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. (b) If required, Phage will promptly file the Listing Applications and secure the listing of the Shares on each national securities exchange or automated quotation system, if any, on which shares of Common Stock are then listed (subject to official notice of issuance) and will maintain, so long as any other shares of Common Stock will be so listed, such listing of all Shares from time to time issuable on purchase of the Units in the Second Investment and Warrants, respectively. Phage will comply in all respects with Phage's reporting, filing and other obligations under the bylaws or rules of the National Association of Securities Dealers, Inc. (the "NASD") and such exchanges, as applicable.