Document:

Exhibit
4.1

 

THIS NOTE HAS NOT
BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE OR UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”).  THE
SECURITIES ARE RESTRICTED AND MAY NOT BE OFFERED, RESOLD, PLEDGED OR
TRANSFERRED EXCEPT AS PERMITTED UNDER THE ACT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS.

	
  No. FN - 3

  	
   

  	
  $75,000
  Principal Amount

  

 

Original
Issuance: September 22, 2006

FERMAVIR
PHARMACEUTICALS, INC.

8% NOTE
DUE JANUARY 1, 2008

THIS NOTE is
issued by FermaVir Pharmaceuticals, Inc., a
Florida corporation (the “Company”),
and is part of an issue of an aggregate of up to $425,000 principal amount of
Notes due January 1, 2008 (the “Notes”).

FOR VALUE
RECEIVED, the Company promises to pay to _____, or permitted assigns (the “Holder”), the principal sum of Seventy-Five
Thousand  and 00/100 (US $[75,000])
Dollars on January 1, 2008 (the “Maturity
Date”) and to pay simple interest on the principal sum
outstanding at the rate of 12% per annum for the period of original issuance
set forth above to August 31, 2006 and 8% per annum thereafter.  Accrual of interest shall commence on the
date of initial issuance set forth the above (“Original
Issuance”) and continue daily on the basis of a 360 day year
until payment in full of the principal sum has been made or duly provided
for.  If the Maturity Date is not a
business day in the State of New York, then such payment shall be made on the
next succeeding business day.  Subject to
the provisions of Section 3 below, principal and accrued interest on this Note
are payable in cash on the Maturity Date, at the address last appearing on the
Note Register of the Company as designated in writing by the Holder from time
to time.  The Company will pay the
principal of and any accrued but unpaid interest due upon this Note on the
Maturity Date, less any amounts required by law to be deducted, to the
registered holder of this Note as of the fifth day prior to the Maturity Date
and addressed to such holder at the last address appearing on the Note register
maintained by or on behalf of the Company (the “Note
Register”).  The
forwarding of such check representing immediately available funds shall
constitute a payment of principal and interest hereunder and shall satisfy and
discharge the liability for principal and interest on this Note to the extent
of the sum represented by such check, plus any amounts so deducted.

This Note is
subject to the following additional provisions:

1.             Withholding and
Issuance Taxes.  The
Company shall be entitled to withhold from all payments of principal of, and
interest on, this Note any amounts required to be withheld under the applicable
provisions of the United States income tax laws or other applicable laws at 

 

 

the time of such
payments, and Holder shall execute and deliver all required documentation in
connection therewith.

2.             Transfer of Note.  This Note has been issued subject to investment
representations of the original purchaser hereof and may be transferred or
exchanged only in compliance with the Securities Act of 1933, as amended (the “Securities Act”), and other
applicable state and foreign securities laws. 
The Holder shall deliver written notice to the Company of any proposed
transfer of this Note.  In the event of
any proposed transfer of this Note, the Company may require, prior to issuance
of a new Note in the name of such other person, that it receive reasonable
transfer documentation including legal opinions that the issuance of the Note
in such other name does not and will not cause a violation of the Securities
Act or any applicable state or foreign securities laws.   Prior to due presentment for transfer of
this Note, the Company and any agent of the Company may treat the person in
whose name this Note is duly registered on the Company’s Note Register as the
owner hereof for the purpose of receiving payment as herein provided and for
all other purposes, whether or not this Note be overdue, and neither the
Company nor any such agent shall be affected by notice to the contrary. This
Note has been executed and delivered pursuant to the Securities Purchase Agreement dated as of September 22, 2006
between the Company and the original Holder (the “Purchase Agreement”), and is subject to the terms and
conditions of the Purchase Agreement, which are, by this reference,
incorporated herein and made a part hereof. Capitalized terms used and not
otherwise defined herein shall have the meanings set forth for such terms in
the Purchase Agreement.

3.             Redemption.

(a)  Redemption
at the Option of the Company. 
At any time after the initial issuance of the Notes, the Company,
upon notice delivered to the holders of the then outstanding Notes in the
manner provided in Subsection 3(b), may redeem the outstanding principal of the
Notes, in whole or in part, pro rata or by lot for the consideration equal to
106% of the principal amount called for redemption, if called for redemption on
or before June 30, 2007 or 103% of the principal amount if called on or after
July 1, 2006 and accrued and unpaid interest to the date of redemption (the “Optional
Redemption Price”).

(b)  Notice of
Redemption.

(i)           Notice of redemption pursuant to
Subsection 3(a) (the “Optional Redemption
Notice”) shall be provided by the Company to the Holder in
writing (by registered mail or overnight courier at the Holder’s last address
appearing in the Note Register not less than five (5) nor more than thirty (30)
days prior to the date stipulated by the Company for the redemption of the
Notes (the “Optional Redemption Date”), which notice shall specify the Optional
Redemption Date and refer to Subsection 3(a) and this Subsection 3(b).

(ii)          The Optional Redemption Notice shall
specify the amount of principal being redeemed from the registered Holder, and
the amount of accrued interest allocable thereto.

 

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(c)  Mandatory Redemption.  If, prior to the Maturity Date, the Company
shall have received gross proceeds from the sale of any securities (not
including additional Notes) after the Original Issuance, which in the aggregate
exceeds three times the then outstanding principal amount of Notes, the Company
will, within one day, provide the Holder notice that all Notes shall be
redeemed for a price equal to the outstanding principal and all accrued and
unpaid interest (the “Redemption Price”) which shall be immediately due and
payable five (5) days after such notice is or should have been given.

(d)  Surrender
of Notes.  Upon any
redemption of this Note pursuant to Subsection 3(a) or 3(c), the Holder shall
either deliver the Note by hand to the Company at its principal executive
offices or surrender the same to the Company at such address by express
courier.  Payment of the Optional
Redemption Price or Redemption Price , as the case may be, shall be made by the
Company to the Holder against receipt of the Notes by wire transfer of
immediately available funds to such account(s) as the Holder shall specify in
writing to the Company.  Provided the Company
has either paid or set aside available funds for sufficient to pay the
Redemption Price (and in the latter case, set aside funds are in a segregated
account identified to the Holder from which the Redemption Price will be paid
on or after the Redemption Date upon demand of the Holder), from and after the
Redemption Date, the Holders rights as a holder of this Note shall cease,
except the right to receive the Redemption Price.

4.             Notices.  In case at any time:

(a)  the Company shall declare any dividend upon
its members payable in cash or stock or make any other pro rata distribution to
the holders of its Common Stock; or

(b)  the Company shall offer for subscription pro
rata to the holders of its equity any additional equity interest of any
class or other rights; or

(c)  there shall be any capital reorganization or
reclassification of the equity of the Company, or a consolidation or merger of
the Company with or into, or a sale of all or substantially all its assets to,
another entity or entities; or

(d)  there shall be a voluntary or involuntary
dissolution, liquidation or winding up of the Company; then, in any one or more
of said cases, the Company shall give, by first class mail, postage prepaid, or
by telex or facsimile or by recognized overnight delivery service, addressed to
the Holder at the address of the Holder as shown on the books of the Company,
(i) at least 10 days’ prior written notice of the date on which the books of
the Company shall close or a record shall be taken for such dividend, distribution
or subscription rights or for determining rights to vote in respect of any such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding up and (ii) in the case of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up, at least 10 days’ prior written notice of the date when the same
shall take place.  Such notice in
accordance with the foregoing clause (i) shall also specify, in the case of any
such dividend, distribution or subscription rights, the date on which the
holders of Equity shall be entitled thereto and (ii) shall also specify the
date on which the holders of Equity shall be entitled to exchange their Equity
for 

 

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securities or
other property deliverable upon such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding up, as the
case may be.

5.             Event of Default.  Each of the following shall constitute an
“Event of Default”:

(a)           the Company shall default in the
payment of principal or interest on this Note and same shall continue for a
period of five (5) days; or

(b)           any
of the material representations or warranties made by the Company herein, in
the Purchase Agreement, or in any agreement, certificate or financial or other
written statements heretofore or hereafter furnished by the Company in
connection with the execution and delivery of this Note or the Purchase
Agreement, shall be false or misleading in any material respect at the time
made, and such default is not cured within 14 days of receipt of written notice
specifying the nature of the misrepresentation; or

(c)           the Company shall (i) make an
assignment for the benefit of creditors or commence proceedings for its
dissolution; or (ii) apply for or consent to the appointment of a trustee,
liquidator or receiver for its or for a substantial part of its property or
business; or

(d)           a trustee, liquidator or receiver
shall be appointed for the Company or for a substantial part of its property or
business without its consent and shall not be discharged within sixty (60) days
after such appointment; or

(e)           any
governmental agency or any court of competent jurisdiction at the instance of
any governmental agency shall assume custody or control of the whole or any
substantial portion of the properties or assets of the Company and shall not be
dismissed within sixty (60) days thereafter; or

(f)            any final money judgment, writ or
warrant of attachment, or similar process in excess of Two Hundred Thousand
($200,000) Dollars in the aggregate shall be entered or filed against the
Company or any of its properties or other assets and shall remain unpaid,
unvacated, unbonded or unstayed for a period of sixty (60) days or in any event
later than five (5) days prior to the date of any proposed sale thereunder; or

(g)           bankruptcy,
reorganization, insolvency or liquidation proceedings or other proceedings for
relief under any bankruptcy law or any law for the relief of debtors shall be
instituted by or against the Company and, if instituted against the Company,
shall not be dismissed within sixty (60) days after such institution or the
Company shall by any action or answer approve of, consent to, or acquiesce in
any such proceedings or admit the material allegations of, or default in
answering, a petition filed in any such proceeding.

6.             Acceleration and Remedies

(a)            Acceleration of Maturity.
If any Event of Default shall have occurred and be continuing, the Holder or
Holders of at least 50.1% in aggregate principal amount of outstanding 

 

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Notes
may, by notice to the Company, declare the entire outstanding principal balance
of the Notes, and all accrued and unpaid interest the thereon, to be due and
payable immediately, and upon any such declaration the entire outstanding principal
balance of the Notes, if any, and said accrued and unpaid interest shall become
and be immediately due and payable, without presentment, demand, protest or
other notice. whatsoever, all of which are hereby expressly waived, anything in
the Notes or in this Agreement to the contrary notwithstanding; provided
that if an Event of Default under paragraph (d) or (g) of Section 5 with
respect to the Company or any Subsidiary shall have occurred, the outstanding
principal amount of all of the Notes, and all accrued and unpaid interest
thereon, shall immediately become due and payable in cash, without any
declaration and without presentment, demand, protest or other notice
whatsoever, all of which are hereby expressly waived, anything in the Notes or
this Agreement to the contrary notwithstanding.

(b)           Other Remedies.
If any Event of Default shall have occurred and be continuing, from and
including the date of such Event of Default to but not including the date such
Event of Default is cured or waived, interest will accrue at an annual default
rate of 12% and, any Holder of 25% in aggregate principal amount of outstanding
Notes may enforce its rights by suit in equity, by action at law, or by any
other appropriate proceedings, whether for the specific performance (to the
extent permitted by law) of any covenant or agreement contained in the Purchase
Agreement or the Notes or in aid of the exercise of any power granted this
Agreement or the Notes, and any Holder may enforce the payment of any Note held
by such Holder and any of its other legal or equitable rights.

(c)            Conduct No Waiver; Collection Expenses.
No course of dealing on the part of any Holder, nor any delay or failure on the
part of any Holder to exercise any of its rights, shall operate as a waiver of such
right or otherwise prejudice such Holders rights, powers and remedies. If the
Company fails to pay, when due, the principal or the premium, if any, or the
interest on any Note, the Company will pay to each Holder, to the extent
permitted by law, on demand, all costs and expenses incurred by such Holder in
the collection of any amount due in respect of any Note hereunder, including
reasonable legal fees incurred by such Holder in enforcing its rights
hereunder.

(d)           Annulment of Acceleration.
If a declaration is made in accordance with paragraph 6(a), then and in every
such case, the Holder or Holders of at least 50.1% in aggregate principal
amount of outstanding Notes may, by an instrument delivered to the Company,
annul such declaration and the consequences thereof, provided that at
the time such declaration is annulled:

(i)             no judgment or
decree has been entered for the payment of any monies due on the Notes or
pursuant to the Purchase Agreement;

(ii)            all arrears of
interest on the Notes and all other sums payable on the Notes and pursuant to
this Agreement (except any principal of or interest or premium on the Notes
which has become due and payable by reason of such declaration) shall have been
duly paid; and

(iii)
every other Event of Default shall have been duly waived or otherwise made good
or cured;

 

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provided,
however, that only the Holder of the Note or Notes making the
declaration permitted by the of paragraph 6(b) may annul such declaration; and provided,
further, that no such annulment shall extend to or affect any subsequent
Event of Default or impair any right consequent thereon.

(e)            Remedies Cumulative.
No right or remedy conferred upon or reserved to the Holders of Notes is
intended to be exclusive of any other right or remedy, and every right and
remedy shall be cumulative and in addition to every other right and remedy
given hereunder or now and hereafter existing under applicable law. Every right
and remedy given by the Purchase Agreement or by applicable Law to the Holders
of Notes may be exercised from time to time and as often as may be deemed
expedient by the Holders.

7.             No Recourse to
Stockholders, etc.  No
recourse shall be had for the payment of the principal of, or the interest on,
this Note, or for any claim based hereon, or otherwise in respect hereof,
against any incorporator, shareholder, employee, officer or director, as such,
past, present or future, of the Company or any successor corporation, whether
by virtue of any statute or rule of law, or by the enforcement of any assessment
or penalty or otherwise, all such liability being, by the acceptance hereof and
as part of the consideration for the issue hereof, expressly waived and
released.

8.             No Rights as
Stockholder.  No provision
of this Note shall be construed as conferring upon the Holder the right to vote
or to receive dividends or to consent or receive notice as a stockholder in
respect of any meeting of stockholders or any rights whatsoever as a
stockholder of the Company, unless and to the extent converted in accordance with
the terms hereof.

9.             Definitions.  As used in this Note,

(a)            “Affiliate”
and “Associate” shall have the
respective meanings ascribed to such terms in Rule 12b-2 of the General Rules
and Regulations under the Exchange Act.

(b)            “Beneficially Owned”
with respect to any securities shall mean having “beneficial ownership” of such
securities (as determined pursuant to Rule 13d-3 under the Exchange Act),
including pursuant to any agreement, arrangement or understanding, whether or
not in writing.

(c)            “Original
Issuance”
means the Closing Date as set forth in the Purchase Agreement.

(d)           “Purchase Agreement”
shall mean the several agreements under which the Holders of the Notes have
purchased the Notes from the Company.

10.           Loss,
Theft, Destruction of Note. 
Upon receipt of evidence satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note and, in the case of any such loss, theft
or destruction, upon receipt of indemnity reasonably satisfactory to the
Company (which shall not include the posting of any bond), or, in the case of
any such mutilation, upon 

 

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surrender and
cancellation of this Note, the Company shall make, issue and deliver, in lieu
of such lost, stolen, destroyed or mutilated Note, one or more new Notes of
like tenor.  This Note shall be held and
owned upon the express condition that the provisions of this Section 12 are
exclusive with respect to the replacement of mutilated, destroyed, lost or
stolen Notes and shall preclude any and all other rights and remedies notwithstanding
any law or statute existing or hereafter enacted to the contrary with respect
to the replacement of negotiable instruments or other securities without the
surrender thereof.

11.           Record
Owner.  The Company may
deem the person in whose name this Note shall be registered upon the registry
books of the Company to be, and may treat such person as, the absolute owner of
this Note for the purpose of conversion of this Note and for all other
purposes, and the Company shall not be affected by any notice to the
contrary.  All such payments and such
conversion shall be valid and effective to satisfy and discharge the liability
upon this Note to the extent of the sum or sums so paid or the conversion so
made.

12.           Construction.  This Note shall be deemed to be jointly
drafted by the Company and the initial Holders of the Notes and shall not be
construed against any person as the drafter hereof.

13.           Amendments.
The terms of the outstanding Notes may be amended as to the Holder and its
respective successors and assigns, and the Company may take any action herein
prohibited, or omit to perform any act required to be performed by it, if the
Company shall obtain the written consent of the registered holders of not less
than a majority of the outstanding principal amount of the Notes.  This Agreement may not be waived, changed,
modified, or discharged orally, but only by an agreement in writing signed by
the party or parties against whom enforcement of any waiver, change, modification
or discharge is sought or by parties with the right to consent to such waiver,
change, modification or discharge on behalf of such party.

14.           Failure
or Indulgence Not Waiver. 
No failure or delay on the part of the Holder of this Note in the
exercise of any power, right or privilege hereunder shall operate as a waiver
thereof (except to the extent that such power, right or privilege must, in
accordance with the terms of this Note, be exercised within a specified period
of time and such period of time has lapsed without such power, right or privilege
being exercised), nor shall any single or partial exercise of any such power,
right or privilege preclude other or further exercise thereof or of any other
right, power or privilege.

15.           Governing
Law.  This Note shall be
governed by and construed in accordance with the laws of the State of New
York.  Each of the parties consents to
the jurisdiction of the United States District Court for the Eastern or
Southern District of New York or the state courts of the State of New York
located in Nassau County, New York in connection with any dispute arising under
this Agreement and hereby waives, to the maximum extent permitted by law, any
objection, including any objection based on forum non conveniens, to the
bringing of any such proceeding in such jurisdictions.

 

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IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed by an
officer thereunto duly authorized.

	
  Dated: September 22, 2006

  	
  FERMAVIR PHARMACEUTICALS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Geoffrey W. Henson

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  

 

 8Exhibit
4.2

NEITHER
THESE WARRANTS NOR THE COMMON STOCK ISSUABLE UPON EXERCISE OF THESE WARRANTS
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, PLEDGED OR
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH
SECURITIES UNDER THE ACT OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS
AVAILABLE.

No. FW -
____

Original
Issuance: September 22, 2006

Warrants _____

FERMAVIR
PHARMACEUTICALS, INC.

WARRANTS

FermaVir
Pharmaceuticals, Inc., a Florida corporation (“FermaVir”), certifies that, for  value 
received, ________, or
registered assigns (the “Holder”), is
the owner of ______________ (____) Warrants of  FermaVir (the “Warrants”).  Each Warrant entitles the Holder to
purchase  from FermaVir at any time prior
to the Expiration Date (as defined below) one share of the common stock of
FermaVir (the “Common Stock”) for
$1.00 per share (the “Exercise Price”),
on the terms and conditions hereinafter provided.   The Exercise Price and the number of shares
of Common Stock purchasable upon exercise of each Warrant are subject to
adjustment as provided in this Certificate. The Warrants have been issued as
part of an authorized class of 637,500 warrants of like tenor.

1.             Expiration Date; Exercise

1.1           Expiration Date. 
The Warrants shall expire on June 30, 2014 (the “Expiration Date”).

1.2           Manner of Exercise. 
The Warrants are exercisable by delivery to FermaVir of the following
(the “Exercise Documents”): (a)
this Certificate (b) a written notice of election to exercise the Warrants; and
(c) payment of the Exercise Price in cash, by check or by “net” exercise as
contemplated by Section 1.3 of this Certificate.  Within three business days following receipt of
the foregoing, FermaVir shall execute and deliver to the Holder: (a) a
certificate or certificates representing the aggregate number of shares of
Common Stock purchased by the Holder, and (b) if less than all of the Warrants
evidenced by this Certificate are exercised, a new certificate evidencing the
Warrants not so exercised.

 

 

1.3           Net Exercise.  In lieu of the payment methods set forth in
Section 1.2 above, the Holder may elect to exchange all or some of the
Warrant for the number of shares of Common Stock computed using the following
formula:

X = Y (A-B)

A

Where X = the number of shares of Common Stock to be issued to Holder.

Y = the number of shares of Common Stock purchasable under the Warrants
being exchanged (as adjusted to the date of such calculation).

A = the
Market Price on the date of receipt by FermaVir of the exercise documents.

B = the
Exercise Price of the Warrants being exchanged (as adjusted in accordance with
the terms of Section 2 hereof).

The “Market Price” on any
trading day shall be deemed to be the average of the last reported sale price
of the Common Stock for the five trading days immediately preceding  such day, or, in the case no such reported
sales take place on any day, the last reported sale price on the preceding
trading day on which there was a last reported sales price, as officially
reported by the principal securities exchange in which the shares of Common
Stock are listed or admitted to trading or by the Nasdaq Stock Market, or if
the Common Stock is not listed or admitted to trading on any national
securities exchange or the Nasdaq Stock Market, the last sale price, or if
there is no last sale price, the closing bid price, as furnished by the
National Association of Securities Dealers, Inc. (such as through the OTC Bulletin
Board) or a similar organization or if Nasdaq is no longer reporting such
information.  If the Market Price cannot
be determined pursuant to the sentence above, the Market Price shall be
determined in good faith (using customary valuation methods) by the Board of
Directors of FermaVir based on the information best available to it, including
recent arms-length sales of Common Stock to unaffiliated persons.

1.4           Restriction on “Net” Exercise.  Notwithstanding any other provision of this
Certificate, Holder shall not be permitted to effect a “net” exercise of the
Warrants if on the date of exercise the resale of the underlying shares by
Holder has been registered under the Securities Act of 1933, as amended, (the “Securities Act”) pursuant to a registration statement which
is then in effect, and on such date the Holder shall be permitted to resell
such shares pursuant to such registration statement.

1.5           Warrant
Exercise Limitation.  Notwithstanding
any other provision of this Certificate, or the total number of shares of
Common Stock otherwise available for purchase by Holder hereunder, if as of the
date of exercise FermaVir has a class of securities registered under Section 12
of the Securities Exchange Act of 1934, as amended, Holder may not exercise any
Warrants under this Section 1 if immediately following such exercise Holder
would beneficially own 5% or more of the outstanding Common Stock of
FermaVir.  For this purpose, a
representation of the Holder that 

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following such exercise it would not beneficially own 4.99% or more of
the outstanding Common Stock of FermaVir shall be conclusive and binding upon
FermaVir.

2.             Adjustments of Exercise Price and
Number and Kind of Conversion Shares

2.1           In the event that FermaVir shall at any time hereafter (a)
pay a dividend in Common Stock or securities convertible into Common Stock; (b)
subdivide or split its outstanding Common Stock; (c) combine its outstanding
Common Stock into a smaller number of shares; then the number of shares to be
issued immediately after the occurrence of any such event shall be adjusted so
that the Holder thereafter may receive the number of shares of Common Stock it
would have owned immediately following such action if it had exercised the
Warrants immediately prior to such action and the Exercise Price shall be
adjusted to reflect such proportionate increases or decreases in the number of
shares.

2.2           In case of any reclassification of the outstanding shares
of Common Stock (other than a change covered by Section 2.1 hereof or a change
which solely affects the par value of such shares) or in the case of any merger
or consolidation or merger in which FermaVir is not the continuing corporation
and which results in any reclassification or capital reorganization of the
outstanding shares), the Holder shall have the right thereafter (until the
Expiration Date) to receive upon the exercise hereof, for the same aggregate
Exercise Price payable hereunder immediately prior to such event, the kind and
amount of shares of stock or other securities or property receivable upon such
reclassification, capital reorganization, merger or consolidation, by a Holder
of the number of shares of Common Stock obtainable upon the exercise of the
Warrants immediately prior to such event; and if any reclassification also
results in a change in shares covered by Section 2.1, then such adjustment
shall be made pursuant to both this Section 2.2 and Section 2.1
(without duplication).  The provisions of
this Section 2.2 shall similarly apply to successive reclassifications, capital
reorganizations and mergers or consolidations, sales or other transfers.

3.             Reservation of Shares.  FermaVir shall at all times reserve and keep
available out of its authorized but unissued shares of Common Stock, such
number of shares of Common Stock as shall from time to time be issuable upon
exercise of the Warrants.  If at any time
the number of authorized but unissued shares of Common Stock shall not be
sufficient to permit the exercise of the Warrants, FermaVir shall promptly seek
such corporate action as may necessary to increase its authorized but unissued
shares of Common Stock to such number of shares as shall be sufficient for such
purpose.

4.             Certificate as to Adjustments.  In each case of any adjustment in the
Exercise Price, or number or type of shares issuable upon exercise of these
Warrants, the Chief Financial Officer of FermaVir shall compute such adjustment
in accordance with the terms of these Warrants and prepare a certificate
setting forth such adjustment and showing in detail the facts upon which such
adjustment is based, including a statement of the adjusted Exercise Price.  FermaVir shall promptly send (by facsimile
and by either first class mail, postage prepaid or overnight delivery) a copy
of each such certificate to the Holder.

5.             Loss or Mutilation.  Upon receipt of evidence reasonably
satisfactory to FermaVir of the ownership of and the loss, theft, destruction
or mutilation of this Certificate, and of indemnity reasonably satisfactory to
it, and (in the case of mutilation) upon surrender and cancellation of these 

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Warrants, FermaVir
will execute and deliver in lieu thereof a new Certificate of like tenor as the
lost, stolen, destroyed or mutilated Certificate.

6.             Representations and Warranties of
FermaVir.  FermaVir
hereby represents and warrants to Holder that:

6.1           Due Authorization. 
All corporate action on the part of FermaVir, its officers, directors
and shareholders necessary for (a) the authorization, execution and delivery
of, and the performance of all obligations of FermaVir under, these Warrants,
and (b) the authorization, issuance, reservation for issuance and delivery of
all of the Common Stock issuable upon exercise of these Warrants, has been duly
taken.  These Warrants constitute a valid
and binding obligation of FermaVir enforceable in accordance with their terms,
subject, as to enforcement of remedies, to applicable bankruptcy, insolvency,
moratorium, reorganization and similar laws affecting creditors’ rights
generally and to general equitable principles.

6.2           Organization. 
FermaVir is a corporation duly organized, validly existing and in good
standing under the laws of the State referenced in the first paragraph of this
Certificate and has all requisite corporate power to own, lease and operate its
property and to carry on its business as now being conducted and as currently
proposed to be conducted.

6.3           Valid Issuance of Stock.  Any shares of Common Stock issued upon
exercise of these Warrants will be duly and validly issued, fully paid and
non-assessable.

6.4           Governmental
Consents.  All consents, approvals,
orders, authorizations or registrations, qualifications, declarations or
filings with any federal or state governmental authority on the part of
FermaVir required in connection with the consummation of the transactions
contemplated herein have been obtained.

7.             Representations and Warranties of Holder.  Holder hereby represents and warrants
to FermaVir that:

7.1           Holder is acquiring the Warrants for its own account, for
investment purposes only.

7.2           Holder understands that an investment in the Warrants
involves a high degree of risk, and Holder has the financial ability to bear
the economic risk of this investment in the Warrants, including a complete loss
of such investment. Holder has adequate means for providing for its current
financial needs and has no need for liquidity with respect to this investment.

7.3           Holder has such knowledge and experience in financial and
business matters that it is capable of evaluating the merits and risks of an
investment in the Warrants and in protecting its own interest in connection
with this transaction.

7.4           Holder understands that the Warrants have not been
registered under the Securities Act or under any state securities laws.  Holder is familiar with the provisions of the
Securities Act and Rule 144 thereunder and understands that the restrictions on
transfer on the Warrants may result in Holder being required to hold the
Warrants for an indefinite period of time.

 4
 

 

 

7.5           Holder agrees not to sell, transfer, assign, gift, create
a security interest in, or otherwise dispose of, with or without consideration
(collectively, “Transfer”) any of
the Warrants except pursuant to an effective registration statement under the
Securities Act or an exemption from registration.  As a further condition to any such Transfer,
except in the event that such Transfer is made pursuant to an effective
registration statement under the Securities Act, if in the reasonable opinion
of counsel to FermaVir any Transfer of the Warrants by the contemplated
transferee thereof would not be exempt from the registration and prospectus
delivery requirements of the Securities Act, FermaVir may require the
contemplated transferee to furnish FermaVir with an investment letter setting
forth such information and agreements as may be reasonably requested by
FermaVir to ensure compliance by such transferee with the Securities Act.

8.             Notices of Record Date.

In
the event:

8.1           FermaVir shall take a record of the holders of its Common
Stock (or other stock or securities at the time receivable upon the exercise of
these Warrants), for the purpose of entitling them to receive any dividend or
other distribution, or any right to subscribe for or purchase any shares of
stock of any class or any other securities or to receive any other right; or

8.2           of any consolidation or merger of FermaVir with or into
another corporation, any capital reorganization of FermaVir, any
reclassification of the capital stock of FermaVir, or any conveyance of all or
substantially all of the assets of FermaVir to another corporation in which
holders of FermaVir’s stock are to receive stock, securities or property of
another corporation; or

8.3           of any voluntary dissolution, liquidation or winding-up of
FermaVir; or

8.4           of any redemption or conversion of all outstanding Common
Stock;

then,
and in each such case, FermaVir will mail or cause to be mailed to the Holder a
notice specifying, as the case may be, (a) the date on which a record is to be
taken for the purpose of such dividend, distribution or right, or (b) the date
on which such reorganization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation, winding-up, redemption or conversion is
to take place, and the time, if any is to be fixed, as of which the holders of
record of Common Stock (or such stock or securities as at the time are
receivable upon the exercise of these Warrants), shall be entitled to exchange
their shares of Common Stock (or such other stock or securities), for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation
or winding-up.  FermaVir shall use all
reasonable efforts to ensure such notice shall be delivered at least 5 days
prior to the date therein specified.

9.             Registration Rights.

9.1           Definitions. 
For purposes of this Section 9, the following terms shall have the
meanings set forth below:

9.1.1        A
“Blackout Event”
means any of the following: (a) the possession by FermaVir of material
information that is not ripe for disclosure in a registration statement or 

 5
 

 

prospectus, if the
disclosure of such information in the Registration Statement or the prospectus
constituting a part thereof would be materially detrimental to the business and
affairs of FermaVir, as determined reasonably and in good faith by the Board of
Directors of FermaVir; or (b) any material engagement or activity by FermaVir
which would, in the reasonable and good faith determination of the Board of
Directors of FermaVir, be materially adversely affected by disclosure in a
registration statement or prospectus at such time.

9.1.2         “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.

9.1.3        “Included  Shares” shall mean any Registrable
Shares included in a Registration.

9.1.4         “Registrable Shares”
shall mean the shares of Common Stock (or such stock or securities as at the
time are receivable upon the exercise of these Warrants) issuable upon exercise
of the Warrants and any other Warrants and or other securities issued to Holder
in respect of the Warrants as a result of stock split, stock dividend or
reclassification of such shares.

9.1.5        “Registration”
shall mean a registration of securities under the Securities Act pursuant to
Section 9.2 of this Agreement.

9.1.6        “Registration Period”
with respect to any Registration Statement the period commencing the effective
date of the Registration Statement and ending upon withdrawal or termination of
the Registration Statement.

9.1.7        “Registration Statement”
shall mean the registration statement, as amended from time to time, filed with
the SEC in connection with a Registration.

9.1.8         “SEC” shall mean
the Securities and Exchange Commission.

9.2           Piggyback Registration.  If, on or prior to the one-year anniversary
of the original issuance of this Warrant, FermaVir shall determine to register
any Common Stock under the Securities Act for sale in connection with a public
offering of Common Stock (other than pursuant to an employee benefit plan or a
merger, acquisition or similar transaction), FermaVir will give written notice
thereof to Holder and will include in such Registration Statement any of the
Registrable Shares which Holder may request be included (“Included Shares”) by a writing delivered to
FermaVir within 15 days after the notice given by FermaVir to Holder; provided,
however, that if the offering is to be firmly underwritten, and the
representative of the underwriters of the offering refuse in writing to include
in the offering all of the shares of Common Stock requested by FermaVir and
others, the shares to be included shall be allocated first to FermaVir and any
shareholder who initiated such Registration and then among the others based on
the respective number of shares of Common Stock held by such persons.  If FermaVir decides not to, and does not,
file a Registration Statement with respect to such Registration, or after
filing determines to withdraw the same before the effective date thereof,
FermaVir will promptly so inform Holder, and FermaVir will not be obligated to
complete the registration of the Included Shares included therein.

 6
 

 

 

9.3           Certain Covenants. 
In connection with any Registration:

9.3.1        FermaVir
shall take all lawful action such that the Registration Statement, any
amendment thereto and the prospectus forming a part thereof does not contain an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they are made, not misleading.  Upon becoming aware of the occurrence of any
event or the discovery of any facts during the Registration Period that make
any statement of a material fact made in the Registration Statement or the
related prospectus untrue in any material respect or which material fact is
omitted from the Registration Statement or related prospectus that requires the
making of any changes in the Registration Statement or related prospectus so
that it will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in light of the
circumstances under which they are made, not misleading (taking into account
any prior amendments or supplements), FermaVir shall promptly notify Holder,
and, as soon as reasonably practicable prepare (but in no event more than five
business days in the case of a supplement or seven business days in the case of
a post-effective amendment) and file with the SEC a supplement or
post-effective amendment to the Registration Statement or the related
prospectus or file any other required document so that, as thereafter delivered
to a purchaser of Shares from Holder, such prospectus will not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in light of the circumstances under which they
were made, not misleading.  FermaVir
shall use its reasonable best efforts to keep the Registration Statement
effective at all times during the period continuing until the earliest of (i)
the date that is nine months after the last day of the calendar month following
the month in which the Registration Statement is declared effective, (ii) the
date when the Holder may sell all Registrable Securities under Rule 144 without
volume or other restrictions or limits or (iii) the date the Holder no longer
owns any of the Registrable Securities,

9.3.2        At least three
business days prior to the filing with the SEC of the Registration Statement
(or any amendment thereto) or the prospectus forming a part thereof (or any
supplement thereto), FermaVir shall provide draft copies thereof to Holder and
shall consider incorporating into such documents such comments as Holder (and
its counsel) may propose to be incorporated therein.  Notwithstanding the foregoing, no prospectus
supplement, the form of which has previously been provided to Holder, need be
delivered in draft form to Holder.

9.3.3        FermaVir
shall promptly notify Holder upon the occurrence of any of the following events
in respect of the Registration Statement or the prospectus forming a part
thereof: (i) the receipt of any request for additional information from the SEC
or any other federal or state governmental authority, the response to which
would require any amendments or supplements to the Registration Statement or
related prospectus; (ii) the issuance by the SEC or any other federal or state
governmental authority of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose;
or (iii) the receipt of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Shares for sale in
any jurisdiction or the initiation or threatening of any proceeding for such
purpose.

9.3.4        FermaVir shall
furnish to Holder with respect to the Included Shares registered under the
Registration Statement (and to each underwriter, if any, of such Shares) such 

 7
 

 

 

number of copies of prospectuses and such other documents as Holder may
reasonably request, in order to facilitate the public sale or other disposition
of all or any of the  Included Shares by
Holder pursuant to the Registration Statement.

9.3.5        In
connection with any registration pursuant to Section 9.2, FermaVir shall file
or cause to be filed such documents as are required to be filed by FermaVir for
normal Blue Sky clearance in states specified in writing by Holder; provided,
however, that FermaVir shall not be required to qualify to do business
or consent to service of process in any jurisdiction in which it is not now so
qualified or has not so consented.

9.3.6        FermaVir
shall bear and pay all expenses incurred by it and Holder (other than
underwriting discounts, brokerage fees and commissions and fees and expenses of
more than one law firm) in connection with the registration of the Shares
pursuant to the Registration Statement.

9.3.7        As
a condition to including Registrable Shares in a Registration Statement, Holder
must provide to FermaVir such information regarding itself, the Registrable
Shares held by it and the intended method of distribution of such Shares as
shall be required to effect the registration of the Registrable Shares and, if
the offering is being underwritten, Holder must provide such powers of
attorney, indemnities and other documents as may be reasonably requested by the
managing underwriter.

9.3.8        Following
the effectiveness of the Registration Statement, upon receipt from FermaVir of
a notice that the Registration Statement contains an untrue statement of
material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the
circumstances under which they were made, Holder will immediately discontinue
disposition of Included Shares pursuant to the Registration Statement until
FermaVir notifies Holder that it may resume sales of Included Shares and, if
necessary, provides to Holder copies of the supplemental or amended prospectus.

9.4           Blackout Event. 
FermaVir shall not be obligated to file a post-effective amendment or
supplement to the Registration Statement or the prospectus constituting a part
thereof during the continuance of a Blackout Event; provided, however, that no
Blackout Event may be deemed to exist for more than 60 days.  Without the express written consent of
Holder, if required to permit the continued sale of Shares by Holder, a
post-effective amendment or supplement to Registration Statement or the
prospectus constituting a part thereof must be filed no later than the 21st day following commencement of a Blackout
Event.

9.5           Rule 144. With a view to making available to Holder
the benefits of Rule 144, FermaVir agrees, during the period from July 1, 2007
until October 31, 2009, unless the shares issuable to the Holder may be sold
pursuant to an effective Registration Statement, to:

9.5.1        comply
with the provisions of paragraph (c)(1) of Rule 144; and

9.5.2        file
with the SEC in a timely manner all reports and other documents required to be
filed by FermaVir pursuant to Section 13 or 15(d) under the Exchange Act; and,
if at any time it is not required to file such reports but in the past had been
required to or did file such reports, it 

 8
 

 

 

will, upon the request of a Holder, make available other information as
required by, and so long as necessary to permit sales of its Shares pursuant
to, Rule 144.

9.6           FermaVir Indemnification.  FermaVir agrees to indemnify and hold
harmless Holder, and its officers, directors and agents, and each person, if
any, who controls Holder within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act from and against any and all losses, claims,
damages and liabilities caused by (i) any violation or alleged violation by
FermaVir of the Securities Act, Exchange Act, any state securities laws or any
rule or regulation promulgated under the Securities Act, Exchange Act or any
state securities laws, (ii) any untrue statement or alleged untrue statement of
a material fact contained in any registration statement or prospectus relating
to the Included Shares (as amended or supplemented if FermaVir shall have
furnished any amendments or supplements thereto) or any preliminary prospectus,
or (iii) caused by any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances under which they were made, except
insofar as such losses, claims, damages or liabilities are caused by any such
untrue statement or omission or alleged untrue statement or omission based upon
information furnished in writing to FermaVir by Holder or on Holder’s behalf
expressly for use therein.

9.7           Holder Indemnification.  Holder agrees to indemnify and hold harmless
FermaVir, its officers, directors and agents and each person, if any, who
controls FermaVir within the meaning of either Section 15 of the Securities Act
or Section 20 of the Exchange Act to the same extent as the foregoing indemnity
from FermaVir to Holder, but only with respect to information furnished in writing
by Holder or on Holder’s behalf expressly for use in any registration statement
or prospectus relating to the Registrable Shares, or any amendment or
supplement thereto, or any preliminary prospectus.

9.8           Indemnification Procedures. In case any proceeding
(including any governmental investigation) shall be instituted involving any
person in respect of which indemnity may be sought pursuant to this Section 9,
such person (an “Indemnified Party”)
shall promptly notify the person against whom such indemnity may be sought (the
“Indemnifying Party”) in writing
and the Indemnifying Party shall assume the defense thereof, including the
employment of counsel reasonably satisfactory to such Indemnified Party, and
shall assume the payment of all fees and expenses; provided that the failure of
any Indemnified Party so to notify the Indemnifying Party shall not relieve the
Indemnifying Party of its obligations hereunder except to the extent (and only
to the extent that) that the Indemnifying Party is materially prejudiced by
such failure to notify.  In any such
proceeding, any Indemnified Party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Party unless (i) the Indemnifying Party and the Indemnified
Party shall have mutually agreed to the retention of such counsel or (ii) in
the reasonable judgment of such Indemnified Party representation of both
parties by the same counsel would be inappropriate due to actual or potential
differing interests between them.  It is
understood that the Indemnifying Party shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the
reasonable fees and expenses of more than one separate firm of attorneys (in
addition to any local counsel) at any time for all such Indemnified Parties
(including in the case of Holder, all of its officers, directors and
controlling persons) and that all such fees and expenses shall be reimbursed as
they are incurred.  In the case of any
such separate firm for the Indemnified Parties, the Indemnified Parties shall
designate such firm in writing to the 

 9
 

 

 

Indemnifying Party.  The
Indemnifying Party shall not be liable for any settlement of any proceeding
effected without its written consent (which consent shall not be unreasonably
withheld or delayed), but if settled with such consent, or if there be a final
judgment for the plaintiff, the Indemnifying Party shall indemnify and hold
harmless such Indemnified Parties from and against any loss or liability (to
the extent stated above) by reason of such settlement or judgment.  No Indemnifying Party shall, without the
prior written consent of the Indemnified Party, effect any settlement of any
pending or threatened proceeding in respect of which any Indemnified Party is
or could have been a party and indemnity could have been sought hereunder by
such Indemnified Party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability arising out of such
proceeding.

9.9           Contribution. 
To the extent any indemnification by an Indemnifying Party is prohibited
or limited by law, the Indemnifying Party agrees to make the maximum
contribution with respect to any amounts for which, he, she or it would otherwise
be liable under this Section 9.6 to the fullest extent permitted by law;
provided, however, that (i) no contribution shall be made under circumstances
where a party would not have been liable for indemnification under this Section
9.6 and (ii) no seller of Registrable Securities guilty of fraudulent
misrepresentation (within the meaning used in the Securities Act) shall be
entitled to contribution from any party who was not guilty of such fraudulent
misrepresentation.

10.          Nontransferability.  Holder
may not sell or transfer any Warrants to any person without registration under
the Securities Act or providing an opinion of counsel acceptable to the Company
that such transfer may lawfully be made without such registration.  Any such purported transfer shall not be
effective as between such purported transferee and FermaVir.

11.          Severability.  If any term, provision,
covenant or restriction of these Warrants is held by a court of competent
jurisdiction to be invalid, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions of these Warrants shall remain in full
force and effect and shall in no way be affected, impaired or invalidated.

12.          Notices.  All notices, requests, consents
and other communications required hereunder shall be in writing and shall be
effective when delivered or, if delivered by registered or certified mail,
postage prepaid, return receipt requested, shall be effective on the third day
following deposit in United States mail: to the Holder, at the Holder’s address of record in the Company’s
warrant register; and if addressed to FermaVir, at FermaVir Pharmaceuticals, Inc., 420 Lexington
Avenue, Suite 445, New York, NY 10170, or such other address as FermaVir
may designate in writing.

13.          No Rights as Shareholder.  The Holder shall have no
rights as a shareholder of FermaVir with respect to the shares issuable upon
exercise of the Warrants until the receipt by FermaVir of all of the Exercise
Documents.

	
  

  	
   

  	
  FERMAVIR PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Geoffrey W. Henson, Chief Executive Officer

  

 

 10

 

EXHIBIT
“A”

NOTICE OF EXERCISE

(To be signed only upon exercise
of the Warrants)

To:          FermaVir Pharmaceuticals, Inc.

The undersigned hereby
elects to purchase shares of Common Stock (the “Warrant
Shares”) of FermaVir Pharmaceuticals, Inc. (“FermaVir”),
pursuant to the terms of the enclosed warrant certificate (the “Certificate”). The undersigned tenders herewith payment of
the exercise price pursuant to the terms of the Certificate.

The
undersigned hereby represents and warrants to, and agrees with, FermaVir as
follows:

1.             Holder is acquiring the Warrant
Shares for its own account, for investment purposes only.

2.             Holder understands that an
investment in the Warrant Shares involves a high degree of risk, and Holder has
the financial ability to bear the economic risk of this investment in the
Warrant Shares, including a complete loss of such investment. Holder has
adequate means for providing for its current financial needs and has no need
for liquidity with respect to this investment.

3.             Holder has such knowledge and
experience in financial and business matters that it is capable of evaluating
the merits and risks of an investment in the Warrant Shares and in protecting
its own interest in connection with this transaction.

4.             Holder understands that the Warrant
Shares have not been registered under the Securities Act or under any state
securities laws.  Holder is familiar with
the provisions of the Securities Act and Rule 144 thereunder and understands
that the restrictions on transfer on the Warrant Shares may result in Holder
being required to hold the Warrant Shares for an indefinite period of time.

5.             Holder agrees not to sell,
transfer, assign, gift, create a security interest in, or otherwise dispose of,
with or without consideration (collectively, “Transfer”)
any of the Warrant Shares except pursuant to an effective registration
statement under the Securities Act or an exemption from registration.  As a further condition to any such Transfer,
except in the event that such Transfer is made pursuant to an effective
registration statement under the Securities Act, if in the reasonable opinion
of counsel to FermaVir any Transfer of the Warrant Shares by the contemplated
transferee thereof would not be exempt from the registration and prospectus
delivery requirements of the Securities Act, FermaVir may require the
contemplated transferee to furnish FermaVir with an investment letter setting
forth such information and agreements as may be reasonably requested by
FermaVir to ensure compliance by such transferee with the Securities Act.

 

 

Each certificate evidencing the Warrant Shares
will bear the following legend:

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE “ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS AND
MAY NOT BE EXERCISED, SOLD, PLEDGED OR TRANSFERRED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE ACT OR UNLESS AN
EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

6.             Immediately
following this exercise of Warrants, if as of the date of exercise
FermaVir  has a class  of securities registered under Section 12 of
the Securities Exchange Act of 1934, as amended, the undersigned will not beneficially
own five percent (5%) or more of the then outstanding Common Stock of FermaVir
(based on the number of shares outstanding set forth in the most recent
periodic report filed by FermaVir with the Securities and Exchange Commission
and any additional shares which have been issued since that date of which
Holder is aware have been issued).

	
  Number of Warrants
  Exercised: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Net Exercise 

  	
   

  	
     Yes

  	
   

  	
     No

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Dated: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
										

 

 2

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