Common use of Cashless Exchange Clause in Contracts

Cashless Exchange. In lieu of payment of the Aggregate Exercise Price in the manner as specified in Section 2.2 above, but otherwise in accordance with the requirements of Section 2.1, if the Fair Market Value of one share of Common Stock is greater than the Exercise Price (at the date of calculation below), Holder shall have the right to exchange this Warrant or any portion thereof for a number of shares equal to the value of this Warrant, or portion thereof as to which this Warrant is being exchanged by surrender of this Warrant to the Company together with the Exercise Notice. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable shares of Common Stock as are computed using the following formula: X = Y(A-B)/A where:

Appears in 4 contracts

Samples: Warrant Agreement (Marizyme, Inc.), Warrant Agreement (Marizyme, Inc.), Warrant Agreement (Marizyme, Inc.)

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