Common use of Exercise; Restrictions on Exercise Clause in Contracts

Exercise; Restrictions on Exercise. The Warrants may be exercised, at the election of the Holder, at any time and from time to time on or after the date on which the Warrants are initially issued and prior to 5:00 p.m., New York City time on December 31, 2017 (“Expiration Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide notice to Holder or Holders of the Warrants of such extension of not less than 10 days.