Additional Right to Convert Bridge Warrant Clause Samples

Additional Right to Convert Bridge Warrant a. The holder of this Bridge Warrant shall have the right to require the Company to convert this Bridge Warrant (the "CONVERSION RIGHT") at any time prior to its expiration into shares of Common Stock as provided for in this Section 7. Upon exercise of the Conversion Right, the Company shall deliver to the holder (without payment by the holder of any Bridge Warrant Price) the number of shares of Common Stock ("N") determined based on the formula set forth below. N = A - B ----- C For purposes of the Conversion Right, "A" is the aggregate Fair Market Value for the Shares immediately prior to the exercise of the Conversion Right, "B" is the aggregate Exercise Price for the Shares in effect immediately prior to the exercise of the Conversion Right, and "C" is the Fair Market Value of one share of Common Stock immediately prior to the exercise of the Conversion Right. b. The Conversion Right may be exercised by the Holder, at any time or from time to time, prior to its expiration, on any business day by delivering a written notice in the form attached hereto (the "CONVERSION NOTICE") to the Company at the offices of the Company exercising the Conversion Right and specifying (i) the total number of Shares the Holder will purchase pursuant to such conversion and (ii) the name, address and tax identification number of the entity or individual in whose name the Shares are to be issued. c. Upon exercise of the Conversion Right, (i) the Holder will surrender the Bridge Warrant, (ii) the Company will deliver to the Holder a certificate or certificates for the number of Shares issuable upon such conversion, together with cash, in lieu of any fraction of a share, and (iii) the Company will deliver to the Holder a new Bridge Warrant representing the number of shares, if any, with respect to which the Bridge Warrant shall not have been exercised.