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Dennis, see 1.6 -
"Discounted Market Price" means the Market Price less the following maximum discounts based on closing price (and subject, not withstanding the application of any such maximum discount, to a minimum price per share of $0.05 and a minimum exercise price per Warrant or incentive stock option, as the case may be, of $0.10): Closing Price
up to $0.50
$0.51 to $2.00