Common use of Adjustment of Option Shares Clause in Contracts

Adjustment of Option Shares. In the event the Company shall subdivide or split its outstanding common stock into a smaller or larger number of shares or combine its outstanding common stock into a smaller number of shares, the denominator used in Section 2 to determine the number of Option Shares that KM and TM shall be entitled to receive upon exercising their Put Options shall be adjusted so that KM and TM thereafter shall be entitled to receive upon exercising their Put Options that number of shares of the Company's common stock which it would have been entitled to receive had such Put Option been exercised immediately prior to the happening of such event.

Appears in 1 contract

Sources: Put Agreement (Jackpot Enterprises Inc)

Adjustment of Option Shares. In the event the Company shall subdivide or split its outstanding common stock into a smaller or larger number of shares or combine its outstanding common stock into a smaller number of shares, the denominator used in Section 2 to determine the number of Option Shares that KM and TM shall be entitled to receive upon the Company exercising their Put Options its Call Option shall be adjusted so that KM and TM thereafter shall be entitled to receive upon the Company exercising their Put Options its Call Option that number of shares of the Company's common stock which it would have been entitled to receive had such Put Call Option been exercised immediately prior to the happening of such event.

Appears in 1 contract

Sources: Call Agreement (Jackpot Enterprises Inc)