Common use of Conversion of Warrant Clause in Contracts

Conversion of Warrant. The registered holder hereof shall have the right to convert this Warrant, in whole or in part, at any time and from time to time at or prior to the Expiration Time, by the surrender of this Warrant and the Notice of Conversion form attached hereto duly executed to the office of the Company at the address set forth in Section 1 hereof (or such other office or agency of the Company as it may designate by notice in writing to the registered holder hereof at the address of such holder appearing on the books of the Company), into shares of Common Stock as provided in this Section 2. Upon exercise of this conversion right, the holder hereof shall be entitled to receive that number of shares of Common Stock of the Company equal to the quotient obtained by dividing [(A - B)(X)] by (A), where: A = the Fair Market Value (as defined below) of one share of Common Stock on the date of conversion of this Warrant. B = the Exercise Price for one share of Common Stock under this Warrant. X = the number of shares of Common Stock as to which this Warrant is being converted. If the above calculation results in a negative number, then no shares of Common Stock shall be issued or issuable upon conversion of this Warrant.

Conversion of Warrant. The registered holder hereof shall have the right to convert this Warrant, in whole or in part, at any time and from time to time at or prior to the Expiration Time, by the surrender of this Warrant and the Notice of Conversion form attached hereto duly executed to the office of the Company at the address set forth in Section 1 hereof (or such other office or agency of the Company as it may designate by notice in writing to the registered holder hereof at the address of such holder appearing on the books of the Company), into shares of Common Warrant Stock as provided in this Section section 2. Upon exercise of this conversion right, the holder hereof shall be entitled to receive that number of shares of Common Warrant Stock of the Company equal to the quotient obtained by dividing [(A - B)(X)] A-B) (X) by (A), where: : A = the Fair Market Value (as defined below) of one share of Common Warrant Stock on the date of the conversion of this Warrant. B = the Exercise Price for one share of Common Warrant Stock under as to which this WarrantWarrant is being converted. X = the number of shares of Common Warrant Stock as to which this Warrant is being converted. If the above calculation results in a negative number, then no shares of Common Warrant Stock shall be issued or issuable upon conversion of this Warrant.