Common use of Automatic Net Exercise Clause in Contracts

Automatic Net Exercise. Notwithstanding the foregoing or anything to contrary herein, upon an Acceleration Event, if the fair market value of one Exercise Share (as determined by the Board in connection with such Acceleration Event) is greater than the Exercise Price, then immediately prior to the closing of such Acceleration Event, this Warrant shall be deemed automatically exercised in accordance with the formula set forth above in Section 2.1 without any further act of the Company or the Holder, and the Holder will receive the consideration to be received in such Acceleration Event, if any, in respect of the Exercise Shares received upon such net exercise in accordance with Section 2.1. In connection with any automatic exercise of the Warrant pursuant to this Section 2.2, upon request by the Company, Xxxxxx agrees to execute, deliver and enter into any documents or agreements executed or otherwise entered into by other security holders of the Company in connection with the Acceleration Event giving rise to such exercise.