Payment of the Warrant. Price shall be made at the option of the Holder by one or more of the following methods: (i) by delivery of a certified or official bank check in the amount of such Warrant Price, (ii) by instructing the Company to withhold a number of shares of Warrant Stock then issuable upon exercise of this Warrant with an aggregate Current Market Price equal to such Warrant Price (the "Share Withholding Option"), (iii) by surrendering to the Company shares of Common Stock previously acquired by the Holder with an aggregate Current Market Price equal to such Warrant Price or(iv) by delivery of a Note, duly endorsed by or accompanied by appropriate instruments of transfer duly executed by the Holder or by the Holder's attorney duly authorized in writing. In the event of any withholding of Warrant Stock or surrender of Common Stock pursuant to clause (ii) or (iii) above where the number of shares whose Current Market Price is equal to the Warrant Price is not a whole number, the number of shares withheld by or surrendered to the Company shall be rounded up to the nearest whole share and the Company shall make a cash payment to the Holder based on the incremental fraction of a share being so withheld by or surrendered to the Company in an amount determined in accordance with Section 2.3 hereof. For the purpose of making payment of the Warrant Price, any Note surrendered to the Company shall be deemed to have a value equal to 100% of the principal amount thereof plus any interest accrued but unpaid thereon. If the Holder delivers a Note with a deemed value that exceeds the Warrant Price, the Company shall reissue to the Holder a new Note identical in all respects to the surrendered Note except that the principal amount of such new Note shall be equal to the principal amount that, together with any interest accrued but unpaid thereon, is equal to the deemed value of the surrendered Note less the Warrant Price.
Appears in 2 contracts
Samples: Warrant Agreement (Norand Corp /De/), Warrant Agreement (Norand Corp /De/)
Payment of the Warrant. Price shall may be made at the option as follows (or by any combination of the Holder by one or more of the following methods: following): (i) in United States currency by cash or delivery of a certified check, bank draft or postal or express money order payable to the order of the Company, (ii) by surrendering to the Company for cancellation a portion of the principal amount of the senior promissory note due December 21, 2007 of the Company held by the Holder (the "Note") or (at the election of the Holder) accrued and unpaid interest thereon which is equal to the Warrant Price, (iii) by surrender of a number of shares of Common Stock held by the Holder equal to the quotient obtained by dividing (A) the Warrant Price payable with respect to the portion of this Warrant then being exercised by (B) the Current Market Price per share of Common Stock on the Exercise Date, or (iv) by cancellation of any portion of this Warrant with respect to the number of shares of Common Stock equal to the quotient obtained by dividing (A) the Warrant Price payable with respect to the portion of this Warrant then being exercised by (B) the difference between (1) the Current Market Price per share of Common Stock on the Exercise Date, and (2) the Exercise Price per share of Common Stock. If, pursuant to clause (ii) above, less than the entire unpaid principal amount of any Note shall be applied toward payment of the consideration payable upon any exercise of this Warrant, the Holder thereof shall surrender the Note and the Company shall (1) pay to the Holder the amount of unpaid interest accrued to the date of surrender on the portion of the principal amount of such Note which has been applied toward the Warrant Price, such payment to be in the form of a certified or official bank check in the amount of such Warrant Price, and (ii2) by instructing the Company to withhold a number of shares of Warrant Stock then issuable upon exercise of this Warrant with an aggregate Current Market Price equal to such Warrant Price (the "Share Withholding Option"), (iii) by surrendering to the Company shares of Common Stock previously acquired by the Holder with an aggregate Current Market Price equal to such Warrant Price or(iv) by delivery of a Note, duly endorsed by or accompanied by appropriate instruments of transfer duly executed by the Holder or by the Holder's attorney duly authorized in writing. In the event of any withholding of Warrant Stock or surrender of Common Stock pursuant to clause (ii) or (iii) above where the number of shares whose Current Market Price is equal to the Warrant Price is not a whole number, the number of shares withheld by or surrendered to the Company shall be rounded up to the nearest whole share and the Company shall make a cash payment to the Holder based on the incremental fraction of a share being so withheld by or surrendered to the Company in an amount determined in accordance with Section 2.3 hereof. For the purpose of making payment of the Warrant Price, any Note surrendered to the Company shall be deemed to have a value equal to 100% of the principal amount thereof plus any interest accrued but unpaid thereon. If the Holder delivers a Note with a deemed value that exceeds the Warrant Price, the Company shall reissue to the Holder issue a new Note identical in all respects to representing the surrendered Note except that balance of the unpaid principal amount of the Note so surrendered, payable to such new Note shall be equal to the principal amount that, together with any interest accrued but unpaid thereon, is equal to the deemed value of the surrendered Note less the Warrant PriceHolder or as such Holder may otherwise direct.
Appears in 1 contract
Samples: Warrant Agreement (Aviall Inc)
Payment of the Warrant. Price shall be made at the option of the Holder by one or more of the following methods: (i) by delivery of a certified or official bank check in the amount of such Warrant Price, (ii) by instructing the Company to withhold a number of shares of Warrant Stock then issuable upon exercise of this Warrant with an aggregate Current Market Price equal to such Warrant Price (the "Share Withholding Option"), (iii) by surrendering to the Company shares of Common Stock previously acquired by the Holder with an aggregate Current Market Price equal to such Warrant Price or(ivor (iv) by delivery of a Note, duly endorsed by or accompanied by appropriate instruments of transfer duly executed by the Holder or by the Holder's attorney duly authorized in writing. In the event of any withholding of Warrant Stock or surrender of Common Stock pursuant to clause (ii) or (iii) above where the number of shares whose Current Market Price is equal to the Warrant Price is not a whole number, the number of shares withheld by or surrendered to the Company shall be rounded up to the nearest whole share and the Company shall make a cash payment to the Holder based on the incremental fraction of a share being so withheld by or surrendered to the Company in an amount determined in accordance with Section 2.3 hereof. For the purpose of making payment of the Warrant Price, any Note surrendered to the Company shall be deemed to have a value equal to 100% of the principal amount thereof plus any interest accrued but unpaid thereon. If the Holder delivers a Note with a deemed value that exceeds the Warrant Price, the Company shall reissue to the Holder a new Note identical in all respects to the surrendered Note except that the principal amount of such new Note shall be equal to the principal amount that, together with any interest accrued but unpaid thereon, is equal to the deemed value of the surrendered Note less the Warrant Price.
Appears in 1 contract
Samples: Warrant Agreement (Norand Corp /De/)