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Exhibit 10.12
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. 10 Number of Shares: 600,000
(subject to adjustment)
Date of Issuance: May 1, 2001
STUDENT ADVANTAGE, INC.
COMMON STOCK PURCHASE WARRANT
(VOID AFTER MAY 1, 2005)
Student Advantage, Inc., a Delaware corporation (the "Company"), for
value received, hereby certifies that BayStar Capital, L.P. 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 after the date of issuance and on or before 5:00 p.m. (Boston
time) on May 1, 2005, 600,000 shares of Common Stock, $.01 par value per share,
of the Company, at a purchase price of $3.50 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.
1. Exercise.
(a) This Warrant may be exercised by the Registered
Holder, in whole or in part, by surrendering this Warrant, with the purchase
form appended hereto as Exhibit I duly executed by the Registered Holder or by
the Registered Holder's duly authorized attorney, 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.
(b) The Registered Holder may elect to exercise this
Warrant, in whole or in part, by way of cashless exercise by surrendering this
Warrant, with the purchase form appended hereto as Exhibit I duly executed by
such Registered Holder or by such Registered Holder's duly authorized attorney,
at the principal office of the Company, or at such other office or agency as the
Company may designate, in which event the Company shall issue to the Registered
Holder a number of Warrant Shares as is determined using the following formula:
CS = (WS x (FMV - PP)) / FMV
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Where:
"CS" equals the number of Warrant Shares to be issued to the
Registered Holder;
"WS" equals the number of Warrant Shares purchasable under the
Warrant or, if only a portion of the Warrant is being exercised, the portion of
the Warrant being exercised (as of the effective date of exercise (the "Exercise
Date"));
"FMV" equals the Fair Market Value per share of Common Stock
as of the Exercise Date, as determined below pursuant to this subsection 1(b);
and
"PP" equals the Purchase Price per share.
The Fair Market Value per share of Common Stock shall be determined as follows:
(i) If the Common Stock is listed on a national
securities exchange, the Nasdaq National Market or another nationally recognized
exchange or trading system (including the over-the-counter market as reported by
the National Quotation Bureau) as of three business days prior to the Exercise
Date, the Fair Market Value per share of Common Stock shall be deemed to be the
average of the last reported sale prices per share of Common Stock over the five
trading-day period ending on the date that is three business days prior to the
Exercise Date; or, if no such price is reported on such date, such average price
ending on the next preceding business day (provided that if no such price is
reported on the next preceding business day, the Fair Market Value per share of
Common Stock shall be determined pursuant to clause (ii) below).
(ii) If the Common Stock is not listed on a
national securities exchange, the Nasdaq National Market or another nationally
recognized exchange or trading system (including the over-the-counter market as
reported by the National Quotation Bureau) as of the Exercise Date, the Fair
Market Value per share of Common Stock shall be deemed to be the amount most
recently determined by the Board of Directors in good faith 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 an employee benefit plan of the Company); and, upon request of the
Registered Holder, the Board of Directors (or a representative thereof) shall
promptly notify the Registered Holder of the Fair Market Value per share of
Common Stock. Notwithstanding the foregoing, if the Board of Directors has not
made such a determination within the three-month period prior to the Exercise
Date, then (A) the Board of Directors shall make such a determination within 15
days of a request by the Registered Holder that it do so, and (B) the exercise
of this Warrant pursuant to this subsection 1(b) shall be delayed until such
determination is made.
(c) 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
subsection 1(a) above. 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 subsection 1(d) below shall be deemed to have become the holder
or holders of record of the Warrant Shares represented by such certificates.
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(d) As soon as practicable after the exercise of this
Warrant in full or in part, and in any event within 10 days thereafter, the
Company, at its expense, will cause to be issued in the name of, and delivered
to, the Registered Holder, or as such Holder (upon payment by such 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; and
(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 sum of (a) the number of such
shares purchased by the Registered Holder upon such exercise plus (b) the number
of Warrant Shares (if any) covered by the portion of this Warrant cancelled in
payment of the Purchase Price payable upon such exercise pursuant to subsection
1(b) above.
2. Adjustments.
(a) Adjustment for Certain Changes in Market Price.
(i) On each of November 1, 2001, May 1, 2002,
November 1, 2002 and May 1, 2003 (each, a "Reset Date"), the Purchase Price then
in effect immediately before such Reset Date shall be adjusted to equal the
lower of (1) the then-current Purchase Price and (2) the average of the daily
VWAPs (as defined below) of the Common Stock during the ten (10) Trading Day (as
defined below) period ending on such Reset Date; provided, however, that the
Purchase Price shall not be reset to less than $1 per share, subject to
appropriate adjustment in the event of any stock dividend, stock split,
combination or other similar recapitalization affecting the Common Stock (the
"Reset Floor"); and provided further that there shall not be any adjustment to
the Purchase Price from and after the first date that (1) the average of the
daily VWAPs of the Common Stock during the ten (10) Trading Day period ending on
such date is at least $4.83 (subject to appropriate adjustment in the event of
any stock dividend, stock split, combination or other similar recapitalization
affecting the Common Stock) and (2) a registration statement on Form S-3
covering the resale to the public by the Registered Holder of the Warrant Shares
has been declared effective by the SEC and is then effective.
(ii) For purposes of this subsection 2(a):
(b) "Trading Day" shall mean any day on which the Common
Stock of the Company is traded for any period on the Nasdaq National Market, or
on the principal securities exchange or other securities market on which such
Common Stock is then being traded; and
"VWAP" shall mean, as of any date, the
volume-weighted average sale price of the Common Stock of the Company on the
Nasdaq National Market as reported by Bloomberg Financial Markets or other
reporting service mutually acceptable to the Registered Holder and the Company
("Bloomberg") or, if the Nasdaq National Market is not the principal
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trading market for the Common Stock, the volume-weighted average sale price of
the Common Stock on the principal securities exchange or trading market where
the Common Stock is listed or traded as reported by Bloomberg, or if the
foregoing do not apply, the volume-weighted average sale price for the Common
Stock in the over-the-counter market on the electronic bulletin board for the
Common Stock as reported by Bloomberg or, if no volume-weighted average sale
price is reported for the Common Stock, then the last closing trade price of the
Common Stock as reported by Bloomberg or, if no last closing trade price is
reported for the Common Stock by Bloomberg, the average of the ask prices of any
market makers for the Common Stock that are listed on the "pink sheets" by the
National Quotation Bureau, Inc. If the VWAP cannot be calculated for the Common
Stock on such date in the manner provided above, the VWAP shall be the fair
market value of the Common Stock as determined in good faith by the Board of
Directors of the Company.
(b) Adjustment for Stock Splits and Combinations. If the
Company shall at any time or from time to time after the date on which this
Warrant was first 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 Original Issue Date 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.
(c) Adjustment for Certain Dividends and Distributions.
In the event the Company at any time, or from time to time after the Original
Issue Date 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, 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.
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(d) Adjustment in Number of Warrant Shares. When any
adjustment is required to be made in the Purchase Price pursuant to subsections
2(b) or 2(c), the number of Warrant Shares purchasable upon the exercise of this
Warrant shall be changed to the number determined by dividing (i) an amount
equal to the number of shares issuable upon the exercise of this Warrant
immediately prior to such adjustment, multiplied by the Purchase Price in effect
immediately prior to such adjustment, by (ii) the Purchase Price in effect
immediately after such adjustment.
(e) Adjustments for Other Dividends and Distributions. In
the event the Company at any time or from time to time after the Original Issue
Date 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 cash 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 and/or cash and
other property which the Registered Holder would have been entitled to receive
had this Warrant been exercised into Common Stock 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, giving application to all adjustments called for during such period
under this Section 2 with respect to the rights of the Registered Holder.
(f) Adjustment for Mergers or Reorganizations, etc. If
there shall occur any reorganization, recapitalization, consolidation or merger
involving the Company in which the Common Stock is converted into or exchanged
for securities, cash or other property (other than a transaction covered by
subsections 2(b), 2(c) or 2(e)), then, following any such reorganization,
recapitalization, consolidation or merger, 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 if, immediately
prior to such reorganization, recapitalization, consolidation or merger, the
Registered Holder had held the number of shares of Common Stock subject to this
Warrant. In any such case, appropriate adjustment (as determined in good faith
by the Board of Directors of the Company) 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.
(g) 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 promptly 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.
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3. Exercise at the Option of the Company.
(a) The Company shall have the right and option (the
"Company Option to Force Exercise") on any Trading Day (as defined below) (the
"Forced Exercise Date") on which, and for a period of twenty consecutive Trading
Days prior thereto, the average of the FMV (as defined below) for such period is
at least $15.00 (subject to appropriate adjustment for stock splits, stock
dividends and similar transactions), to cause the Registered Holder to exercise
this Warrant in full, and upon exercise of such Company Option to Force Exercise
by the Company, the exercise of this Warrant in full by the Registered Holder
shall be deemed to have been effected immediately prior to the close of business
on the Forced 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 subsection 1(d) above shall be deemed to have become the
holder or holders of record of the Warrant Shares represented by such
certificates. To exercise the Company Option to Exercise, the Company must
deliver to the Registered Holder at its principal offices, within 3 days after
the Forced Exercise Date, a written notice of exercise of the Company Option to
Force Exercise (the "Forced Exercise Notice"). Promptly upon receipt of such
Forced Exercise Notice, the Registered Holder shall elect to exercise the
Warrant either for cash as set forth in Section 1(a) or pursuant to the cashless
exercise procedure set forth in Section 1(b) and shall submit the purchase form
appended hereto as Exhibit I to the Company.
(b) As soon as practicable after the exercise of the
Company Option to Force Exercise in full or in part, and in any event within 20
days thereafter, the Company, at its expense, will cause to be issued in the
name of, and delivered to, the Registered Holder, or as such Holder (upon
payment by such Holder of any applicable transfer taxes) may direct, 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 4 hereof (provided that any
delay in the issuance of such Warrant Shares shall not invalidate the Company's
exercise of the Company Option to Force Exercise with respect to such Warrant
Shares).
(c) For purposes of this Subsection 3:
"Trading Day" shall mean any day on which the Common Stock of
the Company is traded for any period on the Nasdaq National Market, or on the
principal securities exchange or other securities market on which such Common
Stock is then being traded; and
"FMV" shall mean, as of any day, the last reported sale price
per share of the Common Stock of the Company on the Nasdaq National Market as
reported by Bloomberg or, if the Nasdaq National Market is not the principal
trading market for the Common Stock, the last reported sale price per share of
the Common Stock on the principal securities exchange or trading market where
the Common Stock is listed or traded as reported by Bloomberg, or if the
foregoing do not apply, the last reported sale price for the Common Stock in the
over-the-counter market on the electronic bulletin board for the Common Stock as
reported by Bloomberg or, if no last closing trade price is reported for the
Common Stock by Bloomberg, the average of the ask prices of any market makers
for the Common Stock that are listed on the "pink sheets" by the National
Quotation Bureau, Inc. If the Common Stock is not listed on a national
securities
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exchange, the Nasdaq National Market or another nationally recognized exchange
or trading system (including the over-the-counter market as reported by the
National Quotation Bureau), the FMV shall be the fair market value of the Common
Stock as determined in good faith by the Board of Directors of the Company.
4. Fractional Shares. The Company shall not be required upon the
exercise of this Warrant to issue any fractional shares, but shall make an
adjustment therefor in cash on the basis of the Fair Market Value per share of
Common Stock, as determined pursuant to subsection 1(b) above.
5. Requirements for Transfer.
(a) 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) the Company first 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.
(b) Notwithstanding the foregoing, no registration or
opinion of counsel shall be required for (i) a transfer by a Registered Holder
which is a corporation to a wholly owned subsidiary, parent or affiliate of such
corporation, 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 4, or (ii) a transfer made in accordance
with Rule 144 under the Act.
(c) Each certificate representing Warrant Shares shall
bear a legend substantially in the following form:
"The securities represented by this certificate have
not been registered under the Securities Act of 1933,
as amended, and may not be offered, sold or otherwise
transferred, pledged or hypothecated unless and until
such securities are registered under such Act or an
opinion of counsel satisfactory to the Company is
obtained to the effect that such registration is not
required."
The foregoing legend shall be removed from the certificates
representing any Warrant Shares, at the request of the holder thereof, at such
time as they become eligible for resale pursuant to Rule 144(k) under the Act.
6. No Impairment. The Company will not, by amendment of its
charter or through 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
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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 holder of this
Warrant against impairment.
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 capital reorganization of the Company, any
reclassification of the Common Stock of the Company, any consolidation or merger
of the Company with or into another corporation (other than a consolidation or
merger in which the Company is the surviving entity and its Common Stock is not
converted into or exchanged for any other securities or property), or any
transfer of all or substantially all of the assets of the Company; or
(c) of the voluntary or involuntary dissolution,
liquidation or winding-up of the Company, then, and in each such case, the
Company will mail or cause to be mailed 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,
reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up. Such notice shall be mailed at least ten 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 of Warrants. Upon the surrender by the Registered
Holder of any Warrant or Warrants, properly endorsed, to the Company at the
principal office of the Company, the Company will, subject to the provisions of
Section 4 hereof, issue and deliver to or upon the order of such 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.
10. Replacement of Warrants. 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
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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.
11. Transfers, etc.
(a) The Company will maintain a register containing the
name and address of the Registered Holder of this Warrant. The Registered Holder
may change its or his address as shown on the warrant register by written notice
to the Company requesting such change.
(b) Subject to the provisions of Section 4 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.
(c) Until any transfer of this Warrant is made in the
warrant register, the Company may treat the Registered Holder as the absolute
owner hereof for all purposes; provided, however, that if and when this Warrant
is properly assigned in blank, the Company may (but shall not be obligated to)
treat the bearer hereof as the absolute owner hereof for all purposes,
notwithstanding any notice to the contrary.
12. Mailing of Notices, etc. All notices and other communications
from the Company to the Registered Holder of this Warrant shall be mailed by
first-class certified or registered mail, postage prepaid, to the address last
furnished to the Company in writing by the Registered Holder. All notices and
other communications from the Registered Holder or in connection herewith to the
Company shall be mailed by first-class certified or registered mail, postage
prepaid, 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 of this Warrant 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.
13. No Rights as Stockholder. Until the exercise of this Warrant,
the Registered Holder of this Warrant shall not have or exercise any rights by
virtue hereof as a stockholder of the Company.
14. Xxxx-Xxxxx-Xxxxxx Compliance. If the Registered Holder is
prevented from consummating the exercise of this Warrant until the expiration or
early termination of any waiting periods imposed by the Xxxx-Xxxxx-Xxxxxx
Antitrust Improvements Act of 0000 (xxx "XXX Xxx") (such waiting periods
hereinafter referred to as the "HSR Act Restrictions"), the Company agrees to
(i) prepare and file a responsive HSR Act filing reasonably necessary to support
the Registered Holder's effort to remove the HSR Act Restrictions and (ii)
permit the extension of the expiration date of this Warrant to such date that is
five (5) business days subsequent to the termination of the HSR Act
Restrictions.
15. Change or Waiver. Any term of this Warrant may be changed or
waived only by an instrument in writing signed by the party against which
enforcement of the change or waiver is sought.
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16. 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.
17. Governing Law. This Warrant will be governed by and construed
in accordance with the internal laws of the State of Delaware (without reference
to the conflicts of law provisions thereof).
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EXECUTED as of the Date of Issuance indicated above.
STUDENT ADVANTAGE, INC.
By: /s/ Xxxxxxx X. Xxxxx, Xx.
-----------------------------
Title: President
-----------------------------
BayStar Capital, L.P.
By: /s/ Xxxxxxx X. Xxxx
-----------------------------
Title: Managing Director of BayStar
Management, LLC, the general
partner of BayStar Capital, L.P.
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EXHIBIT I
PURCHASE FORM
To:_________________ Dated:____________
The undersigned, pursuant to the provisions set forth in the attached
Warrant (No. ___), hereby irrevocably elects to purchase (check applicable box):
[ ] _____ shares of the Common Stock 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, which is
$________. 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: _______________________
_______________________
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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
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.
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