Common use of Delivery of Series A-1 Preferred Stock Clause in Contracts

Delivery of Series A-1 Preferred Stock. At the Closing (as defined in Section 4), the Corporation shall deliver to the Investor a certificate, registered in the name of the Investor, representing that number of shares of Series A-1 Preferred Stock equal to the quotient (rounded up to the nearest whole number) obtained by dividing (x) the U.S. Dollar equivalent (determined in accordance with the provisions of the next sentence) of €1,000,000 by (y) US$8.142 per share. The Corporation shall determine the U.S. Dollar equivalent of such €1,000,000 using the * Confidential Treatment Requested by the Registrant. Redacted Portion Filed Separately with the Commission. exchange rate for buying U.S. Dollars with EUROS set forth in The Wall Street Journal (Online Edition) Market Data Center at xxxx://xxxxxx.xxx.xxx/mdc/public/page/marketsdata.html on the Business Day that is two (2) Business Days preceding the date of the Closing. Delivery of certificate representing Series A-1 Preferred Stock to the Investor shall be made in satisfaction of the milestone due Investor by the Corporation pursuant to fifth table cell of Section 3.1 of the of the License Agreement upon the initiation of the first Phase III study.

Delivery of Series A-1 Preferred Stock. At the Closing (as defined in Section 4), the Corporation shall deliver to the Investor a certificate, registered in the name of the Investor, representing that number of shares of Series A-1 Preferred Stock equal to the quotient (rounded up to the nearest whole number) obtained by dividing (x) the U.S. Dollar equivalent (determined in accordance with the provisions of the next sentence) of €1,000,000 [*] by (y) US$8.142 per share. The Corporation shall determine the U.S. Dollar equivalent of such €1,000,000 [*] using the * Confidential Treatment Requested by the Registrant. Redacted Portion Filed Separately with the Commission. exchange rate for buying U.S. Dollars with EUROS set forth in The Wall Street Journal (Online Edition) Market Data Center at xxxx://xxxxxx.xxx.xxx/mdc/public/page/marketsdata.html on the Business Day that is two (2) Business Days preceding the date of the Closing. Delivery of certificate representing Series A-1 Preferred Stock to the Investor shall be made in satisfaction of the milestone due Investor by the Corporation pursuant to fifth table cell of Section 3.1 of the of the License Agreement upon the initiation of the first Phase III study.