Common use of Forced Exercise Clause in Contracts

Forced Exercise. If at any time following the sixty day anniversary of an initial public offering, and (i) a Registration Statement registering the Common Stock underlying the Warrants with the Commission has gone effective, and is still effective, (ii) the 20-day volume- weighted daily average price of the Company’s Common Stock exceeds $6 per share, (iii) the average daily trading volume is at least 500,000 shares during such 20-day period, and (iv) an Event of Default under the Note shall not have occurred, then the Company shall have the option for thirty (30) days thereafter to elect to call the Warrant Holder’s unexercised Warrants at a price per Warrant equal to $_.00 per Warrant; provided that, the Company must provide the Warrant Holder with written notice of its intent to redeem , and the Warrant Holder shall have thirty (30) days after receipt of such notice (the “Exercise Period”) to elect to exercise any such Warrants by providing the Company with an exercise notice and payment of the Exercise Price per the terms of the Warrant.