definiens: Markel Price " means the average of the last reported sale prices for It I precedilg three trading days . In either case, the reported sale price is the one officially reported by the prilcipal serurities excl1ange on which the Common Stock is listed or admitted to trading, or, if the Common Stock IS not listed or admitted to trading on any national securities exchange or if any excl1ange on which the Common Stock is listed is not its principal tradillg market, the last reported sale price as fumished by the National AssociatiOil of SectJrities Dealers, Inc. ( ) t/1rClIJgh the Nasdaq Stock Market, or, if applicable . the OTC Bulle ~ n Board . If the Common Stock is not listed or admitted to trading on arly of the foregoing markets, or similar organization . the term mearlS the price detennined in good faith by P"'J < l24 of SO AiI ' ...... enl No _ _ _ _ resolution 01 the Boord of Di.-adors of the Company, based on Iha best Information available to it The Conversion Right may be exercised by ! he Holder on 8 ..,-business day OIl or after Iha Grant Date and not later than ! he ExpiraHoo Date by doliYemQ this Warrant to the Company with II duly e)(ecuted 8)(arcise foon altad\e(l hereto v.i!h Iha oonversion section oompleted