EX-10.3
from 8-K
8 pages
(I) All Principal and Accrued Interest Represented by Your Note Issued to You in the Notes Offering Would Be Exchanged for a Newly Issued Convertible Promissory Note (“Series O-2 Note”) on the Terms Set Forth in Appendix A. for Illustration Purposes Only, if the Original Principal Amount of Your Note Is $50,000 and You Have Accrued $15,000 of Interest as of the Exchange Date, Then You Would Receive a Series O-2 Note in the Original Principal Amount of $65,000. the Note Issued to You in the Notes Offering Would Be Cancelled Simultaneous With the Issuance of the Series O-2 Note; and (II) in Addition to the Above, All Principal and Accrued Interest Represented by Your Note Would Be Counted Towards the Number of Warrants Issued to You Should You Decide to Accept the Exchange Offer. Assuming the Above Illustration, the $65,000 in Original Principal and Accrued Interest Would Result in the Issuance of a Common Stock Purchase Warrant (“Series O-2 Warrant”) to Purchase $65,000 of Common Stock of Qsi at an Exercise Price of $3.00 Per Share, and Exercisable for a Period of Five (5) Years From the Date of Issuance. Based on the Foregoing Illustration, You Would Receive a Series O-2 Warrant to Purchase 21,667 Shares (I.E., $65,000/$3.00) of Common Stock, Exercisable at $3.00 Per Share for a Period of Five (5) Years
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