Common use of Cashless Exercise of Warrants Clause in Contracts

Cashless Exercise of Warrants. (a) Notwithstanding the provisions of Section 3 above, if the Fair Market Value is greater than the Exercise Price (at the date of calculation, as set forth below), in lieu of exercising the Warrant as permitted in Section 2.1(b), the Holder may elect to receive shares of Common Stock equal to the value (as determined below) of the Warrant (or the portion thereof being canceled) by surrender of the Warrant, together with the Subscription Form duly executed, to the Company at its office referred to in Section 2(b) hereof, in which event the Company shall issue to the Holder that number of shares of Common Stock computed using the following formula: CS = WCS x (FMV - EP) FMV Where: CS equals the number of shares of Common Stock to be issued to the holder of the Warrant; WCS equals the number of shares of Common Stock purchasable under the Warrant being exercised (at the date of such calculation); FMV equals the Fair Market Value of one share of the Common Stock (at the date of such calculation); and EP equals the Exercise Price (as adjusted to the date of such calculation).

Cashless Exercise of Warrants. (a) Notwithstanding the provisions of Section 3 above, if the Fair Market Value is greater than the Exercise Price (at the date of calculation, as set forth below), in lieu of exercising the Warrant as permitted in Section 2.1(b), the Holder may elect to receive shares of Common Stock equal to the value (as determined below) of the Warrant (or the portion thereof being canceled) by surrender of the Warrant, together with the Subscription Form duly executed, to the Company at its office referred to in Section 2(b) hereof, in which event the Company shall issue to the Holder that number of shares of Common Stock computed using the following formula: CS = WCS x (FMV - EP) FMV Where: CS equals the number of shares of Common Stock to be issued to the holder of the Warrant; WCS equals the number of shares of Common Stock purchasable under the Warrant being exercised (at the date of such calculation); FMV equals the Fair Market Value of one share of the Common Stock (at the date of such calculation); and EP equals the per share Exercise Price (as adjusted to the date of such calculation).

Cashless Exercise of Warrants. (a) Notwithstanding the provisions of Section 3 above, if the Fair Market Value is greater than the Exercise Price (at the date of calculation, as set forth below), in lieu of exercising the Warrant as permitted in Section 2.1(b), the Holder may elect to receive shares of Common Stock equal to the value (as determined below) of the Warrant Warrants (or the portion thereof being canceled) by surrender of the Warrant, together with the Subscription Form duly executed, to the Company at its office referred to in Section 2(b) hereof, in which event the Company shall issue to the Holder that number of shares of Common Stock computed using the following formula: CS = WCS x (FMV - EP) ---------------- FMV Where: Where CS equals the number of shares of Common Stock to be issued to the holder of the Warrant; Warrant WCS equals the number of shares of Common Stock purchasable under the Warrant Warrants being exercised (at the date of such calculation); ) FMV equals the Fair Market Value of one share of the Common Stock (at the date of such calculation); and ) EP equals the Exercise Price (as adjusted to the date of such calculation).

Cashless Exercise of Warrants. (a) Notwithstanding the provisions of Section 3 above, if the Fair Market Value is greater than the Exercise Price (at the date of calculation, as set forth below), in lieu of exercising the Warrant as permitted in Section 2.1(b), the Holder may elect to receive shares of Common Stock equal to the value (as determined below) of the Warrant (or the portion thereof being canceled) by surrender of the Warrant, together with the Subscription Form duly executed, to the Company at its office referred to in Section 2(b) hereof, in which event the Company shall issue to the Holder that number of shares of Common Stock computed using the following formula: CS = WCS x (FMV - EP) ----------------- FMV Where: CS equals the number of shares of Common Stock to be issued to the holder of the Warrant; WCS equals the number of shares of Common Stock purchasable under the Warrant being exercised (at the date of such calculation); FMV equals the Fair Market Value of one share of the Common Stock (at the date of such calculation); and EP equals the Exercise Price (as adjusted to the date of such calculation).

Cashless Exercise of Warrants. (a) Notwithstanding the provisions of Section 3 above, if the Fair Market Value is greater than the Exercise Price (at the date of calculation, as set forth below), in lieu of exercising the Warrant as permitted in Section 2.1(b), the Holder may elect to receive shares of Common Stock equal to the value (as determined below) of the Warrant (or the portion thereof being canceled) by surrender of the Warrant, together with the Subscription Form duly executed, to the Company at its office referred to in Section 2(b) hereof, in which event the Company shall issue to the Holder that number of shares of Common Stock computed using the following formula: CS = WCS x (FMV - FMV—EP) FMV Where: CS equals the number of shares of Common Stock to be issued to the holder of the Warrant; WCS equals the number of shares of Common Stock purchasable under the Warrant being exercised (at the date of such calculation); FMV equals the Fair Market Value of one share of the Common Stock (at the date of such calculation); and EP equals the Exercise Price (as adjusted to the date of such calculation).