Common use of Procedure for Exercise of Warrants Clause in Contracts

Procedure for Exercise of Warrants. During the period specified in and subject to the provisions of Section 2.2 hereof, the Warrants may be exercised, in whole or in part, by surrendering the Warrant Certificates representing such Warrants to the Company at its principal office, which is presently at 105 ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇, ▇.▇., ▇▇▇▇▇, ▇▇th the election to purchase form set forth on the Warrant Certificate duly completed and executed, accompanied by payment in full of the Exercise Price as provided in Section 2.1 in effect at the time of such exercise, for each share of Common Stock with respect to which such Warrants are being exercised. Such Exercise Price shall be paid in full by either (i) wire transfer of immediately available funds, (ii) certified check payable in United States currency to the order of the Company or (iii) by surrender to the Company of the number of Warrants set forth below: X = Y(A-B) ------ A Where: X = the number of shares of Common Stock to be issued to the Holder upon exercise pursuant to the foregoing clause (iii). Y = the number of shares of Common Stock represented by the Warrants so surrendered. A = the Current Market Price (as defined below of one share of Common Stock on the Date of Exercise (as defined below). B = the Exercise Price for the Warrants so surrendered. The date on which Warrants are exercised in accordance with this Section 2.3 is sometimes referred to herein as the Date of Exercise of such Warrants. 4 3

Procedure for Exercise of Warrants. During the period specified in and subject to the provisions of Section 2.2 hereof, the Warrants may be exercised, in whole or in part, by surrendering the Warrant Certificates representing such Warrants to the Company at its principal office, which is presently at 105 ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇, ▇.▇., ▇▇▇▇▇, ▇▇th the election to purchase form set forth on the Warrant Certificate duly completed and executed, accompanied by payment in full of the Exercise Price as provided in Section 2.1 in effect at the time of such exercise, for each share of Common Stock with respect to which such Warrants are being exercised. Such Exercise Price shall be paid in full by either (i) wire transfer of immediately available funds, (ii) certified check payable in United States currency to the order of the Company or (iii) by surrender to the Company of the number of Warrants set forth below: X = Y(A-B) ------ A Where: X = the number of shares of Common Stock to be issued to the Holder upon exercise pursuant to the foregoing clause (iii). Y = the number of shares of Common Stock represented by the Warrants so surrendered. A = the Current Market Price (as defined below of one share of Common Stock on the Date of Exercise (as defined below). B = the Exercise Price for the Warrants so surrendered. The date on which Warrants are exercised in accordance with this Section 2.3 is sometimes referred to herein as the Date of Exercise of such Warrants. 4 3.