Common use of Net Exercise Election Clause in Contracts

Net Exercise Election. The Holder may elect to convert all or a portion of this Warrant, without the payment by the Holder of any additional consideration, by the surrender of this Warrant or such portion of this Warrant to the Company, with the net exercise election selected in the Notice of Exercise attached hereto as EXHIBIT A duly executed by the Holder, into up to the number of Shares that is obtained under the following formula: X = Y (A-B) ------- A where X = the number of Shares to be issued to the Holder pursuant to this Section 1.5. Y = the number of Shares as to which this Warrant is being exercised.

Net Exercise Election. The Holder may elect to convert all or a --------------------- portion of this Warrant, without the payment by the Holder of any additional consideration, by the surrender of this Warrant or such portion of this Warrant to the Company, with the net exercise election selected in the Notice of Exercise attached hereto as EXHIBIT Exhibit A duly executed by the Holder, into up to the --------- number of Shares that is obtained under the following formula: X = Y (A-B) ------- A where X = the number of Shares to be issued to the Holder pursuant to this Section 1.51.3. Y = the number of exercisable Shares as subject to this Warrant with respect to which this Warrant the net exercise election is being exercisedmade.