Common use of Adjustment of Exercise Price upon Issuance of Common Stock Clause in Contracts

Adjustment of Exercise Price upon Issuance of Common Stock. If ---------------------------------------------------------- and whenever after the date hereof the Company shall (i) reprice any outstanding options, warrants, or Convertible Securities or (ii) issue or sell Additional Shares of Common Stock or options, warrants or Convertible Securities to any person solely by virtue of such person's holding outstanding options, warrants or Convertible Securities, then, if the lowest price relating to any such repricing, issuance or sale, is lower than the Exercise Price in effect immediately prior to such repricing, issuance or sale, then the Exercise Price shall be reduced to equal such lowest price. No adjustment of the Exercise Price, however, shall be made in an amount less than $.01 per share, but any such lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which, together with any adjustments so carried forward, shall amount to $.10 per share or more. The provisions of this Section 6(b) shall not apply to any Additional Shares of Common Stock which are distributed to holders of Common Stock pursuant to a stock split or dividend for which an adjustment is provided for under Section 6(e).

Adjustment of Exercise Price upon Issuance of Common Stock. If ---------------------------------------------------------- and whenever after the date hereof the Company shall (i) reprice any outstanding options, warrants, or Convertible Securities or (ii) issue or sell Additional Shares of Common Stock without consideration or options, warrants for a consideration per share less than the Exercise Price then in effect immediately prior to the issuance or Convertible Securities to any person solely by virtue sale of such person's holding outstanding optionsshares, warrants or Convertible Securities, then, if the lowest price relating to any such repricing, issuance or sale, is lower than then the Exercise Price in effect immediately prior to such repricing, issuance or sale, then the Exercise Price sale of such shares shall be reduced to equal the lesser of (a) the amount of such lowest priceconsideration per share of Additional Shares so issued (with the consideration being deemed to be $.01 per share for issuances for no consideration), and (b) the Current Market Price of the Common Stock. No adjustment of the Exercise Price, however, shall be made in an amount less than $.01 per share, but any such lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which, together with any adjustments so carried forward, shall amount to $.10 .01 per share or more. The provisions of this Section 6(b) shall not apply to any Additional Shares of Common Stock which are distributed to holders of Common Stock pursuant to a stock split or dividend for which an adjustment is provided for under Section 6(e6(f).

Adjustment of Exercise Price upon Issuance of Common Stock. (a) If ---------------------------------------------------------- and whenever after the date hereof the Company shall (i) reprice any outstanding options, warrants, or Convertible Securities or (ii) issue or sell Additional Shares of Common Stock without consideration or options, warrants for a consideration per share less than the Current Market Price or Convertible Securities the Exercise Price then in effect immediately prior to any person solely by virtue the issuance or sale of such person's holding outstanding optionsshares, warrants or Convertible Securities, then, if the lowest price relating to any such repricing, issuance or sale, is lower than then the Exercise Price in effect immediately prior to such repricing, issuance or sale, then the Exercise Price sale of such shares shall be reduced to a number which shall be calculated by dividing, (i) an amount equal to the sum of (A) the number of shares of Common Stock outstanding, immediately prior to such lowest price. issue or sale multiplied by the then existing Exercise Price plus (B) the aggregate consideration, if any, received by the Company upon such issue or sale, by (ii) the total number of shares of Common Stock outstanding immediately after such issue or sale. (b) No adjustment of the Exercise Price, however, shall be made in an amount less than $.01 per share, but any such lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which, together with any adjustments so carried forward, shall amount to $.10 .01 per share or more. . (c) The provisions of this Section 6(b) Paragraph 7 and Paragraph 8 shall not apply to to: (1) any Additional Shares of Common Stock which are distributed to holders of Common Stock pursuant to a stock split or dividend for which an adjustment is provided for under Section 6(e)Paragraph 11; (ii) any private offering by the Company made prior to June 30, 1998, involving 1,000,000 or less shares of Common Stock; or (iii) 2,000,000 shares of Common Stock currently reserved for stock options exercisable by employees and directors of the Company.