Common use of Private Units Clause in Contracts

Private Units. Simultaneously with the Closing, Chardan (and/or its designee(s)) shall be entitled to receive from the Company an aggregate of 50,000 private placement units (or up to 57,500 private placement units if the overallotment option is exercised in full, the “Private Units”) in a private placement (the “Private Placement”). The Private Units shall be identical to the Units sold in the Offering except as described in the Prospectus. There will be no placement agent in the Private Placement and no party shall be entitled to a placement fee or expense allowance from the sale of the Private Units.