Exercise Period Commencement Time

Exercise Period Commencement Time. 10:00 a.m. (New York City time) on the day immediately following the Qualified Financing Closing, provided that if a Qualified Financing Closing does not occur prior to the Maturity Date of the Holder Note, then Exercise Period Commencement Time means 10:00 a.m. (New York City time) on the day immediately following the Maturity Date of the Holder Note.