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 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 office of the Company. 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 to be issued to the Holder pursuant to this Section 4. Y = the number of shares covered by this Warrant in respect of which the net issue election is made pursuant to this Section 4. A = the fair market value of one share of Common Stock, which shall be equal to the average closing price on the Nasdaq National Market of the Common Stock over the ten (10) day period prior to the date 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. 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 may elect to receive, without the payment by the Holder of any additional consideration, shares 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 office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Common Preferred Stock as is computed using the following formula: X = Y (AY(A-B) ------- X = ---------- A where X = the number of shares to be issued to the Holder pursuant to this Section 41(b). Y = the number of shares covered by this Warrant in respect of which the net issue election is made pursuant to this Section 41(b). A = the fair market value Fair Market Value (as hereinafter defined) of one share of Common Series B Preferred Stock, which shall be equal to as at the average closing price on the Nasdaq National Market of the Common Stock over the ten (10) day period prior to the date time the net issue election is made pursuant to this Section 41(b). B = the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4l(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 Series B Preferred Stock.

Net Issue Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares 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 office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Common Preferred Stock as is computed using the following formula: X = Y (A-B) ------- -------- A where X = the number of shares to be issued to the Holder pursuant to this Section 4I (b). Y = the number of shares covered by this Warrant in respect of which the net issue election is made pursuant to this Section 4I (b). A = the fair market value Fair Market Value (as hereinafter defined) of one share of Common Series B Preferred Stock, which shall be equal to as at the average closing price on the Nasdaq National Market of the Common Stock over the ten (10) day period prior to the date time the net issue election is made pursuant to this Section 4I (b). B = the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4I (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 Series B Preferred Stock.

Net Issue Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares 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 office of the Company. 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 to be issued to the Holder pursuant to this Section 4. ; Y = the number of shares covered by this Warrant in respect of which the net issue election is made pursuant to this Section 4. paragraph 6; A = the fair market value Fair Market Value of one share of Common Stock, which shall be equal to as at the average closing price on the Nasdaq National Market of the Common Stock over the ten (10) day period prior to the date time the net issue election is made pursuant to this Section 4. paragraph 6; and B = the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4paragraph 6. The If Common Stock is not publicly traded as described in paragraph 4(a), above, the Board shall promptly respond in writing to an inquiry by the Holder as to the fair market value Fair Market Value of one share of the Common Stock; provided, however, the Board shall not be required to so respond sooner than the second Business Day (as defined below) after its next meeting.

Net Issue Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares 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 office of the Company. 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 to be issued to the Holder pursuant to this Section 4. ; Y = the number of shares covered by this Warrant in respect of which the net issue election is made pursuant to 0to this Section 4. paragraph 6; A = the fair market value Fair Market Value of one share of Common Stock, which shall be equal to as at the average closing price on the Nasdaq National Market of the Common Stock over the ten (10) day period prior to the date time the net issue election is made pursuant to this Section 4. paragraph 6; and B = the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4paragraph 6. The If Common Stock is not publicly traded as described in paragraph 4(a), above, the Board shall promptly respond in writing to an inquiry by the Holder as to the fair market value Fair Market Value of one share of the Common Stock; provided, however, the Board shall not be required to so respond sooner than the second Business Day (as defined below) after its next meeting.

Net Issue Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares 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 office of the Company. 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 to be issued to the Holder pursuant to this Section 4. Y = the number of shares covered by this Warrant in respect of which the net issue election is made pursuant to this Section 4. A = the fair market value of one share of Common Stock, which shall be equal to the average closing price on the Nasdaq National Market of the Common Stock over the ten (10) day period prior to the date 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. 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.