Current Value. For purposes of this section of the Agreement, “Current Value” is defined (i) in the case for which a public market exists for the shares at the time of such exercise, at a price per share equal to (A) the average of the means between the closing bid and asked prices of the shares in the over-the-counter market for the five consecutive trading days prior to the date of such notice, (B) if the shares are quoted on the Nasdaq Capital Market, the average of the means of the daily closing bid and asked prices of the shares for the five consecutive trading days prior to the date of such notice, or (C) if the shares are listed on any national securities exchange or The Nasdaq Global Market, the average of the daily closing prices of the shares for the five consecutive trading days prior to the date of such notice, and (ii) in the case no public market exists at the time of such exercise, the Appraised Value. For the
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Sources: Warrant Agreement (Homeowners Choice, Inc.), Warrant Agreement (Homeowners Choice, Inc.), Warrant Agreement (Homeowners Choice, Inc.)