Vesting of Warrants. (a) The Warrants shall be vested in quantities of 100,000 (one hundred thousand) warrants each time and only when the Company and/or its subsidiaries (“OTI”) receive a firm orders or tender awards (each, a “Project”), in which SFG has been directly involved in the promotion and/or funding of, and provided that in such each Project provides to OTI an the amount of no less than of US$ 1,000,000 (One million US$) with a potential of an additional amount of not less than US$ 5,000,000 (Five million USD). (b) Such allocation of Warrants shall be on a Project by Project basis. Each Project shall be limited to a single vesting of Warrants in quantities of 100,000 (one hundred thousand), even if the amounts received by OTI (or potential amounts) exceed the amounts detailed in subsections (a) above. (c) Notwithstanding anything to the contrary, unvested Warrants may not be exercised.
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Sources: Warrant Agreement (On Track Innovations LTD), Warrant Agreement (On Track Innovations LTD)
Vesting of Warrants. (a) The Warrants shall be vested in quantities of 100,000 10,000 (one hundred ten thousand) warrants each time and only when the Company and/or its subsidiaries (“OTI”) receive a firm orders or tender awards (each, a “Project”), in which SFG has been directly involved in the promotion and/or funding of, and provided that in such each Project provides to OTI an the amount of no less than of US$ 1,000,000 (One million US$) with a potential of an additional amount of not less than US$ 5,000,000 (Five million USD).
(b) Such allocation of Warrants shall be on a Project by Project basis. Each Project shall be limited to a single vesting of Warrants in quantities of 100,000 10,000 (one hundred ten thousand), even if the amounts received by OTI (or potential amounts) exceed the amounts detailed in subsections (a) above.
(c) Notwithstanding anything to the contrary, unvested Warrants may not be exercised.
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