Adjustment of Floor Price. Upon the occurrence of any of the events described below, the Floor Price shall be adjusted as follows:
Adjustment of Floor Price. Except as otherwise provided in Paragraphs A and B of this Article VIII, if, at any time prior to the Scheduled Maturity Date, the Corporation issues or sells any shares of Common Stock for no consideration or for a consideration per share less than the Market Price (as defined in the Warrant) on the date of issuance (a "Dilutive Issuance"), then, if the Floor Price then in effect is more than such consideration per share, effective immediately upon the Dilutive Issuance, the Floor Price will be automatically reset to an amount equal to such consideration per share (or $.001 in the case of any issuance for no consideration) and the Vesting Date under the Warrants shall be deemed to have occurred, thereby rendering the Warrant immediately exercisable in accordance with its terms; provided, however, no adjustment to the Floor Price will be made and the Vesting Date will not be deemed to have occurred (i) upon the exercise of any warrants, options or convertible securities issued and outstanding on the Issue Date and set forth on Schedule 3(d) of the Securities Purchase Agreement in accordance with the terms of such securities as of such date; (ii) upon the grant or exercise of any stock or options which may hereafter be granted or exercised under any employee benefit plan of the Corporation now existing or to be implemented in the future, so long as the issuance of such stock or options is approved by a majority of the non-employee members of the Board of Directors of the Corporation or a majority of the members of a committee of non-employee directors established for such purpose; or (iii) upon conversion of the Notes or exercise of the Warrants. The consideration per share paid to the Corporation in connection with any Dilutive Issuance shall be determined in accordance with Section 4(b) of the Warrants.
Adjustment of Floor Price. Except as otherwise provided in Paragraphs A and B of this Article VIII, if, at any time prior to the Scheduled Maturity Date, the Corporation issues or sells, or in accordance with Paragraph H hereof is deemed to have issued or sold, any shares of Common Stock for no consideration or for a consideration per share less than the Market Price (as hereinafter defined) on the date of issuance (a "Dilutive Issuance"), then effective immediately upon the Dilutive Issuance, the Floor Price will be adjusted in accordance with the following formula: F' = F x O + P/M ------------------ CSDO where:
