(a) The Company shall pay to the Investor a fee equaling $250,000 or Five Percent (5%) of the Co mmi t m ent Amount (the “Commitment Fee”) which shall be paid in installments of Fifty Thousand ($50,000) beginning on the earlier of (i) the Effective Date of the Registration Statement and (ii) January 1, 2017 and, the first Trading Day of each January, April, July and October thereafter until fully paid. Each installment of the Commitment Fee shall be paid either in cash or, at the election of the Company, in shares of Common Stock, which shall be effected through a Put Notice equal to the amount of the Commitment Fee to be paid in Shares. If on the relevant date, the Commitment Fee shall exceed the limitations outlined in Section 2.6, the Commitment Fee shall be paid in tranches, as requested by the Investor.