Company Purchase Option. If the Holder fails to meet its obligations under Section 2(f) above (for any reason, including the limitations under Section 2(e), the Company has the option to purchase this Warrant from the Holder by paying to the Holder an amount in cash equal to the Purchase Option Black Scholes Value (as defined herein) of the remaining unexercised portion of this Warrant. “Purchase Option Black Scholes Value” means the value of the unexercised portion of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg L.P. determined as of the day the Company issues its Mandatory Exercise Notice (the “Applicable Date”) and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg L.P. as of the Applicable Date, (C) the underlying price per share used in such calculation shall be the average of the closing prices during the 20 Day Consecutive Period and (D) a remaining option time equal to the remaining underexercised period of this Warrant.
Appears in 4 contracts
Samples: Purchase Agreement (Transportation & Logistics Systems, Inc.), Purchase Agreement (Transportation & Logistics Systems, Inc.), Securities Purchase Agreement (Transportation & Logistics Systems, Inc.)
