Common use of Cancellation and Replacement Clause in Contracts

Cancellation and Replacement. Upon notice to the Warrantholder, this Warrant may be redeemed upon cancellation for no consideration as to all or any portion of the warrants underlying this Warrant or any Warrant Shares issued upon exercise of this Warrant pursuant to Section 9.3 of the Option Agreement. To the extent that only a portion of this Warrant is cancelled pursuant to Section 9.3 of the Option Agreement, the Company, upon receipt of this Warrant, shall promptly deliver to the Warrantholder a new Warrant of like tenor and date representing in the aggregate the right to purchase the balance of the Warrants not cancelled pursuant to Section 9.3 of the Option Agreement.