Document:

EXHIBIT 10.101

 

Exhibit B

 

This Warrant and the rights
represented hereby shall not be transferable at any time unless (i) a
registration statement under the Securities Act of 1933, as amended, shall be
in effect with respect to this Warrant or the Shares issuable hereunder at such
time, or (ii) the transfer is made in compliance with the provisions of Section 5.

 

	
  Number:

  	
   

  	
             Shares

  

 

WARRANT

TO PURCHASE SHARES

OF

TIPPERARY CORPORATION

 

This certifies that, for value received,                       ,
an individual residing in                          ,
                        
(“Holder”), or their registered assigns, is entitled to purchase from TIPPERARY
CORPORATION, a Texas corporation (the “Company”),                         
(            )
Shares, as defined in Section 3, at the price of                         ($            )
per Share (as defined in Section 3) at any time, or in part from time to
time, in accordance with the following Vesting Schedule (“Vesting Schedule”):

 

	
   

  	
   

  	
  Date:

  	
   

  	
  Total Shares Subject to Exercise

  
	
  From

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  From

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  From

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

This Warrant shall expire, if not exercised prior thereto, two (2) years
after the resignation or removal of Holder as an employee or director of the
Company. If Holder should resign or be removed as an employee or director from
the Company, then this Warrant shall be vested only to the extent vested on
such date of resignation or removal according to the Vesting Schedule. The
provisions as to adjustment of the initial exercise price set forth above and
the number of Shares to be issued upon the occurrence of certain events (the
Provisions as to Adjustment) are more fully set forth in Annex 1 hereto.
(Hereinafter, the initial exercise price set forth above in this paragraph for
the purchase of Shares upon the exercise of this Warrant, as adjusted pursuant
to the Provisions as to Adjustment, is referred to as the “Exercise Price”).
This Warrant is subject to the following provisions, terms and conditions:

 

1.             Exercise of Warrant.

 

(a)           The rights represented
by this Warrant may be exercised by the Holder, in whole or in part, (but not
as to a fractional Share), by the surrender of this Warrant at the Company’s
principal office located in Denver, Colorado (or such other office or agency of
the Company as the Company may designate by notice in writing to the Holder at
the address of such Holder appearing on the books of the Company at any time
within the period above named) and delivery of a completed subscription form in
the form attached to this Warrant as Exhibit A,
and upon payment to the Company of the Exercise Price for such Shares.

 

(b)           Payment of the Exercise
Price shall be made by a combination of any one or more of the following:

 

(i)

 

1

 

By application, to the extent permitted by applicable
law, of Shares or other securities of the Company owned by the Holder, the
value of which for such purpose shall be the fair market value thereof
determined in good faith by the Company and the Holder at the time of such
exercise; provided, however, that in order to apply such Shares or other
securities of the Company in the exercise hereof, each
of the following conditions must be met:

 

(A) such Shares or other securities of the
Company shall have been owned, without material encumbrance, contingency or
risk of forfeiture relating to the ownership rights, for at least six months
and at all times during said six month period by the Holder, and within said
six month period such Shares or other securities of the Company shall not have
been obtained through exercise of any option, warrant or right to obtain such
Shares of other securities or through the conversion of any other security; and

 

(B) such Shares or other securities shall not be
or include: (1) options, warrants or similar rights to acquire Shares or
other securities of the Company by the Holder; or (2) securities owned by
the Holder which are convertible in whole or in part into Shares or other
securities of the Company; and

 

(ii) in cash or by certified check or bank draft in New York
Clearing House funds.

 

(c)           The Company agrees that
any Shares so purchased by the exercise of this Warrant shall be deemed to be
issued to the Holder as the record owner of such Shares as of the close of
business on the date on which this Warrant shall have been surrendered, the
completed subscription form delivered, and payment in full is made and
delivered to the Company for such Shares as aforesaid.

 

(d)           Stock certificates
evidencing Shares so purchased shall be delivered to the Holder as promptly as
practicable, after the rights represented by this Warrant shall have been so
exercised. If this Warrant shall have been exercised only in part, and unless
this Warrant has expired, a new Warrant representing the number of Shares with
respect to which this Warrant shall not then have been exercised shall also be
delivered to the Holder within such time. Notwithstanding the foregoing,
however, the Company shall not be required to deliver any stock certificate
evidencing Shares upon exercise of this Warrant except in accordance with the
provisions, and subject to the limitations, of Section 5. The Company will
pay all expenses and charges payable in connection with the preparation,
execution and delivery of stock certificates and any new Warrants.

 

2.             Certain Covenants of the Company.    The
Company covenants and agrees as follows:

 

(a)           All Shares which may be
issued upon the exercise of the rights represented by this Warrant (all such
Shares, whether previously issued or subject to issuance upon the exercise of
this Warrant, are from time to time referred to herein as “Warrant Shares”)
will, upon issuance, be duly authorized and issued, fully paid and
nonassessable and free from all taxes, liens and charges with respect to the
issuance thereof.

 

(b)           During the period
within which the rights represented by this Warrant may be exercised, and only
insofar as the Vesting Schedule herein permits the exercise of this
Warrant, the Company will, at all times, have authorized and reserved free of
preemptive or other rights for the exclusive purpose of issuance upon exercise
of the purchase rights evidenced by this Warrant, a sufficient number of Shares
to provide for the exercise of rights represented by this Warrant.

 

(c)           The Company will not,
by amendment or restatement of the Articles of Incorporation or through any
reorganization, transfer of assets, consolidation, merger, issuance or sale of
securities or otherwise, avoid or take any action which would have the effect
of avoiding the performance of any of the terms to be performed hereunder by
the Company, but will at all times in good faith carry out all of the
provisions of this Warrant and take all such action as may be necessary or
appropriate to protect the rights of the Holder against dilution or other
impairment and, in particular, will not permit the par value of any Share to be
or become greater than the then effective Exercise Price.

 

3.             Definition of Shares.    As
used herein, the term “Shares” shall mean and include shares of the Common
Stock, par value $.02 per share, of the Company as are constituted and exist on
the date hereof, and shall also include

 

2

 

any other class of the capital stock of the Company hereafter
authorized which shall neither be limited to a fixed sum or percentage of par
value in respect to the rights of the holders thereof to receive dividends and
to participate in the distribution of assets upon the voluntary or involuntary
liquidation, dissolution or winding up of the Company, nor be subject at any
time to redemption by the Company; provided that the Shares receivable upon
exercise of this Warrant shall include only Shares of the type as are
constituted and exist on the date hereof or Shares resulting from any
reclassification of the Shares as provided for in paragraph (C) of
the Provisions as to Adjustment.

 

4.             No Rights or Liabilities as a Shareholder.    This
Warrant shall not entitle the Holder as such to any rights whatsoever, including,
without limitation, voting rights, as a holder of Shares of the Company. No
provisions hereof, in the absence of affirmative action by the Holder to
purchase Shares, and no mere enumeration herein of the rights or privileges of
such holder, shall give rise to any liability of such holder as a holder of
Shares of the Company, regardless of who may assert such liability.

 

5.             Restrictions on Transfer.

 

(a)           This Warrant shall not
be exercisable by a transferee hereof and/or transferable and the Warrant Shares
shall not be transferable except upon the conditions specified in this Section 5,
which conditions are intended, among other things, to ensure compliance with
the provisions of the Securities Act of 1933, as amended, and the rules and
regulations of the Securities and Exchange Commission (the “Commission”)
thereunder (collectively the “Securities Act”), in respect of the exercise
and/or transfer of this Warrant and/or transfer of such Warrant Shares.

 

(b)           This Warrant and the
Warrant Shares shall not be transferable (except for a transfer of this Warrant
or the Warrant Shares in an offering registered under the Securities Act,
including, without limitation, a transfer in a registered offering effected
pursuant to Section 6, and any subsequent transfer) unless, prior to any
transfer, the Holder shall have received from its transferee reasonable
assurances that such person is aware that this Warrant and the Warrant Shares
have not been registered under the Securities Act and that such person is
acquiring this Warrant or the Warrant Shares for investment only and not with
the view to the disposition or public offering thereof (unless in an offering
registered under the Securities Act or exempt therefrom), and that such person
is aware that the stock certificates evidencing the Warrant Shares shall bear a
legend restricting transfer and disposition thereof in accordance with the
Securities Act unless, in the opinion of counsel to the Company, such legend
may be omitted. In the event of any transfer of this Warrant (other than a
transfer in an offering registered under the Securities Act, including, without
limitation, a transfer in a registered offering effected pursuant to Section 6,
and any subsequent transfer), the Holder shall provide an opinion of counsel,
who shall be reasonably satisfactory to the Company, that an exemption from the
registration requirements of the Securities Act is available.

 

(c)           Any permitted
subsequent holder of this Warrant shall be subject to all the terms and
conditions herein, and shall acknowledge, in writing, upon receipt of this
Warrant his or her acceptance of the terms and conditions herein.

 

(d)           To facilitate sales by
a holder of this Warrant or Warrant Shares in transactions qualifying under Rule 144
promulgated by the Commission under the Securities Act, if available, the
Company agrees to satisfy the current public information requirements of said Rule 144,
for as long as the Shares remain registered under the Securities Exchange Act
of 1934, as amended, and the rules and regulations of the Commission
thereunder (collectively the “Exchange Act”), and to provide said holder upon
request with such other information as such holder may require for compliance
with the provisions of said Rule 144.

 

6.             Registration Under
Securities Act.

 

(a)           If the Company, at any
time, proposes to register any issuance of its securities under the Securities
Act (other than a registration on Form S-8 in connection with an
employee stock purchase or option plan or on Form S-4 in connection
with mergers, acquisitions or exchange offerings), the Company will at such
time give prompt written notice to the holder hereof and to the holders of all
other Warrant Shares issuable from any outstanding Warrants (such holders are
hereinafter referred to as the “Prospective Sellers” or individually, as a “Prospective
Seller”) of its intention to do so. Upon the written request of a Prospective
Seller, given within 30 days after receipt of any such notice (which
request shall state the intended method of disposition of the Warrant Shares to
be transferred by such Prospective Seller), the Company shall use its best
efforts to cause all Warrant Shares, the holders of which (or of the Warrants
to which the same are related), to the extent vested in accordance with the Vesting
Schedule, shall have so

 

3

 

requested registration of the
transfer thereof, to be registered under the Securities Act, all to the extent
requisite to permit the sale or other disposition (in accordance with the
intended method thereof as aforesaid) by the Prospective Sellers of such
Warrant Shares. The rights granted pursuant to this Section 6(a) shall
not be effective with respect to the Prospective Seller in the case of an
underwritten public offering of securities of the Company by the Company unless
each Prospective Seller agrees to the terms and conditions, including
underwriting discounts and allowances, specified by the managing underwriter of
such offering with respect to such Warrant Shares. The Company shall have the
right to reduce the number of Warrant Shares of the Prospective Sellers to be
included in a registration statement pursuant to the exercise of the rights
granted by this Section 6(a) if, and to the extent, that the managing
underwriter of such offering is of the good faith opinion, supported by written
reasons therefor, that the inclusion of such Warrant Shares would materially
and adversely affect the marketing of the securities of the Company to be
offered; provided, that any such reduction of the number of Warrant Shares, the
transfer of which is to be registered on behalf of the Prospective Sellers,
shall be made on the basis of a pro rata reduction of all Warrant Shares of all
Prospective Sellers.

 

        If and whenever the Company
is required by the provisions of this Section 6 to use its best efforts to
effect the registration of any transfer of Warrant Shares under the Securities
Act, the Company will, as expeditiously as possible,

 

(i)

prepare and file with the Commission a registration
statement with respect to such transfer and use its best efforts to cause such
registration statement to become and remain effective, but not for any period
longer than nine months;

 

(ii)

prepare and file with the Commission such amendments
and supplements to such registration statement and the prospectus used in
connection therewith as may be necessary to keep such registration statement
effective, and to comply with the provisions of the Securities Act with respect
to the transfer of all securities covered by such registration statement,
including, without limitation, taking all necessary actions whenever the
Prospective Sellers of the Warrant Shares covered by such registration
statement shall desire to dispose of the same;

 

(iii)

furnish to each Prospective Seller such number of
copies of a prospectus, including a preliminary prospectus, in conformity with
the requirements of the Securities Act, and such other documents, as such
Prospective Seller may reasonably request in order to facilitate the
disposition of the Warrant Shares owned by such Prospective Seller and covered
by such registration statement;

 

(iv)

use its best efforts to register or qualify the
securities covered by such registration statement under such other securities
or blue sky laws of such jurisdictions as each Prospective Seller shall
request, and use its best efforts to do any and all other acts and things which
may be reasonably necessary to enable such Prospective Seller to consummate the
disposition in such jurisdiction of the Warrant Shares owned by such
Prospective Seller and covered by such registration statement; provided that,
notwithstanding the foregoing, the Company shall not be required to register in
any jurisdiction as a broker or dealer of securities or to grant its consent to
service of process in any such jurisdiction solely on account of such intended
disposition by such Prospective Seller;

 

(v)

furnish to the Prospective Sellers, whose intended
dispositions are registered, a signed copy of an opinion of counsel for the
Company, in form and substance acceptable to such Prospective Sellers, to the
effect that: (A) a registration statement covering such dispositions of
Warrant Shares has been filed with the Commission under the Securities Act and
has been made effective by order of the Commission, (B) such registration
statement and the prospectus contained therein and any amendments or
supplements thereto comply as to form in all material respects with the
requirements of the Securities Act, and (C) to the best of such counsel’s
knowledge, no stop order has been issued by the Commission suspending the
effectiveness of

 

4

 

such
registration statement and no proceedings for the issuance of such a stop order
are threatened or contemplated;

 

(vi)

furnish to the Prospective Sellers whose intended
dispositions are required a blue sky survey in the form and of the substance
customarily prepared by counsel for the Company and accepted by sellers of
securities in similar offerings, discussing and describing the application
provisions of the securities or blue sky laws of each state or jurisdiction in
which the Company shall be required, pursuant to Section 6(c)(iv), to
register or qualify such intended dispositions of such Warrant Shares, or, in
the event counsel for the underwriters in such offering shall be preparing a
blue sky survey, cause such counsel to furnish such survey to, and to allow
reliance thereon by, such Prospective Sellers;

 

(vii)

otherwise use its best efforts to comply with all
applicable rules and regulations of the Commission under the Securities
Act and the Exchange Act, insofar as they relate to such registration and such
registration statement; and

 

(viii)

use its best efforts to list such Warrant Shares on
any securities exchange on which any securities of the Company are then listed
or to admit such Warrant Shares for trading in any national market system in
which any securities of the Company are then admitted for trading, if the
listing or admission of such securities is then permitted under the rules of
such exchange or system.

 

(b)           With respect to the
registration by the Company of transfers of Warrant Shares under the Securities
Act pursuant to Section 6(a), the Company shall pay all expenses incurred
by it in complying with this Section 6 (including, without limitation, all
registration and filing fees, printing expenses, blue sky fees and expenses,
costs and expenses of audits, and reasonable fees and disbursements of counsel
for the Company and one special counsel designated by Prospective Sellers
owning a majority of the Warrant Shares covered by such registration, but
specifically excluding any underwriting discounts and allowances that are
allocable to the Warrant Shares being sold by, and which shall be paid by, the
Prospective Sellers; provided, however, that if any registration statement
filed with the Commission by the Company under Section 6(a) shall not
be declared effective by the Commission, such attempted registration shall not
constitute a registration under this Section 6(b).

 

(c)           It shall be a condition
precedent to the obligations of the Company to take any action pursuant to this
Section 6 that each Prospective Seller, the transfer of whose Warrant
Shares is registered or to be registered under each such registration, shall
furnish to the Company such written information regarding the securities held
by such Prospective Seller as the Company shall reasonably request and as shall
be required in connection with the action to be taken by the Company.

 

 

(d)           (i)            In
the event of any registration of any transfer of Warrant Shares under the
Securities Act pursuant to this Section 6, the Company will indemnify and
hold harmless each Prospective Seller of such securities, each of its officers,
directors and partners, and each other person, if any, who controls such
Prospective Seller within the meaning of the Securities Act, and each
underwriter, if any, who participates in the offering of such securities,
against any losses, claims, damages or liabilities (or actions in respect
thereof), joint or several, to which each Prospective Seller, officer, director
or partner, controlling person or underwriter may become subject under the
Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained, on
the effective date thereof, in any registration statement under which such
transfer of securities was registered under the Securities Act, any preliminary
prospectus or final prospectus contained therein, or any amendment or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or any violation by
the Company of the Securities Act, and will reimburse such Prospective Seller
and each of its officers, directors and

 

5

 

partners, and each
such controlling person or underwriter, for any legal or any other expenses
reasonably incurred by such Prospective Seller or its officers, directors and
partners or controlling persons or by each such underwriter, in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Company will not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is based
upon an untrue statement or alleged untrue statement or omission or alleged
omission made in such registration statement, preliminary prospectus or
prospectus or such amendment or supplement in reliance upon and in conformity
with written information furnished to the Company through an instrument duly
executed by such Prospective Seller specifically for use in the preparation
thereof. In the event of any registration by the Company or any transfer of
securities under the Securities Act pursuant to this Section 6, each
Prospective Seller of Warrant Shares covered by such registration will
indemnify and hold harmless the Company, each other person, if any, who
controls the Company within the meaning of the Securities Act and each officer
and director of the Company and the other Prospective Sellers to the same
extent that the Company agrees to indemnify it, but only with respect to the
written information relating to such Prospective Seller furnished to the
Company by such Prospective Seller aforesaid.

 

 

(ii)           Each
indemnified party shall, as promptly as practicable upon receipt of notice of
the commencement of any action against such indemnified party or its officers,
directors or partners, or any controlling person of such indemnified party, in
respect of which indemnity may be sought from an indemnifying party on account
of the indemnity agreement contained in Section 6(d)(i),
notify the indemnifying party in writing of the commencement thereof. The
omission of such indemnified party to so notify the indemnifying party of any
such action shall not relieve the indemnifying party from any liability which
it may have on account of the indemnity agreement contained in Section 6(d)(i) to
the extent that the failure to receive such notice within a reasonable period of
time shall not have caused harm, loss or damage to the indemnifying party,
provided that, conversely, if such failure to receive notice shall have caused
any harm, loss or damage to the indemnifying party, such failure shall
constitute a defense to any liability which such indemnifying party may have on
account of such agreement to the extent of the harm, loss or damage so caused.
In case any such action shall be brought against any indemnified party, its
officers, directors and partners, or any such controlling person, and such
indemnified party shall notify the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate in (and, to
the extent that the indemnifying party shall wish, to direct) the defense thereof
at the indemnifying party’s own expense, in which event the defense shall be
conducted by recognized counsel chosen by the indemnifying party and approved
by the indemnified party (whose approval shall not unreasonably be withheld)
and the indemnified party may participate in such defense at its own expense
(unless it is advised by counsel that actual or potential differing interests
or defenses exist or may exist, in which case such expenses shall be paid by
the indemnifying party, provided that the indemnifying party shall not be
required to pay the expenses for more than one counsel for all such indemnified
parties).

 

 

7.             Transfer; Ownership.    Subject
to Section 5, this Warrant and all rights hereunder are transferable, in
whole or in part, at the office or agency of the Company referred to in Section 1
by the Holder, in person or by a duly authorized attorney, upon surrender of
this Warrant, with an assignment, acceptable to the Company, duly completed, at
which time a new Warrant shall be made and delivered by the Company, of the
same tenor as this Warrant but registered in the name of the transferee. The
Holder, by taking or holding the same, consents and agrees that this Warrant,
when endorsed in blank, shall be deemed negotiable, and that the Holder, when
this Warrant shall have been so endorsed, may be treated by the Company and all
other persons dealing with this Warrant as the absolute owner hereof for any
purpose and as the person entitled to exercise the rights represented by this
Warrant and to transfer this Warrant on the books of the Company, any notice to
the contrary notwithstanding; but until such transfer on such books, the
Company may treat the registered Holder as the owner hereof for all purposes.
Any transfer of this Warrant shall be made in compliance with the Securities
Act and any applicable state securities or blue sky laws.

 

6

 

8.             Exchange and Replacement.    Subject
to Section 7, this Warrant is exchangeable, upon the surrender hereof by
the Holder at the office or agency of the Company referred to in Section 1,
for new Warrants of like tenor and date representing in the aggregate the right
to purchase the number of Shares which may be purchased hereunder, each of such
new Warrants to represent the right to purchase such number of Shares as shall
be designated by the Holder at the time of such surrender. Upon receipt by the
Company, at the office or agency referred to in Section 1, of evidence
reasonably satisfactory to it of the loss, theft or destruction of this Warrant
and of indemnity or security reasonably satisfactory to it (provided that the
written indemnity of the Holder shall be deemed reasonably satisfactory to the
Company for such purposes), the Company will deliver a new Warrant of like
tenor and date in replacement of this Warrant. This Warrant shall be promptly
canceled by the Company upon the surrender hereof in connection with any
transfer, exchange or replacement. The Company will pay all expenses and
charges payable in connection with the preparation, execution and delivery of
Warrants pursuant to Section 7 and this Section 8.

 

9.             Notices.    Any
notice or other document required or permitted to be given or delivered to the
Holder shall be delivered at, or sent by certified or registered mail to,                         ,
                        ,
                                    ,
or to such other address as shall have been furnished to the Company in writing
by the Holder. Any notice or other document required or permitted to be given
or delivered to the Company shall be delivered at, or
sent by certified or registered mail to, 633 Seventeenth Street, Suite 1550,
Denver, Colorado 80202, or to such other address as shall have been furnished
in writing to the Holder by the Company. Any notice so addressed and mailed by
registered or certified mail or otherwise delivered, shall be deemed to be
given when actually received by the addressee.

 

10.          GOVERNING LAW.    THIS WARRANT SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

 

11.          Miscellaneous.    This
Warrant will be binding upon any entity succeeding to the Company by
consolidation or acquisition of all or substantially all of the Company’s
assets, and upon any successor or assign of the holder hereto. This Warrant and
any provision hereof may be changed, waived, discharged or terminated only by
an instrument in writing signed by the party (or any predecessor in interest
thereof) against whom enforcement of the same is sought. The headings in this
Warrant are for purposes of reference only and shall not affect the meaning or
construction of any of the provisions hereon.

 

IN WITNESS WHEREOF, Tipperary
Corporation has caused this Warrant to be signed by its duly authorized officers,
under its corporate seal, to be dated                         ,
20    . 

 

	
   

  	
   

  	
  TIPPERARY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BY:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ITS:

  	
   

  
	
   

  	
   

  	
   

  
	
  (CORPORATE SEAL)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ITS:

  	
  Secretary

  	
   

  	
   

  

 

7

 

Annex 1

 

TIPPERARY CORPORATION

PROVISIONS AS TO ADJUSTMENT OF

EXERCISE PRICE AND NUMBER OF SHARES

ISSUED UPON OCCURRENCE OF CERTAIN EVENTS

 

        The Exercise Price and
the number of Shares issuable upon the exercise of the annexed Warrant to
purchase shares of TIPPERARY CORPORATION, a Texas corporation (herein and in
this Warrant referred to as the “Company”), shall be subject to adjustment from
time to time as hereinafter provided; that in no event shall the Exercise Price
be increased to a price greater than                         
($            ) per
Share, except as provided by paragraph (C). Upon each adjustment of the
Exercise Price, the Holder shall thereafter be entitled to purchase, at the
Exercise Price resulting from such adjustment, the number of Shares obtained by
multiplying the number of Shares purchasable pursuant hereto immediately prior
to such adjustment by a fraction, the numerator of which is the Exercise Price
in effect immediately prior to such adjustment and the denominator of which is the
Exercise Price resulting from such adjustment. In making the adjustments to the
Exercise Price and the number of Shares issuable upon the exercise of this
Warrant, the following provisions shall be applicable:

 

(A)  If and whenever the Company shall issue or sell any
Shares for consideration per Share that is less than the Exercise Price in
effect immediately prior to the time of such issue or sale at less than the
Market Price (as hereinafter defined) of such Shares on the date of such issue
or sale, then forthwith upon such issue or sale the Exercise Price in effect
immediately prior thereto shall be adjusted to an amount (calculated to the
nearest cent) determined by dividing (i) an amount equal to the sum of (a) the
number of Shares outstanding immediately prior to such issue or sale multiplied
by the Exercise Price in effect immediately prior to such issue or sale, and (b) the
consideration, if any, received by the Company upon such issue or sale by (ii) the
total number of Shares outstanding immediately after such issue or sale;
provided, however, that no adjustment shall be made hereunder by reason of:

 

(i)

the
grant of this Warrant or the issuance of Shares upon the exercise of this
Warrant or any other outstanding Warrant;

 

(ii)

the grant by the Company of options to purchase shares
in connection with any purchase or option plan for the benefit of employees of
the Company, or any affiliates or subsidiaries thereof; or

 

(iii)

the issuance (whether directly or by assumption in a
merger or otherwise) or sale (including any issuance or sale to holders of
Shares) of any securities convertible into or exchangeable for Shares (such
convertible or exchangeable securities are herein referred to as “Convertible
Securities”), or the grant of rights to subscribe for or to purchase, or of
options for the purchase of (including any grant of such rights or options to
holders of shares, other than pursuant to a dividend on Shares), Shares of
Convertible Securities, regardless of whether the right to convert or exchange
such Convertible Securities or such rights or options are immediately
exercisable.

 

No adjustment of the Exercise Price shall be required to be made by the
Company and no notice hereunder must be given if the amount of any required
adjustment is less than 5% of the Exercise Price. In such case any such
adjustment shall be carried forward and shall be made (and notice thereof shall
be given hereunder) at the time of and together with the next subsequent
adjustment which, together with any adjustment so carried forward, shall amount
to not less than 5% of the Exercise Price.

 

(B)  For the purposes of paragraph (A), the following
provisions (i) through (vi), inclusive, shall
also be applicable:

 

(i) If, at the time Shares are issued and sold
upon the conversion or exchange of Convertible Securities or upon the exercise
of rights or options previously granted by the Company, the price

 

8

 

per Share for which such Shares are issued (determined
by dividing (a) the total amount, if any, received by the Company as
consideration for such Convertible Securities or for the granting of such
rights or options, plus the aggregate amount of additional consideration paid
to the Company upon the conversion or exchange of such Convertible Securities
(which, if so provided in such Convertible Securities, shall be deemed to be
equal to the outstanding principal amount of the indebtedness represented by
such Convertible Securities) or upon the exercise of such rights or options, by
(b) the total number of Shares issued upon the conversion or exchange of
such Convertible Securities or upon the exercise of such rights or options
shall be less than the Exercise Price in effect immediately prior to such
issue, sale or exercise, then the adjustments provided for by the first
paragraph of this Annex 1 and paragraph (A) shall be made. In making
the adjustment of the Exercise Price provided for by paragraph (A), the
amount described in clause (a) of this paragraph (B)(i) shall
be considered the consideration received by the Company upon the issue or sale
of the Shares for purposes of clause (i)(b) of paragraph (A).

 

(ii) In case at any time any Shares or
Convertible Securities or any rights or options to purchase any Shares or
Convertible Securities shall be issued or sold for cash, the consideration
received therefor shall be deemed to be the amount received by the Company
therefor without deduction therefrom of any expenses incurred or any
underwriting commissions or concessions paid or allowed by the Company in
connection therewith. In case any Shares or Convertible Securities or any
rights or options to purchase any Shares or Convertible Securities shall be
issued or sold, in whole or in part, for consideration other than cash, the
amount of the consideration other than cash received by the Company in exchange
for the issue or sale of such Convertible Securities shall be deemed to be the
fair value of such consideration as determined in good faith by the Board of
Directors of the Company, without deduction therefrom of any expenses incurred
or any underwriting commissions or concessions paid or allowed by the Company
in connection therewith; provided that if the holder or holders of at least 662/3% of the Warrant Shares purchasable
under this Warrant shall request in writing, the value of such consideration
shall be determined by an independent expert selected by such holders, the
costs and expenses of which shall be borne by the Company, and, if the value of
such consideration as so determined is less than the value determined by the
Board of Directors of the Company, the lesser value shall be utilized in
calculating the consideration per Share received by the Company for purposes of
making the adjustment provided by paragraph (A). In the event of any
merger or consolidation of the Company in which the Company is not the
surviving corporation or in the event of any sale of all or substantially all
of the assets of the Company outside of the ordinary course of business of the
Company for stock or other securities of any corporation, the Company shall be
deemed to have issued a number of Shares for stock or securities of such other
corporation computed on the basis of the actual exchange ratio on which the
transaction was predicated and for consideration that is equal to the fair
market value on the date of such transaction of such stock or securities of the
other corporation, and if any such calculation results in adjustment of the
Exercise Price, the determination of the number of Shares issuable upon
exercise of this Warrant immediately prior to such merger, consolidation or
sale, for purposes of paragraph (A), shall be made after giving effect to
such adjustment of the Exercise Price.

 

(iii) The number of Shares outstanding at any
given time shall not include Shares that have been redeemed by the Company and
not canceled, if any, and that are thus owned or held by or for the account of
the Company, and the disposition of any such Shares shall be considered an
issue or sale of Shares for purposes of paragraph (A).

 

(iv) “Market Price” shall mean the lower of (a) the
average closing sales prices of Shares recorded on the principal national
securities exchange on which the Shares are listed or in a national market
system for securities in which the Shares are admitted to trading or (b) the
average of the closing bid and asked prices of Shares reported in the domestic
over-the-counter market, for the 20 trading days immediately prior to the day
as of which the Market Price is being determined. If the Shares are not listed
on any national securities exchange or admitted for trading in any national
market

 

9

 

system or traded in the domestic over-the-counter
market, the Market Price shall be the higher of (y) the book value of the
Shares as determined by a firm of independent public accountants of recognized
standing selected by the Board of Directors of the Company as of the last day
of any month ending within 60 days preceding the date as of which the
determination is to be made or (z) the fair market value of the Shares
determined in good faith by the Board of Directors of the Company, provided
that if the holder or holders of at least 662/3% of the Warrant Shares purchasable
under the Warrant shall request in writing, the fair market value of the Shares
shall be determined by an independent investment banking firm or other
independent expert selected by such holders and reasonably satisfactory to the
Company, which determination shall be as of a date which is within 15 days
of the date as of which the determination is to be made.

 

(v) Anything herein to the contrary
notwithstanding, in case the Company shall issue any Shares in connection with
the acquisition by the Company of the stock or assets of any other corporation
or the merger of any other corporation into the Company under circumstances
where, on the date of the issuance of such Shares, the consideration received
for such Shares is less than the Market Price of the Shares, but on the date
the number of Shares was determined, the consideration received for such Shares
would not have been less than the Market Price thereof, such Shares shall not
be deemed to have been issued for less than the Market Price.

 

(vi) Anything in clause (ii) of this
paragraph (B) to the contrary notwithstanding, in the case of an
acquisition where all or part of the purchase price is payable in Shares or
Convertible Securities but is stated as a dollar amount, where the Company upon
making the acquisition pays only part of a maximum dollar purchase price which
is payable in Shares or Convertible Securities and where the balance of such
purchase price is deferred or is contingently payable under a formula related
to earnings over a period of time, (a) the consideration received for any
Shares or Convertible Securities delivered at the time of the acquisition shall
be deemed to be such part of the total consideration as the portion of the
dollar purchase price then paid in Shares or Convertible Securities bears to
the total maximum dollar purchase price payable in Shares or Convertible
Securities and (b) in connection with each issuance of additional Shares
or Convertible Securities pursuant to the terms of the agreement relating to
such acquisition, the consideration received shall be deemed to be such part of
the total consideration as the portion of the dollar purchase price then and
theretofore paid in Shares or Convertible Shares bears to the total maximum
dollar purchase price payable in Shares or Convertible Securities multiplied by
a fraction, the numerator of which shall be the number of Shares (or in the
case of Convertible Securities other than capital stock of the Company, the
aggregate principal amount of such Convertible Securities) then issued and the
denominator of which shall be the total number of shares (or in the case of
Convertible Securities other than capital stock of the Company, the aggregate
principal amount of such Convertible Securities) then and theretofore issued
under such acquisition agreement. In the event only a part of the purchase
price for an acquisition is paid in Shares or Convertible Securities in the
manner referred to in this clause (vi), the term “total consideration” as
used in this clause (vi) shall mean that part of the aggregate
consideration as is fairly allocable to the purchase price paid in Shares or
Convertible Securities in the manner referred to in this clause (vi), as
determined by the Board of Directors of the Company.

 

(C)  In the case at any time the Company shall subdivide its
outstanding Shares into a greater number of Shares, then from and after the
record date for such subdivision the Exercise Price in effect immediately prior
to such subdivision shall be proportionately reduced and the number of Shares
purchasable upon the exercise of this Warrant shall be correspondingly
increased, and, conversely, in case the outstanding Shares shall be combined
into a smaller number of Shares, then from and after the record date for such
combination the Exercise Price in effect immediately prior to such combination
shall be proportionately increased and the number of Shares purchasable upon
the exercise of this Warrant shall be correspondingly decreased.

 

(D)  Unless the provisions of paragraph (E) apply,
if any capital reorganization or reclassification of the capital stock of the
Company, or consolidation or merger of the Company with another corporation, or
sale of all or substantially all of its assets to another corporation outside
of the ordinary course of business, shall be effected in

 

10

 

such a way that holders of Shares (or any other securities of the
Company then issuable upon the exercise of this Warrant) shall be entitled to
receive stock, securities or assets with respect to or exchange for Shares (or
such other securities) then, as a condition of such reorganization,
reclassification, consolidation, merger or sale, lawful and adequate provision
shall be made whereby the Holder shall thereafter have the right to purchase
and receive upon the basis and upon the terms and conditions specified in this
Warrant and in lieu of the Shares (or other securities) of the Company
immediately theretofore purchasable and receivable upon the exercise of the
rights represented hereby, such shares of stock, securities or assets as may be
issued or payable with respect to or in exchange for a number of outstanding
Shares (or other securities) equal to the number of Shares (or other
securities) immediately theretofore so purchasable and receivable had such
reorganization, reclassification, consolidation, merger or sale not taken
place, and in any such case appropriate provision shall be made with respect to
the rights and interests of the holder of this Warrant to the end that the
provisions hereof (including, without limitation, provisions for adjustment of
the Exercise Price and of the number of Shares (or other securities)
purchasable upon the exercise of this Warrant and for the registration thereof
as provided in Section 6 of this Warrant) shall thereafter be applicable,
as nearly as may be, in relation to any shares of stock, securities or assets
thereafter deliverable upon the exercise hereof (including an immediate
adjustment, by reason of such consolidation, merger or sale, of the Exercise
Price to the value of the Shares (or other securities) reflected by the terms
of such consolidation, merger or sale if the value so reflected is less than
the Exercise Price in effect immediately prior to such consolidation, merger or
sale). In the event of a consolidation or merger of the Company with or into
another corporation as a result of which a greater or lesser number of
securities of the surviving corporation are issuable to holders of Shares in
respect of the number of Shares outstanding immediately prior to such
consolidation or merger, then the Exercise Price in effect immediately prior to
such consolidation or merger shall be adjusted in the same manner as though
there were a subdivision or combination of the outstanding Shares. The Company
shall not effect any such consolidation, merger or sale, unless prior to or
simultaneously with the consummation thereof the surviving or successor
corporation (if other than the Company) resulting from such consolidation or
merger of the corporation purchasing such assets shall assume, by written
instrument executed and mailed to the registered Holder at the last address of
such holder appearing on the books of the Company, the obligation to deliver to
such holder such Shares of stock, securities or assets as, in accordance with
the foregoing provisions, such holder may be entitled to purchase, and
containing the express assumption of such surviving or successor corporation of
the due performance of every provision of this Warrant to be performed by the
Company and of all liabilities and obligations of the Company hereunder.

 

(E)  In the event of a change in control of the Company, as
defined in this paragraph (E), then the Board of Directors shall
accelerate the exercise date of the Warrant or make this Warrant fully vested
and exercisable and, in its sole discretion, may take any or all of the
following actions: (a) grant a cash bonus award to any holder of this
Warrant in an amount necessary to pay the Exercise Price of all or any portion
of the Warrant then held by such person; (b) pay cash to any holder of
this Warrant in exchange for the cancellation of the holder’s Warrant in an
amount equal to the difference between the Exercise Price of such Warrant and
the greater of the tender offer price for the underlying Shares or the Market
Price of the Shares on the date of the cancellation of the Warrant; and (c) make
any other adjustments or amendments to this Warrant. For purposes of this
paragraph (E), a “change in control” shall be deemed to have occurred if (a) any
“person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of
the Securities Exchange Act of 1934, as amended (“1934 Act”), other than a
trustee or other fiduciary holding securities under an employee benefit plan of
the Company is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the 1934 Act), directly or indirectly, of more than 50% of the then
outstanding voting stock of the Company; or (b) at any time during any
period of three consecutive years after the date of this Warrant, individuals
who at the beginning of such period constitute the Board (and any new director
whose election by the Board or whose nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the directors
then still in office who either were directors at the beginning of such period
or whose election or nomination for election was previously so approved) cease
for any reason to constitute a majority thereof; or (c) the stockholders
of the Company approve a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) at least 50% of the combined
voting power of the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation.

 

(F)  In case at any time the Company shall pay any dividend
on or make any other distribution with respect to Shares (or any other
securities of the Company then issuable upon the exercise of the Warrant) that
is payable in

 

11

 

Shares, Convertible Securities, any other securities of the Company or
other stock, securities or assets, other than cash, then thereafter, and in
lieu of any adjustment of the Exercise Price and the number of Shares issuable
upon the exercise of this Warrant, the holder of this Warrant, upon any
exercise of the rights represented hereby, shall be entitled to receive the
number of Shares (or other securities) being purchased upon such exercise and,
in addition to and without further payment, the Shares, Convertible Securities,
other securities of any company or other stock, securities or assets which the
holder of this Warrant would have received by way of such distributions if
continuously since the date of the Warrant (or, if this Warrant shall have been
issued pursuant to Section 7 of this Warrant, the date of the predecessor
Warrant to which this Warrant relates) such holder had been the record holder
of the number of Shares (or other securities), then being purchased and had
retained all such Shares, Convertible Securities, other securities of the
Company or other stock, securities or assets distributable with respect to such
Shares (or other securities) and, furthermore, all cash, stock, securities or
assets payable as dividends or distributions with respect to the foregoing and
originating directly or indirectly therefrom. The Company shall reserve and
retain in escrow from any such dividend or distribution of Shares, Convertible
Securities, other securities of the Company or other stock, securities or assets,
and from any such dividends or distributions with respect thereto and
originating directly or indirectly therefrom, such Shares, Convertible
Securities, other securities of the Company and other stock, securities, assets
and cash as shall be necessary to fulfill its obligations to the Holder
pursuant to this paragraph (F).

 

(G)  If at any time conditions arise by reason of action
taken by the Company, which in the good faith opinion of the Board of Directors
of the Company, are not adequately covered by the provisions of this Annex 1,
and which might materially adversely affect the rights of the holder of this
Warrant, the Company shall appoint a firm of independent public accountants of
recognized standing (which may be the regular accountants or auditors of the
Company), which shall give their opinion as to the adjustments, if any, in the
Exercise Price and the number of Shares purchasable upon the exercise of this
Warrant, or other change in the rights of the Holder, on a basis consistent
with the other provisions of this Annex 1, necessary to preserve without
diminution the rights of the Holder. Upon receipt of such opinion, the Company
shall forthwith make the adjustments described therein.

 

 

(H)          (i)            Within
ten (10) days of any adjustment of the Exercise Price or change in the
number of Shares purchasable upon the exercise of this Warrant made pursuant to
paragraphs (A), (B), (C), or (F) or any change in the rights of the holder
of this Warrant by reason of the occurrence of events described in paragraphs
(D), (E), or (F), the Company shall give written notice by certified or
registered mail to the registered holder of this Warrant at the address of such
holder as shown on the books of the Company, which notice shall describe the
event requiring such adjustments (with respect to any adjustment made pursuant
to paragraphs (C), (D), (E) or (F), the Exercise Price resulting from such
adjustment, the increase or decrease, if any, in the number of Shares
purchasable upon the exercise of this Warrant, or the other change in the
rights of such holder, and set forth in reasonable detail the method of
calculation of such adjustments and the facts upon which such calculations are
based. Within two (2) days of receipt from the holder of this Warrant upon
the surrender hereof for exercise pursuant to Section 1 of this Warrant,
and within three (3) days of receipt from the Holder a written request
therefor (which request shall not be made more than once each calendar
quarter), the Company shall give written notice by certified or registered mail
to such holder at his address as shown on the books of the Company of the
Exercise Price in effect as of the date of receipt by the Company of this
Warrant for exercise, or the date of receipt of such written request, and the number
of Shares purchasable or the number or amount of other shares of stock,
securities or assets receivable as of such date, and set forth in reasonable
detail the method of calculation of such numbers; provided that no further
adjustments to the Exercise Price or the number of Shares purchasable or number
or amount of shares, securities or assets receivable on exercise of this
Warrant shall be made after receipt of this Warrant by the Company for
exercise.

 

(ii)           Upon
each adjustment of the Exercise Price and each change in the number of Shares
purchasable upon the exercise of this Warrant, and change in the rights of the
holder of this Warrant by reason of the occurrence of other events herein set
forth, then and in each case, upon written request of the holder of this
Warrant (which request shall be made not more often

 

12

 

than once each calendar
year), the Company will at its expense promptly obtain an opinion of
independent public accountants reasonably satisfactory to each holder stating
the then effective Exercise Price and the number of Shares then purchasable, or
specifying the other shares of stock, securities or assets and the amount
thereof then receivable, and setting forth in reasonable detail the method of
calculation of such numbers and the facts upon which such calculations are
based. The Company will promptly mail a copy of such opinion to the registered
Holder.

 

(I)            In
case at any time:

 

(i)            The
Company shall pay any dividend payable in capital stock on its outstanding
Shares or make any distribution (other than regular cash dividends) to the
holders of Shares;

 

(ii)           The
Company shall offer for subscription pro rata to the holders of Shares any
additional capital stock or other rights;

 

(iii)          There
shall be authorized any capital reorganization or reclassification of the
capital stock of the Company, or consolidation or merger of the Company with,
or sale of all or substantially all of its assets to, another corporation; or

 

(iv)          There
shall be authorized or commence a voluntary or involuntary dissolution,
liquidation or winding up of the Company.

 

then, in one or more of said cases, the Company shall given written
notice by certified or registered mail to Holder at the address of Holder as
shown on the books of the Company on the date on which (1) the books of
the Company shall close or a record shall be taken for such dividend,
distribution, or subscription rights, or (2) such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up shall take place or be voted upon by the shareholders of the
Company, as the case may be. Such notice shall also specify the date as of
which the holders of record of Shares shall participate in such dividend,
distribution or subscription rights, or shall be entitled to exchange their
Shares for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up, as the case may be. Such written notice shall be given at least
thirty (30) days prior to the action in question and no less than thirty
(30) days prior to the record date or the date on which the Company’s
books are closed in respect thereto.

 

13

 

EXHIBIT A

 

SUBSCRIPTION FORM

 

To be Executed
by the Registered Holder

Desiring to Exercise the Within Warrant of

TIPPERARY CORPORATION

 

The undersigned registered holder hereby exercises the right to
purchase                         
Shares covered by the within Warrant according to the conditions thereof, and
herewith makes payment of the Exercise Price of such Shares, $                        .

 

	
  Name of Registered Holder:

  
	
   

  
	
  Signature:

  
	
   

  
	
  Title of Signing Officer

  
	
  or Agent (if any):

  
	
   

  
	
  Address of Registered Holder:

  
	
   

  
	
  Tax I.D. No.:

  
	
   

  
	
  Dated:
                          ,
  20   

  

 

14Exhibit
10.3.8

AMENDMENT
NUMBER EIGHT

TO
THE

ACCESSBANK PROFIT-SHARING AND EMPLOYEE STOCK OWNERSHIP PLAN

 

WHEREAS, the AccessBank Profit-Sharing and Employee Stock Ownership
Plan (the “Plan”) provides that AccessBank (the “Company”) has the power and
right to amend the Plan:

 

NOW THEREFORE, the Company hereby amends the Plan by the adoption of
the following amendment:

 

I.             The
first sentence of Section 8.4[a] is deleted and amended to read as follows:

 

                8.4[a] Required
Consent to Distribution: If the value of a Participant’s vested
Account balance exceeds $1,000, the Participant must consent to any
distribution of the Account balance prior to the later of attainment of Normal
Retirement Age or age 62.

 

II.           The
first sentence of Section 8.4[b][1] is deleted and amended to read as follows:

 

                8.4[b][2] Accounts Not
Exceeding $1,000: Notwithstanding any other provision of this Plan,
if a Participant terminates employment with the Company and the value of the Participant’s
vested Account balance does not exceed $1,000, the Participant will receive a
distribution of the value of the entire vested portion of such Account balance
in a single lump sum within an administratively reasonable period of time after
the Participant terminates employment.

 

III.          The
first sentence of Section 8.4[b][2] is deleted and amended to read as follows:

 

                8.4[b][2] Accounts
Exceeding $1,000: A Participant may elect one of the following
distribution forms, provided that the Participant’s vested Account exceeds
$1,000:

 

IV.          The provisions of this Amendment shall be effective March
28, 2005.

 

IN WITNESS
WHEREOF, the undersigned officers being duly authorized by the Board of
Directors of AccessBank and Access Anytime Bancorp, Inc., hereby approve and
adopt this Amendment as of the date first set forth below.

	
   

  	
  ACCESSBANK

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Don K. Padgett

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
  Date:

  	
  March 24, 2005

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Kathy Allenberg

  	
   

  	
   

  	
   

  

 

	
   

  	
  ACCESS ANYTIME BANCORP,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Norman R. Corzine

  	
   

  
	
   

  	
  Title:

  	
  Chairman

  	
   

  
	
   

  	
  Date:

  	
  March 24, 2005

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]