Common use of Current Market Price Clause in Contracts

Current Market Price. For the purpose of any computation under paragraphs (b), (c), (d) and (e) of this Section 7, the current market price per share of Common Stock at any date shall be the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, prior to the Time of Determination and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (b), (c), (d) or (e). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") or any comparable system or (3) if the Common Stock is not listed on NASDAQ or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (f), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation of -------------------- current market price under paragraphs (b), (c), (d) and (e) of this Section 713 and Section 15, the current market price per share of Common Stock at any date shall be (x) for purposes of Section 15, the closing price on the business day immediately prior to the exercise of the applicable Warrant pursuant to Section 8 and (y) in all other cases, the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination (as defined below) and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of DeterminationTIME OF DETERMINATION" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (a), (b), (c), (d) or (ed). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the Nasdaq National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") Market or any comparable system or (3) if the Common Stock is not listed on NASDAQ Nasdaq National Market or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (f), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation of current market price under paragraphs (b), (c), (d) and (e) of this Section 7Agreement, the current market price per share of Common Stock at any date shall be the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on price the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determinationas defined below). The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (b), (c), (da) or (e)b) above. The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the Nasdaq National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") or SmallCap Markets or any comparable system or (3) if the Common Stock is not listed on NASDAQ Nasdaq National or SmallCap Markets or a comparable systemsystem but a public market for the Common Stock exists, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (fc), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.Company and evidenced by a resolution of such Board, subject to the following dispute resolution right of the Holders of the Warrants. In the event that Holders of a majority of the Warrants dispute the determination of the Board of Directors, such Holders shall notify the Company and the current market price shall be determined in a reasonably prompt manner as follows:

Current Market Price. For the purpose of any computation of current market price under paragraphs (b), (c), (d) and (e) of this Section 78 and Section 9, the current market price per share of Common Stock at any date shall be (x) for purposes of Section 9 and any Options granted to the Company's directors and officers under the Stock Option Plans, the closing price on the business day immediately prior to the exercise of the applicable Warrant or the grant of any such Options, and (y) in all other cases, the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, described below prior to the Time of Determination (as defined below) and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (b), (c), (d) or (e)adjustment. The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQNasdaq National Market") or any comparable system or (3) if the Common Stock is not listed on NASDAQ Nasdaq National Market or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (f), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For Except as provided in Section 2.02(g), for the purpose of any computation under paragraphs (b), (c), (d) and (e) of this Section 7current market price, the current market price per share of Common Stock at any date shall be (x) for purposes of Section 5.02, the closing price on the trading day immediately prior to the exercise of the applicable Warrant and (y) in all other cases, the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination (as defined below) and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (a), (b), (c), (d) or (ed). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") Nasdaq NMS or any comparable system or (3) if the Common Stock is not listed on NASDAQ the Nasdaq NMS or a comparable system, as furnished by two members of the National Association of Securities DealersAmerican Stock Exchange, Inc. ("NASD") selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (fg), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation of -------------------- current market price under paragraphs (b), (c), (d) and (e) of this Section 712 and Section 14, the current market price per share of Common Stock at any date shall be (x) for purposes of Section 14, the closing price on the business day immediately prior to the exercise of the applicable Warrant pursuant to Section 7 and (y) in all other cases, the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination (as defined below) and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (a), (b), (c), ) or (d) or (e)above. The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the Nasdaq National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") or SmallCap Markets or any comparable system or (3) if the Common Stock is not listed on NASDAQ Nasdaq National or SmallCap Markets or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board Boards of Directors of the Company Warrant Issuers for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (fe), the current market price per share shall be the fair market value thereof as determined in good faith by the Board Boards of Directors of the CompanyWarrant Issuers and evidenced by a Board resolution.

Current Market Price. For the purpose of any computation under paragraphs (b), (c), (d) and (e) of this Section 7, the current market price per share of Common Stock at any date shall be the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, prior to the Time of Determination and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (b), (c), (d) or (e). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-the- counter market as reported by the National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") or any comparable system or (3) if the Common Stock is not listed on NASDAQ or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (f), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation of current market price under paragraphs (b), (c), (d) and (e) of this Section 710, Section 12 and Section 13, the current market price per share of Common Stock at any date shall be (x) for purposes of Section 12, the closing price on the business day immediately prior to the exercise of the applicable Warrant pursuant to Section 6 and (y) in all other cases, the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination (as defined below) and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of DeterminationTIME OF DETERMINATION" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (a), (b), (c), (d), (e) or (ef). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the Nasdaq National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") Market or any comparable system or (3) if the Common Stock is not listed on NASDAQ Nasdaq National Market or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (fg), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation of current market price under paragraphs (b), (c), (d) and (e) of this Section 713 and Section 15, the current market price per share of Common Stock at any date shall be (x) for purposes of Section 15, the closing price on the business day immediately prior to the exercise of the applicable Warrant pursuant to Section 8 and (y) in all other cases, the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination (as defined below); and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed computed; and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (a), (b), (c), (d) or (ed). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading trading; or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the Nasdaq National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") Market or any comparable system system; or (3) if the Common Stock is not listed on NASDAQ Nasdaq National Market or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (fe), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation of current market price under paragraphs (b), (c), (d) and (e) of this Section 713 and Section 15, the current market price per share of Common Stock at any date shall be (x) for purposes of Section 15, the closing price on the business day immediately prior to the exercise of the applicable Warrant pursuant to Section 8 and (y) in all other cases, the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination (as defined below) and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (a), (b), (c), ) or (d) or (e)above. The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the Nasdaq National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") or SmallCap Markets or any comparable system or (3) if the Common Stock is not listed on NASDAQ Nasdaq National or SmallCap Markets or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (fe), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the CompanyCompany and evidenced by a Board resolution.

Current Market Price. For the purpose of any computation of Current Market Price under paragraphs (b), (c), (d) and (e) of this Section 7, the current market price Current Market Price per share of Common Stock at any date shall be the average of the daily closing prices for the shorter of (i) the 20 15 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination (as defined below) and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination; PROVIDED THAT in the case of a firm commitment underwritten public offering, the Current Market Price shall mean the closing price of the Common Stock on the day of the pricing of such offering. The term "Time of DeterminationTIME OF DETERMINATION" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price Current Market Price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (a), (b), (c), (d) or (ed). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the Nasdaq National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") Market or any comparable system or (3) if the Common Stock is not listed on NASDAQ the Nasdaq National Market or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price Current Market Price per share cannot be determined pursuant to the foregoing provisions of this paragraph (fg), the current market price Current Market Price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation of current market price under paragraphs (b), (c), (d) and (e) of this Section 711 and Section 13, the current market price per share of Common Stock at any date shall be (x) for purposes of Section 13, the closing price on the business day immediately prior to the exercise of the applicable Warrant pursuant to Section 6 and (y) in all other cases, the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination (as defined below) and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (a), (b), (c), (d) or (e)) above. The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the Nasdaq National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") or SmallCap Markets or any comparable system or (3) if the Common Stock is not listed on NASDAQ Nasdaq National or SmallCap Markets or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (f), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.Company and evidenced by a resolution of such Board, subject to the following dispute resolution right of the Holders of the Warrants. In the event that Holders of a majority of the Warrants dispute the determination of the Board of Directors, such Holders shall notify the Company and the current market price shall be determined in a reasonably prompt manner as follows:

Current Market Price. For the purpose of any computation under paragraphs (b), (c), (d) and (e) of this Section 7current market price, the current market price per share of Common Stock at any date shall be (x) for purposes of Section 2.02(g) and 5.02, the closing sales price on the trading day immediately prior to the exercise of the applicable Warrant and (y) in all other cases, the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination (as defined below) and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (a), (b), (c), (d) or (ed). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-the- counter market as reported by the National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") Nasdaq NMS or any comparable system or (3) if the Common Stock is not listed on NASDAQ the Nasdaq NMS or a comparable system, as furnished by two members of the National Association of Securities DealersNew York Stock Exchange, Inc. ("NASD") selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (fg), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation of current market price under paragraphs (b), (c), (d) and (e) of this Section 711, Section 13 and Section 14, the current market price per share of Common Stock at any date shall be (x) for purposes of Section 13, the closing price on the business day immediately prior to the exercise of the applicable Warrant pursuant to Section 6 and (y) in all other cases, the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination (as defined below) and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of DeterminationTIME OF DETERMINATION" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (a), (b), (c), (d), (e) or (ef). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the Nasdaq National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") Market or any comparable system or (3) if the Common Stock is not listed on NASDAQ Nasdaq National Market or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (fg), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation under paragraphs (b), (c), (d) ), and (e) of this Section 73.01, the current market price per share of Common Stock at any date shall be determined as follows: until the Company has raised an aggregate of $2,000,000 in sales of its securities, small business innovation research awards, small business technology transfer awards, or payments by corporate partners for research support or co-development (it being understood that at the date of this Warrant Agreement, the Company has already raised a total of $442,806, exclusive of deferred salaries), then the current market price per share (prior to any adjustment resulting from a Common Stock Distribution) shall be $2.00 per share; thereafter, the current market price per share of the Common Stock at any date shall be the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution distribution, or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (b), (c), (d) ), or (e). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-the- counter market as reported by the National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") NASDAQ or any comparable system or (3) if the Common Stock is not listed on NASDAQ or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, foregoing or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (f), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation of current market price under paragraphs (b), (c), (d) and (e) of this Section 713 and Section 15, the current market price per share of Common Stock at any date shall be (x) for purposes of Section 15, the closing price on the business day immediately prior to the exercise of the applicable Warrant pursuant to Section 8 and (y) in all other cases, the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination (as defined below) and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (a), (b), (c), (d) or (ed). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the Nasdaq National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") Market or any comparable system or (3) if the Common Stock is not listed on NASDAQ Nasdaq National Market or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (fe), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation of -------------------- current market price under paragraphs (b), (c), (d) and (e) of this Section 713 and Section 15, the current market price per share of Common Stock at any date shall be (x) for purposes of Section 15, the closing price on the business day immediately prior to the exercise of the applicable Warrant pursuant to Section 8 and (y) in all other cases, the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination (as defined below) and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (a), (b), (c), (d) or (ed). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the Nasdaq National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") Market or any comparable system or (3) if the Common Stock is not listed on NASDAQ Nasdaq National Market or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (fe), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation of current market price under paragraphs (b), (c), (d) and (e) of this Section 74 and Section 5(b) hereof, the current market price per share of the Common Stock at any date shall be (x) for purposes of Section 5(b) and any Options granted to the Company's directors and officers under the Stock Option Plan, the closing price on the Business Day immediately prior to the exercise of the JMS Warrants or the grant of any such Options and (y) in all other cases, the average of the daily closing prices for the shorter of thirty (i30) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, prior to the Time of Determination and (ii) the period commencing on immediately preceding the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (b), (c), (d) or (e)question. The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or as reported by the Nasdaq National Market System or (2) if the Common Stock is not listed or admitted to trading on a national securities exchangeexchange or the Nasdaq National Market System, in the over-the-counter market as reported by the National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") included for quotation on Nasdaq or any comparable system or (3) if the Common Stock is not listed included for quotation on NASDAQ Nasdaq or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (f), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation of current market price under paragraphs (b), (c), (d) and (e) of this Section 74 and Section 5(b) hereof, the current market price per share of the Common Stock at any date shall be (x) for purposes of Section 5(b) and any Options granted to the Company's directors and officers under the Stock Option Plan, the closing price on the Business Day immediately prior to the exercise of the Warrants or the grant of any such Options and (y) in all other cases, the average of the daily closing prices for the shorter of thirty (i30) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, prior to the Time of Determination and (ii) the period commencing on immediately preceding the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (b), (c), (d) or (e)question. The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") included for quotation on Nasdaq or any comparable system or (3) if the Common Stock is not listed included for quotation on NASDAQ Nasdaq or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (f), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.

Current Market Price. For the purpose of any computation under paragraphs (b), (c), (d) and (e) of this Section 7Section, the current market price per share of Common Stock at any date shall be the average of the daily closing prices for the shorter of (i) the 20 consecutive trading days ending on the last full trading day on the exchange or market specified in the second succeeding sentence, sentence prior to the Time of Determination and (ii) the period commencing on the date next succeeding the first public announcement of the issuance, sale, distribution or granting in question through such last full trading day prior to the Time of Determination. The term "Time of Determination" as used herein shall be the time and date of the earlier to occur of (A) the date as of which the current market price is to be computed and (B) the last full trading day on such exchange or market before the commencement of "ex-dividend" trading in the Common Stock relating to the event giving rise to the adjustment required by paragraph (b), (c), (d) or (e). The closing price for any day shall be the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day, in each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading or (2) if the Common Stock is not listed or admitted to trading on a national securities exchange, in the over-the-counter market as reported by the National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") NASDAQ or any comparable system or (3) if the Common Stock is not listed on NASDAQ or a comparable system, as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") NASD selected from time to time in good faith by the Board of Directors of the Company for that purpose. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (f), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company.