ISSUANCE OF SHARES; NO FRACTIONAL SHARES OR SCRIP Clause Samples
The 'Issuance of Shares; No Fractional Shares or Scrip' clause establishes that when shares are issued under the agreement, only whole shares will be distributed, and no fractional shares or certificates representing fractions of shares (scrip) will be provided. In practice, if a calculation results in a party being entitled to a fraction of a share, the clause typically requires rounding down to the nearest whole share or providing cash in lieu of the fractional amount. This clause ensures administrative simplicity and avoids complications associated with managing fractional ownership, thereby streamlining share issuance and record-keeping.
ISSUANCE OF SHARES; NO FRACTIONAL SHARES OR SCRIP. Certificates for shares purchased hereunder shall be delivered to the Holder by the Corporation’s transfer agent at the Corporation’s expense within a reasonable time after the date on which this Warrant shall have been exercised in accordance with the terms hereof. Each certificate so delivered shall be in such denominations as may be requested by the Holder and shall be registered in the name of the Holder or, subject to applicable laws, such other name as shall be requested by the Holder. If, upon exercise of this Warrant, fewer than all of the shares of Common Stock evidenced by this Warrant are purchased prior to the Expiration Time, one or more new Warrants substantially in the form of, and on the terms in, this Warrant will be issued for the remaining number of shares of Common Stock not purchased upon exercise of this Warrant. The Corporation hereby represents and warrants that all shares of Common Stock which may be issued upon the exercise of this Warrant will, upon such exercise, be duly and validly authorized and issued, fully paid, and nonassessable and free from all taxes, liens, and charges in respect of the issuance thereof (other than liens or charges created by or imposed upon the Holder). The Corporation agrees that the shares so issued shall be and will be deemed to be issued to such Holder as the record owner of such shares as of the close of business on the date on which this Warrant shall have been surrendered for exercise in accordance with the terms hereof. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. With respect to any fraction of a share called for upon the exercise of this Warrant, an amount equal to such fraction multiplied by the then current price at which each share may be purchased hereunder shall be paid in cash to the Holder of this Warrant.
ISSUANCE OF SHARES; NO FRACTIONAL SHARES OR SCRIP. Certificates for shares purchased upon exercise or issuable upon conversion hereof shall be delivered to the holder by the Company's stock transfer agent at the Company's expense within three business days after the date on which this Warrant shall have been exercised or converted, as the case may be, in accordance with the terms hereof. Each certificate so delivered shall be in such denominations as may be requested by the holder hereof and shall be registered in the name of such holder or, subject to applicable laws, any other name or names as shall be requested by such holder; PROVIDED, HOWEVER, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the holder of this Warrant, this Warrant when surrendered for exercise or conversion shall be accompanied by an Assignment Form, the form of which is attached hereto as ANNEX B, duly executed by the holder hereof. If, upon exercise or conversion of this Warrant, fewer than all of the Warrant Shares evidenced by this Warrant are purchased or issued prior to the Expiration Date, one or more new warrants of like tenor to this Warrant will be issued for the remaining number of Warrant Shares not purchased upon such exercise or issued upon such conversion. The Company agrees that the shares so issued shall be deemed to be issued to such holder as the record owner of such shares as of the close of business on the date on which this Warrant shall have been surrendered for exercise or conversion in accordance with the terms hereof. No fractional shares or scrip representing fractional shares shall be issued upon the exercise or conversion of this Warrant. With respect to any fraction of a share otherwise issuable upon the exercise or conversion of this Warrant, an amount equal to such fraction multiplied by the then current price at which each share may be purchased hereunder shall be paid in cash to the holder of this Warrant.
ISSUANCE OF SHARES; NO FRACTIONAL SHARES OR SCRIP. Certificates for shares of Warrant Stock purchased hereunder shall be delivered to the Holder promptly after the date on which this Warrant shall have been exercised in accordance with the terms hereof. The Company hereby represents and warrants that all shares of Warrant Stock which may be issued upon the exercise of this Warrant have been duly authorized and will, upon such exercise, be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issuance thereof (other than liens or charges created by or imposed upon the holder of the Warrant Stock). The
ISSUANCE OF SHARES; NO FRACTIONAL SHARES OR SCRIP. The Company hereby represents and warrants that all shares of Stock which may be issued upon the exercise of this Warrant will, upon such exercise, be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issuance thereof (other than liens or charges created by or imposed upon the holder of the Warrant). The Company agrees that the shares so issued shall be and shall for all purposes be deemed to have been issued to such holder as the record owner of such shares as of the close of business on the date on which this Warrant shall have been exercised or converted in accordance with the terms hereof. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. With respect to any fraction of a share called for upon the exercise of this Warrant, an amount equal to such fraction multiplied by the Fair Market Value of one share of Stock shall be paid in cash or check to the holder of this Warrant.
ISSUANCE OF SHARES; NO FRACTIONAL SHARES OR SCRIP issued shall be and be deemed to be issued to such holder as the record owner of such shares as of the close of business on the date on which this Option shall have been surrendered for exercise or conversion in accordance with the terms hereof. No fractional shares or scrip representing fractional shares shall be issued upon the exercise or conversion of this Option. With respect to any fraction of a share called for upon the exercise or conversion of this Option, an amount equal to such fraction multiplied by the then current price at which each share may be purchased hereunder shall be paid in cash to the holder of this Option.