Bonus Warrants. The Company agrees that Employee is entitled to retain warrants for 1,200,000 shares of the Company's restricted common stock (the "Bonus Warrants"), in accordance with the terms of the Warrant Agreement, dated March 13, 1998, a copy of which is attached hereto as "Exhibit A."
Bonus Warrants. In consideration for the Lenders entering into this Agreement and making the Credit Facility available to the Borrower pursuant to the terms hereof, the Borrower shall issue and deliver to the Lenders ratably (with respect to each Lenders’ contribution to the Commitment Amount) an aggregate of up to 5,250,000 Warrants (the “Bonus Warrants”), with such Bonus Warrants to be issued to the Lenders ratably in number of Bonus Warrants and vesting terms (except for the Initial Warrants which shall be equally split among the Lenders) upon the first day that the Credit Facility is made available to the Borrower and will contain the following vesting terms:
Bonus Warrants. 5.1 The Bonus Warrants will be represented by certificates registered in the names of the Purchasers or their nominees.
5.2 The Bonus Warrants will have the following terms:
(a) if any one of the conditions set forth in Subsection 4.1(e) are not met on or before the Filing Deadline, the Issuer will issue Additional Shares to each holder of Bonus Warrants equal to 0.02 Additional Share for each Bonus Warrant for each month or partial month any of the conditions set forth in Subsection 4.1(e) remain outstanding;
(b) if any one of the conditions set forth in Subsection 4.1(f) are not met on or before the Effectiveness Deadline, the Issuer will issue Damages Shares to each holder of Bonus Warrants equal to 0.1 Damages Share for each Bonus Warrant;
(c) notwithstanding the provisions above, the maximum number of Additional Shares and Damages Shares that will be issued by the Issuer under a Bonus Warrant will be in aggregate 0.1 Additional Shares and Damages Shares;
(d) if the Issuer has not increased its authorized capital to not less than 200,000,000 Common Shares pursuant to Subsection 4.1(a) and 4.1(b) prior to the date that the Issuer must issue Additional Shares or Damages Shares in accordance with the provisions of the Bonus Warrant, the Issuer will issue such Additional Shares or Damages Shares immediately after such increase in authorized capital has been effected.
5.3 The certificates representing the Bonus Warrants will, among other things, include provisions for the appropriate adjustment in the class, number and price of the Additional Shares or Damages Shares issued upon exercise of the Bonus Warrants upon the occurrence of certain events, including any subdivision, consolidation or reclassification of the Issuer's Common Shares, the payment of stock dividends and the amalgamation of the Issuer.
5.4 The issue of the Bonus Warrants will not restrict or prevent the Issuer from obtaining any other financing, or from issuing additional securities or rights, during the period within which Additional Shares or Damages Shares may be issued.
Bonus Warrants. In the event the Company issues bonus warrants in respect of any Shares which are held by the Trustee (or Holdcos), the Trustee shall not, unless otherwise instructed by the Company, subscribe (or cause Holdcos to subscribe) for any new Shares by exercising any of the subscription rights attached to the bonus warrants, and shall sell the bonus warrants created and granted to it, and the net proceeds of sale of such bonus warrants shall be held as funds of the Trusts for the benefit of the Scheme.
Bonus Warrants. In connection with the completion of the Second Closing, the Company shall grant to the Investor at no additional cost warrants to purchase up to 6,000,000 shares of Common Stock at $0.50 per share exercisable immediately upon issuance and through December 31, 2017 (the “Bonus Warrants”). The Bonus Warrants shall be in form substantially identical to the Second Tranche Warrants.
Bonus Warrants. Borrower shall issue to Lender, a bonus of 555,555 non-transferable warrants (“Warrants”) in consideration of the risks taken by the Lender in extending this revolving credit line. Each Warrant shall be exercisable to acquire one share of common stock of Vuzix Corporation (each, a “Share” and collectively, the “Shares”) at a price of Cdn $0.12 per share for until the earlier to occur of:
(i) the later of (a) the Maturity Date (as such term is defined in the Promissory Note) and (b) such time as all payments of outstanding principal and interest have been made to Lender;
(ii) Five (5) years from the date of the issuance of the Warrants; or
(iii) Five (5) business days after the date when no Advances are outstanding and either the Lender has declined any further Advances pursuant to Section 2(d) of this Agreement or the obligation of the lender to make any further Advances has terminated or expired. The Warrants and the Shares issued upon their exercise shall be subject to standard TSXV hold periods and US SEC Rule 144 restrictions. Borrower shall have no obligation to ensure that Rule 144 is available to Lender at any time.
Bonus Warrants. As additional compensation to the Manager hereunder, the Company has, concurrently with the execution of this Agreement, executed and delivered to Manager, two warrants, each substantially in the form of Exhibit B hereto (each a "Warrant" and, collectively, the "Warrants"), granting Manager the right to purchase (i) an aggregate of 1,000,000 shares of common stock, par value $.01 per share, of the Company (the "Common Stock") at a price of $20.00 per share if the Market Price (as defined in the Warrants) per share of Common Stock is at least $30.00 on at least twenty (20) out of thirty (30) consecutive days during which the national securities exchanges are open for trading and (ii) an aggregate of 1,000,000 shares of Common Stock at a price of $25.00 per share if the Market Price per share of Common Stock is at least $40.00 on at least twenty (20) out of thirty (30) consecutive days during which the national securities exchanges are open for trading.
Bonus Warrants. In further consideration of the Lender having entered into this Agreement, the Borrower agrees to issue warrants to acquire 12,000 Class B Common Shares in the capital stock of the Borrower (the “Bonus Warrants”). The Bonus Warrants shall expire on the date that is 2 years from the date of their issuance and shall be exercisable at a price of CAN$0.50 per Bonus Warrant. Each Bonus Warrant shall entitle the Lender to acquire one Class B Common Share in the capital stock of the Borrower. In the event that the Borrower engages in a consolidation or stock split, the Bonus Warrants shall be adjusted accordingly to maintain the ratio of Bonus Warrants to the total stock of the Borrower that is outstanding at that time. The Borrower agrees to issue the Bonus Warrants following the restatement of its financial statements for the first three quarters of 2011, and in any event, no later than the date that is two years from the date of the disbursement of the Loan, and subject to compliance with all regulatory requirements in connection thereof.
Bonus Warrants
