Common use of IR Holdback Escrow Clause in Contracts

IR Holdback Escrow. Pursuant to Section 4.14(c) of the Securities Purchase Agreement, the Company has undertaken that by the thirtieth day following the Closing Date, the Company shall hire either of CCG Elite, Hayden Communications, or Integrated Corporate Relations as the Company’s investor relations firm. Accordingly, $250,000 (the “IR Holdback Escrow Amount”) of the Escrowed Funds is to be held in the Escrow Account subject to the satisfaction of the Company’s obligations under Section 4.14(c) of the Securities Purchase Agreement. The IR Holdback Escrow Amount shall remain in the Escrow Account and shall only be released by the Escrow Agent to the Company upon the Escrow Agent’s receipt of written notice from the Company and a Majority in Interest of the Investors that the Company has hired one of the aforementioned investor relations firms and then only to the extent that the Company provides evidence of investor relations related expenses. From time to time as the Company incurs investor relations related expenses, it shall reflect such amount on written instructions with reference to this Section 3.3 to release a portion of the IR Holdback Escrow Amount to the Company (“Instructions to Release IR Holdback”), which shall specify the dollar amount and payee bank account to which the applicable amount shall be transferred. The Escrow Agent shall, upon receipt of Instructions to Release IR Holdback (on one or more occasions) jointly executed by the Company and a Majority in Interest of the Investors, pay the IR Holdback Escrow Amount in accordance with such written instructions, such payment or payments to be made by wire transfer within one (1) business day of receipt of such written instructions.

IR Holdback Escrow. Pursuant to Section 4.14(c) of the Securities Purchase Agreement, the Company has undertaken that by the thirtieth day no later than thirty (30) days following the Closing Date, the Company shall hire either of have hired CCG Elite, Hayden Communications, or Integrated Corporate Relations Elite as the Company’s its investor relations firm. Accordingly, $250,000 150,000 (the “IR Holdback Escrow Amount”) of the Escrowed Funds is to be held in the Escrow Account subject to the satisfaction of the Company’s obligations under this Section 3.3 and Section 4.14(c) of the Securities Purchase Agreement. The IR Holdback Escrow Amount shall remain in the Escrow Account and shall only be released by the Escrow Agent to the Company upon the Escrow Agent’s receipt of written notice from the Company and a Majority in Interest of the Investors that the Company has hired one of the aforementioned investor relations firms firm and then only to the extent that the Company provides evidence of investor relations related expenses. From time to time as the Company incurs investor relations related expenses, it shall reflect such amount on written instructions (such written instructions shall not be unreasonably withheld, conditioned, or delayed by the Investors) with reference to this Section 3.3 to release a portion of the IR Holdback Escrow Amount to the Company (“Instructions to Release IR Holdback”), which shall specify the dollar amount and payee bank account to which the applicable amount shall be transferred. The Escrow Agent shall, upon receipt of Instructions to Release IR Holdback (on one or more occasions) jointly executed by the Company and a Majority in Interest of the Investors, pay the IR Holdback Escrow Amount in accordance with such written instructions, such payment or payments to be made by wire transfer within one (1) business day Business Day of receipt of such written instructions.

IR Holdback Escrow. Pursuant to Section 4.14(c4.8(b) of the Securities Purchase Agreement, the Company has undertaken that by the thirtieth day no later than thirty (30) days following the Closing Date, the Company shall hire have hired either of CCG Elite, Hayden Communications, or Integrated Corporate Relations as the Companyit’s investor relations firm. Accordingly, $250,000 200,000 (the “IR Holdback Escrow Amount”) of the Escrowed Funds is to be held in the Escrow Account subject to the satisfaction of the Company’s obligations under this Section 4.14(c3.2 and Section 4.8(b) of the Securities Purchase Agreement. The IR Holdback Escrow Amount shall remain in the Escrow Account and shall only be released by the Escrow Agent to the Company upon the Escrow Agent’s receipt of written notice from the Company and a Majority in Interest of the Investors Investor Agent that the Company has hired one of the aforementioned investor relations firms and then only to the extent that the Company provides evidence of investor relations related expenses. From time to time as the Company incurs investor relations related expenses, it shall reflect such amount on written instructions with reference to this Section 3.3 3.2 to release a portion of the IR Holdback Escrow Amount to the Company (“Instructions to Release IR Holdback”), which shall specify the dollar amount and payee bank account to which the applicable amount shall be transferred. The Escrow Agent shall, upon receipt of Instructions to Release IR Holdback (on one or more occasions) jointly executed by the Company and a Majority in Interest of the InvestorsInvestor Agent, pay the IR Holdback Escrow Amount in accordance with such written instructions, such payment or payments to be made by wire transfer within one (1) business day Business Day of receipt of such written instructions. For the avoidance of doubt, the IR Holdback Escrow Amount shall be released from the Escrow Account upon the hiring of the aforementioned investor relations firms in accordance with Section 3.2 of this Agreement notwithstanding whether such investor relations firm is hired within 30 days following the Closing Date.

IR Holdback Escrow. Pursuant to Section 4.14(c) of the Securities Purchase Agreement, the Company has undertaken that by the thirtieth day no later than sixty (60) days following the Closing Date, the Company shall hire have hired either of CCG Elite, Hayden Communications, or Integrated Corporate Relations as the Companyit’s investor relations firm. Accordingly, $250,000 (the “IR Holdback Escrow Amount”) of the Escrowed Funds is to be held in the Escrow Account subject to the satisfaction of the Company’s obligations under this Section 3.3 and Section 4.14(c) of the Securities Purchase Agreement. The IR Holdback Escrow Amount shall remain in the Escrow Account and shall only be released by the Escrow Agent to the Company upon the Escrow Agent’s receipt of written notice from the Company and a Majority in Interest of the Investors that the Company has hired one of the aforementioned investor relations firms and then only to the extent that the Company provides evidence of investor relations related expenses. From time to time as the Company incurs investor relations related expenses, it shall reflect such amount on written instructions with reference to this Section 3.3 to release a portion of the IR Holdback Escrow Amount to the Company (“Instructions to Release IR Holdback”), which shall specify the dollar amount and payee bank account to which the applicable amount shall be transferred. The Escrow Agent shall, upon receipt of Instructions to Release IR Holdback (on one or more occasions) jointly executed by the Company and a Majority in Interest of the Investors, pay the IR Holdback Escrow Amount in accordance with such written instructions, such payment or payments to be made by wire transfer within one (1) business day Business Day of receipt of such written instructions. The Company may change such investor relations firm upon the prior written consent of Pinnacle China Fund, L.P. unless the new investor relations firm being hired by the Company is one of CCG Elite, Hayden Communications, or Integrated Corporate Relations, in which such case no consent will be required.