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<SEC-DOCUMENT>0001144204-10-031634.txt : 20100603
<SEC-HEADER>0001144204-10-031634.hdr.sgml : 20100603
<ACCEPTANCE-DATETIME>20100603151032
ACCESSION NUMBER:		0001144204-10-031634
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20100528
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100603
DATE AS OF CHANGE:		20100603

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WABASH NATIONAL CORP /DE
		CENTRAL INDEX KEY:			0000879526
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCK TRAILERS [3715]
		IRS NUMBER:				521375208
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10883
		FILM NUMBER:		10875655

	BUSINESS ADDRESS:	
		STREET 1:		1000 SAGAMORE PARKWAY SOUTH
		CITY:			LAFAYETTE
		STATE:			IN
		ZIP:			47905
		BUSINESS PHONE:		7657715310

	MAIL ADDRESS:	
		STREET 1:		1000 SAGAMORE PARKWAY SOUTH
		CITY:			LAFAYETTE
		STATE:			IN
		ZIP:			47905
</SEC-HEADER>
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<TYPE>8-K
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AND EXCHANGE COMMISSION</font></div>
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the appropriate box below if the Form 8-K filing is intended to simultaneously
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communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17 CFR
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communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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1 &#8211; Registrant&#8217;s Business and Operations</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item 1.01 Entry into a Material
Definitive Agreement.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May
28, 2010, Wabash National Corporation (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Company</font>&#8221;) amended the warrant
issued on August 3, 2009 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Warrant</font>,&#8221; and, as amended, the
&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Replacement Warrant</font>&#8221;)
to Trailer Investments, LLC (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Trailer Investments</font>&#8221;), a
wholly-owned entity of Lincolnshire Equity Fund III, L.P., a private equity
investment fund managed by Lincolnshire Management, Inc. The amendment was made
in connection with closing of the Company&#8217;s previously announced public offering
(the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Offering</font>&#8221;) of its
common stock, par value $0.01 per share (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Common Stock</font>&#8221;),&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">which
included 16,137,500 shares sold by Trailer Investments pursuant to a partial
exercise of the Warrant, as described further below under Item 3.02 of this
Report</font>. The Warrant was amended pursuant to the Consent and Waiver
between the Company and Trailer Investments dated May 24, 2010 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Consent</font>&#8221;), which Consent was
entered into, among other things, to permit the Offering and was previously
filed as <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
1.2</font> to the Company&#8217;s Current Report on Form 8-K filed with the Securities
and Exchange Commission on May 26, 2010. On May 28, 2010, the Warrant was
modified so that it will not adjust based upon any limitation on the Company&#8217;s
ability to fully utilize its net operating loss carryforwards and was increased
by a fixed number of 750,000 shares in lieu of the market price anti-dilution
adjustment (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Price
Anti-Dilution Adjustment</font>&#8221;) that would have otherwise applied as a result
of the Offering. The foregoing description is qualified in its entirety by
reference to the Replacement Warrant, which is filed as <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
10.1</font> to this Current Report and is incorporated herein by reference<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">, and
which replaces in its entirety the Warrant as originally
issued</font></font></div>
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3 &#8211; Securities and Trading Markets</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
3.02 Unregistered Sales of Equity Securities</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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disclosure in Item 1.01 of this Current Report is incorporated herein by
reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
disclosed by the Company in its Form 8-K filed on August 4, 2009 <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(the
&#8220;<font style="FONT-WEIGHT: bold">Original 8-K</font>&#8221;)</font>, the Company
issued&#160;the Warrant to Trailer Investments, LLC on August 3, 2009, at which
time the Warrant was immediately exercisable at $0.01 per share for 24,762,636
newly issued shares of common stock representing 44.21% of the issued and
outstanding common stock of the Company on August 3, 2009, after giving effect
to the issuance of the shares underlying the Warrant, subject to upward
adjustment to maintain that percentage if then currently outstanding options are
exercised. As originally issued, the Warrant was exercisable for cash or was
convertible into common stock under a customary &#8220;cashless exercise&#8221; fixture
based upon the trading price of the common stock at the time of exercise. The
Warrant also contained customary anti-dilution adjustment features for stock
splits and the like as well as future issuances of stock or derivative
securities that have sale or exercise prices below the then current market price
or $0.54.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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27, 2010, the Company issued 16,137,500 shares of the Common Stock to Trailer
Investments (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Warrant
Shares</font>&#8221;) upon the partial net exercise of the Warrant in connection with
the Offering. The partial net exercise of the Warrant was made by Trailer
Investments via the forfeiture of 22,811 shares of Common Stock under the
Warrant. The Warrant Shares were issued by the Company in a transaction exempt
from registration in reliance on Section 3(a)(9) under the Securities Act of
1933, as amended (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Securities Act</font>&#8221;) as no
commission or other remuneration was paid or given for the net exercise and in
reliance on Section 4(2) under the Securities Act as a transaction not involving
a public offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May
28, 2010 the Company issued the Replacement Warrant to Trailer Investments,
which also&#160;covers an additional 750,000 shares of Common Stock&#160;in lieu
of the&#160;Market Price Anti-Dilution Adjustment <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">that
would of otherwise applied as a result of the Offering</font>. As a result of
the issuance of the Warrant Shares and the partial net exercise of the Warrant,
the Replacement Warrant as issued on May 28, 2010 is now initially exercisable
for 9,355,865 shares. Except as described in Item 1.01 and for the change in the
number of shares for which the Replacement Warrant is exercisable, the
Replacement Warrant has the same terms as the Warrant. The number of shares for
which the Replacement Warrant is exercisable continues to be subject to upward
adjustment if currently outstanding options are exercised. The Replacement
Warrant continues to be exercisable for cash or convertible into common stock
under a customary &#8220;cashless exercise&#8221; feature based upon the trading price of
the common stock at the time of exercise&#160;and continues to contain customary
anti-dilution adjustment features for stock splits and the like as well as
future issuances of stock or derivative securities that have sale or exercise
prices below the then current market price or $0.54. The shares of Common Stock
issuable upon exercise of the Replacement Warrant, when and if exercised, will
be issued in reliance on Section 4(2) under the Securities Act and potentially
Regulation D promulgated thereunder in a transaction not involving a public
offering and/or in reliance on Section 3(a)(9) under the Securities Act as an
exchange of securities if exercised under the cashless exercise
feature.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
3.03 Material Modification to Rights of Security Holders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
disclosure in Item 1.01 of this Current Report is incorporated herein by
reference.&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN: 0in 0in 0pt">With a portion of the proceeds of the Offering,
on May 28, 2010 the Company redeemed (the <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8220;Redemption&#8221;</font>) all outstanding
shares of the Company&#8217;s Series E redeemable preferred stock (the &#8220;Series E
Preferred&#8221;), Series F redeemable preferred stock (the <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8220;Series F Preferred</font>&#8221;), and
Series G redeemable preferred stock (the <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8220;Series G Preferred&#8221;</font>, and
together with the Series E Preferred and Series F Preferred, the <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8220;Series E-G Preferred
Stock&#8221;</font>).</div>
    <div style="MARGIN: 0in 0in 0pt">&#160;</div>
    <div style="MARGIN: 0in 0in 0pt">As previously disclosed in the Original 8-K
filed on August 4, 2009, as a result of its ownership of the Series E-G
Preferred Stock Trailer Investments had significant rights pursuant to the
applicable certificates of designation for the Series E-G Preferred Stock and
pursuant to the Investor Rights Agreement dated August 3, 2009 between the
Company and Trailer Investments (the <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8220;Investor Rights
Agreement&#8221;</font>).&#160; As a result of the Redemption, except for the payment
in connection with a change of control described below, Trailer Investments no
longer has the rights described in the Original 8-K that arise out of the
certificates of designation for the Series E-G Preferred Stock and no longer has
those rights that are described in the Original 8-K as lasting only until the
&#8220;Preferred Expiration Date,&#8221; as that term is described in the Original 8-K.
</div>
    <div style="MARGIN: 0in 0in 0pt">&#160;</div>
    <div style="MARGIN: 0in 0in 0pt">If a change of control of the Company (e.g.,
more than 50% of the voting power is transferred or acquired by any person other
than Trailer Investments and its affiliates unless Trailer Investments or its
affiliates acquire the Company) as defined in the certificates of designation
for the Series E-G Preferred Stock occurs within twelve months of the date of
the Redemption, Trailer Investments will be entitled to receive an aggregate
payment equal to $74,576,877, which is equivalent to the difference between what
it received in the Redemption and what it would have been entitled to receive on
the date of the Redemption if a change of control had occurred on that date.
</div>
    <div style="MARGIN: 0in 0in 0pt">&#160;</div>
    <div style="MARGIN: 0in 0in 0pt">Trailer Investments continues to have other
rights pursuant to the terms of the Investor Rights Agreement and its
Warrant.&#160; These rights include registration rights that are described in
the Original 8-K under the heading Registration Rights, as well as certain
rights upon events of default that are described under the heading Events of
Default in the Original 8-K, although Events of Default are now limited to
events that occur as a result only of breach of the covenants in the Investor
Rights Agreement that are in force after the Preferred Expiration Date as
described in the Investor Rights Agreement.&#160; </div>
    <div>&#160;</div>
    <div>The Investor Rights Agreement also continues to provide that until the time
that Trailer Investments and its affiliates, including investors in funds
controlled by Lincolnshire Management, Inc. (collectively with Trailer
Investments, the <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8220;Trailer
Investors&#8221;</font>), cease to hold or cease to beneficially own at least 10% of
the issued and outstanding common stock of the Company, the Trailer Investors
have the right to nominate five directors (the <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8220;Investor Directors&#8221;</font>) to be
elected to the Company&#8217;s twelve member board of directors. (For the election at
our 2010 annual meeting of stockholders, the Trailer Investors agreed to only
nominate four directors for election to a ten member board of directors.)&#160;
Subject to the reasonable approval of the nominating and corporate governance
committee of the board of directors and the satisfaction of all legal and
governance requirements regarding committee membership, at the request of the
Trailer Investors the Investor Directors have proportional representation on
each committee of the board of directors, other than the Audit Committee, and
each subsidiary of the Company. The Investor Rights Agreement also provides that
the Company pay the reasonable expenses of the Investor Directors, but that the
Investor Directors are not entitled to receive compensation for their service on
the board of directors. The Company also committed to enter into an
indemnification agreement with each Investor Director, which is described in
Item 5.02 of the Original 8-K.&#160; The Company also agreed to permit Trailer
Investors holding a majority of the Registrable Securities to designate a
non-voting observer to the board of directors so long as it beneficially owns at
least 2% of the Company&#8217;s common stock.</div>
    <div>&#160;</div>
    <div>The foregoing description of the remaining rights held by Trailer
Investments and the Trailer Investors are qualified in their entirety by
reference to the Investor Rights Agreement, which is filed as <font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="TEXT-DECORATION: underline">Exhibit 10.1</font></font>&#160;<font color="#000000">to the Original 8-K and to the description thereof in the Original
8-K, which is incorporated by reference herein.&#160;</font></div>
    <div>&#160;</div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
7 &#8211; Regulation FD</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
7.01 Regulation FD Disclosure.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May
28, 2010, the Company closed the Offering, which consisted of 11,750,000 shares
of common stock sold by the Company and 16,137,500 shares of common stock sold
by Trailer Investments as selling stockholder, each at a purchase price per
share of $6.50 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Offering</font>&#8221;). The shares of
common stock sold in the Offering by Trailer Investments included 3,637,500
shares sold pursuant to the underwriters&#8217; exercise in full of their option to
purchase additional shares to cover over-allotments. A copy of the Company&#8217;s
press release dated May 28, 2010 is attached as <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
99.1</font> to this Current Report and is incorporated herein by reference.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
9 &#8211; Financial Statements and Exhibits</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item 9.01&#160;&#160;Financial
Statements and Exhibits.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(d)</font>&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibits</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Replacement
      Warrant to Purchase Shares of Common Stock issued on May 28,
      2010</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wabash
      National Corporation press release dated May 28,
  2010</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 21pt"></font>Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div align="left">
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td align="left" valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" colspan="3" valign="top" width="50%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Wabash
      National Corporation</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="bottom" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td align="left" valign="top" width="49%" style="PADDING-BOTTOM: 2px">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:
      June 3, 2010</font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="3%" style="PADDING-BOTTOM: 2px">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="46%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Mark J. Weber</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="46%" style="PADDING-LEFT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Mark
      J. Weber</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="46%" style="PADDING-LEFT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Senior
      Vice President and</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief
      Financial Officer</font></div>
                </td>
              </tr>
          </table>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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        </div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
Index</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></td>
            <td align="right" style="WIDTH: 36pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No.&#160;</font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Replacement
      Warrant to Purchase Shares of Common Stock issued on May 28,
      2010</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wabash
      National Corporation press release dated May 28,
  2010</font></div>
            </td>
          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v187029_ex10-1.htm
<TEXT>
<html>
  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: Vintage Filings-->
    <!--Document Created using EDGARizer 4.0.6.4-->
    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
    </head>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
10.1</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
SECURITIES REPRESENTED HEREBY MAY NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES
HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">SECURITIES ACT</font>&#8221;),
(II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144 OF THE SECURITIES ACT, OR
(III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
THE COMPANY THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER
THE SECURITIES ACT OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES
LAWS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SUBJECT
TO THE PROVISIONS OF <font style="DISPLAY: inline; TEXT-DECORATION: underline">SECTION 13</font> HEREOF,
THIS WARRANT SHALL BE VOID AFTER 5:00 P.M. (EASTERN TIME) ON THE TENTH
ANNIVERSARY (THE &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">EXPIRATION DATE</font>&#8221;) OF
AUGUST 3, 2009 (THE &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">ORIGINAL ISSUANCE
DATE</font>&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WABASH
NATIONAL CORPORATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WARRANT
TO PURCHASE SHARES OF COMMON STOCK</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FOR VALUE
RECEIVED, Trailer Investments, LLC (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Warrantholder</font>&#8221;), is
entitled to purchase, subject to the provisions of this Warrant, from Wabash
National Corporation, a Delaware corporation (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;), at any
time not later than 5:00 p.m. (Eastern Time) on the Expiration Date, at an
exercise price per share equal to $0.01 (such exercise price, as adjusted from
time to time in accordance with the terms of this Warrant, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Warrant Price</font>&#8221;),
9,355,865 <font style="DISPLAY: inline; COLOR: #000000">shares (the
&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Warrant
Shares</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">) of the Company</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s Common Stock, par value $0.01 per
share (&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Common
Stock</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">).&#160;&#160;The number of Warrant
Shares purchasable upon exercise of this Warrant shall be subject to
adjust</font><font style="DISPLAY: inline; COLOR: #000000">ment from time to
time as described herein.&#160;&#160;Capitalized terms used but not otherwise
defined in this Warrant shall have the meanings ascribed to such terms in the
Securities Purchase Agreement, dated as of the July 17, 2009, by and between the
Company an</font><font style="DISPLAY: inline; COLOR: #000000">d</font><font style="DISPLAY: inline; COLOR: #000000"> the Warrantholder (the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Purchase
Agreement</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">).&#160;&#160;This Warrant, dated as of
May 28, 2010 (the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Issuance
Date</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">), is being issued as a replacement of
that certain Warrant dated as of the Original Issuance Date issued to the
Warrantholder (the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Original
Warrant</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">) to give effect to the partial exercise
of the Original Warrant and the terms of the Consent dated as of May 24, 2010
between the Warrantholder and the Company (the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Consent</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">)</font></font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 1.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Registration</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;The Company shall maintain
books for the transfer and registrat</font><font style="DISPLAY: inline; COLOR: #000000">ion of this Warrant.&#160;&#160;Upon the
initial issuance of this Warrant, the Company shall issue and register this
Warrant in the name of the Warrantholder.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 2.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Transfers</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;As provided herein, this
Warrant may be transferred to any person or entity but only pursuant
t</font><font style="DISPLAY: inline; COLOR: #000000">o a registration statement
filed under the Securities Act or pursuant to an exemption from such
registration.&#160;&#160;Subject to such restrictions, the Company shall
transfer this Warrant from time to time upon the books to be maintained by the
Company for that </font><font style="DISPLAY: inline; COLOR: #000000">p</font><font style="DISPLAY: inline; COLOR: #000000">urpose, within five calendar days
following the surrender hereof for transfer, properly endorsed or accompanied by
appropriate instructions for transfer and a new Warrant shall be issued to the
transferee and the surrendered Warrant shall be canceled by t</font><font style="DISPLAY: inline; COLOR: #000000">h</font><font style="DISPLAY: inline; COLOR: #000000">e Company within such five calendar day
period.</font></font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 3.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Exercise of
Warrant</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Subject
to the provisions hereof, the Warrantholder may exercise this Warrant, in whole
or in part, at any time prior to the Expiration Date upon surrender of this
Warrant, together with</font><font style="DISPLAY: inline; COLOR: #000000">
delivery of a duly executed Warrant exercise form, in the form attached hereto
as </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Appendix
A</font><font style="DISPLAY: inline; COLOR: #000000"> (the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Exercise
Agreement</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">) and payment by wire transfer of funds
(or, in certain circumstances, by cashless exercise as provided in </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
4</font><font style="DISPLAY: inline; COLOR: #000000">) of the aggregate
Wa</font><font style="DISPLAY: inline; COLOR: #000000">rrant Price for that
number of Warrant Shares then being purchased, to the Company during normal
business hours on any business day at the Company</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s principal executive offices (or such
other office or agency of the Company as it may designate by notice
t</font><font style="DISPLAY: inline; COLOR: #000000">o</font><font style="DISPLAY: inline; COLOR: #000000"> the Warrantholder).&#160;&#160;The
Warrant Shares so purchased shall be deemed to be issued to the Warrantholder or
the Warrantholder</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s designee, as the record owner of such
shares, as of the close of business on the date on which this Warrant shall have
been surr</font><font style="DISPLAY: inline; COLOR: #000000">e</font><font style="DISPLAY: inline; COLOR: #000000">ndered (or the date evidence of loss,
theft or destruction thereof and security or indemnity reasonably satisfactory
to the Company has been provided to the Company), the Warrant Price shall have
been paid and the completed Exercise Agreement shall have b</font><font style="DISPLAY: inline; COLOR: #000000">e</font><font style="DISPLAY: inline; COLOR: #000000">en delivered.&#160;&#160;The Warrant
Shares shall be credited to the book entry account of the Warrantholder within a
reasonable time, not exceeding three business days, after this Warrant shall
have been exercised (such crediting, a &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Book Entry
Delivery</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">) or, if re</font><font style="DISPLAY: inline; COLOR: #000000">quested in writing by the Warrantholder,
the Certificates for the Warrant Shares so purchased shall be delivered to the
Warrantholder within a reasonable time, not exceeding three business days, after
this Warrant shall have been exercised (such delivery </font><font style="DISPLAY: inline; COLOR: #000000">o</font><font style="DISPLAY: inline; COLOR: #000000">f certificates, a &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Certificated
Delivery</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">). If a Certificated Delivery is
requested by the Warrantholder, the certificates so delivered shall be in such
denominations as may be requested by the Warrantholder and shall be registered
in the name of the Warra</font><font style="DISPLAY: inline; COLOR: #000000">ntholder or such other name as shall be
designated by the Warrantholder, as specified in the Exercise
Agreement.&#160;&#160;If this Warrant shall have been exercised only in part,
then, unless this Warrant has expired, the Company shall, at its expense, at the
time</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">of a Book Entry Delivery or a
Certificated Delivery, as applicable, deliver to the Warrantholder a new Warrant
representing the right to purchase the number of shares with respect to which
this Warrant shall not then have been exercised.&#160;&#160;As used herein,
</font><font style="DISPLAY: inline; COLOR: #000000">&#8220;</font><font style="DISPLAY: inline; COLOR: #000000">business day&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> means a day, other than a Saturday or
Sunday, on which banks in New York, New York are open for the general
transaction of business.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 4.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Cashless
Exercise</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Notwithstanding any other
provision contained herein to the contrary, the Wa</font><font style="DISPLAY: inline; COLOR: #000000">rrantholder may elect to receive,
without payment by the Warrantholder of the aggregate Warrant Price in respect
of the shares of Common Stock to be acquired, shares of Common Stock having a
Fair Market Value equal to the Market Price of all shares of Com</font><font style="DISPLAY: inline; COLOR: #000000">m</font><font style="DISPLAY: inline; COLOR: #000000">on Stock that may then be purchased upon
full exercise of this Warrant, less the aggregate Warrant Price for all such
shares, or any specified portion thereof, by the surrender to the Company of
this Warrant (or such portion of this Warrant being so exerc</font><font style="DISPLAY: inline; COLOR: #000000">i</font><font style="DISPLAY: inline; COLOR: #000000">sed) together with a Net Issue Election
Notice, in the form annexed hereto as </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Appendix
B</font><font style="DISPLAY: inline; COLOR: #000000">, duly executed, to the
Company. Thereupon, the Company shall issue to the Warrantholder such number of
fully paid, validly issued and nonassessable shares of Common St</font><font style="DISPLAY: inline; COLOR: #000000">ock as is computed using the following
formula:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">X = </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Y (A -
B)</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;A</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">where</font></font></div>
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            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">X =</font></font></div>
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      Stock to which the Warrantholder is entitled upon such cashless
      exercise;</font></font></div>
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          <tr valign="top">
            <td style="WIDTH: 63pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
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            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Y =</font></font></div>
            </td>
            <td>
              <div style="TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">the total number of shares of
      Common Stock covered by t</font><font style="DISPLAY: inline; COLOR: #000000">his Warrant for which the
      Warrantholder has surrendered purchase rights at such time for cashless
      exercise (including both shares to be issued to the Warrantholder and
      shares as to which the purchase rights are to be canceled as payment
      therefor);</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 63pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">A =</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">the </font><font style="DISPLAY: inline; COLOR: #000000">Market Price of one share of
      Common Stock as of the date the net issue election is made;
      and</font></font></div>
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          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 63pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">B =</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">the Warrant
      Price;</font></font></div>
            </td>
          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000"> that if X is equal to zero or a
negative number, then the Warrantholder shall not be entitled to receive any
Warrant Shares pursuan</font><font style="DISPLAY: inline; COLOR: #000000">t to
a cashless exercise in accordance with this </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
4</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 5.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Compliance
with Securities Act</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Except as provided in the
Purchase Agreement, the Company may cause the legend set forth on the first page
of this Warrant to be set forth on each Warrant, and a s</font><font style="DISPLAY: inline; COLOR: #000000">imilar legend on any security issued or
issuable upon exercise of this Warrant, unless counsel for the Company is of the
opinion as to any such security that such legend is unnecessary.&#160;&#160;The
Warrantholder hereby represents and warrants to the Company that</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">the Warrantholder is acquiring the
Warrant and the Warrant Shares purchasable upon exercise of this Warrant
(collectively, the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Securities</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">) for investment for its own account and
not with a view to, or for resale in connection with, any distribution
there</font><font style="DISPLAY: inline; COLOR: #000000">of.&#160;&#160;The
Warrantholder acknowledges and understands that the Securities have not been
registered under the Securities Act or applicable state securities laws and may
not be offered, sold, assigned, pledged, transferred or otherwise disposed of
unless (a) </font><font style="DISPLAY: inline; COLOR: #000000">s</font><font style="DISPLAY: inline; COLOR: #000000">uch Securities have been registered for
sale pursuant to the Securities Act, (b) such Securities may be sold pursuant to
Rule 144 of the Securities Act, or (c) the Company has received an opinion of
counsel reasonably satisfactory to the Company that such</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">transfer may lawfully be made without
registration under the Securities Act or qualification under applicable state
securities laws.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 6.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Payment of
Taxes</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;The
Company will pay any documentary stamp taxes attributable to the initial
issuance of Warrant Shares </font><font style="DISPLAY: inline; COLOR: #000000">issuable upon the exercise of this
Warrant; </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">however</font><font style="DISPLAY: inline; COLOR: #000000">, that the Company shall not be required
to pay any tax or taxes which may be payable in respect of any transfer involved
in the issuance or delivery of any certificates for Warrant Shares in a
n</font><font style="DISPLAY: inline; COLOR: #000000">ame other than that of the
Warrantholder in respect of which such shares are issued, and in such case, the
Company shall not be required to issue or deliver any certificate for Warrant
Shares or any Warrant until the person requesting the same has paid
to</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">the Company the amount of such tax or
has established to the Company</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s reasonable satisfaction that such tax
has been paid.&#160;&#160;The Warrantholder shall be responsible for income
taxes due under federal, state or other law to the extent any such tax is
due.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 7.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Re</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">placement</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Upon receipt of evidence
reasonably satisfactory to the Company (an affidavit of the Warrantholder shall
be satisfactory) of the ownership and the loss, theft, destruction or mutilation
of this Warrant, and in the case of any such loss, theft o</font><font style="DISPLAY: inline; COLOR: #000000">r destruction, upon receipt of indemnity
reasonably satisfactory to the Company (</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000"> that if the Warrantholder is a
financial institution or other institutional investor, then the
Warrantholder</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s own agreement shall be satisfactory;
it being understoo</font><font style="DISPLAY: inline; COLOR: #000000">d and
agreed that each of Trailer Investments, LLC and its affiliates shall constitute
an institutional investor for such purpose), or, in the case of any such
mutilation upon surrender of this Warrant, the Company shall (at its expense)
execute and deliv</font><font style="DISPLAY: inline; COLOR: #000000">e</font><font style="DISPLAY: inline; COLOR: #000000">r in lieu of this Warrant a new Warrant
of like kind representing the number of Warrant Shares represented by such lost,
stolen, destroyed or mutilated Warrant and dated the date of such lost, stolen,
destroyed or mutilated Warrant.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 8.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Reservation
of Common Stock; Outstanding Options</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;The Company hereby
represents and warrants that there have been reserved, and the Company shall at
all applicable times keep reserved until issued (if necessary), out of the
authorized and uni</font><font style="DISPLAY: inline; COLOR: #000000">ssued
shares of Common Stock, the maximum number of shares issuable upon the exercise
of the rights of purchase represented by this Warrant.&#160;&#160;The Company
represents, warrants and covenants that all Warrant Shares issued upon due
exercise of this Warrant s</font><font style="DISPLAY: inline; COLOR: #000000">h</font><font style="DISPLAY: inline; COLOR: #000000">all be, at the time of delivery of the
certificates for such Warrant Shares, duly authorized, validly issued, fully
paid and non-assessable shares of Common Stock.</font><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;The Company represents and
warrants that, as of the Original Issuance Date, (a</font><font style="DISPLAY: inline; COLOR: #000000">) 31,248,755 shares of Common Stock have
been issued and remain outstanding, (b) 2,181,541 Options (as defined below)
have been issued or granted, and (c) no Convertible Securities (as defined
below) have been issued or remain outstanding.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 9.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Adjustment
of Number of Warrant Shares</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;In order to prevent
dilution of the rights granted under this Warrant (including on account of the
Out of the Money Options) the number of Warrant Shares obtainable upon exercise
of this Warrant shall be </font><font style="DISPLAY: inline; COLOR: #000000">subject to adjustment from time to time
as provided in this </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9</font><font style="DISPLAY: inline; COLOR: #000000">; </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000"> that if more than one subsection of
this </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9</font><font style="DISPLAY: inline; COLOR: #000000"> is applicable to a single
event, then the subsection shall be applied that produces the largest adjustment
and no single even</font><font style="DISPLAY: inline; COLOR: #000000">t shall
cause an adjustment under more than one subsection of this </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9</font><font style="DISPLAY: inline; COLOR: #000000"> so as to result in
duplication; </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">further</font><font style="DISPLAY: inline; COLOR: #000000">, that, with respect to any
Warrantholder that is not a Trailer Investor (as defined in the Investor Rights
Agreement), no adjustm</font><font style="DISPLAY: inline; COLOR: #000000">ent
shall be made pursuant to </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9(a)</font><font style="DISPLAY: inline; COLOR: #000000"> or </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9(b)</font><font style="DISPLAY: inline; COLOR: #000000"> if, immediately prior
to the time at which such adjustment would otherwise be made, the number of
shares of Common Stock exercisable under this Warrant and any other Warrant held
by the Warranthold</font><font style="DISPLAY: inline; COLOR: #000000">er or any
of its affiliates is for fewer than 2,800,570 shares of Common Stock
(</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">however</font><font style="DISPLAY: inline; COLOR: #000000">, that such number shall be adjusted
from time to time in the same manner as the number of Warrant Shares subject to
this Warrant is adjusted in accordance wit</font><font style="DISPLAY: inline; COLOR: #000000">h </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9(c)</font><font style="DISPLAY: inline; COLOR: #000000"> and </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9(d))</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;For the
avoidance of doubt, the Warrant Price shall not be subject to adjustment
hereunder.&#160;&#160;For the purposes of this Warrant, the following terms have
the meanings set forth below:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Common Stock
Deemed Outst</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">anding</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> means, at any given time, the number of
shares of Common Stock actually outstanding at such time, plus the number of
shares of Common Stock deemed to be outstanding pursuant to </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9(b)(i)</font><font style="DISPLAY: inline; COLOR: #000000"> and </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9(b)(ii)</font><font style="DISPLAY: inline; COLOR: #000000"> hereof regardless
of whether the Options or Convertible Securities are actually exercisable at
such time, but excluding any shares of Common Stock issuable upon exercise of
this Warrant.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Convertible
Securities</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> means any stock or securities (directly
or</font><font style="DISPLAY: inline; COLOR: #000000"> indirectly) convertible
into or exchangeable for Common Stock.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Fair Market
Value</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> means, with respect to any security or
other property, the fair market value of such security or other property, as
jointly determined in good faith by the Board of Directo</font><font style="DISPLAY: inline; COLOR: #000000">rs of the Company and the Warrantholder,
assuming a willing buyer and willing seller; provided that no minority or
illiquidity discount shall be taken into account and no consideration shall be
given to any restrictions on transfer, or to the existence or</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">absence of, or any limitations on,
voting rights.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Liquidity
Event</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> means, (i) with respect to any Option
(other than awards of Common Stock), the last day of the fiscal quarter during
which such Option is exercised or in respect of which any liquidity
eve</font><font style="DISPLAY: inline; COLOR: #000000">nt has occurred,
including the cashing out of such Option or the underlying share of Common
Stock, the payment of any consideration or the exchange or rollover of such
Option (or the underlying share of Common Stock), </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">however</font><font style="DISPLAY: inline; COLOR: #000000">, that if any of the </font><font style="DISPLAY: inline; COLOR: #000000">foregoing occur in connection with any
transaction or a series of related transactions in which the liquidity for the
Warrant or the Warrant Share occurs substantially contemporaneously, then
&#8220;</font><font style="DISPLAY: inline; COLOR: #000000">Liquidity
Event&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> shall mean the date
on which such transaction</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">or the last portion of such series of
related transactions is consummated, and (ii) with respect to any Option that is
an award of Common Stock, the date of grant of such Option.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Market
Price</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> means, as of a particular date (the
&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Valuation
Date</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">), the fol</font><font style="DISPLAY: inline; COLOR: #000000">lowing: (i) if the Common Stock is then
quoted on the New York Stock Exchange, Inc. (&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">NYSE</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">), The Nasdaq Stock Market, Inc.
(&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Nasdaq</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">), the National Association of
Securities Dealers, Inc. OTC Bulletin Board (the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Bulletin
Board</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">) or such similar quotation</font><font style="DISPLAY: inline; COLOR: #000000"> system or association (together with
the NYSE, Nasdaq and Bulletin Board, &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Trading
Markets</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> and each, a &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Trading
Market</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">), the average of the daily volume
weighted average prices, as reported by Bloomberg Financial L.P., of one share
of Common Stock on a </font><font style="DISPLAY: inline; COLOR: #000000">Trading Market for a period of five
trading days consisting of the trading day immediately prior to the Valuation
Date and the four trading days prior to such date; or (ii) if the Common Stock
is not then quoted on a Trading Market, the Fair Market Value </font><font style="DISPLAY: inline; COLOR: #000000">o</font><font style="DISPLAY: inline; COLOR: #000000">f one share of Common Stock as of the
Valuation Date, as jointly determined in good faith by the Board of Directors of
the Company and the Warrantholder.&#160;&#160;If the Common Stock is not then
listed on a Trading Market, then the Board of Directors of the Compa</font><font style="DISPLAY: inline; COLOR: #000000">n</font><font style="DISPLAY: inline; COLOR: #000000">y shall respond promptly, in writing, to
an inquiry by the Warrantholder prior to the exercise hereunder as to the Fair
Market Value of a share of Common Stock as determined in good faith by the Board
of Directors of the Company.&#160;&#160;In the event that the Bo</font><font style="DISPLAY: inline; COLOR: #000000">a</font><font style="DISPLAY: inline; COLOR: #000000">rd of Directors of the Company and the
Warrantholder are unable to agree upon the Fair Market Value in respect of
clause (ii) above, the Company and the Warrantholder shall jointly select an
appraiser who is experienced in such matters.&#160;&#160;The decision of
s</font><font style="DISPLAY: inline; COLOR: #000000">u</font><font style="DISPLAY: inline; COLOR: #000000">ch appraiser shall be final and
conclusive, and the cost of such appraiser shall be borne equally by the Company
and the Warrantholder.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Options</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> means any rights or options to
subscribe for or purchase Common Stock or Convertible Securities and any
awards</font><font style="DISPLAY: inline; COLOR: #000000"> of Common Stock or
Convertible Securities.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">O</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">ut of the Money
Options</font>&#8221; means any Options existing as of the Signing Date with an
exercise in excess of $0.54,&#160;which have the right on such date to convert
to 2,195,442 shares of Common Stock.&#160;&#160;For the avoidance of doubt, an
Out of the Money Option shall continue to remain an Out of the Money Option
after a repricing, exchange or similar action with respect to such Out of the
Money Option.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Signing Date</font>&#8221; means
<font style="DISPLAY: inline; COLOR: #000000">July 17, 2009</font>.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(a)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Adjustment
of Number of</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline"> Warrant
Shares Issuable upon Exercise of Warrant</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(i)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">If and whenever on or after the Original
Issuance Date of this Warrant the Company issues or sells, or in accordance with
</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9(b)</font><font style="DISPLAY: inline; COLOR: #000000"> is deemed to have
issued or sold, any shares of Common St</font><font style="DISPLAY: inline; COLOR: #000000">ock for a consideration per share less
than (x)&#160;$0.54 </font><font style="DISPLAY: inline; COLOR: #000000">(as
such amount is proportionately adjusted for stock splits, stock combinations,
stock dividends and recapitalizations affecting the Common Stock after the
Original Issuance Date, the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Base
Price</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">) or </font><font style="DISPLAY: inline; COLOR: #000000">(y) the Market Price of the Common Stock
determined as of the date of such issue or sale, then immediately upon such
issue or sale the number of Warrant Shares issuable upon exercise of this
Warrant shall be increased to whichever of the following number </font><font style="DISPLAY: inline; COLOR: #000000">o</font><font style="DISPLAY: inline; COLOR: #000000">f Warrant Shares is
greater:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
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upon exercise of this Warrant determined by multiplying number of Warrant Shares
acquirable upon exercise of this Warrant immediately prior to such issue or sale
by a fraction, the numera</font><font style="DISPLAY: inline; COLOR: #000000">tor of which shall be the product
derived by multiplying the Base Price of the Common Stock by the number of
shares of Common Stock Deemed Outstanding immediately after such issue or sale,
and the denominator of which shall be the sum of (1) the number of</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">shares of Common Stock Deemed
Outstanding immediately prior to such issue or sale multiplied by the Base Price
of the Common Stock determined as of the date of such issue or sale, plus (2)
the consideration, if any, received by the Company upon such issue</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">or sale; or</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 108pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(B)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">the number of Warrant Shares acquirable
upon exercise of this Warrant determined by multiplying the number of Warrant
Shares acquirable upon exercise of this Warrant immediately prior to such issue
or sale by a fraction, the numerator of which </font><font style="DISPLAY: inline; COLOR: #000000">shall be the product derived by
multiplying the Market Price of the Common Stock by the number of shares of
Common Stock Deemed Outstanding immediately after such issue or sale, and the
denominator of which shall be the sum of (1) the number of shares of
</font><font style="DISPLAY: inline; COLOR: #000000">C</font><font style="DISPLAY: inline; COLOR: #000000">ommon Stock Deemed Outstanding
immediately prior to such issue or sale multiplied by the Market Price of the
Common Stock determined as of the date of such issuance of sale, plus (2) the
consideration, if any, received by the Company upon such issue or sa</font><font style="DISPLAY: inline; COLOR: #000000">l</font><font style="DISPLAY: inline; COLOR: #000000">e.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(ii)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Anything herein to the contrary
notwithstanding, the Company shall not be required to make any adjustment of the
number of Warrant Shares acquirable upon exercise of this Warrant in the case of
the issuance of (A) securities issued pursuant to the Purch</font><font style="DISPLAY: inline; COLOR: #000000">ase Agreement and securities issued upon
the exercise or conversion of those securities, and (B) shares of Common Stock
issued or issuable by reason of a dividend, stock split or other distribution on
shares of Common Stock (but only to the extent that su</font><font style="DISPLAY: inline; COLOR: #000000">c</font><font style="DISPLAY: inline; COLOR: #000000">h a dividend, split or distribution
results in an adjustment in the number of Warrant Shares acquirable upon
exercise of this Warrant pursuant to the other provisions of this
Warrant).</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(b)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Effect of
Certain Events on Number of Warrant Shares</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;For</font><font style="DISPLAY: inline; COLOR: #000000"> purposes of determining the adjusted
number of Warrant Shares acquirable upon exercise of this Warrant under
</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9(a)</font><font style="DISPLAY: inline; COLOR: #000000">, the following shall
be applicable:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(i)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Issuance of
Options</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;If the
Company in any manner grants or sells any </font><font style="DISPLAY: inline; COLOR: #000000">Options, then upon the occurrence of a
Liquidity Event with respect to such Options the number of Warrant Shares
acquirable upon exercise of this Warrant shall be increased such that the
Warrantholder shall be entitled to acquire upon exercise of this War</font><font style="DISPLAY: inline; COLOR: #000000">r</font><font style="DISPLAY: inline; COLOR: #000000">ant the same percentage of the fully
diluted Common Stock (i.e., determined by calculating all convertible
instruments as fully converted) immediately following or contemporaneous with
the occurrence of such Liquidity Event that the Warrantholder
otherwis</font><font style="DISPLAY: inline; COLOR: #000000">e</font><font style="DISPLAY: inline; COLOR: #000000"> would have been entitled to acquire
upon exercise of this Warrant immediately prior to the occurrence of such
Liquidity Event (excluding, for purposes of such calculation, the number of Out
of the Money Options outstanding as of the Signing Date).&#160;&#160;The
C</font><font style="DISPLAY: inline; COLOR: #000000">o</font><font style="DISPLAY: inline; COLOR: #000000">mpany shall promptly provide the
Warrantholder with written notice of the occurrence of any Liquidity
Event.&#160;&#160;The adjustments set forth in this paragraph shall also be
given effect with respect to any transaction where the relevant Liquidity Event
and liq</font><font style="DISPLAY: inline; COLOR: #000000">u</font><font style="DISPLAY: inline; COLOR: #000000">idity for the Warrant or the Warrant
Shares occurs contemporaneously, in the same transaction or as part of a series
of related transactions.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(ii)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Issuance of
Convertible Securities</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;If the Company in any
manner issues or sells any </font><font style="DISPLAY: inline; COLOR: #000000">Convertible Securities, and the price
per share for which Common Stock is issuable upon conversion or exchange thereof
is less than (a) the Base Price in effect immediately prior to the time of such
issue or sale or (b) the Market Price determined as of s</font><font style="DISPLAY: inline; COLOR: #000000">u</font><font style="DISPLAY: inline; COLOR: #000000">ch time, then the maximum number of
shares of Common Stock issuable upon conversion or exchange of such Convertible
Securities shall be deemed to be outstanding and to have been issued and sold by
the Company for such price per share.&#160;&#160;For the purposes of</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">this paragraph, the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000">price per share for which Common Stock
is issuable upon conversion or exchange thereof&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> is determined by dividing (A) the total
amount received or receivable by the Company as consideration for the issue or
sale of such Convertible Se</font><font style="DISPLAY: inline; COLOR: #000000">c</font><font style="DISPLAY: inline; COLOR: #000000">urities, plus the minimum aggregate
amount of additional consideration, if any, payable to the Company upon the
conversion or exchange thereof, by (B) the total maximum number of shares of
Common Stock issuable upon the conversion or exchange of all such </font><font style="DISPLAY: inline; COLOR: #000000">C</font><font style="DISPLAY: inline; COLOR: #000000">onvertible Securities.&#160;&#160;No
further adjustment of the number of Warrant Shares acquirable upon exercise of
this Warrant shall be made upon the actual issue of such Common Stock upon
conversion or exchange of such Convertible Securities, and if any such
iss</font><font style="DISPLAY: inline; COLOR: #000000">u</font><font style="DISPLAY: inline; COLOR: #000000">e or sale of such Convertible Securities
is made upon exercise of any Options for which adjustments of the number of
Warrant Shares acquirable upon exercise of this Warrant had been or are to be
made pursuant to other provisions of this </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9(b)</font><font style="DISPLAY: inline; COLOR: #000000">, no fu</font><font style="DISPLAY: inline; COLOR: #000000">rther adjustment of the number of
Warrant Shares acquirable upon exercise of this Warrant shall be made by reason
of such issue or sale.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(iii)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Change in
Conversion Rate</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;If the additional
consideration, if any, payable upon the issue, conversion or</font><font style="DISPLAY: inline; COLOR: #000000"> exchange of any Convertible Securities,
or the rate at which any Convertible Securities are convertible into or
exchangeable for Common Stock changes at any time, the number of Warrant Shares
acquirable upon exercise of this Warrant at the time of such c</font><font style="DISPLAY: inline; COLOR: #000000">h</font><font style="DISPLAY: inline; COLOR: #000000">ange shall be adjusted immediately to
the number of Warrant Shares which would have been acquirable upon exercise of
this Warrant at such time had such Convertible Securities still outstanding
provided for such changed additional consideration or changed </font><font style="DISPLAY: inline; COLOR: #000000">c</font><font style="DISPLAY: inline; COLOR: #000000">onversion rate, as the case may be, at
the time initially granted, issued or sold.&#160;&#160;For purposes of this
</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9(b)</font><font style="DISPLAY: inline; COLOR: #000000">, if the terms of any
Convertible Security which was outstanding as of the Original Issuance Date of
this Warrant are changed in the manner</font><font style="DISPLAY: inline; COLOR: #000000"> described in the immediately preceding
sentence, then such Convertible Security and the Common Stock deemed issuable
upon exercise, conversion or exchange thereof shall be deemed to have been
issued as of the date of such change; </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000"> that no such change shall at any time
cause the number of Warrant Shares acquirable upon exercise of this Warrant
hereunder to be decreased.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(iv)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Treatment of
Expired Options and Terminated Convertible Securities</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Upon the expiration of any
Option issued or g</font><font style="DISPLAY: inline; COLOR: #000000">ranted on
or following the Original Issuance Date or the termination of any right to
convert or exchange any Convertible Securities without the exercise of such
Option or right, the number of Warrant Shares acquirable upon exercise of this
Warrant shall b</font><font style="DISPLAY: inline; COLOR: #000000">e</font><font style="DISPLAY: inline; COLOR: #000000"> adjusted immediately to the number of
Warrant Shares which would have been acquirable upon exercise of this Warrant at
the time of such expiration or termination had such Option or Convertible
Securities, to the extent outstanding immediately prior to su</font><font style="DISPLAY: inline; COLOR: #000000">c</font><font style="DISPLAY: inline; COLOR: #000000">h expiration or termination, never been
issued.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(v)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Treatment of
Out of the Money Options Outstanding as of the Original Issuance
Date</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Upon the
occurrence of a Liquidity Event with respect to any Out of the Money Option at
any time after the Signing Date, </font><font style="DISPLAY: inline; COLOR: #000000">(A) if this Warrant shall not have been
exercised in full, then the number of Warrant Shares acquirable upon exercise of
this Warrant shall be increased such that the Warrantholder shall be entitled to
acquire upon exercise of this Warrant the same percen</font><font style="DISPLAY: inline; COLOR: #000000">t</font><font style="DISPLAY: inline; COLOR: #000000">age of the Common Stock outstanding
immediately following the occurrence of the Liquidity Event with respect to such
Option that the Warrantholder otherwise would have been entitled to acquire upon
exercise of this Warrant immediately prior to the occurre</font><font style="DISPLAY: inline; COLOR: #000000">n</font><font style="DISPLAY: inline; COLOR: #000000">ce of the Liquidity Event with respect
to such Option, or (B) if this Warrant shall have been exercised in full, then
the Company shall promptly, and in any event within three business days, issue
and deliver to the Warrantholder the requisite number of s</font><font style="DISPLAY: inline; COLOR: #000000">h</font><font style="DISPLAY: inline; COLOR: #000000">ares of Common Stock such that the
Warrantholder shall own the same percentage of the Common Stock outstanding
immediately following the occurrence of the Liquidity Event with respect to such
Option that the Warrantholder owned immediately prior to the oc</font><font style="DISPLAY: inline; COLOR: #000000">c</font><font style="DISPLAY: inline; COLOR: #000000">urrence of the Liquidity Event with
respect to such Option.&#160;&#160;The Company shall promptly provide the
Warrantholder with written notice of the occurrence of any Liquidity
Event.&#160;&#160;The adjustments set forth in this paragraph shall also be
given effect with re</font><font style="DISPLAY: inline; COLOR: #000000">s</font><font style="DISPLAY: inline; COLOR: #000000">pect to any transaction where the
relevant Liquidity Event and liquidity for the Warrant or the Warrant Shares
occurs contemporaneously in the same transaction or as part of a series of
related transactions.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(vi)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Calculation
of Consideration Received</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;If any C</font><font style="DISPLAY: inline; COLOR: #000000">ommon Stock or Convertible Securities
are issued or sold or deemed to have been issued or sold for cash, then the
consideration received therefor shall be deemed to be the net amount received by
the Company therefor.&#160;&#160;In case any Common Stock or
Convertib</font><font style="DISPLAY: inline; COLOR: #000000">l</font><font style="DISPLAY: inline; COLOR: #000000">e Securities are issued or sold for a
consideration other than cash, the amount of the consideration other than cash
received by the Company shall be the Fair Market Value of such consideration,
except where such consideration consists of securities, in w</font><font style="DISPLAY: inline; COLOR: #000000">h</font><font style="DISPLAY: inline; COLOR: #000000">ich case the amount of consideration
received by the Company shall be the Market Price thereof as of the date of
receipt.&#160;&#160;In case any Common Stock or Convertible Securities are
issued to the owners of the non-surviving entity in connection with any
merge</font><font style="DISPLAY: inline; COLOR: #000000">r</font><font style="DISPLAY: inline; COLOR: #000000"> in which the Company is the surviving
entity the amount of consideration therefor shall be deemed to be the Fair
Market Value of such portion of the net assets and business of the non-surviving
entity as is attributable to such Common Stock or Convertibl</font><font style="DISPLAY: inline; COLOR: #000000">e</font><font style="DISPLAY: inline; COLOR: #000000"> Securities, as the case may
be.&#160;&#160;In the event that the Board of Directors of the Company and the
Warrantholder are unable to agree upon the Fair Market Value, the Company and
the Warrantholder shall jointly select an appraiser who is experienced in such
</font><font style="DISPLAY: inline; COLOR: #000000">m</font><font style="DISPLAY: inline; COLOR: #000000">atters.&#160;&#160;The decision of such
appraiser shall be final and conclusive, and the cost of such appraiser shall be
borne equally by the Company and the Warrantholder.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(vii)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Treasury
Shares</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;The
number of shares of Common Stock outstanding at any given time does
not</font><font style="DISPLAY: inline; COLOR: #000000"> include shares owned or
held by or for the account of the Company or any Subsidiary of the Company, and
the disposition of any shares so owned or held shall be considered an issue or
sale of Common Stock.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(viii)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Record
Date</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;If the
Company takes a record of the</font><font style="DISPLAY: inline; COLOR: #000000"> holders of Common Stock for the purpose
of entitling them (A) to receive a dividend or other distribution payable in
Common Stock, Options or in Convertible Securities or (B) to subscribe for or
purchase Common Stock, Options or Convertible Securities, t</font><font style="DISPLAY: inline; COLOR: #000000">h</font><font style="DISPLAY: inline; COLOR: #000000">en such record date shall be deemed to
be the date of the issue or sale of the shares of Common Stock deemed to have
been issued or sold upon the declaration of such dividend or the making of such
other distribution or the date of the granting of such rig</font><font style="DISPLAY: inline; COLOR: #000000">h</font><font style="DISPLAY: inline; COLOR: #000000">t of subscription or purchase, as the
case may be.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(c)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Subdivision
or Combination of Common Stock</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;If the Company at any time
subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding sh</font><font style="DISPLAY: inline; COLOR: #000000">ares of Common Stock into a greater
number of shares, then the number of Warrant Shares acquirable upon exercise of
this Warrant immediately prior to such subdivision shall be proportionately
increased.&#160;&#160;If the Company at any time combines (by reverse
sto</font><font style="DISPLAY: inline; COLOR: #000000">c</font><font style="DISPLAY: inline; COLOR: #000000">k split or otherwise) one or more
classes of its outstanding shares of Common Stock into a smaller number of
shares, then the number of Warrant Shares acquirable upon exercise of this
Warrant shall be proportionately decreased.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(d)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Reorganization,
Reclassification, Consolidation, Merger or Sale</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Any recapitalization,
reorganization, reclassification, consolidation, merger, sale of all or
substantially all of the Company</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s assets or other transaction, which in
each case is effected i</font><font style="DISPLAY: inline; COLOR: #000000">n
such a way that the holders of Common Stock are entitled to receive (either
directly or upon subsequent liquidation) stock, securities or assets with
respect to or in exchange for Common Stock is referred to herein as
&#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Organic
Change</font><font style="DISPLAY: inline; COLOR: #000000">.&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;Prior to the
cons</font><font style="DISPLAY: inline; COLOR: #000000">ummation of any Organic
Change, the Company shall make appropriate provision (in form and substance
reasonably satisfactory to the Warrantholder) to insure that the Warrantholder
shall thereafter have the right to acquire and receive, in lieu of or
additi</font><font style="DISPLAY: inline; COLOR: #000000">o</font><font style="DISPLAY: inline; COLOR: #000000">n to (as the case may be) the Warrant
Shares immediately theretofore acquirable and receivable upon the exercise of
this Warrant, such shares of stock, securities or assets as would have been
issued or payable in such Organic Change (if the Warrantholder </font><font style="DISPLAY: inline; COLOR: #000000">h</font><font style="DISPLAY: inline; COLOR: #000000">ad exercised this Warrant immediately
prior to such Organic Change) with respect to or in exchange for the number of
Warrant Shares immediately theretofore acquirable and receivable upon exercise
of this Warrant had such Organic Change not taken
place.&#160;&#160;I</font><font style="DISPLAY: inline; COLOR: #000000">n</font><font style="DISPLAY: inline; COLOR: #000000"> any such case, the Company shall make
appropriate provision (in form and substance satisfactory to the Warrantholder)
with respect to the Warrantholder</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s rights and interests to insure that
the provisions of this </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9</font><font style="DISPLAY: inline; COLOR: #000000"> and </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Sections
10</font><font style="DISPLAY: inline; COLOR: #000000"> and </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">11</font><font style="DISPLAY: inline; COLOR: #000000"> hereof sh</font><font style="DISPLAY: inline; COLOR: #000000">all thereafter be applicable to the
Warrant.&#160;&#160;The Company shall not effect any such consolidation, merger
or sale, unless prior to the consummation thereof, the successor entity (if
other than the Company) resulting from consolidation or merger or the
ent</font><font style="DISPLAY: inline; COLOR: #000000">i</font><font style="DISPLAY: inline; COLOR: #000000">ty purchasing such assets assumes by
written instrument (in form and substance reasonably satisfactory to the
Warrantholder), the obligation to deliver to the Warrantholder such shares of
stock, securities or assets as, in accordance with the foregoing pr</font><font style="DISPLAY: inline; COLOR: #000000">o</font><font style="DISPLAY: inline; COLOR: #000000">visions, the Warrantholder may be
entitled to acquire.&#160;&#160;Notwithstanding any other provision in this
Warrant to the contrary, the Warrantholder shall have the right, at its
election, to sell or exchange this Warrant (rather sell or exchange the Warrant
Sha</font><font style="DISPLAY: inline; COLOR: #000000">r</font><font style="DISPLAY: inline; COLOR: #000000">es) in connection with any Organic
Change that is structured as a sale or exchange of securities of the Company,
and the Company shall use its reasonable best efforts to take all actions
necessary or reasonably requested by the Warrantholder to give effec</font><font style="DISPLAY: inline; COLOR: #000000">t</font><font style="DISPLAY: inline; COLOR: #000000"> to such election.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(e)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Certain
Events</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;If any
event occurs of the type contemplated by the provisions of this </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9</font><font style="DISPLAY: inline; COLOR: #000000"> but not expressly
provided for by such provisions (including, without limitation, the granting of
stock appreciation rights, p</font><font style="DISPLAY: inline; COLOR: #000000">hantom stock rights or other rights with
equity features), then the Company</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s Board of Directors shall make an
appropriate adjustment in the number of Warrant Shares obtainable upon exercise
of this Warrant so as to protect the rights of the Warrantholder</font><font style="DISPLAY: inline; COLOR: #000000">;</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000"> that no such adjustment shall decrease
the number of Warrant Shares obtainable as otherwise determined pursuant to this
</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 10.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Dividends</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;If the Company declares or
pays any dividend upon the Common Stock except for a stock divi</font><font style="DISPLAY: inline; COLOR: #000000">dend payable in shares of Common Stock
(a &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Dividend</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">), then the Company shall pay to the
Warrantholder at the time of payment thereof the Dividend which would have been
paid to such Warrantholder had this Warrant been fully exercised immediately
prior to t</font><font style="DISPLAY: inline; COLOR: #000000">he date on which
a record is taken for such Dividend, or, if no record is taken, the date as of
which the record holders of Common Stock entitled to such dividends are to be
determined.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 11.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Purchase
Rights</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;If at
any time the Company</font><font style="DISPLAY: inline; COLOR: #000000">
grants, issues or sells any Convertible Securities or rights to purchase stock,
warrants, securities or other property pro rata to the record holders of any
class of Common Stock (the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Purchase
Rights</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">), then the Warrantholder shall be
entitled to acquire</font><font style="DISPLAY: inline; COLOR: #000000">, upon
the terms applicable to such Purchase Rights, the aggregate Purchase Rights
which such holder could have acquired if such holder had held the number of
Warrant Shares acquirable upon complete exercise of this Warrant immediately
before the date on </font><font style="DISPLAY: inline; COLOR: #000000">w</font><font style="DISPLAY: inline; COLOR: #000000">hich a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of Common Stock are to be determined for the
grant, issue or sale of such Purchase Rights.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 12.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Fractional
Interest</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;The
Company shall not be required to issue fractions of Warrant Shares upon the
exercise of this Warrant.&#160;&#160;If any fractional share of Common Stock
would, except for the provisions of the first sentence of this </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
12</font><font style="DISPLAY: inline; COLOR: #000000">,</font><font style="DISPLAY: inline; COLOR: #000000"> be deliverable upon such exercise, then
the Company, in lieu of delivering such fractional share, shall pay to the
exercising Warrantholder an amount in cash equal to the Market Price of such
fractional share of Common Stock on the date of exercise.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 13.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Extension of
Expiration Date</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;If (a)(i) the Company fails
to cause any Registration Statement covering Registrable Securities (as such
term is defined in that certain Investor Rights Agreement, dated as of the date
hereof, by and betw</font><font style="DISPLAY: inline; COLOR: #000000">een the
Company and Trailer Investments, LLC, as amended, supplemented or otherwise
modified from time to time (the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Investor
Rights Agreement</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">)) to be declared effective prior to the
applicable dates set forth therein, or (ii) if any of the events
specifi</font><font style="DISPLAY: inline; COLOR: #000000">ed in Section 7.1 of
the Investor Rights Agreement occurs, and the Blackout Period (as such term is
defined in the Investor Rights Agreement) (whether alone, or in combination with
any other Blackout Period) continues for more than sixty days in any
twelv</font><font style="DISPLAY: inline; COLOR: #000000">e-</font><font style="DISPLAY: inline; COLOR: #000000">month period, or for more than a total
of ninety days, or (b) the Company fails to provide the notice required by
</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
15(b)</font><font style="DISPLAY: inline; COLOR: #000000"> within the time
periods set forth therein, then the Expiration Date of this Warrant shall be
extended one day for (1) in the ca</font><font style="DISPLAY: inline; COLOR: #000000">se of clause (a), each day beyond the
sixty day or ninety day limits, as the case may be, that the Blackout Period
continues, or (2) in the case of clause (b), each day after the ninetieth day
prior to the Expiration Date that the required notice has not </font><font style="DISPLAY: inline; COLOR: #000000">y</font><font style="DISPLAY: inline; COLOR: #000000">et been provided to the
Warrantholder.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 14.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Benefits</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Nothing in this Warrant
shall be construed to give any person, firm or corporation (other than the
Company and the Warrantholder) any legal or equitable right, remedy or claim, it
being agreed </font><font style="DISPLAY: inline; COLOR: #000000">that this
Warrant shall be for the sole and exclusive benefit of the Company and the
Warrantholder.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section 15.</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Notices to
Warrantholder</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(a)</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Upon the happening of any event
requiring an adjustment of the number of Warrant Shares acquirable upon exercise
of this Warrant</font><font style="DISPLAY: inline; COLOR: #000000">, the
Company shall promptly give written notice thereof to the Warrantholder at the
address appearing in the records of the Company, stating the adjusted number of
Warrant Shares acquirable upon exercise of this Warrant resulting from such
event and sett</font><font style="DISPLAY: inline; COLOR: #000000">i</font><font style="DISPLAY: inline; COLOR: #000000">ng forth in reasonable detail the method
of calculation and the facts upon which such calculation is
based.&#160;&#160;Failure to give such notice to the Warrantholder or any defect
therein shall not affect the legality or validity of the subject
adjustment.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
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twenty days prior to the Expiration Date, the Company shall provide written
notice to the Warrantholder at the address appearing in the records of the
Company, stating the calendar date upon which the Expiration Date </font><font style="DISPLAY: inline; COLOR: #000000">w</font><font style="DISPLAY: inline; COLOR: #000000">ill occur.</font></font></div>
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Transfer Agent</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;The transfer agent for the
Common Stock is The Bank of New York Mellon Trust Company, N.A.&#160;&#160;Upon
the appointment of any subsequent transfer agent for the Common Stock or other
shares of the Company</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s capital stock is</font><font style="DISPLAY: inline; COLOR: #000000">suable upon the exercise of the rights
of purchase represented by this Warrant, the Company will mail to the
Warrantholder a statement setting forth the name and address of such transfer
agent; </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">however</font><font style="DISPLAY: inline; COLOR: #000000">, that such notice shall be provided for
conv</font><font style="DISPLAY: inline; COLOR: #000000">enience only and shall
not be required for effectiveness of any such subsequent
appointment.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
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Assurances</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Except and to the extent as
waived or consented to by the Warrantholder, the Company shall not by any
action, including, without limitation, a</font><font style="DISPLAY: inline; COLOR: #000000">mending its certificate of incorporation
or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of&#160;&#160;the
</font><font style="DISPLAY: inline; COLOR: #000000">t</font><font style="DISPLAY: inline; COLOR: #000000">erms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or reasonably required to protect
the rights of Warrantholder as set forth in this Warrant aga</font><font style="DISPLAY: inline; COLOR: #000000">i</font><font style="DISPLAY: inline; COLOR: #000000">nst impairment. Without limiting the
generality of the foregoing, the Company will (a) not increase the par value of
any Warrant Shares above the amount payable therefor upon such exercise
immediately before such increase in par value, (b) take all such a</font><font style="DISPLAY: inline; COLOR: #000000">c</font><font style="DISPLAY: inline; COLOR: #000000">tion as may be necessary or reasonably
required in order that the Company may validly and legally issue fully paid and
nonassessable Warrant Shares upon the exercise of this Warrant, (c) in the event
that any adjustment to the number of Warrant Shares (as</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">defined in the Original Warrant) that
was required to be made under the terms of the Original
Warrant&#160;&#160;(other than adjustments expressly waived pursuant to the
terms of the Consent) was not made prior to its cancellation, take all such
action as may be ne</font><font style="DISPLAY: inline; COLOR: #000000">c</font><font style="DISPLAY: inline; COLOR: #000000">essary or reasonably required to fully
reflect such adjustment in the number of Warrant Shares (as defined herein)
issuable hereunder, and (d) use all reasonable best efforts to obtain all such
authorizations, exemptions or consents from any public regula</font><font style="DISPLAY: inline; COLOR: #000000">t</font><font style="DISPLAY: inline; COLOR: #000000">ory body having jurisdiction thereof as
may be necessary to enable the Company to perform its obligations under this
Warrant.&#160;&#160;Before taking any action which would result in an adjustment
in the number of Warrant Shares for which this Warrant is exercisab</font><font style="DISPLAY: inline; COLOR: #000000">l</font><font style="DISPLAY: inline; COLOR: #000000">e, the Company shall use all
reasonable&#160;&#160;best efforts to obtain all such authorizations or
exemptions thereof, or consents thereto, as may be necessary or reasonably
required from any public regulatory body or bodies having jurisdiction
thereof.</font></font></div>
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      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
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required or permitted under this Warrant shall be given in writing and shall be
deemed effectively given as hereinafter described (a) if given by personal
delivery, then such notice shall be deemed given upon such del</font><font style="DISPLAY: inline; COLOR: #000000">i</font><font style="DISPLAY: inline; COLOR: #000000">very, (b) if given by telex or
facsimile, then such notice shall be deemed given upon receipt of confirmation
of complete transmittal, (c) if given by mail, then such notice shall be deemed
given upon the earlier of (i) receipt of such notice by the recip</font><font style="DISPLAY: inline; COLOR: #000000">i</font><font style="DISPLAY: inline; COLOR: #000000">ent or (ii) three days after such notice
is deposited in first class mail, postage prepaid, and (d) if given by an
internationally recognized overnight air courier, then such notice shall be
deemed given one business day after delivery to such
carrier.&#160;&#160;A</font><font style="DISPLAY: inline; COLOR: #000000">l</font><font style="DISPLAY: inline; COLOR: #000000">l notices shall be addressed as set
forth below, or at such other address as the Warrantholder or the Company may
designate by ten days</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000"> advance written notice to the other
party:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">If to the Company, then
to:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Wabash National
Corporation</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">1000 Sagamore Parkwa</font><font style="DISPLAY: inline; COLOR: #000000">y South</font></font></div>
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47905</font></font></div>
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Officer</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">with a copy to (which shall not
constitute notice):</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Hogan Lovells LLP</font></font></div>
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Drive</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Suite 2000</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Facsimil</font><font style="DISPLAY: inline; COLOR: #000000">e:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">(410) 639-2741</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">If to the Warrantholder, then
to:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Trailer Investments,
Inc.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">c/o Lincolnshire Management,
Inc.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">780 Third Avenue</font></font></div>
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NY&#160;&#160;10017</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Allan D. L.
Weinstein</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Facsimile:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">(212) 755-5457</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">with a copy to (wh</font><font style="DISPLAY: inline; COLOR: #000000">ich shall not constitute
notice):</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Kirkland &amp; Ellis
LLP</font></font></div>
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NY&#160;&#160;10022</font></font></div>
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<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Frederick Tanne,
P.C.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Srinivas S.
Kaushik</font></font></div>
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<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(212) 446-6460</font></font></div>
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Rights</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;The
initial Warrantholder is entitled to the benefit of certain registration rights
with respect to the shares of Common Stock issuable upon the exercise of this
Warrant as provided in the Investor Rights Agreement, and any subsequent
Warrantholder may</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">be entitled to such rights in accordance
with the terms of the Investor Rights Agreement.</font></font></div>
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provisions hereof by or for the benefit of the Warrantholder shall bind and
inure to the benefit of its respective successors and a</font><font style="DISPLAY: inline; COLOR: #000000">ssigns hereunder.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
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Law; Consent to Jurisdiction; Waiver of Jury Trial</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;This Warrant shall be
governed by, and construed in accordance with, the internal laws of the State of
New York, without reference to the choice of law provisions
thereof.&#160;&#160;Th</font><font style="DISPLAY: inline; COLOR: #000000">e
Company and, by accepting this Warrant, the Warrantholder, each irrevocably
submits to the exclusive jurisdiction of the courts of the State of New York
located in New York County and the United States District Court for the Southern
District of New Yor</font><font style="DISPLAY: inline; COLOR: #000000">k</font><font style="DISPLAY: inline; COLOR: #000000"> for the purpose of any suit, action,
proceeding or judgment relating to or arising out of this Warrant and the
transactions contemplated hereby.&#160;&#160;Service of process in connection
with any such suit, action or proceeding may be served on each party
hereto</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">anywhere in the world by the same
methods as are specified for the giving of notices under this
Warrant.&#160;&#160;The Company and, by accepting this Warrant, the
Warrantholder, each irrevocably consents to the jurisdiction of any such court
in any such suit, acti</font><font style="DISPLAY: inline; COLOR: #000000">o</font><font style="DISPLAY: inline; COLOR: #000000">n or proceeding and to the laying of
venue in such court.&#160;&#160;The Company and, by accepting this Warrant, the
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any such suit, action or proceeding brought in such courts and
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suit, action or proceeding brought in any such court has been brought in an
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AND, BY ITS ACCEPTANCE HEREOF, THE WARRANTHOLDER HEREBY WAIVES ANY RIGHT TO
REQUEST A TRIAL BY JURY IN </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">ANY LITIGATION WITH
RESPECT TO THIS WARRANT AND REPRESENTS AND WARRANTS THAT COUNSEL HAS BEEN
CONSULTED SPECIFICALLY AS TO THIS WAIVER.</font></font></div>
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Waiver</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;This
Warrant was issued in connection with the consummation of the transactions
contemplated by the Purchase Agreement.&#160;&#160;Any term of this Warrant may
be amend</font><font style="DISPLAY: inline; COLOR: #000000">ed or waived
(including the adjustment provisions included in </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
9</font><font style="DISPLAY: inline; COLOR: #000000"> of this Warrant) upon the
written consent of the Company and the Warrantholder.</font></font></div>
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Person.</font></font></div>
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Headings</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;The
section headings in this Warrant are for the convenience of the Company and the
Warrantholder and in no way al</font><font style="DISPLAY: inline; COLOR: #000000">ter, modify, amend, limit or restrict
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Date.</font></font></div>
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payment of the Warrant Price and surrender of the Warrant, _______________
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issued as follows:</font></font></div>
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shall not be all the Warrant Shares purchasable upon exercise of the Warrant,
then that a new Warrant for the balance </font><font style="DISPLAY: inline; COLOR: #000000">of the Warrant Shares purchasable upon
exercise of this Warrant be registered in the name of the undersigned
Warrantholder or the undersigned</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s assignee as below indicated and
delivered to the address stated below.</font></font></div>
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CORPORATION</font></font></div>
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NOTICE</font></font></div>
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Corporation</font></font></div>
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[_________________________]</font></font></div>
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</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
4</font><font style="DISPLAY: inline; COLOR: #000000"> of this Warrant to
surrender the right to purchase [____</font><font style="DISPLAY: inline; COLOR: #000000">________] shares of Common Stock
pursuant to this Warrant and hereby requests the issuance of [_____________]
shares of Common Stock.&#160;&#160;The shares issuable upon such net issue
election shall be issued in the name of the undersigned or as otherwise
indicate</font><font style="DISPLAY: inline; COLOR: #000000">d</font><font style="DISPLAY: inline; COLOR: #000000"> below.</font></font></div>
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Registration</font></font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>v187029_ex99-1.htm
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    <!--Licensed to: Vintage Filings-->
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99.1</font></div>
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      Contact: Allison Henk</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Marketing&#160;Communications</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Manager</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(765)&#160;771-5674</font></div>
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      Relations:&#160;&#160;&#160;&#160;&#160;</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(765)
      771-5310&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wabash
National Corporation Announces Closing of Public Offering of Common
Stock</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">LAFAYETTE,
Ind. &#8212; May 28, 2010 &#8212; Wabash National Corporation (NYSE: WNC) (the &#8220;Company&#8221;)
today announced the closing of its previously announced public offering of its
common stock. The Company sold 11,750,000 shares and Trailer Investments, LLC (a
wholly-owned entity of Lincolnshire Equity Fund III, L.P., a private equity
investment fund managed by Lincolnshire Management, Inc.) sold 16,137,500
shares, each at a purchase price per share of $6.50. The shares sold by the
selling stockholder include 3,637,500 shares sold pursuant to the underwriters&#8217;
exercise in full of their option to purchase additional shares to cover
over-allotments. All shares sold by the selling stockholder were issued upon the
partial exercise of a warrant held by the selling stockholder. The Company will
not receive any proceeds from the sale of the shares by the selling
stockholder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company intends to use the net proceeds from its offering of shares to redeem
all of its outstanding preferred stock, to repay a portion of its outstanding
indebtedness under its revolving credit facility (without reducing its
commitments), and to use any remaining net proceeds for general corporate
purposes.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Morgan
Stanley &amp; Co. Incorporated acted as the sole book-running manager for the
offering. In addition, UBS Securities LLC, BB&amp;T Capital Markets, a division
of Scott &amp; Stringfellow, LLC, Sterne, Agee &amp; Leach, Inc. and Avondale
Partners, LLC acted as co-managers for the offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
common stock was offered pursuant to a shelf registration statement that was
previously filed with and declared effective by the Securities and Exchange
Commission. A prospectus supplement and accompanying base prospectus related to
the offering was filed with the SEC and is available on the SEC&#8217;s web site,
<font style="DISPLAY: inline; TEXT-DECORATION: underline">www.sec.go</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">v</font>. Copies of the
prospectus supplement and accompanying base prospectus related to the offering
may be obtained from the offices of Morgan Stanley at 180 Varick Street, Second
Floor, New York, New York, 10014, Attention: Prospectus Department or by email
at <font style="DISPLAY: inline; TEXT-DECORATION: underline">prospectus@morganstanley.com</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities, in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
jurisdiction.</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
Wabash National Corporation</font></div>
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    </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Headquartered
in Lafayette, Ind., Wabash National&#174; Corporation (NYSE: WNC) is one of the
leading manufacturers of semi-trailers in North America. Established in 1985,
the company specializes in the design and production of dry freight vans,
refrigerated vans, flatbed trailers, drop deck trailers, dump trailers, truck
bodies and intermodal equipment. Its innovative core products are sold under the
DuraPlate&#174;, ArcticLite&#174;, FreightPro&#8482; Eagle&#174; and Benson&#8482; brand names. The company
operates two wholly-owned subsidiaries: Transcraft&#174; Corporation, a manufacturer
of flatbed, drop deck, dump trailers and truck bodies, and Wabash National
Trailer Centers, trailer service centers and retail distributors of new and used
trailers and aftermarket parts throughout the U.S.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Safe
Harbor Statement</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
press release contains certain forward-looking statements, as defined by the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
convey the Company&#8217;s current expectations or forecasts of future events. All
statements contained in this press release other than statements of historical
fact are forward-looking statements. These forward-looking statements are
subject to risks and uncertainties that could cause actual results to differ
materially from those implied by the forward-looking statements. Readers
should&#160;review and consider the various disclosures made by the Company in
its filings with the Securities and Exchange Commission, including the risks and
uncertainties described therein.</font></div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
