Common use of Insider Warrants Clause in Contracts

Insider Warrants. RAC Partners LLC, an affiliate of the Company's Chairman and Chief Executive Officer and certain directors of the Company (the "Insider Purchasers"), have committed to purchase an aggregate of 4,666,667 Warrants ("Insider Warrants" and together with the shares of Common Stock underlying the Insider Warrants, collectively referred to as the "Insider Securities") at $0.45 per Warrant (for an aggregate purchase price of $2,100,000.15) from the Company upon consummation of the Offering. The Insider Securities have been duly authorized and, when issued and paid for in accordance with the subscription agreements ("Subscription Agreements") and the Insider Warrants, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Insider Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Insider Securities has been duly and validly taken.

Insider Warrants. RAC Partners LLC, an affiliate One of the Company's Chairman and Chief Executive Officer and certain directors of the Company ’s stockholders (the "“Insider Purchasers"), have Purchaser”) immediately prior to the Offering (collectively referred to as the “Initial Stockholders”) has committed to purchase an aggregate of 4,666,667 3,000,000 Warrants ("“Insider Warrants" ” and together with the shares of Common Stock underlying the Insider Warrants, collectively referred to as the "“Insider Securities"”) at $0.45 1.00 per Warrant (for an aggregate purchase price of $2,100,000.153,000,000) from the Company upon consummation of the Offering. The Insider Securities have been duly authorized and, when issued and paid for in accordance with the subscription agreements Warrant Purchase Agreement ("Subscription Agreements"“Warrant Purchase Agreement”) and the Insider Warrants, will be validly issued, fully paid and non-non assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Insider Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Insider Securities has been duly and validly taken.

Insider Warrants. RAC Partners LLCThe Company’s stockholders and one of such stockholder's affiliates, an affiliate of the Company's Chairman and Chief Executive Officer and certain directors of the Company prior to this Offering (the "Insider Purchasers"), “Initial Stockholders”) have committed to purchase an aggregate of 4,666,667 1,187,500 Warrants ("“Insider Warrants" ” and together with the shares of Common Stock underlying the Insider Warrants, collectively referred to as the "“Insider Securities"”) at $0.45 1.00 per Warrant (for an aggregate purchase price of $2,100,000.151,187,500) from the Company upon consummation of the Offering. The Insider Securities have been duly authorized and, when issued and paid for in accordance with the subscription agreements Private Placement Purchase Agreements ("Subscription “Private Placement Purchase Agreements"”) and the Insider Warrants, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Insider Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Insider Securities has been duly and validly taken.

Insider Warrants. RAC Partners LLC, an affiliate of the The Company's Chairman and Chief Executive Officer and certain directors of the Company ’s stockholders prior to this Offering (the "Insider Purchasers"), “Initial Stockholders”) have committed to purchase an aggregate of 4,666,667 1,187,500 Warrants ("“Insider Warrants" ” and together with the shares of Common Stock underlying the Insider Warrants, collectively referred to as the "“Insider Securities"”) at $0.45 1.00 per Warrant (for an aggregate purchase price of $2,100,000.151,187,500) from the Company upon consummation of the Offering. The Insider Securities have been duly authorized and, when issued and paid for in accordance with the subscription agreements Private Placement Purchase Agreements ("Subscription “Private Placement Purchase Agreements"”) and the Insider Warrants, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Insider Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Insider Securities has been duly and validly taken.

Insider Warrants. RAC Partners LLC, an affiliate Certain of the Company's Chairman and Chief Executive Officer and certain directors of stockholders ("Insider Purchaserss") immediately prior to the Company Offering (collectively referred to as the "Insider PurchasersInitial Stockholders"), ) have committed to purchase an aggregate of 4,666,667 2,155,000 Warrants ("Insider Warrants" and together with the shares of Common Stock underlying the Insider Warrants, collectively referred to as the "Insider Securities") at $0.45 0.65 per Warrant (for an aggregate purchase price of $2,100,000.151,400,750) from the Company upon consummation of the Offering. The Insider Securities have been duly authorized and, when issued and paid for in accordance with the subscription agreements Warrant Purchase Agreements ("Subscription Warrant Purchase Agreements") and the Insider Warrants, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Insider Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Insider Securities has been duly and validly taken.

Insider Warrants. RAC Partners LLC, an affiliate of The Company’s stockholders prior to this Offering (“Initial Stockholders”) and the Company's Chairman and Chief Executive Officer and certain directors of the Company (the "Insider Purchasers"), Representatives have committed to purchase an aggregate of 4,666,667 2,200,000 Warrants ("“Insider Warrants" ” and together with the shares of Common Stock underlying the Insider Warrants, collectively referred to as the "“Insider Securities"”) at $0.45 1.00 per Warrant (for an aggregate purchase price of $2,100,000.152,200,000) from the Company upon consummation of the Offering. The Insider Securities have been duly authorized and, when issued and paid for in accordance with the subscription agreements Private Placement Purchase Agreements ("Subscription “Private Placement Purchase Agreements"”) and the Insider Warrants, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Insider Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Insider Securities has been duly and validly taken.

Insider Warrants. RAC Partners LLC, an affiliate of the The Company's Chairman ’s officers and Chief Executive Officer and certain directors of the Company (the "“Insider Purchasers"), ”) have committed to purchase an aggregate of 4,666,667 2,550,000 Warrants ("“Insider Warrants" ” and together with the shares of Common Stock underlying the Insider Warrants, collectively referred to as the "“Insider Securities"”) at $0.45 1.00 per Warrant (for an aggregate purchase price of $2,100,000.152,550,000) from the Company upon consummation of the Offering. The Insider Securities have been duly authorized and, when issued and paid for in accordance with the subscription agreements Private Placement Purchase Agreements ("Subscription “Private Placement Purchase Agreements"”) and the Insider Warrants, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Insider Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Insider Securities has been duly and validly taken.

Insider Warrants. RAC Partners LLC, an affiliate Certain of the Company's Chairman and Chief Executive Officer and certain directors of the Company stockholders (the "Insider Purchasers"), ) immediately prior to the Offering (collectively referred to as the "Initial Stockholders") have committed to purchase an aggregate of 4,666,667 2,923,077 Warrants ("Insider Warrants" and together with the shares of Common Stock underlying the Insider Warrants, collectively referred to as the "Insider Securities") at $0.45 0.65 per Warrant (for an aggregate purchase price of $2,100,000.151,900,000) from the Company upon consummation of the Offering. The Insider Securities have been duly authorized and, when issued and paid for in accordance with the subscription agreements Warrant Purchase Agreements ("Subscription Warrant Purchase Agreements") and the Insider Warrants, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Insider Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Insider Securities has been duly and validly taken.

Insider Warrants. RAC Partners LLC, an affiliate of The Company’s stockholders prior to this Offering (“Initial Stockholders”) and the Company's Chairman and Chief Executive Officer and certain directors of the Company (the "Insider Purchasers"), Representatives have committed to purchase an aggregate of 4,666,667 1,950,000 Warrants ("“Insider Warrants" ” and together with the shares of Common Stock underlying the Insider Warrants, collectively referred to as the "“Insider Securities"”) at $0.45 1.00 per Warrant (for an aggregate purchase price of $2,100,000.151,950,000) from the Company upon consummation of the Offering. The Insider Securities have been duly authorized and, when issued and paid for in accordance with the subscription agreements Private Placement Purchase Agreements ("Subscription “Private Placement Purchase Agreements"”) and the Insider Warrants, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Insider Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Insider Securities has been duly and validly taken.