Common use of Warrant modifications Clause in Contracts

Warrant modifications. Each of the Purchasers agrees that the terms of the warrants issued by the Company to the Purchasers prior to the date hereof (each a “Prior Warrant” and collectively the “Prior Warrants”) shall be modified, as of the Closing Date, as follows: (a) lowering of the exercise price of each Prior Warrant to USD2.00 per Share, and (b) increase in the quantity of each Prior Warrant such that the aggregate exercise price of the Prior Warrant equals the aggregate exercise price on the issuance date. Further, the Company agrees that if the Company and Purchasers do not close an additional convertible note tranche in an aggregate principle amount of $10.0 million pursuant to that certain securities purchase agreement, dated July 11, 2023, as amended, by January 16, 2025 (the “Note Tranche Closing”), then the reset above shall be based on the lowering of the exercise price to $1.00 (and also a corresponding increase in quantity of warrants as per (b) above).