Common use of Warrants Generally Clause in Contracts

Warrants Generally. In consideration for the agreements of the Lender set forth herein, the Company agrees to issue Warrants to the Lender on the terms and conditions set forth in this Agreement. Each Warrant shall have the following terms and conditions: (a) each Warrant shall be immediately exercisable, and shall expire on the date which is the third anniversary of the Closing Date; (b) each Warrant shall be exercisable to purchase one share of Common Stock at a price equal to the lesser of (i) $1.00, or (ii) the average closing price of the Company's Common Stock, as reported on the NASDAQ SmallCap Market for twenty trading days, commencing ten trading days before the Closing Date and ending on the tenth trading day following the Closing Date; (c) each Warrant shall have the terms and conditions set forth in the form of Warrant attached hereto; (d) each Warrant may be exercised, in whole or in part, by payment in cash or by certified or bank check or by wire transfer, or in accordance with the terms of the Warrant, by a cashless exercise; and (e) the holder of each Warrant shall be entitled, at each meeting of stockholders of the Company while the Warrants are outstanding and have not been exercised, a number of votes equal to the number of Warrant Shares which would be then issuable upon exercise of the Warrants, only to the extent that such Warrants have not been exercised at such time; each holder of Warrants shall be eligible to cast such votes with the Common Stock, and the record date for casting such votes shall be the same as the record date for the record holders of the Company's Common Stock.