LIMITATION ON AMOUNT OF OWNERSHIP. Notwithstanding anything to the contrary in this Agreement, in no event shall the Investor be entitled to purchase that number of Shares, which when added to the sum of the number of shares of Common Stock beneficially owned (as such term is defined under Section 13(d) and Rule 13d-3 of the 1934 Act), by the Investor, would exceed 4.99% of the number of shares of Common Stock outstanding on the Closing Date, as determined in accordance with Rule 13d-1(j) of the 1934 Act. Investor will promptly dispose of securities it owns in order to maintain an ownership interest of less than 5.00%. If Investor does not dispose of sufficient securities to allow the purchase the “Put Amount”, Investor agrees to pay the Company the penalties referred to in Section 2(G) of the Agreement. {00006735 }
Appears in 1 contract
Sources: Investment Agreement (Kallo Inc.)
LIMITATION ON AMOUNT OF OWNERSHIP. Notwithstanding anything to the contrary in this Agreement, in no event shall the Investor be entitled to purchase that number of Shares, which when added to the sum of the number of shares of Common Stock beneficially owned (as such term is defined under Section 13(d) and Rule 13d-3 of the 1934 Act), by the Investor, would exceed 4.99% of the number of shares of Common Stock outstanding on the Closing Date, as determined in accordance with Rule 13d-1(j) of the 1934 Act. Investor will promptly dispose of securities it owns in order to maintain an ownership interest of less than 5.00%. If Investor does not dispose of sufficient securities to allow the purchase the “"Put Amount”", Investor agrees to pay the Company the penalties referred to in Section 2(G) of the Agreement. {00006735 }.
Appears in 1 contract
Sources: Investment Agreement (Kallo Inc.)