Common use of Acceptance of Preemptive Offer Clause in Contracts

Acceptance of Preemptive Offer. Each Employee Shareholder shall have the option, exercisable at any time during the Preemptive Period by delivering written notice of acceptance to the Company (an "Acceptance Notice"), to subscribe for and purchase, on the terms and conditions as set forth in the Preemptive Offer, the number or amount of such New Securities up to his Equity Percentage of the total number or amount of New Securities proposed to be issued. An Employee Shareholder's "Equity Percentage" shall be equal to a fraction, the numerator of which shall be equal to the total number of Shares then owned by such Employee Shareholder, and the denominator of which shall be the total number of Shares then outstanding, in each case including Shares into which any then outstanding shares of preferred stock are then convertible, but without giving effect to any other option, warrant or right to acquire Shares.