Common use of Leak Out Clause in Contracts

Leak Out. The Buyer’s sale of the Commitment Shares and Conversion Shares, on each respective Trading Day during the Leak Out Period (as defined in this Agreement), shall be limited to the greater of (i) a gross dollar amount of $2,500.00 or (ii) 15% of the Daily Dollar Volume (as defined in this Agreement) on the respective Trading Day. “Leak Out Period” shall mean the period beginning on the date of this Agreement and ending on the date that an Event of Default (as defined in the Note) occurs under the Note. “Daily Dollar Volume” shall mean, with respect to each Trading Day, the total volume of shares of the Common Stock traded on the respective Trading Day (including pre-market and after-market trades) as reported by Nasdaq or other quotation service provider designated by the Buyer multiplied by the VWAP (as defined in the Note) of the Common Stock on the respective Trading Day as reported by Nasdaq or other quotation service provider designated by the Buyer.

Leak Out. The Buyer’s sale of the Commitment Shares and Conversion Shares, on each respective Trading Day during the Leak Out Period (as defined in this Agreement), shall be limited to the greater of (i) a gross dollar amount of $2,500.00 20,000.00 or (ii) 1520% of the Daily Dollar Volume (as defined in this Agreement) on the respective Trading DayDay (the “Leak Out”). “Leak Out Period” shall mean the period beginning on the date of this Agreement and ending on the date that an Event of Default (as defined in the Note) occurs under the Note. “Daily Dollar Volume” shall mean, with respect to each Trading Day, the total volume of shares of the Common Stock traded on the respective Trading Day (including pre-market and after-market trades) as reported by Nasdaq or other quotation service provider designated by the Buyer multiplied by the VWAP (as defined in the Note) of the Common Stock on the respective Trading Day as reported by Nasdaq or other quotation service provider designated by the Buyer. The Company may at any time, at its option by giving irrevocable written notice to the Buyer, permit the Buyer’s sales of the Conversion Shares during the Leak Out Period to no longer be subject to the Leak Out.