Common use of Authorization of Sale of the Securities Clause in Contracts

Authorization of Sale of the Securities. Subject to the terms and conditions of this Agreement, the Company has authorized the issuance and sale of eighteen (18) shares to the Purchaser of the Company’s Series B Convertible Preferred Stock (the “Convertible Preferred”) convertible into the Company’s common stock, par value $0.01 per share (the “Common Stock”), the terms and conditions of which are set forth in the Certificate of Designation of Series B Convertible Preferred Stock in the form attached hereto as Exhibit A and eighteen (18) Series B Warrants to purchase up to four hundred fifty thousand (450,000) shares of Common Stock (the “Warrant Shares”), with each Series B Warrant entitling the Purchaser to acquire twenty-five thousand (25,000) shares of the Company’s Common Stock, at the purchase price of one dollar and fifteen cents ($1.15) per share of Common Stock, subject to adjustment, exercisable for five (5) years, subject to the terms, conditions and adjustments, as set forth therein and evidenced by a warrant certificate in the form attached hereto as Exhibit B (the “Warrants”).

Authorization of Sale of the Securities. Subject to the terms and conditions of this Agreement, the Company has authorized the issuance and sale of eighteen up to Five Hundred (18500) shares to the Purchaser of the Company’s Series B Convertible Preferred Stock (the “Convertible Preferred”) convertible into the Company’s common stock, par value $0.01 per share (the “Common Stock”), the terms and conditions of which are set forth in the Certificate of Designation of Series B Convertible Preferred Stock in the form attached hereto as Exhibit A and eighteen Five Hundred (18500) Series B Warrants to purchase up to four hundred fifty thousand (450,000) 12,500,000 shares of Common Stock (the “Warrant Shares”), with each Series B Warrant entitling the Purchaser to acquire twentyTwenty-five thousand Five Thousand (25,000) shares of the Company’s Common Stock, at the purchase price of one dollar and fifteen cents ($1.15) per share of Common Stock, subject to adjustment, exercisable for five (5) years, subject to the terms, conditions and adjustments, as set forth therein and evidenced by a warrant certificate in the form attached hereto as Exhibit B (the “Warrants”). The Company reserves the right to increase or decrease the number of shares of Convertible Preferred and Warrants sold in this private placement prior to the Closing Date.

Authorization of Sale of the Securities. Subject to the terms and conditions of this Agreement, the Company has authorized the issuance and sale of eighteen up to Five Hundred (18) shares to the Purchaser 500)shares of the Company’s Series B Convertible Preferred Stock (the “Convertible Preferred”) convertible into the Company’s common stock, par value $0.01 per share (the “Common Stock”), the terms and conditions of which are set forth in the Certificate of Designation of Series B Convertible Preferred Stock in the form attached hereto as Exhibit A and eighteen Five Hundred (18500) Series B Warrants to purchase up to four hundred fifty thousand (450,000) 12,500,000 shares of Common Stock (the “Warrant Shares”), with ) each Series B Warrant entitling the Purchaser to acquire twentyTwenty-five thousand Five Thousand (25,000) shares 25,000)shares of the Company’s Common Stock, at the purchase price of one dollar and fifteen cents ($1.15) per share of Common Stock, subject to adjustment, exercisable for five (5) years, subject to the terms, conditions and adjustments, as set forth therein and evidenced by a warrant certificate in the form attached hereto as Exhibit B (the “Warrants”). The Company reserves the right to increase or decrease the number of shares of Convertible Preferred and Warrants sold in this private placement prior to the Closing Date.