Common use of Subsequent Offerings of Shares Clause in Contracts

Subsequent Offerings of Shares. The Company hereby grants to each ------------------------------ Holder the right of first refusal to purchase, pro rata, all or any part of any Additional Securities, as defined below, which the Company may, from time to time, propose to sell and issue. A Holder's pro rata share, for purposes of this right of first refusal, shall be such Holder's percentage interest in the shares of Common Stock then outstanding (assuming, for purposes of such percentage interest, complete conversion of all outstanding convertible securities and complete exercise of any and all outstanding options and warrants of the Company). This right of first refusal shall be subject to the following provisions:

Subsequent Offerings of Shares. The Company hereby grants to ------------------------------ each ------------------------------ Holder the right of first refusal to purchase, pro rata, all or any part of any Additional Securities, as defined below, which the Company may, from time to time, propose to sell and issue. A Holder's pro rata share, for purposes of this right of first refusal, shall be such Holder's percentage interest in the shares of Common Stock then outstanding (assuming, for purposes of such percentage interest, complete conversion of all outstanding convertible securities and complete exercise of any and all outstanding options and warrants of the Company). This right of first refusal shall be subject to the following provisions:

Subsequent Offerings of Shares. The Company hereby grants to each ------------------------------ Holder the right of first refusal to purchase, pro rata, all or any part of any Additional Securities, as defined below, which the Company may, from time to time, propose to sell and issue. A Holder's pro rata share, for purposes of this right of first refusal, shall be such Holder's percentage interest in the shares of Common Stock then outstanding (assuming, for purposes of such percentage interest, complete conversion of all outstanding convertible securities and complete exercise of any and all outstanding options and warrants of the Company). This right of first refusal shall be subject to the following provisions: