Common use of Net Issuance Election Clause in Contracts

Net Issuance Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Common Stock equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice annexed hereto as Exhibit B duly executed. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Common Stock as is computed using the following formula: X = Y (A - B) --------- A where X = the number of shares of Common Stock to be issued to the Holder pursuant to this Section 1.2(b); Y = the number of shares of Common Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 1.2(b); A = the fair market value of one share of Common Stock which shall be the closing price of one share of Common Stock (on the last trading date preceding the date the net issue election notice is received by the Company) on any national securities exchange or automated quotation system on which the Common Stock is listed or traded; provided that if the Common Stock is not so listed or traded, the fair market value shall be the as determined in good faith by the Board of Directors of the Company, at the time the net issue election is made pursuant to this Section 1.2(b); and B = the Exercise Price in effect under this Warrant at the time the net issue election notice is received by the Company pursuant to this Section 1.2(b). The Board shall promptly respond in writing to an inquiry by the Holder as to the fair market value of one share of Common Stock.

Net Issuance Election. The Holder may elect to receive, without the --------------------- payment by the Holder of any additional consideration, shares of Common Stock equal to the value of the Shares then exercisable under this Warrant or any portion hereof thereof, by the surrender of this Warrant or such portion to the Company, with the net issue election notice annexed hereto as Exhibit B duly executed. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Common Stock as is computed using the following formula: X = Y (A - B) --------- A where X = the number of shares of Common Stock to be issued to the Holder pursuant to this Section 1.2(b); Y = the number of shares of Common Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 1.2(b); A = the fair market value of one share of Common Stock which shall be the closing price of one share of Common Stock (on the last trading date preceding the date the net issue election notice is received by the Company) on any national securities exchange or automated quotation system on which the Common Stock is listed or traded; provided that if the Common Stock is not so listed or traded, the fair market value shall be the as determined in good faith by the Board of Directors of the Company, at the time the net issue election is made pursuant to this Section 1.2(b); and B = the Exercise Price in effect under this Warrant at the time the net issue election notice is received by the Company pursuant to this Section 1.2(b). The Board shall promptly respond in writing to an inquiry by the Holder as to the fair market value of one share of Common Stock.

Net Issuance Election. The Holder holder may elect to receive, without the payment by the Holder holder of any additional consideration, shares of Common Stock equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice annexed hereto as Exhibit B Annex A duly executed, at the office of the Company. Thereupon, the Company shall issue to the Holder holder such number of fully paid and nonassessable shares of Common Stock as is computed using the following formula: X = Y (A - B) --------- A where X = the number of shares of Common Stock to be issued to the Holder pursuant to this Section 1.2(b)1.2; Y = the number of shares of Common Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 1.2(b)1.2; A = the fair market value of one share of Common Stock which shall be the closing price of one share of Common Stock (on the last trading date preceding the date the net issue issuance election notice is received by the Companymade) on any national securities exchange or automated quotation system on which the Common Stock is listed or traded; provided that (i) if the election occurs in connection with the registration of securities, then the fair market value shall be the per share proceeds received by the Company, and (ii) if the Common Stock is not so listed or traded, the fair market value shall be the as determined in good faith by the Board of Directors of the CompanyBoard, at the time the net issue election is made pursuant to this Section 1.2(b)1.2; and B = the Exercise Price in effect under this Warrant at the time the net issue election notice is received by the Company pursuant to this Section 1.2(b). The Board shall promptly respond in writing to an inquiry by the Holder as to the fair market value of one share of Common Stock.and

Net Issuance Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Common Stock equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice annexed hereto as Exhibit B duly executed. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Common Stock as is computed using the following formula: X = Y (A - B) X = --------- A where X = the number of shares of Common Stock to be issued to the Holder pursuant to this Section 1.2(b); Y = the number of shares of Common Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 1.2(b); A = the fair market value of one share of Common Stock which shall be the closing price of one share of Common Stock (on the last trading date preceding the date the net issue election notice is received by the Company) on any national securities exchange or automated quotation system on which the Common Stock is listed or traded; provided that if the Common Stock is not so listed or traded, the fair market value shall be the as determined in good faith by the Board of Directors of the Company, at the time the net issue election is made pursuant to this Section 1.2(b); and B = the Exercise Price in effect under this Warrant at the time the net issue election notice is received by the Company pursuant to this Section 1.2(b). The Board shall promptly respond in writing to an inquiry by the Holder as to the fair market value of one share of Common Stock.and

Net Issuance Election. The Holder may elect to receive, without the --------------------- payment by the Holder of any additional consideration, shares of Common Stock equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice annexed hereto as Exhibit B duly executed. Thereupon, the Company shall issue to --------- the Holder such number of fully paid and nonassessable shares of Common Stock as is computed using the following formula: X = Y (A - B) --------- -------- A where X = the number of shares of Common Stock to be issued to the Holder pursuant to this Section 1.2(b); Y = the number of shares of Common Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 1.2(b); A = the fair market value of one share of Common Stock which shall be the closing price of one share of Common Stock (on the last trading date preceding the date the net issue election notice is received by the Company) on any national securities exchange or automated quotation system on which the Common Stock is listed or traded; provided that if the Common Stock is not so listed or traded, the fair market value shall be the as determined in good faith by the Board of Directors of the Company, at the time the net issue election is made pursuant to this Section 1.2(b); and B = the Exercise Price in effect under this Warrant at the time the net issue election notice is received by the Company pursuant to this Section 1.2(b). The Board shall promptly respond in writing to an inquiry by the Holder as to the fair market value of one share of Common Stock.