Document:

Unassociated Document

    Exhibit
      10.1 

     

    AGREEMENT

    

    THIS
      AGREEMENT
      is
      effective as of January 1, 2007, by and between Vero Management, L.L.C., a
      Delaware limited liability company with its principal place of business located
      at 936A Beachland Boulevard, Suite 13, Vero Beach, FL 32963 (“Vero”) and
      Wentworth V, Inc., a corporation organized and existing under the laws of the
      state of Delaware, with its principal place of business located at 936A
      Beachland Boulevard, Suite 13, Vero Beach, FL 32963 (“Client”). Vero and Client
      may each be referred to as a “Party” or collectively as the
“Parties.”

    

    RECITALS

    

    WHEREAS,
      Vero is
      engaged in the business of providing managerial and administrative support
      services to public and private companies; and

    

    WHEREAS,
      Client
      desires to engage the services of Vero as described herein and Vero desires
      to
      perform such services, all in accordance with the terms and conditions herein
      set forth;

    

    NOW,
      THEREFORE,
      in
      consideration of the mutual promises and covenants set forth herein, the Parties
      hereby agree as follows:

    

    
      	
              1.

            	
              Intent
                and Services

            

    

     

    It
      is the
      general nature and intent of this Agreement that Vero will provide to Client
      a
      broad range of managerial and administrative services including but not limited
      to assistance in the preparation and maintenance of its financial books and
      records, the filing of various reports with the appropriate regulatory agencies
      as are required by State and Federal rules and regulations, the administration
      of matters relating to Client’s shareholders including responding to various
      information requests from shareholders as well as the preparation and
      distribution to shareholders of relevant Client materials, and the providing
      of
      office space, corporate identity, telephone and fax services, mailing, postage
      and courier services (“Services”). This Agreement shall be liberally construed
      in order to insure that Vero provides to Client those Services necessary for
      Client to efficiently manage its business operations, efficiently respond to
      its
      shareholders and timely comply with its regulatory reporting requirements.
      The
      parties hereto specifically acknowledge and agree that Vero will not provide
      any
      legal, auditing, accounting, investment banking or capital formation services
      to
      Client.

    

    
      	
              2.

            	
              Term

            

    

    

    This
      Agreement shall be in effect for a term of one (1) year commencing on the date
      hereof; provided that either party may terminate this Agreement upon written
      notice to the other party at any time. At the end of the initial term, this
      Agreement shall remain in effect until terminated in writing by either party.
      All duties for payment of compensation owed to Vero and those duties that
      generally survive termination shall survive the termination of this
      agreement.

    

    
      	
              3.

            	
              Compensation

            

    

    

    In
      consideration of the services provides hereunder, Vero shall be entitled to
      the
      following compensation: 

    

    
      	 	
              a)

            	
              Client
                shall pay Vero a fee equal to $1,000 per month for each month, or
                any part
                thereof, that the Services hereunder are provided. The Parties
                specifically agree that in no event will the monthly fees be prorated
                either due to the initiation of Services following the first day
                of a
                particular month or the termination of Services prior to month’s
                end;

            

    

    

    
      	 	
              b)

            	
              Client
                shall reimburse Vero for any out-pocket expenses incurred by Vero
                in
                connection with its Services hereunder (including, without limitation,
                expenses of consultants and advisors engaged by Vero to perform all
                or any
                part of the Services hereunder, provided such expenses are approved
                by
                Client in advance). 

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Vero
      shall bill Client for the Services four times per year, on the last day of
      each
      calendar quarter and payment shall be due within seven (7) business days
      thereafter.

    

    
      	
              4.

            	
              Independent
                Contractor

            

    

    

    Vero
      shall be, and is deemed to be, an independent contractor in the performance
      of
      its duties hereunder. Vero shall have no power to enter into any agreement
      on
      behalf of or otherwise bind Client without the express prior written consent
      of
      Client. Vero shall be free to pursue, conduct, carry on and provide for its
      own
      account (or for the account of others) similar Services to other clients.

    

    
      	
              5.

            	
              Indemnification

            

    

    

    Client
      agrees to indemnify and hold Vero and its officers, directors, shareholders,
      managers, members, agents, advisors, consultants and employees (“Indemnified
      Parties”) harmless from any and all losses, expenses, claims, damages or
      liabilities (including reasonable attorneys’ fees) incurred by any Indemnified
      Party arising out of or related to the performance of Vero's duties under this
      Agreement, and Client shall, at the option of Vero, reimburse Vero or pay
      directly for any and all legal or other expenses incurred in connection with
      the
      investigation or defense of any action or claim in connection therewith.
      Notwithstanding the aforesaid, Client shall not be liable for any loss, claim,
      damage or liability that is found (as set forth in a final judgment by a court
      of competent jurisdiction) to have resulted in a material part from any act
      by
      Vero which constitutes fraud or gross negligence by Vero.

    
      

      
        	
                6.

              	
                Confidentiality

              

      

       

    

    Vero
      agrees that any information provided to it by Client of a confidential nature
      will not be revealed or disclosed to any person or entity, except in the
      performance of this Agreement. Upon the termination of this Agreement and
      following receipt of a written request from Client, all documentation provided
      by Client to Vero will be returned to it or destroyed.

    
      

      
        	
                7.

              	
                Notices

              

      

    

     

    All
      notices hereunder shall be in writing addressed to the Party at the address
      herein set forth, or at such other address as to which notice: pursuant to
      this
      section may be given, and shall be given by personal delivery, by certified
      mail
      (return receipt requested), Express Mail or by national overnight courier.
      Notices will be deemed given upon the earlier of actual receipt or three (3)
      business days
      after being mailed or delivered to such courier service.

    

    Notices
      shall be addressed as follows:

     

    
      
        	
                If
                  to Vero:

              	
                Vero
                  Management, L.L.C.

              
	 	
                936A
                  Beachland Boulevard, Suite 13

              
	 	
                Vero
                  Beach, FL 32963

              
	 	
                Attn:
                  Kevin R. Keating, Manager

              
	 	 
	
                If
                  to Client:

              	
                Wentworth
                  V, Inc.

              
	 	
                936A
                  Beachland Boulevard, Suite 13

              
	 	
                Vero
                  Beach, FL 32963

              
	 	
                Attn:
                  Kevin R. Keating, President

              

      

    

     

    Any
      notices to be given hereunder will be effective if executed by and sent by
      the
      attorneys for the Parties giving such notice, and in connection therewith the
      Parties and their respective counsel agree that, in giving such notice, such
      counsel may communicate directly in writing, with such Parties to the extent
      necessary to give such notice.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

    

    
      	
              
                8.

              

            	
              Representations
                and Warranties of Client

            

    

    

    Client
      represents and warrants that:

    

    
      	 	
              a)

            	
              Client
                will cooperate fully and timely with Vero to enable Vero to perform
                the
                Services that may be rendered
                hereunder;

            

    

    

    
      	 	
              b)

            	
              Client
                has full power and authority to enter into this
                Agreement;

            

    

    

    
      	 	
              c)

            	
              The
                performance by Client of this Agreement will not violate any applicable
                court decree, law or regulation, nor will it violate any provision(s)
                of
                the organizational or corporate governance documents of Client or
                any
                contractual obligation by which Client may be bound;
                and

            

    

    

    
      	 	
              d)

            	
              All
                information supplied to Vero by Client, shall be true and accurate
                and
                complete in all material respects, to the best of Client's
                knowledge.

            

    

    
       

    

    
      	
              
                8.

              

            	
              Representations
                and Warranties of Vero

            

    

     

    Vero
      represents and warrants that:

    

    
      	 	
              a)

            	
              It
                has full power and authority to enter this
                Agreement;

            

    

    

    
      	 	
              b)

            	
              It
                has the requisite skill and experience to perform the Services and
                to
                carry out and fulfill its duties and obligations hereunder;
                and

            

    

    

    
      	 	
              c)

            	
              It
                will use its best efforts to complete all Services in a timely and
                professional manner.

            

    

    
       

    

    
      	10.	
              Governing
                Law, Dispute Resolution, and
                Jurisdiction

            

    

    

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Florida, without giving effect to the conflicts of laws principles
      thereof. All disputes, controversies or claims (“Disputes”) arising out of or
      relating to this Agreement shall in the first instance be the subject of a
      meeting between a representative of each Party who has decision-making authority
      with respect to the matter in question. Should the meeting either not take
      place
      or not result in a resolution of the Dispute within twenty (20) business days
      following notice of the Dispute to the other Party, then the Dispute shall
      be
      resolved in a binding arbitration proceeding to be held in Orlando, Florida,
      in
      accordance with the international rules of the American Arbitration Association.
      The Parties agree that a panel of one arbitrator shall be required. Any award
      of
      the arbitrator shall be deemed confidential information for a minimum period
      of
      five years. The arbitrator may award attorneys’ fees and other arbitration
      related expense, as well as pre- and post-judgment interest on any award of
      damages, to the prevailing Party, in their sole discretion.

    
       

    

    
      	11.	
              Miscellaneous

            

    

    

    
      	 	
              a)

            	
              No
                Waiver.
                No provision of this Agreement maybe waived except by agreement in
                writing
                signed by the waiving Party. A waiver of any term or provision of
                this
                Agreement shall not be construed as a waiver of any other term or
                provision.

            

    

    

    
      	 	
              b)

            	
              Non-assignability.
                This Agreement is not assignable without the written consent of the
                other
                Party.

            

    

    

    
      	 	
              c)

            	
              Multiple
                Counterparts. This
                Agreement may be executed in multiple counterparts, each of which
                shall be
                deemed an original. It shall not be necessary that each Party executes
                each counterpart, or that any one counterpart be executed by more
                than one
                Party so long as each Party executes at least one
                counterpart.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              d)

            	
              Severability.
                If any provision of this Agreement is declared by any court of competent
                jurisdiction to be invalid for any reason, such invalidity shall
                not
                affect the remaining provisions of this
                Agreement.

            

    

    

    
      	 	
              e)

            	
              Construction.
                No provision of this Agreement shall be construed against any Party
                by
                virtue of the fact that that this Agreement was primarily prepared
                by such
                Party.

            

    

    

    
      	 	
              f)

            	
              Headings.
                The section and paragraph heading shall not be deemed a part of this
                Agreement.

            

    

     

    IN
      WITNESS WHEREOF
      the
      undersigned have executed this Agreement as of the day and year first above
      written.

     

    
      	 	 	 	 
	
              VERO
                MANAGEMENT, L.L.C.

            	 	 	
              WENTWORTH
                V, INC.

            
	
               

               

            	 	 	 
	
              By:
                /s/ Kevin R. Keating

            	 	 	
              By:
                /s/ Kevin R. Keating

            
	
              
                

              

              Kevin
                R. Keating, Manager

            	 	 	
              
                

              

              Kevin
                R. Keating, PresidentEXHIBIT
      4.4 

     

    

      Cell
        Genesys, Inc.

    

     

    AND

     

    [                        ],
      AS WARRANT AGENT 

     

    FORM
      OF COMMON STOCK 

    WARRANT
      AGREEMENT 

     

    DATED
      AS OF 

     

    [----------------—]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
    

    TABLE
      OF CONTENTS 

     

    
      	
            	
            	
            	
            	
            
	
              ARTICLE I

            	  	
              ISSUANCE
                OF WARRANTS AND
                EXECUTION AND DELIVERY OF WARRANT CERTIFICATES

            	  	1
	
              Section 1.1

            	  	
              Issuance
                of
                Warrants

            	  	1
	
              Section
                1.2

            	  	
              Execution
                and Delivery of
                Warrant Certificates

            	  	1
	
              Section
                1.3

            	  	
              Issuance
                of Warrant
                Certificates

            	  	2
	
            	
            	
            
	
              ARTICLE II

            	  	
              WARRANT
                PRICE, DURATION AND
                EXERCISE OF WARRANTS

            	  	2
	
              Section 2.1

            	  	
              Warrant
                Price

            	  	2
	
              Section 2.2

            	  	
              Duration
                of
                Warrants

            	  	2
	
              Section
                2.3

            	  	
              Exercise
                of
                Warrants

            	  	2
	
            	
            	
            
	
              ARTICLE III

            	  	
              OTHER
                PROVISIONS RELATING TO
                RIGHTS OF HOLDERS OF WARRANT CERTIFICATES

            	  	3
	
              Section
                3.1

            	  	
              No
                Rights as Warrant
                Securityholder Conferred by Warrants or Warrant
                Certificates

            	  	3
	
              Section
                3.2

            	  	
              Lost,
                Stolen, Mutilated or
                Destroyed Warrant Certificates

            	  	4
	
              Section
                3.3

            	  	
              Holder
                of Warrant Certificate
                May Enforce Rights

            	  	4
	
              Section
                3.4

            	  	
              Adjustments

            	  	4
	
              Section
                3.5

            	  	
              Notice
                to
                Warrantholders

            	  	6
	
              Section
                3.6

            	  	
              [If
                the Warrants are subject
                to acceleration by the Company, insert — Acceleration of Warrants by the
                Company

            	  	6
	
            	
            	
            
	
              ARTICLE IV

            	  	
              EXCHANGE
                AND TRANSFER OF
                WARRANT CERTIFICATES

            	  	7
	
              Section
                4.1

            	  	
              Exchange
                and Transfer of
                Warrant Certificates

            	  	7
	
              Section
                4.2

            	  	
              Treatment
                of Holders of
                Warrant Certificates

            	  	8
	
              Section
                4.3

            	  	
              Cancellation
                of Warrant
                Certificates

            	  	8
	
            	
            	
            
	
              ARTICLE V

            	  	
              CONCERNING
                THE WARRANT
                AGENT

            	  	8
	
              Section
                5.1

            	  	
              Warrant
                Agent

            	  	8
	
              Section
                5.2

            	  	
              Conditions
                of Warrant Agent’s
                Obligations

            	  	8
	
              Section
                5.3

            	  	
              Resignation,
                Removal and
                Appointment of Successor

            	  	10
	
            	
            	
            
	
              ARTICLE VI

            	  	
              MISCELLANEOUS

            	  	11
	
              Section
                6.1

            	  	
              Amendment

            	  	11
	
              Section
                6.2

            	  	
              Notices
                and Demands to the
                Company and Warrant Agent

            	  	11
	
              Section
                6.3

            	  	
              Addresses

            	  	11
	
              Section
                6.4

            	  	
              Governing
                Law

            	  	11
	
              Section
                6.5

            	  	
              Delivery
                of
                Prospectus

            	  	11
	
              Section
                6.6

            	  	
              Obtaining
                of Governmental
                Approvals

            	  	11
	
              Section
                6.7

            	  	
              Persons
                Having Rights Under
                Warrant Agreement

            	  	11
	
              Section
                6.8

            	  	
              Headings

            	  	11
	
              Section
                6.9

            	  	
              Counterparts

            	  	11
	
              Section 6.10

            	  	
              Inspection
                of
                Agreement

            	  	12

    

    
    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      Cell
        Genesys, Inc.

    

    Form
      of Common Stock Warrant
      Agreement 

     

    COMMON
      STOCK WARRANT AGREEMENT,
      dated as of
      [            ]between
Cell
      Genesys, Inc., a Delaware corporation (the “COMPANY”) and
      [            ],
      a [corporation] [national banking association] organized and existing under
      the
      laws of
      [            ]
      and having a corporate trust office in
      [            ],
      as warrant agent (the “WARRANT AGENT”). 

     

    WHEREAS,
      the Company proposes to
      sell [if Warrants are sold with other securities — [title of such other
      securities being offered] (the “OTHER SECURITIES”) with] warrant certificates
      evidencing one or more warrants (the “WARRANTS” or individually a “WARRANT”)
      representing the right to purchase Common Stock of the Company, par value $0.001
      per share (the “WARRANT SECURITIES”), such warrant certificates and other
      warrant certificates issued pursuant to this Agreement being herein called
      the
“WARRANT CERTIFICATES”; and 

     

    WHEREAS,
      the Company desires the
      Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing
      so to act, in connection with the issuance, registration, transfer, exchange,
      exercise and replacement of the Warrant Certificates, and in this Agreement
      wishes to set forth, among other things, the form and provisions of the Warrant
      Certificates and the terms and conditions on which they may be issued,
      registered, transferred, exchanged, exercised and replaced; 

     

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

     

     

    ARTICLE
      I 

    ISSUANCE
      OF WARRANTS AND EXECUTION
      AND 

    DELIVERY
      OF WARRANT CERTIFICATES

     

    SECTION
      1.1 ISSUANCE OF WARRANTS.
      [If Warrants alone — Upon issuance, each Warrant Certificate shall evidence one
      or more Warrants.] [If Other Securities and Warrants — Warrants shall be
      [initially] issued in connection with the issuance of the Other Securities
      [but
      shall be separately transferable on and after
      [            ]
      (the “Detachable Date”)] [and shall not be separately transferable] and each
      Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced
      thereby shall represent the right, subject to the provisions contained herein
      and therein, to purchase one Warrant Security. [If Other Securities and Warrants
      — Warrant Certificates shall be initially issued in units with the Other
      Securities and each Warrant Certificate included in such a unit shall evidence
      [            ]
      Warrants for each [$
      [            ]principal
      amount]
      [            
      shares] of Other Securities included in such unit.] 

     

    SECTION
      1.2 EXECUTION AND DELIVERY
      OF WARRANT CERTIFICATES. Each Warrant Certificate, whenever issued, shall be
      in
      registered form substantially in the form set forth in Exhibit A hereto, shall
      be dated the date of its countersignature by the Warrant Agent and may have
      such
      letters, numbers, or other marks of identification or designation and such
      legends or endorsements printed, lithographed or engraved thereon as the
      officers of the Company executing the same may approve (execution thereof to
      be
      conclusive evidence of such approval) 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 securities exchange on which the Warrants may be listed, or to conform
      to
      usage. The Warrant Certificates shall be signed on behalf of the Company by
      any
      of its present or future chief executive officers, presidents, senior vice
      presidents, vice presidents, chief financial officers, chief legal officers,
      treasurers, assistant treasurers, controllers, assistant controllers,
      secretaries or assistant secretaries under its corporate seal reproduced
      thereon. Such signatures may be manual or facsimile signatures of such
      authorized officers and may be imprinted or otherwise reproduced on the Warrant
      Certificates. The seal of the Company may be in the form of a facsimile thereof
      and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant
      Certificates. 

     

    No
      Warrant Certificate shall be
      valid for any purpose, and no Warrant evidenced thereby shall be exercisable,
      until such Warrant Certificate has been countersigned by the manual signature
      of
      the Warrant Agent. Such signature by the Warrant Agent upon any Warrant
      Certificate executed by the Company shall be conclusive evidence that the
      Warrant Certificate so countersigned has been duly issued hereunder.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    
    

    In
      case any officer of the Company
      who shall have signed any of the Warrant Certificates either manually or by
      facsimile signature shall cease to be such officer before the Warrant
      Certificates so signed shall have been countersigned and delivered by the
      Warrant Agent, such Warrant Certificates may be countersigned and delivered
      notwithstanding that the person who signed Warrant Certificates ceased to be
      such officer of the Company; and any Warrant Certificate may be signed on behalf
      of the Company by such persons as, at the actual date of the execution of such
      Warrant Certificate, shall be the proper officers of the Company, although
      at
      the date of the execution of this Agreement any such person was not such
      officer. 

     

    The
      term “holder” or “holder of a
      Warrant Certificate” as used herein shall mean any person in whose name at the
      time any Warrant Certificate shall be registered upon the books to be maintained
      by the Warrant Agent for that purpose [If Other Securities and Warrants are
      not
      immediately detachable — or upon the registration of the Other Securities prior
      to the Detachable Date. Prior to the Detachable Date, the Company will, or
      will
      cause the registrar of the Other Securities to, make available at all times
      to
      the Warrant Agent such information as to holders of the Other Securities as
      may
      be necessary to keep the Warrant Agent’s records up to date]. 

     

    SECTION
      1.3 ISSUANCE OF WARRANT
      CERTIFICATES. Warrant Certificates evidencing the right to purchase Warrant
      Securities may be executed by the Company and delivered to the Warrant Agent
      upon the execution of this Warrant Agreement or from time to time thereafter.
      The Warrant Agent shall, upon receipt of Warrant Certificates duly executed
      on
      behalf of the Company, countersign such Warrant Certificates and shall deliver
      such Warrant Certificates to or upon the order of the Company. 

     

     

    ARTICLE
      II 

    WARRANT
      PRICE, DURATION AND EXERCISE
      OF WARRANTS 

     

    SECTION
      2.1 WARRANT PRICE. During
      the period specified in Section 2.2, each Warrant shall, subject to the
      terms of this Warrant Agreement and the applicable Warrant Certificate, entitle
      the holder thereof to initially purchase the number of Warrant Securities
      specified in the applicable Warrant Certificate at an initial exercise price
      of
      $
      [            ]
      per Warrant Security, subject to adjustment upon the occurrence of certain
      events, as hereinafter provided. Such purchase price per Warrant Security is
      referred to in this Agreement as the “WARRANT PRICE.” 

     

    SECTION
      2.2 DURATION OF WARRANTS.
      Each Warrant may be exercised in whole or in part at any time, as specified
      herein, on or after [the date thereof]
      [            ]
      and at or before
      [            ]
      p.m., [City] time, on
            
      or such later date as the Company may designate by notice to the Warrant Agent
      and the holders of Warrant Certificates mailed to their addresses as set forth
      in the record books of the Warrant Agent (the “EXPIRATION DATE”). Each Warrant
      not exercised at or before
      [            ]
      p.m., [City] time, on the Expiration Date shall become void, and all rights
      of
      the holder of the Warrant Certificate evidencing such Warrant under this
      Agreement shall cease. 

     

    SECTION
      2.3 EXERCISE OF WARRANTS.

     

    (a)
      During the period specified in
      Section 2.2, the Warrants may be exercised to purchase a whole number of
      Warrant Securities in registered form by providing certain information as set
      forth on the reverse side of the Warrant Certificate and by paying in full,
      in
      lawful money of the United States of America, [in cash or by certified check
      or
      official bank check in New York Clearing House funds] [by bank wire transfer
      in
      immediately available funds] the Warrant Price for each Warrant Security with
      respect to which a Warrant is being exercised to the Warrant Agent at its
      corporate trust office, provided that such exercise is subject to receipt within
      five business days of such payment by the Warrant Agent of the Warrant
      Certificate with the form of election to purchase Warrant Securities set forth
      on the reverse side of the Warrant Certificate properly completed and duly
      executed. The date on which payment in full of the Warrant Price is received
      by
      the Warrant Agent shall, subject to receipt of the Warrant Certificate as
      aforesaid, be deemed to 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    be
      the date on which the Warrant is
      exercised; provided, however, that if, at the date of receipt of such Warrant
      Certificates and payment in full of the Warrant Price, the transfer books for
      the Warrant Securities purchasable upon the exercise of such Warrants shall
      be
      closed, no such receipt of such Warrant Certificates and no such payment of
      such
      Warrant Price shall be effective to constitute the person so designated to
      be
      named as the holder of record of such Warrant Securities on such date, but
      shall
      be effective to constitute such person as the holder of record of such Warrant
      Securities for all purposes at the opening of business on the next succeeding
      day on which the transfer books for the Warrant Securities purchasable upon
      the
      exercise of such Warrants shall be opened, and the certificates for the Warrant
      Securities in respect of which such Warrants are then exercised shall be
      issuable as of the date on such next succeeding day on which the transfer books
      shall next be opened, and until such date the Company shall be under no duty
      to
      deliver any certificate for such Warrant Securities. The Warrant Agent shall
      deposit all funds received by it in payment of the Warrant Price in an account
      of the Company maintained with it and shall advise the Company by telephone
      at
      the end of each day on which a payment for the exercise of Warrants is received
      of the amount so deposited to its account. The Warrant Agent shall promptly
      confirm such telephone advice to the Company in writing. 

     

    (b)
      The Warrant Agent shall, from
      time to time, as promptly as practicable, advise the Company of (i) the
      number of Warrant Securities with respect to which Warrants were exercised,
      (ii) the instructions of each holder of the Warrant Certificates evidencing
      such Warrants with respect to delivery of the Warrant Securities to which such
      holder is entitled upon such exercise, (iii) delivery of Warrant
      Certificates evidencing the balance, if any, of the Warrants for the remaining
      Warrant Securities after such exercise, and (iv) such other information as
      the Company shall reasonably require. 

     

    (c)
      As soon as practicable after the
      exercise of any Warrant, the Company shall issue to or upon the order of the
      holder of the Warrant Certificate evidencing such Warrant the Warrant Securities
      to which such holder is entitled, in fully registered form, registered in such
      name or names as may be directed by such holder. If fewer than all of the
      Warrants evidenced by such Warrant Certificate are exercised, the Company shall
      execute, and an authorized officer of the Warrant Agent shall manually
      countersign and deliver, a new Warrant Certificate evidencing Warrants for
      the
      number of Warrant Securities remaining unexercised. 

     

    (d)
      The Company shall not be
      required to pay any stamp or other tax or other governmental charge required
      to
      be paid in connection with any transfer involved in the issue of the Warrant
      Securities, and in the event that any such transfer is involved, the Company
      shall not be required to issue or deliver any Warrant Security until such tax
      or
      other charge shall have been paid or it has been established to the Company’s
      satisfaction that no such tax or other charge is due. 

     

    (e)
      Prior to the issuance of any
      Warrants there shall have been reserved, and the Company shall at all times
      through the Expiration Date keep reserved, out of its authorized but unissued
      Warrant Securities, a number of shares sufficient to provide for the exercise
      of
      the Warrants. 

     

     

    ARTICLE
      III 

    OTHER
      PROVISIONS RELATING TO RIGHTS

    OF
      HOLDERS OF WARRANT CERTIFICATES

     

    SECTION
      3.1 NO RIGHTS AS WARRANT
      SECURITYHOLDER CONFERRED BY WARRANTS OR WARRANT CERTIFICATES. No Warrant
      Certificate or Warrant evidenced thereby shall entitle the holder thereof to
      any
      of the rights of a holder of Warrant Securities, including, without limitation,
      the right to receive the payment of dividends or distributions, if any, on
      the
      Warrant Securities or to exercise any voting rights, except to the extent
      expressly set forth in this Agreement or the applicable Warrant Certificate.
      

     

    
      
        
        

      

      
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    SECTION
      3.2 LOST, STOLEN, MUTILATED
      OR DESTROYED WARRANT CERTIFICATES. Upon receipt by the Warrant Agent of evidence
      reasonably satisfactory to it and the Company of the ownership of and the loss,
      theft, destruction or mutilation of any Warrant Certificate and/or indemnity
      reasonably satisfactory to the Warrant Agent and the Company and, in the case
      of
      mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant
      Agent for cancellation, then, in the absence of notice to the Company or the
      Warrant Agent that such Warrant Certificate has been acquired by a bona fide
      purchaser, the Company shall execute, and an authorized officer of the Warrant
      Agent shall manually countersign and deliver, in exchange for or in lieu of
      the
      lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant
      Certificate of the same tenor and evidencing Warrants for a like number of
      Warrant Securities. Upon the issuance of any new Warrant Certificate under
      this
      Section 3.2, the Company may require the payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in relation
      thereto and any other expenses (including the fees and expenses of the Warrant
      Agent) in connection therewith. Every substitute Warrant Certificate executed
      and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or
      destroyed Warrant Certificate shall represent an additional contractual
      obligation of the Company, whether or not the lost, stolen or destroyed Warrant
      Certificate shall be at any time enforceable by anyone, and shall be entitled
      to
      the benefits of this Agreement equally and proportionately with any and all
      other Warrant Certificates duly executed and delivered hereunder. The provisions
      of this Section 3.2 are exclusive and shall preclude (to the extent lawful)
      all other rights and remedies with respect to the replacement of mutilated,
      lost, stolen or destroyed Warrant Certificates. 

     

    SECTION
      3.3 HOLDER OF WARRANT
      CERTIFICATE MAY ENFORCE RIGHTS. Notwithstanding any of the provisions of this
      Agreement, any holder of a Warrant Certificate, without the consent of the
      Warrant Agent, the holder of any Warrant Securities or the holder of any other
      Warrant Certificate, may, in such holder’s own behalf and for such holder’s own
      benefit, enforce, and may institute and maintain any suit, action or proceeding
      against the Company suitable to enforce, or otherwise in respect of, such
      holder’s right to exercise the Warrants evidenced by such holder’s Warrant
      Certificate in the manner provided in such holder’s Warrant Certificate and in
      this Agreement. 

     

    SECTION
      3.4 ADJUSTMENTS.

     

    (a)
      In case the Company shall at any
      time subdivide its outstanding shares of Common Stock into a greater number
      of
      shares, the Warrant Price in effect immediately prior to such subdivision shall
      be proportionately reduced and the number of Warrant Securities purchasable
      under the Warrants shall be proportionately increased. Conversely, in case
      the
      outstanding shares of Common Stock of the Company shall be combined into a
      smaller number of shares, the Warrant Price in effect immediately prior to
      such
      combination shall be proportionately increased and the number of Warrant
      Securities purchasable under the Warrants shall be proportionately decreased.
      

     

    (b)
      If at any time or from time to
      time the holders of Common Stock (or any shares of stock or other securities
      at
      the time receivable upon the exercise of the Warrants) shall have received
      or
      become entitled to receive, without payment therefore, 

     

    (i)
      Common Stock or any shares of
      stock or other securities which are at any time directly or indirectly
      convertible into or exchangeable for Common Stock, or any rights or options
      to
      subscribe for, purchase or otherwise acquire any of the foregoing by way of
      dividend or other distribution; 

     

    (ii)
      any cash paid or payable
      otherwise than as a cash dividend paid or payable out of the Company’s current
      or retained earnings; 

     

    (iii)
      any evidence of the Company’s
      indebtedness or rights to subscribe for or purchase the Company’s indebtedness;
      or 

     

    (iv)
      Common Stock or additional
      stock or other securities or property (including cash) by way of spinoff,
      split-up, reclassification, combination of shares or similar corporate
      rearrangement (other than shares of Common Stock issued as a stock split or
      adjustments in respect of which shall be covered by the terms of
      Section 3.4(a) above), 

     

    
      
        
        

      

      
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    then
      and in each such case, the
      holder of each Warrant shall, upon the exercise of the Warrant, be entitled
      to
      receive, in addition to the number of Warrant Securities receivable thereupon,
      and without payment of any additional consideration therefore, the amount of
      stock and other securities and property (including cash and indebtedness (or
      rights to subscribe for or purchase indebtedness) which such holder would hold
      on the date of such exercise had he been the holder of record of such Warrant
      Securities as of the date on which holders of Common Stock received or became
      entitled to receive such shares or all other additional stock and other
      securities and property. 

     

    (c)
      In case of (i) any
      reclassification, capital reorganization, or change in the Common Stock of
      the
      Company (other than as a result of a subdivision, combination, or stock dividend
      provided for in Section 3.4(a) or Section 3.4(b) above),
      (ii) share exchange, merger or similar transaction of the Company with or
      into another person or entity (other than a share exchange, merger or similar
      transaction in which the Company is the acquiring or surviving corporation
      and
      which does not result in any change in the Common Stock other than the issuance
      of additional shares of Common Stock) or (iii) the sale, exchange, lease,
      transfer or other disposition of all or substantially all of the properties
      and
      assets of the Company as an entirety (in any such case, a “REORGANIZATION
      EVENT”), then, as a condition of such Reorganization Event, lawful provisions
      shall be made, and duly executed documents evidencing the same from the Company
      or its successor shall be delivered to the holders of the Warrants, so that
      the
      holders of the Warrants shall have the right at any time prior to the expiration
      of the Warrants to purchase, at a total price equal to that payable upon the
      exercise of the Warrants, the kind and amount of shares of stock and other
      securities and property receivable in connection with such Reorganization Event
      by a holder of the same number of Warrant Securities as were purchasable by
      the
      holders of the Warrants immediately prior to such Reorganization Event. In
      any
      such case appropriate provisions shall be made with respect to the rights and
      interests of the holders of the Warrants so that the provisions hereof shall
      thereafter be applicable with respect to any shares of stock or other securities
      and property deliverable upon exercise the Warrants, and appropriate adjustments
      shall be made to the Warrant Price payable hereunder provided the aggregate
      purchase price shall remain the same. In the case of any transaction described
      in clauses (ii) and (iii) above, the Company shall thereupon be
      relieved of any further obligation hereunder or under the Warrants, and the
      Company as the predecessor corporation may thereupon or at any time thereafter
      be dissolved, wound up or liquidated. Such successor or assuming entity
      thereupon may cause to be signed, and may issue either in its own name or in
      the
      name of the Company, any or all of the Warrants issuable hereunder which
      heretofore shall not have been signed by the Company, and may execute and
      deliver securities in its own name, in fulfillment of its obligations to deliver
      Warrant Securities upon exercise of the Warrants. All the Warrants so issued
      shall in all respects have the same legal rank and benefit under this Agreement
      as the Warrants theretofore or thereafter issued in accordance with the terms
      of
      this Agreement as though all of such Warrants had been issued at the date of
      the
      execution hereof. In any case of any such Reorganization Event, such changes
      in
      phraseology and form (but not in substance) may be made in the Warrants
      thereafter to be issued as may be appropriate. 

     

    The
      Warrant Agent may receive a
      written opinion of legal counsel as conclusive evidence that any such
      Reorganization Event complies with the provisions of this Section 3.4.

     

    (d)
      The Company may, at its option,
      at any time until the Expiration Date, reduce the then current Warrant Price
      to
      any amount deemed appropriate by the Board of Directors of the Company for
      any
      period not exceeding twenty consecutive days (as evidenced in a resolution
      adopted by such Board of Directors), but only upon giving the notices required
      by Section 3.5 at least ten days prior to taking such action. 

     

    (e)
      Except as herein otherwise
      expressly provided, no adjustment in the Warrant Price shall be made by reason
      of the issuance of shares of Common Stock, or securities convertible into or
      exchangeable for shares of Common Stock, or securities carrying the right to
      purchase any of the foregoing or for any other reason whatsoever. 

     

    
      
        
        

      

      
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    (f)
      No fractional Warrant Securities
      shall be issued upon the exercise of Warrants. If more than one Warrant shall
      be
      exercised at one time by the same holder, the number of full Warrant Securities
      which shall be issuable upon such exercise shall be computed on the basis of
      the
      aggregate number of Warrant Securities purchased pursuant to the Warrants so
      exercised. Instead of any fractional Warrant Security which would otherwise
      be
      issuable upon exercise of any Warrant, the Company shall pay a cash adjustment
      in respect of such fraction in an amount equal to the same fraction of the
      last
      sales price (or bid price if there were no sales) per Warrant Security, in
      either case as reported on the New York Stock Exchange Composite Tape on the
      business day which next precedes the day of exercise or, if the Warrant
      Securities are not then listed or admitted to trading on the New York Stock
      Exchange, on the principal national securities exchange on which the Warrant
      Securities are listed or admitted to trading or, if not listed or admitted
      to
      trading on any national securities exchange, on the National Market System
      of
      the National Association of Securities Dealers, Inc. Automated Quotations System
      (“NASDAQ”), or if the Warrant Securities are not then listed or admitted to
      trading on any national securities exchange or quoted on the National Market
      System of NASDAQ, the average of the closing high bid and low asked prices
      in
      the over-the-counter market, as reported by NASDAQ, or such other system then
      in
      use, or if on any such date the Warrant Securities are not quoted by any such
      organization, an amount equal to the same fraction of the average of the closing
      bid and asked prices as furnished by any New York Stock Exchange firm selected
      from time to time by the Company for that purpose at the close of business
      on
      the business day which next precedes the day of exercise. 

     

    (g)
      Whenever the Warrant Price then
      in effect is adjusted as herein provided, the Company shall mail to each holder
      of the Warrants at such holder’s address as it shall appear on the books of the
      Company a statement setting forth the adjusted Warrant Price then and thereafter
      effective under the provisions hereof, together with the facts, in reasonable
      detail, upon which such adjustment is based. 

     

    SECTION
      3.5 NOTICE TO
      WARRANTHOLDERS. In case the Company shall (a) effect any dividend or
      distribution described in Section 3.4(b), (b) effect any
      Reorganization Event, (c) make any distribution on or in respect of the
      Common Stock in connection with the dissolution, liquidation or winding up
      of
      the Company, or (d) reduce the then current Warrant Price pursuant to
      Section 3.4(d), then the Company shall mail to each holder of Warrants at
      such holder’s address as it shall appear on the books of the Warrant Agent, at
      least ten days prior to the applicable date hereinafter specified, a notice
      stating (x) the record date for such dividend or distribution, or, if a
      record is not to be taken, the date as of which the holders of record of Common
      Stock that will be entitled to such dividend or distribution are to be
      determined, (y) the date on which such Reorganization Event, dissolution,
      liquidation or winding up is expected to become effective, and the date as
      of
      which it is expected that holders of Common Stock of record shall be entitled
      to
      exchange their shares of Common Stock for securities or other property
      deliverable upon such Reorganization Event, dissolution, liquidation or winding
      up, or (z) the first date on which the then current Warrant Price shall be
      reduced pursuant to Section 3.4(d). No failure to mail such notice nor any
      defect therein or in the mailing thereof shall affect any such transaction
      or
      any adjustment in the Warrant Price required by Section 3.4. 

     

    SECTION
      3.6 [IF THE WARRANTS ARE
      SUBJECT TO ACCELERATION BY THE COMPANY, INSERT—ACCELERATION OF WARRANTS BY THE
      COMPANY. 

     

    (a)
      At any time on or
      after[            ],
      the Company shall have the right to accelerate any or all Warrants at any time
      by causing them to expire at the close of business on the day next preceding
      a
      specified date (the “ACCELERATION DATE”), if the Market Price (as hereinafter
      defined) of the Common Stock equals or
      exceeds[            ]
      percent (        %) of the then
      effective Warrant Price on any twenty Trading Days (as hereinafter defined)
      within a period of thirty consecutive Trading Days ending no more than five
      Trading Days prior to the date on which the Company gives notice to the Warrant
      Agent of its election to accelerate the Warrants. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (b)
      Market Price” for each Trading
      Day shall be, if the Common Stock is listed or admitted for trading on the
      New
      York Stock Exchange, the last reported sale price, regular way (or, if no such
      price is reported, the average of the reported closing bid and asked prices,
      regular way) of Common Stock, in either case as reported on the New York Stock
      Exchange Composite Tape or, if the Common Stock is not listed or admitted to
      trading on the New York Stock Exchange, on the principal national securities
      exchange on which the Common Stock is listed or admitted to trading or, if
      not
      listed or admitted to trading on any national securities exchange, on the
      National Market System of NASDAQ or, if not listed or admitted to trading on
      any
      national securities exchange or quoted on the National Market System of NASDAQ,
      the average of the closing high bid and low asked prices in the over-the-counter
      market, as reported by NASDAQ, or such other system then in use, or if on any
      such date the shares of Common Stock are not quoted by any such organization,
      the average of the closing bid and asked prices as furnished by any New York
      Stock Exchange firm selected from time to time by the Company for that purpose.
      “Trading Day” shall be each Monday through Friday, other than any day on which
      securities are not traded in the system or on the exchange that is the principal
      market for the Common Stock, as determined by the Board of Directors of the
      Company. 

     

    (c)
      In the event of an acceleration
      of less than all of the Warrants, the Warrant Agent shall select the Warrants
      to
      be accelerated by lot, pro rata or in such other manner as it deems, in its
      discretion, to be fair and appropriate. 

     

    (d)
      Notice of an acceleration
      specifying the Acceleration Date shall be sent by mail first class, postage
      prepaid, to each registered holder of a Warrant Certificate representing a
      Warrant accelerated at such holder’s address appearing on the books of the
      Warrant Agent not more than sixty days nor less than thirty days before the
      Acceleration Date. Such notice of an acceleration also shall be given no more
      than twenty days, and no less than ten days, prior to the mailing of notice
      to
      registered holders of Warrants pursuant to this Section 3.6, by publication
      at least once in a newspaper of general circulation in the City of New York.
      

     

    (e)
      Any Warrant accelerated may be
      exercised until [        ] p.m.,
      [City] time, on the business day next preceding the Acceleration Date. The
      Warrant Price shall be payable as provided in Section 2.] 

     

     

    ARTICLE
      IV 

    EXCHANGE
      AND TRANSFER OF WARRANT
      CERTIFICATES 

     

    SECTION
      4.1 EXCHANGE AND TRANSFER OF
      WARRANT CERTIFICATES. [If Other Securities with Warrants which are immediately
      detachable—Upon] [If Other Securities with Warrants which are not immediately
      detachable—Prior to the Detachable Date, a Warrant Certificate may be exchanged
      or transferred only together with the Other Security to which the Warrant
      Certificate was initially attached, and only for the purpose of effecting or
      in
      conjunction with an exchange or transfer of such Other Security. Prior to any
      Detachable Date, each transfer of the Other Security shall operate also to
      transfer the related Warrant Certificates. After the Detachable Date, upon]
      surrender at the corporate trust office of the Warrant Agent, Warrant
      Certificates evidencing Warrants may be exchanged for Warrant Certificates
      in
      other denominations evidencing such Warrants or the transfer thereof may be
      registered in whole or in part; provided that such other Warrant Certificates
      evidence Warrants for the same aggregate number of Warrant Securities as the
      Warrant Certificates so surrendered. The Warrant Agent shall keep, at its
      corporate trust office, books in which, subject to such reasonable regulations
      as it may prescribe, it shall register Warrant Certificates and exchanges and
      transfers of outstanding Warrant Certificates, upon surrender of the Warrant
      Certificates to the Warrant Agent at its corporate trust office for exchange
      or
      registration of transfer, properly endorsed or accompanied by appropriate
      instruments of registration of transfer and written instructions for transfer,
      all in form satisfactory to the Company and the Warrant Agent. No service charge
      shall be made for any exchange or registration of transfer of Warrant
      Certificates, but the Company may require payment of a sum sufficient to cover
      any stamp or other tax or other governmental charge that may be imposed in
      connection with any such exchange or registration of transfer. Whenever any
      Warrant Certificates are so surrendered for exchange or 

     

    
      
        
        

      

      
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    registration
      of transfer, an
      authorized officer of the Warrant Agent shall manually countersign and deliver
      to the person or persons entitled thereto a Warrant Certificate or Warrant
      Certificates duly authorized and executed by the Company, as so requested.
      The
      Warrant Agent shall not be required to effect any exchange or registration
      of
      transfer which will result in the issuance of a Warrant Certificate evidencing
      a
      Warrant for a fraction of a Warrant Security or a number of Warrants for a
      whole
      number of Warrant Securities and a fraction of a Warrant Security. All Warrant
      Certificates issued upon any exchange or registration of transfer of Warrant
      Certificates shall be the valid obligations of the Company, evidencing the
      same
      obligations and entitled to the same benefits under this Agreement as the
      Warrant Certificate surrendered for such exchange or registration of transfer.
      

     

    SECTION
      4.2 TREATMENT OF HOLDERS OF
      WARRANT CERTIFICATES. [If Other Securities and Warrants are not immediately
      detachable—Prior to the Detachable Date, the Company, the Warrant Agent and all
      other persons may treat the owner of the Other Security as the owner of the
      Warrant Certificates initially attached thereto for any purpose and as the
      person entitled to exercise the rights represented by the Warrants evidenced
      by
      such Warrant Certificates, any notice to the contrary notwithstanding. After
      the
      Detachable Date and prior to due presentment of a Warrant Certificate for
      registration of transfer, the] [T]he Company, the Warrant Agent and all other
      persons may treat the registered holder of a Warrant Certificate as the absolute
      owner thereof for any purpose and as the person entitled to exercise the rights
      represented by the Warrants evidenced thereby, any notice to the contrary
      notwithstanding. 

     

    SECTION
      4.3 CANCELLATION OF WARRANT
      CERTIFICATES. Any Warrant Certificate surrendered for exchange, registration
      of
      transfer or exercise of the Warrants evidenced thereby shall, if surrendered
      to
      the Company, be delivered to the Warrant Agent and all Warrant Certificates
      surrendered or so delivered to the Warrant Agent shall be promptly canceled
      by
      the Warrant Agent and shall not be reissued and, except as expressly permitted
      by this Agreement, no Warrant Certificate shall be issued hereunder in exchange
      therefor or in lieu thereof. The Warrant Agent shall deliver to the Company
      from
      time to time or otherwise dispose of canceled Warrant Certificates in a manner
      satisfactory to the Company. 

     

     

    ARTICLE
      V 

    CONCERNING
      THE WARRANT AGENT

     

    SECTION
      5.1 WARRANT AGENT. The
      Company hereby appoints
      [            ]
      as Warrant Agent of the Company in respect of the Warrants and the Warrant
      Certificates upon the terms and subject to the conditions herein set forth,
      and
      [            ]
      hereby accepts such appointment. The Warrant Agent shall have the powers and
      authority granted to and conferred upon it in the Warrant Certificates and
      hereby and such further powers and authority to act on behalf of the Company
      as
      the Company may hereafter grant to or confer upon it. All of the terms and
      provisions with respect to such powers and authority contained in the Warrant
      Certificates are subject to and governed by the terms and provisions hereof.
      

     

    SECTION
      5.2 CONDITIONS OF WARRANT
      AGENT’S OBLIGATIONS. The Warrant Agent accepts its obligations herein set forth
      upon the terms and conditions hereof, including the following to all of which
      the Company agrees and to all of which the rights hereunder of the holders
      from
      time to time of the Warrant Certificates shall be subject: 

     

    (a)
      COMPENSATION AND
      INDEMNIFICATION. The Company agrees promptly to pay the Warrant Agent the
      compensation to be agreed upon with the Company for all services rendered by
      the
      Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket
      expenses (including reasonable counsel fees) incurred without negligence, bad
      faith or willful misconduct by the Warrant Agent in connection with the services
      rendered hereunder by the Warrant Agent. 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 its acting as Warrant
      Agent hereunder, including the reasonable costs and expenses of defending
      against any claim of such liability. 

     

    (b)
      AGENT FOR THE COMPANY. In acting
      under this Warrant Agreement and in connection with the Warrant Certificates,
      the Warrant Agent is acting solely as agent of the Company and does not assume
      any obligations or relationship of agency or trust for or with any of the
      holders of Warrant Certificates or beneficial owners of Warrants. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (c)
      COUNSEL. The Warrant Agent may
      consult with counsel satisfactory to it, which may include counsel for the
      Company, and the written advice of such counsel shall be full and complete
      authorization and protection in respect of any action taken, suffered or omitted
      by it hereunder in good faith and in accordance with the advice of such counsel.
      

     

    (d)
      DOCUMENTS. The Warrant Agent
      shall be protected and shall incur no liability for or in respect of any action
      taken or omitted by it in reliance upon any Warrant Certificate, notice,
      direction, consent, certificate, affidavit, statement or other paper or document
      reasonably believed by it to be genuine and to have been presented or signed
      by
      the proper parties. 

     

    (e)
      CERTAIN TRANSACTIONS. The
      Warrant Agent, and its officers, directors and employees, may become the owner
      of, or acquire any interest in, Warrants, with the same rights that it or they
      would have if it were not the Warrant Agent hereunder, and, to the extent
      permitted by applicable law, it or they may engage or be interested in any
      financial or other transaction with the Company and may act on, or as
      depositary, trustee or agent for, any committee or body of holders of Warrant
      Securities or other obligations of the Company as freely as if it were not
      the
      Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed
      to
      prevent the Warrant Agent from acting as trustee under any indenture to which
      the Company is a party. 

     

    (f)
      NO LIABILITY FOR INTEREST.
      Unless otherwise agreed with the Company, the Warrant Agent shall have no
      liability for interest on any monies at any time received by it pursuant to
      any
      of the provisions of this Agreement or of the Warrant Certificates.

     

    (g)
      NO LIABILITY FOR INVALIDITY. The
      Warrant Agent shall have no liability with respect to any invalidity of this
      Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s
      countersignature thereon). 

     

    (h)
      NO RESPONSIBILITY FOR
      REPRESENTATIONS. The Warrant Agent shall not be responsible for any of the
      recitals or representations herein or in the Warrant Certificates (except as
      to
      the Warrant Agent’s countersignature thereon), all of which are made solely by
      the Company. 

     

    (i)
      NO IMPLIED OBLIGATIONS. The
      Warrant Agent shall be obligated to perform only such duties as are herein
      and
      in the Warrant Certificates specifically set forth and no implied duties or
      obligations shall be read into this Agreement or the Warrant Certificates
      against the Warrant Agent. The Warrant Agent shall not be under any obligation
      to take any action hereunder which may tend to involve it in any expense or
      liability, the payment of which within a reasonable time is not, in its
      reasonable opinion, assured to it. The Warrant Agent shall not be accountable
      or
      under any duty or responsibility for the use by the Company of any of the
      Warrant Certificates authenticated by the Warrant Agent and delivered by it
      to
      the Company pursuant to this Agreement or for the application by the Company
      of
      the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty
      or responsibility in case of any default by the Company in the performance
      of
      its covenants or agreements contained herein or in the Warrant Certificates
      or
      in the case of the receipt of any written demand from a holder of a Warrant
      Certificate with respect to such default, including, without limiting the
      generality of the foregoing, any duty or responsibility to initiate or attempt
      to initiate any proceedings at law or otherwise or, except as provided in
      Section 6.2 hereof, to make any demand upon the Company. 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    SECTION
      5.3 RESIGNATION, REMOVAL AND
      APPOINTMENT OF SUCCESSOR. 

     

    (a)
      The Company agrees, for the
      benefit of the holders from time to time of the Warrant Certificates, that
      there
      shall at all times be a Warrant Agent hereunder until all the Warrants have
      been
      exercised or are no longer exercisable. 

     

    (b)
      The Warrant Agent may at any
      time resign as agent by giving written notice to the Company of such intention
      on its part, specifying the date on which its desired resignation shall become
      effective; provided that such date shall not be less than three months after
      the
      date on which such notice is given unless the Company otherwise agrees. The
      Warrant Agent hereunder may be removed at any time by the filing with it of
      an
      instrument in writing signed by or on behalf of the Company and specifying
      such
      removal and the intended date when it shall become effective. Such resignation
      or removal shall take effect upon the appointment by the Company, as hereinafter
      provided, of a successor Warrant Agent (which shall be a bank or trust company
      authorized under the laws of the jurisdiction of its organization to exercise
      corporate trust powers) and the acceptance of such appointment by such successor
      Warrant Agent. The obligation of the Company under Section 5.2(a) shall
      continue to the extent set forth therein notwithstanding the resignation or
      removal of the Warrant Agent. 

     

    (c)
      In case at any time the Warrant
      Agent shall resign, or shall be removed, or shall become incapable of acting,
      or
      shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case
      under the Federal bankruptcy laws, as now or hereafter constituted, or under
      any
      other applicable Federal or state bankruptcy, insolvency or similar law or
      shall
      consent to the appointment of or taking possession by a receiver, custodian,
      liquidator, assignee, trustee, sequestrator (or other similar official) of
      the
      Warrant Agent or its property or affairs, or shall make an assignment for the
      benefit of creditors, or shall admit in writing its inability to pay its debts
      generally as they become due, or shall take corporate action in furtherance
      of
      any such action, or a decree or order for relief by a court having jurisdiction
      in the premises shall have been entered in respect of the Warrant Agent in
      an
      involuntary case under the Federal bankruptcy laws, as now or hereafter
      constituted, or any other applicable Federal or state bankruptcy, insolvency
      or
      similar law, or a decree or order by a court having jurisdiction in the premises
      shall have been entered for the appointment of a receiver, custodian,
      liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant
      Agent or of its property or affairs, or any public officer shall take charge
      or
      control of the Warrant Agent or of its property or affairs for the purpose
      of
      rehabilitation, conservation, winding up or liquidation, a successor Warrant
      Agent, qualified as aforesaid, shall be appointed by the Company by an
      instrument in writing, filed with the successor Warrant Agent. Upon the
      appointment as aforesaid of a successor Warrant Agent and acceptance by the
      successor Warrant Agent of such appointment, the Warrant Agent shall cease
      to be
      Warrant Agent hereunder. 

     

    (d)
      Any successor Warrant Agent
      appointed hereunder shall execute, acknowledge and deliver to its predecessor
      and to the Company an instrument accepting such appointment hereunder, and
      thereupon such successor Warrant Agent, without any further act, deed or
      conveyance, shall become vested with all the authority, rights, powers, trusts,
      immunities, duties and obligations of such predecessor with like effect as
      if
      originally named as Warrant Agent hereunder, and such predecessor, upon payment
      of its charges and disbursements then unpaid, shall thereupon become obligated
      to transfer, deliver and pay over, and such successor Warrant Agent shall be
      entitled to receive, all monies, securities and other property on deposit with
      or held by such predecessor, as Warrant Agent hereunder. 

     

    (e)
      Any corporation into which the
      Warrant Agent hereunder may be merged or converted or any corporation with
      which
      the Warrant Agent may be consolidated, or any corporation resulting from any
      merger, conversion or consolidation to which the Warrant Agent shall be a party,
      or any corporation to which the Warrant Agent shall sell or otherwise transfer
      all or substantially all the assets and business of the Warrant Agent, provided
      that it shall be qualified as aforesaid, shall be 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    the
      successor Warrant Agent under
      this Agreement without the execution or filing of any paper or any further
      act
      on the part of any of the parties hereto. 

     

    ARTICLE
      VI 

    MISCELLANEOUS

     

    SECTION
      6.1 AMENDMENT. This
      Agreement may be amended by the parties hereto, without the consent of the
      holder of any Warrant Certificate, for the purpose of curing any ambiguity,
      or
      of curing, correcting or supplementing any defective provision contained herein,
      or making any other provisions with respect to matters or questions arising
      under this Agreement as the Company and the Warrant Agent may deem necessary
      or
      desirable; provided that such action shall not materially adversely affect
      the
      interests of the holders of the Warrant Certificates. 

     

    SECTION
      6.2 NOTICES AND DEMANDS TO
      THE COMPANY AND WARRANT AGENT. If the Warrant Agent shall receive any notice
      or
      demand addressed to the Company by the holder of a Warrant Certificate pursuant
      to the provisions of the Warrant Certificates, the Warrant Agent shall promptly
      forward such notice or demand to the Company. 

     

    SECTION
      6.3 ADDRESSES. Any
      communication from the Company to the Warrant Agent with respect to this
      Agreement shall be addressed to
      [                            ],
      Attention:
      [                            ]
      and any communication from the Warrant Agent to the Company with respect to
      this
      Agreement shall be addressed to Cell
      Genesys, Inc., 500 Forbes Boulevard, South San Francisco, California
      94080, Attention:General
      Counsel (or such other address as shall be specified in writing by the Warrant
      Agent or by the Company). 

     

    SECTION
      6.4 GOVERNING LAW. This
      Agreement and each Warrant Certificate issued hereunder shall be governed by
      and
      construed in accordance with the laws of the State of New York. 

     

    SECTION
      6.5 DELIVERY OF PROSPECTUS.
      The Company shall furnish to the Warrant Agent sufficient copies of a prospectus
      meeting the requirements of the Securities Act of 1933, as amended, relating
      to
      the Warrant Securities deliverable upon exercise of the Warrants (the
“PROSPECTUS”), and the Warrant Agent agrees that upon the exercise of any
      Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate
      evidencing such Warrant, prior to or concurrently with the delivery of the
      Warrant Securities issued upon such exercise, a Prospectus. 

     

    The
      Warrant Agent shall not, by
      reason of any such delivery, assume any responsibility for the accuracy or
      adequacy of such Prospectus. 

     

    SECTION
      6.6 OBTAINING OF
      GOVERNMENTAL APPROVALS. The Company will from time to time take all action
      which
      may be necessary to obtain and keep effective any and all permits, consents
      and
      approvals of governmental agencies and authorities and securities act filings
      under United States Federal and state laws (including without limitation a
      registration statement in respect of the Warrants and Warrant Securities under
      the Securities Act of 1933, as amended), which may be or become requisite in
      connection with the issuance, sale, transfer, and delivery of the Warrant
      Securities issued upon exercise of the Warrants, the issuance, sale, transfer
      and delivery of the Warrants or upon the expiration of the period during which
      the Warrants are exercisable. 

     

    SECTION
      6.7 PERSONS HAVING RIGHTS
      UNDER WARRANT AGREEMENT. Nothing in this Agreement shall give to any person
      other than the Company, the Warrant Agent and the holders of the Warrant
      Certificates any right, remedy or claim under or by reason of this Agreement.
      

     

    SECTION
      6.8 HEADINGS. The
      descriptive headings of the several Articles and 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. 

     

    SECTION
      6.9 COUNTERPARTS. This
      Agreement may be executed in any number of counterparts, each of which as so
      executed shall be deemed to be an original, but such counterparts shall together
      constitute but one and the same instrument. 

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    SECTION
      6.10 INSPECTION OF
      AGREEMENT. A copy of this Agreement shall be available at all reasonable times
      at the principal corporate trust office of the Warrant Agent for inspection
      by
      the holder of any Warrant Certificate. The Warrant Agent may require such holder
      to submit his Warrant Certificate for inspection by it. 

     

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

     

    

                   
        Cell Genesys, Inc.

    

     

     

    By:
                                              
                                        
               

     

    Its:
                                              
                                        
                

     

    Attest:
                                              
                                        
         

     

                                          
                                              
                         

    Warrant
      agent 

     

    By:
                                              
                                        
               

     

    Its:
                                              
                                        
                

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      A 

     

    FORM
      OF WARRANT CERTIFICATE

    [FACE
      OF WARRANT CERTIFICATE]

     

    [Form
      if Warrants are attached to
      Other
                
Prior to         , this Warrant
      Securities and are not immediately detachable. Certificate cannot be

     

    transferred
      or exchanged

    unless
      attached to a 

     

    [Title
      of Other 

    Securities].]

     

    [Form
      of Legend if Warrants are not
                
Prior to         , Warrants
                            

     

    immediately
      exercisable.
                            evidenced
      by this Warrant 

     

    Certificate
      cannot be 

    exercised.]

     

     

     

    EXERCISABLE
      ONLY IF COUNTERSIGNED BY
      THE WARRANT 

    AGENT
      AS PROVIDED HEREIN

     

    VOID
      AFTER
      [                    ]
      P.M., [CITY] TIME, ON
                            ,
                            

     

     

    
      Cell
        Genesys, Inc.

    

     

    WARRANT
      CERTIFICATE REPRESENTING

    WARRANTS
      TO PURCHASE 

    COMMON
      STOCK, PAR VALUE $0.01 PER
      SHARE 

     

     

    
      	 	
              

            

    

     

     

    No.
                                              
            
Warrants 

     

    This
      certifies that
      [                        ]
      or registered assigns is the registered owner of the above indicated number
      of
      Warrants, each Warrant entitling such owner [if Warrants are attached to Other
      Securities and are not immediately detachable—, subject to the registered owner
      qualifying as a “Holder” of this Warrant Certificate, as hereinafter defined),]
      to purchase, at any time [after
      [            ] p.m.,
      [City] time, on
      [                            ]
      and] on or before
      [            ] p.m.,
      [City] time, on
                                
,             
shares of Common Stock, par value $0.001 per share (the “WARRANT SECURITIES”),
      of Cell
      Genesys, Inc. (the “COMPANY”) on the following basis: during the period
      from
      [                        ],
      through and including
      [                            ],
      the exercise price per Warrant Security will be
      $[                ]
      , subject to adjustment as provided in the Warrant Agreement (as hereinafter
      defined) (the “WARRANT PRICE”). The Holder may exercise the Warrants evidenced
      hereby by providing certain information set forth on the back hereof and by
      paying in full, in lawful money of the United States of America, [in cash or
      by
      certified check or official bank check in New York Clearing House funds] [by
      bank wire transfer in immediately available funds], the Warrant Price for each
      Warrant Security with respect to which this Warrant is exercised to the Warrant
      Agent (as hereinafter defined) and by surrendering this Warrant Certificate,
      with the purchase form on the back hereof duly executed, at the corporate trust
      office of [name of Warrant Agent], or its successor as warrant agent (the
“WARRANT AGENT”), which is, on the date hereof, at the address specified on the
      reverse hereof, and upon compliance with and subject to the conditions set
      forth
      herein and in the Warrant Agreement (as hereinafter defined). 

     

    The
      term “HOLDER” as used herein
      shall mean [if Warrants are attached to Other Securities and are not immediately
      detachable—prior to
      [                            ,

                ]
      (the “DETACHABLE DATE”), the registered owner of the Company’s [title of Other
      Securities] to which this Warrant Certificate was initially attached, and after
      such Detachable Date,] the person in whose name at the 

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    time
      this Warrant Certificate shall
      be registered upon the books to be maintained by the Warrant Agent for that
      purpose pursuant to Section 4 of the Warrant Agreement. 

     

    The
      Warrants evidenced by this
      Warrant Certificate may be exercised to purchase a whole number of Warrant
      Securities in registered form. Upon any exercise of fewer than all of the
      Warrants evidenced by this Warrant Certificate, there shall be issued to the
      Holder hereof a new Warrant Certificate evidencing Warrants for the number
      of
      Warrant Securities remaining unexercised. 

     

    This
      Warrant Certificate is issued
      under and in accordance with the Warrant Agreement dated as of
      [                            
,             ] (the
“WARRANT AGREEMENT”), between the Company and the Warrant Agent and is subject
      to the terms and provisions contained in the Warrant Agreement, to all of which
      terms and provisions the Holder of this Warrant Certificate consents by
      acceptance hereof. Copies of the Warrant Agreement are on file at the
      above-mentioned office of the Warrant Agent. 

     

    [If
      Warrants are attached to Other
      Securities and are not immediately detachable—Prior to the Detachable Date, this
      Warrant Certificate may be exchanged or transferred only together with the
      [Title of Other Securities] (the “OTHER SECURITIES”) to which this Warrant
      Certificate was initially attached, and only for the purpose of effecting or
      in
      conjunction with, an exchange or transfer of such Other Security. Additionally,
      on or prior to the Detachable Date, each transfer of such Other Security on
      the
      register of the Other Securities shall operate also to transfer this Warrant
      Certificate. After such date, transfer of this] [If Warrants are attached to
      Other Securities and are immediately detachable—Transfer of this] Warrant
      Certificate may be registered when this Warrant Certificate is surrendered
      at
      the corporate trust office of the Warrant Agent by the registered owner or
      such
      owner’s assigns, in the manner and subject to the limitations provided in the
      Warrant Agreement. 

     

    [If
      Other Securities with Warrants
      which are not immediately detachable—Except as provided in the immediately
      preceding paragraph, after] [If Other Securities with Warrants which are
      immediately detachable or Warrants alone—After] countersignature by the Warrant
      Agent and prior to the expiration of this Warrant Certificate, this Warrant
      Certificate may be exchanged at the corporate trust office of the Warrant Agent
      for Warrant Certificates representing Warrants for the same aggregate number
      of
      Warrant Securities. 

     

    This
      Warrant Certificate shall not
      entitle the Holder hereof to any of the rights of a holder of the Warrant
      Securities, including, without limitation, the right to receive payments of
      dividends or distributions, if any, on the Warrant Securities (except to the
      extent set forth in the Warrant Agreement) or to exercise any voting rights.
      

     

    Reference
      is hereby made to the
      further provisions of this Warrant Certificate set forth on the reverse hereof,
      which further provisions shall for all purposes have the same effect as if
      set
      forth at this place. 

     

    This
      Warrant Certificate shall not
      be valid or obligatory for any purpose until countersigned by the Warrant Agent.
      

     

    IN
      WITNESS WHEREOF, the Company has
      caused this Warrant to be executed in its name and on its behalf by the
      facsimile signatures of its duly authorized officers. 

     

     

                                                                                                                                                        
;            
Cell
      Genesys, Inc.

     

    Dated:
                                              
                                        
         

     

    By:
                                              
                                        
               

     

    Its:
                                              
                                        
                

     

    Attest:
                                              
                                        
         

     

    Countersigned:

     

                                          
                                              
                         

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    As
      warrant Agent 

     

    By
                                              
                                        
                

    Warrant
      agent

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    [REVERSE
      OF WARRANT CERTIFICATE]

     

    (Instructions
      for Exercise of
      Warrant) 

     

    To
      exercise any Warrants evidenced
      hereby for Warrant Securities (as hereinafter defined), the Holder must pay,
      in
      lawful money of the United States of America, [in cash or by certified check
      or
      official bank check in New York Clearing House funds] [by bank wire transfer
      in
      immediately available funds], the Warrant Price in full for Warrants exercised,
      to [Warrant Agent] [address of Warrant Agent], Attn:
      [                                ],
      which payment must specify the name of the Holder and the number of Warrants
      exercised by such Holder. In addition, the Holder must complete the information
      required below and present this Warrant Certificate in person or by mail
      (certified or registered mail is recommended) to the Warrant Agent at the
      appropriate address set forth above. This Warrant Certificate, completed and
      duly executed, must be received by the Warrant Agent within five business days
      of the payment. 

     

    (To
      be executed upon exercise of
      Warrants) 

     

    The
      undersigned hereby irrevocably
      elects to exercise
      [                        ]
      Warrants, evidenced by this Warrant Certificate, to purchase
      [                ]
      shares of the Common Stock, par value $0.001 per share (the “WARRANT
      SECURITIES”), of Cell
      Genesys, Inc. and represents that he has tendered payment for such
      Warrant Securities, in lawful money of the United States of America, [in cash
      or
      by certified check or official bank check in New York Clearing House funds]
      [by
      bank wire transfer in immediately available funds], to the order of Cell
      Genesys, Inc., c/o [insert name and address of Warrant Agent], in the
      amount of
      $[            ] in
      accordance with the terms hereof. The undersigned requests that said Warrant
      Securities be in fully registered form in the authorized denominations,
      registered in such names and delivered all as specified in accordance with
      the
      instructions set forth below. 

     

    If
      the number of Warrants exercised
      is less than all of the Warrants evidenced hereby, the undersigned requests
      that
      a new Warrant Certificate evidencing the Warrants for the number of Warrant
      Securities remaining unexercised be issued and delivered to the undersigned
      unless otherwise specified in the instructions below. 

     

    Dated:
                                              
                
Name
                                        
                                        
        

    (Please
      Print) 

     

     

    
      	
            	
            	
            	
            	
            
	 	  	
              Address:
                                                        
                                       

                                                    
                                                        
                   

                                                    
                                                        
                   

              (Insert
                Social Security or
                Other

              Indentifying
                Number of
                Holder)

            	  	 
	
            	
            	
            
	
              Signature
                Guaranteed

              Signature

            	  	
                                                    
                                                        
                   

            	  	 

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    
      	
            	
            	
            	
            	
            
	 	  	
              (Signature
                must conform
                in

              all
                respects to name
                of

              holder
                as specified on
                the

              face
                of this
                Warrant

              Certificate
                and must bear
                a

              signature
                guarantee by
                a

              bank,
                trust company
                or

              member
                broker of the
                New

              York,
                Midwest or
                Pacific

              Stock
                Exchange)

            	  	 
	
            	
            
	
              This
                Warrant may be exercised
                at the following addresses:

              By
                Hand at
                                                        
                                                        
                                             

               

                                                    
                                                        
                                                        
                  

            	  	 
	
            	
            
	
              By
                mail at
                                                        
                                                        
                                              

               

                                                    
                                                        
                                                        
                             

            	  	 

    

     

    [Instructions
      as to form and
      delivery of Warrant Securities and, if applicable, Warrant Certificates
      evidencing Warrants for the number of Warrant Securities remaining
      unexercised—complete as appropriate.] 

     

     

    ASSIGNMENT

     

    [Form
      of assignment to be executed
      if 

    Warrant
      Holder desires to transfer
      Warrant) 

     

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

     

    
      	
            	
            	
            	
            	
            
	
               

                                                    
                                                        
                             

                                                    
                                                        
                             

            	 	
               

                                                    
                                                        
                             

                                                    
                                                        
                             

            	  	 
	
              please
                print name and
                address

              including
                zip
                code)

            	 	
              Please
                insert Social Security
                or other

              Identifying
                number

            	  	 

    

     

    the
      right represented by the within
      Warrant to purchase
      [                    ]
      shares of [Title of Warrant Securities] of Cell
      Genesys, Inc. to which the within Warrant relates and appoints
      [                    ]
      attorney to transfer such right on the books of the Warrant Agent with full
      power of substitution in the premises. 

     

    Dated:
                                              
                        
                                        
                                        
        

    Signature

     

    (Signature
      must conform in all
      respects to 

    name
      of holder as specified on the
      face 

    of
      the Warrant) 

     

     

    Signature
      Guaranteed 

    
       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

    

                                          
                                              
                         

     

    17

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