Document:

Exhibit 4.10

 

DURATEK, INC.

 

and

 

[             ],
as Warrant Agent

 

FORM OF DEBT SECURITIES

WARRANT AGREEMENT

 

Dated as of

 

[              ]

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1

  	
   

  
	
   

  	
   

  
	
  ISSUANCE
  OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES

  	
   

  
	
   

  	
   

  
	
  Section
  1.1 Issuance of  Warrants.

  	
   

  
	
   

  	
   

  
	
  Section
  1.2 Execution and Delivery of Warrant Certificates.

  	
   

  
	
   

  	
   

  
	
  Section
  1.3 Issuance of Warrant Certificates.

  	
   

  
	
   

  	
   

  
	
  ARTICLE 2

  	
   

  
	
   

  	
   

  
	
  WARRANT
  PRICE, DURATION AND EXERCISE OF WARRANTS

  	
   

  
	
   

  	
   

  
	
  Section 2.1 Warrant Price.

  	
   

  
	
   

  	
   

  
	
  Section 2.2 Duration
  of Warrants.

  	
   

  
	
   

  	
   

  
	
  Section 2.3 Exercise
  of Warrants.

  	
   

  
	
   

  	
   

  
	
  ARTICLE 3

  	
   

  
	
   

  	
   

  
	
  OTHER
  PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES

  	
   

  
	
   

  	
   

  
	
  Section
  3.1 No Rights as Holders of Warrant Debt Securities Conferred by Warrants or
  Warrant Certificates.

  	
   

  
	
   

  	
   

  
	
  Section 3.2 Lost, Stolen, Mutilated or
  Destroyed Warrant Certificates.

  	
   

  
	
   

  	
   

  
	
  Section
  3.3 Holder of Warrant Certificate May Enforce Rights.

  	
   

  
	
   

  	
   

  
	
  Section
  3.4 Merger, Sale, Conveyance or Lease.

  	
   

  
	
   

  	
   

  
	
  Section 3.5
  Notice to Warrantholders.

  	
   

  
	
   

  	
   

  
	
  ARTICLE 4

  	
   

  
	
   

  	
   

  
	
  EXCHANGE
  AND TRANSFER OF WARRANT CERTIFICATES

  	
   

  
	
   

  	
   

  
	
  Section
  4.1 Exchange and Transfer of Warrant Certificates.

  	
   

  

 

i

 

	
  Section
  4.2 Treatment of Holders of Warrant Certificates.

  	
   

  
	
   

  	
   

  
	
  Section
  4.3 Cancellation of Warrant Certificates.

  	
   

  
	
   

  	
   

  
	
  ARTICLE 5

  	
   

  
	
   

  	
   

  
	
  CONCERNING THE WARRANT
  AGENT

  	
   

  
	
   

  	
   

  
	
  Section 5.1 Warrant Agent.

  	
   

  
	
   

  	
   

  
	
  Section
  5.2 Conditions of Warrant Agent’s Obligations.

  	
   

  
	
   

  	
   

  
	
  Section
  5.3 Resignation, Removal and Appointment of Successors.

  	
   

  
	
   

  	
   

  
	
  ARTICLE 6

  	
   

  
	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  
	
  Section
  6.1 Amendment.

  	
   

  
	
   

  	
   

  
	
  Section
  6.2 Notices and Demands to the Company and Warrant Agent.

  	
   

  
	
   

  	
   

  
	
  Section
  6.3 Addresses.

  	
   

  
	
   

  	
   

  
	
  Section 6.4 Governing Law.

  	
   

  
	
   

  	
   

  
	
  Section 6.5
  Delivery of Prospectus.

  	
   

  
	
   

  	
   

  
	
  Section
  6.6 Obtaining of Governmental Approvals.

  	
   

  
	
   

  	
   

  
	
  Section
  6.7 Persons Having Rights Under Warrant Agreement.

  	
   

  
	
   

  	
   

  
	
  Section
  6.8 Headings.

  	
   

  
	
   

  	
   

  
	
  Section 6.9 Counterparts.

  	
   

  
	
   

  	
   

  
	
  Section 6.10
  Inspection of Agreement.

  	
   

  

 

ii

 

DURATEK, INC.

 

DEBT SECURITIES WARRANT AGREEMENT

 

DEBT
SECURITIES WARRANT AGREEMENT, dated as of
                          
between Duratek, 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 has entered into an indenture
dated as of
                                        
[(the “Senior Indenture”) with
                                            
as trustee (such trustee, and any successors to such trustee, herein called the
“Senior Trustee”), providing for
the issuance from time to time of its unsubordinated debt securities, to be
issued in one or more series as provided in the Senior Indenture (the “Debt Securities”);] [the “Subordinated Indenture”), with
                                ,
as trustee (such trustee, and any successors to such trustee, herein called the
“Subordinated Trustee”), providing
for the issuance from time to time of its subordinated debt securities, to be
issued in one or more series as provided in the Subordinated Indenture (the “Debt Securities”);]

 

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 [title of Debt Securities purchasable through exercise of Warrants]
(the “Warrant Debt 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 1

 

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—Warrant
Certificates 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 Debt 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 Debt 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 2

 

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 purchase
the principal amount of Warrant Debt Securities specified in the applicable
Warrant Certificate at an exercise price of
            % of
the principal amount thereof [plus accrued amortization, if any, of the
original issue discount of the Warrant Debt Securities] [plus accrued interest,
if any, from the most recent date from which interest shall have been paid on
the Warrant Debt Securities, or, if no interest shall have been paid on the
Warrant Debt Securities, from the date of their initial issuance.]  [The original issue discount
($                    
for each $1,000 principal amount of Warrant

 

3

 

Debt Securities) will be
amortized at a
            %
annual rate, computed on a[n] [semi-] annual basis [using a 360-day year
consisting of twelve 30-day months].] 
Such purchase price for the Warrant Debt Securities 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 Debt 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 Debt 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 Debt 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 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 Debt Securities purchasable upon the exercise of
such Warrants shall be closed, no such receipt of 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 Debt
Securities on such date, but shall be effective to constitute such person as
the holder of record of such Warrant Debt Securities for all purposes at the
opening of business on the next succeeding day on which the transfer books for
the Warrant Debt Securities purchasable upon the exercise of such Warrants
shall be opened, and the certificates for the Warrant Debt 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 Debt Securities.  The
Warrant Agent shall deposit all

 

4

 

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 Debt 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 Debt
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 Debt Securities after such exercise, and
(iv) such other information as the Company or the [Senior] [Subordinated]
Trustee shall reasonably require.

 

(c) As soon as practicable
after the exercise of any Warrant, the Company shall issue, pursuant to the
Indenture, in authorized denominations, to or upon the order of the holder of
the Warrant Certificate evidencing such Warrant, the Warrant Debt 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 were 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 Debt 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
Debt Securities, and in the event that any such transfer is involved, the
Company shall not be required to issue or deliver any Warrant Debt Securities
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.

 

ARTICLE 3

 

OTHER
PROVISIONS RELATING TO RIGHTS OF HOLDERS
OF WARRANT CERTIFICATES

 

Section 3.1
No Rights as Holders of Warrant
Debt Securities 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 Debt Securities, including,
without limitation, the right to receive

 

5

 

the payment of principal of
(or premium, if any) or interest, if any, on the Warrant Debt Securities or to
enforce any of the covenants in the Indenture.

 

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
principal amount of Warrant Debt 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) 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
any Warrant Certificate, without the consent of the Warrant Agent, the [Senior]
[Subordinated] Trustee, the holder of any Warrant Debt 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
Certificates and in this Agreement.

 

Section 3.4
Merger, Sale, Conveyance or
Lease.  In
case of (a) any 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) or (b) the sale,

 

6

 

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’s successor shall be delivered to the holders of the
Warrants, so such successor shall succeed and be submitted for the Company, and
assume all the Company’s obligations under this Agreement  and The Warrants.  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 Debt 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.

 

Section
3.5 Notice to Warrantholders.  In
case the Company shall (a) effect any Reorganization Event or (b) make any
distribution on or in respect of the [title of Warrant Debt Securities] in connection
with the dissolution, liquidation or winding up of the Company, 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 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
[title of Warrant Debt Securities] of record shall be entitled to exchange
their shares of [title of Warrant Debt Securities] for securities or other
property deliverable upon such Reorganization Event, dissolution, liquidation
or winding up.  No failure to mail such
notice nor any defect therein or in the mailing thereof shall affect any such
transaction.

 

7

 

ARTICLE 4

 

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 principal amount
of Warrant Debt 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
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 Debt Security or a number of Warrants for a whole
number of Warrant Debt Securities and a fraction of a Warrant Debt 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

 

8

 

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] [The] 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 5

 

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 power 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 power 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

 

9

 

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.

 

(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
Debt 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 including the
[Senior] [Subordinated] Trustee under the [Senior] [Subordinated] Indenture.

 

(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.

 

10

 

(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.

 

Section
5.3 Resignation, Removal and Appointment of Successors.

 

(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

 

11

 

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

 

12

 

consolidation to which the
Warrant Agent shall be a party, or any corporation to which the Warrant Agent
shall sell or otherwise transfer all substantially all the assets and business
of the Warrant Agent, provided that
it shall be qualified as aforesaid, shall be 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 6

 

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 Duratek, Inc., 10100 Old Columbia Road,
Columbia, Maryland 21046, Attention: 
Corporate Secretary (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 Debt 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

 

13

 

concurrently with the
delivery of the Warrant Debt 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 Debt 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 Debt 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.

 

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.

 

14

 

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

 

	
   

  	
  DURATEK, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Warrant Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

[SIGNATURE
PAGE TO DEBT SECURITIES WARRANT AGREEMENT]

 

15

 

EXHIBIT
A

 

FORM
OF WARRANT CERTIFICATE

[Face
of Warrant Certificate]

 

 

	
  [Form if Warrants are
  attached to Other Securities and are not immediately detachable.

  	
   

  	
  Prior to
                                ,
  this Warrant Certificate cannot be transferred or exchanged unless attached
  to a [Title of Other Security].]

  
	
   

  	
   

  	
   

  
	
  [Form of Legend if Warrants
  are not immediately exercisable.

  	
   

  	
  Prior to
                                  ,
  Warrants 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
                ,

 

DURATEK,
INC.

 

WARRANT
CERTIFICATE REPRESENTING

WARRANTS
TO PURCHASE

[TITLE
OF WARRANT DEBT SECURITIES]

 

 

	
  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 
                      
of $                principal amount of [Title of Warrant Debt
Securities] (the “Warrant Debt Securities”),
of Duratek, Inc. (the “Company”),
issued or to be issued under the Indenture (as hereinafter defined), on the
following basis: during the period from
                      ,
through and including                           ,
each Warrant shall entitle the Holder thereof, subject to the provisions of
this Agreement, to purchase the principal amount of Warrant Debt Securities
stated in the Warrant Certificate at the warrant price (the “Warrant Price”) of
      % of the principal

 

A-1

 

amount thereof [plus accrued
amortization, if any, of the original issue discount of the Warrant Debt
Securities] [plus accrued interest, if any, from the most recent date from
which interest shall have been paid on the Warrant Debt Securities or, if no
interest shall have been paid on the Warrant Debt Securities, from the date of
their original issuance].  [The original
issue discount ($          
for each $1,000 principal amount of Warrant Debt Securities) will be amortized
at a       % annual rate, computed on a[n]
[semi-] annual basis [using a 360-day year consisting of twelve 30-day
months].  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 Debt 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 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 Warrant Debt Securities
in the principal amount of $1,000 or any integral multiple thereof 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 aggregate principal amount of Warrant Debt 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.

 

A-2

 

The Warrant Debt Securities
to be issued and delivered upon the exercise of Warrants evidenced by this
Warrant Certificate will be issued under and in accordance with an Indenture,
[dated as of
                        ,
         (the “Senior Indenture”), between the Company and
                ,
as trustee (such trustee, and any successors to such trustee, the “Senior Trustee”)] [dated as of
                          ,
        , (the “Subordinated Indenture”), between the
Company and
                      ,
as trustee (such trustee, and any successors to such trustee, the “Subordinated Trustee”)] and will be subject
to the terms and provisions contained in the Warrant Debt Securities and in the
Indenture.  Copies of the [Senior]
[Subordinated] Indenture, including the form of the Warrant Debt Securities,
are on file at the corporate trust office of the Trustee.

 

[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 principal amount of Warrant Debt Securities.

 

This Warrant Certificate
shall not entitle the Holder hereof to any of the rights of a holder of the
Warrant Debt Securities, including, without limitation, the right to receive
payments of principal of (and premium, if any) or interest, if any, on the
Warrant Debt Securities or to enforce any of the covenants of the Indenture.

 

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.

 

A-3

 

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.

 

	
   

  	
   

  	
  DURATEK,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Countersigned:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  As Warrant Agent

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Signature

  	
   

  	
   

  	
   

  	
   

  
											

 

A-4

 

[REVERSE
OF WARRANT CERTIFICATE]

 

(Instructions
for Exercise of Warrants)

 

To exercise any Warrants
evidenced hereby for Warrant Debt 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, represented by this Warrant Certificate, to purchase
$         principal amount of the
[Title of Warrant Debt Securities] (the “Warrant
Debt Securities”) of Duratek, Inc. and represents that he has
tendered payment for such Warrant Debt 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 Duratek, 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 principal
amount of Warrant Debt 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 the Warrants evidenced hereby, the undersigned
requests that a new Warrant Certificate evidencing the Warrants for the aggregate
principal amount of Warrant Debt Securities remaining unexercised be issued and
delivered to the undersigned unless otherwise specified in the instructions
below.

 

	
  Dated:

  	
   

  	
   

  	
  Name

  	
   

  	
   

  
	
   

  	
   

  	
  (Please
  Print)

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  
								

 

A-5

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Insert
  Social Security or Other Identifying

  Number of Holder)

  
	
   

  	
   

  
	
  Signature Guaranteed

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  
	
   

  	
  (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 Debt Securities and, if applicable, Warrant Certificates
evidencing Warrants for the number of Warrant Debt Securities remaining
unexercised—complete as appropriate.]

 

A-6

 

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
$              
aggregate principal amount of [Title of Warrant Debt Securities] of Duratek,
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

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
						

 

A-1EXHIBIT 4.4

FORM OF REGISTERED NOTE

(Face of Note)

 

	
   

  	
  CUSIP

  	
   

  
	
   

  
	
  9 7/8%
  Senior Notes due 2011

  
	
   

  
	
  No.

  	
   

  	
  $

  	
   

  
	
   

  
	
  UBIQUITEL
  OPERATING COMPANY

  
	
   

  
	
  promises to pay to Cede & Co. or its registered assigns,

  
	
   

  
	
  the principal sum of                    
  DOLLARS on March 1, 2011.

  
	
   

  
	
  Interest Payment Dates:  March
  1 and September 1

  
	
   

  
	
  Record Dates:  February 15 and
  August 15

  
	
   

  
	
  Dated:                     ,
  2004

  	
   

  
					

 

	
   

  	
  UBIQUITEL OPERATING COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  This is one of the Notes referred to

  	
   

  
	
  in the within-mentioned Indenture:

  	
   

  
	
   

  	
   

  
	
  THE BANK OF NEW YORK,

  	
   

  
	
  as
  Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	 

	
   

  	
  Authorized Signatory

  	 

						

 

 

 

 

9 7/8% Senior Notes due 2011

Capitalized terms used
herein have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated.

        Interest.  UbiquiTel Operating Company, a Delaware
corporation (the “Company”),
promises to pay interest on the principal amount of this Note at 9 7/8%
per annum from ___________, 2004 until maturity and shall pay the Liquidated
Damages, if any, payable pursuant to Section 5 of the Registration Rights
Agreement referred to below.  The
Company will pay interest and Liquidated Damages, if any, semi-annually in
arrears on March 1 and September 1 of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”).  Interest on the Notes will accrue from the
most recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance; provided that if there is no existing
Default in the payment of interest, and if this Note is authenticated between a
record date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided
further that the first Interest Payment Date shall be September 1,
2004. The Company will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal and premium, if any,
from time to time on demand at a rate that is 1% per annum in excess of the
rate then in effect to the extent lawful; it will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Liquidated Damages, if any, (without regard to any
applicable grace periods) from time to time on demand at the same rate to the
extent lawful.  Interest will be
computed on the basis of a 360-day year of twelve 30-day months.

        Method of Payment.  The Company will pay interest on the Notes
(except defaulted interest) and Liquidated Damages, if any, to the Persons who
are registered Holders of Notes at the close of business on the August 15 or
February 15 next preceding the Interest Payment Date, even if such Notes are
canceled after such record date and on or before such Interest Payment Date,
except as provided in Section 2.12 of the Indenture with respect to defaulted
interest.  The Notes will be payable as
to principal, premium and Liquidated Damages, if any, and interest at the office
or agency of the Company maintained for such purpose within or without the City
and State of New York, or, at the option of the Company, payment of interest
and Liquidated Damages, if any, may be made by check mailed to the Holders at
their addresses set forth in the register of Holders; provided that payment by
wire transfer of immediately available funds will be required with respect to
principal of and interest, premium and Liquidated Damages, if any, on, all
Global Notes and all other Notes the Holders of which will have provided wire
transfer instructions to the Company or the Paying Agent.  Such payment will be in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

        Paying Agent and Registrar.  Initially, The Bank of New York, the Trustee
under the Indenture, will act as Paying Agent and Registrar.  The Company may change any Paying Agent or
Registrar without notice to any Holder. 
The Company or any of its Subsidiaries may act in any such capacity.

        Indenture.  The Company issued the Notes under an
Indenture dated as of February 23, 2004 (the “Indenture”)
among the Company, the Guarantor(s) and the Trustee.  The terms of the Notes include those stated in the Indenture and
those made part of the Indenture by reference to

 

2

 

the
TIA.  The Notes are subject to all such
terms, and Holders are referred to the Indenture and such Act for a statement
of such terms.  To the extent any
provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling.  The Notes are unsecured obligations of the
Company.  The Indenture does not limit
the aggregate principal amount of Notes that may be issued thereunder.

        Optional Redemption.

Except as set forth in subparagraph (b) of this Paragraph 5,
the Company will not have the option to redeem the Notes prior to March 1,
2007.  On or after March 1, 2007, the
Company will have the option to redeem all or a part of the Notes upon not less
than 30 nor more than 60 days’ notice, at the redemption prices (expressed as
percentages of principal amount) set forth below plus accrued and unpaid
interest and Liquidated Damages, if any, on the Notes redeemed to the
applicable redemption date, if redeemed during the twelve-month period
beginning on March 1st of the years indicated below, subject to the
rights of Holders on the relevant record date to receive interest on the relevant
interest payment date:

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2007

  	
   

  	
  107.406

  	
  %

  
	
  2008

  	
   

  	
  104.938

  	
  %

  
	
  2009

  	
   

  	
  102.469

  	
  %

  
	
  2010 and thereafter

  	
   

  	
  100.000

  	
  %

  

Unless the Company
defaults in the payment of the redemption price, interest will cease to accrue
on the Notes or portions thereof called for redemption on the applicable
redemption date.

        Notwithstanding the provisions of
subparagraph (a) of this Paragraph 5, at any time prior to March 1, 2007, the
Company may on any one or more occasions redeem up to 35% of the aggregate
principal amount of Notes issued under the Indenture with the net cash proceeds
of a sale of Equity Interests (other than Disqualified Stock) of the Company or
a contribution of the Company’s common equity capital at a redemption price
equal to 109.875% of the aggregate principal amount thereof, plus accrued and
unpaid interest and Liquidated Damages, if any to the redemption date; provided
that at least 65% in aggregate principal amount of the Notes originally issued
under the Indenture (excluding Notes held by the Company and its Subsidiaries)
remains outstanding immediately after the occurrence of such redemption and
that such redemption occurs within 45 days of the date of the closing of such
sale of Equity Interests or contribution.

(6) Mandatory Redemption.

The Company is not be
required to make mandatory redemption or sinking fund payments with respect to
the Notes.

        Repurchase at the Option of The Holder.

        If there is a Change of Control, the
Company will be required to make an offer (a “Change
of Control Offer”) to each Holder to repurchase all or any part
(equal to $1,000 or an integral multiple thereof) of each Holder’s Notes at a
purchase price in cash equal to 101% of the aggregate principal amount thereof
plus accrued and unpaid interest and Liquidated Damages, if any, thereon to the
date of purchase, subject to the rights of Holders on the relevant record date
to receive interest due on the relevant interest payment date (the “Change of Control Payment”).

 

3

 

Within
ten days following any Change of Control, the Company will mail a notice to
each Holder setting forth the procedures governing the Change of Control Offer
as required by the Indenture.

        If the Company or a Restricted
Subsidiary of the Company consummates any Asset Sales, within 30 days of each
date on which the aggregate amount of Excess Proceeds exceeds $10.0 million,
the Company will commence an offer to all Holders of Notes and all holders of
other Indebtedness that is pari passu with the Notes containing
provisions similar to those set forth in the Indenture with respect to offers
to purchase or redeem with the proceeds of sales of assets (an “Asset Sale Offer”) pursuant to Section
3.09 of the Indenture to purchase the maximum principal amount of Notes
(including any Additional Notes) and such other pari passu Indebtedness that
may be purchased out of the Excess Proceeds at an offer price in cash in an
amount equal to 100% of the  principal
amount thereof plus accrued and unpaid interest and Liquidated Damages, if any,
thereon to the date of purchase, in accordance with the procedures set forth in
the Indenture.  To the extent that the
aggregate amount of Notes (including any Additional Notes) and other pari passu
Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess
Proceeds, the Company (or such Restricted Subsidiary) may use such deficiency
for any purpose not otherwise prohibited by the Indenture.  If the aggregate principal amount of Notes
and other pari
passu Indebtedness tendered into such Asset Sale Offer exceeds the
amount of Excess Proceeds, the Trustee shall select the Notes and such other pari passu
Indebtedness to be purchased on a pro rata
basis.  Holders of Notes that are the
subject of an offer to purchase will receive an Asset Sale Offer from the
Company prior to any related purchase date and may elect to have such Notes
purchased by completing the form entitled “Option
of Holder to Elect Purchase” attached to the Notes.

        Notice of Redemption.  Notice of redemption will be mailed at least
30 days but not more than 60 days before the redemption date to each Holder
whose Notes are to be redeemed at its registered address, except that
redemption notices may be mailed more than 60 days prior to a redemption date
if the notice is issued in connection with a defeasance of the Notes or a
satisfaction or discharge of the Indenture. 
Notes in denominations larger than $1,000 may be redeemed in part but
only in whole multiples of $1,000, unless all of the Notes held by a Holder are
to be redeemed.

        Denominations, Transfer,
Exchange.  The Notes are in
registered form without coupons in denominations of $1,000 and integral
multiples of $1,000.  The transfer of
Notes may be registered and Notes may be exchanged as provided in the
Indenture.  The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay
any taxes and fees required by law or permitted by the Indenture.  The Company need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except
for the unredeemed portion of any Note being redeemed in part.  Also, the Company need not exchange or
register the transfer of any Notes for a period of 15 days before a selection
of Notes to be redeemed or during the period between a record date and the
corresponding Interest Payment Date.

        Persons Deemed Owners.  The registered Holder of a Note may be
treated as its owner for all purposes.

        Amendment, Supplement and
Waiver.  Subject to certain
exceptions, the Indenture or the Notes or the Guarantees may be amended or
supplemented with the consent of the Holders of at least a majority in
aggregate principal amount of the then outstanding Notes including Additional
Notes, if any, voting as a single class, and any existing Default or Event or
Default or compliance with any provision of the Indenture or the Notes or the
Guarantees may be waived with the

 

4

 

consent
of the Holders of a majority in aggregate principal amount of the then
outstanding Notes including Additional Notes, if any, voting as a single
class.  Without the consent of any
Holder of a Note, the Indenture or the Notes or the Guarantees may be amended
or supplemented to cure any ambiguity, defect or inconsistency, to provide for
uncertificated Notes in addition to or in place of certificated Notes, to
provide for the assumption of the Company’s or a Guarantor’s obligations to
Holders of the Notes and Guarantees in case of a merger or consolidation, to
make any change that would provide any additional rights or benefits to the
Holders of the Notes or that does not adversely affect the legal rights under
the Indenture of any such Holder, to comply with the requirements of the SEC in
order to effect or maintain the qualification of the Indenture under the TIA,
to conform the text of the Indenture or the Notes to any provision of the
“Description of Notes” section of the Company’s Offering Memorandum dated
February 19, 2004, relating to the initial offering of the Notes, to the extent
that such provision in that “Description of Notes” was intended to be a
verbatim recitation of a provision of the Indenture, the Notes or the Guarantees;
to provide for the issuance of Additional Notes in accordance with the
limitations set forth in the Indenture; or to allow any Guarantor to execute a
supplemental indenture to the Indenture and/or a Guarantee with respect to the
Notes.

        Defaults and Remedies.  Events of Default include:  (i) default for 30 days in the payment when
due of interest on, or Liquidated Damages, if any, with respect to the Notes;
(ii) default in the payment when due (at maturity, upon redemption or
otherwise) of the principal of, or premium, if any, on, the Notes, (iii)
failure by the Company or any of its Restricted Subsidiaries to comply with
Section 4.07, 4.09, 4.10, 4.15 or 5.01 of the Indenture; (iv) failure by the
Company or any of its Restricted Subsidiaries for 60 days after notice to the
Company by the Trustee or the Holders of at least 25% in aggregate principal
amount of the Notes including Additional Notes, if any, then outstanding voting
as a single class to comply with any of the other agreements in the Indenture
or the Notes; (v) default under any mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any of its Restricted
Subsidiaries (or the payment of which is guaranteed by the Company or any of
its Restricted Subsidiaries), whether such Indebtedness or Guarantee now
exists, or is created after the date of the Indenture, if that default: (a) is
caused by a failure to pay principal of, or interest or premium, if any, on,
such Indebtedness prior to the expiration of the grace period provided in such
Indebtedness on the date of such default (a “Payment
Default”) or (b) results in the acceleration of such Indebtedness
prior to its express maturity, and, in each case, the principal amount of any
such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of
which has been so accelerated, aggregates $7.5 million or more; or; (vi)
certain final judgments for the payment of money that remain undischarged for a
period of 60 days; (vii) certain events of bankruptcy or insolvency with
respect to the Company or any of its Restricted Subsidiaries that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary; and (ix) except as
permitted by the Indenture, any Guarantee is held in any judicial proceeding to
be unenforceable or invalid or ceases for any reason to be in full force and
effect or any Guarantor or any Person acting on its behalf denies or disaffirms
its obligations under such Guarantor’s Guarantee.  If any Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in aggregate principal amount of the then
outstanding Notes may declare all the Notes to be due and payable
immediately.  Notwithstanding the
foregoing, in the case of an Event of Default arising from certain events of
bankruptcy or insolvency, all outstanding Notes will become due and payable
immediately without further action or notice. 
Holders may not enforce the Indenture or the Notes except as provided in
the Indenture.  Subject to certain
limitations, Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any trust or
power.  The Trustee may withhold from
Holders of the Notes notice of any

 

5

 

continuing
Default or Event of Default (except a Default or Event of Default relating to
the payment of principal or interest or premium or Liquidated Damages, if any,)
if it determines that withholding notice is in their interest.  The Holders of a majority in aggregate
principal amount of the then outstanding Notes by notice to the Trustee may, on
behalf of the Holders of all of the Notes, rescind an acceleration or waive any
existing Default or Event of Default and its consequences under the Indenture
except a continuing Default or Event of Default in the payment of interest or
premium or Liquidated Damages, if any, on, or the principal of, the Notes.  The Company is required to deliver to the
Trustee annually a statement regarding compliance with the Indenture, and the
Company is required, upon becoming aware of any Default or Event of Default, to
deliver to the Trustee a statement specifying such Default or Event of Default.

(7)   Trustee Dealings with Company.  The Trustee, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the
Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not the Trustee.

(8)   No Recourse Against Others.  A director, officer, employee, incorporator
or stockholder of the Company or any Guarantors, as such, will not have any
liability for any obligations of the Company or the Guarantors under the Notes,
the Guarantees or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. 
Each Holder by accepting a Note waives and releases all such
liability.  The waiver and release are
part of the consideration for the issuance of the Notes.  The waiver may not be effective to waive
liabilities under the federal securities laws.

(9)   Authentication. 
This Note will not be valid until authenticated by the manual signature
of the Trustee or an authenticating agent.

(10) Abbreviations. 
Customary abbreviations may be used in the name of a Holder or an
assignee, such as:  TEN COM (= tenants
in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with
right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act).

(11) Additional Rights of Holders of Restricted Global Notes and
Restricted Definitive Notes. 
In addition to the rights provided to Holders of Notes under the
Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes
will have all the rights set forth in the Registration Rights Agreement dated
as of February 23, 2004, among the Company, the Guarantor and the other parties
named on the signature pages thereof, as such agreement may be amended,
modified or supplemented from time to time and, with respect to any Additional
Notes, Holders of Restricted Global Notes and Restricted Definitive Notes will
have the rights set forth in one or more registration rights agreements, if
any, among the Company, the Guarantor and the other parties thereto, as such
agreement(s) may be amended, modified or supplemented from time to time,
relating to rights given by the Company to the purchasers of Additional Notes
to register such Additional Notes under the Securities Act (collectively, the “Registration Rights Agreement”).

(12) CUSIP Numbers. 
Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes, and the Trustee may use CUSIP numbers in notices of
redemption as a convenience to Holders. 
No representation is made as to the accuracy of such numbers either as
printed on the Notes or as contained in any notice of

 

6

 

redemption, and reliance may be placed only on the other
identification numbers placed thereon.

        GOVERNING LAW.  THE INTERNAL LAW OF THE STATE OF NEW
YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE
GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW
TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY.

The Company will furnish
to any Holder upon written request and without charge a copy of the Indenture
and/or the Registration Rights Agreement. 
Requests may be made to:

UbiquiTel Operating Company

One West Elm Street

Conshohocken, Pennsylvania 19428

Attention: Chief Financial Officer

 

7

 

Assignment Form

To assign this Note, fill
in the form below:

	
  (I) or (we) assign and transfer this Note to:

  	
   

  
	
   

  	
  (Insert
  assignee’s legal name)

  
	
   

  	
   

  
	
   

  
	
  (Insert assignee’s soc. sec. or tax I.D. no.)

  
	
   

  	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  (Print or type assignee’s name, address and zip
  code)

  
	
   

  	
   

  
	
  and irrevocably appoint

  	
   

  
	
  to transfer this Note on the books of the Company.  The agent may substitute another to act
  for him.

  
				

 

	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Your Signature:

  	
   

  
	
   

  	
  (Sign
  exactly as your name appears on the face of this Note)

  
	
   

  	
   

  
	
  Signature Guarantee*:

  	
   

  	
   

  
	
   

  	
   

  
	
  *              Participant in a recognized
  Signature Guarantee Medallion Program (or other signature guarantor
  acceptable to the Trustee).

  
						

 

8

 

Option of Holder to Elect
Purchase

 

If you want to elect to
have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the
Indenture, check the appropriate box below:

	
  —Section 4.10

  	
   

  	
  —Section 4.15

  

 

If you want to elect to
have only part of the Note purchased by the Company pursuant to Section 4.10 or
Section 4.15 of the Indenture, state the amount you elect to have purchased:

$_______________

 

Date:  _______________

	 
	
  Your Signature:

  	
   

  
	 
	
  (Sign
  exactly as your name appears on the face of this Note)

  
	 
	
   

  
	 
	
   

  
	 
	
  Tax Identification No.:

  	
   

  
	 
	
   

  
	
  Signature Guarantee*:

  	
   

  	
   

  
	
  *              Participant in a recognized Signature Guarantee
  Medallion Program (or other signature guarantor acceptable to the Trustee).

  
						

 

9

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