Common use of Unit Purchase Option Clause in Contracts

Unit Purchase Option. On the Closing Date, the Company will sell to the Representatives, for an aggregate price of $10, the Unit Purchase Option to purchase an aggregate of one hundred twenty thousand (120,000) Units from the Company at an exercise price equal to one hundred sixty five percent (165%) of the public offering price of the Units. The Unit Purchase Option and the underlying securities shall be non-transferable (other than to officers or partners of members of the underwriting or selling group or as otherwise may be permitted by the NASD) during the one (1) year period commencing on the Effective Date. The Unit Purchase Option and the terms of the underlying securities shall be exercisable for a period of four (4) years commencing one (1) year from the Effective Date. The Unit Purchase Option shall be in substantially the form provided by the Representatives and filed as an Exhibit to the Registration Statement.

Unit Purchase Option. On the Closing Date, the Company will sell to the Representatives, for an aggregate price of $10, the Unit Purchase Option to purchase an aggregate of one hundred twenty fifty thousand (120,000150,000) Units from the Company at an exercise price equal to one hundred sixty five twenty percent (165120%) of the public offering price of the Units. The Unit Purchase Option and the underlying securities shall be non-transferable (other than to officers or partners of members of the underwriting or selling group or as otherwise may be permitted by the NASD) during the one (1) year period commencing on the Effective Date. The Unit Purchase Option and the terms of the underlying securities shall be exercisable for a period of four (4) years commencing one (1) year from the Effective Date. The Unit Purchase Option shall be in substantially the form provided by the Representatives and filed as an Exhibit to the Registration Statement.