Common use of Exercise by Surrender of Warrants Clause in Contracts

Exercise by Surrender of Warrants. In addition to the method of payment set forth in Section 4.1 and in lieu of any cash payment required thereunder, the Holder shall have the right, at any time, and from time to time, to exercise the Warrants in full or in part by surrendering Warrant Certificates representing a certain number of additional Warrants as payment of the aggregate Exercise Price for the shares of Common Stock being acquired upon exercise of the Warrants. The Warrants are exercisable pursuant to this Section 4.2 by surrender of the Warrant Certificate with a duly executed Election to Purchase (in the form of Annex B to the Warrant Certificate) and surrender of a certain number of Warrants in addition to those being exercised. The number of additional Warrants to be surrendered in payment of the aggregate Exercise Price for the Warrants being exercised shall be determined by multiplying the number of Warrants to be exercised by the Exercise Price, and then dividing the product thereof by an amount equal to the Market Price (as defined below). Solely for the purposes of this Section 4.2, Market Price shall be calculated either (i) on the date which the Election to Purchase (in the form of Annex B to the Warrant Certificate) is deemed to have been sent to the Company pursuant to Section 14 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 Warrants. In addition to the method of payment set forth in Section 4.1 3.1 and in lieu of any cash payment required thereunder, the Holder Holders shall have the right, at any time, and from time to time, to exercise the Warrants in full or in part by surrendering Warrant Certificates representing a certain number of additional Warrants as payment of the aggregate Exercise Price for the shares of Common Stock being acquired upon exercise of the Warrants. The Warrants are exercisable pursuant to this Section 4.2 3.2 by surrender of the Warrant Certificate with a duly executed Election to Purchase (in the form of Annex B to the Warrant Certificate) and surrender of a certain number of Warrants in addition to those being exercised. The number of additional Warrants to be surrendered in payment of the aggregate Exercise Price for the Warrants being exercised shall be determined by multiplying the number of Warrants to be exercised by the Exercise Price, and then dividing the product thereof by an amount equal to the Market Price (as defined below). Solely for the purposes of this Section 4.23.2, Market Price shall be calculated either (i) on the date which the Election to Purchase (in the form of Annex B to the Warrant Certificate) is deemed to have been sent to the Company pursuant to Section 14 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 Warrants. In addition to the method of payment set forth in Section 4.1 3.1 and in lieu of any cash payment required thereunder, the Holder Holder(s) shall have the right, at any time, time and from time to timetime prior to the Expiration Date, to exercise the Warrants in full or in part by surrendering the Warrant Certificates Certificate(s) representing a certain number of additional Warrants as payment of the aggregate Exercise Price for the shares of Common Stock being acquired upon exercise of the Warrants. The Warrants are exercisable pursuant to this Section 4.2 3.2 by surrender of the Warrant Certificate Certificate(s) with a duly executed Election to Purchase (substantially in the form of Annex B to the Warrant Certificate) and surrender of a certain number of Warrants in addition to those being exercised. The number of additional Warrants to be surrendered in payment of the aggregate Exercise Price for the Warrants being exercised shall be determined by multiplying the number of Warrants to be exercised by the Exercise Price, and then dividing the product thereof by an amount equal to the Market Price (as defined below). Solely for the purposes of this Section 4.23.2, Market Price shall be calculated either (i) on the date on which the Election all deliveries required to Purchase (in the form of Annex B to the Warrant Certificate) is deemed to have been sent be made to the Company upon exercise of the Warrants pursuant to this Section 14 3.2 shall have been made in accordance with 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 Warrants. In addition to the method of payment set forth in Section 4.1 3.1 and in lieu of any cash payment required thereunder, the Holder shall have the right, at any time, and from time to time, to exercise the Warrants in full or in part by surrendering Warrant Certificates representing a certain number of additional Warrants as payment of the aggregate Exercise Price for the shares of Common Stock being acquired upon exercise of the Warrants. The Warrants are exercisable pursuant to this Section 4.2 3.2 by surrender of the Warrant Certificate with a duly executed Election to Purchase (in the form of Annex B to the Warrant Certificate) and surrender of a certain number of Warrants in addition to those being exercised. The number of additional Warrants to be surrendered in payment of the aggregate Exercise Price for the Warrants being exercised shall be determined by multiplying the number of Warrants to be exercised by the Exercise Price, and then dividing the product thereof by an amount equal to the Market Price (as defined below). Solely for the purposes of this Section 4.23.2, Market Price shall be calculated either (i) on the date which the Election to Purchase (in the form of Annex B to the Warrant Certificate) is deemed to have been sent to the Company pursuant to Section 14 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.