchangeable without expense, upon the surrender thereof by the registered Holder at the principal executive office of the Company, for a new Warrant
Certificate of like tenor and date representing in the aggregate the right to purchase the same number of securities in such denominations as shall be designated by the Holder thereof at the time of
such surrender. 

        Upon
receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of any Warrant Certificate, and, in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it, and reimbursement to the Company of all reasonable expenses incidental thereto, and upon surrender and cancellation of the
Warrants, if mutilated, the Company will make and deliver a new Warrant Certificate of like tenor, in lieu thereof. 

        10.    Elimination of Fractional Interest.    

        The
Company shall not be required to issue certificates representing fractions of shares of Common Stock upon the exercise of the Warrants, nor shall it be required to issue script or
pay cash in lieu of fractional interests, it being the intent of the parties that all fractional interests may be 

10

 

eliminated,
at the Company's option, by rounding any fraction up to the nearest whole number of shares of Common Stock or other securities, properties or rights, or in lieu thereof paying cash equal
to such fractional interest multiplied by the current value of a share of Common Stock. 

        11.    Reservation, Validity and Listing.    

        The
Company covenants and agrees that during the Exercise Period, the Company shall at all times reserve and keep available out of its authorized shares of Common Stock, solely for the
purpose of issuance upon the exercise of the Warrants, such number of shares of Common Stock or other securities, properties or rights as shall be issuable upon the exercise under this Warrant
Certificate. The Company covenants and agrees that, upon exercise of the Warrants, and payment of the Exercise Price
therefor, all shares of Common Stock and other securities issuable upon such exercise shall be duly authorized, validly issued, fully paid, non-assessable and not subject to the preemptive
rights of any shareholder. As long as the Warrants shall be outstanding, the Company shall use its best efforts to cause all shares of Common Stock issuable upon the exercise of the Warrants to be
listed and quoted (subject to official notice of issuance) on all securities exchanges and systems on which the Common Stock are then listed and/or quoted, including Nasdaq. 

        12.    Notices to Warrant Holders.    

        Nothing
contained in this Agreement shall be construed as conferring upon the Holders of the Warrants the right to vote or to consent or to receive notice as a stockholder in respect of
any meetings of stockholders for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If, however, at any time prior to the expiration of
the Warrants and their exercise, any of the following events shall occur: 

        (a)   the
Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to receive a dividend or distribution payable otherwise
than in cash, or a cash dividend or distribution payable otherwise than out of current or retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of
the Company; or 

        (b)   the
Company shall offer to all the holders of its Common Stock any additional shares of capital stock of the Company or securities convertible into or exchangeable for
shares of capital stock of the Company, or any option, right or warrant to subscribe therefor; or 

        (c)   a
dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property,
assets and business as an entirety shall be proposed; 

then,
in any one or more of said events, the Company shall give written notice of such event at least fifteen (15) days prior to the date fixed as a record date of the date of closing the
transfer books for the determination of the shareholders entitled to such dividend, distribution, convertible or exchangeable securities or subscription rights, or entitled to vote on such proposed
dissolution, liquidation, winding up or sale. Such notices shall specify such record date or the date of closing the transfer books, as the case may be. Failure to give such notice or any defect
therein shall not affect the validity of any action taken in connection with the declaration or payment of any such dividend, or the issuance of any convertible or exchangeable securities, or
subscription rights, options or warrants, or any proposed dissolution, liquidation, winding up or sale. 

        13.    Notices.    

        All
notices, requests, consents and other communications hereunder shall be in writing and shall be deemed to have been duly given when sent (i) by facsimile  and (ii) delivered personally
or by overnight courier or mailed by registered or certified mail, return receipt requested: 

        (a)   If
to the registered Holder of any of the Registrable Securities, to the address of such Holder as shown on the books of the Company; or 

11

 

        (b)   If
to the Company, to the address set forth below or to such other address as the Company may designate by notice to the Holders. 

John
Simonelli

President

GrayMark Productions, Inc.

2500 South McGee Drive, Suite 147

Norman, Oklahoma 73072 

        15.    Entire Agreement: Modification.    

        This
Agreement (and the Placement Agent Agreement to the extent applicable) contain the entire understanding between the parties with respect to the subject matter hereof, and the terms
and provisions of this Agreement may not be modified, waived or amended except in a writing executed by the Company and the Holders of at least a majority of Registrable Securities (based on
underlying numbers of shares of Common Stock). Notice of any modification, waiver or amendment shall be promptly provided to any Holder not consenting to such modification, waiver or amendment. 

        16.    Successors.    

        All
the covenants and provisions of this Agreement shall be binding upon and inure to the benefit of the Company, Placement Agent and Holders and their respective successors and assigns
hereunder. 

        17.    Termination.    

        This
Agreement shall terminate at the earlier of (i) the public sale of all of the Registrable Securities, or (ii) at the close of business on October 30, 2010.
Notwithstanding the foregoing, the indemnification provisions of Section 7 shall survive such termination. 

        18.    Governing Law; Submission to Jurisdiction.    

        This
Agreement and each Warrant Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of Oklahoma and for all purposes shall be construed in
accordance with the laws of said State without giving effect to the rules of said State governing the conflicts of laws. The Company, the Placement Agent and the Holders hereby agree that any action,
proceeding or claim arising out of, or relating in any way to, this Agreement shall be brought and enforced in a federal or state court of competent jurisdiction with venue only in (i) the
Fifteenth Judicial Circuit Court in and for Palm Beach County, Florida, (ii) the Oklahoma County District Court in the State of Oklahoma, or (iii) the United States District Court for
(A) the Southern District of Florida, West Palm Beach Division, or (B) the Western District of Oklahoma, and irrevocably submits to such jurisdiction, which jurisdiction shall be
exclusive. The Company, the Placement Agent and the Holders hereby irrevocably waive any objection to such exclusive jurisdiction or inconvenient forum. A party to this Agreement named as a defendant
in any action brought in connection with this Agreement in any court outside of the above named designated county or district shall have the right to have the venue of said action changed to the above
designated county or district or, if necessary, have the case dismissed, requiring the other party to refile such action in an appropriate court in the above designated county or federal district. 

        19.    Severability.    

        If
any provision of this Agreement shall be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision of this Agreement. 

        20.    Captions.    

        The
caption headings of the Sections of this Agreement are for convenience of reference only and are not intended, nor should they be construed as, a part of this Agreement and shall be
given no substantive effect. 

12

 

        21.    Benefits of this Agreement.    

        Nothing
in this Agreement shall be construed to give to any person or corporation other than the Company and the Placement Agent and any other registered Holder(s) of the Warrant
Certificates or
Registrable Securities any legal or equitable right, remedy or claim under this Agreement; and this Agreement shall be for the sole and exclusive benefit of the Company and the Placement Agent and any
other Holder(s) of the Warrant Certificates or Registrable Securities. 

        22.    Counterparts.    

        This
Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and such counterparts shall together
constitute but one and the same instrument. 

        IN
WITNESS HEREOF, the parties hereto have caused this Agreement to be duly executed, as of the day and year first above written. 

	 	 	GRAYMARK PRODUCTIONS, INC.
	

 	
 	
By:	

/s/  JOHN SIMONELLI      
 John Simonelli, President
	

Attest:	
 	

 	

 
	/s/  MARK R. KIDD      
 Mark R. Kidd, Secretary	 	 	 
	 	 	VIEWTRADE FINANCIAL, INC.
	

 	
 	
By:	

/s/  JAMES ST.CLAIR      

	 	 	Name:	JAMES ST.CLAIR
	 	 	Title:	PRESIDENT

13

 
 
 

GRAYMARK PRODUCTIONS, INC.
  
    WARRANT CERTIFICATE    

THE
WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE OTHER SECURITIES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933, (ii) TO THE EXTENT APPLICABLE, RULE 144 UNDER SUCH ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES), OR (iii) AN OPINION OF
COUNSEL, IF SUCH OPINION SHALL BE REASONABLY SATISFACTORY TO COUNSEL FOR THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE. 

THE
TRANSFER OR EXCHANGE OF THE WARRANTS REPRESENTED BY THIS CERTIFICATE IS RESTRICTED IN ACCORDANCE WITH THE WARRANT AGREEMENT REFERRED TO HEREIN. 

        EXERCISABLE
ON OR BEFORE

5:30 P.M., EASTERN TIME ON OCTOBER 30, 2008 

	NO. PAW-1	 	443,250 Placement Agent Warrants

        This
Warrant Certificate certifies that Viewtrade Financial, or registered assigns, is the registered holder of 443,250 Placement Agent Warrants of GrayMark Productions, INC. (the
"Company"). Each Placement Agent Warrant permits the Holder hereof to purchase initially, at any time from October 30, 2004 ("Purchase Date") until 5:30 p.m. Eastern Time on
October 30, 2008 ("Expiration Date"), one (1) share of the Company's Common Stock at the initial exercise price, subject to adjustment in certain events (the "Exercise Price"), of $1.10
per share. 

        Any
exercise of Placement Agent Warrants shall be effected by surrender of this Warrant Certificate and payment of the Exercise Price at an office or agency of the Company, but subject
to the conditions set forth herein and in the Placement Agent Agreement dated August 11, 2003 and as amended pursuant to Amendment dated September 19, 2003, between the Company and
Viewtrade Financial, Inc. (the "Warrant Agreement"). Payment of the Exercise Price shall be made by certified check or official bank check in New York Clearing House funds payable to the order
of the Company in the event there is no cashless exercise pursuant to Section 3.1(ii) of the Warrant Agreement. The Placement Agent Warrants are also referred to as "Warrants". 

        No
Warrant may be exercised after 5:30 p.m., Eastern Time, on the Expiration Date, at which time all Warrants evidenced hereby, unless exercised prior thereto, hereby shall
thereafter be void. 

        The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants issued pursuant to the Placement Agent Warrant Agreement, which Placement Agent Warrant
Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation or rights, obligations, duties and immunities
thereunder of the Company and the holders (the words "holders" or "holder" meaning the registered holders or registered holder) of the Warrants. 

        The
Placement Agent Warrant Agreement provides that upon the occurrence of certain events, the Exercise Price and the type and/or number of the Company's securities issuable thereupon
may, subject to certain conditions, be adjusted. In such event, the Company will, at the request of the holder, issue a new Warrant Certificate evidencing the adjustment in the Exercise Price and the
number and/or type of securities issuable upon the exercise of the Warrants; provided, however, that the failure of the Company to issue such new Warrant Certificates shall not in any way change,
alter, or otherwise impair, the rights of the holder as set forth in the Placement Agent Warrant Agreement. 

14

 

        Upon
due presentment for registration or transfer of this Warrant Certificate at an office or agency of the Company, a new Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided herein and in the Placement
Agent Warrant Agreement,
without any charge except for any tax or other governmental charge imposed in connection with such transfer. 

        Upon
the exercise of less than all of the Warrants evidenced by this Certificate, the Company shall forthwith issue to the holder hereof a new Warrant Certificate representing such
number of unexercised Warrants. 

        The
Company may deem and treat the registered holder(s) hereof as the absolute owner(s) of this Warrant certificate (notwithstanding any notation of ownership or other writing hereon
made by anyone), for the purpose of any exercise hereof, and of any distribution to the holder(s) hereof, and for all other purposes, and the Company shall not be affected by any notice to the
contrary. 

        All
terms used in this Warrant Certificate which are defined in the Placement Agent Warrant Agreement shall have the meanings assigned to them in the Placement Agent Warrant Agreement. 

        IN
WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed. 

Dated
as of December 19, 2003 

	 	 	GRAYMARK PRODUCTIONS, INC.
	

 	
 	
By:	

 
	 	 	 	
 John Simonelli, President
	

Attest:	
 	

 	

 
	

 	
 	

 	

 
	
 Mark R. Kidd, Secretary	 	 	 

15

QuickLinks

EXHIBIT 4.3

PLACEMENT AGENT WARRANT AGREEMENT

GRAYMARK PRODUCTIONS, INC. WARRANT CERTIFICATEQuickLinks
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EXHIBIT 4.4    
    

 
 

WARRANT AGREEMENT
  
    between
  
    GRAYMARK PRODUCTIONS, INC.
  
    and
  
    UMB BANK, NA
  
    Dated as of September 19, 2003    
    

        THIS WARRANT AGREEMENT (this "Agreement"), dated as of September 19, 2003, is between GrayMark
Productions, Inc., an Oklahoma corporation (the "Company"), and UMB Bank, NA (the "Warrant Agent"). 

        Whereas, the Company, at or about the time that it is entering into this Agreement, proposes to offer and sell on a private placement
basis up to 4,000,000 shares of Common Stock, $0.0001 par value (the "Common Stock") and 4,000,000 Redeemable Warrants (each referred to herein as the "Warrant" or collectively as the "Warrants") in
4,000,000 units of one share of Common Stock and one Warrant (the "Units") (the "Offering"). Each Warrant entitles the holder thereto to purchase one share of Common Stock for an initial purchase
price of $2.00, which shall be increased to $3.50 after the Common Stock has traded on the NASD OTC Bulletin Board for 18 consecutive months (the "Purchase Price"). The securities purchasable upon
exercise of each Warrant, as well as the Purchase Price thereof, is subject to the terms and conditions, including adjustment in certain circumstances, of this Agreement; 

        Whereas, the Warrant Agent also serves as the Stock Transfer Agent and Registrar of the Company's Common Stock. 

        Whereas, the Company desires to retain the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to act, in
connection with the issuance, transfer, exchange and replacement of the certificates evidencing the Warrants (collectively the "Certificates" or individually the "Certificate") to be issued to the
purchasers of the Units pursuant to the Offering and their assigns; and 

        Whereas, the Company desires to enter into this Agreement to set forth the terms and conditions of the Warrants and the rights of the
holders thereof and to set forth the respective rights and obligations of the Company and the Warrant Agent. 

        NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as follows: 

        Section 1. Appointment of Warrant Agent.    The Company appoints the Warrant Agent to act as agent for the Company in
accordance with the instructions in this Agreement, and the Warrant Agent accepts such appointment. 

        Section 2. Date, Denomination and Execution of Certificates.    The Certificates (and the Subscription and the Assignment
to be printed on the reverse thereof) shall be in registered form only and shall be substantially of the tenor and purport recited in Exhibits A hereto, and may have such letters, numbers or other
marks of identification or designation and such legends, summaries or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the
provisions of this Agreement, or as may be required to comply with any law, or with any rule or regulation made pursuant thereto, or with any rule or regulation of any stock exchange on which the
Common Stock or Warrants may be listed, or to conform to usage. Each 

1

 

Certificate
shall entitle the registered holder thereof, subject to the provisions of this Agreement and of the Warrant Certificate, to purchase on or before the close of business on
October 30, 2008 (the "Expiration Date"), one fully paid and non-assessable share of Common Stock for each Warrant evidenced by such Certificate, upon payment of the Purchase Price
per share described in Section 6 hereof. At any time on or before expiration of the Expiration Date, the previously established Expiration Date may be extended without limitation and as many
times as the Company shall determine in its sole and absolute discretion. In the event the Expiration Date is extended, the Company shall promptly provide written notice to the holders of the Warrants
of the extended Expiration Date. Each Certificate issued as a part of the Offering shall be dated October 30, 2003 or such later date on which the Warrant Agent receives valid issuance
instructions from the Company or, if such instructions specify another date, such other date. 

        For
purposes of this Agreement, the term "close of business" on any given date shall mean 5:00 p.m., New York City time, on such date; provided, however, that if such date is not
a business day, it shall
mean 5:00 p.m., New York City time, on the next succeeding business day. For purposes of this Agreement, the term "business day" shall mean any day other than a Saturday, Sunday or a day on
which banking institutions in New York City, New York, are authorized or obligated by law to be closed. 

        Each
Certificate shall be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its President or a Vice President, either manually or by facsimile
signature printed thereon, and shall be attested by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile signature. Each Certificate shall be manually countersigned
by the Warrant Agent and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed any Certificate shall cease to be such officer of the
Company before countersignature by the Warrant Agent and issue and delivery thereof by the Company, such Certificate, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with
the same force and effect as though the person who signed such Certificate had not ceased to be such officer of the Company. 

        Section 3. Subsequent Issue of Certificates.    Subsequent to their original issuance, no Certificates shall be reissued
except (i) Certificates issued upon transfer thereof in accordance with Section 4 hereof, (ii) Certificates issued upon any combination, split-up, or exchange of
Certificates pursuant to Section 4 hereof, (iii) Certificates issued in replacement of mutilated, destroyed, lost or stolen Certificates pursuant to Section 5 hereof,
(iv) Certificates issued upon the partial exercise of the Warrants pursuant to Section 7 hereof, and (v) Certificates issued pursuant to Section 22 hereof to reflect any
adjustment or change in the Purchase Price or the number or kind of shares or securities purchasable thereunder. The Warrant Agent is hereby irrevocably authorized to countersign and deliver, in
accordance with the provisions of Sections 4, 5, 7 and 22 hereof, the new Certificates required for purposes thereof, and the Company, whenever required by the Warrant Agent, will supply the Warrant
Agent with Certificates duly executed on behalf of the Company for such purposes. 

        Section 4. Transfers and Exchanges of Certificates.    The Warrant Agent shall keep or cause to be kept books for
registration of ownership and transfer of the Certificates issued in accordance with this Agreement. Such registers shall show the names and addresses of the respective holders of the Certificates and
the number of shares of Common Stock, if applicable, and the Warrants evidenced by each such Certificate. 

        The
Warrant Agent shall, from time to time, register the transfer of any outstanding Warrants upon the books to be maintained by the Warrant Agent for that purpose, upon surrender of the
Certificate evidencing such Warrants, with the Assignment duly filled in and executed, to the Warrant Agent at its stock transfer office at any time on or before the Expiration Date, and upon payment
to the Warrant Agent for the account of the Company of an amount equal to any applicable transfer tax. 

2

 

Payment
of the amount of such tax may be made in cash, or by certified or official bank check, payable in lawful money of the United States of America to the order of the Company. 

        Upon
receipt of a Certificate, with the Assignment duly completed and executed, accompanied by payment of an amount equal to any applicable transfer tax, the Warrant Agent shall promptly
cancel the surrendered Certificate and countersign and deliver to the transferee a new Certificate for the number of full Warrants transferred to such transferee; provided, however, that in case the
registered holder of any Certificate shall elect to transfer fewer than all of the Warrants evidenced by such Certificate, the Warrant Agent shall also promptly countersign and deliver to such
registered holder a new Certificate or Certificates for the number of full Warrants not so transferred. 

        Any
Certificate or Certificates may be exchanged at the option of the holder thereof for another Certificate or Certificates of different denominations, of like tenor and representing in
the aggregate the same number of Warrants, upon surrender of such Certificate or Certificates, with the Assignment duly completed and executed, to the Warrant Agent, at any time or from time to time
after the close of business on the date hereof and prior to the close of business on the Expiration Date. The Warrant Agent shall promptly cancel the surrendered Certificate and deliver the new
Certificate pursuant to the provisions of this Section. 

        Section 5. Mutilated, Destroyed, Lost or Stolen Certificates.    Upon receipt by the Company and the Warrant Agent of
evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of any Certificate, and, in the case of loss, theft or destruction, such indemnity or security reasonably
satisfactory to them, and reimbursement to them of all reasonable expenses incidental thereto, and in the case of mutilation, upon surrender and cancellation of the Certificate, the Warrant Agent
shall countersign and deliver a new Certificate of like tenor for the same number of Warrants. 

        Section 6. Adjustments of Number and Kind of Shares Purchasable.    The number and kind of securities or other property
purchasable upon exercise of a Warrant shall be subject to adjustment from time to time upon the occurrence, after the date hereof, of the following events: 

        6.1   In
case the Company shall (i) pay a dividend in, or make a distribution of, shares of Common Stock or of capital stock convertible into Common Stock on its
outstanding Common Stock ("Stock Dividend"), (ii) subdivide its outstanding shares of Common Stock into a greater number of such shares ("Forward Split") or (iii) combine its outstanding
shares of Common Stock into a smaller number of such shares ("Reverse Split"), the total number of shares of Common Stock and the number of shares of capital stock convertible into Common Stock
purchasable upon the exercise of each Warrant outstanding immediately prior thereto shall be adjusted so that the holder of any Certificate thereafter surrendered for exercise shall be entitled to
receive at the same aggregate Purchase Price the number of shares of Common Stock and the number of shares of capital stock convertible into Common Stock which such holder would have owned or have
been entitled to receive immediately following the happening of any of the events described above had such Warrant been exercised in full immediately prior to the happening of such event. Any
adjustment made pursuant to this Subsection shall, in the case of a Stock Dividend, become effective as of the record date therefor and, in the case of a Forward Split or Reverse Split, be made as of
the effective date thereof. If, as a result of an adjustment made pursuant to this Subsection, the holder of any Warrant thereafter surrendered for exercise shall become entitled to receive shares of
two or more classes of capital stock of the Company, the Board of Directors of the Company (whose determination shall be conclusive and shall be evidenced by a Board resolution filed with the Warrant
Agent) shall determine the allocation of the adjusted Purchase Price between or among shares of such classes of capital stock. 

        6.2   In
the event of any adjustment of the total number of shares of Common Stock purchasable upon the exercise of Warrants pursuant to Subsection 6.1, the Purchase Price of
each such Warrant shall remain unchanged, but the number of shares of capital stock purchasable upon exercise of each such Warrant shall be adjusted as provided in Subsection 6.1. 

3

 

        6.3   In
the event of a capital reorganization or a reclassification of the Common Stock (except as provided in Subsection 6.1 or Subsection 6.5), any holder of Warrants, upon
exercise thereof, shall be entitled to receive, in lieu of the Common Stock to which the holder would have become entitled upon exercise immediately prior to such reorganization or reclassification,
the shares (of any class or classes) or other securities or property of the Company (or cash) that the holder would have been entitled to receive at the same aggregate Purchase Price upon such
reorganization or reclassification if the Warrants held had been exercised immediately prior thereto; and in any such case, appropriate provision (as determined by the Board of Directors of the
Company, whose determination shall be conclusive and shall be evidenced by a Board resolution filed with the Warrant Agent) shall be made for the application of this Section 6 with respect to
the rights and interests thereafter of the holders of Warrants (including, but not limited to, the allocation of the Purchase Price between or among shares of classes of capital stock), to the end
that this Section 6 (including the adjustments of the number of shares of Common Stock or other securities purchasable) shall thereafter be reflected, as nearly as reasonably practicable, in
all subsequent exercises of the Warrants for any shares or securities or other property (or cash) thereafter deliverable upon the exercise of the Warrants. 

        6.4   Whenever
the number of shares of Common Stock or other securities purchasable upon exercise of a Warrant is adjusted as provided in this Section 6, the Company
will promptly file with the Warrant Agent a certificate signed by the Chairman of the Board, Chief Executive Officer or the President, or a Vice President of the Company and by the Treasurer or an
Assistant Treasurer or the Secretary or an Assistant Secretary of the Company setting forth (i) the number and kind of shares purchasable, as so adjusted, (ii) stating that such
adjustments in the number or kind of shares or other securities conform to the requirements of this Section 6, and (iii) setting forth a brief statement of the facts accounting for such
adjustments. Such certificates shall be conclusive evidence of the correctness of such adjustments. Promptly after receipt of such certificate, the Company, or the Warrant Agent at the Company's
request, will deliver, by first-class, postage prepaid mail, a brief summary thereof (to be supplied by the Company) to the registered holders of the outstanding Certificates; provided, however, that
failure to file or to give any notice required under this Subsection, or any defect therein, shall not affect the legality or validity of any such adjustments under this Section 6; and provided
further, that, where appropriate, such notice may be given in advance and included as part of the notice required to be given pursuant to Section 12 hereof. 

        6.5   In
case of any consolidation of the Company with, or merger of the Company with, or merger of the Company into, another corporation (other than a consolidation or merger
which does not result in any reclassification or change of the outstanding Common Stock), or in case of any sale or conveyance to another corporation of the property of the Company as an entirety or
substantially as an entirety, the corporation formed by such consolidation or merger or the corporation which shall have acquired such assets, as the case may be, shall execute and deliver to the
Warrant Agent a supplemental warrant agreement providing that the holder of each Warrant then outstanding shall have the right thereafter (until the expiration of such Warrant) to receive, upon
exercise of such Warrant, solely the kind and amount of shares of stock and other securities and property (or cash) receivable upon such consolidation, merger, sale or transfer by a holder of the
number of shares of Common Stock of the Company for which such Warrant might have been exercised immediately prior to such consolidation, merger, sale or transfer. Such supplemental warrant agreement
shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Section 6. The above provision of this Subsection 6.5 shall similarly
apply to successive consolidations, mergers, sales or transfers. 

        The
Warrant Agent shall not be under any responsibility to determine the correctness of any provision contained in any such supplemental warrant agreement relating to either the kind or
amount of shares of stock or securities or property (or cash) purchasable by holders of Certificates upon the exercise of their Warrants after any such consolidation, merger, sale or transfer or of
any adjustment to 

4

 

be
made with respect thereto, and (subject to the provisions of Section 20 hereof) may accept as conclusive evidence of the correctness of any such provisions, and shall be protected in relying
upon, a certificate of a firm of independent certified public accountants with respect thereto. 

        6.6   Irrespective
of any adjustments in the number or kind of shares issuable upon exercise of the Warrants, the Certificates theretofore or thereafter issued may continue to
express the same price and number and kind of shares as are stated in the similar Certificates initially issuable pursuant to this Agreement. 

        6.7   The
Company may retain a firm of independent public accountants of recognized standing, which may be the firm regularly retained by the Company, selected by the Board of
Directors of the Company or the Executive Committee of said Board to make any computation required under this Section, and a certificate signed by such firm shall be conclusive evidence of the
correctness of any computation made under this Section 6. 

        6.8   For
the purpose of this Section, the term "Common Stock" shall mean (i) the class of stock designated as Common Stock in the Certificate of Incorporation of the
Company, as amended, at the date of this Agreement, or (ii) any other class of stock resulting from successive changes or reclassifications of such Common Stock consisting solely of changes in
par value, or from par value to no par value, or from no par value to par value. In the event that at any time as a result of an adjustment made pursuant to this Section 6, the holder of any
Warrant thereafter surrendered for exercise shall become entitled to receive any shares of capital stock of the Company other than shares of Common Stock, thereafter the number of such other shares so
receivable upon exercise of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Stock
contained in this Section, and all other provisions of this Agreement, with respect to the Common Stock, shall apply on like terms to any such other shares. 

        6.9   The
Purchase Price may be reduced by the Company at any time, temporarily for not less than 20 days or during the remaining period of exercise of the Warrants as
determined in the discretion of the Company, with respect to the Common Stock or any other securities purchasable upon exercise of the Warrants. In the event the Purchase Price is reduced in
accordance with this Section 6.9, the Company shall provide not less than 15 days' prior written notice to the holders of the Warrants of the reduced Purchase Price, the period that the
Warrants will be exercisable at the reduced Purchase Price, and the securities purchasable at the reduced Purchase Price. 

        Section 7. Exercise and Redemption of Warrants.    Unless the Warrants have been redeemed as provided in this
Section 7, the registered holder of any Certificate may exercise the Warrants evidenced thereby in whole at any time or in part from time to time at or prior to the close of business on the
Expiration Date, subject to the provisions of Section 9 hereof, at which time the Warrant evidenced by any Certificate shall be and become wholly void and of no value. Warrants may be exercised
by their holders or redeemed by the Company as follows: 

        7.1   Exercise
of Warrants shall be accomplished upon surrender of the Certificate evidencing such Warrants, with the Subscription on the reverse side thereof duly completed
and executed, to the Warrant Agent at its stock transfer office, together with payment to the Company of the Purchase Price (as of the date of such surrender) of the Warrants then being exercised and
an amount equal to any applicable transfer tax and, if requested by the Company, any other taxes or governmental charges which the Company may be required by law to collect in respect of such
exercise. Payment of the Purchase Price and other amounts may be made in cash, or by certified or official bank check, payable in lawful money of the United States of America to the order of the
Company. No adjustment shall be made for any cash dividends, whether paid or declared, on any securities issuable upon exercise of a Warrant. 

5

 

        7.2   Upon
receipt of a Certificate, with the Subscription duly completed and executed, accompanied by payment of the Purchase Price of the Warrants being exercised (and of an
amount equal to any applicable taxes or government charges as aforesaid), the Warrant Agent shall promptly request from the Transfer Agent with respect to the securities to be issued and deliver to or
upon the order of the registered holder of such Certificate, in such name or names as such registered holder may designate, a certificate or certificates for the number of full shares of the
securities to be purchased, together with cash made available by the Company pursuant to Section 8 hereof in respect of any fraction of a share of such securities otherwise issuable upon such
exercise. If the Warrant is then exercisable to purchase property other than securities, the Warrant Agent shall take appropriate steps to cause such property to be delivered to or upon the order of
the registered holder of such Certificate. In addition, if it is required by law, the Warrant Agent will deliver to each warrant holder a prospectus which complies with the provisions of the
Securities Act, and the Company agrees to supply the Warrant Agent with sufficient number of prospectuses for such purpose. 

        7.3   In
case the registered holder of any Certificate shall exercise fewer than all of the Warrants evidenced by such Certificate, the Warrant Agent shall promptly
countersign and deliver to the registered holder of such Certificate or Certificates, or to his duly authorized assigns, a new Certificate or Certificates evidencing the number of Warrants that were
not so exercised. 

        7.4   Each
person in whose name any certificate for securities is issued upon the exercise of Warrants shall for all purposes be deemed to have become the holder of record of
the securities represented thereby as of, and such certificate shall be dated, the date upon which the Certificate was duly surrendered in proper form and payment of the Purchase Price (and of any
applicable taxes or other governmental charges) was made; provided, however, that if the date of such surrender and payment is a date on which the stock transfer books of the Company are closed, such
person shall be deemed to have become the record holder of such shares as of, and the certificate for such shares shall be dated, the next succeeding business day on which the stock transfer books of
the Company are open (whether before, on or after the Expiration Date), and the Warrant Agent shall be under no duty to deliver the certificate for such shares until such date. The Company covenants
and agrees that it shall not cause its stock transfer books to be closed for a period of more than 20 consecutive business days except upon consolidation, merger, sale of all or substantially all of
its assets, dissolution or liquidation or as otherwise provided by law. 

        7.5   The
Warrants outstanding at the time of a redemption may be redeemed at the option of the Company, in its sole and absolute discretion and in whole but not in part, on
not less than 10 trading days (the "Notice Period") prior written notice to the holders of such Warrants at a price equal to $0.10 per Warrant (the "Redemption Price"). The right to redeem the
Warrants may be exercised by the Company only in the event (i) the closing sale price for the Company's shares of Common Stock has exceeded 200% of the Purchase Price (if applicable, as
adjusted) during any period of at least 20 consecutive trading days whether immediately preceding or otherwise any notice of redemption, (ii) the Company has an effective registration statement
(or post-effective amendment to an existing registration statement) pertaining to the securities underlying the Warrants, which registration statement would enable a Warrant holder to
exercise the Warrants under the Securities Act, and (iii) expiration of the Notice Period before the Expiration Date. In the event the Company exercises its right to redeem the Warrants, the
Warrants will be exercisable until the close of business of the business day immediately preceding the date fixed for redemption in such notice (the "Redemption Date"). On the Redemption Date the
holders of record of the Warrants shall be entitled to payment of the Redemption Price upon surrender of such redeemed Warrants to the Company at the stock transfer office of the Warrant Agent. 

        7.6   Notice
of redemption of Warrants shall be given at least 10 trading days prior to the Redemption Date by mailing, by registered or certified mail, return receipt
requested, a copy of such notice to all of the holders of record of Warrants at their respective addresses appearing on the books 

6

 

or
transfer records of the Warrant Agent or such other address designated in writing by the holder of record to the Warrant Agent not less than 40 days prior to the Redemption Date. The notice
of redemption shall specify the Redemption Price to be paid, the name and address of the Warrant Agent, the intention of the Company to deposit the Redemption Price with the Warrant Agent on or before
the Redemption Date, and that the right to exercise the Warrants shall terminate at 5:00 p.m. New York City time on the business day immediately preceding the Redemption Date. 

        7.7   From
and after the Redemption Date, all rights of the holders of Warrants (except the right to receive the Redemption Price) shall terminate, but only if (i) on
or prior to the Redemption Date the Company shall have irrevocably deposited with the Warrant Agent as paying agent a sufficient amount to pay on the Redemption Date the Redemption Price for all
Warrants and (ii) the notice of redemption shall have stated the name and address of the Warrant Agent and the intention of the Company to deposit such amount with the Warrant Agent on or
before the Redemption Date. 

        7.8   The
Warrant Agent shall pay to the holders of record of redeemed Warrants all moneys received by the Warrant Agent for the redemption of Warrants to which the holders of
record of such redeemed Warrants who shall have surrendered their Warrants are entitled. 

        7.9   Any
amounts deposited with the Warrant Agent that are not required for redemption of Warrants may be withdrawn by the Company. Any amounts deposited with the Warrant
Agent that shall be unclaimed during the six months following the Redemption Date may be withdrawn by the Company, and thereafter the holders of the Warrants called for redemption for which such funds
were deposited shall look solely to the Company for payment. The Company shall be entitled to the interest, if any, on funds deposited with the Warrant Agent, and the holders of redeemed Warrants
shall have no right to any such interest. 

        7.10 In
the event the Company fails to make a sufficient deposit with the Warrant Agent as provided above, the holder of any Warrants called for redemption may at the option
of the holder (i) by notice to the Company declare the notice of redemption a nullity as to such holder or (ii) proceed against the Company for the Redemption Price. If the holder brings
an action against the Company for the Redemption Price, the Company will pay reasonable attorneys' fees of the holder. If the holder fails to bring an action against the Company for the Redemption
Price within 60 days after the Redemption Date, the holder shall be deemed to have elected to declare the notice of redemption to be a nullity as to such holder, and such notice shall be
without any force or effect as to such holder. 

        Section 8. Fractional Interests.    The Company shall not be required to issue any Certificate evidencing a fraction of a
Warrant or to issue fractions of shares of securities on the exercise of the Warrants. If any fraction (calculated to the nearest one-hundredth) of a Warrant or a share of securities
would, except for the provisions of this Section 8, be issuable on the exercise of any Warrant, the Company shall purchase such fraction for an amount in cash equal to the current value of such
fraction computed on the basis of the quoted closing high bid price on the trading day immediately preceding the day upon which such Certificate was surrendered for exercise in accordance with
Section 7 hereof. By accepting a Certificate, the holder thereof expressly waives any right to receive a Certificate evidencing any fraction of a Warrant or to receive any fractional share of
securities upon exercise of a Warrant. 

        Section 9. Reservation of Securities and Property; Registration of Securities.    The Company covenants that it will at
all times, solely for the purpose of issuance and delivery upon exercise of the Warrants, reserve and keep available, free from preemptive and other rights, out of its authorized and unissued shares
of Common Stock, such number of shares of Common Stock as shall then be issuable and all other securities and property as shall then be deliverable upon the exercise of all outstanding Warrants. The
Company covenants that all securities which shall be so issuable shall, upon such issue, be duly authorized, validly issued, fully paid and non-assessable. 

7

 

        The
Company covenants that if any securities, required to be reserved for the purpose of issue upon exercise of the Warrants hereunder, require registration with or approval of any
governmental authority under any federal or state law before such securities may be issued upon exercise of Warrants, the Company will file a Registration Statement on the appropriate form and
all post-effective amendments to such Registration Statement necessary to permit the offer and sale of the securities
underlying the Warrants pursuant to the Securities Act at any and all times during the term of the Warrants; provided, however, that in no event shall such securities be issued, and the Company is
authorized to refuse to honor the exercise of any Warrant, if such exercise would result in the opinion of the Company's Board of Directors, upon advice of counsel, in the violation of any law; and
provided further that, in the case of a Warrant exercisable solely for securities listed on a securities exchange or for which there are at least two independent market makers, in lieu of obtaining
such registration or approval, the Company may elect to redeem Warrants submitted to the Warrant Agent for exercise for a price equal to the difference between the aggregate low asked price, or
closing price, as the case may be, of the securities for which such Warrant is exercisable on the date of such submission and the Purchase Price of such Warrants. In the event of such redemption, the
Company will pay to the holder of such Warrants the above-described redemption price in cash within 10 business days after receipt of notice from the Warrant Agent that such Warrants have been
submitted for exercise. 

        Section 10. Reduction of Conversion Price Below Par Value.    Before taking any action that would cause an adjustment
pursuant to Section 6 hereof reducing the portion of the Purchase Price required to purchase one share of capital stock below the then par value (if any) of a share of such capital stock, the
Company will use its best efforts to take any corporate action which, in the opinion of its counsel, may be necessary in order that the Company may validly and legally issue fully paid and
non-assessable shares of such capital stock. 

        Section 11. Payment of Taxes.    The Company covenants and agrees that it will pay when due and payable any and all
federal and state documentary stamp and other original issue taxes which may be payable in respect of the original issuance of the Certificates, or any shares of Common Stock or other securities upon
the exercise of Warrants. The Company shall not, however, be required (i) to pay any tax which may be payable in respect of any transfer involved in the transfer and delivery of Certificates or
the issuance or delivery of certificates for Common Stock or other securities in a name other than that of the registered holder of the Certificate surrendered for purchase or (ii) to issue or
deliver any certificate for shares of Common Stock or other securities upon the exercise of any Warrant until any such tax shall have been paid, all such tax being payable by the holder of such
Certificate at the time of surrender. 

        Section 12. Notice of Certain Corporate Action.    In case the Company after the date hereof shall, other than in
connection with the Offering, propose (i) to offer to the holders of Common Stock rights to subscribe to or purchase any additional shares of any class of its capital stock, any evidences of
its indebtedness or assets, or any other rights or options or (ii) to effect any reclassification of Common Stock (other than a reclassification involving merely the subdivision or combination
of outstanding shares of Common Stock) or any capital reorganization, or any consolidation or merger to which the Company is a party and for which approval of any shareholders of the Company is
required, or any sale, transfer or other disposition of its property and assets substantially as an entirety, or the liquidation, voluntary or involuntary dissolution or winding-up of the
Company, then, in each such case, the Company shall file with the Warrant Agent and the Company (or the Warrant Agent on its behalf) shall mail (by first-class, postage prepaid mail) to all registered
holders of the Certificates notice of such proposed action, which notice shall specify the date on which the books of the Company shall close or a record be taken for such offer of rights or options,
or the date on which such reclassification, reorganization, consolidation, merger, sale, transfer, other disposition, liquidation, voluntary or involuntary dissolution or winding-up shall
take place or commence, as the case may be, and which shall also specify any record date for determination of holders of Common Stock entitled to vote 

8

 

thereon
or participate therein and shall set forth such facts with respect thereto as shall be reasonably necessary to indicate any adjustments in the number or kind of shares or other securities
purchasable upon exercise of Warrants which will be required as a result of such action. Such notice shall be filed and mailed in the case of any action covered by clause (i) above, at least
10 days prior to the record date for determining holders of the Common Stock for purposes of such action or, if a record is not to be taken, the date as of which the holders of shares of Common
Stock of record are to be entitled to such offering; and, in the case of any action covered by clause (ii) above, at least 20 days prior to the earlier of the date on which such
reclassification, reorganization, consolidation, merger, sale, transfer, other disposition, liquidation, voluntary or involuntary dissolution or winding-up is expected to become effective
and the date on which it is expected that holders of shares of Common Stock of record on such date shall be entitled to exchange their shares for securities or other property deliverable upon such
reclassification, reorganization, consolidation, merger, sale, transfer, other disposition, liquidation, voluntary or involuntary dissolution or winding-up. Failure to give any such notice
or any defect therein shall not affect the legality or validity of any transaction listed in this Section 12. 

        Section 13. Disposition of Proceeds on Exercise of Warrants.    Upon the exercise of any Warrant, the Warrant Agent shall
promptly deposit the payment into an escrow account established by mutual agreement of the Company and the Warrant Agent at a federally insured commercial bank. All funds deposited in the escrow
account will be disbursed on a weekly basis to the Company once they have been determined by the Warrant Agent to be collected funds. Once the funds are determined to be collected, the Warrant Agent
shall cause the share certificate(s) representing the exercised warrants to be issued. 

        The
Warrant Agent shall keep copies of this Agreement available for inspection by holders of Warrants during normal business hours at the stock transfer office of the Warrant Agent.
Copies of this Agreement may be obtained upon written request addressed to the Warrant Agent at its stock transfer office. 

        Section 14. Certificate Holder Not Deemed a Shareholder.    No holder, as such, of any Warrant shall be entitled to vote,
receive dividends or be deemed the holder of Common Stock or any other securities of the Company which may at any time be issuable on the exercise of the Warrants represented by a certificate for any
purpose whatever, nor shall anything contained herein or in any Certificate be construed to confer upon the holder of any Warrant, as such, any of the rights of a shareholder of the Company or any
right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any
recapitalization, issuance of stock, reclassification of stock, change of par value or change of stock to no par value, consolidation, merger, conveyance or otherwise), or to receive notice of
meetings or other actions affecting shareholders (except as provided in Section 12 hereof), or to receive dividend or subscription rights, or otherwise, until such Warrant shall have been
exercised in accordance with the provisions of this Agreement and the receipt of the Purchase Price and any other amounts payable upon such exercise by the Warrant Agent. 

        Section 15. Right of Action.    All rights of action in respect to this Agreement are vested in the respective registered
holders of the Certificates; and any registered holder of any Certificate, without the consent of the Warrant Agent or of the holder of any Certificate, may, on his own behalf for his own benefit,
enforce, and may institute and maintain any suit, action or preceding against the Company suitable to enforce, or otherwise in respect of, the holder's right to exercise the Warrants evidenced by such
Certificate, for the purchase of shares of the Common Stock and any other securities and property of the Company in the manner provided in the Certificate and in this Agreement. 

        Section 16. Agreement of Holders of Certificates.    Every holder of a Certificate, by accepting the same, consents and
agrees with the Company, the Warrant Agent and every other holder of a Certificate that: 

9

 

        16.1 The
Certificates are transferable on the registry books of the Warrant Agent only upon the terms and conditions set forth in this Agreement; and 

        16.2 The
Company and the Warrant Agent may deem and treat the person in whose name the Certificate is registered as the absolute owner of the Warrant (notwithstanding any
notation of ownership or other writing thereon made by anyone other than the Company or the Warrant Agent) for all purposes whatsoever, and neither the Company nor the Warrant Agent shall be affected
by any notice to the contrary. 

        Section 17. Cancellation of Certificates.    In the event that the Company shall purchase or otherwise acquire any
Certificate or Certificates after the issuance thereof, such Certificate or Certificates shall
thereupon be delivered to the Warrant Agent and be canceled by it and retired. The Warrant Agent shall also cancel any Certificate delivered to it for exercise, in whole or in part, or delivered to it
for transfer, split-up, combination or exchange. Certificates so canceled shall be delivered by the Warrant Agent to the Company from time to time, or disposed of in accordance with the
instructions of the Company. 

        Section 18. Concerning the Warrant Agent.    The Company agrees to pay to the Warrant Agent from time to time, on demand
of the Warrant Agent, reasonable compensation for all services rendered by it hereunder and also its reasonable expenses and other reasonable disbursements incurred in the administration and execution
of this Agreement and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense,
incurred without negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or in connection with the acceptance and administration of this Agreement. 

        Section 19. Merger or Consolidation or Change of Name of Warrant Agent.    Any corporation into which the Warrant Agent
may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party, or any corporation succeeding the
corporate trust business of the Warrant Agent, shall be the successor to the Warrant Agent hereunder without the execution or filing of any instrument or agreement or any further act on the part of
any of the parties hereto, provided that such corporation would be eligible for appointment as a successor warrant agent under the provisions of Section 21 hereof. In the case at the time such
successor to the Warrant Agent shall succeed to the agency created by this Agreement, any of the Certificates shall have been countersigned but not delivered, any such successor to the Warrant Agent
may adopt the countersignature of the original Warrant Agent and deliver such Certificates so countersigned; and in the case that at any time the Certificates shall not have been countersigned, any
successor to the Warrant Agent may countersign such Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such
Certificates shall have the full force provided in the Certificates and in this Agreement. 

        In
the case that at any time the name of the Warrant Agent shall be changed and at such time any of the Certificates shall have been countersigned but not delivered, the Warrant Agent
may adopt the countersignature under its prior name and deliver Certificates so countersigned; and in case at that time any of the Certificates shall not have been countersigned, the Warrant Agent may
countersign such Certificates either in its prior name or in its changed name; and in such cases such Certificates shall have the full force provided in the Certificates and in this Agreement. 

        Section 20. Duties of Warrant Agent.    The Warrant Agent undertakes the duties and obligations imposed by this Agreement
upon the following terms and conditions, by all of which the Company and the holders of Certificates, by their acceptance thereof, shall be bound: 

        20.1 The
Warrant Agent may consult with counsel satisfactory to it (who may be counsel for the Company), and the opinion of such counsel shall be full and complete
authorization and protection to 

10

 

the
Warrant Agent as to any action taken, suffered or omitted by it in good faith and in accordance with such opinion; provided, however that the Warrant Agent shall have exercised reasonable care in
the selection of such counsel. 

        20.2 Whenever
in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established
by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a certificate signed by any two of the Chairman of the Board, Chief Executive Officer or the President or a Vice President or the Secretary of the Company and delivered to
the Warrant Agent; and such certificate shall be full authorization to the Warrant Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon
such certificate. 

        20.3 The
Warrant Agent shall be liable hereunder only for its own negligence, bad faith or willful misconduct. 

        20.4 The
Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Certificates (except its
countersignature on the Certificates and such statements or recitals as describe the Warrant Agent or action taken or to be taken by it) or be required to verify the same, but all such statements and
recitals are and shall be deemed to have been made by the Company only. 

        20.5 The
Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution
hereof by the Warrant Agent) or in respect of the validity or execution of any Certificate (except its countersignature thereof), nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Certificate; nor shall it be responsible for any change in the number of shares of Common Stock required under the provisions of
Section 6 hereof or responsible for the manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment or change; nor shall it
by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Certificate or
as to whether any shares of Common Stock will, when issued, be validly issued, fully paid and non-assessable. 

        20.6 The
Warrant Agent shall be under no obligation to institute any action, suit or legal proceeding or take any other action likely to involve expense unless the Company
or one or more registered holders of Warrants shall furnish the Warrant Agent with reasonable security and indemnity, as determined in the sole discretion of the Warrant Agent, for any costs and
expenses which may be incurred. All rights of action under this Agreement or under any of the Warrants may be enforced by the Warrant Agent without the possession of any of the Warrants or the
production thereof at any trial or other proceeding relative thereto, and any such action, suit or proceeding instituted by the Warrant Agent shall be brought in its name as Warrant Agent, and any
recovery of judgment shall be for the ratable benefit of the registered holders of the Warrants, as their respective rights or interests may appear. 

        20.7 The
Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the
Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to or otherwise act as fully and freely as though it were not Warrant
Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 

        20.8 The
Warrant Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from the Chairman of the Board, Chief
Executive Officer or 

11

 

President
or a Vice President or the Secretary of the Company, and to apply to such officers for advice or instructions in connection with the Warrant Agent's duties, and it shall not be liable for
any action taken or suffered or omitted by it in good faith in accordance with instructions of any such officer. 

        20.9 The
Warrant Agent will not be responsible for any failure of the Company to comply with any of the covenants contained in this Agreement or in the Certificates to be
complied with by the Company. 

        20.10 The
Warrant Agent will not incur any liability or responsibility to the Company or to any holder of any Certificate for any action taken, or any failure to take
action, in reliance on any notice, resolution, waiver, consent, order, certificate, or other paper, document or instrument reasonably believed by the Warrant Agent to be genuine and to have been
signed, sent or presented by the proper party or parties. 

        20.11 The
Warrant Agent will act hereunder solely as agent of the Company in a ministerial capacity, and its duties will be determined solely by the provisions hereof. The
Warrant Agent will not be liable for anything which it may do or refrain from doing in connection with this Agreement except for its own negligence, bad faith or willful conduct. 

        Section 21. Change of Warrant Agent.    The Warrant Agent may resign and be discharged from its duties under this
Agreement upon 30 days' prior notice in writing mailed, by registered or certified mail, to the Company. The Company may remove the Warrant Agent or any successor warrant agent upon
30 days' prior notice in writing, mailed to the Warrant Agent or successor warrant agent, as the case may be, by registered or certified mail. If the Warrant Agent shall resign or be removed or
shall otherwise become incapable of acting, the Company shall appoint a successor to the Warrant Agent and shall, within 15 days following such appointment, give notice thereof in writing to
each registered holder of the Certificates. If the Company shall fail to make such appointment within a period of 15 days after giving notice of such removal or after it has been notified in
writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent, then the Company agrees to perform the duties of the Warrant Agent hereunder until a successor Warrant Agent
is appointed. After appointment the successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without
further act or deed; but the former Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time held by it pursuant to this Agreement, and execute and deliver any
further assurance, conveyance, act or deed necessary for the purpose. Failure to give any notice provided for in this Section, however, or any defect therein shall not affect the legality or validity
of the resignation or removal of the Warrant Agent or the appointment of the successor warrant agent, as the case may be. 

        Section 22. Issuance of New Certificates.    Notwithstanding any of the provisions of this Agreement or the Certificates
to the contrary, the Company may, at its option, issue new Certificates in such form as may be approved by its Board of Directors to reflect any adjustment or change in the number or kind of shares
purchasable under the several Certificates made in accordance with the provisions of this Agreement. 

        Section 23. Notices.    Notice or demand pursuant to this Agreement to be given or made on the Company by the Warrant
Agent or by the registered holder of any Certificate shall be sufficiently given or made if sent by first class or registered mail, postage prepaid, addressed (until another address is filed in
writing by the Company with the Warrant Agent) as follows: 

GrayMark
Productions, Inc.

2500 South McGee Drive, Suite 147

Norman, Oklahoma 73072

Attention: President 

12

 

        Subject
to the provisions of Section 21, any notice pursuant to this Agreement to be given or made by the Company or by the holder of any Certificate to or on the Warrant Agent
shall be sufficiently given
or made if sent by first class or registered mail, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company) as follows: 

UMB
Bank, N.A.

Security Trust Division

928 Grand Boulevard, 13th Floor

Kansas City, Missouri 64106 

        Any
notice or demand authorized to be given or made to the registered holder of any Certificate under this Agreement shall be sufficiently given or made if sent by first class or
registered mail, postage prepaid, to the last address of such holder as it shall appear on the registers maintained by the Warrant Agent. 

        Section 24. Modification of Agreement.    The Warrant Agent may, without the consent or concurrence of the holders of the
Certificates, by supplemental agreement or otherwise, concur with the Company in making any changes or corrections in this Agreement that the Warrant Agent shall have been advised by counsel (who may
be counsel for the Company) are necessary or desirable to cure any ambiguity or to correct any defective or inconsistent provision or clerical omission or mistake or manifest error herein contained,
or to make any other provisions in regard to matters or questions arising hereunder and which shall not be inconsistent with the provisions of the Certificates and which shall not adversely affect the
interests of the holders of Certificates. As of the date of this Agreement, this Agreement contains the entire and only agreement, understanding, representation, condition, warranty or covenant
between the parties hereto with respect to the matters herein, supersedes any and all other agreements between the parties hereto relating to such matters, and may be modified or amended only by a
written agreement signed by both parties hereto pursuant to the authority granted by the first sentence of this Section. 

        Section 25. Successors.    All the covenants and provisions of this Agreement by or for the benefit of the Company or the
Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 

        Section 26. Governing Law.    This Agreement and each Certificate issued hereunder shall be deemed to be a contract made
under the laws of the State of Oklahoma and for all purposes shall be construed in accordance with the laws of such state. 

        Section 27. Termination.    This Agreement shall terminate as of the close of business on the Expiration Date, or such
earlier date upon which all Warrants shall have been exercised or redeemed, except that the Warrant Agent shall account to the Company pursuant to Section 4 as to all Warrants outstanding and
all cash held by it as of the close of business on the Expiration Date. 

        Section 28. Benefits of this Agreement.    Nothing in this Agreement or in the Certificates shall be construed to give to
any person or corporation other than the Company, the Warrant Agent, and their respective successors and assigns hereunder and the registered holders of the Certificates any legal or equitable right,
remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent, their respective successors and assigns hereunder and the
registered holders of the Certificates. 

        Section 29. Descriptive Headings.    The descriptive headings of the several Sections of this Agreement are inserted for
convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

13

 

        Section 30. Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute one and the same instrument. 

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all as of the day and year first above written. 

	 	 	GRAYMARK PRODUCTIONS, INC.
	

 	
 	
By:	

/s/  JOHN SIMONELLI      
 John Simonelli, President
	

 	
 	
UMB BANK, N.A.
	

 	
 	
By:	

/s/  JOHN BROWN      

	 	 	Name:	JOHN BROWN
	 	 	Title:	VICE PRESIDENT

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QuickLinks

EXHIBIT 4.4

WARRANT AGREEMENT between GRAYMARK PRODUCTIONS, INC. and UMB BANK, NA Dated as of September 19, 2003

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