Common use of Optional Exercise Clause in Contracts

Optional Exercise. In addition to and without limiting the rights of the Holder hereof under the terms of this Warrant Certificate and the Warrant Agreement, the Holder may exercise some or all of the Warrants evidenced by this Warrant Certificate in whole or in part at any time or from time to time prior to its expiration for some or all of a number of shares of Stock of the Company having an aggregate Fair Market Value on the date of such exercise equal to the amount by which (a) the Fair Market Value of the number of shares of such Stock designated for exercise by the Holder hereof on the date of the exercise exceeds (b) the aggregate applicable Exercise Price for such shares in effect at such time. The following equations illustrate how many shares of Stock would then be issued upon exercise pursuant to this SECTION 2.02 with respect to Stock as to which the Holder has elected the option under this SECTION 2.02: Let FMV = Fair Market Value per share of Stock at date of exercise. PSP = Per share applicable Exercise Price at date of exercise. N = Number of shares of Stock desired to be exercised. X = Number of shares of Stock issued upon exercise.