Common use of Forms of Payment Authorized Clause in Contracts

Forms of Payment Authorized. Upon exercise of this Warrant, the Holder may, at its discretion, pay the Exercise Price (i) with cash or by certified or banker’s check, (ii) by “cashless exercise,” in other words by surrendering that number of shares of Common Stock issuable upon exercise of this Warrant determined by multiplying the number of shares of Common Stock to which the Holder would otherwise be entitled in connection with that exercise by a fraction, the numerator of which is the Market Price as of the date of surrender of this Warrant minus the Exercise Price and the denominator of which is the Market Price as of such date of surrender, or (iii) any combination of (i) and (ii) above. For purposes of this Section 1(b), “Market Price,” as of any date, means (1) the average of the last reported sale price (or, in the absence thereof, the average of the closing bid and asked prices) per share for shares of Common Stock on the OTC Pink for the five (5) trading days immediately preceding that date as reported by the OTC Markets Group, Inc., or (2) if the OTC Pink is not the principal trading market for shares of Common Stock, the average of the last reported sale price (or, in the absence thereof, the average of the closing bid and asked prices) per share on the principal trading market for the Common Stock during the same period as reported by Bloomberg, or (3) if market value cannot be calculated as of that date on either of the foregoing bases, the fair market value as reasonably determined in good faith by the board of directors of the Company.

Forms of Payment Authorized. Upon exercise of this Warrant, the Holder may, at its discretion, pay the Exercise Price (i) with cash or by certified or banker’s check, (ii) by “cashless exercise,” in other words by surrendering that number of shares of Common Stock issuable upon exercise of this Warrant determined by multiplying the number of shares of Common Stock to which the Holder would otherwise be entitled in connection with that exercise by a fraction, the numerator of which is the Market Price as of the date of surrender of this Warrant minus the Exercise Price and the denominator of which is the Market Price as of such date of surrender, or (iii) any combination of (i) and (ii) above. For purposes of this Section 1(b), “Market Price,” as of any date, means (1) the average of the last reported sale price (or, in the absence thereof, the average of the closing bid and asked prices) per share for shares of Common Stock on the OTC Pink Bulletin Board for the five (5) trading days immediately preceding that date as reported by the OTC Markets Group, Inc.Bloomberg, or (2) if the OTC Pink Bulletin Board is not the principal trading market for shares of Common Stock, the average of the last reported sale price (or, in the absence thereof, the average of the closing bid and asked prices) per share on the principal trading market for the Common Stock during the same period as reported by Bloomberg, or (3) if market value cannot be calculated as of that date on either of the foregoing bases, the fair market value as reasonably determined in good faith by the board of directors of the Company.

Forms of Payment Authorized. Upon exercise of this Warrant, the Holder may, at its discretion, pay the Exercise Price (i) with cash or by certified or banker’s check, (ii) by “cashless exercise,” in other words by surrendering that number of shares of Common Stock issuable upon exercise of this Warrant determined by multiplying the number of shares of Common Stock to which the Holder would otherwise be entitled in connection with that exercise by a fraction, the numerator of which is the Market Price as of the date of surrender of this Warrant minus the Exercise Price and the denominator of which is the Market Price as of such date of surrender, or (iii) any combination of (i) and (ii) above. For purposes of this Section 1(b), “Market Price,” as of any date, means (1) the average of the last reported sale price prices (or, in the absence thereof, the average of the closing bid and asked prices) per share for shares of Common Stock on the OTC Pink Bulletin Board for the five (5) trading days immediately preceding that date as reported by the OTC Markets Group, Inc.Bloomberg, or (2) if the OTC Pink Bulletin Board is not the principal trading market for shares of Common Stock, the average of the last reported sale price prices (or, in the absence thereof, the average of the closing bid and asked prices) per share on the principal trading market for the Common Stock during the same period as reported by Bloomberg, or (3) if market value cannot be calculated as of that date on either of the foregoing bases, the fair market value as reasonably determined in good faith by the board of directors of the Company.