Common use of Net Issue Exercise Clause in Contracts

Net Issue Exercise. Notwithstanding any provisions herein to the ------------------ contrary, if the fair market value of one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise and notice of such election in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: Y (A-B) ------ X = A X = the number of shares of Common Stock to be issued to the Holder Y = the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation) A = the fair market value of one share of the Company's Common Stock (at the date of such calculation) B = Exercise Price (as adjusted to the date of such calculation) For purposes of the above calculation, the fair market value of a share of Common Stock for purposes of this Warrant (the "Fair Market Value") shall be determined as follows:

Net Issue Exercise. Notwithstanding any provisions herein to the ------------------ contrary, if the fair market value of one share of the Company's Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant the Warrants for cash, the Warrant Holder may elect to receive shares equal to the value (as determined below) of this Warrant the Warrants (or the portion thereof being canceled) by surrender of this Warrant the Warrants at the principal office of the Company together with the properly endorsed duly executed Notice of Exercise and notice of such election in which event the Company shall issue to the Warrant Holder a number of shares of Common Stock computed using the following formula: Y (AX=Y(A-B) ------ X = B)/ A X = WHERE X= the number of shares of Common Stock to be issued to the Holder Y = Warrant Holder; Y= the number of shares of the Common Stock purchasable under the Warrant Warrants or, if only a portion of the Warrant Warrants is being exercised, the portion of the Warrant Warrants being canceled (at the date of such calculation) A = ); A= the fair market value of one share of the Company's Common Stock (at the date of such calculation) B = ); and B= Exercise Price (as adjusted to at the date of such calculation) ). For purposes of the above calculation, the fair market value of a one share of the Common Stock for purposes of this Warrant (the "Fair Market Value") shall be determined as follows:equal to the closing trading price of the Company's Common Stock on the day immediately prior to the date the Notice of Exercise is tendered to the Company.

Net Issue Exercise. Notwithstanding any provisions herein to the ------------------ contrary, if the fair market value Fair Market Value (as defined herein) of one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise and notice of such election in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: Y (A-B) ------ ------- X = A X = the number of shares of Common Stock to be issued to the Holder Y = the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion number of shares subject to the Warrant being canceled exercised (at the date of such calculation) A = the fair market value of one share of the Company's Common Stock (at the date of such calculation) B = Exercise Price (as adjusted to the date of such calculation) For purposes of the above calculation, the fair market value of a share of Common Stock for purposes of this Warrant (the "Fair Market Value") shall be determined as follows:)

Net Issue Exercise. Notwithstanding any provisions herein to the ------------------ contrary, if the fair market value of one share of the Company's Common Stock is greater than the Exercise Price stock purchase price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being canceledcancelled) by surrender of this Warrant at the principal office of the Company company together with the properly endorsed Notice Form of Exercise Subscription and notice of such election in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: X = Y (A-B) ------ X = ------- A Where X = the number of shares of Common Stock to be issued to the Holder Y = the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled cancelled (at the date of such calculation) A = the fair market value of one share of the Company's Common Stock Stock, as applicable (at the date of such calculation) B = Exercise Price stock purchase price (as adjusted to the date of such calculation) For purposes of this Warrant, including the above calculation, the fair market value of a one share of Common Stock for purposes of shall be the closing price on Nasdaq on the date that this Warrant (the "Fair Market Value") shall be determined as follows:is surrendered for exercise.

Net Issue Exercise. Notwithstanding any provisions herein to the ------------------ contrary, if the fair market value of one share of Common Stock is greater than the Warrant Exercise Price (at the date of calculation exercise of the Warrant as set forth below), in lieu of exercising this the Warrant for by payment of cash, the Holder Purchaser may elect to receive shares equal to the value (as determined below) of this the Warrant (or the portion thereof being canceled) by surrender of this the Warrant at the principal office of the Company together with the properly endorsed duly executed Notice of Exercise and notice of such election in which event the Company shall issue to the Holder Purchaser a number of shares of the Common Stock computed using the following formula: Y (A-X = Y(A - B) ------ X = -------- A WHERE X = the number of shares of Common Stock to be issued to the Holder Purchaser; Y = the number of shares of the Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion number of shares underlying the Warrant being canceled to the extent exercised (at the date of such calculation) exercise); A = the fair market value of one share of the Company's Common Stock (at the date of such calculation) ); and B = Warrant Exercise Price (as adjusted to at the date of such calculation) ). For purposes of the above calculation, fair market value of one share of Common Stock shall be equal to the closing sale price of the Common Stock on the day immediately prior to the date the Notice of Exercise is tendered to the Company. If the Common Stock is not traded on NASDAQ or other national stock exchange, the fair market value of a one share of Common Stock for purposes of this Warrant (the "Fair Market Value") shall be determined as follows:by the Board of Directors in good faith.

Net Issue Exercise. Notwithstanding any provisions herein to the ------------------ contrary, if the fair market value of one share of the Company's Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant the Warrants for cash, the Warrant Holder may elect to receive shares equal to the value (as determined below) of this Warrant the Warrants (or the portion thereof being canceled) by surrender of this Warrant the Warrants at the principal office of the Company together with the properly endorsed duly executed Notice of Exercise and notice of such election in which event the Company shall issue to the Warrant Holder a number of shares of the Common Stock computed using the following formula: Y (AX= Y(A-B) ------ X = A X = WHERE X= the number of shares of Common Stock to be issued to the Holder Y = Warrant Holder; Y= the number of shares of the Common Stock purchasable under the Warrant warrants or, if only a portion of the Warrant Warrants is being exercised, the portion of the Warrant Warrants being canceled (at the date of such calculation) A = ); A= the fair market value of one share of the Company's Common Stock (at the date of such calculation) B = ); and B= Exercise Price (as adjusted to at the date of such calculation) ). For purposes of the above calculation, the fair market value of a one share of the Common Stock for purposes of this Warrant (the "Fair Market Value") shall be determined as follows:equal to the closing trading price of the Company's Common Stock on the day immediately prior to the date the Notice of Exercise is tendered to the Company.

Net Issue Exercise. Notwithstanding any provisions herein to the ------------------ contrary, if the fair market value of one share of the Company's Common Stock is greater than the Exercise Stock Purchase Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice Form of Exercise Subscription and notice of such election in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: X = Y (A-B) ------ X = ------- A Where X = the number of shares of Common Stock to be issued to the Holder Y = the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation) A = the fair market value of one share of the Company's Common Stock (at the date of such calculation) B = Exercise Stock Purchase Price (as adjusted to the date of such calculation) For purposes of the above calculation, the fair market value of a one share of Common Stock for purposes of this Warrant (the "Fair Market Value") shall be determined as follows:based upon the average closing bid price of Common Stock on Nasdaq