Warrant Coverage. For every two dollars converted into common stock, the Company shall issue to the Holder a warrant to purchase one share of Common Stock (the “Warrant”). The initial exercise price of the Warrant shall be equal to 120% of the price per share of Common Stock calculated using the average volume weighted average price per share for the 10 trading days prior to the Holder’s election to convert.
Appears in 4 contracts
Samples: Convertible Promissory Note and Loan Agreement (Spicy Pickle Franchising Inc), Convertible Promissory Note and Loan Agreement (Spicy Pickle Franchising Inc), Convertible Promissory Note and Loan Agreement (Spicy Pickle Franchising Inc)
Warrant Coverage. For every two dollars converted into shares of common stockstock issued by the Company upon a conversion as contemplated herein, the Company shall issue to the Holder a warrant to purchase one share of Common Stock (the “Warrant”). , in a form substantially similar to that attached as Exhibit A. The initial exercise price of the Warrant shall be equal to 120% of the price per share of Common Stock calculated using the average volume weighted average price per share for the 10 trading days prior to the Holder’s election to convert. The Warrant shall expire five years from the date of issuance.
Appears in 3 contracts
Samples: Convertible Promissory Note and Secured Loan Agreement (Spicy Pickle Franchising Inc), Convertible Promissory Note and Secured Loan Agreement (Spicy Pickle Franchising Inc), Convertible Promissory Note and Secured Loan Agreement (Spicy Pickle Franchising Inc)
