Initial Exercise. On the Initial Closing Date (defined below) Holder shall exercise that number of Warrant Shares such that following the exercise (the “Initial Exercise”) Holder shall beneficially own at least, but not more than 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon such exercise (the “Maximum Amount”). The Initial Exercise shall be made pursuant to the terms of the Original Warrant by delivery of the aggregate cash exercise price for such Warrant Shares to the bank account set forth on Company’s signature page hereto and Company shall deliver the Warrant Shares purchased pursuant to the Initial Exercise to Holder via the Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) pursuant to the terms of the Original Warrant, but pursuant to DWAC instructions set forth on Holder’s signature page hereto. The date of the closing of the Initial Exercise shall be referred to as the “Initial Closing Date”.
Initial Exercise. Each Warrant will initially be exercisable by the holder thereof into one share of Common Stock at the Exercise Price.
Initial Exercise. With respect to "crude oil" as hereinafter defined, Farmoutee shall give thirty (30) days' written notice to Farmoutor of Farmoutee's anticipated date of first production. Upon receipt of such notice Farmoutor shall have the option to purchase Farmoutee's share of the crude oil (the term "crude oil" as used herein shall include condensate and other liquid hydrocarbons) produced from or attributable to the Earned Areas for a period of three (3) years commencing the date of first production. Within ten (10) days of the anticipated date of first production, Farmoutor shall inform Farmoutee whether it will purchase Farmoutee's share of crude oil. Should Farmoutor elect not to purchase Farmoutee's share of crude oil hereunder, Farmoutor reserves the option, exercisable at the time of its election not to purchase for its own account, and exercisable in accordance with the terms of this Section 14, to designate, the person, firm, or corporation to which such crude oil shall be sold. Only after Farmoutee has so notified Farmoutor and Farmoutor has elected not to purchase such crude oil or to designate a purchaser therefor, can Farmoutee dispose of any crude oil produced from or attributable to the Earned Areas.
Initial Exercise. The aggregate Fair Market Value of the Shares with respect to which Incentive Options are exercisable for the first time by an Option Holder in any calendar year, under the Plan and any other plan of the Company, shall not exceed $100,000. For this purpose, the Fair Market Value of the Shares shall be determined as of the date of grant of the Option. To the extent the Option Holder holds two or more Options which become exercisable for the first time in the same calendar year, the $100,000 limitation shall be applied on the basis of the order in which the Options are granted. Any Option or portion thereof that exceeds the $100,000 limit shall be treated as a Non-Qualified Option, but only to the extent of such excess.
Initial Exercise. Twenty percent (20%) of the total number of shares of Common Stock subject to the Option shall be exercisable immediately on or after the Grant Date, and an additional twenty percent (20%) of the total number of shares of Common Stock subject to the Option shall become exercisable on or after the first, second, third and fourth anniversaries of the Grant Date if Executive remains an employee of the Company through such dates, subject to subparagraph (c) below. In addition, the Option shall be fully exercisable immediately upon the occurrence of a Change in Control while Executive is employed by the Company.
Initial Exercise. The aggregate Fair Market Value of the shares of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by a Participant in any calendar year, under the Plan or otherwise, shall not exceed $100,000. For this purpose, the Fair Market Value of the shares of Common Stock shall be determined as of the date of grant and each Incentive Stock Option shall be taken into account in the order granted.
Initial Exercise. Except as otherwise specifically provided in the Plan, the Option may not be exercised in whole or in part prior to the expiration of six months after the Date of Grant of the Option.
Initial Exercise. Initially the Holder may purchase 6,000,000 shares pursuant to this Warrant. If on the one year anniversary of the Closing Date more than $370,000 of principal remains outstanding under the Note the Holder may purchase an additional 4,500,000 shares pursuant to this Warrant. If on the second anniversary of the Closing Date more than $185,000 of principal remains outstanding under the Note the Holder may purchase an additional 4,500,000 shares pursuant to this Warrant.
