Common use of Exercise Limit Clause in Contracts

Exercise Limit. Notwithstanding anything herein to the contrary, unless and until the Company shall have obtained the approval of its stockholders for the issuance and sale of securities pursuant to the Purchase Agreement which are convertible into and exercisable for, in the aggregate, more than 19.9% of the common equity of the Company (calculated as provided in and required by the rules of the Nasdaq Stock Market), to the extent the rules of the Nasdaq Stock Market requiring a stockholder vote are applicable to such issuance and sale, or the Company shall have obtained such other stockholder approval as may be required to comply with the rules of such other national securities exchange upon which the Common Stock may then be traded (such percentage of Common Stock or other restriction, the "Exercise Limit"), the Company will not be required to issue shares of Common Stock upon exercise of this Warrant which when taken together with all other shares of Common Stock previously issued upon conversion of the Preferred Stock and the conversion of the Notes and exercise of the Warrants and all other series of warrants issued pursuant to the Purchase Agreement, exceeds the Exercise Limit. In the event that the holder of this Warrant delivers an Exercise Agreement seeking to purchase shares of Common Stock in excess of the Exercise Limit, then in lieu of issuing shares of Common Stock in excess of the Exercise Limit (the "Excess Shares") the Company shall pay to the holder an amount equal to the product of 1.25 and the difference between the Recent Market Price and the Exercise Price (together with all accrued and unpaid dividends thereon) for each such Excess Share as of the Exercise Time.

Exercise Limit. Notwithstanding anything herein to the contrary, unless and until the Company shall have obtained the approval of its stockholders for the issuance and sale of securities pursuant to the Purchase Agreement which are convertible into and exercisable for, in the aggregate, more than 19.9% of the common equity of the Company (calculated as provided in and required by the rules of the Nasdaq Stock Market), to the extent the rules of the Nasdaq Stock Market requiring a stockholder vote are applicable to such issuance and sale, or the Company shall have obtained such other stockholder approval as may be required to comply with the rules of such other national securities exchange upon which the Common Stock may then be traded (such percentage of Common Stock or other restriction, the "Exercise Limit"), the Company will not be required to issue shares of Common Stock upon exercise of this Warrant which when taken together with all other shares of Common Stock previously issued upon conversion of the Preferred Stock and the conversion of the Notes and exercise of the Warrants and all other series of warrants issued pursuant to the Purchase Agreement, exceeds the Exercise Limit. In the event that the holder of this Warrant delivers an Exercise Agreement seeking to purchase shares of Common Stock in excess of the Exercise Limit, then in lieu of issuing shares of Common Stock in excess of the Exercise Limit (the "Excess Shares") the Company shall pay to the holder an amount equal to the product of 1.25 and the difference between the Recent Market Price and the Exercise Exerice Price (together with all accrued and unpaid dividends thereon) for each such Excess Share as of the Exercise Time.