The Purchaser will purchase an aggregate of up to $2,500,000 in Subscription Amount of Preferred Stock in up to three (3) tranches (each a “Tranche”), with the first Tranche of $250,000 being closed on upon execution of this Agreement. The second Tranche will be for $250,000 and will occur on or before June 23, 2016. The third Tranche will be for $2,000,000 and will occur within three (3) Business Days after the effectiveness date of the Registration Statement. The Purchaser shall not be required to fund the second or third Tranche if the Company is in default under the terms of this Agreement or Certificate of Designation or the Equity Conditions are not met on such Closing Date. At each Closing, each Purchaser shall deliver to the Company, via wire transfer or a certified check, immediately available funds equal to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser, and the Company shall deliver to each Purchaser its respective shares of Preferred Stock, as determined pursuant to Section 2.3(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.3 deliverable at the respective Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.3 and 2.4 for each Closing, each Closing shall occur at the offices of the Purchaser’s counsel or such other location as the parties shall mutually agree.