Common use of Sale of Warrants Clause in Contracts

Sale of Warrants. and SJMB Shares at Closing Time of Underwritten Offering. Provided that the Net Price Per Share to be paid to the Holder by the Company at the Closing Time of the Underwritten Offering is not less than $0.75 for each Warrant Unit and each SJMB Share sold (before reflecting stock splits, divisions, reverse stock splits or share combinations) and subject to paragraph 2.2 hereof, the Holder hereby agrees to sell to the Company the Holder's Warrants and SJMB Shares and the Company agrees to purchase at the Closing Time all the Holder's Warrants and SJMB Shares out of the Net Proceeds of the Underwritten Offering. At the Closing Time, Holder agrees to execute and deliver to the Company, at the location set as the place for closing the Underwritten Offering, the warrant assignment attached hereto as Addendum D (the "Warrant Assignment") with respect to Warrants sold to the Company and a Stock Assignment with respect to the SJMB Shares sold to the Company. The Holder agrees to accept the Net Price Per Share as the purchase price for each Warrant Unit and SJMB Share sold determined as provided in paragraph 2.5 hereof for its Warrants and SJMB Shares, provided that the Net Price Per Share is not less than $0.75 for each Warrant Unit and SJMB Share (before reflecting stock splits, divisions, reverse stock splits or share combinations).