Net Issue Exercise. In lieu of exercising this Warrant pursuant to Section 2(a)(ii), if the fair market value of one Share is greater than the Exercise Price (at the date of calculation as set forth below), the Holder may elect to receive a number of Shares equal to the value of this Warrant (or of any portion of this Warrant being canceled) by surrender of this Warrant at the principal office of the Company (or such other office or agency as the Company may designate) together with a properly completed and executed Notice of Exercise reflecting such election, in which event the Company shall issue to the Holder that number of Shares computed using the following formula: X = Y (A – B) Where:
Net Issue Exercise. Notwithstanding any provisions herein to the contrary, if the fair market value of one share of the Company's Common Stock is greater than the Per Share Exercise Price (at the date of calculation as set forth below), in lieu of exercising the Option for cash, the Optionee may elect to receive shares equal to the value (as determined below) of the Option (or the portion thereof being canceled) by surrender of the Option at the principal office of the Company together with the properly endorsed Notice of Exercise and Subscription Form and notice of such election, in which event the Company will issue to the Optionee a number of shares of Common Stock computed using the following formula: X = Y (A-B) ------- A Where X = the number of shares of Common Stock to be issued to the Optionee Y = the number of shares of Common Stock purchasable under the Option or, if only a portion of the Option is being exercised, the portion of the Option being canceled (at the date of such calculation) A = the fair market value of one share of the Company's Common Stock (at the date of such calculation) B = Per Share Exercise Price (as adjusted to the date of such calculation) For purposes of the above calculation, fair market value of one share of the Company's Stock will be the average of the closing prices of the Company's shares of Common Stock as quoted on the OTC Bulletin Board (the "OTCBB") (or on such other United States stock exchange or public trading market or quotation medium on or by which the shares of the Company trade or are quoted if, at the time of the election, they are not trading or being quoted on the OTCBB), for the five (5) consecutive trading days immediately preceding the date of the date the completed, executed Notice of Exercise and Subscription Form is received.
Net Issue Exercise. In lieu of exercising this Warrant pursuant to ------------------ Section 1.1(a), this Warrant may be exercised by the Warrantholder by the surrender of this Warrant to the Company, with a duly executed Exercise Form marked to reflect net issue exercise and specifying the number of Warrant Shares to be purchased, during normal business hours on any Business Day during the Exercise Period. The Company agrees that such Warrant Shares shall be deemed to be issued to the Warrantholder as the record holder of such Warrant Shares as of the close of business on the date on which this Warrant shall have been surrendered as aforesaid. Upon such exercise, the Warrantholder shall be entitled to receive shares equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant to the Company together with notice of such election in which event the Company shall issue to Warrantholder a number of shares of the Company's Common Stock computed as of the date of surrender of this Warrant to the Company using the following formula: X = Y(A-B) ------ A Where X = the number of shares of Common Stock to be issued to Warrantholder under this Section 1.1(b); Y = the number of shares of Common Stock otherwise purchasable under this Warrant (at the date of such calculation); A = the fair market value of one share of the Company's Common Stock (at the date of such calculation); B = the Exercise Price (as adjusted to the date of such calculation).
Net Issue Exercise. In lieu of exercising this Warrant pursuant to Section 1.1, Holder may elect to receive shares equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with notice of such election, in which event the Company shall issue to Holder a number of shares of the Company's Common Stock computed using the following formula: X = Y (W-Z) -------- W
Net Issue Exercise. Notwithstanding any provisions herein to the ------------------ contrary, if the fair market value of one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise and notice of such election in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: Y (A-B) ------ X = A X = the number of shares of Common Stock to be issued to the Holder Y = the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation) A = the fair market value of one share of the Company's Common Stock (at the date of such calculation) B = Exercise Price (as adjusted to the date of such calculation) For purposes of the above calculation, the fair market value of a share of Common Stock for purposes of this Warrant (the "Fair Market Value") shall be determined as follows:
Net Issue Exercise. In lieu of exercising this Warrant pursuant to Section 2.1, Holder may elect to receive shares equal to the value of this Warrant determined in the manner described below (or of any portion thereof remaining unexercised) by surrender of this Warrant at the principal office of the Company together with the form of Notice of Cashless Exercise attached hereto as Exhibit "B-2", in which event the Company shall issue to Holder a number of shares of the Company's Common Stock computed using the following formula: X = Y (A-B) A Where X = the number of shares of Common Stock to be issued to Holder. Y = the number of shares of Common Stock purchasable under this Warrant (at the date of such calculation). A = the fair market value of one share of the Company's Common Stock (at the date of such calculation). B = Warrant Price (as adjusted to the date of such calculation).
Net Issue Exercise. In lieu of exercising this Warrant as specified in Section 1.1.1, Holder may from time to time elect to exercise this Warrant by receiving Shares equal to the exchange value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with such notice of election, in which event the Company shall issue to the Holder a number of Shares computed as equaling the exchange value using the following formula: X = Y*(A-B)/A where: X = the number of Shares to be issued to the Holder. Y = the number of Shares purchasable under this Warrant. A = the Fair Market Value (as determined pursuant to Section 1.6 below) of one Share. B = the exercise price (as adjusted to the date of such calculation).
Net Issue Exercise. In lieu of exercising this Warrant for cash, ------------------ holder may elect to receive Shares equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with notice of such election in which event the Company shall issue to Holder that number of Shares computed using the following formula: X= Y(A-B) A ------ Where
Net Issue Exercise. Notwithstanding any provisions herein to the contrary, if the fair market value of one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise and notice of such election in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: X = Y (A-B) ------- A Where X = the number of shares of Common Stock to be issued to the Holder Y = the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation) A = the fair market value of one share of the Company's Common Stock (at the date of such calculation) B = Exercise Price (as adjusted to the date of such calculation)
Net Issue Exercise. In lieu of exercising any Warrant pursuant to Section 3.3.1, the registered holder thereof may elect to receive shares of Common Stock (the "Net Issue Right") by surrender of the Warrant, at the office of the Warrant Agent, or at the offices of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, electing to exercise its Net Issue Right pursuant to this Section 3.3.2. Upon election of the Net Issue Right, the registered holder shall be entitled to that number of shares of Common Stock (without payment by the holder of any Warrant Price) computed using the following formula: X = Y (W-Z) W Where: X = the number of shares of Common Stock to be issued to the registered holder; Y = the number of shares of Common Stock purchasable under the Warrant (at the date of such calculation); W = the fair market value of one share of the Common Stock (at the date of such calculation); Z = the Warrant Price (as adjusted according to the terms set forth herein). As used in this Section 3.3.2, "fair market value" of one share of Common Stock shall mean the average closing price, for the ten trading days immediately preceding the date the subscription form is submitted to the Warrant Agent, per share of Common Stock as reported on the Nasdaq Stock Market (the "NASDAQ"), the New York Stock Exchange (the "NYSE"), the American Stock Exchange (the "AMEX"), any other stock exchange or the over-the-counter market, as applicable, as reported in The Wall Street Journal (Northeast edition), or, if not then reported thereby, any other authoritative source. If the Common Stock is not traded on the NASDAQ, the NYSE, the AMEX, any other stock exchange or the over-the-counter market, then in lieu of the average closing price, fair market value of the Common Stock per share shall be the price per share that is determined by the Board of Directors of the Company acting reasonably and in good faith. Upon exercise of its Net Issue Right pursuant to this Section 3.3.2 and the receipt by the registered holder of the applicable shares of Common Stock, the obligations of the Company to deliver shares of Common Stock shall be terminated with respect to the number of shares of Common Stock for which the registered holder shall have exercised its Net Issue Right.
