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EXHIBIT 4.2
XXXXXXX ENERGY TECHNOLOGIES, INC.
AND
CORPORATE STOCK TRANSFER COMPANY
WARRANT AGENT
WARRANT AGREEMENT
DATED AS OF , 2001
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TABLE OF CONTENTS
Section
Number Title Page
1 Definitions........................................................... 2
2 Warrants and Issue of Warrant Certificates............................ 4
3 Form of Warrant Certificates.......................................... 4
4 Term of Warrants; Exercise of Warrants................................ 5
5 Redemption............................................................ 7
6 Reservation of Warrant Shares......................................... 8
7 Payment of Taxes...................................................... 8
8 Warrant Shares to be Fully Paid....................................... 8
9 Registration of Transfer.............................................. 8
10 Adjustment of Exercise Price and Number of Shares..................... 9
11 Merger or Consolidation of the Company................................ 13
12 Modification of Agreement............................................. 13
13 Notices to Warrant Holders............................................ 14
14 No Rights as Shareholder.............................................. 15
15 Warrant Agent......................................................... 15
16 Merger, Consolidation, or Change of Name of
Warrant Agent....................................................... 16
17 Change of Warrant Agent............................................... 17
18 Notices ............................................................. 17
19 Arbitration........................................................... 18
20 Miscellaneous Provisions.............................................. 18
Warrant Agreement
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THIS
WARRANT AGREEMENT dated as of _______________, 2001, is between
Xxxxxxx Energy Technologies, Inc. (the "Company"), a Colorado corporation, and
Corporate Stock Transfer Company, Denver, Colorado (called, as well as any
successor acting as warrant agent under this Agreement, the "Warrant Agent").
RECITALS
1. The Company proposes to issue shares of its no par value Common
Stock ("Common Stock") pursuant to Registration Statement No. 333-____ (the
"Registration Statement") that the Company has filed with the United States
Securities and Exchange Commission; and
2. The Company also proposes to issue Warrants (evidenced by a "Warrant
Certificate") in connection with and in addition to the issuance of said shares
of Common Stock; and
3. Each Warrant will entitle the Warrant Holder to purchase one Warrant
Share; and
4. The Company desires to enter into this agreement to establish the
terms and conditions of the Warrants, to set forth the rights of the registered
holders of the Warrants, and to provide for the issuance, transfer and exercise
of the Warrants and other matters; and
5. The Company desires the Warrant Agent to act on behalf of the
Company and the Warrant Agent is willing so to act under the terms of this
Agreement;
NOW THEREFORE, in consideration of the mutual agreements stated in this
Agreement, the Company and the Warrant Agent agree as follows:
SECTION 1 DEFINITIONS
The following terms used in this agreement shall have the following
meanings (unless otherwise expressly provided herein):
The "Act." The Securities Act of 1933, as amended.
The "Commission." The Securities an Exchange Commission.
The "Company." Xxxxxxx Energy Technologies, Inc., a Colorado
corporation.
"Common Stock." The Common Stock, no par value per share, of the
Company, whether now or hereafter authorized, holders of which have the right to
participate in the distribution of earnings and assets of the Company without
limit as to the amount or percentage.
"Current Market Price." The Current Market Price shall be determined as
follows:
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(a) if the security at issue is listed on a national
securities exchange or admitted to unlisted trading privileges on such an
exchange or quoted on either the NASDAQ National Market or on the NASDAQ Small
Cap Market, the Current Market Price shall be the last reported sale price of
that security on such exchange or system on the day for which the Current Market
Price is to be calculated; or, if no such sale is made on such day, the average
of the highest closing bid and lowest asked price for such day on such exchange
or system; or
(b) if the security at issue is not so listed or quoted or
admitted to unlisted trading privileges, the Current Market Price shall be the
last reported sale price of that security on the OTC Bulletin Board on the day
for which the Current Market Price is to be calculated; or if no such sale is
made on such day, the average of the last reported highest bid and lowest asked
prices quoted on the OTC Bulletin Board on such day; or
(c) if the security at issue is not so listed or quoted or
admitted to unlisted trading privileges and bid and asked prices are not
reported, the Current Market Price shall be determined in such reasonable manner
as may be prescribed from time to time by the Board of Directors of the Company,
subject to the objection and arbitration procedure as described in Sections 10.9
and 19 below.
"Effective Date." __________ .
"Exercise Date." The date of surrender for exercise of any Warrant
Certificate, provided the exercise form on the back of the Warrant Certificate
or a form substantially similar thereto has been completed in full by the
Warrant Holder or a duly appointed attorney and the Warrant Certificate is
accompanied by payment in full of the Exercise Price.
"Exercise Period." The period commencing on the date the Warrants are
issued and extending to and through the Expiration Date.
"Exercise Price." $_______ per Share, as modified in accordance with
Section 10, below.
"Expiration Date." 5:00 p.m. Denver, Colorado, local time on
_____________, subject to the terms provided in Section 5 hereof for redemption;
provided, however, if such date shall be a holiday or a day on which banks are
authorized to close in the State of Colorado, the Expiration Date shall mean
5:00 p.m. Denver, Colorado, local time on the next following day which in the
State of Colorado is not a holiday or a day on which banks are authorized to
close. If the Company redeems the Warrants as provided in Section 5 of this
Agreement, the Expiration Date shall be the date fixed for redemption.
"Holder" or "Warrant Holder." The person to whom a Warrant Certificate
is issued, and any valid transferee thereof pursuant to Section 9 below.
"NASDAQ." The electronic inter-dealer quotation system operated by The
Nasdaq Stock Market, Inc.
"OTC Bulletin Board." An electronic quotation medium operated by The
Nasdaq Stock Market, Inc.
"Public Offering." The public offering by the Company of shares of
Common Stock and warrants pursuant to the Registration Statement.
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"Warrants." The Warrants issued in accordance with the terms of this
Agreement and any Warrants issued in substitution for or replacement of such
Warrants, or any Warrants into which such Warrants may be divided or exchanged.
"Warrant Shares." The Common Stock receivable upon exercise or
conversion of a Warrant, and the Common Stock underlying the unexercised portion
of a Warrant.
"Termination of Business." Any sale, lease or exchange of all, or
substantially all, of the Company's assets or business or any dissolution,
liquidation or winding up of the Company.
SECTION 2 WARRANTS AND ISSUANCE OF WARRANT CERTIFICATES
2.1 Description of Warrants. Each Warrant shall initially entitle the
Warrant Holder to purchase one share of Common Stock on exercise thereof,
subject to modification and adjustment as hereinafter provided in Section 10.
Warrant Certificates representing up to 1,376,400 warrants and evidencing the
right to purchase an aggregate of up to 1,376,400 shares of Common Stock of the
Company shall be executed by the proper officers of the Company. The Company
shall deliver Warrant Certificates in required whole number denominations to the
person entitled thereto in connection with the original issuance of Warrant
Certificates or any transfer or exchange permitted under this Agreement.
2.2 Warrant Shares. Except as provided in Section 3.4 hereof,
certificates representing the Warrant Shares shall be issued only on or after
the Exercise Date upon exercise of the Warrants or upon transfer or exchange of
the Warrant Shares following exercise of the Warrants.
SECTION 3 FORM OF WARRANT CERTIFICATE
3.1 Form of Certificates. The Warrant Certificates shall be
substantially in the form attached hereto as Exhibit A and may have such
letters, numbers or other marks of identification and such legends, summaries or
endorsements printed, lithographed or engraved thereon as the Company may deem
appropriate and as are not inconsistent with the provisions of this Agreement.
The Warrant Certificates shall be dated as of the date of issuance, whether on
initial issuance, transfer, exchange, or in lieu of mutilated, lost, stolen or
destroyed Warrant Certificates.
3.2 Execution of Certificates. The Warrant Certificates shall be
executed on behalf of the Company by its President and Secretary, by manual
signatures or by facsimile signatures printed thereon, and shall have imprinted
thereon a facsimile of the Company's seal. If any person whose facsimile
signature has been placed upon any Warrant Certificate as the signature of an
officer of the Company shall have ceased to be such officer before such Warrant
Certificate is countersigned, issued and delivered, such Warrant Certificate may
be countersigned, issued and delivered with the same effect as if such person
had not ceased to be such officer. Any Warrant Certificate may be signed by, or
may bear the facsimile signature of, any person who at the actual date of the
preparation of such Warrant Certificate shall be a proper officer of the Company
to sign such Warrant Certificate even though such person was not such an officer
upon the date of this Agreement.
3.3 Countersignatures. Warrant Certificates shall be manually
countersigned by the Warrant Agent and shall not be valid for any purpose unless
so countersigned. The Warrant Agent is hereby authorized
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to countersign and deliver to, or in accordance with the instructions of, any
Warrant Holder any Warrant Certificate that is properly issued under the terms
of this Agreement.
3.4 Mutilated, Lost, Stolen, or Destroyed Certificate. In case the
certificate or certificates evidencing the Warrants shall be mutilated, lost,
stolen or destroyed, the Company shall, at the request of the Warrant Holder,
issue and deliver in exchange and substitution for and upon cancellation of the
mutilated certificate or certificates, or in lieu of and substitution for the
certificate or certificates lost, stolen or destroyed, a new Warrant Certificate
or Certificates of like tenor and representing an equivalent right or interest,
but only upon receipt of evidence satisfactory to the Company of such loss,
theft or destruction of such Warrant and a bond of indemnity, if requested, also
satisfactory in form and amount, at the applicant's cost. Applicants for such
substitute Warrant Certificate shall also comply with such other reasonable
regulations and pay such other reasonable charges as the Company may prescribe.
3.5 Exchange of Certificate. Any Warrant Certificate may be exchanged
for another certificate or certificates entitling the Warrant Holder to purchase
a like aggregate number of Shares as the certificate or certificates surrendered
then entitled such Warrant Holder to purchase. Any Warrant Holder desiring to
exchange a Warrant Certificate shall make such request in writing delivered to
the Company, and shall surrender, properly endorsed, with signatures guaranteed,
the certificate evidencing the Warrant to be so exchanged. Thereupon, the
Company shall execute and deliver to the person entitled thereto a new Warrant
Certificate as so requested.
SECTION 4 TERM OF WARRANTS; EXERCISE OF WARRANTS
4.1 Exercise of Warrant. Subject to the terms of this Agreement, the
Warrant Holder shall have the right, at any time during the Exercise Period, to
purchase from the Company up to the number of fully paid and nonassessable
Shares to which the Warrant Holder may at the time be entitled to purchase
pursuant to this Agreement, upon surrender to the Company, at its principal
office, of the certificate evidencing the Warrants to be exercised, together
with the purchase form on the reverse thereof, duly filled in and signed, and
upon payment to the Company of the Exercise Price for the number of Shares in
respect of which such Warrants are then exercised, but in no event for less than
100 Shares (unless fewer than an aggregate of 100 shares are then purchasable
under all outstanding Warrants held by a Warrant Holder).
4.2 Payment of Exercise Price. Payment of the aggregate Exercise Price
shall be made in cash or by check, or any combination thereof.
4.3 Delivery of Share Certificate. Subject to the provisions of Section
9, upon receipt of a Warrant Certificate with the exercise form thereon duly
executed, together with payment in full of the Exercise Price for the Warrant
Shares being purchased by such exercise, or upon exercise of the Conversion
Right described in Section 4.6, the Warrant Agent shall requisition from the
Company's transfer agent (which transfer agent may be the Warrant Agent pursuant
to its appointment therefor separately from this Agreement), certificates for
Warrant Shares and upon receipt shall make delivery of certificates evidencing
the total number of whole Warrant Shares for which Warrants are then being
exercised or converted, together with cash as provided in Section 4.8 hereof in
respect of any fractional Warrant Shares otherwise issuable upon such surrender.
The certificates shall be in such names and denominations as are required for
delivery to, or in accordance with the instructions of the Warrant Holder;
provided that if fewer than all Warrant Shares issuable on exercise of a Warrant
Certificate are purchased, the Warrant Agent (if so requested) shall issue such
balance
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Warrant Certificate for the balance of the Warrant Shares. Such certificates for
the Warrant Shares shall be deemed to be issued, and the person to whom such
Warrant Shares are issued of record shall be deemed to have become a holder of
record of such Warrant Shares, as of the date of the surrender of such Warrant
Certificate and payment of the Exercise Price, whichever shall last occur;
provided further that if the books of the Company with respect to the Warrant
Shares shall be closed as of such date, the certificates for such Warrant Shares
shall be deemed to be issued, and the person to whom such Warrant Shares are
issued of record shall be deemed to have become a record holder of such Warrant
Shares, as of the date on which such books shall next be open (whether before,
on or after the applicable Expiration Date) but at the Exercise Price and upon
the other conditions in effect upon the date of surrender of the Warrant
Certificate and payment of the Exercise Price, whichever shall have last
occurred, to the Warrant Agent.
4.4 Cancellation of Certificates. All Warrant Certificates surrendered
upon exercise of Warrants shall be canceled.
4.5 Delivery of Proceeds of Exercise. Within two days after the receipt
thereof in cleared funds, the Warrant Agent shall deliver to the Company all
proceeds received from Warrant Holders on exercise of the Warrants.
4.6 Registration Statement. If any Warrant Shares issuable upon the
exercise of Warrants require the maintenance of a current registration statement
under the Securities Act of 1933, as amended (the "Act"), with respect to such
Warrant Shares before such Warrant Shares may be validly and lawfully issued,
the Company will in good faith endeavor to maintain such current registration
statement under the Act, provided that in no event shall such Warrant Shares be
issued, and the Company shall have the authority to suspend the exercise of any
or all Warrants while such registration statement is not current. Similarly, a
Warrant Holder residing in a state where a required registration or governmental
approval of issuance of the Warrant Shares is not in effect as of or has not
been obtained within a reasonable time after the surrender date of the Warrant
Certificate for exercise shall not be entitled to exercise Warrants unless in
the opinion of counsel such registration or approval in such state shall not be
required, or the Company authorizes issuance. In such event, the Warrant Holder
shall be entitled to transfer the Warrants to others, but only prior to the
Expiration Date for the Warrants being transferred.
4.7 Fractional Shares. On exercise of the Warrants by the Warrant
Holders, the Company shall not be required to deliver fractions of shares of
Common Stock; provided, however, that the Company shall purchase such fraction
for an amount in cash equal to the Current Market Price of such fraction,
computed on the trading day immediately preceding the day upon which such
Warrant Certificate was surrendered for exercise. By accepting a Warrant
Certificate, the holder thereof expressly waives any right to receive a Warrant
Certificate evidencing any fraction of a Warrant or to receive any fractional
share of securities upon exercise of a Warrant, except as expressly provided in
this Section 4.7.
4.8 Status as Shareholder. Upon receipt of the Warrant Certificate by
the Company as described in this Section, the Holder shall be deemed to be the
holder of record of the Warrant Shares issuable upon such exercise,
notwithstanding that the transfer books of the Company may then be closed or
that certificates representing such Warrant Shares may not have been prepared or
actually delivered to the holder.
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SECTION 5 REDEMPTION
5.1 Right to Redeem. The Company may, at its option, redeem the
Warrants in whole or in part on a pro rata basis for a redemption price of $.10
per Warrant (the "Redemption Price") on 30 days prior written notice to the
Warrant Holders. The right to redeem the Warrants may be exercised by the
Company only in the event (i) the closing bid price or closing sale price, as
the case may be, for the Common Stock has exceeded the Exercise Price by at
least 200% during a period of at least 20 consecutive trading days immediately
preceding the date of mailing of the notice of redemption, (ii) the Company has
in effect a current registration statement (or a post-effective amendment to an
existing registration statement) with the Commission registering the Warrant
Shares, and (iii) the expiration of the 30 days notice period is within the
Exercise Period. In the event the Company exercises its right to redeem the
Warrants, the Expiration Date will be deemed to be, and the Warrants will be
exercisable until the close of business on, the date fixed for redemption in
such notice (the "Redemption Date"). If any Warrant called for redemption is not
exercised by such time, it will cease to be exercisable and the Warrant Holder
thereof will be entitled only to the Redemption Price.
5.2 Termination of Rights. From and after the Redemption Date, all
rights of the holders of record of redeemed Warrants (except the right to
receive the Redemption Price) shall terminate, but only if (i) no later than one
day prior to the Redemption Date the Company shall have irrevocably deposited
with the Warrant Agent, as paying agent, a sufficient amount to pay on the
Redemption Date the Redemption Price for all Warrants called for redemption, and
(ii) the notice of redemption shall have stated the name and address of the
Warrant Agent and the intention of the company to deposit such amount with the
Warrant Agent no later than one day prior to the Redemption Date.
5.3 Payment of Redemption Price. The Warrant Agent shall pay to the
holders of record of redeemed Warrants all amounts received by the Warrant Agent
for the redemption of warrants to which the holders of record of such redeemed
Warrants who shall have surrendered their Warrants are entitled. Any amounts
deposited by the Company with the Warrant Agent to pay the Redemption Price for
all Warrants called for redemption that are not required for redemption of
Warrants may be withdrawn by the Company. Any amounts deposited by the Company
with the Warrant Agent to pay the Redemption Price for all Warrants called for
redemption that shall be unclaimed six months after the Redemption Date may be
withdrawn by the Company, and thereafter the holders of the Warrants called for
redemption for which such funds were deposited shall look solely to the Company
for payment. The Company shall be entitled to the interest, if any, on funds
deposited with the Warrant Agent, and the Warrant Holders of redeemed Warrants
shall have no right to any such interest.
5.4 Failure to Make Deposit. If the Company fails to make a sufficient
deposit with the Warrant Agent as provided above, the Warrant Holder of any
Warrants called for redemption may at the option of the holder (i) by notice to
the Company declare the notice of redemption a nullity as to such holder, or
(ii) maintain an action against the Company for the Redemption Price. If the
Warrant Holder brings such an action, the Company will pay the reasonable
attorney's fees of the Warrant Holder. If the Warrant Holder fails to bring an
action against the Company for the Redemption Price within 60 days after the
Redemption Date, the Warrant Holder shall be deemed to have elected to declare
the notice of redemption to be a nullity as to such holder and such notice shall
be without any force or effect as to such holder.
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SECTION 6. RESERVATION OF WARRANT SHARES
There has been reserved, and the Company shall at all times keep
reserved so long as the Warrants remain outstanding, out of its authorized and
unissued Common Stock, such number of shares of Common Stock as shall be subject
to purchase under the Warrants. The Company covenants that all Warrant Shares
that may be issued and delivered to a Warrant Holder upon the exercise of a
Warrant and payment of the Exercise Price shall be validly issued, fully paid
and nonassessable, and free from all taxes, liens and charges with respect to
the issuance thereof. Every transfer agent for the Common Stock and other
securities of the Company issuable upon the exercise of the Warrants will be
irrevocably authorized and directed at all times to reserve such number of
authorized shares and other securities as shall be requisite for such purpose.
The Company will keep a copy of this Agreement on file with every transfer agent
for the Common Stock and other securities of the Company issuable upon the
exercise of the Warrants. The Company will supply every such transfer agent with
duly executed stock and other certificates, as appropriate, for such purpose and
will provide or otherwise make available any cash which may be payable as
provided in Sections 4.7 and 7 hereof.
SECTION 7 PAYMENT OF TAXES
The Company will pay all documentary stamp taxes, if any, attributable
to the initial issuance of the Warrants or the Warrant Shares and any tax
(except federal or state income tax) which may be payable in respect of any
transfer of the Warrants or the Warrant Shares.
SECTION 8 WARRANT SHARES TO BE FULLY PAID
The Company covenants that all Warrant Shares that may be issued and
delivered to a Holder of this Warrant upon the exercise of this Warrant and
payment of the Exercise Price, and all Converted Shares that may be issued and
delivered to a holder upon a conversion of a Warrant will be, upon such
delivery, validly and duly issued, fully paid and nonassessable.
SECTION 9 REGISTRATION OF TRANSFER
9.1. Exchange of Certificate. A Warrant Certificate may be exchanged
for another certificate or certificates entitling the Warrant Holder to purchase
a like aggregate number of Warrant Shares as the certificate or certificates
surrendered then entitled such Warrant Holder to purchase. Any Warrant Holder
desiring to exchange a Warrant Certificate shall make such request in writing
delivered to the Company, and shall surrender, properly endorsed, with
signatures guaranteed, the certificate evidencing the Warrant to be so
exchanged. Thereupon, the Company shall execute and deliver to the person
entitled thereto a new Warrant Certificate as so requested.
9.2 Transfer. The Warrants may be transferred in whole or in part.
Warrant Certificates representing the Warrants to be transferred shall be
surrendered to the Warrant Agent, properly endorsed, with signatures guaranteed.
Thereupon, the Company shall execute and deliver to the persons entitled thereto
the Warrant Certificate or Certificates to which the holder making the transfer
and the person to whom the transfer is made are entitled and the Warrant Agent
shall promptly cancel the surrendered Warrant Certificate.
9.3 Ownership Records. The Warrant Agent shall keep books for
registration of ownership and transfer of Warrant Certificates. Such books shall
show the names and addresses of the respective holders of
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the Warrant Certificates and the number of Warrants evidenced by each such
Warrant Certificate. All Warrant Certificates presented for registration of
transfer shall be duly endorsed or be accompanied by a written instrument or
instruments of transfer in form satisfactory to the Company and the Warrant
Agent. On due presentment for registration of transfer of any Warrant
Certificate at such office, the Company shall caused to be executed, issued and
delivered to the transferee or transferees a new Warrant Certificate or
Certificates representing an equal aggregate number of Warrants.
9.4 Ownership Prior to Presentment. Prior to due presentment for
registration of transfer thereof, the Company may treat the Warrant Holder as
the absolute owner thereof (notwithstanding any notations of ownership or
writing thereon made by anyone other than the Company) and the parties hereto
shall not be affected by any notice to the contrary.
SECTION 10 ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES
The number and kind of securities purchasable upon the exercise of the
Warrants and the Warrant Price shall be subject to adjustment from time to time
upon the happening of certain events, as follows:
10.1 Adjustments. The number of Warrant Shares purchasable upon the
exercise of the Warrants shall be subject to adjustments as follows:
(a) In case the Company shall (i) pay a dividend in Common
Stock or securities convertible into Common Stock or make a distribution to its
stockholders in Common Stock or securities convertible into Common Stock; (ii)
subdivide its outstanding Common Stock; (iii) combine its outstanding Common
Stock into a smaller number of shares of Common Stock; or (iv) issue by
reclassification of its Common Stock other securities of the Company; then the
number of Warrant Shares purchasable upon exercise of the Warrants immediately
prior thereto shall be adjusted so that the Warrant Holder shall be entitled to
receive the kind and number of Warrant Shares or other securities of the Company
which it would have owned or would have been entitled to receive immediately
after the happening of any of the events described above, had such Warrants been
exercised immediately prior to the happening of such event or any record date
with respect thereto. Any adjustment made pursuant to this subsection 10.1(a)
shall become effective immediately after the effective date of such event
retroactive to the record date, if any, for such event.
(b) If, prior to the expiration of the Warrants by exercise,
by their terms, or by redemption, the Company shall be recapitalized by
reclassifying its outstanding shares of Common Stock into shares with a
different par value, or by changing its outstanding shares of Common Stock into
shares without par value or in the event of any other material change of the
capital structure of the Company or of any successor corporation by reason of
any reclassification, recapitalization or conveyance, prompt, proportionate,
equitable, lawful and adequate provision shall be made whereby any Warrant
Holder shall thereafter have the right to purchase, on the basis and the terms
and conditions specified in this Agreement, in lieu of the Warrant Shares
theretofore purchasable on the exercise of any Warrant, such securities or
assets as may be issued or payable with respect to or in exchange for the number
of Warrant Shares theretofore purchasable on exercise of the Warrants had such
reclassification, recapitalization or conveyance not taken place; and in any
such event, the rights of any Warrant Holder to any adjustment in the number of
Warrant Shares purchasable on exercise of such Warrant, as set forth above,
shall continue to be preserved in respect of any stock, securities or assets
which the Warrant Holder becomes entitled to purchase.
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(c) In case the Company shall issue rights, options, warrants,
or convertible securities to all or substantially all holders of its Common
Stock, without any charge to such holders, entitling them to subscribe for or
purchase Common Stock at a price per share which is lower at the record date
mentioned below than the then Current Market Price, the number of Shares
thereafter purchasable upon the exercise of each Option shall be determined by
multiplying the number of Shares theretofore purchasable upon exercise of the
Options by a fraction, of which the numerator shall be the number of shares of
Common Stock outstanding immediately prior to the issuance of such rights,
options, warrants or convertible securities plus the number of additional shares
of Common Stock offered for subscription or purchase, and of which the
denominator shall be the number of shares of Common Stock outstanding
immediately prior to the issuance of such rights, options, warrants, or
convertible securities plus the number of shares which the aggregate offering
price of the total number of shares offered would purchase at such Current
Market Price. Such adjustment shall be made whenever such rights, options,
warrants, or convertible securities are issued, and shall become effective
immediately and retroactively to the record date for the determination of
shareholders entitled to receive such rights, options, warrants, or convertible
securities.
(d) In case the Company shall distribute to all or
substantially all holders of its Common Stock evidences of its indebtedness or
assets (excluding cash dividends or distributions out of earnings) or rights,
options, warrants, or convertible securities containing the right to subscribe
for or purchase Common Stock (excluding those referred to in subsection 10.1(b)
above), then in each case the number of Warrant Shares thereafter purchasable
upon the exercise of the Warrants shall be determined by multiplying the number
of Warrant Shares theretofore purchasable upon exercise of the Warrants by a
fraction, of which the numerator shall be the then Current Market Price on the
date of such distribution, and of which the denominator shall be such Current
Market Price on such date minus the then fair value (determined as provided in
subsection 10.1(g)(y) below) of the portion of the assets or evidences of
indebtedness so distributed or of such subscription rights, options, warrants,
or convertible securities applicable to one share. Such adjustment shall be made
whenever any such distribution is made and shall become effective on the date of
distribution retroactive to the record date for the determination of
stockholders entitled to receive such distribution.
(e) No adjustment in the number of Warrant Shares purchasable
pursuant to the Warrants shall be required unless such adjustment would require
an increase or decrease of at least one percent in the number of Warrant Shares
then purchasable upon the exercise of the Warrants or, if the Warrants are not
then exercisable, the number of Warrant Shares purchasable upon the exercise of
the Warrants on the first date thereafter that the Warrants become exercisable;
provided, however, that any adjustments which by reason of this subsection
10.1(e) are not required to be made immediately shall be carried forward and
taken into account in any subsequent adjustment.
(f) Whenever the number of Warrant Shares purchasable upon the
exercise of the Warrant is adjusted, as herein provided, the Exercise Price
payable upon exercise of the Warrant shall be adjusted by multiplying such
Exercise Price immediately prior to such adjustment by a fraction, of which the
numerator shall be the number of Warrant Shares purchasable upon the exercise of
the Warrant immediately prior to such adjustment, and of which the denominator
shall be the number of Warrant Shares so purchasable immediately thereafter.
(g) For the purpose of this subsection 10.1, the term "Common
Stock" shall mean (i) the class of stock designated as the Common Stock of the
Company at the date of this Agreement, or (ii) any other class of stock
resulting from successive changes or reclassifications of such Common Stock
consisting solely of
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changes in par value, or from par value to no par value, or from no par value to
par value. In the event that at any time, as a result of an adjustment made
pursuant to this Section 10, the Warrant Holder shall become entitled to
purchase any securities of the Company other than Common Stock, (y) if the
Warrant Holder's right to purchase is on any other basis than that available to
all holders of the Company's Common Stock, the Company shall obtain an opinion
of an independent investment banking firm valuing such other securities; and (z)
thereafter the number of such other securities so purchasable upon exercise of
the Warrants shall be subject to adjustment from time to time in a manner and on
terms as nearly equivalent as practicable to the provisions with respect to the
Warrant Shares contained in this Section 10.
(h) Upon the expiration of any rights, options, warrants, or
conversion privileges, if such shall have not been exercised, the number of
Shares purchasable upon exercise of the Warrants, to the extent the Warrants
have not then been exercised, shall, upon such expiration, be readjusted and
shall thereafter be such as they would have been had they been originally
adjusted (or had the original adjustment not been required, as the case may be)
on the basis of (i) the fact that the only shares of Common Stock so issued were
the shares of Common Stock, if any, actually issued or sold upon the exercise of
such rights, options, warrants, or conversion privileges, and (ii) the fact that
such shares of Common Stock, if any, were issued or sold for the consideration
actually received by the Company upon such exercise plus the consideration, if
any, actually received by the Company for the issuance, sale or grant of all
such rights, options, warrants, or conversion privileges whether or not
exercised; provided, however, that no such readjustment shall have the effect of
decreasing the number of Shares purchasable upon exercise of the Warrants by an
amount in excess of the amount of the adjustment initially made in respect of
the issuance, sale, or grant of such rights, options, warrants, or conversion
rights.
10.2 No Adjustment for Dividends. Except as provided in subsection
10.1, no adjustment in respect of any dividends or distributions out of earnings
shall be made during the term of the Warrants or upon the exercise of the
Warrants.
10.3 No Adjustment in Certain Cases. No adjustments shall be made
pursuant to Section 4 hereof in connection with the issuance of the Common Stock
sold as part of the Public Offering sale or the issuance of Warrant Shares upon
exercise of the Warrants. No adjustments shall be made pursuant to Section 10
hereof in connection with the grant or exercise of presently authorized or
outstanding options to purchase, or the issuance of shares, of Common Stock
under the Company's director or employee benefit plans disclosed in the
Registration Statement relating to the Public Offering.
10.4 Preservation of Purchase Rights upon Reclassification,
Consolidation, etc. In case of any consolidation of the Company with or merger
of the Company into another corporation, or in case of any sale or conveyance to
another corporation of the property, assets, or business of the Company as an
entirety or substantially as an entirety, the Company or such successor or
purchasing corporation, as the case may be, shall execute an agreement that the
Warrant Holder shall have the right thereafter upon payment of the Exercise
Price in effect immediately prior to such action to purchase, upon exercise of
the Warrants, the kind and amount of shares and other securities and property
which it would have owned or have been entitled to receive after the happening
of such consolidation, merger, sale, or conveyance had the Warrants been
exercised immediately prior to such action. In the event of a merger described
in Section 368(a)(2)(E) of the Internal Revenue Code of 1986, in which the
Company is the surviving corporation, the right to purchase Warrant Shares under
the Warrants shall terminate on the date of such merger and thereupon the
Warrants shall become null and void, but only if the controlling corporation
shall agree to substitute for the Warrants, its Warrants
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which entitle the holder thereof to purchase upon their exercise the kind and
amount of shares and other securities and property which it would have owned or
been entitled to receive had the Warrants been exercised immediately prior to
such merger. Any such agreements referred to in this subsection 10.4 shall
provide for adjustments, which shall be as nearly equivalent as may be
practicable to the adjustments provided for in Section 10 hereof. The provisions
of this subsection 10.4 shall similarly apply to successive consolidations,
mergers, sales, or conveyances.
10.5 Par Value of Shares of Common Stock. Before taking any action
which would cause an adjustment effectively reducing the portion of the Exercise
Price allocable to each Warrant Share below the par value per share of the
Common Stock issuable upon exercise of the Warrants, the Company will take any
corporate action which may, in the opinion of its counsel, be necessary in order
that the Company may validly and legally issue fully paid and nonassessable
Common Stock upon exercise of the Warrants.
10.6 Independent Public Accountants. The Company may retain a firm of
independent public accountants of recognized national standing (which may be any
such firm regularly employed by the Company) to make any computation required
under this Section 10, and a certificate signed by such firm shall be conclusive
evidence of the correctness of any computation made under this Section 10.
10.7 Statement on Warrant Certificates. Irrespective of any adjustments
in the number of securities issuable upon exercise of the Warrants, Warrant
Certificates theretofore or thereafter issued may continue to express the same
number of securities as are stated in the similar Warrant Certificates initially
issuable pursuant to this Agreement. However, the Company may, at any time in
its sole discretion (which shall be conclusive), make any change in the form of
Warrant Certificate that it may deem appropriate and that does not affect the
substance thereof; and any Warrant Certificate thereafter issued, whether upon
registration of transfer of, or in exchange or substitution for, an outstanding
Warrant Certificate, may be in the form so changed.
10.8 Treasury Stock. For purposes of this Section 10, shares of Common
Stock owned or held at any relevant time by, or for the account of, the Company,
in its treasury or otherwise, shall not be deemed to be outstanding for purposes
of the calculations and adjustments described.
10.9 Officers' Certificate. Whenever the Exercise Price or that
aggregate number of Warrant Securities purchasable pursuant to this Warrant
shall be adjusted as required by the provisions of this Section 10, the Company
shall promptly file with the Warrant Agent an officers' certificate executed by
the Company's President and Secretary or Assistant Secretary, describing the
adjustment and setting forth, in reasonable detail, the facts requiring such
adjustment and the basis for and calculation of such adjustment in accordance
with the provisions of this Warrant Agreement. Each such officers' certificate
shall be made available to the Holders for inspection at all reasonable times,
and the Company, after each such adjustment, shall promptly deliver a copy of
the officers' certificate relating to that adjustment to the Holders. If the
officers' certificate is not accompanied by the Certificate described in Section
10.6, the officers' certificate described in this Section 10.9 shall be deemed
to be conclusive as to the correctness of the adjustment reflected therein if,
and only if, no Holder delivers written notice to the Company of an objection to
the adjustment within 30 days after the officers' certificate is delivered to
the Holders. The Company will make its books and records available for
inspection and copying during normal business hours by the Holder so as to
permit a determination as to the correctness of the adjustment. If a holder
delivers written notice of an objection to the Company and the parties cannot
reconcile the dispute, the Holder and the Company shall submit the dispute to
arbitration
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pursuant to the provisions of Section 19 below. Failure to prepare or provide
the officers' certificates shall not modify the parties' rights hereunder.
SECTION 11 MERGER OR CONSOLIDATION OF THE COMPANY
The Company will not merge or consolidate with or into any other
corporation or sell all or substantially all of its property to another
corporation, unless the provisions of Section 10.4 are complied with.
SECTION 12 MODIFICATION OF AGREEMENT
The Company may by supplemental agreement make any changes or
corrections in this Agreement it shall deem appropriate to cure any ambiguity or
to correct any defective or inconsistent provision or mistake or error herein
contained. Additionally, the Company may make any changes or corrections deemed
necessary which shall not adversely affect the interests of the Warrant Holders,
including lowering the exercise price or extending the Exercise Period of the
Warrants; provided, however, this Agreement shall not otherwise be modified,
supplemented or altered in any respect except with the consent in writing of the
Warrant Holders who hold not less than a majority of the Warrants then
outstanding and provided further that no such amendment shall accelerate the
Warrant Expiration Date or increase the Exercise Price without the approval of
all the holders of all outstanding Warrants.
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SECTION 13 NOTICES TO WARRANT HOLDERS
If, prior to the expiration of this Warrant either by its terms or by
its exercise in full, any of the following shall occur:
(i) the Company shall declare a dividend on its Common Stock
or authorize any other distribution on its Common Stock; or
(ii) the Company shall authorize the granting to the
stockholders of its Common Stock of rights to subscribe for or purchase any
securities or any other similar rights; or
(iii) any reclassification, reorganization or similar change
of the Common Stock, or any consolidation or merger to which the Company is a
party, or the sale, lease, or exchange of any significant portion of the assets
of the Company; or
(iv) the voluntary or involuntary dissolution, liquidation or
winding up of the Company; or
(v) any purchase, retirement, or redemption by the Company of
its Common Stock;
then, and in any such case, the Company shall deliver to the Holder or Holders
written notice thereof at least 30 days prior to the earliest applicable date
specified below with respect to which notice is to be given, which notice shall
state the following:
(a) the purpose for which a record of stockholders is to be
taken;
(b) the number, amount, price, and nature of the shares of
Common Stock or other stock, securities, or assets which will be deliverable on
Warrant Shares following exercise of the Warrants if such exercise occurs prior
to the record date for such action;
(c) the date on which a record is to be taken for the purpose
of such dividend, distribution or rights, or, if a record is not to be taken,
the date as of which the stockholders of Common Stock of record to be entitled
to such dividend, distribution or rights are to be determined;
(d) the date on which such reclassification, reorganization,
consolidation, merger, sale, transfer, dissolution, liquidation, winding up or
purchase, retirement or redemption is expected to become effective, and the
date, if any, as of which the Company's stockholders of Common Stock of record
shall be entitled to exchange their Common Stock for securities or other
property deliverable upon such reclassification, reorganization, consolidation,
merger, sale, transfer, dissolution, liquidation, winding up, purchase,
retirement or redemption; and
(e) if any matters referred to in the foregoing clauses (x)
and (y) are to be voted upon by stockholders of Common Stock, the date as of
which those stockholders to be entitled to vote are to be determined.
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SECTION 14 NO RIGHTS AS SHAREHOLDER
Nothing contained in this Agreement or in the Warrants shall be
construed as conferring upon the Warrant Holder or its transferees any rights as
a shareholder of the Company, including the right to vote, receive dividends,
consent or receive notices as a shareholder in respect to any meeting of
shareholders for the election of directors of the Company or any other matter.
The Company covenants, however, that for so long as this Warrant is at least
partially unexercised, it will furnish any Holder of this Warrant with copies of
all reports and communications furnished to the shareholders of the Company.
SECTION 15 WARRANT AGENT
15.1. Appointment. The Company hereby appoints the Warrant Agent to act
as the agent of the Company in accordance with this Agreement and Warrant Agent
hereby accepts such appointment.
15.2 Duties. The Warrant Agent undertakes the duties and obligations
imposed by this Agreement upon the following terms and conditions by all of
which the Company and every Warrant Holder by acceptance of any Warrant
Certificates, shall be bound:
(i) The statements contained in this Agreement and in the
Warrant Certificates shall be taken as statements of the Company and the Warrant
Agent assumes no responsibility for the correctness of any of the same except
such as described by the Warrant Agent or action taken or to be taken by it.
(ii) The Warrant Agent shall not be responsible for any
failure of the Company to comply with any of the Company's covenants contained
in this Agreement or in the Warrant Certificates.
(iii) The Warrant Agent may consult at any time with counsel
satisfactory to it (who may be counsel for the Company) and the Warrant Agent
shall incur no liability or responsibility to the Company or to any Warrant
Holder in respect to any action taken, suffered or omitted by it hereunder in
good faith and in accordance with the opinion or the advice of such counsel,
provided the Warrant Agent shall have exercised reasonable care in the selection
and continued employment of such counsel.
(iv) The Warrant Agent shall incur no liability or
responsibility to the Company or to any Warrant Holder for any action taken in
reliance on any notice, resolution, waiver, consent, order, certificate, or
other paper, document or instrument believed by it to be genuine and to have
been signed, sent or presented by the property party or parties.
(v) The Company agrees to pay to the Warrant Agent the Warrant
Agent's standard published rates in effect on the date of this Agreement, as the
same may be changed from time to time upon thirty (30) days prior written notice
from the Warrant Agent to the Company, for all services rendered by the Warrant
Agent in the execution of this Agreement; to reimburse the Warrant Agent for all
expenses, taxes and governmental charges and other charges of any kind and
nature incurred by the Warrant Agent in the execution of this Agreement; and to
indemnify the Warrant Agent and save it harmless against any and all
liabilities, including judgments, costs and counsel fees, for anything done or
omitted by the Warrant Agent in the execution of this Agreement except as a
result of the Warrant Agent's negligence or bad faith.
(vi) The Warrant Agent shall be under no obligation to
institute any action, suit or legal proceeding or to take any other action
likely to involve expense unless the Company or one or more Warrant Holders
shall furnish the Warrant Agent with reasonable security and indemnity for any
costs and expenses
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which may be incurred, but this provision shall not affect the power of the
Warrant Agent to take such action as the Warrant Agent may consider proper,
whether with or without any such security or indemnity. All rights of action
under this Agreement or under any of the Warrants may be enforced by the Warrant
Agent without the possession of any of the Warrant Certificates or the
production thereof at any trial or other proceeding relative thereto, and any
such action, suit or proceedings instituted by the Warrant Agent shall be
brought in its name as Warrant Agent, and any recovery or judgment shall be for
the ratable benefit of the Warrant Holders as their respective rights or
interests may appear.
(vii) The Warrant Agent and any stockholder, director, officer
or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or
other securities of the Company or become pecuniarily interested in any
transaction in which the Company may be interested, or contract with or lend
money to the Company or otherwise act as fully and freely as though it were not
Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant
Agent from acting in any other capacity for the Company or for any other legal
entity.
(viii) The Warrant Agent shall act hereunder solely as agent
for the Company, and its duties shall be determined solely by the provisions
hereof and those provisions of the Act, the Securities Exchange Act of 1934, as
amended, and those Rules and Regulations of the Commission applicable to the
duties of the Warrant Agent hereunder.
SECTION 16 MERGER, CONSOLIDATION, OR CHANGE OF NAME OF WARRANT AGENT
16.1. Successor. Any corporation into which the Warrant Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Warrant
Agent shall be a party, or any corporation succeeding to the corporate trust
business of the Warrant Agent, shall be the successor to the Warrant Agent
hereunder without the execution or filing of any paper or any further act on the
part of the parties hereto, provided that such corporation would be eligible for
appointment as a successor Warrant Agent under the provisions of Section 17 of
this Agreement. In case at the time such successor to the Warrant Agent shall
succeed to the agency created by this Agreement, and in case at that time any of
the Warrant Certificates shall have been countersigned but not delivered, any
such successor to the Warrant Agent may adopt the countersignature of the
original Warrant Agent; and in case at the time any of the Warrant Certificates
shall not have been countersigned, any successor to the Warrant Agent may
countersign such Warrant Certificates either in the name of the predecessor
Warrant Agent or in the name of the successor Warrant Agent; and in all such
cases such Warrant Certificates shall have the full force provided in the
Warrant Certificates and in this Agreement.
16.2. Change of Name. In case at any time the name of the Warrant Agent
shall be changed and at such time any of the Warrant Certificates shall have
been countersigned but not delivered, the Warrant Agent may adopt the
countersignature under its prior name; and in case at that time any of the
Warrant Certificates shall not have been countersigned, the Warrant Agent may
countersign such Warrant Certificates either in its prior name or in its changed
name; and in all such cases such Warrant Certificates shall have the full force
provided in the Warrant Certificates and in this Agreement.
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SECTION 17 CHANGE OF WARRANT AGENT
The Warrant Agent may resign and be discharged from its duties under
this Agreement by giving to the Company notice in writing, and by giving notice
in writing to each Warrant Holder at his address appearing in the Warrant
register, specifying a date when such resignation shall take effect, which
notice shall be sent at least 90 days prior to the date so specified. If the
Warrant Agent shall resign or shall otherwise become incapable of acting, the
Company shall appoint a successor to the Warrant Agent. If the Company shall
fail to make such appointment within a period of 90 days after it has been
notified in writing of such resignation or incapacity by the resigning or
incapacitated Warrant Agent or by any Warrant Holder, then any Warrant Holder
may apply to any court of competent jurisdiction for the appointment of a
successor to the Warrant Agent. Pending appointment of a successor to the
Warrant Agent, either by the Company or by such court, the Company shall carry
out the duties of the Warrant Agent. Any successor Warrant Agent, whether
appointed by the Company or by such court, shall be a transfer agent, bank or
trust company, in good standing, organized under the laws of one of the states
of the United States of America or under the laws of the United States of
America. After appointment, the successor Warrant Agent shall be vested with the
same powers, rights, duties and responsibilities as if it had been originally
named as Warrant Agent without further act or deed and the former Warrant Agent
shall deliver and transfer to the successor Warrant Agent any property at the
time held by it hereunder, and execute and deliver any further assurance,
conveyance, act or deed necessary for the purpose. Failure to give any notice
provided for in this Section, however, or any defect therein, shall not affect
the legality or validity of the resignation or removal of the Warrant Agent or
the appointment of the successor Warrant Agent, as the case may be.
SECTION 18 NOTICES
18.1 The Company. All notices, demands, claims, elections, opinions,
requests or other communications hereunder (however characterized or described)
shall be in writing and shall be deemed duly given or made if (and then two
business days after) sent by registered or certified mail, return receipt
requested, postage prepaid and addressed to, in the case of the Company as
follows:
Xxxxxxx Energy Technologies, Inc.
000 Xxxxxxx Xxxxx
Xxxxxx Xxxx, Xxxxxxxx 00000
Attention: Secretary
18.2 The Warrant Agent. All notices, demands, claims, elections,
opinions, requests or other communications hereunder (however characterized or
described) shall be in writing and shall be deemed duly given or made if (and
then two business days after) sent by registered or certified mail, return
receipt requested, postage prepaid and addressed to, in the case of the Warrant
Agent as follows:
Corporate Stock Transfer
Compliance Department
000 Xxxxxxxxxxx Xxxxxx
Xxxxx 0000
Xxxxxx, Xxxxxxxx 00000-0000
18.3 The Warrant Holders. Any distribution, notice or demand required
or authorized by this Agreement to be given or made by the Company or the
Warrant Agent to or on the Warrant Holders shall be sufficiently given or made
if sent by mail, first class, certified or registered, postage prepaid,
addressed to the
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Warrant Holders at their last known addresses as they shall appear on the
registration books for the Warrant Certificates maintained by the Warrant Agent.
18.4 Effectiveness of Notice. The Company may send any notice, demand,
claim, election, opinion, request or communication hereunder to the intended
recipient at the address set forth above using any other means (including
personal delivery, expedited courier, messenger service, telecopy, telex,
ordinary mail or electronic mail), but no such notice, demand, claim, election,
opinion, request or other communication shall be deemed to have been duly given
or made unless and until it actually is received by the intended recipient. The
Company may change the address to which notices, demands, claims, elections,
opinions, requests and other communications hereunder are to be delivered by
giving the Warrant Holders notice in the manner herein set forth.
SECTION 19 ARBITRATION
The Company and the Holder, and by receipt of a Warrant Certificate or
any Warrant Shares, all subsequent Holders or holders of Warrant Shares, agree
to submit all controversies, claims, disputes and matters of difference with
respect to this Agreement and the Warrant Certificates, including, without
limitation, the application of this Section 19, to arbitration in
New York,
New
York, according to the rules and practices of the American Arbitration
Association from time to time in force; provided, however, that if such rules
and practices conflict with the applicable procedures of
New York courts of
general jurisdiction or any other provisions of
New York law then in force,
those
New York rules and provisions shall govern. This agreement to arbitrate
shall be specifically enforceable. Arbitration may proceed in the absence of any
party if notice of the proceeding has been given to that party. The parties
agree to abide by all awards rendered in any such proceeding. These awards shall
be final and binding on all parties to the extent and in the manner provided by
the rules of civil procedure enacted in
New York. All awards may be filed, as a
basis of judgment and of the issuance of execution for its collection, with the
clerk of one or more courts, state or federal, having jurisdiction over either
the party against whom that award is rendered or its property. No party shall be
considered in default hereunder during the pendency of arbitration proceedings
relating to that default.
SECTION 20 MISCELLANEOUS PROVISIONS
20.1 Persons Benefiting. This Agreement shall be binding upon and inure
to the benefit of the Company, the Warrant Agent and their respective successors
and assigns and the Warrant Holders. By his acceptance of a Warrant Certificate,
the Holder accepts and agrees to comply with all of the terms and provisions
hereof. Nothing in this Agreement is intended or shall be construed to confer on
any other person any right, remedy or claim or to impose on any other person any
duty, liability or obligation.
20.2 Severability. If any term contained herein shall be held, declared
or pronounced void, voidable, invalid, unenforceable or inoperative for any
reason by any court of competent jurisdiction, government authority or
otherwise, such holding, declaration or pronouncement shall not affect adversely
any other term, which shall otherwise remain in full force and effect, and the
effect of such holding, declaration or pronouncement shall be limited to the
territory or jurisdiction in which made.
20.3 Termination. This Agreement shall terminate as of the close of
business on the Expiration Date, or such earlier date upon which all Warrants
shall have been exercised or redeemed; except that the
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exercise of a Warrant in full or the Expiration Date shall not terminate the
provisions of this Agreement as it relates to holders of Warrant Securities.
20.4 Governing Law. These terms and each Warrant Certificate issued
hereunder shall be deemed to be a contract under the laws of the State of
New
York and for all purposes shall be construed in accordance with the laws of said
state without giving effect to conflicts of laws provisions of such state.
20.5 Agreement Available to Warrant Holders. A copy of these terms
shall be available at all reasonable times at the office of the Warrant Agent
for inspection by any Warrant Holder. As a condition of such inspection, the
Company may require any Warrant Holder to submit a Warrant Certificate held of
record for inspection.
20.6 Counterparts. This Agreement may be executed in any number of
counterparts, each of such counterparts shall for all purposes be deemed to be
an original and all such counterparts shall together constitute but one and the
same instrument.
20.7 Failure to Perform. If the Company fails to perform any of its
obligations hereunder, it shall be liable to the Warrant Holder for all damages,
costs and expenses resulting from the failure, including, but not limited to,
all reasonable attorney's fees and disbursements.
20.8 Paragraph Headings. Paragraph headings used in this Warrant are
for convenience only and shall not be taken or construed to define or limit any
of the terms or provisions of this Warrant. Unless otherwise provided, or unless
the context shall otherwise require, the use of the singular shall include the
plural and the use of any gender shall include all genders.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed, all as of the day and year first written above.
XXXXXXX ENERGY TECHNOLOGIES, INC.
By:
---------------------------
Name:
---------------------------
Title:
---------------------------
Attest:
----------------------------
Secretary
CORPORATE STOCK TRANSFER COMPANY
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By:
---------------------------
Name:
---------------------------
Title:
---------------------------
Attest:
----------------------------
Secretary
Warrant Agreement
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