Common use of Warrant Redemption Clause in Contracts

Warrant Redemption. (a) At any time after the Qualified Financing during the term of this Warrant, while a registration statement covering shares of Common Stock underlying this Warrant is in effect, if the shares of Common Stock of the Company shall trade on a national securities exchange at a price equal to the product of: (x) the Qualified Financing Price multiplied by (y) 2.0 for a period of 10 consecutive trading days, this entire Warrant may be redeemed, at the option of the Company, at any time while the Warrant is exercisable and prior to its expiration, at the principal executive offices of the Company, upon notice to the Holder of the Warrant at a price per Warrant equal to $0.01 per Warrant (the “Redemption Price”), provided that any redemption by the Company pursuant to this Section 4(a) shall be subject to the Holder’s Conversion Limitations under Section 3(i) above. (b) In the event that the Company elects to redeem the entire Warrant, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption and of the Redemption Date shall be provided as set forth in Section 10 hereof not less than thirty (30) days prior to the Redemption Date (the “30-day Redemption Period”) to the Holder of the Warrant. (c) The Warrant may be exercised at any time after notice of redemption shall have been given by the Company and prior to the Redemption Date. On and after the Redemption Date, as applicable, the Holder of the Warrant shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

Warrant Redemption. (a) At The Warrants are redeemable by the Company at any time after issuance through the Qualified Financing during expiration date of June 30, 2006 at the term declared value of this Warrant, while a registration statement covering shares of Common Stock underlying this $.01 per Warrant is in effect, if the shares of Common Stock of ("Redemption Price"). If the Company shall trade on a national securities exchange at a price equal elect to redeem Warrants as permitted herein, notice of redemption shall be given to the product of: (x) Holder of all outstanding Warrants to whom the Qualified Financing Price multiplied redemption shall apply by (y) 2.0 mailing first class mail a notice of such redemption not less than 60 days prior to the date fixed for a period of 10 consecutive trading days, this entire Warrant may be redeemed, the redemption at his last address as it shall appear upon the option books of the Company, at but failure to give such notice by mailing to any time while the Warrant is exercisable and prior to its expiration, at the principal executive offices of the Company, upon notice to the Holder of the Warrant at a price per Warrant equal to $0.01 per Warrant (the “Redemption Price”), provided that any redemption by the Company pursuant to this Section 4(a) shall be subject to the Holder’s Conversion Limitations under Section 3(i) above. (b) In the event that the Company elects to redeem the entire Warrant, or any defect therein, shall not effect the Company shall fix a date legality or validity of the proceedings for the redemption of any other Warrant. The notice of redemption to each Holder of Warrants shall specify the date fixed for redemption (the “"Redemption Date”). Notice of redemption ") and the Redemption Price, and shall state that payment of the Redemption Date Price of the Warrants will be made at the office of the Company or its Warrant Agent, if any, upon presentation and surrender of such Warrants, and shall be provided as set forth in Section 10 hereof not less than thirty (30) days prior also state that the right to exercise the Warrants so redeemable shall terminate on the Redemption Date (stating such date). If the “30-day Redemption Period”) to the Holder giving of the Warrant. (c) The Warrant may be exercised at any time after notice of redemption shall have been given by completed as above provided, and, in the Company and prior to case where a Warrant Agent is utilized, its funds sufficient for the Redemption Date. On and after the Redemption Date, as applicable, the Holder redemption of the Warrant shall have no further rights except been deposited with the Warrant Agent for such purpose, the right to receiveexercise the Warrants shall terminate at the close of business on the Redemption Date, and the Holder of each Warrant shall thereafter be entitled upon surrender of the Warrants, his Warrant only to receive the Redemption PricePrice for such Warrant, without interest.

Warrant Redemption. Notwithstanding anything to the contrary contained herein or in that certain Warrant Agreement, dated as of February , 2008, between the Company and American Stock Transfer & Trust Company, as Warrant Agent (athe “Warrant Agreement”), (i) At this Purchase Option shall, to the extent not earlier exercised in full, be automatically exercised, immediately prior to a redemption of the Company’s outstanding warrants pursuant to Section 6 of the Warrant Agreement (provided that notice is provided to the Holder on the same terms as provided to the holders of Warrants pursuant to the Warrant Agreement), and (ii) each Warrant that is part of a Unit issued hereunder upon such automatic conversion shall be redeemed by the Company as part of such redemption for the Redemption Price. As provided in the Warrant Agreement, the Company may not issue or deliver any time after securities pursuant to the Qualified Financing during exercise of a Warrant and may not settle the term of this Warrant, while Warrant exercise unless a registration statement covering shares of under the Act with respect to the Common Stock underlying this Warrant the Public Warrants is in effect, if the shares of Common Stock of the Company shall trade on a national securities exchange at a price equal to the product of: (x) the Qualified Financing Price multiplied by (y) 2.0 for a period of 10 consecutive trading days, this entire Warrant may be redeemed, at the option of the Company, at any time while the Warrant is exercisable and prior to its expiration, at the principal executive offices of the Company, upon notice to the Holder of the Warrant at a price per Warrant equal to $0.01 per Warrant (the “Redemption Price”), provided that any redemption by the Company pursuant to this Section 4(a) shall be subject to the Holder’s Conversion Limitations under Section 3(i) above. (b) effective. In the event that a registration statement with respect to the Common Stock underlying the Public Warrants is not effective under the Act, no holder of any Warrant shall be entitled to exercise such Warrant and such Warrant may have no value and expire worthless. In no event may the Company elects to redeem net cash settle the entire Warrantwarrant exercise. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful. In the Company shall fix event that a date registration statement is not effective for the redemption (the “Redemption Date”). Notice of redemption and of the Redemption Date shall be provided as set forth in Section 10 hereof not less than thirty (30) days prior to the Redemption Date (the “30-day Redemption Period”) to the Holder of the Warrant. (c) The Warrant may be exercised at any time after notice of redemption shall have been given by the Company and prior to the Redemption Date. On and after the Redemption Date, as applicable, the Holder of the Warrant shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Pricepurchaser of a unit containing such Warrant will have paid the full purchase price for the unit solely for the shares included in such unit.