股票权证协议书 （中英文）

股票权证协议书 （第1部分  中英文）
 
CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS OF
THESERIES C CONVERTIBLE PREFERRED STOCK
 
The Articles of Incorporation of Jpak Group, Inc, a Nevada corporation (the “Company”), provide that the Company is authorized to issue ______ shares of preferred stock with a par value of $.0001. The Articles of Incorporation provide, further, that the Board of Directors is authorized, to the extent permitted by law, to provide for the issuance of the shares of preferred stock in series, and by filing a certificate pursuant to the Nevada Revised Statutes, to establish from time to time the number of shares to be included in each series and to fix the designation, powers, preferences and rights and the qualifications, limitations or restrictions thereof.  Pursuant to the authority conferred upon the Board of Directors by the Articles of Incorporation, the Board of Directors, by Unanimous Written Consent dated November 3, 2009, adopted a resolution providing for the designation, rights, powers and preferences and the qualifications, limitations and restrictions of no less than 8,000,000 and no more than 22,000,000 shares of Series C Convertible Preferred Stock, and that a copy of such resolution is as follows:
Jpak集团公司（内华达州注册公司，“公司”）的章程规定，公司被授权发行____股优先股，票面价值每股美元0.001。章程进一步规定董事会被授权在法律允许的范围内规定以系列的形式发行优先股股份，并通过根据内华达州法典申报证书来确定每个系列时时包含的股份数及确定其分配、权力、优先权和权利以及条件和局限或限制。根据章程授予董事会的授权，董事会于2009年11月3日以一致书面同意通过决议，规定不少于8,000,000不多于22,000,000股的C系列可转优先股的分配、权力、优先权和权利以及条件、局限和限制，该决议的副本如下：
 
RESOLVED, that pursuant to the authority vested in the Board of Directors of the Company, the provisions of the Company’s Articles of Incorporation, and in accordance with the Nevada Revised Statutes, the Board of Directors hereby authorizes the filing of a Certificate of Designations, Preferences and Rights of Series C Convertible Preferred Stock of the Company.  Accordingly, the Company is authorized to issue Series C Convertible Preferred Stock with par value of $.0001 per share, which shall have the powers, preferences and rights and the qualifications, limitations and restrictions thereof, as follows:
通过决议，根据公司董事会被授予的权利，公司章程的规定以及内华达州法典，董事会特此批准申报公司C系列可转优先股的分配、优先权和权利证书。据此，公司被授权发行C系列可转优先股，票面价值每股美元0.0001，其权力、优先权和权利以及条件、局限和限制如下：
 
1.       Designation and Rank.  分配和等级。
The designation of such series of the Preferred Stock shall be the Series C Convertible Preferred Stock, par value $0.0001 per share (the "Series C Preferred Stock"). The maximum number of shares of Series C Preferred Stock shall be Twenty-two Million (22,000,000) shares. The Series C Preferred Stock shall rank senior to the Company’s common stock, par value $0.001 per share (the "Common Stock"), and to all other classes and series of equity securities of the Company which by their terms do not rank senior to the Series C Preferred Stock ("Junior Stock"). The Series C Preferred Stock shall be subordinate to and rank junior to all indebtedness of the Company now or hereafter outstanding. For purposes of this Certificate of Designation, the term “Original Series C Issue Price” shall mean an amount equal to $0.60 per share.
本系列优先股的分配应为C系列可转优先股，票面价值每股美元0.0001（“C系列优先股”）。C系列优先股的股份数不超过二千万（22,000,000）。C系列优先股的等级高于票面价值每股美元0.001的公司普通股（“普通股”），且高于所有根据其自身条款等级不高于C系列优先股的其他类别和系列的权益性证券（“低等级股票”）。C系列优先股的等级低于公司现在或以后发行的所有债务。在本股权证书中，“C系列最初发行价”指每股美元0.60。
 
2.  Voting Rights. 表决权
(a)  Class Voting Rights. The Series C Preferred Stock shall have the following class voting rights (in addition to the voting rights set forth in Section 2(b) hereof). So long as any shares of the Series C Preferred Stock remain outstanding, the Company shall not, without the affirmative vote or written consent of the holders of a majority of the shares of the Series C Preferred Stock outstanding at the time (the “Majority Holders”), given in person or by proxy, either in writing or at a meeting in which the holders of the Series C Preferred Stock vote separately as a class:
类别表决权。C系列优先股应有以下类别表决权（除了第二节(b)规定的表决权之外）。只要存在任何已发行的C系列优先股股份，如未获得半数以上当时已发行的C系列优先股持有人（“多数持有人”）亲自或通过代理人以书面形式或在C系列优先股持有人作为一个类别单独表决的会议上的赞成票或书面同意，公司不应：
 
(i) authorize, create, issue or increase the authorized or issued amount of any class or series of Preferred Stock, which class or series, in any such case, ranks pari passu or senior to the Series C Preferred Stock, with respect to the distribution of assets on liquidation, dissolution or winding up;
授权、创设、发行或增加被授权或发行的任何类别或系列的优先股，在任何该等情况下该类别或系列的优先股在清算、解散或清盘分配资产时的等级等于或高于C系列优先股；
 
(ii) amend, alter or repeal the provisions of the Series C Preferred Stock, whether by merger, consolidation or otherwise, so as to ‘adversely affect any right, preference, privilege or voting power of the Series C Preferred Stock; provided, however, that any creation and issuance of another series of Junior Stock shall not be deemed to adversely affect such rights, preferences, privileges or voting powers;
修改、变更或废除C系列优先股的任何规定，不论因合并、兼并或其他情况，以致对C系列优先股的任何权利、优先权、特权或表决权造成不利影响；但是，任何创设或发行其他系列低等级股票的行为不应被视为对上述权利、优先权、特权或表决权造成不利影响；
 
(iii) issue any shares of Series C Preferred Stock other than pursuant to the Purchase Agreement (as defined herein) or as a dividend;
发行任何C系列优先股股份，但根据证券购买协议或作为股息而发行除外；
 
 (iv) repurchase, redeem or pay dividends on, shares of Common Stock or any other shares of the Company's Junior Stock (other than de ‘minimus repurchases from employees of the Company in certain circumstances or repurchases pursuant to a plan approved by the Board);
回购、赎回普通股或公司的任何其他低等级股票的股份或为该等股份分配股息（在特定情形下从公司员工处少量回购或根据董事会批准的计划回购除外）；
 
(iv) amend the Articles of Incorporation or By-Laws of the Company so as to affect materially and adversely any right, preference, privilege or voting power of the Series C Preferred Stock; provided, however, that any creation and issuance of another series of Junior Stock shall not be deemed to adversely affect such rights, preferences, privileges or voting powers;
修改公司登记注册证书或公司章程以致对C系列优先股的任何权利、优先权、特权或表决权造成重大不利影响；但是创设或发行其他系列低等级股票的行为不应视为对上述权利、优先权、特权或表决权造成不利影响；
 
(v) effect any distribution with respect to Junior Stock other than as permitted hereby;
为低等级股票分派红利，但本文规定允许的除外；
 
(vi) reclassify the Company's outstanding securities;
重新分类公司已发行的证券；
 
(vii) voluntarily file for bankruptcy, liquidate the Company’s assets or make an assignment for the benefit of the Company’s creditors; or
自愿申报破产、清算公司资产或转让公司债权人的利益；或
 
(viii) materially change the nature of the Company’s business.
重大改变公司的业务种类。
 
Notwithstanding the foregoing, no change pursuant to Section 8 herein shall be effective to the extent that, by its terms, it applies to less than all of the Holders of shares of Series C Preferred Stock then outstanding
尽管有上述规定，如果根据第8节的规定做出的改变根据其自身条款不适用于当时已发行的C系列优先股股份的全部持有人，则不应生效。
 
(b)  General Voting Rights. Except with respect to transactions upon which the Series C Preferred Stock shall be entitled to vote separately as a class pursuant to Section 2(a) above and as otherwise required by Nevada law, the Series C Preferred Stock shall have no voting rights with the Common Stock or other equity securities of the Company. The Common Stock into which the Series C Preferred Stock is convertible shall, when issued, have all of the same voting rights as other issued and outstanding Common Stock of the Company, and none of the rights of the Series C Preferred Stock.
 一般表决权。除了根据第2节(a)的规定或内达华州法律的要求C系列优先股应作为一个类别单独表决的交易外，C系列优先股对普通股或公司的其他权益性证券无表决权。C系列优先股可转换的普通股应在发行时具有与公司其他已发行的普通股相同的表决权，但不具有C系列优先股的任何权利。
 
3.Liquidation Preference. 清算优先权
 
(a)    In the event of the liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the holders of shares of Series C Preferred Stock then outstanding shall be entitled to receive, out of the assets of the Company available for distribution to its stockholders, an amount equal to $0.60 per share of the Series C Preferred Stock (the “Series C Liquidation Preference Amount”) before any payment shall be made or any assets distributed to the holders of the Common Stock or any other Junior Stock. If the assets of the Company are not sufficient to pay in full the Series C Liquidation Preference Amount payable to the holders of outstanding shares of the Series C Preferred Stock and any series of Preferred Stock or any other class of stock ranking pari passu, as to rights on liquidation, dissolution or winding up, with the Series C Preferred Stock, then all of said assets will be distributed among the holders of the Series C Preferred Stock and the other classes of stock ranking pari passu with the Series C Preferred Stock, if any, ratably in accordance with the respective amounts that would be payable on such shares if all amounts payable thereon were paid in full.
 若发生公司清算、解散或清盘(无论自愿或非自愿)，已发行的C系列优先股持有人应有权在向普通股持有人或任何其它低等级股票持有人分配之前，从公司应分配给其持有人的资产中，就每一股C系列优先股获得数额等于美元0.60的金额(“C系列清算优先数额”)。如果公司的资产不足以向所有已发行的C系列优先股持有人和任何在清算、解散或清盘中的权利与C系列优先股同等级的优先股票或其他类别股票的持有人支付C系列清算优先数额，则公司应按照各C系列优先股持有人和任何与C系列优先股同等级的其他种类股票（如有）持有人所持有的股份数按比例分配公司资产。
 
The liquidation payment with respect to each outstanding fractional share of Series C Preferred Stock shall be equal to a ratably proportionate amount of the liquidation payment with respect to each outstanding share of Series C Preferred Stock. All payments for which this Section 3(a) provides shall be in cash, property (valued at its fair market value as determined by an independent appraiser chosen by the Company and reasonably acceptable to the holders of a majority of the Series C Preferred Stock) or a combination thereof; provided, however, that no cash shall be paid to holders of Junior Stock unless each holder of the outstanding shares of Series C Preferred Stock has been paid in cash the full Series C Liquidation Preference Amount to which such holder is entitled as provided herein.
C系列优先股的零散股份的清算支付等于其向对于每一股C系列优先股的清算支付的相应比例的数额。本第3节(a)规定的所有支付可以为现金、财产（以公司选择的且多数C系列优先股的持有人可合理接受的独立评估师确定的公平市场价值进行估价）或二者结合的方式；但是，除非各已发行的C系列优先股持有人应得的C系列清算优先数额已以现金全额支付，否则不可以向低等级股票持有人支付现金。
 
(b) A consolidation or merger of the Company with or into any other corporation or corporations, or a sale of all or substantially all of the assets of the Company, or the effectuation by the Company of a transaction or series of related transactions in which more than 50% of the voting shares of the Company is disposed of or conveyed, shall not be deemed to be a liquidation, dissolution, or winding up within the meaning of this Section 3.
公司兼并或合并成其他公司，或全部出售或实质全部出售公司资产，或公司通过任何交易或一系列交易后公司表决权股份中50%以上被处置或转让，不应被视为本第3节规定的清算、解散或清盘。
 
(c) The Company shall provide written notice of any redemption, voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, stating a payment date and the place where the distributable amounts shall be payable, by mail, postage prepaid, no less than forty-five (45) calendar days prior to the payment date stated therein, to the holders of record of the Series C Preferred Stock at their respective addresses as the same shall appear on the books of the Company, which notice shall also state the amount per share of Series C Preferred Stock that will be paid or distributed on such liquidation, dissolution or winding up, as the case may be, if such amount differs from the Series C Liquidation Preference Amount.
 公司应发出关于任何赎回、自愿或非自愿的清算、解散或清盘事件的书面通知，说明支付日期和场所，该等通知应在支付日期前至少四十五（45）个自然日通过信件、邮资预付邮件发送至公司过户登记载明的各C系列优先股的登记持有人的地址；该通知应同时说明每一股C系列优先股在该等清算、解散或清盘中应被支付或分配的金额，如果该金额与C系列清算优先数额不同。
 
4. Conversion. 转换
The holder of Series C Preferred Stock shall have the following conversion rights (the “Conversion Rights”):
C系列优先股持有人有下列转换权利（“转换权利”）：
 
(a) Right to Convert. At any time on or after the date of the initial issuance of the Series C Preferred Stock (the “Issuance Date”), the holder of any such shares of Series C Preferred Stock may, at such holder's option, subject to the limitations set forth in Section 6 herein, elect to convert (a “Voluntary Conversion”) all or any portion of the shares of Series C Preferred Stock held by such person into a number of fully paid and nonassessable shares of Common Stock equal to the quotient of (i) the Series C Liquidation Preference Amount of the shares of Series C Preferred Stock divided by (ii) the Conversion Price (as defined in Section 4(c) below) in effect as of the date of the delivery by such holder of its Conversion Notice (as hereinafter defined).  In the event of a notice of redemption of any shares of Series C Preferred Stock pursuant to Section 7 hereof, the Conversion Rights of the shares designated for redemption shall terminate at the close of business on the last full day preceding the date fixed for redemption, unless the redemption price is not paid on such redemption date, in which case the Conversion Rights for such shares shall continue until such price is paid in full. In the event of a liquidation, dissolution or winding up of the Company, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Series C Preferred Stock.
转换权。C系列优先股原始发行日（“发行日”）当天或之后的任何时间，任何C系列优先股持有人在第6节的限制条件下可自行决定将其全部或任何部分C系列优先股转换为充分支付的非增缴普通股（“自愿转换”），其数额等于(i)C系列优先股的C系列清算优先数额除以(ii)该持有人交付的转换通知所载的（见下文的相关规定）于交付之日有效的转换价（见第4节(c)的有关规定）。若出现第7节规定的C系列优先股任何股份的回购通知，则被指定回购的股份的转换权利将在定于回购的前一日营业即将结束之时终止，除非在回购日期之前回购款未充分支付，此时该等股份的转换权利直到回购款充分支付时继续存在。若公司发生清算、解散或清盘，转换权利应在定于向C系列优先股持有人分配之日的前一日营业即将结束之日终止。
 
 (b) Mechanics of Voluntary Conversion. The Voluntary Conversion of Series C Preferred Stock shall be conducted in the following manner:
自愿转换机制。C系列优先股的自愿转换应以下列形式作出：
 
(i) Holder's Delivery Requirements. To convert Series C Preferred Stock into full shares of Common Stock on any date (the “Voluntary Conversion Date”), the holder thereof shall (A) transmit by facsimile (or otherwise deliver), for receipt on or prior to 5:00 p.m., New York time on such date, a copy of a fully executed notice of conversion in the form attached hereto as Exhibit I (the “Conversion Notice”), to the Company at 86-532-84630586, and (B) surrender to a common carrier for delivery to the Company’s designated transfer agent (the “Transfer Agent”) as soon as practicable following such Voluntary Conversion Date the original certificates representing the shares of Series C Preferred Stock being converted (or an indemnification undertaking with respect to such shares in the case of their loss, theft or destruction) (the “Preferred Stock Certificates”) and the originally executed Conversion Notice.
持有人的交付请求。为将C系列优先股于任何日期（“自愿转换日”）转换为普通股股份，持有人应(A)通过传真（或其他交付方式）发送充分签署的如附件I（“转换通知”）的转换通知副本至公司（传真号码：  ），于纽约时间当日下午5点或之前到达，和(B)在自愿转换日后尽快向公司指定的过户代理人（“过户代理人”）出示代表被转换的C系列优先股股份的原始证书（或就该等股份丢失、被盗或损毁后的赔偿）（“优先股证书”）和转换通知原件。
 
(ii) Company's Response. Upon receipt by the Company of a facsimile copy of a Conversion Notice, the Company shall immediately send, via facsimile, a confirmation of receipt of such Conversion Notice to such holder. Upon receipt by the Company of a copy of the fully executed Conversion Notice and by the Transfer Agent of the Preferred Stock Certificates, the Company shall, within three (3) trading days following the later of the (x) date of receipt by the Company of the fully executed Conversion Notice, and (y) date of receipt of the Preferred Stock Certificates by the Transfer Agent, issue and deliver to the Depository Trust Company (“DTC”) account on the holder’s behalf via the Deposit Withdrawal Agent Commission System (“DWAC”) as specified in the Conversion Notice, certificates registered in the name of the holder or its designee, representing the number of shares of Common Stock to which the holder shall be entitled. Notwithstanding the foregoing to the contrary, the Company or its Transfer Agent shall only be obligated to issue and deliver the shares to the DTC on a holder’s behalf via DWAC if a registration statement providing for the resale of the shares of Common Stock issuable upon conversion of the Series C Preferred Stock is effective. If the number of shares of Preferred Stock represented by the Preferred Stock Certificate(s) submitted for conversion is greater than the number of shares of Series C Preferred Stock being converted, then the Company shall instruct the Transfer Agent, as soon as practicable and in no event later than three (3) business days after receipt of the Preferred Stock Certificate(s) and at the Company's expense, issue and deliver to the holder a new Preferred Stock Certificate representing the number of shares of Series C Preferred Stock not converted.
公司的回应。公司在收到转换通知的传真件后，应立即通过传真向持有人发出收到该转换通知的确认函。在公司收到充分签署的转换通知和过户代理人提供的优先股证书后，公司应在(x)收到充分签署的转换通知和(y)收到过户代理人提供的优先股证书二者中较迟之日后的三（3）个交易日内发行并交付以持有人或其指定人的名义登记的代表持有人所持普通股股数的证书，通过转换通知规定的存管信托转户系统(“DWAC”) 存入代表持有人的存管信托公司(“DTC”)账号。尽管前文有相反规定，如果规定C系列优先股可转的普通股股份再售的登记申请有效，公司或其过户代理人仅有义务通过存管信托转户系统向代表持有人的存管信托公司(“DTC”)发行和交付股份。如果为转换提交的优先股证书代表的优先股股数大于被转换的C系列优先股股数，则公司应指示过户代理人尽快且不晚于收到优先股证书后的3个工作日，自行承担费用向持有人发行和交付代表未转换的C系列优先股股数的新的优先股证书。
 
 (iii) Dispute Resolution. In the case of a dispute as to the arithmetic calculation of the number of shares of Common Stock to be issued upon conversion, the Company shall cause its Transfer Agent to promptly issue to the holder the number of shares of Common Stock that is not disputed and shall submit the arithmetic calculations to the holder via facsimile as soon as possible, but in no event later than two (2) business days after receipt of such holder's Conversion Notice. If such holder and the Company are unable to agree upon the arithmetic calculation of the number of shares of Common Stock to be issued upon such conversion within one (1) business day of such disputed arithmetic calculation being submitted to the holder, then the Company shall within one (1) business day thereafter submit via facsimile the disputed arithmetic calculation of the number of shares of Common Stock to be issued upon such conversion to the Company’s independent, outside accountant. The Company shall cause the accountant to perform the calculations and notify the Company and the holder of the results no later than seventy-two (72) hours from the time it receives the disputed calculations. Such accountant's calculation shall be binding upon all parties absent manifest error. The reasonable expenses of such accountant in making such determination shall be paid by the Company, in the event the holder's calculation was correct, or by the holder, in the event the Company's calculation was correct, or equally by the Company and the holder in the event that neither the Company's or the holder's calculation was correct. The period of time in which the Company is required to effect conversions or redemptions under this Certificate of Designation shall be tolled with respect to the subject conversion or redemption pending resolution of any dispute by the Company made in good faith and in accordance with this Section 4(b)(iii).
争议解决。若出现关于转换可转的普通股股数的计算的争议，公司应促使其过户代理人立即向持有人发行无争议的普通股股数，并通过传真尽快向持有人提交计算，任何情况下不得晚于收到持有人的转换通知后两个工作日。如果该持有人和公司在争议的计算提交给持有人后1个工作日内未能就转换可转的普通股股数达成一致，则公司应在其后的一个工作日内通过传真将转换可转的普通股股数的计算争议提交给公司独立的外部会计师。公司应促使会计师在不晚于其收到争议计算后的七十二（72）个小时进行计算并通知公司和持有人结果。该会计师的计算如无明显错误对各方均有约束力。如持有人的计算正确，公司应支付相关合理会计费用，如公司的计算正确，则由持有人支付相关会计费用。公司根据本股权证书进行转换或赎回所需的期间应由公司根据第4节(b)(iii)的规定诚信收取关于转换或赎回的未决决议的争议的费用。
 
(iv) Record Holder. The person or persons entitled to receive the shares of Common Stock issuable upon a conversion of the Series C Preferred Stock shall be treated for all purposes as the record holder or holders of such shares of Common Stock from and after the Conversion Date.
 登记持有人。有权获得C系列优先股可转换的普通股股份的个人自转换日或之后出于任何目的应被视为该等普通股股份的登记持有人。
 
 (v) Company's Failure to Timely Convert. If within five (5) business days, with respect to Common Stock being issued upon conversion, and within ten (10)business days in the event a new Preferred Stock Certificate is being issued, after the Company's receipt of an executed copy of the Conversion Notice (so long there are no disputes regarding such calculation) (the “Delivery Date”) the Transfer Agent shall fail to issue and deliver to a holder the number of shares of Common Stock to which such holder is entitled upon such holder's conversion of the Series C Preferred Stock (a “Conversion Failure”), in addition to all other available remedies which such holder may pursue hereunder and under the Securities Purchase Agreement (the “Purchase Agreement”) among the Company and the initial holders of the Series C Preferred Stock (including indemnification pursuant to Article VI thereof), the Company shall pay additional damages to such holder on each business day after such fifth (5th) business day that such conversion is not timely effected in an amount equal to 0.5% of the product of (A) the number of shares of Common Stock not issued to the holder on a timely basis当时 pursuant to Section 4(b)(ii) and to which such holder is entitled and (B) the Closing Bid Price (as defined in Section 4(b)(vii) below) of the Common Stock on the last possible date which the Company could have issued such Common Stock, as the case may be, to such holder without violating Section 4(b)(ii).  If the Company fails to pay the additional damages set forth in this Section 4(b)(v) within ten (10) business days of the date incurred, then such payment shall bear interest at the rate of 2.0% per month (pro rated for partial months) until such payments are made.
公司未按时转换。在公司收到签署的转换通知（只要不存在计算争议）后的五（5）个工作日内，如果需要发行新的优先股证书则为十（10）个工作日内，关于因转换而发行普通股，过户代理人未能向持有人发行和交付其转换C系列优先股应得的普通股股数（“转换失败”），除了本文和由公司与C系列优先股的最初持有人签署的证券购买协议（“购买协议”）规定的持有人可获得的任何其他救济（包括购买协议第六条规定的赔偿）外，公司应向持有人支付额外赔偿，转换未能按时发生的第五（5）个工作日后的每个工作日支付的赔偿金额为下列数额乘积的0.5%：(A)未按照第4节(b)(ii)的规定按时向持有人发行的普通股股数和(B)如公司未违反第4节(b)(ii)的规定本可向持有人发行该等普通股的最后一日的普通股的收盘价（见下文第4节(b)(vii)的规定）。如果公司没有在十（10）个工作内日支付该等额外赔偿，则每月（不足一个月则按比例确定）的罚息为2.0%，直至付清为止。
 
(vi) Buy-In Rights. In addition to any other rights available to the holders of Series C Preferred Stock, if the Company fails to cause its Transfer Agent to transmit to the holder a certificate or certificates representing the shares of Common Stock issuable upon conversion of the Series C Preferred Stock on or before the Delivery Date, and if after such date the holder is required by its broker to purchase (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the holder of the shares of Common Stock issuable upon conversion of Series C Preferred Stock which the holder anticipated receiving upon such conversion (a “Buy-In”), then the Company shall (1) pay in cash to the holder the amount by which (x) the holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of shares of Common Stock issuable upon conversion of Series C Preferred Stock that the Company was required to deliver to the holder in connection with the conversion at issue times (B) the price at which the sell order giving rise to such purchase obligation was executed (such amount to be offset by any payment already made to holder under Section 4(b)(v)), and (2) at the option of the holder, either reinstate the shares of Series C Preferred Stock and equivalent number of shares of Common Stock for which such conversion was not honored or deliver to the holder the number of shares of Common Stock that would have been issued had the Company timely complied with its conversion and delivery obligations hereunder.
 买进权。除了C系列优先股持有人的其他权利外，如果公司没有促使其过户代理人于送达日当天或之前向持有人交付代表其C系列优先股转换的普通股股份的证书，且如果此日期后持有人被其经纪人要求（在公开市场交易或其他方式）买入普通股的股份以弥补预期的持有人在转换其C系列优先股后收到的可出售的普通股股份（“买进”），则公司应(1)向持有人支付现金，数额为(x)持有人买入普通股的全部购买款（包括经济人佣金，如有）超过下列数额的部分 (y)下列数额的乘积(A)公司应向持有人交付的与发行时转换相关的C系列优先股可转的普通股股数 (B)引起该买入义务的订单所载价格（该金额被第4节(b)(v)项下的已做出的支付抵消），及（2）经持有人选择，或者恢复C系列优先股股份以及该转换未实现的相同数量的普通股股份，或者向持有人交付如果公司及时履行其转换和交付义务本应向持有人发行的普通股股数。
 
For example, if the holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted conversion of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (1) of the immediately preceding sentence the Company shall be required to pay to the holder $1,000. The holder shall provide the Company written notice indicating the amounts payable to the holder in respect of the Buy-In, together with applicable confirmations and other evidence reasonably requested by the Company. Nothing herein shall limit a holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon conversion of the Series C Preferred Stock as required pursuant to the terms hereof.
例如，如果持有人在买进时买入普通股的总价款为美元11,000，而导致该买入义务的失败转换的普通股股份的总售价为美元10,000，则根据第（1）款第一项的规定，公司应向持有人支付美元1,000。持有人应向公司发出书面通知，告知其应向持有人支付的买进的金额，以及适用的确认函及公司合理要求的其他证明。本段的任何内容不限制持有人根据下文规定、法律或衡平法，包括但不限于关于公司未及时交付代表C系列优先股可转的普通股股份的证书的实际履行令或禁令救济，取得其他赔偿的权利。
 
(vii) The term "Closing Bid Price" shall mean, for any security as of any date, the last closing bid price of such security on the NYSE AMEX or any successor market thereto, Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select or any successor market thereto (collectively, “Nasdaq,” and together with  AMEX, each a “National Stock Exchange”), OTC Bulletin Board or other principal exchange on which such security is traded as reported by Bloomberg, or, if no closing bid price is reported for such security by Bloomberg, the last 上一次closing trade price of such security as reported by Bloomberg, or, if no last closing trade price is reported for such security by Bloomberg, the average of the bid prices of any market makers for such security as reported in the "pink sheets" by the National Quotation Bureau, Inc. If the Closing Bid Price cannot be calculated for such security on any date on any of the foregoing bases, the Closing Bid Price of such security on such date shall be the fair market value as mutually determined by the Company and the holders of a majority of the outstanding shares of the Series C Preferred Stock.
“收盘价”指，对任何日期的任何证券而言，在纽约证券交易所、美国证券交易所或任何继承市场，纳斯达克资本市场、纳斯达克全球市场、纳斯达克全球精选市场或任何继承市场（合称为“纳斯达克”，与美国证券交易所分别称为“国家股票交易所”），OTC公告板或Bloomberg报告的交易该等证券的其他主要交易所的该等证券的最后收盘价，或如果Bloomberg未报告该等证券的收盘价，则为Bloomberg报告的该等证券的最后收盘价，或如果Bloomberg未报告该等证券的最后收盘价，则为美国国家报价局在“粉红单市场”报告的做市商对该等证券报价的平均数。如果以上述规定为基础无法计算任何日期该等证券的收盘价，则该等证券在该等日期的收盘价应为公司和已发行的C系列优先股的多数持有人共同确定的市场公允价值。
 
(b)  Conversion Price.转换价。
 
 (i) The term “Conversion Price” shall mean $0.50 per share subject to adjustment under Section 4(d) hereof. Notwithstanding any adjustment hereunder, at no time shall the Conversion Price be greater than $0.50 per share except if it is adjusted pursuant to Section 4(d)(i).
 “转换价”指美元0.50每股，该价格根据下文第4节的规定不时调整。尽管根据下文做出任何调整，转换价不应高于美元0.50，除非根据第4节(d)(i)进行调整。
 
(ii) Notwithstanding the foregoing to the contrary, if during any period (a “Black-out Period”), a holder of Series C Preferred Stock is unable to trade any Common Stock issued or issuable upon conversion of the Series C Preferred Stock immediately due to the delay or suspension of effectiveness of the Registration Statement or because the Company has otherwise informed such holder of Series C Preferred Stock that an existing prospectus cannot be used at that time in the sale or transfer of such Common Stock (provided that such postponement, delay, suspension or fact that the prospectus cannot be used is not due to factors solely within the control of the holder of Series C Preferred Stock or due to the Company exercising its rights under Section 3(n) of the Registration Rights Agreement (as defined in the Purchase Agreement), such holder of Series C Preferred Stock shall have the option but not the obligation on any Conversion Date within ten (10) trading days following the expiration of the Black-out Period of using the Conversion Price applicable on such Conversion Date or any Conversion Price selected by such holder of Series C Preferred Stock that would have been applicable had such Conversion Date been at any earlier time during the Black-out Period or within the ten (10) trading days thereafter.
 尽管上文有相反规定，如果在任何时期内（“中断期”），C系列优先股的持有人不能交易C系列优先股转换的任何普通股，系由于登记申请的延迟或尚未生效或因为公司通知该C系列优先股持有人在出售或转让该等普通股时现有的招股说明书不可用（以该等推迟、延迟或招股说明书不可用的事实并非仅由于C系列优先股持有人可以控制的因素，或并非由于公司行使其注册登记权协议（见购买协议的相关规定）第3节(n)规定的权利为前提），则该C系列优先股持有人有权但无义务在中断期结束后的十（10）个交易日内选择转换日并使用该转换日适用的转换价，或持有人可以选择中断期期间或其后的十（10）个交易日内的任何日期作为转换日本应适用的任何转换价作为转换价。
 
(c)  Adjustments of Conversion Price.转换价的调整。
 
 (i) Adjustments for Stock Splits and Combinations. If the Company shall, at any time or from time to time after the Issuance Date, effect a split of the outstanding Common Stock, the Conversion Price shall be proportionately decreased. If the Company shall, at any time or from time to time after the Issuance Date, combine the outstanding shares of Common Stock, the Conversion Price shall be proportionately increased. Any adjustments under this Section 4(d)(i) shall be effective at the close of business on the date the stock split or combination becomes effective.
 针对分股和并股的调整。如果公司在发行日后的任何时间或不时应发生已发行普通股的分拆，则转换价应同比例降低。如果公司在发行日后的任何时间或不时应发生已发行普通股的合并，则转换价应同比例提高。任何本第4节(d)(i)的调整应于分股或合股生效当日营业即将结束之时生效。
 
(ii) Adjustments for Certain Dividends and Distributions. If the Company shall, at any time or from time to time after the Issuance Date, make or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend or other distribution payable in shares of Common Stock, then, and in each event, the Conversion Price shall be decreased as of the time of such issuance or, in the event such record date shall have been fixed, as of the close of business on such record date, by multiplying the Conversion Price then in effect by a fraction:
 针对特定股息和红利的调整。如果公司在发行日后的任何时间或不时应决定或设定一个登记日期以确定有权收到以普通股股份派发股息或其他红利的普通股持有人，则在任一情况下，转换价应在该等发行时降低，或如果已经确定该登记日期则在该登记日营业即将结束之时降低转换价，通过将当时有效的转换价乘以一个分数：
 
(1) the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date; and
 分子为紧接该等发行之时或该登记日营业即将结束之时已发行普通股的股份总数；和
 
(2) the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution.
 分母为紧接该发行之时或登记日营业即将结束之时已发行普通股的股份总数加上分配该等股息和红利可发行的普通股股数。
 
(iii) Adjustment for Other Dividends and Distributions. If the Company shall, at any time or from time to time after the Issuance Date, make or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend or other distribution by the Company, payable in securities of the Company, other than shares of Common Stock, then, and in each event, an appropriate revision to the applicable Conversion Price shall be made and provision shall be made (by adjustments of the Conversion Price or otherwise) so that the holders of Series C Preferred Stock shall receive upon conversions thereof, in addition to the number of shares of Common Stock receivable thereon, the number of securities of the Company which they would have received had their Series C Preferred Stock been converted into Common Stock on the date of such event and had such holder thereafter, during the period from the date of such event to and including the Conversion Date, retained such securities (together with any distributions payable thereon during such period), giving application to all adjustments called for during such period under this Section 4(d)(iii) with respect to the rights of the holders of the Series C Preferred Stock; provided, however, that if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions; and provided further, however, that no such adjustment shall be made if the holders of Series C Preferred Stock simultaneously receive (i) a dividend or other distribution of shares of Common Stock in a number equal to the number of shares of Common Stock as they would have received if all outstanding shares of Series C Preferred Stock had been converted into Common Stock on the date of such event or (ii) a dividend or other distribution of shares of Series C Preferred Stock which are convertible, as of the date of such event, into such number of shares of Common Stock as is equal to the number of additional shares of Common Stock being issued with respect to each share of Common Stock in such dividend or distribution.
 针对其他股息和红利的调整。如果公司在发行日后的任何时间或不时应决定或设定一个登记日期以确定有权收到以除普通股外的公司证券的形式派发股息或其他红利的普通股持有人，则在任一情况下，应适当修改适用的转换价且做出相关规定（通过调整转换价或其他方式），以使C系列优先股持有人于转换时应获得除可获得的普通股股数外，还应获得其应当获得的公司证券的数量，如同该等C系列优先股持有人在该事件发生之日已将其C系列优先股转换为普通股，且从该事件发生之日至转换日（包括该日）止的期间内保留该等证券（以及该等期间应获得的其他红利），适用第4节(d)(iii)关于C系列优先股持有人的权利在该期间内要求的所有调整；但是，如果该登记日期已确定且未充分支付该等股息或未充分分配该等红利，则转换价应在实际支付该等股息或红利时根据本段规定调整；然而，任何调整不得做出，如果C系列优先股持有人同时获得(i)普通股的股息或其他红利，普通股股数等于如同该等持有人在该事件发生之日已将所有已发行的C系列优先股股份转换成普通股应获得普通股股数或(ii)C系列优先股股份的股息或其他红利，C系列优先股在该等事项发生之日可转换的普通股股数等于每一股普通股在该等股息或红利中发行的额外普通股股数。
 
(iv) Adjustments for Reclassification, Exchange or Substitution. If the Common Stock issuable upon conversion of the Series C Preferred Stock at any time or from time to time after the Issuance Date shall be changed to the same or different number of shares of any class or classes of stock, whether by reclassification, exchange, substitution or otherwise (other than by way of a stock split or combination of shares or stock dividends provided for in Sections 4(d)(i), (ii) and (iii), or a reorganization, merger, consolidation, or sale of assets provided for in Section 4(d)(v)), then, and in each event, an appropriate revision to the Conversion Price shall be made and provisions shall be made (by adjustments of the Conversion Price or otherwise) so that the holder of each share of Series C Preferred Stock shall have the right thereafter to convert such share of Series C Preferred Stock into the kind and amount of shares of stock and other securities receivable upon reclassification, exchange, substitution or other change, by holders of the number of shares of Common Stock into which such share of Series C Preferred Stock might have been converted immediately prior to such reclassification, exchange, substitution or other change, all subject to further adjustment as provided herein.
 针对重新分类、交换和替代的调整。如果C系列优先股可转换的普通股在发行日后的任何时间或不时应当变为相同或不同数量的任何类别股票的股份，不论系通过重新分类、交易、替代或其他方式（第4节(d)(i)、(ii) 和 (iii)规定的分股、并股、股票分红，或第4节(d)(v)规定的重组、合并、兼并或资产出售除外），则在任一情况下，应适当修改转换价且做出规定（通过调整转换价或其他方式），以使C系列优先股持有人有权将该等股份转换成特定类型和数量的股份和其他证券，该等股份和其他证券应为持有人在该等重新分类、交易、替代或其他改变即将发生前若转换C系列优先股可持有的普通股股份在进行重组、重新分类或其它改变时应获得的，但均受限于本股权证书规定的进一步调整。
 
 (v) Adjustments for Reorganization, Merger, Consolidation or Sales of Assets. If at any time or from time to time after the Issuance Date there shall be a capital reorganization of the Company (other than by way of a stock split or combination of shares or stock dividends or distributions provided for in Section 4(d)(i), (ii) and (iii), or a reclassification, exchange or substitution of shares provided for in Section 4(d)(iv)), or a merger or consolidation of the Company with or into another corporation where the holders of the Company’s outstanding voting securities prior to such merger or consolidation do not own over 50% of the outstanding voting securities of the merged or consolidated entity, immediately after such merger or consolidation, or the sale of all or substantially all of the Company's properties or assets to any other person (an “Organic Change”), then as a part of such Organic Change an appropriate revision to the Conversion Price shall be made if necessary and provision shall be made if necessary (by adjustments of the Conversion Price or otherwise) so that the holder of each share of Series C Preferred Stock shall have the right thereafter to convert such share of Series C Preferred Stock into the kind and amount of shares of stock and other securities or property of the Company or any successor corporation resulting from the Organic Change.
 针对重组、合并、兼并和资产出售的调整。如果公司在发行日后的任何时间或不时应进行资产重组（第4节(d)(i)、(ii)和(iii)规定的分股、并股、股票分红，或第4节(d)(v)规定的股份的重新分类、交易或替换除外），或公司合并或兼并成为其他公司，在该等合并或兼并发生前公司已发行的有表决权证券的持有人紧随该等合并或兼并后未持有合并或兼并后实体的超过50%的已发行的有表决权证券，或公司出售全部或实质出售全部财产或资产给其他个人（“结构变化”），则作为该结构变化的一部分，如需要应适当修改转换价，且做出规定（通过调整转换价或其他方式），以使C系列优先股持有人有权将C系列优先股转换成公司或结构变化后的继承者公司的一定类型和数量的股票和其他证券或财产。
 
In any such case, appropriate adjustment shall be made in the application of the provisions of this Section 4(d)(v) with respect to the rights of the holders of the Series C Preferred Stock after the Organic Change to the end that the provisions of this Section 4(d)(v) (including any adjustment in the Conversion Price then in effect and the number of shares of stock or other securities deliverable upon conversion of the Series C Preferred Stock) shall be applied after that event in as nearly an equivalent manner as may be practicable.  In any such case, the resulting or surviving corporation (if not the Company) shall expressly assume the obligations to deliver, upon the exercise of the conversion privilege, such securities or property as the holders of the Series C Preferred Stock remaining outstanding (or of other convertible preferred stock received by such holders in place thereof) shall be entitled to receive pursuant to the provisions hereof, and to make provisions for the protection of the conversion rights as provided above.  In addition to all other rights of the holders of the Series C Preferred contained herein, simultaneous with the occurrence of an Organic Change, each holder of the Series C Preferred Stock shall have the right, at such holder's option, to require the Company to redeem all or a portion of such holder's shares of the Series C Preferred Stock at a price per share of the Series C Preferred equal to one hundred ten percent (110%) of the Liquidation Preference Amount.
在任一该等情况下，为第4节(d)(v)（包括任何当时有效的转换价和C系列优先股可转换的股票或其他证券的数额的修订）的规定在该等事件后以尽可实行的方式得以适用起见，应适用本第4节(d)(v)的规定适当调整C系列优先股的持有人在结构变化后的权利。在任一该等情况下，最终的或存续公司（如果不是公司）应在转换特权行使时承担交付该等证券或财产的义务，如果保持已发行状态的C系列优先股（或该等持有人适当获得的其他可转换优先股）持有人根据本文的规定应获得该等证券或财产，并有义务做出规定保护上文规定的转换权利。除了此处规定的C系列优先股持有人的其他权利外，在发生结构变化的同时，C系列优先股的各持有人应有权选择要求公司赎回该持有人持有的全部或部分C系列优先股，每一股C系列优先股的价格等于清算优先数额的百分之一百一十（110%）。
 
 (vi) Adjustments for Issuance of Additional Shares of Common Stock. For a period of twelve (12) months following the effective date of the Registration Statement filed under the Registration Rights Agreement (the “Anti-Dilution Period”), in the event the Company shall issue or sell any additional shares of Common Stock (otherwise than as provided in the foregoing subsections (i) through (v) of this Section 4(d) or pursuant to (X) Common Stock Equivalents (as hereafter defined) granted or issued prior to the Issuance Date or (Y) subsection (xii) below) (“Additional Shares of Common Stock”) at a price per share less than the then-applicable Conversion Price or without consideration, then the Conversion Price upon each such issuance shall be reduced to that price (rounded to the nearest cent) determined by multiplying the Conversion Price by a fraction: (1) the numerator of which shall be equal to the sum of (A) the number of shares of Outstanding Common Stock immediately prior to the issuance of such Additional Shares of Common Stock plus (B) the number of shares of Common Stock (rounded to the nearest whole share) which the aggregate consideration for the total number of such Additional Shares of Common Stock so issued would purchase at a price per share equal to the outstanding Conversion Price in effect immediately prior to such issuance; and (2) the denominator of which shall be equal to the number of shares of Outstanding Common Stock immediately after the issuance of such Additional Shares of Common Stock.
 针对发行额外普通股股份的调整。注册登记权协议项下的登记申请生效日后的12个月期间（“反稀释期间”）内，如果公司应以每股价格低于当时适用的转换价或没有对价发行或出售任何额外普通股股份（本第4节(d)前述(i)至(v)的规定，或根据 (X) 在发行日前授权或发行的普通股认购权（普通股认购权见下述有关规定）或(Y)下述(xii)的规定除外）（“额外普通股股份”），则应降低该等发行后的转换价，价格（四舍五入到美分）等于转换价乘以一个分数：(1)分子应等于(A)即将发行该等额外普通股股份前的已发行普通股的股数加上(B)用该等额外普通股股份的总对价以紧接该发行的有效的转换价可以购买的普通股股数（四舍五入到整数股）；（2）分母应等于该紧随额外普通股股份发行后的已发行普通股份的数量。