Common use of Conversion upon Maturity Date Clause in Contracts

Conversion upon Maturity Date. In the event this Note remains outstanding on the Maturity Date, the Holder may, at the Holder’s option, convert all but not less than all of the outstanding balance of the Note into Ordinary Shares at the lowest of: (i) the Fixed Conversion Price; (ii) 90% of the volume-weighted average closing price of the Ordinary Shares during the twenty (20) consecutive Trading Day period ending on the Trading Day immediately prior to the applicable Conversion Date; (iii) 90% of the volume-weighted average closing price of the Ordinary Shares during the one hundred and seventy five (175) consecutive Trading Day period ending on the Trading Day immediately prior to the applicable Conversion Date; (iv) 95% of the per share purchase price of Ordinary Shares offered in a subsequent private placement transaction of the Company consummated during the term of the Note (except the Exempt Issuance); and (v) the purchase price of ordinary shares offered in a subsequent underwritten public offering of the Company that takes place during the term of the Note; and (vi) volume-weighted average trade price of the Ordinary Shares on the Trading Day immediately prior to the applicable Conversion Date. Notwithstanding the forgoing, in no event shall such conversion price under this Section 3.4 be less than the Floor Price, subject to the adjustment pursuant to Section 6.1.

Conversion upon Maturity Date. In the event this Note remains outstanding on the Maturity Date, the Holder may, at the Holder’s option, convert all but not less than all of the outstanding balance of the Note into Ordinary Shares at the lowest of: (i) the Fixed Conversion Price; (ii) 90% of the volume-weighted average closing trade price of the Ordinary Shares during the twenty (20) consecutive Trading Day period ending on the Trading Day immediately prior to the applicable Conversion Date; (iii) 90% of the volume-weighted average closing trade price of the Ordinary Shares during the one hundred and seventy five (175) consecutive Trading Day period ending on the Trading Day immediately prior to the applicable Conversion Date; (iv) 95% of the per share purchase price of Ordinary Shares offered in a subsequent private placement transaction of the Company consummated during the term of the Note (except the Exempt Issuance); and (v) the purchase price of ordinary shares offered in a subsequent underwritten public offering of the Company that takes place during the term of the Note; and (vi) volume-weighted average trade price of the Ordinary Shares on the Trading Day immediately prior to the applicable Conversion Date. Notwithstanding the forgoing, in no event shall such conversion price under this Section 3.4 be less than the Floor Price, subject to the adjustment pursuant to Section 6.1.