Common use of Exercisability of Warrant; Termination of Warrant Clause in Contracts

Exercisability of Warrant; Termination of Warrant. Subject to the provisions of this paragraph (c), each Warrant shall be exercisable by the Subscriber for a period of three (3) years commencing on the date of issuance and expiring on the third anniversary of the date of issuance, as provided on the warrant certificate evidencing the Warrants (the “Expiration Date”), subject to the following provisions: (1) All issued but unexercised Warrants shall continue to be fully exercisable in accordance with the provisions herein, subject to the Company’s right to cancel provided in subparagraph (2), if: (i) there occurs any corporate transaction (which shall include a series of corporate transactions occurring within 60 days or occurring pursuant to a plan), that has the result that shareholders of the Company immediately before such transaction cease to own at least a majority of the voting stock of the Company in a (a) reorganization, (b) consolidation, (c) merger, (d) liquidation or (e) a similar corporate transaction; (ii) the shareholders of the Company approve a plan of merger, consolidation, reorganization, liquidation or dissolution in which the Company does not survive (unless the approved merger, consolidation, reorganization, liquidation or dissolution is subsequently abandoned); or (iii) the shareholders of the Company approve a plan for the sale, lease, exchange or other disposition of all or substantially all the property and assets of the Company (unless such plan is subsequently abandoned).

Exercisability of Warrant; Termination of Warrant. Subject to the provisions of this paragraph (c)Section 3, each Warrant shall be exercisable by the Subscriber for a period of three (3) years Grantee commencing on the date of issuance of such Warrant and expiring on the third later of the second anniversary of the date of issuance, as provided on the warrant certificate evidencing the Warrants Warrants, or the date that the outstanding principal balance owed by the Company to Grantee pursuant to the $200,000 debt financing provided by Grantee to the Company on or about the date hereof, excluding any liquidation preference amount (the “Outstanding Debt”), has been paid in full (the “Expiration Date”), subject to the following provisions: (1a) All issued but unexercised Warrants shall continue to be fully exercisable in accordance with the provisions herein, subject to the Company’s right to cancel provided in subparagraph paragraph (2b), if: (i) there occurs any corporate transaction (which shall include a series of corporate transactions occurring within 60 days or occurring pursuant to a plan), that has the result that shareholders of the Company immediately before such transaction cease to own at least a majority of the voting stock of the Company in immediately after a (a) reorganization, (b) consolidation, (c) merger, (d) liquidation or (e) a similar corporate transaction; (ii) the shareholders of the Company approve a plan of merger, consolidation, reorganization, liquidation or dissolution in which the Company does not survive (unless the approved merger, consolidation, reorganization, liquidation or dissolution is subsequently abandoned); or (iii) the shareholders of the Company approve a plan for the sale, lease, exchange or other disposition of all or substantially all the property and assets of the Company (unless such plan is subsequently abandoned).

Exercisability of Warrant; Termination of Warrant. Subject to the provisions of this paragraph (c)Section 3, each Warrant shall be exercisable by the Subscriber for a period of three (3) years Grantee commencing on the date of issuance of such Warrant and expiring on the third later of the second anniversary of the date of issuance, as provided on the warrant certificate evidencing the Warrants Warrants, or the date that the outstanding principal balance owed by the Company to Grantee pursuant to the $150,000 debt financing provided by Grantee to the Company on or about the date hereof, excluding any liquidation preference amount (the “Outstanding Debt”), has been paid in full (the “Expiration Date”), subject to the following provisions: (1a) All issued but unexercised Warrants shall continue to be fully exercisable in accordance with the provisions herein, subject to the Company’s right to cancel provided in subparagraph paragraph (2b), if: (i) there occurs any corporate transaction (which shall include a series of corporate transactions occurring within 60 days or occurring pursuant to a plan), that has the result that shareholders of the Company immediately before such transaction cease to own at least a majority of the voting stock of the Company in immediately after a (a) reorganization, (b) consolidation, (c) merger, (d) liquidation or (e) a similar corporate transaction; (ii) the shareholders of the Company approve a plan of merger, consolidation, reorganization, liquidation or dissolution in which the Company does not survive (unless the approved merger, consolidation, reorganization, liquidation or dissolution is subsequently abandoned); or (iii) the shareholders of the Company approve a plan for the sale, lease, exchange or other disposition of all or substantially all the property and assets of the Company (unless such plan is subsequently abandoned).