4. Presentation of Equity Term Sheet and Appointment of Fifth Director. On or before 5:00 p.m. pacific standard time on January 25, 2015, the VM Group shall deliver to the Board a written summary of terms from an accredited investor selected by the VM Group providing for the investment of not less than $1,000,000 in restricted common stock to be issued by Medbox in a private placement, at a modest discount to the market price of Medbox’s common stock, all on terms as reasonably agreed to by the Board (the “Term Sheet”). Concurrently with closing of the transactions contemplated by the Term Sheet, Medbox shall cause Siegel, Lowe, Love and Marsala, in their capacities as directors of Medbox, to vote to appoint a person nominated by VM with industry experience and reasonably acceptable to the Board as the fifth director of Medbox (“Fifth Director”); provided that if the transaction contemplated by the Term Sheet does not close, Medbox shall nonetheless cause Siegel, Lowe, Love and Marsala, in their capacities as directors of Medbox, to appoint a person nominated by VM and reasonably acceptable to the Board as the Fifth Director.
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