Common use of Continued Listing Clause in Contracts

Continued Listing. In the event the Company’s Common Stock shall no longer be designated for quotation or listed on a Trading Market (other than the OTC Bulletin Board) (a “Delisting Event”), the Company shall pay to each Purchaser on each monthly anniversary of such Delisting Event an amount in cash, as liquidated damages and not as a penalty, equal to 2.0% of the purchase price paid by such Purchaser pursuant to this Agreement for the Securities held by such Purchaser as of such Delisting Event. The parties agree that, notwithstanding anything to the contrary herein, in no event shall the aggregate amount of liquidated damages payable to a Purchaser exceed, in the aggregate, twelve percent (12.0%) of the purchase price paid by such Purchaser pursuant to this Agreement for the Securities held by such Purchaser as of such Delisting Event. Further, notwithstanding anything herein to the contrary, no liquidated damages pursuant to this Section 4.16 shall apply after the expiration of one (1) year following the earlier to occur of (i) the date the Registration Statement is declared effective and (ii) the date when the Securities become eligible for resale pursuant to Rule 144.