Qualified Funding Event

Qualified Funding Event. (a) an equity financing with gross proceeds to the Company of at least $5,000,000.00 in which investors purchase any series of the Company's Preferred Stock other than its Series 1 Preferred Stock; or (b) any option, phased acquisition, non-dilutive financing or similar transaction with gross proceeds to the Company of at least $5,000,000.00 granting a person or entity, or group of related persons or entities, the right to ultimately proceed with a Sale Transaction.