Common use of Conversion upon Qualified Financing Clause in Contracts

Conversion upon Qualified Financing. Without any action on the part of the Holder, all of the outstanding principal and accrued interest (the “Outstanding Balance”) shall convert into New Round Stock upon the consummation of a Qualified Financing (the “Conversion Date”), based upon the lesser of: (i) $0.50 per New Round Stock and (ii) the quotient obtained by dividing (x) the Outstanding Balance on the Conversion Date multiplied by 1.10 by (y) the actual price per New Round Stock in the Qualified Financing.

Conversion upon Qualified Financing. Without any action on the part of the Holder, all of the outstanding principal and accrued interest (the “Outstanding Balance”) shall convert into that number of shares of New Round Stock upon the consummation of a Qualified Financing (the “Conversion Date”), based upon the lesser ofgreater number of such shares resulting from either: (i) the Outstanding Balance divided by $0.50 1.80 per share of New Round Stock and Stock; or (ii) the quotient obtained by dividing (x) the Outstanding Balance on the Conversion Date multiplied by 1.10 1.25, divided by (y) the actual per share price per of New Round Stock in the Qualified FinancingStock.

Conversion upon Qualified Financing. Without any action on the part of the Holder, all of the outstanding principal and accrued interest (the “Outstanding Balance”) shall convert into that number of shares of New Round Stock upon the consummation of a Qualified Financing (the “Conversion Date”), based upon the lesser ofgreater number of such shares resulting from either: (i) the Outstanding Balance divided by $0.50 1.80 per share of New Round Stock and Stock; or (ii) the quotient obtained by dividing (x) the Outstanding Balance on the Conversion Date multiplied by 1.10 1.25, divided by (y) the actual per share price per of New Round Stock in the Qualified FinancingStock.”