Common use of Grant and Period Clause in Contracts

Grant and Period. The above recitals are true and correct. This Agreement, relating to the purchase of the Warrants, is entered into pursuant to the Placement Agent Agreement between the Company and the Placement Agent in connection with the Private Offering. Pursuant to the Warrants, the Holders are hereby granted the right to purchase from the Company, at any time during the period commencing on the date of completion of the Offering (the "Offering Completion Date") and expiring on October 30, 2008 (the "Expiration Time"), the Shares at an initial exercise price (subject to adjustment as provided in Article 8 hereof) of $1.10 per share (the "Exercise Price" or "Purchase Price"), subject to the terms and conditions of this Agreement. Except as specifically otherwise provided herein, the Shares constituting the Warrant Securities shall bear the same terms and conditions as such securities described under the caption "Description of Securities" in the Private Placement Memorandum dated September 19, 2003, and as designated in the Company's Certificate of Incorporation and any amendments thereto, and the Holders shall have registration rights under the Securities Act of 1933, as amended (the "Act"), for the Warrants and the Shares, as more fully described in Section 7 of this Agreement.