Common use of Net Issuance Clause in Contracts

Net Issuance. In lieu of payment of the Exercise Price described in Section 2.1, Holder may elect to receive, without the payment by 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 attached hereto (the “Net Issuance Election”) duly executed, at the principal executive offices of the Company. Thereupon, the Company shall issue to Holder such number of fully paid and nonassessable Shares as is computed using the following formula: where: X = Y (A-B) A X = the number of Shares to be issued to Holder pursuant to this Section 2. Y = the number of Shares covered by this Warrant in respect of which the net issuance election is made pursuant to this Section 2. A = the “fair market value” of one Share, as determined in accordance with the provisions of this Section 2. B = the Exercise Price in effect under this Warrant at the time the net issuance election is made pursuant to this Section 2. 1 Insert date that is fifth anniversary of date of issuance.

Net Issuance. In lieu of payment of the Exercise Price described in Section 2.12(a), the Holder may elect to receive, without the payment by the Holder of any additional consideration, Shares shares equal to the value of this Warrant or any portion hereof, hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice attached hereto (Notice of Exercise duly executed and electing the “Net Issuance Election”) duly executedcashless exercise option, at the principal executive offices of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable Shares as is computed using the following formula: where: X = Y (A-B) A X = the number of Shares to be issued to the Holder pursuant to this Section 2. Y = the number of Shares covered by this Warrant in respect of which the net issuance election is made pursuant to this Section 2. A = the “fair market value” value of one share of Common Share, as determined in accordance with the provisions of this Section 2. B = the Exercise Price in effect under this Warrant at the time the net issuance election is made pursuant to this Section 2. 1 Insert date that is fifth anniversary For purposes of date this Section 2, the “fair market value” per share of issuance.the Common Share shall mean:

Net Issuance. In lieu of payment of the Exercise Price described in Section 2.12(a) hereof, Holder may elect to receive, without the payment by Holder of any additional consideration, Shares shares equal to the value (as determined below) of this Warrant or any portion hereof, hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice attached Net Issuance Election Notice annexed hereto (the “Net Issuance Election”"NET ISSUANCE ELECTION") duly executed, at the principal executive offices of the Company. Thereupon, the Company shall issue to Holder such number of fully paid and nonassessable Shares as is computed using the following formula: where: X = Y (A-B) ------- A X = the number of Shares to be issued to Holder pursuant to this Section 2. Y = the number of Shares covered by this Warrant in respect of which the net issuance election Net Issuance Election is made pursuant to this Section 22(b). A = the “fair market value” value of one Shareshare of Common Stock, as determined in accordance with the provisions of this Section 22(b). B = the Exercise Price in effect under this Warrant at the time the net issuance election Net Issuance Election is made pursuant to this Section 22(b). 1 Insert date that is fifth anniversary For purposes of date this Section 2(b), the "fair market value" per share of issuance.the Common Stock shall mean:

Net Issuance. In lieu of payment of the Exercise Price described in Section 2.12(a), 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, hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice attached annexed hereto (the “Net Issuance ElectionElection Notice”) duly executed, at the principal executive offices office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable Shares as is computed using the following formula: where: X = Y (A-B) A X = the number of Shares to be issued to the Holder pursuant to this Section 2. Y = the number of Shares covered by this Warrant in respect of which the net issuance election is made pursuant to this Section 2. A = the “fair market value” value of one Share, as determined in accordance with the provisions of this Section 2. B = the Exercise Price in effect under this Warrant at the time the net issuance election is made pursuant to this Section 2. 1 Insert date that is fifth anniversary For purposes of date of issuance.this Section 2, the “fair market value” per Share shall mean:

Net Issuance. In lieu of payment of the Exercise Price described in Section 2.12(a), the Holder may elect to receive, without the payment by the Holder of any additional consideration, Shares shares equal to the value of this Warrant or any portion hereof, hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice attached annexed hereto (the “Net Issuance Election”) duly executed, at the principal executive offices office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable Shares shares of Common Stock as is computed using the following formula: where: X = Y (A-B) ------- A X = the number of Shares shares to be issued to the Holder pursuant to this Section 2. Y = the number of Shares shares covered by this Warrant in respect of which the net issuance election is made pursuant to this Section 2. A = the “fair market value” value of one Shareshare of Common Stock, as determined in accordance with the provisions of this Section 2. B = the Exercise Price in effect under this Warrant at the time the net issuance election is made pursuant to this Section 2. 1 Insert date that is fifth anniversary For purposes of date this Section 2, the "FAIR MARKET VALUE" per share of issuance.the Company's Common Stock shall mean:

Net Issuance. In lieu of payment of the Exercise Price described in Section 2.12(a), the Holder may elect to receive, without the payment by the Holder of any additional consideration, Shares shares equal to the value of this Warrant or any portion hereof, hereof by the surrender of this Warrant or such portion to the Company, with the net issue election 2 notice attached annexed hereto (the “Net Issuance Election”) duly executed, at the principal executive offices office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable Shares shares of Common Stock as is computed using the following formula: where: X = Y (A-B) ------ A X = the number of Shares shares to be issued to the Holder pursuant to this Section 2. Y = the number of Shares shares covered by this Warrant in respect of which the net issuance election is made pursuant to this Section 2. A = the “fair market value” value of one Shareshare of Common Stock, as determined in accordance with the provisions of this Section 2. B = the Exercise Price in effect under this Warrant at the time the net issuance election is made pursuant to this Section 2. 1 Insert date that is fifth anniversary For purposes of date this Section 2, the "fair market value" per share of issuance.the Company's Common Stock shall mean: