Conversion at Maturity Date. (i) To the extent that any Advances are not earlier repaid in cash or converted pursuant to the provisions of this Section 2, on the Advance Maturity Date, the amount of the Advances not previously converted into Securities under this Agreement, or any portion thereof, owed to the Lender may be converted by the Lender into shares of Common Stock at the Conversion Price.
Conversion at Maturity Date. The principal and interest will convert into shares of the Company at a price per share of 33.0 US cents representing one million six hundred and sixty-six thousand, six hundred and sixty-seven thousand (1,666,667). At no time can the note be converted into shares of the Company if such conversion would equate to owning greater than 5% of the Company.
Conversion at Maturity Date. To the extent that this Note is not converted by the Maturity Date, then the rights of the Investor to convert this Note and receive Note Shares with respect to any principal amount remaining unconverted on such date shall cease and be of no further effect.
Conversion at Maturity Date. If the Maturity Date is reached without the prior occurrence of a Liquidity Event (as defined in clause 4.2 below), and the Loan has not been converted earlier by mutual agreement of the Parties, the Loan Amount shall be fully capitalized through the subscription of shares of the Company of the most senior class and series of shares existing in the Company at the time of conversion (the "Conversion at Maturity"). The Parties agree that the specific number of shares of the Company which shall be subscribed by the Lender upon Conversion at Maturity shall be determined on the basis of the price per share resulting from applying a 40% discount over the last post money valuation of the Company. If the conversion formula results in any fractional share, said calculation shall be rounded down to the nearest whole share.
Conversion at Maturity Date. If the Company has not completed a Qualified Financing prior to the Maturity Date, then, at the Maturity Date, the Note shall automatically convert into Common Stock at the offering price of the most recently closed offering on a common stock equivalent basis.
Conversion at Maturity Date. If this Note has not been previously converted (as provided in Section 6), then the principal amount of this Note, all accrued and unpaid interest and all other amounts accrued under this Note shall be converted to Conversion Stock at the Conversion Price.
Conversion at Maturity Date. At the Maturity Date of the Convertible Note, the Company shall convert the principal on this Convertible Note and accrued interest due into shares of Common Stock as set forth in Section 2.2 below.
Conversion at Maturity Date. If this Note has not been previously converted (as provided in Section 6), then on the Maturity Date, all of the Balance then outstanding shall convert into Conversion Stock at the Conversion Price then in effect. Conversion shall be deemed to have occurred under this Section 2.1 at the close of business on the Maturity Date.
Conversion at Maturity Date. If this Note has not been (i) converted pursuant to Section 5(a) or Section 5(c) hereof; or (ii) prepaid pursuant to Section 14 hereof, on the Maturity Date, the Holder shall have the option to choose to receive from the Company, in lieu of cash, that number of fully paid and nonassessable shares of Common Stock determined by dividing all of the unpaid principal and interest due on this Note as of the date of conversion by the greater of: (y) the amount that is equal to the product of the closing bid price per share for the Common Stock, as reported on the over-the-counter electronic bulletin board, or such other public market that the Company's Common Stock is then traded, on the date hereof and seventy-five percent (75%); and (z) 2.50. As a condition precedent to conversion of this Note into shares of Common Stock, the Holders will be required to execute a stock purchase agreement and other agreements customarily prepared in connection with the conversion of a Note into shares of Common Stock.
Conversion at Maturity Date. If the Maturity Date is reached without the prior occurrence of a Liquidity Event (as defined in clause 4.2 below), and the Loan has not been converted earlier by mutual agreement of the Parties, the Loan Amount shall be fully capitalized through the subscription of shares of the Company of the most senior class and series of shares existing in the Company at the time of conversion (the "Conversion at Maturity"). The Parties agree that the specific number of shares of the Company which shall be subscribed by the Lender upon Conversion at Maturity shall be determined on the basis of the price per share resulting from applying a 20% discount over a fixed pre-money valuation of the Company of EUR 100,000,0002. If the conversion formula results in any fractional share, said calculation shall be rounded down to the nearest whole share. This pre-money valuation has been determined by taking into account the last capital increase approved by the Company, as increased by the public subsidies (cash revenues) granted to the Company.
