Common use of Warrant Exercise Compensation Clause in Contracts

Warrant Exercise Compensation. The Company has agreed to pay to each of X.X. Xxxxxx + Company, L.L.C. ("Placement Agent") Warrant Exercise Compensation as described in the Subscription Agreement equal to eight percent (8%) of the cash proceeds payable to the Company upon exercise of the Warrant. The Company is also obligated to issue Placement Agent A Warrants to the Placement Agent as described in the Subscription Agreement. The Warrant Exercise Compensation and Placement Agent A Warrants will be paid by the Company to the Placement Agent not later than the fifth (5th) business day after the Company receives cash proceeds from the exercise of this Warrant. The Holder of the Warrant has no obligation or responsibility to pay Warrant Exercise Compensation.

Warrant Exercise Compensation. The Company has agreed to pay to each of X.X. Xxxxxx + & Company, L.L.C. ("Placement Agent") Warrant Exercise Compensation as described in the Subscription Agreement equal to eight percent (8%) of the cash proceeds payable to the Company upon exercise of the Warrant. The Company is also obligated to issue Placement Agent A Warrants to the Placement Agent as described in the Subscription Agreement. The Warrant Exercise Compensation and Placement Agent A Warrants will be paid by the Company to the Placement Agent not later than the fifth (5th) business day after the Company receives cash proceeds from the exercise of this Warrant. The Holder of the Warrant has no obligation or responsibility to pay Warrant Exercise Compensation.