Common use of Distribution of Proceeds from Sale or Exercise Clause in Contracts

Distribution of Proceeds from Sale or Exercise. In the event that the Contingent Agent exercises its rights under this Article, the Contingent Agent will accumulate the proceeds received from the sale of Expired Warrants or Shares in a specifically established trust account (the “Trust Account”) and will deduct the Fees and Expenses (as defined below) to derive the net proceeds (“Net Proceeds”). The beneficiaries of such Trust Account are the Warrant Holders of all the Expired Warrants. Within ten (10) business days of the expiration of the Special Exercise Period, the Contingent Agent shall distribute the Net Proceeds pro rata to all the Covered Holders. Payment of the Net Proceeds will be accompanied by a summary accounting of the receipts, expenses and fees. The distribution to any Covered Holder will equal the Net Proceeds multiplied by a fraction that equals the Expired Warrants the Covered Holder could have exercised prior to the Expiration Date divided by all Expired Warrants that could have been exercised by all Covered Holders prior to the Expiration Date.

Distribution of Proceeds from Sale or Exercise. In the event that the Contingent Agent exercises its rights under this Article, the Contingent Agent will accumulate the proceeds received from the sale of Expired Warrants or Shares in a specifically established trust account (the “"Trust Account”") and will deduct the Fees and Expenses (as defined below) to derive the net proceeds (“"Net Proceeds”"). The beneficiaries of such Trust Account are the Warrant Holders of all the Expired Warrants. Within ten (10) business days of the expiration of the Special Exercise Period, the Contingent Agent shall distribute the Net Proceeds pro rata to all the Covered Holders. Payment of the Net Proceeds will be accompanied by a summary accounting of the receipts, expenses and fees. The distribution to any Covered Holder will equal the Net Proceeds multiplied by a fraction that equals the Expired Warrants the Covered Holder could have exercised prior to the Expiration Date divided by all Expired Warrants that could have been exercised by all Covered Holders prior to the Expiration Date.