Surrender of Warrant. The Board of Directors of the Company may, in the event of an acquisition of substantially all of the Company’s assets or at least 65% of the combined voting power of the Company’s then outstanding securities in one or more transactions (including by way of merger or reorganization) which has been approved by the Company’s Board of Directors, require a Holder to relinquish this Warrant and all of its rights to the Company upon the tender by the Company to Holder of cash in an amount equal to the Value of the Warrant. The Holder of the Warrant agrees to surrender this Warrant and its rights on the tender of the Value, and no formal consent or agreement shall be required of the Holder to extinguish this Warrant upon payment of the Value. Holder has no right to reject the tender of the Value of the Warrant.
Appears in 2 contracts
Sources: Common Stock Purchase Warrant (Flex Fuels Energy, Inc.), Common Stock Purchase Warrant (Flex Fuels Energy, Inc.)