Common use of Exercise of Put Right Clause in Contracts

Exercise of Put Right. Each Holder may, upon the terms and conditions set forth in this Section 8, require the Company to repurchase the shares of Common Stock acquired by such Holder pursuant to the Purchase Agreement (such shares, and any shares of the Company’s capital stock issued or issuable with respect to such shares by way of any stock split, stock dividend, reclassification, recapitalization or similar events, the “Put Shares”). To exercise such right, a Holder must deliver, during the Put Exercise Period (as defined below), a written notice to the Company (the “Put Election Notice”), which Put Election Notice must specify either that such Holder desires to sell all of such Holder’s Put Shares to the Company, or if a lesser number, the number of such Holder’s Put Shares that such Holder desires to sell to the Company. Subject to the terms and conditions hereof, the “Put Exercise Period” shall commence on the first to occur of the following dates, and shall terminate at the close of business, east coast time, on the thirtieth (30th) Business Day after such first date (subject to extension, for any individual Holder, pursuant to the provisions of this Section 8(a)), whether or not any of the other events specified in the following clauses occur subsequent to such first date: (i) the date on which the Company consummates a Put Sale Event (as defined below) if such date occurs prior to June 30, 2011; or (ii) the date that is thirty (30) days after the date that the Company consummates an underwritten public offering of Common Stock; or (iii) June 30, 2011, if the Company has not consummated prior to such date an underwritten public offering of Common Stock. For purposes of this Agreement, the following terms have the following meanings: