Common use of Expiration Time Clause in Contracts

Expiration Time. The term "Expiration Time" means the earliest to --------------- occur of the following: (i) immediately prior to the closing of an IPO (as defined below); or (ii) immediately prior to the closing of a Change of Control Transaction (as defined below); or (iii) 11:59 p.m., Pacific Time, on the date 18 months from the date hereof. As used herein, "IPO" shall mean the first firm commitment underwritten public offering of the Company's Common Stock registered under the Securities Act of 1933, as amended (the "Securities Act"); a "Change of Control Transaction" shall mean the Company's sale or lease of all or substantially all of its assets or the acquisition of the Company by another entity by means of merger or consolidation resulting in the exchange of the outstanding shares of the Company for securities or consideration issued, or caused to be issued, by the acquiring corporation or its subsidiary, unless the stockholders of the Company immediately prior to the transaction hold at least 50% of the voting power of the surviving corporation in such a transaction.

Expiration Time. The term "Expiration Time" means the earliest to --------------- occur of the following: (i) immediately prior to the closing of an IPO (as defined below); or (ii) immediately prior to the closing of a Change of Control Transaction (as defined below); or (iii) 11:59 p.m., Pacific Time, on the date 18 months five years from the date hereof. As used herein, "IPO" shall mean the first firm commitment underwritten public offering of the Company's Common Stock registered under the Securities Act of 1933, as amended (the "Securities Act"); a "Change of Control Transaction" shall mean the Company's sale or lease of all or substantially all of its assets or the acquisition of the Company by another entity by means of merger or consolidation resulting in the exchange of the outstanding shares of the Company for securities or consideration issued, or caused to be issued, by the acquiring corporation or its subsidiary, unless the stockholders of the Company immediately prior to the such transaction hold at least 50% of the voting power of the surviving corporation in such a transaction.