Milestone Adjustments. The Warrant Price shall be adjusted as, when and to the extent provided in this paragraph (e); provided, however, no further adjustments to the Warrant Price shall be made pursuant to this paragraph (e) with respect to any fiscal quarter ended after November 30, 2006 if: (x) there was no Milestone Failure with respect to the fiscal quarter ended November 30, 2006; and (y) the VWAP for any twenty (20) consecutive Trading Days after the Milestone Announcement Date with respect to the fiscal quarter ended November 30, 2006 is at least $4.00 per share (which per share amount shall be adjusted pro rata in the case of any split, dividend, combination or other event affecting the number of outstanding shares of Common Stock). Upon each Milestone Failure Date, the Warrant Price in effect on such Milestone Failure Date shall, at the election of the Registered Holder, be decreased to 115% of the VWAP for the five (5) Trading Days immediately following such Milestone Failure Date. With respect to each fiscal quarter ended after a Milestone Failure Date, if the cumulative Net Sales through such fiscal quarter ended exceed the cumulative Milestones such fiscal quarter, then all prior adjustments made pursuant to this paragraph (e) shall be reversed. For purposes of this Warrant, the following terms shall have the following meanings:
Appears in 9 contracts
Samples: Common Stock Purchase Warrant (Barnabus Energy, Inc.), Common Stock Purchase Warrant (Open Energy Corp), Common Stock Purchase Warrant (Barnabus Energy, Inc.)
