Common use of Right of First Refusal Upon Issuances of Securities by the Company Clause in Contracts

Right of First Refusal Upon Issuances of Securities by the Company. (a) The Company hereby grants, on the terms set forth in this Section 4.1, to Bioject the right of first refusal to purchase all or any part of Bioject's pro rata share of the New Securities (as defined in Section 4.1(b)) which the Company may, from time to time, propose to sell and issue. Bioject may purchase said New Securities on the same terms and at the same price at which the Company proposes to sell the New Securities. The pro rata share of Bioject ("Bioject's Pro Rata Share"), for purposes of this right of first refusal, is (except as set forth in paragraph 4.1(e) below) the ratio of the total number of shares of Common Stock held by Bioject, to the total number of shares of Common Stock outstanding immediately prior to the issuance of the New Securities (including any shares of Common Stock into which any outstanding shares of Preferred Stock are convertible).