Common use of New Issuances Clause in Contracts

New Issuances. The Company hereby grants to the Shareholders the right of first refusal (the "RIGHT OF FIRST REFUSAL") to purchase, pro rata, all (or any part) of "NEW SECURITIES" (as defined in this Section 17) that the Company may, from time to time propose to sell and issue. Such pro rata share, for purposes of this right of first refusal, is the ratio of (X) the sum of the number of shares of Common Stock then owned by such Shareholder and the number of shares of Common Stock issuable upon the conversion of the Shares then owned by such Shareholder, to (Y) the sum of the total number of shares of Common Stock then outstanding and the total number of shares of Common Stock issuable upon the conversion or exercise of the total number of shares or options to purchase shares then outstanding or reserved for issuance. This right of first refusal shall be subject to the following provisions:

New Issuances. The Company hereby grants to the Shareholders Holders the right ------------- of first refusal (the "RIGHT OF FIRST REFUSAL") to purchase, pro rata, all (or any part) of "NEW SECURITIES" (as defined in this Section 17) that the Company may, from time to time propose to sell and issue. Such pro rata share, for purposes of this right of first refusal, is the ratio of (X) the sum of the number of shares of Common Stock then owned by such Shareholder Holder and the number of shares of Common Stock issuable upon the conversion of the Shares then owned by such ShareholderHolder, to (Y) the sum of the total number of shares of Common Stock then outstanding and the total number of shares of Common Stock issuable upon the conversion or exercise of the total number of shares or options to purchase shares then outstanding or reserved for issuanceoutstanding. This right of first refusal shall be subject to the following provisions:

New Issuances. The Company hereby grants to the Shareholders the right of first refusal (the "RIGHT OF FIRST REFUSAL") to purchase, pro rata, all (or any part) of "NEW SECURITIES" (as defined in this Section 17) that the Company may, from time to time propose to sell and issue. Such pro rata share, for purposes of this right of first refusal, is the ratio of (X) the sum of the number of shares of Common Stock then owned by such Shareholder and the number of shares of Common Stock issuable upon the conversion of the Shares then owned by such Shareholder, to (Y) the sum of the total number of shares of Common Stock then outstanding and the total number of shares of Common Stock issuable upon the conversion of all outstanding convertible securities or upon the exercise of the total number of shares or all options to purchase shares then outstanding or reserved for issuanceoutstanding. This right of first refusal shall be subject to the following provisions: