Limitation on Shares. The Company represents to each Investor that -------------------- in no event shall the aggregate of the number of Shares and Warrant Shares sold pursuant to this Agreement and any substantially identical agreement which may be aggregated by the Principal Market for purposes of any listing rule exceed 19.99% of the outstanding shares of Common Stock of the Company.
Limitation on Shares. The Company will not deliver Shares, and the Purchaser will not have the right to receive Shares, to the extent that the Purchaser (individually or together with any other person or entity with whom such Purchaser has identified, or will have identified, itself at the time as part of a “group” in a public filing, or amendment thereto, made with the Securities and Exchange Commission (the “SEC”) involving the Company’s securities) acquiring, or obtaining the right to acquire, in excess of 19.999% (the “Maximum Percentage”) of the outstanding shares of Common Stock or voting power of the Company on a post-transaction basis that assumes that the Initial Closing (as hereinafter defined) or Subsequent Closing (as hereinafter defined), as applicable, shall have occurred. Such shares in excess of the Maximum Percentage are hereinafter referred to as “Excess Shares”). For purposes of this Section 1.2, the aggregate number of shares of Common Stock owned by such Purchaser and its affiliates will include the number of shares of Common Stock to be issued in the Initial Closing or Subsequent Closing, as applicable, to this Agreement with respect to which the determination is being made, but will exclude shares of Common Stock that are issuable (i) pursuant to any future Closings under this Agreement and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such Purchaser and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. The provisions of this Section 1.2 and analogous provision in the Warrants shall be construed and implemented in a manner otherwise than in strict conformity with its text to correct this Section 1.2 (or any portion hereof or analogous provision) that may be defective or inconsistent with the intended maximum ownership limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. To the extent any Shares are unable to be delivered pursuant to Section 1.2, the Company will issue to such Purchaser one or more warrants to purchase a number of shares of Common Stock of the Company equal to the number of Excess Shares at an exercise price equal to $0.001 per share. Any such substitute Warrants shall be in the form set forth hereto as Exhibit C.
Limitation on Shares. In no event shall any Optionee be granted Options under this Plan in any one calendar year pursuant to which the aggregate number of shares of Common Stock that may be acquired thereunder exceeds one million shares (1,000,000) shares (which number shall be subject to adjustment as provided in Section 4.2 hereof).
Limitation on Shares. No shares of Restricted Stock subject to grant under this Agreement shall be issued to the Employee until such shares are required to be distributed pursuant to Article VI of this Agreement. Prior to the actual issuance of the shares of Restricted Stock subject to grant under this Agreement, the Employee shall not be entitled to vote or exercise any rights of ownership with respect to such shares of Restricted Stock.
Limitation on Shares. In no event shall the aggregate of the number of Shares sold hereunder and the Warrant Shares exceed 19.99% of the outstanding shares of Common Stock of the Company.
Limitation on Shares. In no event shall the number of Shares of PentaStar Common Stock issued as part of the Purchase Price exceed 20% of the number of shares outstanding immediately prior to the Closing Date.
Limitation on Shares. As a result of the transactions contemplated by this Agreement, such Purchaser, together with such Purchaser’s Affiliates, shall not own more than 19.99% of the Company’s Common Stock assuming conversion of all of such Purchaser’s and all of such Purchaser’s Affiliates securities of the Company which are convertible into Common Stock.
Limitation on Shares. The Shares, after giving effect to the issuance thereof, shall not constitute more than 19.99% of the issued and outstanding Common Stock.
Limitation on Shares. Notwithstanding the provisions of Section 7.1, if any such registration to which the provisions of Section 7.1 apply is to be an underwritten public offering, and the underwriter of such public offering determines that marketing factors require a limitation of the number of shares to be underwritten, the underwriter may exclude from such underwriting a number of the shares proposed to be offered by parties other than the Company; provided, that such exclusion shall be allocated among them in the same proportion as the number of shares proposed to be offered by each such party bears to the number of shares proposed to be offered by all of them.
