Document:

Unassociated Document

    DATED             7th
October, 2009

    

    

    

    DEED
OF VARIATION

    

    

    

    

    B E T W E
E N :-

    

    StockerYale,
Inc  (1)

    

    StockerYale
(UK) Limited (2)

    

    Antony
Brian Pope (3)

    

    Johanna
Pope (4)

    

    - and
-

    

    Damon
Cookman (5)

    

    
 

    

    
      
        

      

    Relating
to

    the
variation to the terms of a

    Stock
Purchase Agreement

    dated 31
October 2006

    

      
 

    

    FOSKETT
MARR GADSBY & HEAD LLP

    181 High
Street

    Epping

    Essex
CM16 4BQ

    

    Tel:
01992 578642

    Fax:
01992 572586

    Ref:
JSW/Photonic/29701/2

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    THIS DEED OF VARIATION is
dated the 7th day of October, 2009 and made between the following
parties:

    
      	
              (1)

            	
              StockerYale, Inc, a
      Massachusetts corporation (with company identification number 042114473)
      with its principal office at 32 Hampshire Road, Salem, New Hampshire, USA
      (‘SYI’)

            

    

    
      	
              (2)

            	
              StockerYale (UK) Limited
      (company registration number 5965205) whose registered office is
      at  Pierce Williams, Hatfield Broad Oak, Bishop’s Stortford,
      Hertfordshire CM22 7BA (‘SYUK’)

            

    

    
      	
              (3)

            	
              Antony Brian Pope of
      Green End Farm, Wood End Green, Henham, Essex CM22 6AY (‘Antony
      Pope’)

            

    

    
      	
              (4)

            	
              Johanna Pope also of
      Green End Farm, Wood End Green, Henham, Essex CM22 6AY (‘Johanna Pope’)
      and

            

    

    
      	
              (5)

            	
              Damon Cookman of 17
      Longfields, Marden Ash, Ongar, Essex CM5 9BZ (‘Damon
      Cookman’)

            

    

    (together
called ‘the
Parties’)

    

    WHEREAS:

    
      	
              (1)

            	
              The
      Parties are the parties to a Stock Purchase Agreement (‘the SPA’) dated 31
      October 2006 relating to the sale and purchase of the issued share capital
      of Photonic Products Limited (company registration number
      3110900)

            

    

    
      	
              (2)

            	
              The
      Parties have agreed to vary certain of the deferred payment provisions
      contained in the SPA as hereinafter
appears

            

    

    

    
      Definitions

    

    
      	
              1.

            	
              The
      words and expressions in this Agreement shall have the same meaning as in
      the SPA unless the context otherwise
requires

            

    

    
      	
              2.

            	
              ‘the DC Bond’ means the
      Bond in the amount of US$ 240,000 dated 31 October 2006 and issued by SYUK
      to Damon Cookman pursuant to the
SPA

            

    

    
      	
              3.

            	
              ‘the JP Bond’ means the
      Bond in the amount of US$ 1,296,000 dated 31 October 2006 issued by SYUK
      to Johanna Pope pursuant to the SPA

            

    

    
      	
              4.

            	
              ‘the AP Bond’ means the
      Bond in the amount of US$ 864,000 dated 31 October 2006 issued by SYUK to
      Antony Pope pursuant to the SPA

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      NOW
THIS DEED witnesseth as follows:

    

    
      	
              1.1

            	
              SYI
      and SYUK agree to make the following payments to DC on account of the
      amounts owing pursuant to the DC
Bond

            

    

    
      	
            	
              1.1.1

            	
              the
      sum of US$ 120,000 on 31 October
2009

            

    

    
      	
            	
              1.1.2

            	
              the
      sum of US$ 120,000 on 8 January
2010

            

    

    
      	
            	
              1.1.3

            	
              simple
      interest accruing on the sum of US$120,000 at 7% per annum from 1 November
      2009 until 8 January 2010 to be discharged by monthly payments in arrears
      on the last day of each month with the first payment to be made on 30
      November 2009

            

    

    
      	
              1.2

            	
              Subject
      to SYI and SYUK making the payments in the amounts and on the dates stated
      in Clause 1.1 Damon Cookman agrees not to call for any payment under the
      DC Bond and that such payments will be accepted by him in satisfaction of
      the DC Bond

            

    

    
      	
              1.3

            	
              If
      SYI and SYUK default in making any of the payments due pursuant to Clause
      1.1 the Parties agree that in addition to any other rights and remedies
      available to him:

            

    

    
      	
            	
              1.3.1

            	
              Damon
      Cookman may immediately make demand for payment in full under the DC Bond
      and otherwise enforce all of the provisions contained in the
      SPA

            

    

    
      	
            	
              1.3.2

            	
              the
      non-competition provisions contained in Section 4.9 of the SPA shall
      immediately cease to be binding on Damon
Cookman

            

    

    
      	
              1.4

            	
              Damon
      Cookman hereby represents and warrants that he has not transferred or
      assigned his interest in the DC Bond to any third
  party

            

    

    

    
      	
              2.1

            	
              SYI
      and SYUK agree to make the following payments to Johanna Pope on account
      of the amounts owing pursuant to the JP
Bond:

            

    

    
      	
            	
              2.1.1

            	
              monthly
      payments of US$ 28,200 on the last day of each calendar month, the first
      such payment to be made on 30 November 2009 and to continue until and
      including 31 October 2010

            

    

    
      	
            	
              2.1.2

            	
              monthly
      payments of simple interest on the balance of the capital sum outstanding
      from time to time pursuant to the JP Bond calculated at 7% per annum such
      payment to be made on the last day of each month with the first payment to
      be made on 30 November 2009 to continue until and including 30 November
      2010

            

    

    
      	
            	
              2.1.3

            	
              the
      sum of US$ 957,600 on 30 November
2010

            

    

    
      
        	
                2.2

              	
                Subject
      to SYI and SYUK making the payments in the amounts and on the dates stated
      in Clause 1.1 Johanna Pope agrees not to call for any payment under the JP
      Bond and that such payments will be accepted by her in satisfaction of the
      JP Bond

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              2.3

            	
              If
      SYI and SYUK default in making any of the payments due pursuant to Clause
      2.1 the Parties agree that in addition to any other rights and remedies
      available to her:

            

    

    
      	
            	
              2.3.1

            	
              Johanna
      Pope may immediately make demand for payment in full under the JP Bond and
      otherwise enforce all of the provisions contained in the
    SPA

            

    

    
      	
            	
              2.3.2

            	
              the
      non-competition provisions contained in Section 4.9 of the SPA shall
      immediately cease to be binding on Johanna
Pope

            

    

    
      	
              2.4

            	
              Johanna
      Pope hereby represents and warrants that she has not transferred or
      assigned her interest in the JP Bond to any third
  party

            

    

    

    
      	
              3.1

            	
              SYI
      and SYUK agree to make the following payments to Antony Pope on account of
      the amounts owing pursuant to the AP
Bond:

            

    

    
      	
            	
              3.1.1

            	
              monthly
      payments of US$ 18,800 on the last day of each calendar month, the first
      such payment to be made on 30 November 2009 and to continue until and
      including 31 October 2010

            

    

    
      	
            	
              3.1.2

            	
              monthly
      payments of simple interest on the balance of the capital sum outstanding
      from time to time pursuant to the AP Bond calculated at 7% per annum such
      payment to be made on the last day of each month with the first payment to
      be made on 30 November 2009 and to continue until and including 30
      November 2010

            

    

    
      	
            	
              3.1.3

            	
              the
      sum of US$ 638,400 on 30 November
2010

            

    

    
      	
              3.2

            	
              Subject
      to SYI and SYUK making the payments in the amounts and on the dates stated
      in Clause 1.1 Antony Pope agrees not to call for any payment under the AP
      Bond and that such payments will be accepted by him in satisfaction of the
      AP Bond.

            

    

    
      	
              3.3

            	
              If
      SYI and SYUK default in making any of the payments due pursuant to Clause
      3.1 the Parties agree that in addition to any other rights and remedies
      available to him:

            

    

    
      	
            	
              3.3.1

            	
              Antony
      Pope may immediately make demand for payment in full under the AP Bond and
      otherwise enforce all of the provisions contained in the
    SPA

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
            	
              3.3.2

            	
              the
      non-competition provisions contained in Section 4.9 of the SPA shall
      immediately cease to be binding on Antony
Pope

            

    

    
      	
              3.4

            	
              Antony
      Pope hereby represents and warrants that he has not transferred or
      assigned his interest in the AP Bond to any third
  party

            

    

    

    
      	
              4.

            	
              Except
      as set forth herein the Bonds and the SPA shall remain enforceable
      pursuant to their respective terms

            

    

    

    
      	
              5.

            	
              In
      the event that SYI, prior to 30 November 2010, completes an equity
      financing from investors who are not current or then current board
      members, officers, 5% stockholders or lenders of SYI or its subsidiaries,
      then 25% of the net proceeds received by SYI shall be used to pre-pay the
      outstanding balances under the Bonds, on a pro rata
  basis

            

    

    

    
      	
              6.

            	
              SYI
      and SYUK shall pay the legal costs incurred by Antony Pope, Johanna Pope
      and Damon Cookman entering into this Deed of
  VariationUnassociated Document

    Exhibit 4.1

     

    HANA BIOSCIENCES,
INC.

     

    [FORM OF] SERIES A
WARRANT

    

    NEITHER
THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES
ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE
COMPANY.

    

    THIS WARRANT AND THE SHARES OF COMMON
STOCK ISSUED UPON ITS

    EXERCISE ARE SUBJECT TO THE RESTRICTIONS
ON

    TRANSFER SET
FORTH IN SECTION 5 OF THIS WARRANT

    

    
      	
              Warrant No. [   ]

            	
              Number of Shares: [           ]

              (subject to
      adjustment)

            
	
              Date of Issuance: [           ]

              Original Issue Date: [           ]

            	 
      

    

     

    Hana Biosciences,
Inc.

     

    Common Stock
Purchase Warrant

     

    (Void after
[           ],
2016)

     

    Hana Biosciences, Inc., a Delaware
corporation (the “Company”), for value received, hereby certifies
that [                ], or its registered assigns (the
“Registered
Holder”), is entitled, subject to the terms and
conditions set forth below, to purchase from the Company, at any time or from
time to time on or before 5:00 p.m. (Eastern time) on [           ], 2016 (the “Exercise
Period”), [           ] shares of Common Stock,
$0.001 par value per share, of the Company
(“Common
Stock”), at a purchase price of
$0.01 per share.  The shares
purchasable upon exercise of this Warrant, and the purchase price per
share, each as adjusted
from time to time pursuant to the provisions of this Warrant, are hereinafter
referred to as the “Warrant
Shares” and the “Purchase
Price,” respectively.  This Warrant
is one of a series of Warrants issued by the Company in connection with a private placement of Common Stock
and of like tenor, except as to the number of shares of Common Stock subject
thereto (collectively, the “Company
Warrants”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1. Exercise.

     

    (a) Exercise for
Cash.  The
Registered Holder may, at its option, elect to exercise this Warrant, in whole or in part and
at any time or from time to time during the Exercise Period, by surrendering
this Warrant, with the purchase form appended hereto as Exhibit
I duly executed by or on
behalf of the Registered Holder, at the principal office of the Company, or at such other
office or agency as the Company may designate, accompanied by payment in full,
in lawful money of the United States, of the Purchase Price payable in respect
of the number of Warrant Shares purchased upon such exercise.  A facsimile signature of
the Registered Holder on the purchase form shall be sufficient for purposes of
exercising this Warrant, provided that the Registered Holder has surrendered
this Warrant to the Company and has tendered payment for the
applicable Purchase Price in
full.

     

    (b) Cashless
Exercise.

     

    (i) At any time during the Exercise Period
when the resale of the Warrant Shares by the Registered Holder is not registered
pursuant to an effective registration statement filed with the Securities and
Exchange Commission under
the Securities Act of 1933, as amended (the “Securities
Act”), the Registered Holder may, at its
option, elect to exercise this Warrant, in whole or in part, on a cashless
basis, by surrendering this Warrant, with the purchase form appended
hereto as Exhibit
I duly executed by or on
behalf of the Registered Holder, at the principal office of the Company, or at
such other office or agency as the Company may designate, by canceling a portion
of this Warrant in payment of the Purchase Price payable in respect of the number of Warrant
Shares purchased upon such exercise.  In the event of an exercise
pursuant to this Section
1(b), the number of Warrant
Shares issued to the Registered Holder shall be determined according to the
following formula:

     

    X = Y(A-B)

               A

     

    
      	
            	
              Where:  X
      =

            	
              the number of Warrant Shares that
      shall be issued to the Registered
Holder;

            

    

     

    Y
=         the number of Warrant Shares for which
this Warrant is being exercised (which shall include both the number of Warrant
Shares issued to the Registered Holder and the number of Warrant
Shares subject to the portion of the Warrant being cancelled in payment of the
Purchase Price);

     

    
      	
               
      

            	 	
              A =

            	
              the Fair Market Value (as defined
      below) of one share of Common Stock; and

            
	 	 	 	 
	 	 	B
      =	the
      Purchase Price then in effect.

    

     

    (ii)
The Fair Market Value per share of Common
Stock shall be determined as follows:

     

    (1) If the Common Stock is listed on a
national securities exchange or traded on another nationally recognized trading
system, including the OTC Bulletin Board, as of the Exercise Date, the Fair Market Value per share
of Common Stock shall be deemed to be the average of the high and low reported
sale prices per share of Common Stock thereon on the trading day immediately
preceding the Exercise Date (provided that if no such price is reported on such day, the Fair
Market Value per share of Common Stock shall be determined pursuant to clause
(2) below).

     

    
      
        
        

      

      
        - 2
-

        
          

        

      

      
        
        

      

    

     

    (2) If the Common Stock is not listed on a
national securities exchange or traded on another nationally recognized trading
system, including the OTC
Bulletin Board, as of the Exercise Date, the Fair Market Value per share of
Common Stock shall be deemed to be the amount most recently determined in good
faith by the Board of Directors of the Company (the “Board”) to represent the fair market value per share of the Common
Stock (including without limitation a determination for purposes of granting
Common Stock options or issuing Common Stock under any plan, agreement or
arrangement with employees of the Company); and, upon request of the Registered Holder, the Board (or a
representative thereof) shall, as promptly as reasonably practicable but in any
event not later than ten (10) days after such request, notify the Registered
Holder of the Fair Market Value per share of Common Stock and furnish the Registered Holder with
reasonable documentation of the Board’s determination of such Fair Market
Value.  Notwithstanding the foregoing, if the Board has not made such
a determination within the three-month period prior to the Exercise Date,
then (A) the Board shall make, and shall
provide or cause to be provided to the Registered Holder notice of, a
determination of the Fair Market Value per share of the Common Stock within
fifteen (15) days of a request by the Registered Holder that it do so,
and (B) the exercise of this Warrant
pursuant to this Section
1(b) shall be delayed until
such determination is made and notice thereof is provided to the Registered
Holder.

     

    (c) Exercise
Date.  Each
exercise of this Warrant shall be deemed to have been effected immediately prior to the close of
business on the day on which this Warrant shall have been surrendered to the
Company as provided in Section
1(a) or 1(b) above (the “Exercise
Date”).  At such time, the person
or persons in whose name or names any certificates for Warrant Shares shall be
issuable upon such exercise as provided in Section
1(d) below shall be deemed
to have become the holder or holders of record of the Warrant Shares represented
by such certificates.

     

    (d) Issuance of
Certificates.  As
soon as practicable after
the exercise of this Warrant in whole or in part, and in any event within three
(3) trading days thereafter (the “Delivery
Date”), the Company, at its expense, will
cause to be issued in the name of the Registered Holder, or as the
Registered Holder (upon
payment by the Registered Holder of any applicable transfer taxes) may
direct:

     

    (i) a certificate or certificates for the
number of full Warrant Shares to which the Registered Holder shall be entitled
upon such exercise plus, in lieu of any fractional share to which the Registered
Holder would otherwise be entitled, cash in an amount determined pursuant to
Section
3 hereof or at the written
request of the Registered Holder, the Company shall cause certificates for
Warrant Shares purchased hereunder to be transmitted by the transfer
agent of the Company to the Registered Holder by crediting the account of the
Holder’s prime broker with the Depository Trust
Company through its Deposit Withdrawal Agent Commission system if the Company is
a participant in such system; and

     

    
      
        
        

      

      
        - 3
-

        
          

        

      

      
        
        

      

    

     

    (ii)
in case such exercise is in part
only, a new warrant or warrants (dated the date hereof) of like tenor, calling
in the aggregate on the face or faces thereof for the number of Warrant Shares
equal (without giving effect to any adjustment therein) to the number of such shares
called for on the face of this Warrant minus the number of Warrant Shares for
which this Warrant was so exercised (which, in the case of an exercise pursuant
to Section
1(b), shall include both
the number of Warrant
Shares issued to the Registered Holder pursuant to such partial exercise and the
number of Warrant Shares subject to the portion of the Warrant being cancelled
in payment of the Purchase Price).

     

    (iii)
In addition to such
Purchaser’s other available remedies, the Company shall pay to a Purchaser, in
cash, as liquidated damages and not as a penalty, for non-delivery by the
Delivery Date, the difference between the closing price of the Common Stock on
Delivery Date and the closing price of the Common Stock on the date the Common Stock is actually
delivered times the number of Warrant Shares so exercised.

     

    (e) Holder’s
Restrictions.  The Holder shall not have
the right to exercise any portion of this Warrant, pursuant to Section
1 or otherwise, to the extent that after
giving effect to such
issuance after exercise as set forth on the applicable Exercise Notice, such
Holder (together with such Holder’s Affiliates, and any other person or
entity acting as a group together with such Holder or any of such
Holder’s Affiliates), would beneficially own in excess of
the Beneficial Ownership Limitation (as defined below).  For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially
owned by such Holder and its Affiliates shall include the number of
shares of Common Stock issuable upon
exercise of this Warrant with respect to which such determination is being made,
but shall exclude the number of shares of Common Stock which would be issuable
upon (A) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by such
Holder or any of its Affiliates and (B) exercise or conversion of the
unexercised or nonconverted portion of any other securities of the Company
(including, without limitation, any other Common Stock equivalents)
subject to a limitation on conversion or
exercise analogous to the limitation contained herein beneficially owned by such
Holder or any of its Affiliates.  Except as set forth in the preceding
sentence, for purposes of this Section
4, beneficial ownership
shall be calculated in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange
Act”) and the rules and regulations
promulgated thereunder, it being acknowledged by the Holder that the Company is
not representing to such Holder that such calculation is in
compliance with Section 13(d) of the Exchange Act and such Holder is solely
responsible for any schedules required to be filed in accordance
therewith.   To the extent that the limitation contained in this
Section
4 applies, the determination of whether this
Warrant is exercisable (in relation to other securities owned by such Holder
together with any Affiliates) and of which portion of this Warrant is
exercisable shall be in the sole discretion of the Holder, and the
submission of a Exercise Notice shall be
deemed to be the Holder’s determination of whether this Warrant
is exercisable (in relation to other securities owned by such Holder together
with any Affiliates) and of which portion of this Warrant is exercisable,
in each case subject the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or
confirm the accuracy of such determination or any liability under this
Section
1(e).  In addition, a determination
as to any group status as contemplated above shall be determined in
accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder.  For purposes of this Section
4, in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of
Common Stock as reflected in (x) the Company’s most recent Annual Report on Form 10-K
or Quarterly Report on Form 10-Q, or such similar form, as the case may be, or
(y) any other written notice by the Company or the Company’s transfer agent setting forth the
number of shares of Common Stock outstanding.  In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to
the conversion or exercise of securities of the Company, including this Warrant, by such Holder or its
Affiliates since the date as of which such number of outstanding shares of
Common Stock was reported.  The “Beneficial
Ownership Limitation” shall be 9.99% of the number of shares
of the Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon exercise of this
Warrant.  The Beneficial Ownership Limitation provisions of this
Section
4 may be waived by such
Holder, at the election of such Holder, upon not less than 61 days’ prior notice to the Company to change
the Beneficial Ownership Limitation. The provisions of this paragraph shall be
construed and implemented in a manner otherwise than in strict conformity with
the terms of this Section
4 to correct this
paragraph (or any portion
hereof) which may be defective or inconsistent with the intended Beneficial
Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The
limitations contained in this paragraph shall apply to a
successor holder of this Warrant.

     

    
      
        
        

      

      
        - 4
-

        
          

        

      

      
        
        

      

    

     

    2. Adjustments.

     

    (a) Adjustment
for Stock Splits and Combinations.  If the Company shall at any
time or from time to time after the Date of Issuance (as set forth
above) effect a
subdivision of the
outstanding Common Stock, the Purchase Price then in effect immediately before
that subdivision shall be proportionately decreased.  If the Company
shall at any time or from time to time after the Date of Issuance combine the outstanding shares of Common Stock, the Purchase Price then
in effect immediately before the combination shall be proportionately
increased.  Any adjustment under this paragraph shall become effective
at the close of business on the date the subdivision or combination
becomes effective.

     

    (b) Adjustment
for Certain Dividends and Distributions.  In the event the Company at
any time, or from time to time after the Date of Issuance shall make or issue, or fix a record date for
the determination of holders of Common Stock entitled to receive, a dividend or other distribution
payable in additional shares of Common Stock, then and in each such event the
Purchase Price then in effect immediately before such event shall be decreased
as of the time of such issuance or, in the event such a record date shall have been fixed, as of
the close of business on such record date, by multiplying the Purchase Price
then in effect by a fraction:

     

    (1) the numerator of which shall be the
total number of shares of Common Stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date, and

     

    (2) the denominator of which shall be the
total number of shares of Common Stock issued and outstanding immediately prior
to the time of such issuance or the close of business on such record date plus
the number of shares of Common Stock issuable in payment of such dividend or
distribution; provided, however, that if such record date shall have
been fixed and such dividend is not fully paid or if such
distribution is not fully
made on the date fixed therefor, the Purchase Price shall be recomputed
accordingly as of the close of business on such record date and thereafter the
Purchase Price shall be adjusted pursuant to this paragraph as of the time of
actual payment of such dividends or
distributions.

     

    
      
        
        

      

      
        - 5
-

        
          

        

      

      
        
        

      

    

     

               Simultaneously with any adjustment to
the Purchase Price pursuant to Sections
2(a) and
2(b), the number of Warrant
Shares which may be purchased upon exercise of this Warrant shall be increased
or decreased proportionately, so that after such adjustment,
the aggregate amount of the adjusted Purchase Price multiplied by the aggregate
adjusted amount of Warrant Shares shall equal the aggregate amount of the
unadjusted Purchase Price multiplied by the aggregate unadjusted amount of Warrant
Shares.

     

    (c) Adjustments for Other
Dividends and Distributions.  In the event the Company at any
time or from time to time after the Date of Issuance shall make or issue,
or fix a record date for the determination of holders of Common Stock entitled
to receive, a dividend or other distribution payable in securities of the
Company (other than shares of Common Stock) or in cash or other property (other
than regular cash dividends paid out of earnings or earned surplus, determined
in accordance with generally accepted accounting principles), then and in each
such event provision shall be made so that the Registered Holder shall receive
upon exercise hereof, in addition to the number of shares of Common Stock
issuable hereunder, the kind and amount of securities of the Company, cash or
other property which the Registered Holder would have been entitled to receive
had this Warrant been exercised on the date of such event and had the Registered
Holder thereafter, during the period from the date of such event to and
including the Exercise Date, retained any such securities receivable during such
period, giving application to all adjustments called for during such period
under this Section
2 with respect to the rights of the Registered Holder.

     

    (d) Adjustment for
Reorganization.  If there shall occur any reorganization,
recapitalization, reclassification, consolidation or merger involving the
Company in which the Common Stock is converted into or exchanged for securities,
cash or other property  (collectively, a “Reorganization”),
then, following such Reorganization, the Registered Holder shall receive upon
exercise hereof the kind and amount of securities, cash or other property which
the Registered Holder would have been entitled to receive pursuant to such
Reorganization if such exercise had taken place immediately prior to such
Reorganization.  Notwithstanding the foregoing sentence, if (x) there
shall occur any Reorganization in which the Common Stock is converted into or
exchanged for anything other than solely equity securities, and (y) the common
stock of the acquiring or surviving company is publicly traded, then, as part of
such Reorganization, (i) the Registered Holder shall have the right thereafter
to receive upon the exercise hereof such number of shares of common stock of the
acquiring or surviving company as is determined by multiplying (A) the number of
shares of Common Stock subject to this Warrant immediately prior to such
Reorganization by (B) a fraction, the numerator of which is the Fair Market
Value (as defined in Section 1(b)(ii)
above) per share of Common Stock as of the effective date of such
Reorganization, and the denominator of which is the fair market value per share
of common stock of the acquiring or surviving company as of the effective date
of such transaction, as determined in good faith by the Board (using the
principles set forth in Sections 2(d)(i) and
2(d)(ii) to the
extent applicable), and (ii) the exercise price per share of common stock of the
acquiring or surviving company shall be the Purchase Price divided by the
fraction referred to in clause (B) above.  In any such case,
appropriate adjustment (as determined in good faith by the Board) shall be made
in the application of the provisions set forth herein with respect to the rights
and interests thereafter of the Registered Holder, to the end that the
provisions set forth in this Section 2 (including
provisions with respect to changes in and other adjustments of the Purchase
Price) shall thereafter be applicable, as nearly as reasonably may be, in
relation to any securities, cash or other property thereafter deliverable upon
the exercise of this Warrant (the “Transaction
Consideration”). The aggregate Exercise Price for this Warrant will not
be affected by any such Reorganization, but the Company shall apportion such
aggregate Exercise Price among the Transaction Consideration in a reasonable
manner reflecting the relative value of any different components of the
Transaction Consideration, if applicable.  If holders of Common Stock
are given any choice as to the securities, cash or property to be received in a
Reorganization, then the Holder shall be given the same choice as to the
Transaction Consideration it receives upon any exercise of this Warrant
following such Reorganization.  At the Holder's request, any successor
to the Company or surviving or
acquiring entity in such Reorganization
shall issue to the Holder a new Warrant consistent with the foregoing provisions
and evidencing the Holder's right to purchase the Transaction Consideration for
the aggregate Exercise Price upon exercise thereof.  The terms of any
agreement pursuant to which a Reorganization is effected shall include terms
requiring any such successor or surviving or acquiring entity to comply
with the provisions of this paragraph (d) and insuring that the Warrant (or any
such replacement security) will be similarly adjusted upon any subsequent
transaction analogous to a Reorganization.  Notwithstanding anything
to the contrary, in the event of a Reorganization that is (1) an all cash
transaction, (2) a “Rule 13e-3
transaction” as defined in Rule 13e-3 under the Securities Exchange Act
of 1934, as amended, or (3) a Reorganization involving a person or entity not
traded on a national securities exchange, the Nasdaq Global Select Market, the
Nasdaq Global Market, or the Nasdaq Capital Market, the Company or any successor
entity shall pay at the Holder’s option, exercisable at any time concurrently
with or within 30 days after the consummation of the Reorganization, in lieu of
the exercise of this Warrant, an amount of cash equal to the value of this
Warrant as determined in accordance with the Black Scholes Option Pricing Model
obtained from the “OV” function on
Bloomberg L.P. using (i) a price per share of Common Stock equal to the VWAP of
the Common Stock for the Trading Day immediately preceding the date of
consummation of the applicable  Reorganization, (ii) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the
remaining term of this Warrant as of the date of consummation of the applicable
Reorganization and (iii) an expected volatility equal to the 10 day volatility
obtained from the “HVT” function on
Bloomberg L.P. determined as of the Trading Day immediately following the public
announcement of the applicable Reorganization.

     

    
      
        
        

      

      
        - 6
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    (e) Certificate
as to Adjustments.  Upon the occurrence of each
adjustment or readjustment of the Purchase Price pursuant to this Section
2, the Company at its
expense shall, as promptly as reasonably practicable but in any event not later than
ten (10) days thereafter, compute such adjustment or readjustment in accordance
with the terms hereof and furnish to the Registered Holder a certificate setting
forth such adjustment or readjustment (including the kind and amount of securities, cash or
other property for which this Warrant shall be exercisable and the Purchase
Price) and showing in detail the facts upon which such adjustment or
readjustment is based.  The Company shall, as promptly as reasonably
practicable after the written request at any
time of the Registered Holder (but in any event not later than ten (10) days
thereafter), furnish or cause to be furnished to the Registered Holder a
certificate setting forth (i) the Purchase Price then in effect and (ii) the number of shares of Common
Stock and the amount, if any, of other securities, cash or property which then
would be received upon the exercise of this Warrant.

     

    3. Fractional
Shares.  The
Company shall not be required upon the exercise of this Warrant to issue any fractional shares, but
shall pay the value thereof to the Registered Holder in cash on the basis of the
Fair Market Value per share of Common Stock, as determined pursuant to
Section
2(d)
above.

     

    4. Adjustment for Certain
Dilutive Issuances.  In the event the Company at any time, or
from time to time after the Original Issue Date shall make or issue, any equity
Securities other than equity granted to employees, directors or consultants of
the Company pursuant to the Company’s stock plan, at a price per share lower
than the Purchase Price effective immediately prior to such event, the Purchase
Price hereunder shall be immediately reduced to such lower price immediately
upon the consummation of such event.

     

    5. Transfers,
etc.

     

    (a) Notwithstanding anything to the contrary contained herein, this
Warrant and the Warrant Shares shall not be sold or transferred unless either
(i) they first shall have been registered under the Securities Act of 1933, as
amended (the “Act”), or (ii) such sale or transfer shall
be exempt from the
registration requirements of the Act and the Company shall have been furnished
with an opinion of legal counsel, reasonably satisfactory to the Company, to the
effect that such sale or transfer is exempt from the registration requirements
of the Act.  Notwithstanding
the foregoing, no registration or opinion of counsel shall be required for (i) a
transfer by a Registered Holder which is an entity to a wholly owned subsidiary
of such entity, a transfer by a Registered Holder which is a partnership to a partner of such partnership
or a retired partner of such partnership or to the estate of any such partner or
retired partner, or a transfer by a Registered Holder which is a limited
liability company to a member of such limited liability company or a retired member or to the estate of
any such member or retired member, provided that the transferee in each case agrees
in writing to be subject to the terms of this Section
5, or (ii) a transfer made
in accordance with Rule 144 under the Act.

     

    (b) The Company will maintain a register containing
the name and address of the Registered Holder of this Warrant.  The
Registered Holder may change its address as shown on the warrant register by
written notice to the Company requesting such change.

     

    (c) Subject to the provisions of Section
5 hereof, this Warrant and
all rights hereunder are transferable, in whole or in part, upon surrender of
this Warrant with a properly executed assignment (in the form of Exhibit
II hereto) at the principal
office of the Company (or, if another office or agency has been
designated by the Company for such purpose, then at such other office or
agency).

     

    6. No
Impairment.  The
Company will not, by amendment of its charter or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Registered Holder
against impairment.

     

    
      
        
        

      

      
        - 7
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    7. Notices of
Record Date, etc.  In the
event:

     

    (a) the Company shall take a record of the
holders of its Common Stock (or other stock or securities at the time
deliverable upon the exercise of this Warrant) for the purpose of entitling or
enabling them to receive any dividend or other distribution, or to receive 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

     

    (b) of any Reorganization; or

     

    (c) of the voluntary or involuntary
dissolution, liquidation or winding-up of the Company, 

     

    (d) then, and in each such case, the Company
will send or cause to be sent to the Registered Holder a notice specifying, as
the case may be, (i) the record date for such dividend, distribution or right,
and the amount and character of such dividend, distribution or right, or (ii)
the effective date on which such reorganization, reclassification, consolidation, merger, transfer,
dissolution, liquidation or winding-up 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 other
stock or securities at the time deliverable upon the exercise of this Warrant) 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, dissolution, liquidation or
winding-up.  Such notice shall be sent at least ten (10) days prior to the
record date or effective date for the event specified in such
notice.

     

    8. Reservation
of Stock.  The
Company will at all times reserve and keep available, solely for issuance and
delivery upon the exercise of this Warrant, such number of Warrant Shares and other
securities, cash and/or property, as from time to time shall be issuable upon
the exercise of this Warrant.

     

    9. Exchange or
Replacement of Warrants.

     

    (a) Upon the surrender by the Registered
Holder, properly endorsed, to the Company at the principal office of the
Company, the Company will, subject to the provisions of Section
5 hereof, issue and deliver
to or upon the order of the Registered Holder, at the Company’s expense, a new Warrant or Warrants of
like tenor, in the name of
the Registered Holder or as the Registered Holder (upon payment by the
Registered Holder of any applicable transfer taxes) may direct, calling in the
aggregate on the face or faces thereof for the number of shares of Common Stock
(or other securities, cash and/or property) then issuable
upon exercise of this Warrant.

     

    (b) Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery
of an indemnity agreement
(with surety if reasonably required) in an amount reasonably satisfactory to the
Company, or (in the case of mutilation) upon surrender and cancellation of this
Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor.

     

    
      
        
        

      

      
        - 8
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    10. Notices.  All notices and other
communications from the Company to the Registered Holder in connection herewith
shall be mailed by certified or registered mail, postage prepaid, or sent via a
reputable nationwide overnight courier service guaranteeing next business day delivery, to the
address last furnished to the Company in writing by the Registered
Holder.  All notices and other communications from the Registered
Holder to the Company in connection herewith shall be mailed by certified or
registered mail, postage prepaid, or sent via
a reputable nationwide overnight courier service guaranteeing next business day
delivery, to the Company at its principal office set forth below.  If
the Company should at any time change the location of its principal office to a place other than as set
forth below, it shall give prompt written notice to the Registered Holder and
thereafter all references in this Warrant to the location of its principal
office at the particular time shall be as so specified in such notice. All such notices and
communications shall be deemed delivered one business day after being sent via a
reputable international overnight courier service guaranteeing next business day
delivery.

     

    11. No Rights as
Stockholder.  Until the exercise of this
Warrant, the Registered
Holder shall not have or exercise any rights by virtue hereof as a stockholder
of the Company.  Notwithstanding the foregoing, in the event (i) the
Company effects a split of the Common Stock by means of a stock dividend and the
Purchase Price of and the number of Warrant
Shares are adjusted as of the date of the distribution of the dividend (rather
than as of the record date for such dividend), and (ii) the Registered Holder
exercises this Warrant between the record date and the distribution date for such stock dividend,
the Registered Holder shall be entitled to receive, on the distribution date,
the stock dividend with respect to the shares of Common Stock acquired upon such
exercise, notwithstanding the fact that such shares were not outstanding as of the close of
business on the record date for such stock dividend.

     

    12. Amendment or
Waiver.  This
Warrant may only be modified or amended or the provisions hereof waived with the
written consent of the Company and the Registered Holder.

     

    13. Section
Headings.  The
section headings in this Warrant are for the convenience of the parties and in
no way alter, modify, amend, limit or restrict the contractual obligations of
the parties.

     

    14. Governing
Law.  This
Warrant will be governed by and construed in accordance with the internal laws of
the State of New York (without reference to the conflicts of law provisions
thereof).

     

    15. Facsimile
Signatures. This Warrant
may be executed by facsimile signature.

     

    * * * * * * *

     

    
      
        
        

      

      
        - 9
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    EXECUTED as of the Date of Issuance
indicated
above.

     

    
      	 
      	
              HANA BIOSCIENCES,
      INC.

            	 
	 
      	 
      	 
      	 
	 
      	
              By:

            	
                   
            

            	 
	 
      	 
      	
              Name:

            	 
	 
      	 
      	
              Title:

            	 

    

    

    ATTEST:

     

    
      
        

      

    

     

    
      
        
        

      

      
        - 10
-

        
          

        

      

      
        
        

      

    

    EXHIBIT
I

     

    PURCHASE FORM

     

    
    

     

    
      	
              To: [___] 

            	
              Dated:____________

            

    

     

    The undersigned, pursuant to the
provisions set forth in the attached Warrant (No. ___), hereby elects to purchase
(check
applicable box):

     

    
      	
               
      

            	
              ·

            	
              ____ shares of the Common Stock of
      [___] covered by such Warrant;
      or 

            

    

     

    
      	
               
      

            	
              ·

            	
              ____ the maximum number of shares
      of Common Stock covered by such Warrant pursuant to the cashless exercise
      procedure set forth
      in Section
      1(b).

            

    

     

    The undersigned herewith makes payment
of the full purchase price for such shares at the price per share provided for
in such Warrant.  Such payment takes the form of (check applicable
box or boxes):

     

    
      	
               
      

            	
              ·

            	
              $______ in lawful money of the
      United States;
      and/or

            

    

     

    
      	
               
      

            	
              ·

            	
              the cancellation of such portion
      of the attached Warrant as is exercisable for a total of _____ Warrant
      Shares (using a Fair Market Value of $_____ per share for purposes of this
      calculation) ; and/or

            

    

     

    
      	
               
      

            	
              ·

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

            

    

     

    
      	 
      	
              Signature:

            	        
      	 
	 	 	 	 
	 
      	
              Address:

            	    
       	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
II

     

    ASSIGNMENT FORM

     

    FOR VALUE RECEIVED,
______________________________________ hereby sells, assigns and transfers all
of the rights of the undersigned under the attached Warrant (No. ____) with respect to the number of shares
of Common Stock of [___] covered thereby set forth below,
unto:

     

    
      	
              Name
      of Assignee

            	
              Address

            	
              No. of
      Shares

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

    

    Dated:_____________________

     

    Signature:________________________________

     

    Signature
Guaranteed:

     

    By:
_______________________

     

    The
signature should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program) pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934, as amended.

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