Common use of Reserved Shares and Listings Clause in Contracts

Reserved Shares and Listings. (a) Phage will at all times have authorized, and reserved for the purpose of issuance, a sufficient number of shares of Common Stock to provide for the full exercise of the Warrants and issuance of the Shares as part of the Units in the Second Investment (the "Reserved Amount"). Phage will not reduce the Reserved Amount without the prior written consent of the Purchasers. If at any time the number of shares of Common Stock authorized and reserved for issuance is below the number of Shares issued or issuable on purchaser of the Units in the Second Investment and exercise of all Warrants, Phage will promptly take all corporate action necessary to authorize and reserve a sufficient number of shares, including, without limitation, calling a special meeting of shareholders to authorize additional shares, in the case of an insufficient number of authorized shares.