Common use of Preliminary Indication of Interest Clause in Contracts

Preliminary Indication of Interest. No later than fifteen (15) business days after the delivery of the Offering Notice (the “Response Period”), the Investor may provide the Company with a non-binding written statement setting forth the aggregate dollar amount that the Investor is interested in purchasing in the Private Placement. The Company and the Investor acknowledge that this indication of interest is not intended to be an offer to purchase from the Investor but merely an indication of interest to assist the Company in structuring the Private Placement and preparing appropriate disclosure in the registration statement. The failure by the Investor to notify the Company within the Response Period of its interest in purchasing shares in the Private Placement shall terminate the Investor’s right to purchase shares pursuant to the Private Placement, unless the Qualified IPO is not completed within one hundred eighty (180) days of the Offering Notice; in which case the Company shall not complete a Qualified IPO without again complying with the provisions of this Section 1.