Penalty Shares definition

Penalty Shares has the meaning set forth in Section 7.3(a) of this Agreement.

Penalty Shares means all shares of Common Stock issued to Investor pursuant to Section 4.

Penalty Shares has the meaning ascribed thereto in the opening paragraphs of this Agreement;

Examples of Penalty Shares in a sentence

• Notwithstanding the foregoing, no Penalty Shares shall be due to the Holders if the Company is using its best efforts to cause the Registration Statement to be filed and declared effective in a timely manner.

• However, no Penalty Shares shall be due to the WestPark Affiliates if the Company is using best efforts to cause the Second Registration Statement to be filed and declared effective in a timely manner.

• The number of Penalty Shares to be issued in payment of any Penalty Payment shall be determined by dividing the amount of such Penalty Payment by the average price of the Common Stock over the five (5) trading days preceding the applicable Penalty Payment Date.

• The Note and the Conversion Shares and Penalty Shares are being acquired for the holder’s own account to be held for investment purposes only and not with a view to, or for, resale in connection with any distribution of such Note or the Conversion Shares or Penalty Shares or any interest therein without registration or other compliance under the Act, and the Holder hereof has no direct or indirect participation in any such undertaking or in underwriting such an undertaking.

• The Conversion Shares and Penalty Shares are granted piggyback registration rights as set forth in the Loan Agreement.

More Definitions of Penalty Shares

Penalty Shares means 100,000 shares of registered Common Stock issuable to the Holder in accordance with the terms herein.

Penalty Shares is defined in Section 6.

Penalty Shares means, shares of registered Common Stock issuable to the Purchasers in the event that the Notes are not repaid in accordance with their terms.

Penalty Shares means a number of shares of Common Stock equal to the product of (x) 932,772 multiplied by (y) the quotient of (i) the lesser of 90 and the number of days after the Effectiveness Date on which the initial Registration Statement provided for in Section 2(a) was not effective under the 1933 Act divided by (y) 90.

Penalty Shares shall have the meaning set forth in Section 3.2 hereof.

Penalty Shares shall have the meaning ascribed to such term in Section 2(b) of the Registration Rights Agreement, as defined below. "Per Share Purchase Price" equals $0.125, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

Penalty Shares means that number of Common Shares that is the quotient of $1,800,000 divided by the Market Price on the trading day immediately prior to date on which such Common Shares are required to be issued to GoldQuest.