Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34 Filing Table of Contents
Document/ExhibitDescriptionPagesSize
1: 10-K Annual Report HTML 1.89M
2: EX-4.1 Specimen Common Stock Certificate HTML 26K
3: EX-10.55 Form of Indemnification Agreement for Directors HTML 98K
and Officers
4: EX-10.58 Amended and Restated Employment Agreement HTML 111K
5: EX-10.65 First Amendment to Letter of Credit Facility HTML 64K
Agreement
6: EX-10.67 First Amendment to Revolving Credit Agreement HTML 56K
7: EX-10.80 Amendment No. 5 to Ingot Supply Agreement HTML 43K
8: EX-10.82 2011 Resolution Agreement to Wafering Supply and HTML 39K
Sales Agreement
9: EX-10.89 Liquidity Support Agreement HTML 183K
10: EX-10.90 Compensation and Funding Agreement HTML 303K
11: EX-10.91 Amendment No. 3 to Affiliation Agreement HTML 47K
12: EX-10.92 Warrant to Purchase Common Stock HTML 131K
13: EX-10.93 Revolving Credit and Convertible Loan Agreement HTML 270K
14: EX-10.94 Private Placement Agreement HTML 274K
15: EX-10.95 Form of Warrant to Purchase Common Stock HTML 131K
16: EX-10.96 Form of Guarantee From Total S.A. and Bank HTML 52K
17: EX-10.97 Form of Convertible Term Loan Note HTML 94K
18: EX-10.98 Revolving Loan Note HTML 37K
19: EX-10.99 Form of Terms Agreement HTML 35K
20: EX-21.1 List of Subsidiaries HTML 32K
21: EX-23.1 Consent of Independent Registered Public HTML 28K
Accounting Firm
22: EX-24.1 Power of Attorney HTML 46K
23: EX-31.1 Certification by Chief Executive Officer Pursuant HTML 36K
to Rule 13A-14(A)/15D-14(A)
24: EX-31.2 Certification by Chief Financial Officer Pursuant HTML 36K
to Rule 13A-14(A)/15D-14(A)
25: EX-32.1 Certification Furnished Pursuant to 18 U.S.C. HTML 32K
Section 1350 as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002
78: R1 Document and Entity Information HTML 55K
65: R2 Consolidated Balance Sheets HTML 181K
76: R3 Consolidated Balance Sheets (Parentheticals) HTML 56K
80: R4 Consolidated Statements of Operations HTML 179K
100: R5 Consolidated Statements of Stockholders' Equity HTML 172K
and Comprehensive Income
67: R6 Consolidated Statements of Cash Flows HTML 304K
75: R7 The Company and Summary of Significant Accounting HTML 114K
Policies
60: R8 Transactions with Total and Total S.A. HTML 69K
50: R9 Business Combinations HTML 90K
101: R10 Sale of Discontinued Operations HTML 44K
82: R11 Goodwill and Other Intangible Assets HTML 103K
81: R12 Balance Sheet Components HTML 210K
87: R13 Investments HTML 72K
88: R14 Restructuring HTML 75K
85: R15 Commitments and Contingencies HTML 138K
89: R16 Joint Ventures HTML 106K
77: R17 Debt and Credit Sources HTML 272K
79: R18 Foreign Currency Derivatives HTML 132K
84: R19 Income Taxes HTML 174K
108: R20 Preferred Stock and Common Stock HTML 64K
95: R21 Net Income (Loss) Per Share of Common Stock HTML 135K
71: R22 Stock-Based Compensation HTML 172K
83: R23 Segment and Geographical Information HTML 148K
73: R24 Subsequent Events HTML 47K
42: R25 The Company and Summary of Significant Accounting HTML 221K
Policies (Policies)
97: R26 The Company and Summary of Significant Accounting HTML 56K
Policies (Tables)
104: R27 Business Combinations (Tables) HTML 72K
55: R28 Sale of Discontinued Operations (Tables) HTML 41K
54: R29 Goodwill and Other Intangible Assets (Tables) HTML 98K
58: R30 Balance Sheet Components (Tables) HTML 235K
59: R31 Investments (Tables) HTML 62K
61: R32 Restructuring (Tables) HTML 65K
38: R33 Commitments and Contingencies (Tables) HTML 96K
93: R34 Joint Ventures (Tables) HTML 62K
69: R35 Debt and Credit Sources (Tables) HTML 159K
72: R36 Foreign Currency Derivatives (Tables) HTML 112K
45: R37 Income Taxes Income Taxes (Tables) HTML 160K
107: R38 Preferred Stock and Common Stock (Tables) HTML 52K
32: R39 Net Income (Loss) Per Share of Common Stock HTML 125K
(Tables)
62: R40 Stock-Based Compensation (Tables) HTML 167K
99: R41 Segment and Geographical Information (Tables) HTML 150K
44: R42 The Company and Summary of Significant Accounting HTML 73K
Policies (Details)
53: R43 Transactions with Total (Details) HTML 82K
57: R44 Business Combinations (Details) HTML 137K
66: R45 Sale of Discontinued Operations (Details) HTML 57K
37: R46 Goodwill and Other Intangible Assets - Goodwill HTML 52K
(Details)
49: R47 Goodwill and Other Intangible Assets - Intangible HTML 74K
Assets (Details)
34: R48 Balance Sheet Components (Details) HTML 254K
98: R49 Investments (Details) HTML 52K
43: R50 Investments - Equity Method (Details) HTML 30K
94: R51 Investments - Cost Method (Details) HTML 33K
46: R52 Restructuring (Details) HTML 75K
63: R53 Commitments and Contingencies (Details) HTML 136K
33: R54 Commitments and Contingencies - Advances to HTML 44K
Suppliers (Details)
36: R55 Commitments and Contingencies - Advances From HTML 70K
Customers (Details)
56: R56 Commitments and Contingencies - Future Financing HTML 34K
Commitments (Details)
40: R57 Joint Ventures (Details) HTML 181K
102: R58 Debt and Credit Sources (Details) HTML 429K
68: R59 Debt and Credit Sources - Convertible Debenture HTML 192K
and Related Transactions (Details)
86: R60 Comprehensive Income (Details) HTML 75K
48: R61 Foreign Currency Derivatives (Details) HTML 51K
51: R62 Foreign Currency Derivatives - Net Gain (Loss) HTML 64K
(Details)
92: R63 Income Taxes (Details) HTML 196K
90: R64 Income Taxes - Operating Loss Carryforwards HTML 39K
(Details)
70: R65 Income Taxes - Tax Holidays (Details) HTML 39K
91: R66 Income Taxes - Valuation Allowance (Details) HTML 32K
47: R67 Preferred Stock and Common Stock (Details) HTML 67K
74: R68 Net Income (Loss) Per Share of Common Stock HTML 107K
(Details)
103: R69 Net Income (Loss) Per Share of Common Stock - HTML 43K
Anti-Dilutive Securities (Details)
35: R70 Stock-Based Compensation (Details) HTML 185K
41: R71 Stock-Based Compensation - Allocation Stock-Based HTML 42K
Compensation Expense (Details)
64: R72 Segment and Geographical Information (Details) HTML 82K
39: R73 Segment and Geographical Information - Major HTML 32K
Customer (Details)
106: R74 Subsequent Events (Details) HTML 62K
105: XML IDEA XML File -- Filing Summary XML 142K
52: EXCEL IDEA Workbook of Financial Reports (.xls) XLS 3.80M
26: EX-101.INS XBRL Instance -- spwra-20120101 XML 5.30M
28: EX-101.CAL XBRL Calculations -- spwra-20120101_cal XML 417K
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THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE), (II) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (III) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.
For value received, Total Gas & Power USA, SAS, a société par actions simplifiée organized under the laws of the Republic of France (the “Investor” and, together with any transferee of the Warrant in accordance with the terms of this Warrant, the “Holder”), is entitled to purchase from SunPower Corporation, a Delaware corporation (together with its successors and assigns, the “Company”), at any time and from time to time after the date set forth above, subject to the conditions set forth in Sections 1.2(f) and 1.2(g), and prior to 5:00 p.m., New York time,
on the Expiration Date (as defined below), at the purchase price of $7.8685per share (as such price may be adjusted pursuant to Section 2, the “Exercise Price”) an aggregate of 9,531,677fully-paid and nonassessable shares of the Company's common stock, par value $0.001 per share (“Common Stock”) (as such shares may be adjusted pursuant to Section 2, the “Warrant Shares”).
This Warrant (this “Warrant”) is being initially issued to the Investor pursuant to a Private Placement Agreement
dated February 28, 2012 (the “Purchase Agreement”) by and between the Company and the Investor, together with a related Terms Agreement, as each may be amended, restated, modified or supplemented from time to time.
Section 1.Term and Exercise of Warrant.
1.1Term of Warrant. The Holder shall have the right, subject to the conditions set forth in Sections 1.2(f) and 1.2(g), at any time before 5:00 p.m., New York time,
on
the seventh anniversary of the date hereof, or, if such date is not a Business Day (as defined below), the next Business Day (the “Expiration Date”) to exercise this Warrant in accordance with the terms of this Warrant.
1.2Exercise of Warrant.
(a)Cash Exercise. Subject to Sections 1.2(f) and 1.2(g), this Warrant may be exercised at any time prior to the Close of Business on the Expiration Date (or if the Expiration Date is not a Business Day, the next Business Day) and from time to time, in whole or in part, upon surrender to the Company, together with the duly completed
and signed form of notice of exercise (designating thereon the Holder's election to cash exercise (“Cash Exercise”)) in the form attached (the “Notice of Exercise”), and payment to the Company of the Exercise Price in effect on the date of such exercise for the number of Warrant Shares in respect of which this Warrant is then being exercised; provided, that the Holder may not elect to Cash Exercise this Warrant unless there is available an effective registration statement to cover such transaction or such Holder checks the box on the Notice of Exercise thereby representing to the Private Placement Representations (as defined in the Notice of Exercise). Payment of the aggregate Exercise Price upon exercise pursuant to this Section 1.2(a) shall be made
by delivery of a check to the principal executive offices of the Company as provided in Section 7 or, at the Holder's discretion, by wire transfer of immediately available funds in accordance with written wire transfer instructions to be provided by the Company at the Holder's request.
(b)Net-Issue Exercise. Subject to Sections 1.2(f) and 1.2(g), in lieu of exercising this Warrant on a cash basis pursuant to Section 1.2(a), the Holder may elect to exercise this Warrant at any time prior to the Expiration Date and from time to time, in whole or in part, on a net-issue basis by electing to receive the number of Warrant Shares which are equal in value to the value of
this Warrant (or any portion thereof to be canceled in connection with such Net-Issue Exercise) at the time of any such Net-Issue Exercise, by surrender of this Warrant, together with the duly completed and signed Notice of Exercise (designating the Holder's election to Net-Issue Exercise (“Net-Issue Exercise”)), to the Company at the principal executive offices of the Company as provided in Section 7. The Notice of Exercise shall be properly marked to indicate (A) the number of Warrant Shares to be delivered to the Holder in connection with such Net-Issue Exercise, (B) the number of Warrant Shares in respect of which this Warrant is being surrendered in payment of the aggregate Exercise Price for the Warrant Shares to be delivered to the Holder in connection
with such Net-Issue Exercise, calculated as of the Determination Date (as defined below) and (C) the number of Warrant Shares which remain subject to this Warrant after such Net-Issue Exercise, if any (each as determined in accordance with this Section 1.2(b)). In the event that the Holder elects to exercise this Warrant in whole or in part on a net-issue basis pursuant to this Section 1.2(b), the Company will issue to the Holder the number of Warrant Shares determined in accordance with the following formula:
X = [Y x (A-B)] / A
where:
•
“X”
is the number of Warrant Shares to be issued to the Holder in connection with such Net-Issue Exercise;
•
“Y” is the number of Warrant Shares to be exercised, up to the number of Warrant Shares subject to this Warrant;
•
“A”
is the Closing Sale Price (as defined below) as of the Determination Date (as defined below) of one share of Common Stock; and
•
“B” is the Exercise Price in effect as of the date of such Net-Issue Exercise (as adjusted pursuant to Section 2).
The “Determination Date” will be the date the Notice of Exercise is given to the Company (determined in accordance with Section 7), or if such date is not a Trading Day, the next
succeeding Trading Day.
(c)Fractional Interests. No fractional shares of Common Stock will be issued upon the exercise of this Warrant, but in lieu thereof the Company shall pay therefor in cash an amount equal to the product obtained by multiplying the Closing Sale Price of one share of Common Stock on the Trading Day immediately preceding the date of exercise of the Warrant times such fraction (rounded to the nearest cent).
(d)Deemed Issuance. Subject to 1.2(c), upon such surrender of the Warrant, delivery of the Notice of Exercise and, in the case of a Cash Exercise pursuant to Section 1.2(a), payment of the
Exercise Price, the Company will with all reasonable dispatch (and in no event more than three Business Days from delivery of the Notice of Exercise), in the sole discretion of the Holder and as reflected on the Notice of Exercise, either (i) issue and cause to be delivered a certificate or certificates to and in the name of the Holder, or in the name of such other Person as designated by the Holder, or (ii) establish an electronic book entry at the Transfer Agent in a segregated account established by the Transfer Agent for the Holder's benefit and registered in the name of Holder, or in the name of such other Person as designated by the Holder, in either case of (i) or (ii), for the number of full shares of Common Stock so purchased upon the exercise of this Warrant, together with a check or cash in respect of any fraction of a share of Common Stock otherwise deliverable upon such
exercise, as provided in Section 1.2(c). Such certificate or certificates shall be deemed to have been issued, or such electronic book entry shall be deemed to have been established, and the Person in whose name any such certificates will be issuable, or in whose name the electronic book entry has been registered, upon exercise of this Warrant (as indicated in the applicable Notice of Exercise) will be deemed to have become a holder of record of such Warrant Shares as of the date of the surrender of this Warrant and, in the case of a Cash Exercise pursuant to Section 1.2(a), payment of the Exercise Price.
(e)Warrant Exercisable in Whole or in Part. The rights of purchase represented by this Warrant shall be exercisable, at the election of the Holder, either in full or from time to time in part. If this Warrant is exercised in respect
of less than all of the Warrant Shares purchasable on such exercise at any time prior to the Expiration Date, a new Warrant of like tenor exercisable for the remaining Warrant Shares may be issued and delivered to the Holder by the Company. This Warrant or any part thereof surrendered in the exercise of the rights thereby evidenced shall thereupon be cancelled by the Company and retired.
(f)Stockholder Approval Condition to Exercise Warrant. The Warrant
shall not be exercisable by Holder prior to the date the Company obtains stockholder approval (“Stockholder Approval”) with respect to the issuance of Warrant Shares upon exercise of the Warrant in the manner set forth in the Compensation and Funding Agreement, dated February 28, 2012, between the Company and the Investor.
(g)Holder's Exercise Limitations. So long as the Company has at least $25 million aggregate principal amount of Convertible Notes outstanding, the
Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, to the extent that after giving effect to such issuance after exercise as set forth on the Notice of Exercise, the Holder would, directly or indirectly, including through one or more wholly-owned subsidiaries, become the “beneficial owner” (as these terms are defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), of more than 74.99% of the voting power of the Company's capital stock that is at the time entitled to vote by the holder thereof in the election of the Board of Directors (or comparable body). Upon request by Holder, the Company shall obtain a written
statement from its Transfer Agent setting forth the number of shares of Common Stock outstanding.
(h)Listing and Reservation Covenants. On and after the date of such Stockholder Approval, the Company shall (i) cause the Warrant Shares to be approved for listing on the NASDAQ Global Select Market or such other securities exchange or market as the Common Stock is listed from time to time, subject to official notice of issuance and (ii) for as long as this Warrant remains outstanding, at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock or shares of Common Stock held in treasury by the Company, for the purpose
of effecting the exercise of this Warrant, the number of Warrant Shares then issuable upon the exercise hereof (after giving effect to all anti-dilution adjustments provided for herein). All Warrant Shares delivered upon exercise of this Warrant shall be newly issued shares or shares held in treasury by the Company, shall have been duly authorized and validly issued and shall be fully paid and nonassessable, and shall be free from preemptive rights and free of any lien or adverse claim (except for liens or adverse claims arising from the action or inaction of Holder).
Section 2.Adjustment of Exercise Price and Warrant Shares.
The Exercise Price and the number
of Warrant Shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time as set forth below.
2.1Adjustment for Change in Capital Stock. If, after the Issue Date of the Warrant, the Company:
(a)pays a dividend or makes a distribution payable exclusively in shares of Common Stock on all or substantially all shares of the Company's Common Stock;
(b)subdivides the outstanding shares of Common Stock into a
greater number of shares; or
(c)combines the outstanding shares of Common Stock into a smaller number of shares;
then the Exercise Price will be decreased (or increased with respect to an event in clause (c)) based on the following formula:
where,
R'
=
the Exercise Price in effect immediately after the Open of Business on the record date for such dividend or distribution, or immediately after the Open of Business on the effective date of such subdivision or combination, as the case may be;
R =
the Exercise Price in effect immediately prior to the Open of Business on the record date for such dividend or distribution, or immediately prior to the Open of Business on the effective date of such subdivision or combination, as the case may be;
OS'=
the
number of shares of Common Stock outstanding immediately prior to the Open of Business on the record date for such dividend or distribution, or immediately prior to the Open of Business on the effective date of such subdivision or combination, as the case may be; and
OS =
the number of shares of Common Stock outstanding immediately after the Open of Business on the record date for such dividend or distribution, or immediately after the Open of Business on the effective date of such subdivision or combination, as the case may be.
Such adjustment shall become effective immediately after the Open
of Business on the record date for such dividend or distribution, or the effective date for such subdivision or combination, as the case may be. If any dividend or distribution of the type described in this Section 2.1 is declared but not so paid or made, or the outstanding shares of Common Stock are not split or combined, as the case may be, the Exercise Price shall be immediately readjusted, effective as of the date the Company's board of directors or a duly appointed committee thereof (the “Board of Directors”) determines not to pay such dividend or distribution, or split or combine the outstanding shares of Common Stock, as the case may be, to the Exercise Price that would then be in effect if such dividend, distribution, share split or share combination had not been declared or announced.
2.2Adjustment
for Rights Issue. If, after the Issue Date of the Warrant, the Company distributes any rights, options or warrants (other than pursuant to a Shareholders' Rights Plan (defined below)) to all or substantially all holders of the Company's Common Stock entitling them to purchase (for a period not more than 45 days from the record date for such distribution) shares of Common Stock at a price per share less than the average of the Closing Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including the Trading Day immediately preceding the record date for such distribution, the Exercise Price shall be decreased in accordance with the formula:
where:
R'
=
the Exercise Price in effect immediately after the Open of Business on the record date for such distribution;
R =
the Exercise Price in effect immediately prior to the Open of Business on the record date for such distribution;
O =
the number of shares of Common Stock outstanding immediately prior to the Open of Business on the record date for such distribution;
N
=
the number of additional shares of Common Stock issuable pursuant to such rights, options or warrants;
P =
the per-share offering price payable to exercise such rights, options or warrants for the additional shares plus the per-share consideration (if any) the Company receives for such rights, options or warrants; and
M =
the
average of the Closing Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the record date with respect to the distribution.
Such adjustment shall be successively made whenever any such rights, options or warrants are distributed and shall become effective immediately after the Open of Business on the record date for such distribution. To the extent that shares of the Common Stock are not delivered after the expiration of such rights, options or warrants, the Exercise Price shall be increased to the Exercise Price that would then be in effect had the adjustments made upon the issuance of such rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so issued, the
Exercise Price shall be increased promptly to be the Exercise Price that would then be in effect if such record date for such distribution had not been fixed.
For purposes of this Section 2.2, in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase Common Stock at less than the average of the Closing Sale Prices of Common Stock for each Trading Day in the applicable 10 consecutive Trading Day period, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors.
2.3Adjustment
for Other Distributions. If, after the Issue Date of the Warrant, the Company distributes to all or substantially all holders of its Common Stock any of its debt or other assets or property (including cash, rights, options or warrants to acquire capital stock of the Company or other securities, but excluding (a) dividends or distributions (including
subdivisions) referred to in Section 2.1 and distributions of rights, warrants or options referred to in Section 2.2, (b) rights issued to all holders of Common Stock pursuant
to a Shareholders' Rights Plan, where such rights are not presently exercisable, continue to trade with Common Stock and holders will receive such rights together with Common Stock upon exercise of the Warrant), (c) dividends or other distributions paid exclusively in cash (to which Section 2.4 shall apply) and (d) any Spin-off to which the provisions set forth below in this Section 2.3 shall apply) (“Distributed Property”), the Exercise Price shall be decreased, in accordance with the formula:
where:
R'
=
the Exercise Price in effect immediately after the Open of Business on the record date for such distribution;
R =
the Exercise Price in effect immediately prior to the Open of Business on the record date for such distribution;
M =
the average of the Closing Sale Prices of Common Stock for the 10 consecutive Trading Day period ending on, and including, the record date for
such distribution; and
F =
the fair market value, as determined by the Board of Directors, of the portion of the Distributed Property to be distributed in respect of each share of Common Stock immediately as of the Open of Business on the record date for such distribution.
Such adjustment shall become effective immediately prior to the Open of Business on the record date for such distribution. Notwithstanding the foregoing, if “F” as set forth above is equal to or greater than “M” as set forth above, in lieu of the foregoing adjustment, the Holder shall receive, at the same time
and up on the same terms as holders of Common Stock, the amount and kind of Distributed Property the Holder would have received had the Holder owned a number of shares of Common Stock issued upon such exercise immediately prior to the record date for such distribution. If such distribution is not so paid or made, the Exercise Price shall again be adjusted to be the Exercise Price that would then be in effect if such dividend or distribution had not been declared. If the Board of Directors or a committee thereof determines “F” for purposes of this Section 2.3 by reference to the actual or when issued trading market for any Common Stock, it must in doing so consider the prices in such market over the same period used in computing the Closing Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the record date for such distribution.
With
respect to an adjustment pursuant to this Section 2.3 where there has been a payment of a dividend or other distribution on the Common Stock in shares of capital stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit, where such capital stock or similar equity interest is listed or quoted (or will be listed or quoted upon consummation of the Spin‑off) on a national securities exchange or reasonably comparable non‑U.S. equivalent, which is referred to herein as a “Spin‑off,” the Exercise Price will be decreased based on the following formula:
R'
=
the Exercise Price in effect immediately after the end of the Valuation Period (as defined below);
R =
the Exercise Price in effect immediately prior to the end of the Valuation Period;
F =
the average of the Closing Sale Prices of the capital stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock over the
first 10 consecutive Trading Day period immediately following, and including, the effective date for the Spin‑off (such period, the “Valuation Period”); and
MP =
the average of the Closing Sale Prices of the Common Stock over the Valuation Period.
The adjustment to the Exercise Price under the preceding paragraph of this Section 2.3 will be made immediately after the Close of Business on the last day of the Valuation Period, but will be given effect as of the Open of Business on the effective date for the Spin‑off. For purposes of determining
the Exercise Price in respect of any exercise during the 10 Trading Days commencing on the effective date for any Spin‑off, references within the portion of this Section 2.3 related to “Spin‑offs” to 10 consecutive Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the effective date for such Spin‑off to, but excluding, the relevant Determination Date.
For purposes of this Section 2.3, in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase shares of the Common Stock at less than the average of the Closing Sale Prices of the Common Stock for each Trading Day in the applicable 10 consecutive Trading Day period, there shall be taken into account any consideration received by the
Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors.
If, prior to a Determination Date, a record date for a Spin-off has been set but the relevant dividend or distribution has not yet resulted in an adjustment to the Exercise Price and an exercising Holder is not entitled to participate in the dividend or distribution with respect to the shares of Common Stock the Holder receives upon exercise (whether because the Holder was not a holder of such shares of Common Stock on the effective date for such dividend or distribution or otherwise), then as promptly as practicable following the Determination Date, the Company will deliver to the Holder a
number of additional shares of Common Stock that reflects the increase to the number of Warrant Shares deliverable as a result of the Spin-off.
2.4Adjustment for Cash Distributions. If, after the Issue Date of the Warrant, the Company makes a distribution to all or substantially all holders of its Common Stock consisting exclusively of cash, the Exercise Price shall be adjusted in accordance with the formula:
R'
=
the Exercise Price in effect immediately after the Open of Business on the record date for such distribution;
R =
the Exercise Price in effect immediately prior to the Open of Business on the record date for such distribution;
SP =
the average of the Closing Sale Prices of Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day
immediately preceding the record date for such distribution; and
C =
the amount in cash per share the Company distributes to holders of Common Stock.
The adjustment shall become effective immediately after the Open of Business on the record date with respect to the distribution.
Notwithstanding the foregoing, if “C” as set forth above is equal to or greater than “SP” as set forth above, in lieu of the foregoing
adjustment, adequate provision shall be made so that the Holder shall have the right to receive on the date on which the relevant cash dividend or distribution is distributed to holders of Common Stock, the amount of cash the Holder would have received had the Holder owned a number of shares exercisable from the Exercise Price on the record date for such distribution. If such dividend or distribution is not so paid or made, the Exercise Price shall again be adjusted to be the Exercise Price that would then be in effect if such dividend or distribution had not been declared.
2.5Adjustment for Company Tender Offer. If, after the Issue Date of the Warrant, the Company or any Subsidiary makes a payment to holders of the shares of Common Stock in respect
of a tender or exchange offer, other than an odd‑lot offer, by the Company or any of its Subsidiaries for shares of Common Stock, to the extent that the cash and value of any other consideration included in the payment per share of Common Stock exceeds the average of the Closing Sale Prices over the 10 consecutive Trading Day period commencing on, and including the Trading Day immediately following the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the “Expiration Date”), the Exercise Price shall be decreased based on the following formula:
R'
=
the Exercise Price in effect immediately after the Open of Business on the Trading Day immediately following the Expiration Date;
R =
the Exercise Price in effect immediately prior to the Open of Business on the Trading Day immediately following the Expiration Date;
F
=
the aggregate fair market value, as determined by the Board of Directors, of all cash and other consideration payable in such tender or exchange offer for shares purchased in such tender or exchange offer, such value to be measured as of the expiration time of the tender or exchange offer (the “Expiration Time”);
OS =
the number of shares of Common Stock outstanding immediately prior to the Expiration Time (prior to giving effect to such tender offer or exchange offer);
OS'=
the number of shares of Common Stock outstanding immediately after the Expiration Time (after giving effect to such tender offer or exchange offer); and
SP =
the average of the Closing Sale Prices of Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day immediately following the Expiration Date.
The adjustment to the Exercise Price under this Section 2.5 will be made immediately after the Open of Business on the 11th Trading
Day following the Expiration Date but will be given effect at the Open of Business on the Trading Day following the Expiration Date. For purposes of determining the Exercise Price, in respect of any exercise during the 10 Trading Days commencing on the Trading Day immediately following the Expiration Date, references within this Section 2.5 to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Trading Day following the Expiration Time to, but excluding, the relevant Determination Date.
2.6When No Adjustment Required. No adjustment need be made as a result of:
(a)the issuance of the rights pursuant to the
Company's adoption of a stockholders rights plan that provides that each share of Common Stock issued upon exercise of the Warrant at any time prior to the distribution of separate certificates representing rights will be entitled to receive the right (a “Stockholder Rights Plan”);
(b)the distribution of separate certificates representing the rights under a Stockholder Rights Plan;
(c)the exercise or redemption of the rights in accordance with any rights agreement under a Stockholder Rights Plan;
(d)the
termination or invalidation of the rights under a Stockholder Rights Plan;
(e)upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on securities of the Company and the investment of additional optional amounts in Common Stock under any plan;
(f)upon the issuance of any shares of Common Stock or options or rights to purchase or be issued those shares pursuant
to any present or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries;
(g)ordinary course of business stock repurchases, including structured or derivative transactions pursuant to a stock repurchase program approved by the Board of Directors (but, for the avoidance of doubt, excluding transactions described in Section 2.5);
(h)upon the issuance of any shares of Common Stock or any securities convertible into, or exchangeable for shares of Common Stock, or the right to purchase shares of Common Stock
or such convertible or exchangeable securities other than as described in Sections 2.2 or 2.3; or
(i)for a change in the par value of Common Stock.
If any event described in Section 2.6 (a) through (d) occurs, the Holder will receive the rights upon exercise, unless, prior to any exercise, the rights have separated from the Common Stock. If the rights have separated, the Exercise Price will be decreased at the time of separation as provided by Section 2.2 or 2.3, as applicable, subject to readjustment in the event of expiration, termination or redemption of such rights.
Notwithstanding the foregoing, no adjustment need be made to the Exercise Price pursuant to Section 2.1,
2.2, 2.3, 2.4 or 2.5 if the Holder is entitled to participate (as a result of holding this Warrant, and at substantially the same time as Common Stock holders participate), subject to notice of such entitlement to the Holder, in the transaction that would otherwise trigger the applicable adjustment, as if the Holder held a number of shares of Common Stock issuable upon exercise of this Warrant. No adjustment need be made if the Common Stock to be issued upon exercise will actually receive the consideration provided in, or be subject to, the transaction that would otherwise trigger the adjustment.
2.7Effect of Reclassification, Consolidation, Merger or Sale.
(a)Upon the occurrence of (i) any reclassification of the outstanding
shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a split, subdivision or combination covered by Section 2.1), (ii) any consolidation, merger, sale of all or substantially all of the Company's assets (other than a sale of all or substantially all of the assets of the Company in a transaction in which the holders of Common Stock immediately prior to such transaction do not receive securities, cash or other assets of the Company or any other Person), or (iii) a binding share exchange which reclassifies or changes the outstanding shares of Common Stock, in each case as a result of which the holders of Common Stock shall be entitled
to receive cash, securities or other property or assets with respect to or in exchange for such Common Stock (any such event, a “Merger Event”), then at the effective time of the Merger Event, the right to exercise this Warrant will be changed into a right to exercise this Warrant into the type and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock issuable upon exercise of this Warrant immediately prior to such Merger Event would have owned or been entitled to receive (the
“Reference
Property”) upon such Merger Event. If the Merger event causes the Common Stock to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), the Reference Property to be received upon exercise will be deemed to be the weighted average of the types and amounts of Reference Property to be received by the holders of Common Stock that affirmatively make such election).
(b)If the Company consummates a Merger Event, the Company shall promptly provide notice to the Holder briefly describing the Merger Event and stating the type or amount of cash, securities, property or
other assets that will comprise the Reference Property after any such Merger Event and any adjustment to be made with respect thereto.
(c)The above provisions of this Section shall similarly apply to successive Merger Events.
2.8Simultaneous Adjustments. In the event that this Section 2 requires simultaneous adjustments to the Exercise Price under more than one of Sections 2.1, 2.2, 2.3 or 2.4 of this warrant then the Board of Directors of the Company shall make such adjustments to the Exercise Price in good faith and in a commercially reasonable manner.
2.9Successive
Adjustments. After an adjustment to the Exercise Price under this Section 2, any subsequent event requiring an adjustment under this Section 2 shall cause an adjustment to the Exercise Price as so adjusted.
2.10Limitation on Adjustments. The Company shall not take any action that would result in an adjustment pursuant to the foregoing provisions in this Section 2 if that adjustment would reduce the Exercise Price below the then par value of the shares of Common Stock issuable upon exercise of the Warrant. In no event will the Exercise Price be increased other than as a result of a transaction described in Section 2.1(c).
2.11Adjustment
of Number of Warrant Shares. Upon each adjustment of the Exercise Price pursuant to this Section 2, each Warrant outstanding prior to the making of the adjustment in the Exercise Price shall thereafter evidence the right to receive upon payment of the adjusted Exercise Price that number of shares of Common Stock (calculated to the nearest hundredth) obtained from the following formula:
where:
N' =
the adjusted number of Warrant Shares issuable upon exercise of a Warrant by payment of the adjusted Exercise Price.
N
=
the number of Warrant Shares previously issuable upon exercise of a Warrant by payment of the Exercise Price prior to adjustment.
E' =
the adjusted Exercise Price.
E =
the Exercise Price prior to adjustment.
2.12No
Avoidance. If the Company shall enter into any transaction for the purpose of avoiding the provisions of this Section 2, the benefits provided by such provisions shall nevertheless apply and be preserved.
2.13Notices.
(a)Promptly after any adjustment of the Exercise Price or the number of Warrant Shares issuable hereunder, the Company shall give written notice thereof to the Holder, setting forth in reasonable detail the calculation of such adjustment.
(b)The
Company shall give written notice to the Holder at least five (5) Business Days prior to the date on which the Company (I) closes its books or takes a record (a) with respect to any dividend or distribution on the Common Stock, (b) with respect to any pro rata subscription offer to holders of Common Stock, (c) with respect to any pro rata redemption or similar offer to holders of the Common Stock or (d) for determining rights to vote with respect to any Merger Event, dissolution or liquidation or (II) enters into any transaction that will result in an adjustment of the Exercise Price or the number of Warrant Shares issuable hereunder.
Section 3.Restriction on Transfer of Warrant and Warrant Shares.
(a)On
or after the Issue Date, the Holder may transfer this Warrant or the Warrant Shares to any Person:
(i)pursuant to a registration statement that is, at the time of such transfer, effective under the Securities Act;
(ii)pursuant to Rule 144 promulgated under the Securities Act; or
(iii)in a transaction otherwise exempt from the registration requirements of the Securities Act (subject to the requirements of such exemption).
(b)Notwithstanding the foregoing, the following terms and conditions will apply to each transfer
provided for in Section 3(a):
(i)in the case of a transfer pursuant to Section 3(a)(ii) or (iii), as a condition precedent to such transfer, unless otherwise agreed by the Company in writing, the transferor must deliver an opinion of counsel reasonably satisfactory to the Company to the effect that the proposed transfer is exempt from registration under the Securities Act and applicable state securities laws; and
(ii)no Holder that is subject to the Company's then-applicable insider trading
policy may transfer any of the Warrants or any Warrant Shares except to the extent permitted under such trading policy.
(c)By its acceptance of this Warrant, each Holder (i) shall be deemed to have acknowledged and agreed to the restrictions on transfer described in this Section, and to
have acknowledged that the Company will rely upon the truth and accuracy of such acknowledgement and agreement and (ii) agrees to the imprinting of the following legend on any certificate or book-entry evidencing this Warrant and the
Warrant Shares:
THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (II) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (III) TO THE COMPANY
OR ANY OF ITS SUBSIDIARIES, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.
(d)Except as provided in Section 3(a) and (b) above, this Warrant, the rights represented hereby and the Warrant Shares may not be transferred in whole or in part by the Holder. In order to effect any transfer or partial transfer of this Warrant, the Holder shall deliver this Warrant to the Company with the notice of transfer in the form attached (the “Notice of Transfer”) completed and duly executed. Upon receipt of Notice of Transfer and the opinion of counsel required by this Section, if
any, the Company shall promptly (i) issue to the transferee a new Warrant for the number of Warrant Shares assigned by the Holder, and (ii) to the extent the transfer contemplated by the Notice of Transfer is not for the entire number of Warrant Shares represented by this Warrant, issue to the Holder a replacement Warrant representing the balance of such Warrant.
(e)The Company shall not be required to register any transfer of the Warrants or the Warrant Shares in violation of this Section or applicable securities laws. The Company may, and may instruct any transfer or warrant agent for the
Company to, place such stop transfer orders as may be required on the transfer books of the Company in order to ensure compliance with the provisions of this Section and applicable securities laws.
Section 4.Taxes. The issuance of certificates for Warrant Shares or the establishment of an electronic book entry upon the exercise of the rights represented by this Warrant will be made without charge to the Holder for any issuance tax in respect thereof; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved
in the issuance and delivery of any certificate or establishment of an electronic book entry in a name other than that of the Holder.
Section 5.Mutilated or Missing Warrant. If this Warrant shall be mutilated, lost, stolen or destroyed and the Company shall receive evidence thereof and (except with respect to
mutilated Warrants returned to the Company) indemnity reasonably
satisfactory to it, then the Company shall issue and deliver in exchange and substitution for and upon cancellation of the mutilated Warrant, or in lieu of and substitution for the Warrant lost, stolen or destroyed, a new Warrant of like tenor and representing an equivalent right or interest. An applicant for such a substitute Warrant shall comply with such other reasonable requirements and pay such reasonable charges as the Company may prescribe, including, without limitation, the execution and delivery of a lost Warrant affidavit and indemnification agreement in a form reasonably satisfactory to the Company and its counsel.
Section
6.No Rights as Stockholder until Exercise. Except as provided in Section 1.2(d), nothing contained in this Warrant shall be construed as conferring upon the Holder the right to vote or to receive dividends or to consent or to receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the Company or any other matter, or any rights whatsoever as stockholders of the Company.
Section 7.Notices. All notices and other communications required or permitted to be given with respect to the Warrant shall be in writing signed by the sender, and shall be considered given: (w) on the date
delivered, if personally delivered during normal business hours, or on the next Business Day if delivered after normal business hours of the recipient; (x) on the date sent by telecopier with automatic confirmation of the transmitting machine showing the proper number of pages were transmitted without error, if sent during normal business hours of the recipient, or on the next Business Day if sent after normal business hours; (y) on the Business Day after being sent by Federal Express or another recognized overnight delivery service in time for and specifying next day or next business day delivery; or (z) five (5) Business Days after mailing, if mailed by United States postage-paid certified or registered mail, return receipt requested, in each instance referred to in the preceding clauses (y) and (z) only if all delivery charges are pre-paid. Each such notice or other communication shall be given to the Holder at the address in a Warrant register to be created and
maintained by the Company and to the Company at its principal executive offices.
Section 8.No Waivers; Remedies; No Impairment. Prior to the Expiration Date, no failure or delay by the Holder in exercising any right, power or privilege with respect to the Warrant shall operate as a waiver of the right, power or privilege. A single or partial exercise of any right, power or privilege shall not preclude any other or further exercise of the right, power or privilege or the exercise of any other right, power or privilege. The rights and remedies provided in the Warrant shall be cumulative and not exclusive of any rights or remedies provided by law. The
Company will not, by amendment of its charter or by-laws or through any other means, directly or indirectly, avoid or seek to avoid the observance or performance of any of the terms of this Warrant and will at all time in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate in order to protect the rights of the Holder against impairment.
Section 9.Amendments. No amendment, modification, termination or waiver of any provision of the Warrant, and no consent to any departure from any provision of the Warrant, shall be effective unless it shall be in writing and signed and delivered by the
Company and the Holder. Notwithstanding the foregoing, neither Sections 1.2(f) or 1.2(g), nor this sentence, may be amended.
Section 10.Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York that apply to contracts made and performed entirely within such state.
Section 11.Severability of Provisions: Successors.
Any provision of this Warrant that is prohibited or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of the prohibition or unenforceability without invalidating the remaining provisions of the Warrant or affecting the validity or enforceability of the provision in any other jurisdiction. This Warrant shall be binding upon any entity succeeding the Company by merger, consolidation or otherwise. All of the covenants and agreements of the Company shall inure to the benefit of successors and permitted assigns of the Holder.
Section 12.Titles and Subtitles; Section References. The titles and subtitles
used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. Unless otherwise stated, references to Sections are to the Sections of this Warrant.
Section 13.Purchase Agreement. The Company will provide any Holder with a copy of the Purchase Agreement upon request.
Section 14.Definitions. For purposes of this Warrant, the following terms have the following meanings:
(a)“Business Day” means any
day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or is a day on which banking institutions located in such state are authorized or required by law or other governmental action to close.
(b)“Close of Business” means 5:00 p.m. (New York City time).
(c)“Closing Sale Price” of the Common Stock on any date means the closing per-share sale price (or if no closing per-share sale price is reported, the average of the last bid and ask prices or, if more than one in either case, the average of the average last bid and the average last ask prices) on that date as reported the principal other national or regional
securities exchange on which the shares of the Common Stock are then traded. The Closing Sale Price will be determined without reference to after-hours or extended market trading. If the Common Stock is not so listed for trading on the relevant date, then the “Closing Sale Price” of the Common Stock will be the last quoted bid price for Common Stock in the over-the-counter market on the relevant date as reported by Pink OTC Markets Inc. or a similar organization. If the Common Stock is not so quoted, then the “Closing Sale Price” of the Common Stock will be determined by a U.S. nationally recognized independent investment banking firm selected by the Company for this purpose.
(d)“Convertible Notes” means the
Company's 4.75% Senior Convertible Debentures due 2014 and 4.5% Senior Convertible Debentures due 2015.
(e)“Exchange Act” means the Securities Exchange Act of 1934, as amended.
(f)“Issue Date” means the date on which the Warrant was originally issued or deemed issued as set forth on the face of the Warrant.
(g)“Market
Disruption Event” means the occurrence or existence on any Scheduled Trading Day for the Common Stock of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or exists at any time within the 30 minutes prior to the closing time of the relevant exchange on such Scheduled Trading Day.
(h)“Open of Business” means 9:00 a.m. (New York City time).
(i)“Person”
means any individual, corporation, partnership, company, trust, unincorporated organization or any other form of entity.
(j)“Scheduled Trading Day” means any day that is scheduled by the applicable exchange to be a Trading Day, provided that if the Common Stock is not listed or traded, then a “Scheduled Trading Day” shall have the same meaning as Business Day.
(k)“Securities Act” means the Securities Act of 1933, as amended.
(m)“Trading Day” means a day on which (i) there is no Market Disruption
Event and (ii) trading in the Company's securities generally occurs on the NASDAQ Global Select Market, or if shares of Common Stock are not listed on the NASDAQ Global Select Market, then as reported by the principal other national or regional securities exchange on which the shares of Common Stock are then traded, or if the Common Stock is not listed or approved for trading on another national or regional securities exchange, on the principal market on which shares of the Common Stock are then traded, provided that if the Common Stock is not so listed or traded, then a “Trading Day” shall have the same meaning as Business Day.
(n)“Transfer Agent” means Computershare Trust
Company, N.A., or any successor transfer agent for the Company.
[The next page is the signature page]
The Company has executed and delivered this Warrant as of the date set forth above.
1. The undersigned hereby irrevocably elects to exercise the Warrant with respect to _____________ Warrant Shares pursuant to the terms of the Warrant.
2. If Cash Exercise, check this box o: The undersigned tenders herewith full payment of the aggregate cash exercise price equal to $_____________ U.S. Dollars for such shares in accordance with the terms of the Warrant.
3. If
Cash Exercise and there is no effective registration statement under the Securities Act to cover the issuance of the Warrant Shares upon such Cash Exercise, check this box o: The undersigned hereby makes the representations and warranties set forth in Section 3.2 of the Purchase Agreement as if it were the “Investor” and the Warrant Shares to be issued upon this exercise were the “Securities” (the “Private Placement Representations”).
4. If Net-Issue Exercise, check this box o: The undersigned exercises the Warrant on a net-issue basis pursuant to the terms set forth in the Warrant. Net-Issue Information:
(a)
Number of Warrant Shares to be Issued to Holder:
(b) Number of Warrant Shares Subject to Warrant Surrendered:
(c) Number of Warrant Shares Remaining Subject to Warrant, if any:
5. (Select one option below):
Please issue a certificate or certificates representing said Warrant Shares in such name or names as specified below:
(Name
and Address)
Please establish an electronic book entry at the Transfer Agent in a segregated account established by the Transfer Agent for the benefit of and registered in the name of such name or names as specified below:
(Name and Address)
Determination
Date:
By:
(Signature must conform in all respects to name of the Holder as set forth on the face of the Warrant)
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ______________________________ the right represented by this Warrant, to purchase ______________________ Warrant Shares.
Please
issue a Warrant representing the right to purchase such Warrant Shares in such name or names as specified below:
(Name and Address)
The undersigned requests the Company, by written order to exchange or register the transfer of a Warrant or Warrants, and, to the extent the transfer contemplated by this notice is
not for the entire number of Warrant Shares represented by this Warrant, to issue a replacement Warrant in the name of the undersigned representing the balance of such Warrant Shares.
By executing and delivering this Notice of Transfer, the undersigned represents and warrants that transfer contemplated hereby is being made in accordance with Section 3 of this Warrant.
Dated:
By:
(Signature
must conform in all respects to name of the Holder as set forth on the face of the Warrant)
Dates Referenced Herein and Documents Incorporated by Reference
