Common use of Investment Experience Clause in Contracts

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the The Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges represents that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the SecuritiesWarrant and the Warrant Stock. If other than an individualentity, the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesWarrant or the Warrant Stock.

Investment Experience. The Such Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Such Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securitiesthis Warrant. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securitiesthis Warrant.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it he is able to fend for itselfhimself, can bear the economic risk of its his investment, and has such knowledge and experience in financial or business matters that it he is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in this Warrant and the SecuritiesSecurities issuable upon exercise thereof. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring this Warrant or the SecuritiesSecurities issuable upon exercise thereof.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges represents that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the SecuritiesWarrants evidenced by this Warrant Certificate and the Stock issuable upon exercise thereof. If other than an individual, the The Holder also represents it has not been organized solely for the purpose of acquiring Warrants evidenced by this Warrant Certificate or the SecuritiesStock issuable upon exercise thereof.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the warrants represented by this Warrant Certificate and investment in the SecuritiesCommon Shares. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder (and its affiliates) is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges represents that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the SecuritiesWarrant and the Stock issuable upon exercise thereof. If other than an individual, the The Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesWarrant or the Stock issuable upon exercise thereof. Section 4.03.

Investment Experience. The Warrant Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Warrant Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it the Holder is able to fend for itselfhimself, can bear the economic risk of its investmentan investment in the Shares, and has such knowledge and experience in financial or business matters that it is the Holder and his advisors are capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear capable of bearing the economic risk of its investmentinvestment in this Warrant and the Warrant Shares, including the risk of total loss of any or all of such investments, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securitiessuch investments.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the SecuritiesCommon Shares. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesCommon Shares.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it the Holder is able to fend for itself, can bear the economic risk of its investment, the Holder's investment and has such knowledge and experience in financial or business matters that it the Holder is capable of evaluating the merits and risks of the investment in this Warrant and the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesWarrant Shares.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Such Holder is an investor in --------------------- securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or and business matters that it is capable of evaluating the merits and risks of the investment in purchase of the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesNote.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the The Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, Warrant Shares and the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesConversion Shares.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the SecuritiesShares. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesShares.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, the transactions contemplated hereby and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securitiestransactions contemplated hereby.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can and bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities and recognizes that it may realize a loss of its entire investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.. Warrant 3 Trulite, Inc.

Investment Experience. The Holder hereby represents and warrants that it is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.4.5

Investment Experience. The Holder is an investor in non-listed and non-registered securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an a experienced and sophisticated investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in this Note and has consulted with legal, accounting and financial counsel with respect to the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securitiessame.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, Warrant and the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesShares.

Investment Experience. The Holder is an investor in securities of companies in the start-up or early development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the SecuritiesNote (and any Common Shares issued upon conversion of the Note). If other than an individual, the such Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesNote (and any Common Shares issued upon conversion of the Note).

Investment Experience. The Holder is an investor in securities of --------------------- companies in the development stage and acknowledges that it Holder is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, Warrant and any Warrant Shares for which the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesWarrant may be exercised.

Investment Experience. The Such Holder is an investor in --------------------- securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securitiesthis Warrant. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securitiesthis Warrant.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can itself and bear the economic risk of its this investment, including the complete loss thereof and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the SecuritiesNote. If other than an individual, the The Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it the Holder is able to fend for itself, can bear the economic risk of its investment, the Holder's investment and has such knowledge and experience in financial or business matters that it the Holder is capable of evaluating the merits and risks of the investment in this Warrant and the SecuritiesWarrant Shares. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.SECTION 9.3

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities and recognizes that it may realize a loss of its entire investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor knowledgeable, sophisticated and experienced in making, and is qualified to make decisions with respect to, investments in securities of companies presenting an investment decision like that involved in the development stage purchase of the shares of Common Stock and acknowledges that this Warrant, including investments in securities issued by the Company and investments in comparable companies, and has requested, received, reviewed and considered all information it deemed relevant in making an informed decision to purchase this Warrant. Holder is able to fend for itself, can itself in the transactions contemplated by this Warrant and has the ability to bear the economic risk risks of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities15.1.5.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is they are able to fend for itselfthemselves, can bear the economic risk of its investment, the investment and has such knowledge and experience in financial or business matters that it is they are capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can fully evaluate and bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating and understanding the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Purchased Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges represents that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the SecuritiesWarrant and the Stock issuable upon exercise thereof. If other than an individual, the The Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesWarrant or the Stock issuable upon exercise thereof.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the Warrant and investment in the SecuritiesCommon Stock. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it the Holder is able to fend for itself, can bear the economic risk of its investment, investment and has such the knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the The Holder also represents it has not been 8. organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of early stage companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securitiessecurities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securitiesthis Warrant. If other than an individual, the Holder also represents that it has not been organized solely for the purpose of acquiring the SecuritiesWarrant.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges represents that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the SecuritiesWarrant and the Common Stock issuable upon exercise hereof. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesWarrant or the Common Stock issuable upon exercise hereof.

Investment Experience. The Holder is an investor knowledgeable, sophisticated and experienced in making, and is qualified to make decisions with respect to, investments in securities of companies presenting an investment decision like that involved in the development stage purchase of the shares of Common Stock and acknowledges that this Warrant, including investments in securities issued by the Company and investments in comparable companies, and has requested, received, reviewed and considered all information it deemed relevant in making an informed decision to purchase this Warrant. Holder is able to fend for itself, can itself in the transactions contemplated by this Warrant and has the ability to bear the economic risk risks of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Such Holder is an investor Holder in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the SecuritiesCommon Stock. If other than an individual, the such Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesCommon Stock.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has directly, or indirectly through its agents, advisors or other persons on which it relies, such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the SecuritiesStock. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesNote.

Investment Experience. The Such Holder is an investor in securities of companies in the development stage that are considered Pxxxx Stocks and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, Holder can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor experienced in securities of --------------------- evaluating companies in such as the development stage Company and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it Holder is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, Warrant and any Warrant Shares for which the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesWarrant may be exercised.

Investment Experience. The Holder is an investor in securities of companies in the various stages of development stage and growth and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or and business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose purchase of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges represents that it is able to fend for itself, can bear the economic risk of its investment, investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the SecuritiesWarrant and the Common Stock. If other than an individualentity, the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesWarrant or the Common Stock.

Investment Experience. The Such Holder is has experience as an investor in securities of companies in similar to the stage of development stage of the Company and acknowledges that it is able to fend for itself, can bear the economic risk of its investmentinvestment in the Preferred Stock or the Underlying Shares issuable upon conversion of the Preferred Stock, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the this investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the SecuritiesPreferred Stock.

Investment Experience. The Holder (and its affiliates) is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.