Options, Rights, Warrants and Convertible and Exchangeable Securities. Except as hereinafter provided, in case the Corporation shall at any time after the date hereof issue or sell options, rights or warrants to subscribe for shares of Common Stock, or issue any securities convertible into or exchangeable for shares of Common Stock (other than the issuances or sales referred to in paragraph 9(c)), for a consideration per share less than the then current fair market value of the share of the Common Stock immediately prior to the issuance of such options, rights or Warrants, or such convertible or exchangeable securities, or without consideration, the Exercise Price shall (until another such issuance or sale) be reduced to the price (calculated to the nearest full cent) equal to the Exercise Price in effect prior to such issuance or sale multiplied by the quotient derived by dividing (A) an amount equal to the sum of (X) the then current fair market value per share of Common Stock immediately prior to such issuance or sale multiplied by the total number of shares of Common Stock outstanding immediately prior to such issuance or sale, plus (Y) the aggregate of the amount of all consideration, if any, to be received by the Corporation upon the exercise of such convertible or exchangeable securities, by (B) the then current fair market value per share of Common Stock immediately prior to such issuance or sale multiplied by the total number of shares of Common Stock that would be outstanding immediately after the exercise of such convertible or exchangeable securities provided that:
Appears in 7 contracts
