Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that the Company shall at any time or from time to time, after the issuance of this Warrant but prior to the exercise hereof, (w) make a dividend or distribution on the outstanding shares of Common Stock payable in Capital Stock, (x) subdivide the outstanding shares of Common Stock into a larger number of shares, (y) combine the outstanding shares of Common Stock into a smaller number of shares or (z) issue any shares of its Capital Stock in a reclassification of the Common Stock (other than any such event for which an adjustment is made pursuant to another clause of this Section 5), then, and in each such case, (A) the aggregate number of Warrant Shares for which this Warrant is exercisable (the "Warrant Share Number") immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder shall be entitled to receive upon exercise of this Warrant the number of shares of Common Stock or other securities of the Company that it would have owned or would have been entitled to receive upon or by reason of any of the events described above, had this Warrant been exercised immediately prior to the occurrence of such event and (B) the Exercise Price payable upon the exercise of this Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares issuable immediately thereafter. An adjustment made pursuant to this Section 5.1 shall become effective retroactively (x) in the case of any such dividend or distribution, to a date immediately following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution or (y) in the case of any such subdivision, combination or reclassification, to the close of business on the day upon which such corporate action becomes effective.
Appears in 4 contracts
Samples: Warrant Agreement (Vaalco Energy Inc /De/), Warrant Agreement (Vaalco Energy Inc /De/), Warrant Agreement (Vaalco Energy Inc /De/)
Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that the Company shall at any time or from time to time, after the issuance of this Warrant but prior to the exercise hereof, (wa) make a dividend or distribution on the outstanding shares of Common Stock payable in Capital shares of Common Stock, (xb) subdivide the outstanding shares of Common Stock into a larger number of shares, (yc) combine the outstanding shares of Common Stock into a smaller number of shares or (zd) issue any shares of its Capital Stock in a reclassification of the Common Stock (other than any such event for which an adjustment is made pursuant to another clause provision of this Section 512), then, and in each such case, (A) the aggregate number of Warrant Shares for which this Warrant is exercisable (the "Warrant Share Number") Number immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder shall be entitled to receive upon the exercise of this Warrant the a number of shares of Common Stock or other securities of the Company that it the Warrantholder would have owned or would have been entitled to receive upon or by reason of any of the events event described above, had this Warrant been exercised immediately prior to the occurrence of such event and (B) event, calculated to the Exercise Price payable upon the exercise nearest 1/1,000th of this Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares issuable immediately thereaftershare. An Any adjustment made pursuant to this Section 5.1 12(A) shall become effective retroactively (xi) in the case of any such dividend or distribution, if the same shall not be subject to a any express condition which shall not have already occurred, to the date immediately following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution or (yii) in the case of any such subdivision, combination or reclassification, to the close of business on the day upon date on which such corporate action becomes effective.
Appears in 4 contracts
Samples: Warrant Agreement (Tidewater Inc), Warrant Agreement (Tidewater Inc), Warrant Agreement (Gulfmark Offshore Inc)
Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that If the Company shall at any time or from time to time, after the issuance of this Warrant but prior to the exercise hereof, (wa) make a dividend or distribution on the outstanding shares of Common Stock payable in Capital Stock, (xb) subdivide the outstanding shares of Common Stock into a larger number of shares, (yc) combine the outstanding shares of Common Stock into a smaller number of shares or (zd) issue any shares of its Capital Stock in a reclassification of the Common Stock (other than any such event for which an adjustment is made pursuant to another clause of this Section Paragraph 5), then, and in each such case, (Ai) the aggregate number of Warrant Shares for which this Warrant is exercisable (the "Warrant Share Number") immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder shall be entitled to receive upon exercise of this Warrant the number of shares of Common Stock or other securities of the Company that it would have owned or would have been entitled to receive upon or by reason of any of the events described above, had this Warrant been exercised immediately prior to the occurrence of such event and (Bii) the Exercise Price payable upon the exercise of this Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant Share Number immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares issuable Share Number immediately thereafter. An adjustment made pursuant to this Section Paragraph 5.1 shall become effective retroactively (x) in the case of any such dividend or distribution, to a date immediately following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution distribution, or (y) in the case of any such subdivision, combination or reclassification, to the close of business on the day upon which such corporate action becomes effective.
Appears in 2 contracts
Samples: Common Stock Purchase Warrant (Daleen Technologies Inc), Common Stock Purchase Warrant (Daleen Technologies Inc)
Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that If the Company shall shall, at any time or from time to time, after the issuance prior to exercise in full of this Warrant but prior to the exercise hereof, Warrant: (wa) make pay a dividend or otherwise make a distribution on the outstanding shares of Common Stock payable in Capital Stock, ; (xb) subdivide the outstanding shares of Common Stock into a larger number of shares, ; (yc) combine the outstanding shares of Common Stock into a smaller number of shares shares; or (zd) issue any shares of its Capital Stock in a reclassification of the Common Stock (other than any such event for which an adjustment is made pursuant to another clause of this Section 5), then, and in each such case, (A) the aggregate Exercise Price and the number of Warrant Shares for which this Warrant is exercisable (the "Warrant Share Number") hereunder in effect immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder shall thereafter be entitled to receive receive, upon the exercise of the unexercised portion of this Warrant Warrant, the number of shares of Common Stock or other securities of the Company that it such Warrantholder would have owned or would have been entitled to receive upon or by reason of any of the events described above, had this Warrant been exercised immediately prior to the occurrence of such event and (B) the Exercise Price payable upon the exercise of this Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares issuable immediately thereafterevent. An adjustment made pursuant to this Section 5.1 shall become effective retroactively retroactively: (x) in the case of any such dividend or distribution, to a date immediately following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution distribution; or (y) in the case of any such subdivision, combination or reclassification, to the close of business on the day upon which such corporate action becomes effective.
Appears in 2 contracts
Samples: Warrant Agreement (Aspen Aerogels Inc), Warrant Agreement (Aspen Aerogels Inc)
Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that the Company shall at any time or from time to time, after the issuance of this Warrant but prior to the exercise hereof, (w) make a dividend or distribution on the outstanding shares of Common Stock payable in Capital Stock, (x) subdivide the outstanding shares of Common Stock into a larger number of shares, (y) combine the outstanding shares of Common Stock into a smaller number of shares or (z) issue any shares of its Capital Stock in a reclassification of the Common Stock (other than any such event for which an adjustment is made pursuant to another clause of this Section 5), then, and in each such case, (A) the aggregate number of Warrant Shares for which this Warrant is exercisable (the "“Warrant Share Number"”) immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder shall be entitled to receive upon exercise of this Warrant the number of shares of Common Stock or other securities of the Company that it would have owned or would have been entitled to receive upon or by reason of any of the events described above, had this Warrant been exercised immediately prior to the occurrence of such event and (B) the Exercise Price payable upon the exercise of this Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares issuable immediately thereafter. An adjustment made pursuant to this Section 5.1 shall become effective retroactively (x) in the case of any such dividend or distribution, to a date immediately following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution or (y) in the case of any such subdivision, combination or reclassification, to the close of business on the day upon which such corporate action becomes effective. Notwithstanding the foregoing, the adjustment pursuant to this Section 5.1 shall not apply to the Warrant Shares if the number of shares of Common Stock issuable under this Warrant is calculated based on the Warrant Percentage.
Appears in 1 contract
Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that If the Company shall at any time or from time to time, after the issuance of this Warrant but prior to the exercise hereof, (w) make a dividend or distribution on the outstanding shares of Common Stock payable in Capital Stock, (x) subdivide the outstanding shares of Common Stock into a larger number of shares, (y) combine the outstanding shares of Common Stock into a smaller number of shares shares, through a reverse stock split or otherwise, or (z) issue any shares of its Capital Stock in a reclassification of the Common Stock (other than any such event for which an adjustment is made pursuant to another clause of this Section 5), then, and in each such case, (A) the aggregate number of Warrant Shares for which this Warrant is exercisable (the "Warrant Share Number") immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder shall be entitled to receive upon exercise of this Warrant the number of shares of Common Stock or other securities of the Company that it would have owned or would have been entitled to receive upon or by reason of any of the events described above, had this Warrant been exercised immediately prior to the occurrence of such event and (B) the Exercise Price payable upon the exercise of this Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares issuable immediately thereafter. An adjustment made pursuant to this Section 5.1 shall become effective retroactively (x) in the case of any such dividend or distribution, to a date immediately following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution or (y) in the case of any such subdivision, combination or reclassification, to the close of business on the day upon which such corporate action becomes effective.
Appears in 1 contract
Samples: Warrant Agreement (Tickets Com Inc)
Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that the Company shall at any time or from time to time, after the issuance of this Warrant but prior to the exercise hereof, (wa) make a dividend or distribution on the outstanding shares of Common Stock or Class A Common Stock payable in Capital shares of Class A Common Stock, (xb) subdivide the outstanding shares of Class A Common Stock into a larger number of shares, (yc) combine the outstanding shares of Common Stock or Class A Common Stock into a smaller number of shares or (zd) issue any shares of its Capital Stock in a reclassification of the Common Stock or Class A Common Stock (other than any such event for which an adjustment is made pursuant to another clause provision of this Section 512), then, and in each such case, (A) the aggregate number of Warrant Shares for which this Warrant is exercisable (the "Warrant Share Number") , immediately prior to such event shall be adjusted solely by adjusting the number of shares of Class A common stock issuable upon exercise of such Warrant (except for any adjustment resulting from a decrease in the number of shares of Common Stock or Class A Common Stock outstanding, in which case the Warrant Share Number in respect of the Common Stock represented hereby shall be revised proportionally to the effect on the outstanding number of shares of Common Stock) (and any other appropriate actions shall be taken by the Company) so that the Warrantholder shall be entitled to receive upon the exercise of this Warrant the a number of shares of Common Stock and Class A Common Stock, or other securities of the Company that it the Warrantholder would have owned or would have been entitled to receive upon or by reason of any of the events event described above, had this Warrant been exercised immediately prior to the occurrence of such event and (B) event, calculated to the Exercise Price payable upon the exercise nearest 1/1,000th of this Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares issuable immediately thereaftershare. An Any adjustment made pursuant to this Section 5.1 12(A) shall become effective retroactively (xi) in the case of any such dividend or distribution, to a the date immediately following the close of business on the record date for the determination of holders of shares of Common Stock or Class A Common Stock, as the case may be, entitled to receive such dividend or distribution or (yii) in the case of any such subdivision, combination or reclassification, to the close of business on the day upon date on which such corporate action becomes effective. In the event that the Charter is amended to permit the Company to (a) make a dividend or distribution on the outstanding shares of Class B Common Stock payable in shares of Class B Common Stock or (b) subdivide the outstanding shares of Class B Common Stock into a larger number of shares, this Section 12(A) shall be deemed to be equitably amended, without any further action by the parties hereto, to reflect such change to the Charter to ensure that Warrantholders continue to be eligible to participate proportionately in any distribution of the Net Litigation Recovery made in respect of the Class B Common Stock.
Appears in 1 contract
Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that If the Company shall at any time or from time to time, after the issuance of this Warrant Closing Date but prior to the exercise hereof, (w) make a dividend or distribution on the outstanding shares of Common Stock payable in Capital Stock, (x) subdivide the outstanding shares of Common Stock into a larger number of shares, (y) combine the outstanding shares of Common Stock into a smaller number of shares or (z) issue any shares of its Capital Stock in a reclassification of the Common Stock (other than any such event for which an adjustment is made pursuant to another clause of this Section 5), then, and in each such case, (A) the aggregate number of Warrant Shares for which this Warrant is exercisable (the "Warrant Share Number") immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder shall be entitled to receive upon exercise of this Warrant the number of shares of Common Stock or other securities of the Company that it would have owned or would have been entitled to receive upon or by reason of any of the events described above, had this Warrant been exercised immediately prior to the occurrence of such event and (B) the Exercise Price payable upon the exercise of this Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant Share Number immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares issuable Share Number immediately thereafter. An adjustment made pursuant to this Section 5.1 shall become effective retroactively (x) in the case of any such dividend or distribution, to a date immediately following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution or (y) in the case of any such subdivision, combination or reclassification, to the close of business on the day upon which such corporate action becomes effective.
Appears in 1 contract
Samples: Securities Purchase Agreement (American Skiing Co /Me)
Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that the Company shall at any time or from time to time, time after the issuance of this Warrant but prior to the exercise hereof, (wa) make a dividend or distribution on the outstanding shares of Common Stock payable in Capital Stock, (xb) subdivide the outstanding shares of Common Stock into a larger number of shares, (yc) combine the outstanding shares of Common Stock into a smaller number of shares or (zd) issue any shares of its Capital Stock in a reclassification of the Common Stock (other than any such event for which an adjustment is made pursuant to another clause of this Section 54), then, and in each such case, (Ai) the aggregate number of Warrant Shares for which this Warrant is exercisable (the "Warrant Share Number") Aggregate Number immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder shall be entitled to receive upon exercise of this Warrant the number of shares of Common Stock or other securities of the Company that it would have owned or would have been entitled to receive upon or by reason of any of the events described above, had this Warrant been exercised immediately prior to the occurrence of such event and (Bii) the Exercise Price payable upon the exercise of this Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares issuable immediately thereafter. An adjustment made pursuant to this Section 5.1 4.1 shall become effective retroactively (x) in the case of any such dividend or distribution, to a date immediately following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution or (y) in the case of any such subdivision, combination or reclassification, to the close of business on the day upon which such corporate action becomes effective.
Appears in 1 contract
Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that the Company shall at any time or from time to time, after the issuance of this Warrant Warrant, but prior to the exercise hereof, (wi) make a dividend or distribution on the outstanding shares of Common Stock payable in Capital Stockshares of the Company’s capital stock, (xii) subdivide the outstanding shares of Common Stock into a larger number of shares, (yiii) combine the outstanding shares of Common Stock into a smaller number of shares or (ziv) issue any shares of its Capital Stock capital stock in a recapitalization, reorganization or reclassification of the Common Stock (other than any such event for which an adjustment is made pursuant to another clause of this Section 57), then, and in each such case, (A) the aggregate number of Warrant Shares for which this Warrant is exercisable (the "“Warrant Share Number"”) immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder Holder shall be entitled to receive upon exercise of this Warrant the number of shares of Common Stock or other securities of the Company that it would have owned or would have been entitled to receive upon or by reason of any of the events described above, had this Warrant been exercised immediately prior to the occurrence of such event and (B) the Exercise Price payable upon the exercise of this Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares issuable immediately thereafter. An adjustment made pursuant to this Section 5.1 7(a) shall become effective retroactively (xi) in the case of any such dividend or distribution, to a date immediately following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution or (yii) in the case of any such subdivision, combination combination, reclassification, recapitalization or reclassificationreorganization, to the close of business on the day upon which such corporate action becomes effective.
Appears in 1 contract
Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that If the Company shall at any time or from time to time, after the issuance of this Warrant but prior to the exercise hereof, (w) make a dividend or distribution on the outstanding shares of Common Stock payable in Capital Stock, (x) subdivide the outstanding shares of Common Stock into a larger number of shares, (y) combine the outstanding shares of Common Stock into a smaller number of shares or (z) issue any shares of its Capital Stock in a reclassification of the Common Stock (other than any such event for which an adjustment is made pursuant to another clause of this Section 54), then, and in each such case, (A) the aggregate number of Warrant Shares for which this Warrant is exercisable (the "Warrant Share Number") Number immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder shall be entitled to receive upon exercise of this Warrant the number of shares of Common Stock or other securities of the Company that it would have owned or would have been entitled to receive upon or by reason of any of the events described above, had this Warrant been exercised immediately prior to the occurrence of such event and (B) the Exercise Price payable upon the exercise of this Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant Share Number immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares issuable Share Number immediately thereafter. An adjustment made pursuant to this Section 5.1 5.2 shall become effective retroactively (x) in the case of any such dividend or distribution, to a date immediately following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution or (y) in the case of any such subdivision, combination or reclassification, to the close of business on the day upon which such corporate action becomes effective.
Appears in 1 contract
Samples: Common Stock Purchase Warrant (Horizon Medical Products Inc)
Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that the Company shall at any time or from time to time, time after the issuance of this Warrant but prior to the exercise hereof, :
(wi) make a dividend or distribution on the outstanding shares of Common Stock payable in Capital Stock, capital stock;
(xii) subdivide the or reclassify or reorganize its outstanding shares of Common Stock into a larger greater number of shares, ;
(yiii) combine the or reclassify or reorganize its outstanding shares of Common Stock into a smaller number of shares or shares; or
(ziv) issue any shares issue, by reclassification of its Capital Stock in a reclassification of the Common Stock (or other than reorganization, any such event for which an adjustment is made pursuant to another clause Additional Shares of this Section 5), then, Common Stock; then the number and in each such case, (A) the aggregate number kind of Warrant Shares for which purchasable upon exercise of this Warrant is exercisable (the "Warrant Share Number") immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder Holder upon exercise hereof shall be entitled to receive upon exercise of this Warrant the kind and number of shares of Common Stock Warrant Shares or other securities of the Company that it the Holder would have owned or would have been entitled to receive upon or by reason after the happening of any of the events described above, above had this Warrant been exercised immediately prior to the occurrence happening of such event and (B) or any record date with respect thereto. Whenever the Exercise number of Warrant Shares purchasable upon exercise hereof is adjusted as herein provided, the Warrant Price payable upon the exercise of this Warrant shall be adjusted by multiplying such Exercise the Warrant Price immediately prior to such adjustment by a fraction, the numerator of which shall be is equal to the number of Warrant Shares issuable upon the exercise shares of this Warrant immediately Common Stock purchasable prior to such adjustment, the adjustment and the denominator of which shall be is equal to the number of Warrant Shares issuable immediately thereaftershares of Common Stock purchasable after the adjustment. An adjustment made pursuant to this Section 5.1 2.1(b) shall become effective retroactively (x) immediately after the record date in the case of any such a dividend or distributiondistribution and shall become effective immediately after the effective date in the case of a subdivision, combination or issuance. If, as a result of an adjustment made pursuant to a date immediately following this Section 2.1(b), the close Holder of business on the record date this Warrant thereafter surrendered for the determination exercise shall become entitled to receive shares of holders two or more classes of capital stock or shares of Common Stock entitled and any other class of capital stock of the Company, the Board (whose good faith determination shall be applied fairly and ratably to receive all holders of Warrants and shall be conclusive and shall be described in a written notice to all holders of Warrants promptly after such dividend adjustment) shall determine in good faith the allocation of the adjusted Warrant Share Price between or distribution among the shares of such classes of capital stock or (y) in the case shares of any Common Stock and such subdivision, combination or reclassification, other class of capital stock. The adjustment to the close number of business on Warrant Shares purchasable upon the day upon which such corporate action becomes effectiveexercise of this Warrant described in this Section 2.1(b) shall be made each time any event listed in paragraphs (i) through (iv) of this Section 2.1(b) occurs.
Appears in 1 contract
Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that the Company shall If Borrower shall, at any time or from time to time, after the issuance of this Warrant but prior to the exercise hereof, (wA) make declare a dividend or distribution on the outstanding shares of Common Stock payable in Capital shares of its capital stock (including Common Stock), (xB) subdivide the outstanding shares of Common Stock into a larger number of sharesshares of Common Stock, (yC) combine the outstanding shares of Common Stock into a smaller number of shares of its Common Stock, or (zD) issue any shares of its Capital Stock capital stock in a reclassification of the Common Stock (other than including any such event for reclassification in connection with a consolidation or merger in which an adjustment Borrower is made pursuant to another clause of this Section 5the continuing corporation), then, and then in each such case, (A) the aggregate number Conversion Price in effect at the time of Warrant Shares the record date for which this Warrant is exercisable (such dividend or of the "Warrant Share Number") immediately prior to effective date of such event subdivision, combination or reclassification shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder Lender upon conversion after such date shall be entitled to receive upon exercise of this Warrant the aggregate number and kind of shares of Common Stock or other securities of the Company that it capital stock which, if this Note had been converted immediately prior to such date, such holder would have owned or would have upon such conversion and been entitled to receive upon or by reason of any of the events described above, had this Warrant been exercised immediately prior to the occurrence virtue of such event and (B) the Exercise Price payable upon the exercise of this Warrant shall be adjusted by multiplying such Exercise Price immediately prior to dividend, subdivision, combination or reclassification. Any such adjustment by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares issuable immediately thereafter. An adjustment made pursuant to this Section 5.1 shall become effective retroactively (x) in immediately after the case record date of any such dividend or distribution, to a the effective date immediately following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution or (y) in the case of any such subdivision, combination or reclassification. Such adjustment shall be made successively whenever any event listed above shall occur. If a dividend is declared and such dividend is not paid, the Conversion Price shall again be adjusted to be the close of business on the day upon which Conversion Price, in effect immediately prior to such corporate action becomes effectiverecord date (giving effect to all adjustments that otherwise would be required to be made pursuant to this section from and after such record date).
Appears in 1 contract
Samples: Convertible Promissory Note (Max & Ermas Restaurants Inc)