NEITHER THIS WARRANT NOR THE SHARES
ISSUABLE UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS IN RELIANCE
UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER
THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF MAY BE
SOLD, PLEDGED, TRASFERRED, ENCUMBERED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR IN A TRANSACTION THAT IS EXEMPT FROM REGISTRATION
UNDER THE PROVISIONS OF THE SECURITIES ACT.
SERIES “H” STOCK
PURCHASE WARRANT
To Purchase
Shares of Common Stock
of
Medical International Technology,
Inc.
THIS CERTIFIES
that, for value
received,
, (the “Holder”) is entitled, upon the
terms and subject to the conditions hereinafter set forth, at any
time prior to the close of business on APRIL 15
th , 2010, (the
“Termination Date”), but not thereafter, to subscribe
for and purchase from Medical International Technology, Inc
. (the “Company”), a corporation organized under
the laws of the State of Colorado, up to
(
) shares (the
“Warrant Shares”), of the common stock, $0.0001 par
value, of the Company (the “Common
Stock”). The purchase price of one share of Common
Stock (the “Exercise Price”) under this Series
“H” Stock Purchase Warrant (the
“Warrant”) shall be $0.50. The
Exercise Price and the number of shares for which the Warrant is
exercisable shall be subject to adjustment as provided
herein. Capitalized terms used and not otherwise defined
herein shall have the meanings set forth for such terms in the
Subscription Agreement dated as of October 27, 2005 (the
“Subscription Agreement”), between the Company and the
Holder. In the event of any conflict between the terms
of this Warrant and the Subscription Agreement, the Subscription
Agreement shall control.
1. Title to
Warrant . Prior to and subject to compliance with
applicable laws, this Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the
Company by the Holder hereof in person or by duly authorized
attorney, upon surrender of this Warrant together with the
Assignment Form annexed hereto properly endorsed.
2. Authorization
of Shares . The Company covenants that all shares of
Common Stock that may be issued upon the exercise of rights
represented by this Warrant will, upon exercise of the rights
represented by this Warrant, be duly authorized, validly issued,
fully-paid and nonassessable and free from all taxes, liens and
charges in respect of the issue thereof (other than taxes in
respect of any transfer occurring contemporaneously with such
issue).
Except as provided in Section 3(b)
of Section 4 herein, exercise of the purchase rights represented by
this Warrant may be made at any time or times on or before the
close of business on the Termination Date by the surrender of this
Warrant and the Notice of Exercise form annexed hereto duly
executed, at the office of the Company (or such other office or
agency of the Company as it may designate by notice in writing to
the registered Holder hereof at the address of such Holder
appearing on the books of the Company), and upon payment of the
Exercise Price of the Warrant Shares thereby purchased by wire
transfer or cashier’s check. The Holder of this
Warrant shall be entitled to receive a certificate for the number
of shares of the Common Stock so purchased. Certificates for shares
purchased hereunder shall be delivered to the Holder hereof within
seven (7) Trading Days after the date on which this Warrant shall
have been exercised as aforesaid. This Warrant shall be
deemed to have been exercised and such certificate or certificates
shall be deemed to have been issued, and Holder or any other person
so designated to be named therein shall be deemed to have become a
holder of record of such shares for all purposes, as of the date
the Warrant has been exercised by payment to the Company of the
Exercise Price and all taxes required to be paid by Holder, if any,
pursuant to Section 5 prior to the issuance of such shares, have
been paid. If this Warrant shall have been exercised in
part, the Company shall, at the time of delivery of the certificate
or certificates representing Warrant Shares, deliver to Holder a
new Warrant evidencing the rights of Holder to purchase the
unpurchased shares of Common Stock called for by this Warrant;
which new Warrant shall in all other respect be identical with this
Warrant.
4. No Fractional
Shares or Scrip . No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of
the Warrant. As to any fraction of a share that Holder
would otherwise be entitled to purchase upon such exercise, the
Company shall pay a cash adjustment in respect of such fraction of
the Exercise Price based upon the Market Value on the date of
exercise.
5. Charges, Taxes
and Expenses . Issuance of certificates for shares
of Common Stock upon the exercise of this Warrant shall be made
without charge to the Holder hereof for any issue or transfer tax
or other incidental expense in respect of the issuance of such
certificate, all of which taxes and expenses shall be paid by the
Company, and such certificates shall be issued in the name of the
Holder of this Warrant or in such name or names as may be directed
by the Holder of this Warrant; provided, however, that in the event
certificates for shares of Common Stock are to be issued in a name
other than the name of the Holder of this Warrant, this Warrant
when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Holder hereof;
and the Company may require, as a condition thereto, the payment of
a sum sufficient to reimburse it for any transfer tax incidental
thereto.
6. Closing of books . The
Company will not close its shareholder books or records in any
manner that prevents the timely exercise of this
Warrant.
7. Transfer,
Division and Combination . Subject to compliance
with any applicable securities laws, transfer of this Warrant and
all rights hereunder, in whole or in part, shall be registered on
the books of the Company to be maintained for such purpose, upon
surrender of this Warrant at the principal office of the Company,
together with a written assignment of this Warrant substantially in
the form attached hereto duly executed by Holder or its agent or
attorney, and payment of funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such
surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee
or assignees and in the denomination or denominations specified in
such instrument of assignment, and shall issue to the assignor a
new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled.
“H” Warrant, if properly assigned, may be
exercised by a new Holder for the purchase of shares of Common
Stock without having a new Warrant issued.
(a)This Warrant may be divided or
combined with other Warrants upon presentation hereof at the
aforesaid office of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to
be issued, signed by Holder or its agent or
attorney. Subject to compliance with Section 7(a), as to
any transfer that may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in
accordance with such notice.
(i)The Company shall prepare, issue
and deliver at its own expense (other than transfer taxes) the new
Warrant or Warrants under this Section 7.
(ii)The Company agrees to maintain,
at its aforesaid office, books for the registration and the
registration of transfer of the Warrants.
8. No Rights as Shareholders
until Exercise . This Warrant does not entitle the
Holder hereof to any voting rights or other rights as a shareholder
of the Company prior to its exercise. Upon the surrender
of this Warrant and the payment of the aggregate Exercise Price,
the Warrant Shares so purchased shall be and be deemed to be issued
to such Holder as the record owner of such shares as of the close
of business on the later of the date of such surrender or
payment.
9. Loss, Theft, Destruction or
Mutilation of Warrant . The Company covenants that
upon receipt by the Company of evidence reasonably satisfactory to
it of the loss, theft, destruction or mutilation of this Warrant
certificate or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it (which shall not include the
posting of any bond), and upon surrender and cancellation of such
Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and
dated as of such cancellation, in lieu of such Warrant or stock
certificate.
10. Saturdays,
Sundays, Holidays, etc . If the last or appointed
day for the taking of any action or the expiration of any right
required or granted herein shall be a Saturday, Sunday or a legal
holiday, then such action may be taken or such right may be
exercised on the next succeeding day not a Saturday, Sunday or
legal holiday.
11. Adjustments of
Exercise Price and Number of Warrant Shares .
(a) Stock Splits,
etc . The number and kind of securities purchasable
upon the exercise of this Warrant and the Exercise Price shall be
subject to adjustment from time to time upon the happening of any
of the following. In case the Company shall (i) pay a
dividend in shares of Common Stock or make a distribution in shares
of Common Stock to holders of its outstanding Common Stock, (ii)
subdivide its outstanding shares of Common Stock into a greater
number of shares of Common Stock, (iii) combine its outstanding
shares of Common Stock into a smaller number of shares of Common
Stock or (iv) issue any shares of its capital stock in a
reclassification of the Common Stock, then the number of Warrant
Shares purchasable upon exercise of this Warrant immediately prior
thereto shall be adjusted so that the Holder of this Warrant shall
be entitled to receive the kind and number of Warrant Shares or
other securities of the Company which he would have owned or have
been entitled to receive had such Warrant been exercised in advance
thereof. Upon each such adjustment of the kind and
number of Warrant Shares or other securities of the Company which
are purchasable hereunder, the Holder of this Warrant shall
thereafter be entitled to purchase the number of Warrant Shares or
other securities resulting from such adjustment at an Exercise
Price per Warrant Share or other security obtained by multiplying
the Exercise Pr