Common use of Alternative Cashless Exercise Clause in Contracts

Alternative Cashless Exercise. Notwithstanding any provision herein to the contrary, in lieu of exercising this Warrant as set forth above, the Holder may exercise this Warrant by electing to receive that number of shares of Common Stock as determined below by surrendering to the Company at its principal office this Warrant, with the applicable Election to Purchase Shares duly executed by the Holder, in which event the Company shall issue to the Holder the number of shares of Common Stock computed using the following formula: CS = WCS x (MP – PP) MP where: CS equals the number of shares of Common Stock to be issued to the Holder WCS equals the number of Warrant Shares represented by this Warrant to be exercised MP equals the Common Stock Fair Market Value per share (on the date of such calculation) PP equals the Purchase Price Following the surrender of this Warrant pursuant to this Section 2(d), the Company shall promptly issue and deliver to the Holder a certificate or certificates for that number of shares of Common Stock, as calculated above in such name or names as may be designated by such Holder (subject to Section 10 hereof).