Common use of Company Series B Preferred Stock Clause in Contracts

Company Series B Preferred Stock. Subject to the terms and conditions of this Agreement, at the Effective Time, by virtue of the First Merger and without any action on the part of any holder of Company Capital Stock, each share of Series B Preferred Stock held by an Accredited Investor (other than any Disregarded Shares) issued and outstanding immediately prior to the Effective Time shall be cancelled and extinguished and automatically converted into the right to receive:

Company Series B Preferred Stock. Subject to the terms and conditions of this Agreement, at the Effective Time, by virtue of the First Merger and without any action on the part of any holder of Company Capital Stock, each share of Company Series B Preferred Stock held by an Accredited Investor (other than any Disregarded Shares) that is issued and outstanding immediately prior to the Effective Time shall shall, by virtue of the Merger and without the need for any further action on the part of Acquirer, Sub, Company or the holder thereof (except as expressly provided herein), be cancelled and extinguished and automatically converted into and represent the right to receive:receive the Cash Amount Per Series B Share, without interest.

Company Series B Preferred Stock. Subject to the terms and conditions of this Agreement, at the Effective Time, by virtue of the First Merger and without any action on the part of any holder of Company Capital Stock, each share of Company Series B Preferred Stock held by an Accredited Investor (other than any Disregarded Shares) issued and outstanding immediately prior to the Effective Time (other than Dissenting Shares) shall be cancelled and extinguished and automatically converted into the without any present or future right to receive:receive any portion of the Purchase Price or any other consideration, there being insufficient funds to qualify such shares for any distribution in accordance with the Company’s certificate of incorporation.