Common use of Conversion Amount; Conversion of the Company Shares Clause in Contracts

Conversion Amount; Conversion of the Company Shares. As a result --------------------------------------------------- of the Merger and without any action by the holders thereof, all of the shares of Company Common Stock issued and outstanding immediately prior to the Merger and all rights in respect thereof, shall be converted into that number shares of Purchaser Common Stock having a market value of $756,170 (the "Conversion Amount"). As a result of such conversion, the Stockholder will receive the number of shares of Purchaser Common Stock to be issued pursuant to the Merger, rounded to the nearest whole share. In order to effect such conversion, (i) the Stockholder will deliver to the Purchaser at the Closing certificates in due and proper form representing the shares of Company Common Stock owned by such Stockholder, duly endorsed or accompanied by duly executed stock powers, with signatures guaranteed by a commercial bank or a member of the National Association of Securities Dealers, Inc., and (ii) the Purchaser shall deliver to the Stockholder a certificate, in due and proper form, representing the number of shares of Purchaser Common Stock to which such Stockholder is entitled. Each share of Purchaser Common Stock issued pursuant to the Merger shall be fully paid and non-assessable. For purposes of the foregoing, the market value of the Purchaser Common Stock shall equal the average of the closing prices reported in the Wall Street Journal for each of the fifteen (15) trading days ended and including Friday, March 27, 1998.

Appears in 1 contract

Samples: Agreement and Plan of Reorganization (Sylvan Learning Systems Inc)

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Conversion Amount; Conversion of the Company Shares. As a result --------------------------------------------------- of the Merger and without any action by the holders thereof, all of the shares of Company Common Stock issued and outstanding immediately prior to the Merger and all rights in respect thereof, shall be converted into that number shares of Purchaser Common Stock having a market value of $756,170 ______________ (the "Conversion Amount"). As a result of such conversion, each of the Stockholder will receive receive, based upon the number of shares of Company Common Stock owned by such Stockholder immediately prior to the Merger, his or her pro rata share of the number of shares of Purchaser Common Stock to be issued pursuant to the Merger, rounded to the nearest whole share. In order to effect such conversion, (i) each of the Stockholder will deliver to the Purchaser at the Closing certificates in due and proper form representing the shares of Company Common Stock owned by such Stockholder, duly endorsed or accompanied by duly executed stock powers, with signatures guaranteed by a commercial bank or a member of the National Association of Securities Dealers, Inc., and (ii) the Purchaser shall deliver to each of the Stockholder a certificate, in due and proper form, representing the number of shares of Purchaser Common Stock to which such Stockholder is entitled. Each share of Purchaser Common Stock issued pursuant to the Merger shall be fully paid and non-assessable. For purposes of the foregoing, the market value of the Purchaser Common Stock shall equal the average of the closing prices price reported in the Wall Street Journal for each of the fifteen (15) 10 trading days ended and including Fridayimmediately preceding October 1, March 27, 19981996.

Appears in 1 contract

Samples: Agreement and Plan of Reorganization (Sylvan Learning Systems Inc)

Conversion Amount; Conversion of the Company Shares. As a result --------------------------------------------------- of the Merger and without any action by the holders thereof, all of the shares of Company Common Stock issued and outstanding immediately prior to the Merger and all rights in respect thereof, shall be converted into that number shares of Purchaser Common Stock having a market value of $756,170 973,925 (the "Conversion Amount"). As a result of such conversion, the Stockholder will receive the number of shares of Purchaser Common Stock to be issued pursuant to the Merger, rounded to the nearest whole share. In order to effect such conversion, (i) the Stockholder will deliver to the Purchaser at the Closing certificates in due and proper form representing the shares of Company Common Stock owned by such Stockholder, duly endorsed or accompanied by duly executed stock powers, with signatures guaranteed by a commercial bank or a member of the National Association of Securities Dealers, Inc., and (ii) the Purchaser shall deliver to the Stockholder a certificate, in due and proper form, representing the number of shares of Purchaser Common Stock to which such Stockholder is entitled. Each share of Purchaser Common Stock issued pursuant to the Merger shall be fully paid and non-assessable. For purposes of the foregoing, the market value of the Purchaser Common Stock shall equal the average of the closing prices reported in the Wall Street Journal for each of the fifteen (15) trading days ended and including Friday, March 27, 1998.

Appears in 1 contract

Samples: Agreement and Plan of Reorganization (Sylvan Learning Systems Inc)

Conversion Amount; Conversion of the Company Shares. As a result --------------------------------------------------- of the Merger and without any action by the holders thereof, all of the shares of Company Common Stock issued and outstanding immediately prior to the Merger and all rights in respect thereof, shall be converted into that number shares of Purchaser Common Stock having a market value of $756,170 2,000,000.00 (the "Conversion Amount"). As a result of such conversion, the sole Stockholder will receive receive, the number of shares of Purchaser Common Stock to be issued pursuant to the Merger, rounded to the nearest whole share. In order to effect such conversion, (i) the sole Stockholder will deliver to the Purchaser at the Closing certificates in due and proper form representing the shares of Company Common Stock owned by such Stockholder, duly endorsed or accompanied by duly executed stock powers, with signatures guaranteed by a commercial bank or a member of the National Association of Securities Dealers, Inc., and (ii) the Purchaser shall deliver to the sole Stockholder a certificate, in due and proper form, representing the number of shares of Purchaser Common Stock to which such Stockholder is entitled. Each share of Purchaser Common Stock issued pursuant to the Merger shall be fully paid and non-assessable. For purposes of the foregoing, the market value of the Purchaser Common Stock shall equal the average of the closing prices reported in the Wall Street Journal for each of the last fifteen (15) trading days ended and including Friday, March 27, 1998of 1996.

Appears in 1 contract

Samples: Merger Agreement (Sylvan Learning Systems Inc)

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Conversion Amount; Conversion of the Company Shares. As a result --------------------------------------------------- of the Merger and without any action by the holders thereof, all of the shares of Company Common Stock issued and outstanding immediately prior to the Merger and all rights in respect thereof, shall be converted into that number shares of Purchaser Common Stock having a market value of $756,170 970,000.00, or such other amount as the Purchaser and Stockholder shall mutually agree to in writing at or prior to the Closing (the "Conversion Amount"). As a result of such conversion, the Stockholder will receive the number of shares of Purchaser Common Stock to be issued pursuant to the Merger, rounded to the nearest whole share. In order to effect such conversion, (i) the Stockholder will deliver to the Purchaser at the Closing certificates in due and proper form representing the shares of Company Common Stock owned by such Stockholder, duly endorsed or accompanied by duly executed stock powers, with signatures guaranteed by a commercial bank or a member of the National Association of Securities Dealers, Inc., and (ii) the Purchaser shall deliver to the Stockholder a certificate, in due and proper form, representing the number of shares of Purchaser Common Stock to which such Stockholder is entitled. Each share of Purchaser Common Stock issued pursuant to the Merger shall be fully paid and non-assessable. For purposes of the foregoing, the market value of the Purchaser Common Stock shall equal the average of the closing prices reported by Commodity Systems, Inc. in the Wall Street Journal Yahoo! Finance/Historical Quotes for each of the fifteen (15) consecutive trading days ended and including FridayTuesday, March 27May 11, 19981999.

Appears in 1 contract

Samples: Agreement and Plan of Reorganization (Sylvan Learning Systems Inc)

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