Common use of Conversion Before an Event of Default Clause in Contracts

Conversion Before an Event of Default. Holder shall have the right at its election to convert the principal amount of this Note, together with accrued but unpaid interest thereon, into shares of common stock of the Company (the “Conversion Shares”), at a conversion rate equal to the lower of (i) $7.00 per share and (ii) 80% of the Company’s per share price in the next underwritten public offering (which for the avoidance of doubt, shall not be adjusted for stock splits, reverse stock splits and recapitalizations occurring before the next public offering) (the “Conversion Price”).

Conversion Before an Event of Default. Holder shall have the right at its election to convert the principal amount of this Note, together with accrued but unpaid interest thereon, into shares of common stock of the Company (the “Conversion Shares”), at a conversion rate equal to the lower of (i) $7.00 0.37 per share and (ii) 80% of the Company’s per share price in the next underwritten public offering (which for the avoidance of doubt, shall not be adjusted for stock splits, reverse stock splits and recapitalizations occurring before the next public offering) (the “Conversion Price”).