Cash or Check Payments in Lieu of Fractional Shares. The Issuer shall not issue a fractional share of Common Stock upon conversion of 2023 Notes. Instead the Issuer shall deliver cash (or Issuer's check) for the current market value of the fractional share. The current market value of a fractional share shall be determined to the nearest 1/10,000th of a share by multiplying the Last Reported Sale Price of a full share of Common Stock on the Trading Day immediately preceding the Conversion Date by the fractional amount and rounding the product to the nearest whole cent.
Appears in 5 contracts
Samples: Sixteenth Supplemental Indenture (CMS Energy Corp), Sixteenth Supplemental Indenture (CMS Energy Corp), Supplemental Indenture (CMS Energy Corp)
Cash or Check Payments in Lieu of Fractional Shares. The Issuer shall not issue a fractional share of Common Stock upon conversion of 2023 2024 Notes. Instead the Issuer shall deliver cash (or Issuer's ’s check) for the current market value of the fractional share. The current market value of a fractional share shall be determined to the nearest 1/10,000th of a share by multiplying the Last Reported Sale Price of a full share of Common Stock on the Trading Day immediately preceding the Conversion Date by the fractional amount and rounding the product to the nearest whole cent.
Appears in 1 contract
Samples: Indenture (CMS Energy Corp)
