Common use of Net Issue Election Clause in Contracts

Net Issue Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Preferred 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 duly executed, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Preferred Stock as is computed using the following formula: where: X= the number of shares of Preferred Stock to be issued to the Holder pursuant to this Section 4. Y= the number of shares of Preferred Stock covered by this Warrant in respect of which the net issues election is made pursuant to the Section 4. A= the fair market value of one share of Preferred Stock, as determined in good faith by the Board, as at the time the net issue election is made pursuant to this Section 4. B= the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4.

Net Issue Election. The Holder holder hereof may elect to receive, without the payment by the Holder such holder of any additional consideration, shares of Preferred 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 form of subscription at the end hereof duly executedexecuted by such holder, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such holder such number of fully paid and nonassessable shares of Preferred Common Stock as is computed using the following formula: where: X= X = Y (A-B) ------- A where X = the number of shares of Preferred Stock to be issued to the Holder such holder pursuant to this Section 4subsection 1.4. Y= Y = the number of shares of Preferred Stock covered by this Warrant in respect of which the net issues issue election is made pursuant to the Section 4this subsection 1.4. A= A = the fair market value of one share of Preferred Common Stock, as determined in good faith by the BoardBoard of Directors of the Company, as at the time the net issue election is made pursuant to this Section 4subsection 1.4. B= B = the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4subsection 1.4. The Board of Directors of the Company shall promptly respond in writing to an inquiry by the holder hereof as to the fair market value of one share of Common Stock.

Net Issue Election. The Holder holder hereof may elect to receive, without the payment by the Holder such holder of any additional consideration, shares of Preferred 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 form of subscription at the end hereof duly executedexecuted by such ▇▇▇▇▇▇, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such holder such number of fully paid and nonassessable shares of Preferred Common Stock as is computed using the following formula: where: X= where X = the number of shares of Preferred Stock to be issued to the Holder such holder pursuant to this Section 4subsection 1.4. Y= Y = the number of shares of Preferred Stock covered by this Warrant in respect of which the net issues issue election is made pursuant to the Section 4this subsection 1.4. A= A = the fair market value of one share of Preferred Common Stock, as determined in good faith by the BoardBoard of Directors of the Company, as at the time the net issue election is made pursuant to this Section 4subsection 1.4. B= B = the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4subsection 1.4. The Board of Directors of the Company shall promptly respond in writing to an inquiry by the holder hereof as to the fair market value of one share of Common Stock.

Net Issue Election. The Holder holder hereof may elect to receive, ------------------ without the payment by the Holder such holder of any additional consideration, shares of Preferred 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 form of subscription at the end hereof duly executedexecuted by such holder, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such holder such number of fully paid and nonassessable shares of Preferred Common Stock as is computed using the following formula: where: X= X = Y (A-B) ------- A where X = the number of shares of Preferred Stock to be issued to the Holder such holder pursuant to this Section 4subsection 1.4. Y= Y = the number of shares of Preferred Stock covered by this Warrant in respect of which the net issues issue election is made pursuant to the Section 4this subsection 1.4. A= A = the fair market value of one share of Preferred Common Stock, as determined in good faith by the BoardBoard of Directors of the Company, as at the time the net issue election is made pursuant to this Section 4subsection 1.4. B= B = the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4subsection 1.4. The Board of Directors of the Company shall promptly respond in writing to an inquiry by the holder hereof as to the fair market value of one share of Common Stock.

Net Issue Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Preferred 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 duly executed, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Preferred Stock as is computed using the following formula: Y (A-B) X= ------- A where: X= X = the number of shares of Preferred Stock to be issued to the Holder pursuant to this Section SECTION 4. Y= Y = the number of shares of Preferred Stock covered by this Warrant in respect of which the net issues issue election is made pursuant to the Section this SECTION 4. A= . A = the fair market value of one share of Preferred Stock, as determined in good faith by the Board, as at the time the net issue election is made pursuant to this Section 4. B= SECTION 4 or in the case of an Accelerating Merger as contemplated by SECTION 10 , the value received per share of Preferred Stock by all holders of the Preferred Stock as determined in good faith by the Board. B = the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section SECTION 4.

Net Issue Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Preferred 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 duly executed, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Preferred Stock as is computed using the following formula: X= Y (A-B) -------- A where: X= X = the number of shares of Preferred Stock to be issued to the Holder pursuant to this Section SECTION 4. Y= Y = the number of shares of Preferred Stock covered by this Warrant in respect of which the net issues issue election is made pursuant to the Section this SECTION 4. A= A = the fair market value of one share of Preferred Stock, as determined in good faith by the BoardCompany's Board of Directors, as at the time the net issue election is made pursuant to this Section SECTION 4. B= B = the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section SECTION 4.

Net Issue Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Preferred 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 duly executed, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Series A Preferred Stock as is computed using the following formula: X = Y X (A-B) --------- A where: X= X = the number of shares of Series A Preferred Stock to be issued to the Holder pursuant to this Section 42(b). Y= Y = the number of shares of Series A Preferred Stock covered by this Warrant in respect of which the net issues issue election is made pursuant to this Section 2(b). A = the Section 4. A= the fair market value Fair Market Value (as hereinafter defined) of one share of Series A Preferred Stock, as determined in good faith by the Board, as Stock at the time the net issue election is made pursuant to this Section 42(b). B= B = the Purchase Exercise Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 42(b). The Board shall promptly respond in writing to an inquiry by the Holder as to the Fair Market Value of one share of Series A Preferred Stock.

Net Issue Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Preferred 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 duly executed, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Preferred Common Stock as is computed using the following formula: where: X= X = Y (A-B) ------ A where X = the number of shares of Preferred Stock to be issued to the Holder pursuant to this Section 4. Y= Y = the number of shares of Preferred Stock covered by this Warrant in respect of which the net issues issue election is made pursuant to the this Section 4. A= A = the fair market value of one share of Preferred Common Stock, as determined in good faith by the Board, as at the time the net issue election is made pursuant to this Section 4. B= B = the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4. 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 Issue Election. The Holder holder hereof may elect to ------------------ receive, without the payment by the Holder such holder of any additional consideration, shares of Preferred 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 form of subscription at the end hereof duly executedexecuted by such holder, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such holder such number of fully paid and nonassessable shares of Preferred Common Stock as is computed using the following formula: where: X= X = Y (A-B) ------- A where X = the number of shares of Preferred Stock to be issued to the Holder such holder pursuant to this Section 4subsection 1.4. Y= Y = the number of shares of Preferred Stock covered by this Warrant in respect of which the net issues issue election is made pursuant to the Section 4this subsection 1.4. A= A = the fair market value of one share of Preferred Common Stock, as determined in good faith by the BoardBoard of Directors of the Company, as at the time the net issue election is made pursuant to this Section 4subsection 1.4. B= B = the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4subsection 1.4. The Board of Directors of the Company shall promptly respond in writing to an inquiry by the holder hereof as to the fair market value of one share of Common Stock.