Common use of Common Stock and Preferred Stock Clause in Contracts

Common Stock and Preferred Stock. The authorized capital stock of the Company consists, or will consist immediately prior to the Closing of 60,000,000 shares of Common Stock and 32,505,857 shares of Preferred Stock of which 13,333,334 shares have been designated Series A Preferred Stock ("Series A Stock"), 10,150,490 shares have been designated Series B Preferred Stock, 2,761,210 shares have been designated Series C Preferred Stock ("Series C Stock") and 6,260,823 shares have been designated Series D Preferred Stock ("Series D Stock"). The Series D Preferred Stock have the rights, preferences, privileges and restrictions set forth in the Restated Articles. Immediately prior to the Closing, there are 12,905,086 shares of Common Stock issued and outstanding; 13,333,334 shares of Series A Preferred Stock, 10,150,490 shares of Series B Preferred Stock, 2,761,210 shares of Series C Preferred Stock and no Series D Preferred Stock issued and outstanding. All such issued and outstanding shares have been duly authorized and validly issued, are fully paid and nonassessable and were issued in compliance with all applicable state and federal laws concerning the issuance of securities.

Common Stock and Preferred Stock. The authorized capital stock of the Company consists, or will consist immediately prior to the Closing of 60,000,000 50,000,000 shares of Common Stock and 32,505,857 33,608,167 shares of Preferred Stock of which 13,333,334 shares have been designated Series A Preferred Stock ("Series A Stock"), ) and 10,150,490 shares have been designated Series B Preferred Stock, 2,761,210 shares have been designated Series C Preferred Stock ("Series C Stock") and 6,260,823 shares have been designated Series D Preferred Stock ("Series D Stock"). The Series D B Preferred Stock have the rights, preferences, privileges and restrictions set forth in the Restated Articles. Immediately prior to the Closing, there are 12,905,086 12,782,307 shares of Common Stock issued and outstanding; 13,333,334 shares of Series A Preferred Stock, 10,150,490 shares of Series B Preferred Stock, 2,761,210 shares of Series C Preferred Stock and no Series D B Preferred Stock issued and outstanding. All such issued and outstanding shares have been duly authorized and validly issued, are fully paid and nonassessable and were issued in compliance with all applicable state and federal laws concerning the issuance of securities.