Example ContractsClausesAdjustment for Stock Splits and Combinations
Remove:

Adjustment for Stock Splits and Combinations. If the Corporation shall at any time or from time to time after the filing date of this Certificate (the “Effective Date”) effect a subdivision of the outstanding Common Stock, the Series C Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Common Stock issuable on conversion of each share of such series shall be increased in proportion to such increase in the aggregate number of shares of Common Stock outstanding. If the Corporation shall at any time or from time to time after the Effective Date combine the outstanding shares of Common Stock, the Series C Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of shares of Common Stock issuable on conversion of each share of such series shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment under this subsection shall become effective at the close of business on the date the subdivision or combination becomes effective.

Splits and Combinations. If the Company combines its outstanding equity securities into a smaller number of equity securities, the Conversion Price in effect immediately before the combination will be proportionately increased, as of the effective date of the combination, as follows: # the number of equity securities issuable to the Holder hereunder immediately before the effective date of the combination will be adjusted so that the Holder, if converted on or after that date, will receive the number of equity securities that the Holder would have owned and been entitled to receive as a result of the combination had the Note been converted immediately before that date; and # the Conversion Price in effect immediately before such adjustment will be adjusted by multiplying the Conversion Price by a fraction, the numerator of which is the aggregate number of equity securities issuable to the Holder upon conversion of this Note immediately before such adjustment, and the denominator of which is the aggregate number of equity securities issuable to the Holder upon conversion of this Note immediately thereafter. If the Company subdivides its outstanding equity securities, the number of equity securities issuable upon conversion hereunder will be proportionally increased and the Conversion Price in effect before the subdivision will be proportionately decreased, as of the effective date of the subdivision, as follows: # the number of equity securities issuable to the Holder upon the conversion of this Note immediately before the effective date of the subdivision will be adjusted so that the Holder, if converted on or after that date, will receive the number of equity securities that the Holder would have owned and been entitled to receive as a result of the subdivision had the Note been converted immediately before that date; and # the Conversion Price in effect immediately before the adjustment will be adjusted by multiplying the Conversion Price by a fraction, the numerator of which is the aggregate number of equity securities issuable to the Holder upon conversion of this Note immediately before such adjustment, and the denominator of which is the aggregate number of equity securities issuable to the Holder upon conversion of this Note immediately thereafter.

Stock Dividends, Splits and Combinations. If the Company issues solely Partnership Units as a dividend or distribution on all or substantially all Partnership Units, or if the Company effects a unit split or a unit combination of the Partnership Units (in each case excluding an issuance solely pursuant to a Partnership Unit Change Event, as to which Section 5(f) will apply), then each of the Strike Price and the Warrant Entitlement will be adjusted based on the following formulas:

The Conversion Shares shall be subject to appropriate adjustment for reclassifications, stock splits, stock dividends, spin-offs or distributions, share combinations or other similar changes affecting the Common Stock as a whole.

Per Share Purchase Price” equals $0.10, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

/

Stock Dividends and Stock Splits. If the [[Organization A:Organization]], at any time while this Note is outstanding: # pays a stock dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock Equivalents, # subdivides outstanding shares of Common Stock into a larger number of shares, # combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares or # issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of the [[Organization A:Organization]], then the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury shares of the [[Organization A:Organization]]) outstanding immediately before such event, and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section 5(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

Stock-Splits and Stock Dividends. The number of shares subject to the Deferral Plan and outstanding awards will be adjusted to reflect any change in corporate capitalization, such as a stock-split, stock dividend, corporate transaction and similar events.

Per Share Adjustments. Performance objectives set on a per share basis such as earnings or cash flow per share shall be appropriately adjusted to reflect changes in outstanding shares resulting from stock dividends, splits or combinations or mergers, reorganizations or similar transactions.

Notice of Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price as a result of the events described in this Section 1.6, or under Section 1.2 (regarding stock splits, combinations, etc.), the Borrower, at its expense, shall promptly compute such adjustment or readjustment and prepare and furnish to the Holder a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Borrower shall, upon the written request at any time of the Holder, furnish to such Holder a like certificate setting forth # such adjustment or readjustment, # the Conversion Price at the time in effect and # the number of shares of Common Stock and the amount, if any, of other securities or property which at the time would be received upon conversion of the Note.

Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise this Agreement and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in this Agreement shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

Load more...
Select clause to view document information.

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.