Common use of Cash Exercise or Cashless Exercise Clause in Contracts

Cash Exercise or Cashless Exercise. The undersigned hereby irrevocably exercises the attached warrant (the “Warrant”) with respect to Shares of Kempharm, Inc., a Delaware corporation (the “Company”), and, if pursuant to a Cashless Exercise, herewith makes payment of the Exercise Price with respect to such shares in full, all in accordance with the conditions and provisions of said Warrant. ¨ [IF APPLICABLE: The undersigned hereby encloses $ as payment of the Exercise Price.] ¨ [IF APPLICABLE: The undersigned hereby agrees to cancel $ of principal outstanding under Notes of the Company held by the Holder.]