Exercise by Surrender of Warrant. In addition to the method of payment set forth in Sections 3.1 and 3.2 and in lieu of any cash payment required thereunder, the holder of the Warrant shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner and at the place specified in Section 3.1 as payment of the aggregate Purchase Price. The number of shares subject to the portion of the Warrant to be surrendered in payment of the aggregate Exercise Price for the shares to be purchased shall be determined by multiplying the number of shares to be purchased by the Purchase Price, and then dividing the product thereof by an amount equal to the Market Price (as defined below). Upon any such partial exercise, the Company, at its expense will forthwith issue and deliver to or upon the order of the holder hereof a new Warrant of like tenor, in the name of such holder or as such holder may designate (upon payment by such holder of any applicable transfer taxes), calling in the aggregate on the face thereof for the number of shares of Common Stock equal (without giving effect to any adjustment therein) to (A) the number of shares called for on the face of this Warrant minus (B) the sum of (i) the number of shares so surrendered by the holder pursuant to this Section plus (ii) the number of shares issued in the exchange. Solely for the purposes of this paragraph, Market Price shall be calculated as the average of the Market Prices for each of the ten (10) trading days preceding the date which the form of election attached hereto is deemed to have been sent to the Company ("Notice Date").
Appears in 8 contracts
Samples: Common Stock Purchase Warrant (Rolling Pin Kitchen Emporium Inc), Common Stock Purchase Warrant (Rolling Pin Kitchen Emporium Inc), Common Stock Purchase Warrant (Rolling Pin Kitchen Emporium Inc)
