Common use of Exercise by Surrender of Warrant Clause in Contracts

Exercise by Surrender of Warrant. In addition to the method of payment set forth in SECTION 3.1 and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in SECTION 3.1 in exchange for the number of Shares equal to the product of (x) the number of Shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in SECTION 3.3 below) of the Shares less the Exercise Price and the denominator of which is such Market Price. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date which the form of election attached hereto is deemed to have been sent to the Company pursuant to SECTION 13 hereof ("Notice Date") or (ii) as the average of the Market Prices for each of the five trading days preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in SECTION Section 3.1 and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in SECTION Section 3.1 in exchange for the number of Shares equal to the product of (x) the number of Shares as to which the Warrants are being exercised exercised, multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in SECTION Section 3.3 belowhereof) of the Shares less minus the Exercise Price of the Shares and the denominator of which is such the Market PricePrice per Share. Solely for the purposes of this paragraphSection 3.2, Market Price shall be calculated either (i) on the date on which the form of election attached hereto is deemed to have been sent to the Company pursuant to SECTION Section 13 hereof ("Notice Date") or (ii) as the average of the Market Prices Price for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greaterresults in a greater Market Price.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in SECTION Section 3.1 and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in SECTION Section 3.1 in exchange for the number of Shares equal to the product of (x) the number of Shares as to which the Warrants are being exercised exercised, multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in SECTION Section 3.3 belowhereof) of the Shares less minus the Exercise Price of the Shares and the denominator of which is such the Market PricePrice per Share. Solely for the purposes of this paragraphSection 3.2, Market Price shall be calculated either (i) on the date on which the form of election attached hereto is deemed to have been sent to the Company pursuant to SECTION 13 Section 14 hereof ("Notice Date") or (ii) as the average of the Market Prices Price for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greaterresults in a greater Market Price.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in SECTION Section 3.1 and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in SECTION Section 3.1 in exchange for the number of Shares equal to the product of (x) the number of Shares as to which the Warrants are being exercised exercised, multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in SECTION Section 3.3 belowhereof) of the Shares less minus the Exercise Price of the Shares and the denominator of which is such the Market PricePrice per Share. Solely for the purposes of this paragraphSection 3.2, Market Price shall be calculated either (i) on the date on which the form of election attached hereto is deemed to have been sent to the Company pursuant to SECTION Section 13 hereof ("Notice Date") or (ii) as the average of the Market Prices Price for each of the five trading 3 days immediately preceding the Notice Date, whichever of (i) or (ii) is greaterresults in a greater Market Price.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in SECTION Section 3.1 and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in SECTION Section 3.1 in exchange for the number of Shares ADSs equal to the product of (x) the number of Shares ADSs as to which the Warrants are being exercised exercised, multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in SECTION Section 3.3 belowhereof) of the Shares less ADSs minus the Exercise Price of the ADSs and the denominator of which is such the Market PricePrice per ADS. Solely for the purposes of this paragraphSection 3.2, Market Price shall be calculated either (i) on the date on which the form of election attached hereto is deemed to have been sent to the Company pursuant to SECTION 13 Section 14 hereof ("Notice Date") or (ii) as the average of the Market Prices Price for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greaterresults in a greater Market Price.