Common use of Optional Conversion Clause in Contracts

Optional Conversion. Subject to the terms of this Article III, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable shares of the Common Stock at the Fixed Conversion Price. For purposes hereof, subject to Section 3.6 hereof, the initial “Fixed Conversion Price” means $1.13. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IVIII), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 hereof, the initial “Fixed Conversion Price” means $1.13. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article III, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable shares of the Common Stock at the Fixed Conversion Price. For purposes hereof, subject to Section 3.6 hereof, the initial “Fixed Conversion Price” means $1.130.333. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article III, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable shares of the Common Stock at the Fixed Conversion Price. For purposes hereof, subject to Section 3.6 hereof, the initial “Fixed Conversion Price” means $1.137.91. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, Date or during an Event of Default (as defined in Article IVIII), and, subject to the limitations set forth in Section 3.2 2.2, 2.3 and 2.10 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable under this Note into fully paid and nonassessable shares of the Common Stock at the Fixed Conversion Price. For purposes hereof, subject to Section 3.6 2.6 hereof, the initial “Fixed Conversion Price” means $1.133.79 which has been determined on the date of this Note as an amount equal to 300% of the volume weighted average closing price of the Common Stock on the Principal Market for the five (5) trading days immediately prior to the date of this Note. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article III, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable shares of the Common Stock at the Fixed Conversion Price. For purposes hereof, subject to Section 3.6 hereof, the initial “Fixed Conversion Price” means $1.131.05. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IVIII), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.6 hereof, the initial “Fixed Conversion Price” means $1.13$ 2.74 subject to adjustment as provided in Section 2.6 of this Note. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IVIII), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.6 hereof, the initial “Fixed Conversion Price” means $1.131.05. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IVIII), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.5 hereof, the initial “"Fixed Conversion Price” " means $1.130.39. The shares of Common Stock to be issued upon such conversion are herein referred to as the “"Conversion Shares.”"

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IVIII), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.6 hereof, the initial “"Fixed Conversion Price” " means $1.13.71. The shares of Common Stock to be issued upon such conversion are herein referred to as the “"Conversion Shares.”"

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.5 hereof, the initial “"Fixed Conversion Price” " means $1.130.14. The shares of Common Stock to be issued upon such conversion are herein referred to as the “"Conversion Shares.”"

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.5 hereof, the initial “Fixed Conversion Price” means $1.131.00. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IVIII), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.6 hereof, the initial “"Fixed Conversion Price” " means $1.13$ 0.25. The shares of Common Stock to be issued upon such conversion are herein referred to as the “"Conversion Shares.”"

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IVIII), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.6 hereof, the initial “Fixed Conversion Price” "FIXED CONVERSION PRICE" means $1.13$ 0.80. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares"CONVERSION SHARES.”"

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.7 hereof, the initial “Fixed Conversion Price” "FIXED CONVERSION PRICE" means $1.13. 0.28 (105% of the average of the closing price of the Common Stock for the ten (10) trading days immediately prior to the date hereof.) The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares"CONVERSION SHARES.”"

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.5 hereof, the initial “Fixed Conversion Price” "FIXED CONVERSION PRICE" means $1.130.14. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares"CONVERSION SHARES.”"

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.5 hereof, the initial “"Fixed Conversion Price” " means $1.131.31. The shares of Common Stock to be issued upon such conversion are herein referred to as the “"Conversion Shares.”"

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IVIII), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.6 hereof, the initial “Fixed Conversion Price” means $1.13.65. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IVIII), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.6 hereof, the initial “Fixed Conversion Price” means $1.13$ 0.20. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article III, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable shares of the Common Stock at the Fixed Conversion Price. For purposes hereof, subject to Section 3.6 hereof, the initial “"Fixed Conversion Price” " means $1.130.00111. The shares of Common Stock to be issued upon such conversion are herein referred to as the “"Conversion Shares.”"

Optional Conversion. Subject to the terms of this Article III, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable shares of the Common Stock at the Fixed Conversion Price. For purposes hereof, subject to Section 3.6 hereof, the initial “Fixed Conversion Price” means $1.130.19. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IVIII), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below) per share. For purposes hereof, subject to Section 3.6 2.5 hereof, the initial “Fixed Conversion Price” means $1.130.17. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IVIII), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 hereof, the initial “Fixed Conversion Price” "FIXED CONVERSION PRICE" means $1.131.66. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares"CONVERSION SHARES.”"

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.7 hereof, the initial “Fixed Conversion Price” means $1.13. 0.28 (105% of the average of the closing price of the Common Stock for the ten (10) trading days immediately prior to the date hereof.) The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article III, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable shares of the Common Stock at the Fixed Conversion Price. For purposes hereof, subject to Section 3.6 hereof, the initial “Fixed Conversion Price” means $1.1310.37. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares.”

Optional Conversion. Subject to the terms of this Article IIIII, the Holder shall have the right, but not the obligation, at any time until the Maturity Date, or during an Event of Default (as defined in Article IV), and, subject to the limitations set forth in Section 3.2 2.2 hereof, to convert all or any portion of the outstanding Principal Amount and/or accrued interest and fees due and payable into fully paid and nonassessable restricted shares of the Common Stock at the Fixed Conversion PricePrice (defined below). For purposes hereof, subject to Section 3.6 2.5 hereof, the initial “Fixed Conversion Price” "FIXED CONVERSION PRICE" means $1.132.66. The shares of Common Stock to be issued upon such conversion are herein referred to as the “Conversion Shares"CONVERSION SHARES.”"