Common use of Black Scholes Value Clause in Contracts

Black Scholes Value. Notwithstanding Section 5.5 or anything contained in this Agreement, and provided that the Organic Change is other than one in which a successor entity (which may include the Company) that is a publicly traded corporation whose stock is quoted or listed for trading on a principal U.S. national securities exchange assumes the Warrants such that the Warrants shall be exercisable for the publicly traded common stock or equivalent securities of such successor entity, at the request of any Holder delivered at any time commencing on the earliest to occur of (x) the public disclosure of any Organic Change, (y) the consummation of any Organic Change and (z) the Holder first becoming aware of any Organic Change through the date that is ninety (90) days after the public disclosure of the consummation of such Organic Change by the Company pursuant to a Current Report on Form 8-K filed with the United States Securities and Exchange Commission, the Company or the surviving Person (as the case may be) shall purchase the Warrants from such Holder on the date of such request by paying to the Holder cash in an amount equal to the Black Scholes Value. The Company shall not effect any Organic Change unless, prior to the consummation thereof, the surviving Person (if other than the Company) resulting from such Organic Change, shall assume, by written instrument substantially similar in form and substance to this Agreement in all material respects (including with respect to the provisions of Article V), the obligation to make such cash payment to the Holders in accordance with the foregoing provision. The provisions of this Section 5.6 shall similarly apply to successive Organic Changes.