Common use of General Rights and Obligations Clause in Contracts

General Rights and Obligations. The rights, obligations and privileges with respect to the Series A Convertible Preferred Stock, no par value per share (the “Series A Preferred Stock”) are governed by and are subject to the Stock Purchase Agreement between Spring Bank Technologies, Inc and Micrologix Biotech, Inc. relating thereto, the terms hereof, applicable provisions of the Chapter 156B of the Massachusetts General Laws (“MGL ch. 156B”), as amended from time to time, and all other laws that are binding on the Company. In addition, the Series A Preferred Stock is subject to the provisions relating thereto in the Company’s Articles of Incorporation, as amended from time to time (“Articles”) and By-laws, as amended from time to time (the “Bylaws”).

General Rights and Obligations. The rights, obligations and privileges with respect to the Series A Convertible Preferred Stock, no par value per share (the “Series A Preferred Stock”) are governed by and are subject to the Stock Purchase Agreement between Spring Bank Technologies, Inc and Micrologix Biotech, Inc. relating thereto, the terms hereof, applicable provisions of the Chapter 156B 15613 of the Massachusetts General Laws (“MGL ch. 156B15613”), as amended from time to time, and all other laws that are binding on the Company. In addition, the Series A Preferred Stock is subject to the provisions relating thereto in the Company’s 's Articles of Incorporation, as amended from time to time (“Articles”) and By-laws, as amended from time to time (the “Bylaws”).

General Rights and Obligations. The rights, obligations and privileges with respect to the Series A Convertible Preferred Stock, no par value per share (the “Series A Preferred Stock”) are governed by and are subject to the Stock Purchase Agreement between Spring Bank Technologies, Inc and Micrologix Biotech, Inc. relating theretodated December __, 2003, the terms hereof, applicable provisions of the Chapter 156B of the Massachusetts General Laws (“MGL ch. 156B”), as amended from time to time, and all other laws that are binding on the Company. In addition, the Series A Preferred Stock is subject to the provisions relating thereto in the Company’s Articles of Incorporation, as amended from time to time (“Articles”) and By-laws, as amended from time to time (the “"Bylaws”").