Common use of Number of Shares Issuable Clause in Contracts

Number of Shares Issuable. The total number of shares initially authorized to be issued only upon exercise of Options issued under the Plan shall be 3,000,000 shares of Common Stock (on a post reverse-split basis of 1:2.5 intended to be effective in March 2003) of which Options to purchase up to 1,000,000 shares on a post reverse-split basis of 1:2.5 intended to be effective in March 2003)may be granted prior to March __, 2004. The number of shares available for issuance upon exercise of Options shall be subject to adjustment in accordance with Section 7.7. For the first twelve months from March __, 2003, issuances pursuant to this 2003 Employee Stock Option Plan shall be limited to Options which may be exercised with cash but not by using money presently owed by Company prior to March __, 2003.