Exercise Options Clause Samples
Exercise Options. (a) Cash In Lieu of Exercise. At any time prior to the Expiration Date, the ------------------------ Holder may notify the Company of its intent to exchange the Warrants represented by the Warrant Certificates in whole or in part (a "Warrant Exchange") into the number of fully paid and non-assessable shares of Common Stock determined in accordance with this Section 13, by surrendering such Warrant Certificate(s) at the principal office of the Company or at the office of its Transfer Agent, accompanied by a notice stating such Holder's intent to effect such exchange and the number of Warrants to be exchanged (the "Notice of Exchange"). Upon receipt of a Notice of Exchange, the Company shall have the option in its sole discretion to pay to Holder cash in lieu of Common Stock issuable upon Holder's exercise of Warrants, if, on a fully diluted basis, Holder's total ownership in the Company on the date of a Notice of Exchange (defined below) exceeds ten percent (10%) of the total outstanding Common Stock on the date on which the Notice of Exchange is received by the Company. For the purpose of this Section 13(a), "ownership" means Holder's ownership of the Company's Common or Preferred Stock and securities convertible into shares of Common or Preferred Stock. If the Company elects to exercise its cash payment option under this Section 13(a), the Company shall notify Holder of such election within five (5) days of the Company's receipt of the Notice of Exchange. If the Company elects to exercise its cash payment option, the Company shall pay to Holder in cash an amount per share equal to the difference between the Exercise Price and Market Price. The Company shall pay any cash due to Holder as follows: one third of such sum within ten (10) days of the date of the Company's receipt of the Notice of Exchange and the balance in cash paid one third thereof on each of the first and second anniversaries of the day after the date of Notice of Exchange. Any unpaid sums shall accrue interest at six percent (6%) per year.
Exercise Options. (a) Cash In Lieu of Exercise. At any time prior to the Expiration Date, ------------------------ the Holder may notify the Company of its intent to exchange the Warrants represented by the Warrant Certificates in whole or in part (a "Warrant Exchange") into the number of fully paid and non-assessable shares of Common Stock determined in accordance with this Section 13, by surrendering such Warrant Certificate(s) at the principal office of the Company or at the office of its Transfer Agent, accompanied by a notice stating such Holder's intent to effect such exchange and the number of Warrants to be exchanged (the "Notice of Exchange"). Upon receipt of a
Exercise Options. In respect of any Exercise Period, a number of Options, as specified in Counterparty’s notice of exercise, no greater than the lesser of (i) the remaining Number of Options as of the relevant Exercise Date and (ii) the number of Convertible Notes surrendered to Counterparty for conversion. Notwithstanding the foregoing, for any Exercise Period beginning on and following the twenty-third scheduled Exchange Business Day prior to the maturity date of the Convertible Notes, the Exercise Options, in respect of Convertible Notes surrendered for conversion, shall be equal to the lesser of (i) the number of Convertible Notes surrendered to the Counterparty for conversion in respect of such Exercise Period divided by two (2) and (ii) the result of the following formula: where, CNC = The number of Convertible Notes surrendered to Counterparty for conversion in respect of such Exercise Period; NO = The Number of Options remaining (without giving effect to any exercise of Options for such Exercise Period); and CNO = The number of Convertible Notes outstanding (without giving effect to any conversion of Convertible Notes for such Exercise Period).
Exercise Options. If Tenant decides to extend the Lease for an Extended Term, Tenant shall give written notice to Landlord of its election to extend not less than twelve (12) months prior to the expiration of the previous Term. Tenant's failure to give timely notice to Landlord of Tenant's election to extend shall be deemed a waiver of Tenant's right to extend. The terms and conditions applicable to each Extended Term shall be the same terms and conditions contained in this Lease except that Tenant shall not be entitled to any further option to extend beyond the second Extended Term. The Base Rent for each Extended Term shall be as determined in accordance with Section 33.c.
Exercise Options