Common use of Payment of Warrant Exercise Price Clause in Contracts

Payment of Warrant Exercise Price. Payment of the Exercise Price may be made by any of the following, or a combination thereof, at the election of Holder: (i) cash, certified check or cashier's check or wire transfer payable in immediately available federal funds; or (ii) surrender of this Warrant at the principal office of the Company together with notice of election, in which event the Company shall issue Holder a number of shares of Common Stock computed using the following formula: X = Y (A-B)/A where: X = the number of shares of Common Stock to be issued to Holder (not to exceed the number of shares set forth on the cover page of this Warrant, as adjusted pursuant to the provisions of Section 5 of this Warrant). Y = the number of shares of Common Stock for which this Warrant is being exercised. A = the Market Price of one share of Common Stock (for purposes of this Section 2(ii), the "Market Price" shall be defined as the average closing bid price of the Common Stock for the five trading days prior to the Date of Exercise of this Warrant (the "Five-Day Average Closing Bid Price"), as reported on the Nasdaq National Market, or if the Common Stock is not traded on the Nasdaq National Market, the Five-Day Average Closing Bid Price in the over-the-counter market; provided, however, that if the Common Stock is listed on a stock exchange, the Market Price shall be the Five-Day Average Closing Bid Price on such exchange).

Payment of Warrant Exercise Price. Payment of the Exercise Price may be made by any of the following, or a combination thereof, at the election of Holder: (i) cash, certified check or cashier's cashiers check or wire transfer payable in immediately available federal fundstransfer; or (ii) surrender of this Warrant at the principal office of the Company together with notice of election, in which event the Company shall issue Holder a number of shares of Common Stock computed using the following formula: X = Y (A-B)/A where: X = the number of shares of Common Stock to be issued to Holder (not to exceed the number of shares set forth on the cover page of this Warrant, as adjusted pursuant to the provisions of Section 5 4 of this Warrant). Y = the number of shares of Common Stock for which this Warrant is being exercised. A = the Market Price of one share of Common Stock (for purposes of this Section 2(ii), the "Market Price" shall be defined as the average closing bid price of the Common Stock for the five trading days prior to the Date of Exercise of this Warrant (the "Five-Day Average Closing Bid Price"), as reported on the Nasdaq National Market, or if the Common Stock is not traded on the Nasdaq National Market, the Five-Day Average Closing Bid Price in the over-the-counter market; provided, however, that if the Common Stock is listed on a stock exchange, the Market Price shall be the Five-Day Average Closing Bid Price on such exchange).

Payment of Warrant Exercise Price. Payment of the Exercise Price may be made by any of the following, or a combination thereof, at the election of Holder: : (i) cash, certified check or cashier's check or wire transfer payable in immediately available federal funds; or or (ii) surrender of this Warrant at the principal office of the Company together with notice of election, in which event the Company shall issue Holder a number of shares of Common Stock computed using the following formula: X = Y (A-B)/A where: X = the number of shares of Common Stock to be issued to Holder (not to exceed the number of shares set forth on the cover page of this Warrant, as adjusted pursuant to the provisions of Section 5 of this Warrant). Y = the number of shares of Common Stock for which this Warrant is being exercised. A = the Market Price of one share of Common Stock (for purposes of this Section 2(ii), the "Market Price" shall be defined as the average closing bid price of the Common Stock for the five trading days prior to the Date of Exercise of this Warrant (the "Five-Day Average Closing Bid Price"), as reported on the Nasdaq National Market, or if the Common Stock is not traded on the Nasdaq National Market, the Five-Day Average Closing Bid Price in the over-the-counter market; provided, however, that if the Common Stock is listed on a stock exchange, the Market Price shall be the Five-Day Average Closing Bid Price on such exchange). B = the Exercise Price. It is intended that the Common stock issuable upon exercise of this Warrant in a cashless exercise transaction shall be deemed to have been acquired at the time this Warrant was issued, for purposes of Rule 144(d)(3)(ii).

Payment of Warrant Exercise Price. The Exercise Price shall equal $3.25 ("Exercise Price"). Payment of the Exercise Price may be made by any either of the following, or a combination thereof, at the election of Holder: (i) CASH EXERCISE: cash, certified check or cashier's cashiers check or wire transfer payable in immediately available federal fundstransfer; or (ii) CASHLESS EXERCISE: subject to the last sentence of this Section 3, surrender of this Warrant at the principal office of the Company together with notice of cashless election, in which event the Company shall issue Holder a number of shares of Common Stock computed using the following formula: X = Y (A-B)/A where: X = the number of shares of Common Stock to be issued to Holder (not to exceed the number of shares set forth on the cover page of this Warrant, as adjusted pursuant to the provisions of Section 5 of this Warrant)Holder. Y = the number of shares of Common Stock for which this Warrant is being exercised. A = the Market Price of one (1) share of Common Stock (for purposes of this Section 2(ii3(ii), the "Market Price" shall be defined as the average closing bid price of the Common Stock for the five (5) trading days prior to the Date of Exercise of this Warrant (the "Five-Day Average Closing Bid Price"), as reported on by the Nasdaq National MarketOTC Bulletin Board, or if the Common Stock is not traded on the Nasdaq National MarketOTC Bulletin Board, the Five-Day Average Closing Bid Price in the over-the-counter market; provided, however, that if the Common Stock is listed on a stock exchange, the Market Price shall be the Five-Day Average Closing Bid Price on such exchange). If the Common Stock is/was not traded during the five (5) trading days prior to the Date of Exercise, then the closing price for the last publicly traded day shall be deemed to be the closing price for any and all (if applicable) days during such five (5) trading day period.

Payment of Warrant Exercise Price. The Exercise Price shall be Fifty Cents ($0.50) per share ("Exercise Price"). Payment of the Exercise Price may be made by any either of the following, or a combination thereof, at the election of Holder: (ia) CASH EXERCISE: cash, certified check or cashier's cashiers check or wire transfer payable in immediately available federal fundstransfer; or (iib) CASHLESS EXERCISE: subject to the last sentence of this Section 3, surrender of this Warrant at the principal office of the Company together with notice of cashless election, in which event the Company shall issue Holder a number of shares of Common Stock computed using the following formula: X = Y (A-B)/A where: X = the number of shares of Common Stock to be issued to Holder (not to exceed the number of shares set forth on the cover page of this Warrant, as adjusted pursuant to the provisions of Section 5 of this Warrant)Holder. Y = the number of shares of Common Stock for which this Warrant is being exercised. A = the Market Price of one (1) share of Common Stock (for purposes of this Section 2(ii3(ii), the "Market Price" shall be defined as the average closing bid price of the Common Stock for the five (5) trading days prior to the Date of Exercise of this Warrant (the "Five-Day Average Closing Bid Price"), as reported on by the Nasdaq National MarketOTC Bulletin Board, or if the Common Stock is not traded on the Nasdaq National MarketOTC Bulletin Board, the Five-Day Average Closing Bid Price in the over-the-counter market; provided, however, that if the Common Stock is listed on a stock exchange, the Market Price shall be the Five-Day Average Closing Bid Price on such exchange). If the Common Stock is/was not traded during the five (5) trading days prior to the Date of Exercise, then the closing price for the last publicly traded day shall be deemed to be the closing price for any and all (if applicable) days during such five (5) trading day period.

Payment of Warrant Exercise Price. The Exercise Price shall equal the closing bid price on February 24, 1998 ($0.25) ("Exercise Price"). Payment of the Exercise Price may be made by any either of the following, or a combination thereof, at the election of Holder: (ia) CASH EXERCISE: cash, certified check or cashier's cashiers check or wire transfer payable in immediately available federal fundstransfer; or (iib) CASHLESS EXERCISE: subject to the last sentence of this Section 3, surrender of this Warrant at the principal office of the Company together with notice of cashless election, in which event the Company shall issue Holder a number of shares of Common Stock computed using the following formula: X = Y (A-B)/A where: X = the number of shares of Common Stock to be issued to Holder (not to exceed the number of shares set forth on the cover page of this Warrant, as adjusted pursuant to the provisions of Section 5 of this Warrant)Holder. Y = the number of shares of Common Stock for which this Warrant is being exercised. A = the Market Price of one (1) share of Common Stock (for purposes of this Section 2(ii3(ii), the "Market Price" shall be defined as the average closing bid price of the Common Stock for the five (5) trading days prior to the Date of Exercise of this Warrant (the "Five-Day Average Closing Bid Price"), as reported on by the Nasdaq National MarketOTC Bulletin Board, or if the Common Stock is not traded on the Nasdaq National MarketOTC Bulletin Board, the Five-Day Average Closing Bid Price in the over-the-counter market; provided, however, that if the Common Stock is listed on a stock exchange, the Market Price shall be the Five-Day Average Closing Bid Price on such exchange). If the Common Stock is/was not traded during the five (5) trading days prior to the Date of Exercise, then the closing price for the last publicly traded day shall be deemed to be the closing price for any and all (if applicable) days during such five (5) trading day period.