Common use of Factual Background Clause in Contracts

Factual Background. A. On December 30, 2008, the Company entered into a Preferred Stock Purchase Agreement with Xxxxxx Xxxxxxxxx, Xxxxxxx Xxxxxxxxx and X-Master, Inc., (the "Investors") pursuant to which the Investors agreed to purchase at least ten (10) shares of Series D Preferred Stock from the Company for a purchase price of up to Five Million Dollars ($5,000,000 USD). As a material and essential inducement for the Investors to enter into the Preferred Stock Purchase Agreement, the Company agreed to employ Xxxxxxx Xxxxxxxxx and Xxxxxx Xxxxxxxxx in accordance with the terms thereof.

Factual Background. A. On December 30, 2008, the Company entered into a Preferred Stock Purchase Agreement with Xxxxxx Xxxxxxxxx, Xxxxxxx Xxxxxxxxx Xxxxxxxxx, and X-Master, Inc., (the "Investors") pursuant to which the Investors agreed to purchase at least ten (10) shares of Series D Preferred Stock from the Company for a purchase price of up to Five One Million Dollars ($5,000,000 1,000,000 USD). As a material and essential inducement for the Investors to enter into the Preferred Stock Purchase Agreement, the Company agreed to employ Xxxxxxx Xxxxxxxxx and Xxxxxx Xxxxxxxxx in accordance with the terms thereof.