Common use of VARIATION OF SHARE CAPITAL Clause in Contracts

VARIATION OF SHARE CAPITAL. 6.1 In the event of any capitalisation, consolidation, sub-division or reduction of the share capital of the Company or any rights issue or other variation of capital (other than a fresh issue of shares) taking place after the date of this Agreement the number of Option Shares and/or the Subscription Price shall be varied in such manner (if at all) as the Board shall determine and the Auditors shall confirm in writing to be in their opinion fair and reasonable provided that no variation shall be made which would result in the Subscription Price for a Share being less than its par value. The Company shall notify the Employee of any such variation.

VARIATION OF SHARE CAPITAL. 6.1 In the event of any capitalisationcapitalization, consolidation, sub-division or reduction of the share capital of the Company or any rights issue or other variation of capital (other than a fresh issue of shares) taking place after the date of this Agreement the number of Option Shares and/or the Subscription Price shall be varied in such manner (if at all) as the Board shall determine and the Auditors shall confirm in writing to be in their opinion fair and reasonable provided that no variation shall be made which would result in the Subscription Price for a Share being less than its par value. The Company shall notify the Employee of any such variation.