NET EXERCISE PRICE. In lieu of any holder of a Warrant Certificate exercising the Warrants (or any portion thereof) evidenced by such Warrant Certificate for cash, as contemplated by Section 2.1(a) hereof, such holder may, in connection with such exercise, elect to receive shares of Common Stock equal to the product of (i) the number of shares of Common Stock issuable upon such exercise of such Warrant Certificate (or, if only a portion of such Warrant Certificate is being exercised, issuable upon the exercise of such portion) multiplied by (ii) a fraction, the numerator of which is the Market Price per share of Common Stock at the time of such exercise minus the Purchase Price per share of Common Stock at the time of such exercise, and the denominator of which is the Market Price per share of Common Stock at the time of such exercise.
NET EXERCISE PRICE. In the event that any holder of Warrant Certificates delivers such Warrant Certificates to the Company and notifies the Company in writing that such holder intends to exercise all, or any portion of, the Warrants represented by such Warrant Certificates and to satisfy its obligation to pay the Purchase Price in respect thereof by virtue of the provisions of this Section 2.2, such holder shall become entitled to receive, instead of the number of shares of Voting Common Stock such holder would have received had the Purchase Price been paid pursuant to Section 2.1(a) or Section 2.1(b), a number of shares of Voting Common Stock in respect of the exercise of such Warrants equal to the product of:
