Common use of PROPORTIONATE ADJUSTMENT IN SHARES OF COMMON STOCK PER WARRANT Clause in Contracts

PROPORTIONATE ADJUSTMENT IN SHARES OF COMMON STOCK PER WARRANT. Unless the Company shall have exercised its election as provided in Section 3.05, upon each adjustment of the Exercise Price pursuant to Section 3.02, each Warrant outstanding prior to such adjustment in the Exercise Price shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number of shares of Common Stock (calculated to the nearest hundredth) obtained by (i) multiplying the number of shares of Common Stock issuable upon exercise of a Warrant prior to adjustment of the number of shares of Common Stock by the Exercise Price in effect prior to adjustment of the Exercise Price and (ii) dividing the product so obtained by the Exercise Price in effect after such adjustment of the Exercise Price.