The foregoing paragraph does not apply to:
(a) Shares of stock issuable upon exercise of any options, warrants or rights to purchase any securities of the Company outstanding as of the date of this Agreement
(b) Shares of stock issued in connection with any stock split or stock dividend or recapitalization
(c) Shares of stock (or options, warrants or rights therefore) granted or issued hereafter to employees, officers, directors, contractors, consultants, or advisors to, the Company or any subsidiary of the Company pursuant to incentive agreements, stock purchase or stock option plans, stock bonuses or awards, warrants, contracts, or other arrangements that are approved by the Company’s board of directors
(d) Any other shares of stock (and/or options or warrants therefor) issued or issuable primarily for other than equity financing purposes and approved by the board, and
(e) Shares of stock issued or issuable by the Company to the public pursuant to a registration statement filed under the Securities Act.