Adjustments to Exercise Price and Number of Shares. The initial Exercise Price and the number of shares of Common Stock issuable upon exercise of any Warrant (the "Warrant Shares") shall be subject to adjustment from time to time as follows: (a) In case, prior to the expiration of any Warrant by exercise or by its terms, the Company shall issue any shares of its Common Stock as a stock dividend or subdivide the number of outstanding shares of Common Stock into a greater number of shares, then, in either of such cases, the Exercise Price per share of the Warrant Shares purchasable pursuant to any Warrant in effect at the time of such action shall be proportionately reduced and the number of Warrant Shares at that time purchasable pursuant to any Warrant shall be proportionately increased; and conversely, in the event the Company shall contract the number of outstanding shares of Common Stock by combining such shares into a smaller number of shares, then in such case, the Exercise Price per share of the Warrant Shares in effect at the time of such action shall be proportionately increased and the number of Warrant Shares at that time purchasable pursuant to any Warrant shall be proportionately decreased. Any dividend paid or
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