Common use of Fractional Shares and Warrants Clause in Contracts

Fractional Shares and Warrants. (a) Anything contained herein to the contrary notwithstanding, the Company shall not be required to issue any fraction of a share of Common Stock in connection with the exercise of Warrants. Warrants may not be exercised in such number as would result (except for the provisions of this Section) in the issuance of a fraction of a share of Common Stock, unless the Warrant Holder is presenting for exercise Warrant Certificates representing all Warrants then owned of record by such Warrant Holder. In such event, the Company shall, upon the exercise of all of such Warrants, issue to such Warrant Holder the largest aggregate whole number of shares of Common Stock called for thereby upon receipt of the Exercise Price for all of such Warrants and pay a sum in cash equal to the remaining fraction of a share of Common Stock, multiplied by its fair market value as of the first business day preceding the date on which the Warrants are presented for exercise. Such fair market value shall be (1) the average of the high and low bid prices of the Common Stock, as reported by the National Association of Securities Dealers Automated Quotation System on such date, or (2) if the Common Stock is then listed on a national securities exchange or the national market system of the over-the-counter market, the closing price of the Common Stock on such exchange on such date. Every Warrant Holder, by the acceptance of the Warrant Certificate, expressly waives any right to exercise Warrants for a fractional share of Common Stock except as provided in this subsection. (b) Anything herein to the contrary notwithstanding, the Company shall not be required to issue fractions of Warrants on any distribution of Warrants to Warrant Holders or to distribute Warrant Certificates that evidence fractional Warrants nor shall the Company be required to make any cash adjustment with respect to a fractional interest in a Warrant. Any person entitled to a fractional interest in a Warrant may elect, during such period of time (not in excess of 90 days) from the date such fractional interest is acquired, as the Company shall determine, to purchase the additional fractional interest required to make up a full Warrant or to sell the fractional interest to which such person is entitled. Such election shall be made on the form provided for such purpose by the Company. If such election is not made in the time prescribed by the Company, the fractional interest to which such person is entitled shall be sold. Such purchase or sale shall be effected in the manner set forth in subsection (c) of this Section by the Warrant Agent, acting as agent for the person entitled to such fractional interest. (c) The Warrant Agent shall bill each person entitled to a fractional interest in Warrants for the xxxt of any such fractional interest purchased by it as agent for such person or shall remit to such person the proceeds of the sale of any such fractional interest sold by it as such agent. In the case of a purchase, the Warrant Agent may sell the Warrant to which such person is entitled if payment is not received by the Warrant Agent within 30 days after the mailing of such bill and, after deducting the amount of such bill and any other chargex, xhall remit the balance, if any, to such pxxxxn. Fractional interests in Warrants shall be nontransferable except by or to the Warrant Agent acting as herein authorized. The Warrant Agent may purchase or sell fractional interests on the basis of market prices of the Warrants, as determined by the Warrant Agent in its sole discretion, and such Agent is expressly authorized to value fractional interests without actual purchase or sale on the basis of the market price of the Warrants as determined by it in its sole discretion. Purchase and sales of fractional interests by the Warrant Agent may, in its sole discretion, be set of against each other on the basis of market prices of the Warrants, as determined by the Warrant Agent in its sole discretion.

Fractional Shares and Warrants. (a) Anything contained herein to the contrary notwithstanding, the Company shall not be required to issue any fraction of a share of Common Stock in connection with the exercise of Warrants. Warrants may not be exercised in such number as would result (except for the provisions of this Section) in the issuance of a fraction of a share of Common Stock, unless the Warrant Holder is presenting for exercise Warrant Certificates representing all Warrants then owned of record by such Warrant Holder. In such event, the Company shall, upon the exercise of all of such Warrants, issue to such Warrant Holder the largest aggregate whole number of shares of Common Stock called for thereby upon receipt of the Exercise Price for all of such Warrants and pay a sum in cash equal to the remaining fraction of a share of Common Stock, multiplied by its fair market value as of the first business day preceding the date on which the Warrants are presented for exercise. Such fair market value shall be (1) the average of the high and low bid prices of the Common Stock, as reported by the National Association of Securities Dealers Automated Quotation System on such date, or (2) if the Common Stock is then listed on a national securities exchange or the national market system of the over-the-counter market, the closing price of the Common Stock on such exchange on such date. Every Warrant Holder, by the acceptance of the Warrant Certificate, expressly waives any right to exercise Warrants for a fractional share of Common Stock except as provided in this subsection. (b) Anything herein to the contrary notwithstanding, the Company shall not be required to issue fractions of Warrants on any distribution of Warrants to Warrant Holders or to distribute Warrant Certificates that evidence fractional Warrants nor shall the Company be required to make any cash adjustment with respect to a fractional interest in a Warrant. Any person entitled to a fractional interest in a Warrant may elect, during such period of time (not in excess of 90 days) from the date such fractional interest is acquired, as the Company shall determine, to purchase the additional fractional interest required to make up a full Warrant or to sell the fractional interest to which such person is entitled. Such election shall be made on the form provided for such purpose by the Company. If such election is not made in the time prescribed by the Company, the fractional interest to which such person is entitled shall be sold. Such purchase or sale shall be effected in the manner set forth in subsection (c) of this Section by the Warrant Agent, acting as agent for the person entitled to such fractional interest. (c) The Warrant Agent shall bill each person entitled to a fractional interest in Warrants for the xxxt of any such fractional interest purchased by it as agent for such person or shall remit to such person the proceeds of the sale of any such fractional interest sold by it as such agent. In the case of a purchase, the Warrant Agent may sell the Warrant to which such person is entitled if payment is not received by the Warrant Agent within 30 days after the mailing of such bill and, after deducting the amount of such bill and any other chargex, xhall remit the balance, if any, to such pxxxxn. Fractional interests in Warrants shall be nontransferable except by or to the Warrant Agent acting as herein authorized. The Warrant Agent may purchase or sell fractional interests on the basis of market prices of the Warrants, as determined by the Warrant Agent in its sole discretion, and such Agent is expressly authorized to value fractional interests without actual purchase or sale on the basis of the market price of the Warrants as determined by it in its sole discretion. Purchase and sales of fractional interests by the Warrant Agent may, in its sole discretion, be set of off against each other on the basis of market prices of the Warrants, as determined by the Warrant Agent in its sole discretion.

Fractional Shares and Warrants. (a) Anything contained herein to the contrary notwithstanding, the Company shall not be required to issue any fraction of a share of Common Stock in connection with the exercise of Warrants. Warrants may not be exercised in such number as would result (except for the provisions of this Section) in the issuance of a fraction of a share of Common Stock, unless the Warrant Holder is presenting for exercise Warrant Certificates representing all Warrants then owned of record by such Warrant Holder. In such event, the Company shall, upon the exercise of all of such Warrants, issue to such Warrant Holder the largest aggregate whole number of shares of Common Stock called for thereby upon receipt of the Exercise Price for all of such Warrants and pay a sum in cash equal to the remaining fraction of a share of Common Stock, multiplied by its fair market value as of the first business day preceding the date on which the Warrants are presented for exercise. Such fair market value shall be (1) the average of the high and low bid prices of the Common Stock, as reported by the National Association of Securities Dealers Automated Quotation System on such date, or (2) if the Common Stock is then listed on a national securities exchange or the national market system of the over-the-counter market, the closing price of the Common Stock on such exchange on such date. Every Warrant Holder, by the acceptance of the Warrant Certificate, expressly waives any right to exercise Warrants for a fractional share of Common Stock except as provided in this subsection. (b) Anything herein to the contrary notwithstanding, the Company shall not be required to issue fractions of Warrants on any distribution of Warrants to Warrant Holders or to distribute Warrant Certificates that evidence fractional Warrants nor shall the Company be required to make any cash adjustment with respect to a fractional interest in a Warrant. Any person entitled to a fractional interest in a Warrant may elect, during such period of time (not in excess of 90 days) from the date such fractional interest is acquired, as the Company shall determine, to purchase the additional fractional interest required to make up a full Warrant or to sell the fractional interest to which such person is entitled. Such election shall be made on the form provided for such purpose by the Company. If such election is not made in the time prescribed by the Company, the fractional interest to which such person is entitled shall be sold. Such purchase or sale shall be effected in the manner set forth in subsection (c) of this Section by the Warrant Agent, acting as agent for the person entitled to such fractional interest. (c) The Warrant Agent shall bill xxxx each person entitled to a fractional interest in Warrants for the xxxt cost of any such fractional interest purchased by it as agent for such person or shall remit to such person the proceeds of the sale of any such fractional interest sold by it as such agent. In the case of a purchase, the Warrant Agent may sell the Warrant to which such person is entitled if payment is not received by the Warrant Agent within 30 days after the mailing of such bill xxxx and, after deducting the amount of such bill xxxx and any other chargexcharges, xhall shall remit the balance, if any, to such pxxxxnperson. Fractional interests in Warrants shall be nontransferable except by or to the Warrant Agent acting as herein authorized. The Warrant Agent may purchase or sell fractional interests on the basis of market prices of the Warrants, as determined by the Warrant Agent in its sole discretion, and such Agent is expressly authorized to value fractional interests without actual purchase or sale on the basis of the market price of the Warrants as determined by it in its sole discretion. Purchase and sales of fractional interests by the Warrant Agent may, in its sole discretion, be set of against each other on the basis of market prices of the Warrants, as determined by the Warrant Agent in its sole discretion.