Common use of Purchaser’s Option Clause in Contracts

Purchaser’s Option. Notwithstanding any provision of this Agreement to the contrary, Purchaser may, at any time within two years from the date of this Agreement, require the Company to sell to Purchaser, consistent with Sections 1(a) and (b) above, shares of Series B Preferred Stock and the accompanying Warrants remaining available hereunder in increments of 50,000 shares on two weeks prior written notice to the Company. In addition, upon the creation of the Series C Preferred Stock (as described herein), the Purchaser may require the Company to sell to Purchaser (i) up to 500,000 shares of Series C Preferred Stock and (ii) Warrants to purchase up to 300,000 shares of Common Stock based on a ratio of 6/10 Warrant share for each Series C Preferred Stock share issued, for an aggregate maximum purchase price of $1,000,000 ($2.00 per share of Series C Preferred Stock).