Common use of Company Right Clause in Contracts

Company Right. The Company has the right to require the Holder to exercise this Warrant in accordance with the following terms and schedule (such requirement a "Mandatory Exercise"): (a) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise (as defined in Section 2.2 below), to exercise this Warrant in part for up to and including three hundred seventy-five thousand (375,000) shares of Common Stock on or after any such date that (i) the Closing Bid Price (as defined below) of the Common Stock for each of the previous fifteen (15) consecutive Trading Days (as defined below) (each such period a "Test Period") equals or exceeds $0.68 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one hundred fifty thousand (150,000) shares; and (b) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise, to exercise this Warrant in part for a total of up to and including seven hundred fifty thousand (750,000) shares of Common Stock on or after any such date that (i) the Closing Bid Price of the Common Stock during such Test Period equals or exceeds $0.94 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one hundred fifty thousand (150,000) shares; and (c) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise, to exercise this Warrant for a total of up to and including one million one hundred twenty-five thousand (1,125,000) shares of Common Stock on or after any such date that (i) the Closing Bid Price of the Common Stock during such Test Period equals or exceeds $1.135 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one hundred fifty thousand (150,000) shares; provided further, that (i) the Company shall not submit a Notice of Mandatory Exercise (as defined in Section 2.2) within a period of thirty (30) Trading Days from any previous Notice of Mandatory Exercise, and (ii) the Company's right to require a Mandatory Exercise pursuant to any of subsections a, b or c above, after the conditions in the relevant subsection are met, shall continue indefinitely and shall not be effected by any subsequent changes in the Common Stock's Closing Bid Price or changes to the average daily trading volume of the Common Stock with respect to the Company's right under each subsection. If, pursuant to a Mandatory Exercise, this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new warrant evidencing the rights of the Holder thereof to purchase the balance of the shares purchasable hereunder. For purposes of this Warrant, the following terms shall have the following meanings:

Company Right. The Company has the right to require the Holder to exercise this Warrant in accordance with the following terms and schedule (such requirement a "Mandatory Exercise"): (a) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise (as defined in Section 2.2 below), to exercise this Warrant in part for up to and including three one million six hundred seventysixty-five six thousand six hundred sixty-six (375,0001,666,666) shares of Common Stock on or after any such date that (i) the Closing Bid Price (as defined below) of the Common Stock for each of the previous fifteen (15) consecutive Trading Days (as defined below) (each such period a "Test Period") equals or exceeds $0.68 0.1167 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one million five hundred fifty thousand (150,0001,500,000) shares; and (b) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise, to exercise this Warrant in part for a total of up to and including seven three million three hundred fifty thirty-three thousand three hundred thirty-four (750,0003,333,334) shares of Common Stock on or after any such date that (i) the Closing Bid Price of the Common Stock during such Test Period equals or exceeds $0.94 0.1556 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one two million five hundred fifty thousand (150,000) shares; and (c) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise, to exercise this Warrant for a total of up to and including one million one hundred twenty-five thousand (1,125,000) shares of Common Stock on or after any such date that (i) the Closing Bid Price of the Common Stock during such Test Period equals or exceeds $1.135 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one hundred fifty thousand (150,0002,500,000) shares; provided further, that (i) the Company shall not submit a Notice of Mandatory Exercise (as defined in Section 2.2) within a period of thirty (30) Trading Days from any previous Notice of Mandatory Exercise, (ii) the Company shall not submit a Notice of Mandatory Exercise (as defined in Section 2.2) unless the shares of Common Stock to which such Notice of Mandatory Exercise relates have, during the applicable Test Period, been registered for sale to the public under the Securities Act of 1933, as amended (the "1933 Act"), and (iiiii) the Company's right to require a Mandatory Exercise pursuant to any either of subsections a, a or b or c above, after the conditions in the relevant subsection are met, shall exist only for as long as such conditions continue indefinitely and shall not to be effected by any subsequent changes in the Common Stock's Closing Bid Price or changes to the average daily trading volume of the Common Stock with respect to the Company's right under each subsectionmet. If, pursuant to a Mandatory Exercise, this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new warrant evidencing the rights of the Holder thereof to purchase the balance of the shares purchasable hereunder. For purposes of this Warrant, the following terms shall have the following meanings:

Company Right. The Company has the right to require the Holder to exercise this Warrant in accordance with the following terms and schedule (such requirement a "Mandatory Exercise"): (a) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise (as defined in Section 2.2 below), to exercise this Warrant in part for up to and including three six million six hundred seventysixty-five six thousand (375,0006,666,000) shares of Common Stock on or after any such date that (i) the Closing Bid Price (as defined below) of the Common Stock for each of the previous fifteen (15) consecutive Trading Days (as defined below) (each such period a "Test Period") equals or exceeds $0.68 0.15 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one million five hundred fifty thousand (150,0001,500,000) shares; and (b) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise, to exercise this Warrant in part for a total of up to and including seven thirteen million three hundred fifty thirty-three thousand (750,00013,333,000) shares of Common Stock on or after any such date that (i) the Closing Bid Price of the Common Stock during such Test Period equals or exceeds $0.94 0.20 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one two million five hundred fifty thousand (150,000) shares; and (c) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise, to exercise this Warrant for a total of up to and including one million one hundred twenty-five thousand (1,125,000) shares of Common Stock on or after any such date that (i) the Closing Bid Price of the Common Stock during such Test Period equals or exceeds $1.135 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one hundred fifty thousand (150,0002,500,000) shares; provided further, that (i) the Company shall not submit a Notice of Mandatory Exercise (as defined in Section 2.2) within a period of thirty (30) Trading Days from any previous Notice of Mandatory Exercise, (ii) the Company shall not submit a Notice of Mandatory Exercise (as defined in Section 2.2) unless the shares of Common Stock to which such Notice of Mandatory Exercise relates have, during the applicable Test Period, been registered for sale to the public under the Securities Act of 1933, as amended (the "1933 Act"), and (iiiii) the Company's right to require a Mandatory Exercise pursuant to any either of subsections a, a or b or c above, after the conditions in the relevant subsection are met, shall exist only for as long as such conditions continue indefinitely and shall not to be effected by any subsequent changes in the Common Stock's Closing Bid Price or changes to the average daily trading volume of the Common Stock with respect to the Company's right under each subsectionmet. If, pursuant to a Mandatory Exercise, this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new warrant evidencing the rights of the Holder thereof to purchase the balance of the shares purchasable hereunder. For purposes of this Warrant, the following terms shall have the following meanings:

Company Right. The Company has the right to require the Holder to exercise this Warrant in accordance with the following terms and schedule (such requirement a "Mandatory Exercise"): (a) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise (as defined in Section 2.2 below), to exercise this Warrant in part for up to and including three seven hundred seventy-five fifty thousand (375,000750,000) shares of Common Stock on or after any such date that (i) the Closing Bid Price (as defined below) of the Common Stock for each of the previous fifteen (15) consecutive Trading Days (as defined below) (each such period a "Test Period") equals or exceeds $0.68 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one hundred fifty thousand (150,000) shares; and (b) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise, to exercise this Warrant in part for a total of up to and including seven one million five hundred fifty thousand (750,0001,500,000) shares of Common Stock on or after any such date that (i) the Closing Bid Price of the Common Stock during such Test Period equals or exceeds $0.94 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one hundred fifty thousand (150,000) shares; and (c) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise, to exercise this Warrant for a total of up to and including one two million one two hundred twenty-five fifty thousand (1,125,0002,250,000) shares of Common Stock on or after any such date that (i) the Closing Bid Price of the Common Stock during such Test Period equals or exceeds $1.135 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one hundred fifty thousand (150,000) shares; provided further, that (i) the Company shall not submit a Notice of Mandatory Exercise (as defined in Section 2.2) within a period of thirty (30) Trading Days from any previous Notice of Mandatory Exercise, and (ii) the Company's right to require a Mandatory Exercise pursuant to any of subsections a, b or c above, after the conditions in the relevant subsection are met, shall continue indefinitely and shall not be effected by any subsequent changes in the Common Stock's Closing Bid Price or changes to the average daily trading volume of the Common Stock with respect to the Company's right under each subsection. If, pursuant to a Mandatory Exercise, this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new warrant evidencing the rights of the Holder thereof to purchase the balance of the shares purchasable hereunder. For purposes of this Warrant, the following terms shall have the following meanings:

Company Right. The Company has the right to require the Holder to exercise this Warrant in accordance with the following terms and schedule (such requirement a "Mandatory Exercise"): (a) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise (as defined in Section 2.2 below), to exercise this Warrant in part for up to and including three hundred seventythirty-five three thousand three hundred thirty-three (375,000333,333) shares of Common Stock on or after any such date that (i) the Closing Bid Price (as defined below) of the Common Stock for each of the previous fifteen (15) consecutive Trading Days (as defined below) (each such period a "Test Period") equals or exceeds $0.68 0.177 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one hundred fifty thousand (150,000) shares; and (b) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise, to exercise this Warrant in part for a total of up to and including seven six hundred fifty sixty-six thousand six hundred sixty-six (750,000666,666) shares of Common Stock on or after any such date that (i) the Closing Bid Price of the Common Stock during such Test Period equals or exceeds $0.94 0.244 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one hundred fifty thousand (150,000) shares; and (c) the Company may, in its sole discretion, require the Holder in one or more Mandatory Exercises, pursuant to one or more Notices of Mandatory Exercise, to exercise this Warrant for a total of up to and including one million one hundred twenty-five thousand (1,125,0001,000,000) shares of Common Stock on or after any such date that (i) the Closing Bid Price of the Common Stock during such Test Period equals or exceeds $1.135 0.295 per share, and (ii) the average daily trading volume of the Common Stock during such Test Period is equal to or greater than one hundred fifty thousand (150,000) shares; provided further, that (i) the Company shall not submit a Notice of Mandatory Exercise (as defined in Section 2.2) within a period of thirty (30) Trading Days from any previous Notice of Mandatory Exercise, and (ii) the Company's right to require a Mandatory Exercise pursuant to any of subsections a, b or c above, after the conditions in the relevant subsection are met, shall continue indefinitely and shall not be effected by any subsequent changes in the Common Stock's Closing Bid Price or changes to the average daily trading volume of the Common Stock with respect to the Company's right under each subsection. If, pursuant to a Mandatory Exercise, this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new warrant evidencing the rights of the Holder thereof to purchase the balance of the shares purchasable hereunder. For purposes of this Warrant, the following terms shall have the following meanings: