Common use of Optional Reduction of Exercise Price Clause in Contracts

Optional Reduction of Exercise Price. The Company shall have the right, at any time or from time to time, voluntarily to reduce the then current Exercise Price to such amount (the "Reduced Exercise Price") and for such period or periods of time not less than 20 days in length, which may be through the close of business on the Expiration Date (the "Reduced Exercise Price Period"), as may be deemed appropriate by the Board of Trustees of the Company. Notice of any such Reduced Exercise Price and Reduced Exercise Price Period shall be given to the registered holders of Warrants in the manner provided in Section 10 and to the Warrant Agent in the manner provided in Section 15. After the termination of the Reduced Exercise Price Period, the Exercise Price shall be such Exercise Price as would have been in effect, as adjusted pursuant to Section 8, had there been no reduction in the Exercise Price pursuant to the provisions of this Section 6. Any adjustment in the Exercise Price pursuant to Section 8 during the Reduced Exercise Price Period shall not be made in the Reduced Exercise Price in the manner specified in Section 8 except to the extent that such reduction in the Exercise Price pursuant to Section 8 would result in an Exercise Price lower than the then current Reduced Exercise Price. No reduction of the then current Exercise Price pursuant to the provisions of this Section 6 shall be deemed for the purposes of Section 8 hereof to require any adjustment in the

Optional Reduction of Exercise Price. The Company shall have the rightCorporation may, at any time or from time to time, voluntarily reduce the then current Exercise Price by an amount for such period or periods of time as the Board of Directors of the Corporation may determine. In each such event, the Corporation shall prepare a certificate of an officer of the Corporation stating (i) the election of the Corporation to reduce the then current Exercise Price to in accordance with this Article; (ii) the period in which such amount (the "Reduced Exercise Price") and for such period or periods of time not less than 20 days in length, which may be through the close of business on the Expiration Date (the "Reduced reduced Exercise Price Period"), as may will be deemed appropriate by the Board of Trustees in effect and (iii) that such election is irrevocable during such period. The Corporation shall mail a brief summary of the Company. Notice provisions of such certificate at least 15 days prior to the date fixed for the commencement of any such Reduced period in which the reduced Exercise Price and Reduced Exercise Price Period shall will be given to the registered holders of Warrants in the manner provided in Section 10 and effect to the Warrant Agent at the address provided in Section 11.02 hereof and to each registered holder of Stock Warrant Certificates at such Stock Warrant holder's address appearing on the Stock Warrant register. Failure on the part of the holders of Stock Warrant Certificates to receive such notice by mail, or any defect therein, will not affect the validity of the reduction of the then current Exercise Price during such period. During such period, any adjustment in the Exercise Price pursuant to Article 6 hereof, will be made to the reduced Exercise Price as provided by this Article in the manner provided specified in Section 15Article 6. After the termination of the Reduced Exercise Price Periodsuch period, the Exercise Price shall will be such Exercise Price as which would have been in effect, as adjusted pursuant to Section 8provisions of Article 6, had there been no reduction in the Exercise Price pursuant to the provisions of this Section 6. Any adjustment in the Exercise Price pursuant to Section 8 during the Reduced Exercise Price Period shall not be made in the Reduced Exercise Price in the manner specified in Section 8 except to the extent that such reduction in the Exercise Price pursuant to Section 8 would result in an Exercise Price lower than the then current Reduced Exercise PriceArticle. No reduction of the then current Exercise Price pursuant to the provisions of this Section 6 shall Article will be deemed deemed, for the purposes of Section 8 hereof Article 6 hereof, to require any adjustment in thealter or adjust the Exercise Price.

Optional Reduction of Exercise Price. The Company shall have the right, at any time or from time to time, voluntarily to reduce the then current Exercise Price to such amount (the "Reduced Exercise Price") and for such period or periods of time not less than 20 days in lengthtime, which may be through the close of business on the Expiration Date (the "Reduced Exercise Price Period"), as may be deemed appropriate by the Board of Trustees Directors of the CompanyCompany may determine, approve or ratify. Notice of any such Reduced Exercise Price and Reduced Exercise Price Period shall be given to the registered holders of Warrants in the manner provided in Section 10 15 and to the Warrant Agent in the manner provided in Section 1520. After the termination of the Reduced Exercise Price Period, the Exercise Price shall be such Exercise Price as would have been in effect, as adjusted pursuant to Section 812, had there been no reduction in the Exercise Price pursuant to the provisions of this Section 67. Any adjustment in the Exercise Price pursuant to Section 8 12 during the Reduced Exercise Price Period shall not be made in the Reduced Exercise Price in the manner specified in Section 8 12 except to the extent that such reduction in the Exercise Price (before reduction to the Reduced Exercise Period) pursuant to Section 8 12 would result in an Exercise Price lower than the then current Reduced Exercise Price. No reduction of the then current Exercise Price pursuant to the provisions of this Section 6 7 shall be deemed for the purposes of Section 8 12 hereof to require any adjustment in thethe Exercise Price.

Optional Reduction of Exercise Price. The Company Company, in its sole discretion, without any obligation to do so, shall have the right, at any time or time, and from time to time, voluntarily by action of a majority of the whole Board of Directors of the Company, to reduce the then then-current Exercise Price to such amount (the "Reduced Exercise Price") and for such period or periods of time not less than 20 days in lengthtime, which may be through the close of business on the Expiration Date (the "Reduced Exercise Price Period"), as may be deemed appropriate by the Board of Trustees Directors of the Company. Notice of any such Reduced Exercise Price and Reduced Exercise Price Period shall be given to the registered holders of Warrants in the manner provided in Section 10 14 and to the Warrant Agent in the manner provided in Section 1519. After the termination of the Reduced Exercise Price Period, the Exercise Price shall be such Exercise Price as which would have been in effect, as adjusted pursuant to Section 812, had there been no reduction in the Exercise Price pursuant to the provisions of this Section 67. Any adjustment in the Exercise Price pursuant to Section 8 12 during the Reduced Exercise Price Period shall not also be made in the Reduced Exercise Price in the manner specified in Section 8 except to the extent that such reduction in the Exercise Price pursuant to Section 8 would result in an Exercise Price lower than the then current Reduced Exercise Price. No reduction of the then current Exercise Price pursuant to the provisions of this Section 6 shall be deemed for the purposes of Section 8 hereof to require any adjustment in the12.

Optional Reduction of Exercise Price. The Company shall have the rightmay, at any time or from time to time, voluntarily reduce the then current Exercise Price by an amount for such period or periods of time as the Board of Directors of the Company may determine. In each such event, the Company shall prepare a certificate of an officer of the Company stating (i) the election of the Company to reduce the then current Exercise Price to in accordance with this Article, (ii) the period in which such amount (the "Reduced Exercise Price") and for such period or periods of time not less than 20 days in length, which may be through the close of business on the Expiration Date (the "Reduced reduced Exercise Price Period"), as may will be deemed appropriate by the Board of Trustees in effect and (iii) that such election is irrevocable during such period. The Company shall mail a brief summary of the Company. Notice provisions of such certificate at least 15 days prior to the date fixed for the commencement of any such Reduced period in which the reduced Exercise Price and Reduced Exercise Price Period shall will be given to the registered holders of Warrants in the manner provided in Section 10 and effect to the Warrant Agent at the address provided in Section 11.3 hereof and to each registered holder of Stock Warrant Certificates at such Stock Warrant holder's address appearing on the Stock Warrant register. Failure on the part of the holders of Stock Warrant Certificates to receive such notice by mail, or any defect therein, will not affect the validity of the reduction of the then current Exercise Price during such period. During such period, any adjustment in the Exercise Price pursuant to Article 6 hereof will be made to the reduced Exercise Price as provided by this Article in the manner provided specified in Section 15Article 6. After the termination of the Reduced Exercise Price Periodsuch period, the Exercise Price shall be such Exercise Price as which would have been in effect, as adjusted pursuant to Section 8provisions of Article 6, had there been no reduction in the Exercise Price pursuant to the provisions of this Section 6. Any adjustment in the Exercise Price pursuant to Section 8 during the Reduced Exercise Price Period shall not be made in the Reduced Exercise Price in the manner specified in Section 8 except to the extent that such reduction in the Exercise Price pursuant to Section 8 would result in an Exercise Price lower than the then current Reduced Exercise PriceArticle. No reduction of the then current Exercise Price pursuant to the provisions of this Section 6 shall Article will be deemed deemed, for the purposes of Section 8 hereof Article 6 hereof, to require any adjustment in thealter or adjust the Exercise Price.