Cash in Lieu of Fractional Shares of Common Stock Sample Clauses
The "Cash in Lieu of Fractional Shares of Common Stock" clause stipulates that when a transaction results in a shareholder being entitled to a fraction of a share, the company will instead pay the shareholder cash equivalent to the value of that fractional share. For example, if a stock split or merger would leave a shareholder with 0.5 of a share, the company calculates the market value of that half-share and pays the shareholder that amount in cash. This clause streamlines administrative processes by avoiding the issuance and management of fractional shares, ensuring shareholders receive fair value while simplifying record-keeping and stockholder equity management.
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Cash in Lieu of Fractional Shares of Common Stock. The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common Stock upon the exercise or exchange of Rights. In lieu of such fractional shares of Common Stock, the Company shall pay to the registered holders of the Right Certificates with regard to which such fractional shares of Common Stock would otherwise be issuable an amount in cash equal to the same fraction of the current market value of a whole share of Common Stock (as determined in accordance with Section 14.1) for the Trading Day immediately prior to the date of such exercise or exchange.
Cash in Lieu of Fractional Shares of Common Stock. The Company is not required to issue fractions of shares of Common Stock or to distribute certificates that evidence fractional shares of Common Stock upon the exercise or exchange of Rights. In lieu of such fractional shares of Common Stock, the Company may pay to the registered holders of Rights Certificates at the time such Rights are exercised or exchanged as provided in this Agreement an amount in cash equal to the same fraction of the current market value of a share of Common Stock. For purposes of this Section 14(c), the current market value of a share of Common Stock will be the Current Per Share Market Price of a share of Common Stock, calculated as of the Trading Day immediately prior to the date of such exercise or exchange.
Cash in Lieu of Fractional Shares of Common Stock. In connection with an Exchange Determination, the Company will not be required to issue fractions of shares of Common Stock or to distribute certificates that evidence fractional shares of Common Stock. In lieu of such fractional shares of Common Stock, the Company may pay to the registered holders of Rights Certificates with regard to which such fractional shares of Common Stock would otherwise be issuable an amount in cash equal to the same fraction of the Current Per Share Market Price of a share of Common Stock, calculated as of the Trading Day immediately prior to the date of the Exchange Determination.
Cash in Lieu of Fractional Shares of Common Stock. The Company shall not be required to issue fractions of shares of Common Stock upon exercise of the Rights (notwithstanding the fact that any individual Right may only be exercisable for a fraction of a share of Common Stock) or to distribute certificates which evidence fractional shares of Common Stock. In lieu of such fractional shares of Common Stock, the Company shall pay to the registered holders of the Right Certificates with regard to which such fractional shares of Common Stock would otherwise be issuable an amount in cash equal to the same fraction of the current market value of a whole share of Common Stock (as determined in accordance with Section 14.1) for the Trading Day immediately prior to the date of such exercise or exchange. For all purposes under this Plan, the Company shall aggregate the Rights held by each record holder of Right Certificates (and the number of shares of Common Stock represented by such Rights) in determining whether and to what extent such record holder would otherwise be entitled to receive fractional shares of Common Stock.
Cash in Lieu of Fractional Shares of Common Stock. The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common Stock upon the exercise or exchange of Rights. In lieu of such fractional shares of Common Stock, the Company shall pay to the registered holders of the Right Certificates with regard to which such fractional shares of Common Stock would otherwise be issuable an amount in cash equal to the same fraction of the current market value of a whole share of Common Stock (as determined in accordance with Section 14.1) for the Trading Day immediately prior to the date of such exercise or exchange. For all purposes under this Agreement, the Company shall aggregate the Rights held by each record holder of Right Certificates (and the number of shares of Common Stock represented by such Rights) in determining whether and to what extent such record holder would otherwise be entitled to receive fractional shares of Common Stock.