Common use of Subscription for Units Clause in Contracts

Subscription for Units. Subject to the terms and conditions hereinafter set forth, the Subscriber hereby subscribes for and agrees to purchase from the Company the principal amount of Units, with the Notes and the Warrants substantially in the form attached hereto as Exhibit A and Exhibit B, respectively, as is set forth upon the signature page hereof. The Notes in the Units shall bear interest at a rate of twelve percent (12.0%) per annum, on a non-compounding basis, and are due and payable on the earlier of (i) the date upon which the Units are converted into equity securities as set forth herein, or (ii) or eighteen months from the closing of this Offering (the “Maturity Date”). All interest due shall be paid in shares of the Company’s common stock, which shall be valued at $2.00 per share for purposes of the interest computation. The Warrants shall be exercisable into shares of common stock for a period of five (5) years from the closing of the Offering at a price of $5.50 per share. The Units will be offered and sold by the Company solely to “accredited investors” (as defined under Rule 501 of Regulation D of the Securities Act of 1933, as amended).

Subscription for Units. Subject to the terms and conditions hereinafter set forth, the Subscriber hereby subscribes for and agrees to purchase from the Company the principal amount of Units, with the Notes and the Warrants substantially in the form attached hereto as Exhibit A and Exhibit B, respectively, as is set forth upon the signature page hereof. The Notes in the Units shall bear interest at a rate of twelve percent (12.0%) per annum, on a non-compounding basis, and are due and payable on the earlier of (i) the date upon which the Units are converted into equity securities as set forth herein, or (ii) or eighteen months from the closing of this Offering (the “Maturity Date”). All interest due shall be paid in shares of the Company’s common stock, which shall be valued at $2.00 5.00 per share for purposes of the interest computation. The Warrants shall be exercisable into shares of common stock for a period of five (5) years from the closing of the Offering at a price of $5.50 per share. The Units will be offered and sold by the Company solely to “accredited investors” (as defined under Rule 501 of Regulation D of the Securities Act of 1933, as amended).