Fractional Shares Clause Example from Business Contracts

This example Fractional Shares clause appears in 2 contracts from 1 company

Fractional Shares. No fractional shares of Series Preferred will be issued in connection with any exercise hereunder, but in lieu of such fractional shares the Company shall make a cash payment therefor based on the fair market value of the Series Preferred on the date of exercise as reasonably determined in good faith by the Company's Board of Directors.