Common use of Cancellation of the Warrants Clause in Contracts

Cancellation of the Warrants. EXCHANGE OF WARRANTS FOR SERIES B PREFERRED STOCK. (a) In consideration of and in express reliance upon the representations, warranties, covenants, terms and conditions of this Agreement, the Holder and the Company agree to the cancellation of the Warrants and the exchange of the Warrants into newly issued shares of Series B Preferred Stock in the amounts set forth on EXHIBIT A attached hereto. (b) The closing under this Agreement (the "CLOSING") shall take place at the offices of Sadis & Gxxxxxxx LLP, 500 Xxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, XX 00000 upon the satisfaction or waiver of each of the conditions set forth in Sections 4 and 5 hereof (the "CLOSING DATE"). At the Closing, the Company shall issue to the Holder the shares of Series B Preferred Stock and the Holder shall deliver to the Company for cancellation the Warrants. (c) The designation, rights, preferences and other terms and provisions of the Series B Preferred Stock are set forth in the Certificate of Designation of the Relative Rights and Preferences of the Series B Convertible Preferred Stock attached hereto as EXHIBIT B (the "CERTIFICATE OF DESIGNATION"). (d) The shares of Series B Preferred Stock issuable upon the exchange of the Warrants and the shares of Common Stock issuable upon conversion of the Series B Preferred Stock are sometimes collectively referred to herein as the "SECURITIES".

Cancellation of the Warrants. EXCHANGE OF WARRANTS FOR SERIES B PREFERRED STOCKExchange of Warrants for Series C Preferred Stock. (a) In consideration of and in express reliance upon the representations, warranties, covenants, terms and conditions of this Agreement, the Holder and the Company agree to the cancellation of the Warrants and the exchange of the Warrants into newly issued shares of Series B C Preferred Stock in the amounts set forth on EXHIBIT Exhibit A attached hereto. (b) The closing under this Agreement (the "CLOSING"“Closing”) shall take place at the offices of Sadis Xxxxxx Xxxxx Xxxxxxxx & Gxxxxxxx Xxxxxxx LLP, 500 Xxxxx Xxxxxx, 00xx Xxxxx0000 Xxxxxx xx xxx Xxxxxxxx, Xxx Xxxx, XX 00000 upon the satisfaction or waiver of each of the conditions set forth in Sections 4 and 5 hereof (the "CLOSING DATE"“Closing Date”). At the Closing, the Company shall issue to the Holder the shares of Series B C Preferred Stock and the Holder shall deliver to the Company for cancellation the Warrants. (c) The designation, rights, preferences and other terms and provisions of the Series B C Preferred Stock are set forth in the Certificate of Designation of the Relative Rights and Preferences of the Series B C Convertible Preferred Stock attached hereto as EXHIBIT Exhibit B (the "CERTIFICATE OF DESIGNATION"“Certificate of Designation”). (d) The shares of Series B C Preferred Stock issuable upon the exchange of the Warrants and the shares of Common Stock issuable upon conversion of the Series B C Preferred Stock are sometimes collectively referred to herein as the "SECURITIES"“Securities”.