Common use of Exercise of Warrant; Exchange of Warrant Clause in Contracts

Exercise of Warrant; Exchange of Warrant. (a) This Warrant may be exercised as to Vested Shares only (as such term is defined in Section 1.7), in whole or in part, upon surrender to the Company at its then principal offices in the United States of this Warrant to be exchanged, together with the form of election to exchange or exercise attached hereto as Exhibit A duly completed and executed, and upon payment to the Company of the Exercise Price for the number of shares of Warrant Stock in respect of which this Warrant is then being exercised (an “Exercise”). In whole or in part in lieu of an Exercise, Holder may exchange this Warrant as set forth in the remainder of this Section 1.3 (an “Exchange”). (b) Upon an Exchange, the Holder shall receive Warrant Stock such that, without the payment of any funds, the Holder shall surrender this Warrant in exchange for the number of shares of Warrant Stock equal to “X” (as defined below), computed using the following formula: Where X = the number of shares of Warrant Stock to be issued to Holder Y = the number of shares of Warrant Stock to be exchanged under this Warrant A = the Fair Market Value of one share of Warrant Stock B = the Exchange Price (as adjusted to the date of such Calculations) * = multiplied by (c) For purposes of this Warrant, the “Fair Market Value” of one share of Warrant Stock shall be (i) if the Company’s common stock (the “Common Stock”) is or becomes listed on a national stock exchange or is quoted on the Nasdaq Global Select Market or Nasdaq Global Market, the highest closing sale price reported on such exchange or market during the trading day on which Holder delivers its Election of Exchange to the Company, or (ii) if the Common Stock is traded over-the-counter, the highest closing bid price reported for the Common Stock during the trading day on which Holder delivers its Election of Exchange to the Company, and if there has been no such reported bid price for such day, the next prior day(s) until the first such reported bid price. If the Common Stock is not traded as contemplated in clauses (i) or (ii), above, the Fair Market Value of the Company’s Warrant Stock shall be the price per share which the Company could obtain from a willing buyer for shares of Common Stock sold by the Company from its authorized but unissued shares, as the Board of Directors of the Company (“Board”) shall determine in its reasonable good faith judgment, but in no event less than the price at which qualified employee stock options issued at such time are exercisable. In the event that Holder elects to convert the Warrant Stock through Exchange in connection with a transaction in which the Warrant Stock is converted into or exchanged for another security, Holder may effect a Exchange directly into such other security. (d) Upon surrender of this Warrant, and the duly completed and executed form of election to exchange or exercise, and payment of the Exchange Price or conversion of this Warrant through Exchange, the Company shall issue and deliver within 3 business days to the Holder or such other person as the Holder may designate in writing a certificate or certificates for the number of shares of Warrant Stock so purchased upon the Exchange or exercise of this Warrant. Such certificate or certificates shall be deemed to have been issued and any person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Stock as of the date of the surrender of this Warrant, and the duly completed and executed form of election to exchange or exercise, and payment of the Exchange Price or conversion of this Warrant through Exchange; provided, that if the date of surrender of this Warrant and payment of the Exchange Price is not a business day, the certificates for the Warrant Stock shall be deemed to have been issued as of the next business day (whether before or after the Expiration Date). If this Warrant is exchanged or exercised in part, a new warrant of the same tenor and for the number of shares of Warrant Stock not exchanged or exercised shall be executed by the Company.

Exercise of Warrant; Exchange of Warrant. (a) This Warrant may be exercised as to Vested Shares only (as such term is defined in Section 1.7), in whole or in part, upon surrender to the Company at its then principal offices in the United States of this Warrant to be exchanged, together with the form of election to exchange or exercise attached hereto as Exhibit A duly completed and executed, and upon payment to the Company of the Exercise Exchange Price for the number of shares of Warrant Stock in respect of which this Warrant is then being exercised (an “Exercise”). In whole or in part in lieu of an Exercise, Holder may exchange this Warrant as set forth in the remainder of this Section 1.3 (an “Exchange”). (b) Upon an Exchange, the Holder shall receive Warrant Stock such that, without the payment of any funds, the Holder shall surrender this Warrant in exchange for the number of shares of Warrant Stock equal to “X” (as defined below), computed using the following formula: Where X = the number of shares of Warrant Stock to be issued to Holder Y = the number of shares of Warrant Stock to be exchanged under this Warrant A = the Fair Market Value of one share of Warrant Stock B = the Exchange Price (as adjusted to the date of such Calculationscalculations) * = multiplied by (c) For purposes of this Warrant, the “Fair Market Value” of one share of Warrant Stock shall be (i) if the Company’s common stock (the “Common Stock”) is or becomes listed on a national stock exchange or is quoted on the Nasdaq Global Select Market or Nasdaq Global Marketexchange, the highest closing sale price reported on such exchange or market during the trading day on the day prior to which Holder delivers its Election of Exchange to the Company, or (ii) if the Common Stock is traded over-the-counter, the highest closing bid price reported for the Common Stock during the trading day on the day prior to which Holder delivers its Election of Exchange to the Company, and if there has been no such reported bid price for such day, the next prior day(s) until the first such reported bid price. If the Common Stock is not traded as contemplated in clauses (i) or (ii), above, the Fair Market Value of the Company’s Warrant Stock shall be the price per share which the Company could obtain from a willing buyer for shares of Common Stock sold by the Company from its authorized but unissued shares, as the Board of Directors of the Company (“Board”) shall determine in its reasonable good faith judgment, but in no event less than the exercise price at which qualified employee stock options issued at such time are exercisablethen issued. In the event that Holder elects to convert the Warrant Stock through Exchange in connection with a transaction in which the Warrant Stock is converted into or exchanged for another security, Holder may effect a Exchange directly into such other security. (d) Upon surrender of this Warrant, and the duly completed and executed form of election to exchange or exerciseexchange, and payment of the Exchange Price or conversion of this Warrant through Exchange, the Company shall issue and deliver within 3 two (2) business days to the Holder or such other person as the Holder may designate in writing a certificate or certificates for the number of shares of Warrant Stock so purchased upon the Exchange or exercise of this Warrant. Such certificate or certificates shall be deemed to have been issued and any person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Stock as of the date of the surrender of this Warrant, and the duly completed and executed form of election to exchange or exerciseexchange, and payment of the Exchange Price or conversion of this Warrant through Exchange; provided, that if the date of surrender of this Warrant and payment of the Exchange Price is not a business day, the certificates for the Warrant Stock shall be deemed to have been issued as of the next business day (whether before or after the Expiration Date). If this Warrant is exchanged or exercised in part, a new warrant of the same tenor and for the number of shares of Warrant Stock not exchanged or exercised shall be executed by the Company.

Exercise of Warrant; Exchange of Warrant. (a) This Warrant may be exercised as to Vested Shares only (as such term is defined in Section 1.7)Exercised or Exchanged, in whole or in part, upon surrender delivery to the Company at its then principal offices in the United States of this Warrant to be exchanged, together with the form of election to exchange Exchange or exercise Exercise attached hereto as Exhibit A (the “Election”) duly completed and executed, and upon executed subject to payment to the Company of the Exercise Exchange Price for the number of shares of Warrant Stock in respect of which this Warrant is then being exercised (an “Exercise”). In whole or in part in lieu of an Exercise, Holder may exchange this Warrant as set forth in the remainder of this Section 1.3 1.3(b) (an “Exchange”). In each case, Xxxxxx shall promptly surrender this Warrant to the Company or provide a customary affidavit of lost or stolen warrant. (b) Upon an Exchange, the Holder shall receive Warrant Stock such that, without the payment of any funds, the Holder shall surrender this Warrant in exchange for the number of shares of Warrant Warrant. Stock equal to “X” (as defined below), computed using the following formula: Y * (A-B) A Where X = the number of shares of Warrant Stock to be issued to Holder Y = the number of shares of Warrant Stock to be exchanged Exchanged under this Warrant A = the Fair Market Value of one share of Warrant Stock B = the Exchange Price (as adjusted to the date of such Calculationscalculations) * = multiplied by (c) For purposes of this Warrant, the “Fair Market Value” of one share of Warrant Stock shall be (i) if the Company’s common stock (the “Common Stock”) is or becomes listed on a national stock exchange or is quoted on the Nasdaq Global Select Market or Nasdaq Global Market, the highest closing sale price reported on such exchange or market during the trading day on which Holder delivers its Election of Exchange to the Company, or (ii) if the Common Stock is traded over-the-counter, the highest closing bid price reported for the Common Stock during the trading day on which Holder delivers its Election of Exchange to the Company, and if there has been no such reported bid price for such day, the next prior day(s) until the first such reported bid price. If the Common Stock is not traded as contemplated in clauses (i) or (ii), above, the Fair Market Value of the Company’s Warrant Stock shall be the price per share which the Company could obtain from a willing buyer for shares of Common Stock sold by the Company from its authorized but unissued shares, as the Board of Directors of the Company (“Board”) shall determine in its reasonable good faith judgment, but in no event less than the price at which qualified employee stock options issued at such time are exercisable. In the event that Holder elects to convert the Warrant Stock through Exercise or Exchange in connection with a transaction in which the Warrant Stock is converted into or exchanged for another security, Holder may effect a an Exercise or Exchange directly into such other security. (d) Upon surrender delivery of this Warrantthe Election, and the duly completed and executed form of election but subject to exchange or exercise, and payment of the Exchange Price or conversion price in the case of an Exercise and surrender of this Warrant through Exchange(or delivery of an affidavit of lost or stolen warrant), the Company shall promptly issue and deliver within 3 business days to the Holder or such other person as the Holder may designate in writing a certificate or certificates for the number of shares of Warrant Stock so purchased deliverable upon the Exchange or exercise Exercise of this Warrant. Such certificate or certificates shall be deemed to have been issued and any person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Stock as of the date of the surrender of this WarrantElection is delivered (but subject, and the duly completed and executed form of election as a condition precedent to exchange or exercise, and payment of the Exchange Price or conversion in the case of an Exercise and in each case surrender of this Warrant through Exchangeor delivery of an affidavit of lost or stolen warrant (the “Exchange Conditions”)); provided, that if the date of surrender of this Warrant and payment of the Exchange Price such Election is not a business day, the certificates for the Warrant Stock shall be deemed to have been issued as of the next business day (whether before or after the Expiration Date). If this Warrant is exchanged Exercised or exercised Exchanged in part, a new warrant of the same tenor and for the number of shares of Warrant Stock not exchanged Exchanged or exercised Exercised shall be executed by the Company.

Exercise of Warrant; Exchange of Warrant. (a) This Warrant may be exercised as to Vested Shares only Exercised (as such term is defined in Section 1.7), below) in whole or in part, upon surrender of this Warrant to the Company at its then principal offices in the United States of this Warrant to be exchangedStates, together with the form of election to exchange Exchange or exercise Exercise attached hereto as Exhibit A (the “Election”) duly completed and executed, and upon payment to the Company of the Exercise Price for the number of shares of Warrant Stock in respect of which this Warrant is then being exercised (an “Exercise”). In whole or in part in lieu of an Exercise, Holder may exchange this Warrant as set forth by indicating so in the Election and proceeding in accordance with the remainder of this Section 1.3 (an “Exchange”). (b) Upon an Exchange, the Holder shall receive Warrant Stock such that, without the payment of any funds, the Holder shall surrender this Warrant in exchange for the number of shares of Warrant Stock equal to “X” (as defined below), computed using the following formula: Where X = the number of shares of Warrant Stock to be issued to Holder Y = the number of shares of Warrant Stock to be exchanged under this Warrant A = the Fair Market Value of one share of Warrant Stock B = the Exchange Price (as adjusted to the date of such Calculationscalculations) * = multiplied by (c) For purposes of this Warrant, the “Fair Market Value” of one share of Warrant Stock shall be (i) if the Company’s common stock (the “Series C Common Stock or Common Stock”) , as applicable, is or becomes listed on a national stock exchange or is quoted on the Nasdaq Global Select Market or Nasdaq Global Marketexchange, the highest closing sale price reported on such exchange or market for a day during the trading ninety-day on which period prior to the day Holder delivers its Election of Exchange to the Company, provided that at least 10,000 shares of stock were traded on such exchange during such day, or (ii) if the Series C Common Stock or Common Stock is traded over-the-counter, the highest closing bid sale price reported for the Common Stock a day during the trading ninety-day on which period prior to the day Holder delivers its Election of Exchange to the Company, and if there has been no such reported bid price for provided that at least 10,000 shares of stock were sold in public market transactions on such day, the next prior day(s) until the first such reported bid price. If the Common Stock is not traded as contemplated in clauses (i) or (ii), above, the Fair Market Value of the Company’s Warrant Stock shall be the price per share which the Company could obtain from a willing buyer for shares of Common Stock sold by the Company from its authorized but unissued shares, as the Board of Directors of the Company (“Board”) shall determine in its reasonable good faith judgment, but in no event less than the most recent price at which qualified employee stock options issued at such time are exercisable. In the event that Holder elects to convert the Warrant Stock through Exchange in connection with a transaction in which the Warrant Stock is converted into or exchanged for another security, Holder may effect a an Exchange directly into such other security. (d) Upon surrender of this Warrant, and the duly completed and executed form of election to exchange or exerciseElection, and payment of the Exchange Price or conversion of this Warrant through Exchange, the Company shall issue and deliver within 3 business days to the Holder or such other person as the Holder may designate in writing a certificate or certificates for the number of shares of Warrant Stock so purchased upon issuable pursuant to the Exchange or exercise terms of this WarrantWarrant upon Exercise or Exchange. Such certificate or certificates shall be deemed to have been issued and any person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Stock as of the date of the surrender of this Warrant, and the duly completed and executed form of election to exchange or exerciseElection, and payment of the Exchange Price in the case of an Exercise or conversion of this Warrant through Exchange; provided, that if the date of surrender of this Warrant and payment of the Exchange Price is not a business day, the certificates for the Warrant Stock shall be deemed to have been issued as of the next business day (whether before or after the Expiration Date). If this Warrant is exchanged or exercised in part, a new warrant of the same tenor and for the number of shares of Warrant Stock not exchanged or exercised shall be executed by the CompanyCompany and delivered to Holder.

Exercise of Warrant; Exchange of Warrant. (a) This Warrant may be exercised as to Vested Shares only Exercised (as such term is defined in Section 1.7), below) in whole or in part, upon surrender of this Warrant to the Company at its then principal offices in the United States of this Warrant to be exchangedStates, together with the form of election to exchange Exchange or exercise Exercise attached hereto as Exhibit A (the “Election”) duly completed and executed, and upon payment to the Company of the Exercise Price for the number of shares of Warrant Stock in respect of which this Warrant is then being exercised (an “Exercise”). In whole or in part in lieu of an Exercise, Holder may exchange this Warrant as set forth by indicating so in the Election and proceeding in accordance with the remainder of this Section 1.3 (an “Exchange”). (b) Upon an Exchange, the Holder shall receive Warrant Stock such that, without the payment of any funds, the Holder shall surrender this Warrant in exchange for the number of shares of Warrant Stock equal to “X” (as defined below), computed using the following formula: Y * (A-B) Y * (A-B) Y = ____________ A Where X = =the number of shares of Warrant Stock to be issued to Holder Y = the number of shares of Warrant Stock to be exchanged under this Warrant A = the Fair Market Value of one share of Warrant Stock B = the Exchange Price (as adjusted to the date of such Calculationscalculations) * = multiplied by (c) For purposes of this Warrant, the “Fair Market Value” of one share of Warrant Stock shall be (i) if the Company’s common stock (the “Series C Common Stock or Common Stock”) , as applicable, is or becomes listed on a national stock exchange or is quoted on the Nasdaq Global Select Market or Nasdaq Global Marketexchange, the highest closing sale price reported on such exchange or market for a day during the trading ninety-day on which period prior to the day Holder delivers its Election of Exchange to the Company, provided that at least 10,000 shares of stock were traded on such exchange during such day, or (ii) if the Series C Common Stock or Common Stock is traded over-the-counter, the highest closing bid sale price reported for the Common Stock a day during the trading ninety-day on which period prior to the day Holder delivers its Election of Exchange to the Company, and if there has been no such reported bid price for provided that at least 10,000 shares of stock were sold in public market transactions on such day, the next prior day(s) until the first such reported bid price. If the Common Stock is not traded as contemplated in clauses (i) or (ii), above, the Fair Market Value of the Company’s Warrant Stock shall be the price per share which the Company could obtain from a willing buyer for shares of Common Stock sold by the Company from its authorized but unissued shares, as the Board of Directors of the Company (“Board”) shall determine in its reasonable good faith judgment, but in no event less than the most recent price at which qualified employee stock options issued at such time are exercisable. In the event that Holder elects to convert the Warrant Stock through Exchange in connection with a transaction in which the Warrant Stock is converted into or exchanged for another security, Holder may effect a an Exchange directly into such other security. (d) Upon surrender of this Warrant, and the duly completed and executed form of election to exchange or exerciseElection, and payment of the Exchange Price or conversion of this Warrant through Exchange, the Company shall issue and deliver within 3 business days to the Holder or such other person as the Holder may designate in writing a certificate or certificates for the number of shares of Warrant Stock so purchased upon issuable pursuant to the Exchange or exercise terms of this WarrantWarrant upon Exercise or Exchange. Such certificate or certificates shall be deemed to have been issued and any person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Stock as of the date of the surrender of this Warrant, and the duly completed and executed form of election to exchange or exerciseElection, and payment of the Exchange Price in the case of an Exercise or conversion of this Warrant through Exchange; provided, that if the date of surrender of this Warrant and payment of the Exchange Price is not a business day, the certificates for the Warrant Stock shall be deemed to have been issued as of the next business day (whether before or after the Expiration Date). If this Warrant is exchanged or exercised in part, a new warrant of the same tenor and for the number of shares of Warrant Stock not exchanged or exercised shall be executed by the CompanyCompany and delivered to Holder.

Exercise of Warrant; Exchange of Warrant. (a) This Warrant may be exercised as to Vested Shares only (as such term is defined in Section 1.7)Exercised or Exchanged, in whole or in part, upon surrender delivery to the Company at its then principal offices in the United States of this Warrant to be exchanged, together with the form of election to exchange Exchange or exercise Exercise attached hereto as Exhibit A (the “Election”) duly completed and executed, and upon executed subject to payment to the Company of the Exercise Exchange Price for the number of shares of Warrant Stock in respect of which this Warrant is then being exercised (an “Exercise”). In whole or in part in lieu of an Exercise, Holder may exchange this Warrant as set forth in the remainder of this Section 1.3 1.3(b) (an “Exchange”). In each case, Xxxxxx shall promptly surrender this Warrant to the Company or provide a customary affidavit of lost or stolen warrant. (b) Upon an Exchange, the Holder shall receive Warrant Stock such that, without the payment of any funds, the Holder shall surrender this Warrant in exchange for the number of shares of Warrant Stock equal to “X” (as defined below), computed using the following formula: Y * (A-B) A Where X = the number of shares of Warrant Stock to be issued to Holder Y = the number of shares of Warrant Stock to be exchanged Exchanged under this Warrant A = the Fair Market Value of one share of Warrant Stock B = the Exchange Price (as adjusted to the date of such Calculationscalculations) * = multiplied by (c) For purposes of this Warrant, the “Fair Market Value” of one share of Warrant Stock shall be (i) if the Company’s common stock (the “Common Stock”) is or becomes listed on a national stock exchange or is quoted on the Nasdaq Global Select Market or Nasdaq Global Market, the highest closing sale price reported on such exchange or market during the trading day on which Holder delivers its Election of Exchange to the Company, or (ii) if the Common Stock is traded over-the-counter, the highest closing bid price reported for the Common Stock during the trading day on which Holder delivers its Election of Exchange to the Company, and if there has been no such reported bid price for such day, the next prior day(s) until the first such reported bid price. If the Common Stock is not traded as contemplated in clauses (i) or (ii), above, the Fair Market Value of the Company’s Warrant Stock shall be the price per share which the Company could obtain from a willing buyer for shares of Common Stock sold by the Company from its authorized but unissued shares, as the Board of Directors of the Company (“Board”) shall determine in its reasonable good faith judgment, but in no event less than the price at which qualified employee stock options issued at such time are exercisable. In the event that Holder elects to convert the Warrant Stock through Exercise or Exchange in connection with a transaction in which the Warrant Stock is converted into or exchanged for another security, Holder may effect a an Exercise or Exchange directly into such other security. (d) Upon surrender delivery of this Warrantthe Election, and the duly completed and executed form of election but subject to exchange or exercise, and payment of the Exchange Price or conversion price in the case of an Exercise and surrender of this Warrant through Exchange(or delivery of an affidavit of lost or stolen warrant), the Company shall promptly issue and deliver within 3 business days to the Holder or such other person as the Holder may designate in writing a certificate or certificates for the number of shares of Warrant Stock so purchased deliverable upon the Exchange or exercise Exercise of this Warrant. Such certificate or certificates shall be deemed to have been issued and any person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Stock as of the date of the surrender of this WarrantElection is delivered (but subject, and the duly completed and executed form of election as a condition precedent to exchange or exercise, and payment of the Exchange Price or conversion in the case of an Exercise and in each case surrender of this Warrant through Exchangeor delivery of an affidavit of lost or stolen warrant (the “Exchange Conditions”)); provided, that if the date of surrender of this Warrant and payment of the Exchange Price such Election is not a business day, the certificates for the Warrant Stock shall be deemed to have been issued as of the next business day (whether before or after the Expiration Date). If this Warrant is exchanged Exercised or exercised Exchanged in part, a new warrant of the same tenor and for the number of shares of Warrant Stock not exchanged Exchanged or exercised Exercised shall be executed by the Company.

Exercise of Warrant; Exchange of Warrant. (a) This Warrant may be exercised as to Vested Shares only (as such term is defined in Section 1.7), in whole or in part, upon surrender to the Company at its then principal offices in the United States of this Warrant to be exchanged, together with the form of election to exchange or exercise attached hereto as Exhibit A duly completed and executed, and upon payment to the Company of the Exercise Exchange Price for the number of shares of Warrant Stock in respect of which this Warrant is then being exercised (an “Exercise”). In whole or in part in lieu of an Exercise, Holder may exchange this Warrant as set forth in the remainder of this Section 1.3 (an “Exchange”). (b) Upon an Exchange, the Holder shall receive Warrant Stock such that, without the payment of any funds, the Holder shall surrender this Warrant in exchange for the number of shares of Warrant Stock equal to “X” (as defined below), computed using the following formula: Y * (A-B) X = _______________ A Where X = the number of shares of Warrant Stock to be issued to Holder Y = the number of shares of Warrant Stock to be exchanged under this Warrant A = the Fair Market Value of one share of Warrant Stock B = the Exchange Price (as adjusted to the date of such Calculationscalculations) * = multiplied by (c) For purposes of this Warrant, the “Fair Market Value” of one share of Warrant Stock shall be (i) if the Company’s common stock (the “Common Stock”) is or becomes listed on a national stock exchange or is quoted on the Nasdaq Global Select Market or Nasdaq Global Marketexchange, the highest closing sale price reported on such exchange or market during the trading day on the day prior to which Holder delivers its Election of Exchange to the Company, or (ii) if the Common Stock is traded over-the-counter, the highest closing bid price reported for the Common Stock during the trading day on the day prior to which Holder delivers its Election of Exchange to the Company, and if there has been no such reported bid price for such day, the next prior day(s) until the first such reported bid price. If the Common Stock is not traded as contemplated in clauses (i) or (ii), above, the Fair Market Value of the Company’s Warrant Stock shall be the price per share which the Company could obtain from a willing buyer for shares of Common Stock sold by the Company from its authorized but unissued shares, as the Board of Directors of the Company (“Board”) shall determine in its reasonable good faith judgment, but in no event less than the exercise price at which qualified employee stock options issued at such time are exercisablethen issued. In the event that Holder elects to convert the Warrant Stock through Exchange in connection with a transaction in which the Warrant Stock is converted into or exchanged for another security, Holder may effect a Exchange directly into such other security. (d) Upon surrender of this Warrant, and the duly completed and executed form of election to exchange or exerciseexchange, and payment of the Exchange Price or conversion of this Warrant through Exchange, the Company shall issue and deliver within 3 two (2) business days to the Holder or such other person as the Holder may designate in writing a certificate or certificates for the number of shares of Warrant Stock so purchased upon the Exchange or exercise of this Warrant. Such certificate or certificates shall be deemed to have been issued and any person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Stock as of the date of the surrender of this Warrant, and the duly completed and executed form of election to exchange or exerciseexchange, and payment of the Exchange Price or conversion of this Warrant through Exchange; provided, that if the date of surrender of this Warrant and payment of the Exchange Price is not a business day, the certificates for the Warrant Stock shall be deemed to have been issued as of the next business day (whether before or after the Expiration Date). If this Warrant is exchanged or exercised in part, a new warrant of the same tenor and for the number of shares of Warrant Stock not exchanged or exercised shall be executed by the Company.