Common use of Restrictions on Exercise of Warrants Clause in Contracts

Restrictions on Exercise of Warrants. The Warrants may not be exercised unless the Holder is an "accredited investor," as such term is defined in Rule 501(a) of Regulation D under the Securities Act, and the issuance of the Warrant Shares are exempt from registration under the Securities Act and any applicable state securities laws. Warrant Shares issued upon exercise of Warrants will contain the legend restricting transfer under United States federal and state securities laws set forth in Section 3(d).