Common use of Conversion Number Clause in Contracts

Conversion Number. The holder of any Convertible Debenture, at its option, will be entitled at any time commencing three (3) Business Days after Stockholder Approval and ending on the close of business on the final maturity date of the Convertible Debentures to convert any Convertible Debentures, or portions thereof, into shares of Series D Preferred Stock. The Convertible Debenture will automatically be converted into shares of Series D Preferred Stock upon the closing of a firmly underwritten public offering of Common Stock on a Form S-1 Registration Statement at an aggregate public offering price (after underwriting discounts and commissions) of at least $10,000,000 and a per share price equal to or greater than $4.00 (as appropriately adjusted for stock splits and the like). In either case (each of which is sometimes hereinafter referred to as a "Conversion"), the number of shares of Series D Preferred Stock to be issued upon such Conversion shall be determined by dividing the aggregate principal balance of the Convertible Debenture to then be converted by twenty-five hundredths (0.25). The Company is not required to issue fractional shares of Series D Preferred Stock upon conversion of any Convertible Debenture and, in lieu thereof, will pay a cash adjustment.

Conversion Number. The holder of any Convertible Debenture, at its option, will be entitled at any time commencing three (3) Business Days after Stockholder Approval and ending on the close of business on the final maturity date of the Convertible Debentures to convert any Convertible Debentures, or portions thereof, into shares of Series D Preferred Stock. The Convertible Debenture will automatically be converted into shares share of Series D Preferred Stock upon the closing of a firmly underwritten public offering of Common Stock on a Form S-1 Registration Statement at an aggregate public offering price (after underwriting discounts and commissions) of at least $10,000,000 and a per share price equal to or greater than $4.00 (as appropriately adjusted for stock splits and the like). In either case (each of which is sometimes hereinafter referred to as a "Conversion"), the number of shares of Series D Preferred Stock to be issued upon such Conversion shall be determined by dividing the aggregate principal balance of the Convertible Debenture to then be converted by twenty-five hundredths (0.25). The Company is not required to issue fractional shares of Series D Preferred Stock upon conversion of any Convertible Debenture and, in lieu thereof, will pay a cash adjustment.

Conversion Number. The holder of any Convertible Debenture, at its option, will be entitled at any time commencing three (3) Business Days after Stockholder Approval and ending on the close of business on the final maturity date of the Convertible Debentures to convert any Convertible Debenturesdebentures, or portions thereof, into shares of Series D E Preferred Stock. The Convertible Debenture will automatically be converted into shares of Series D E Preferred Stock upon the closing of a firmly underwritten public offering of Common Stock on a Form S-1 Registration Statement at an aggregate Aggregate public offering price (after underwriting discounts and commissions) of at least $10,000,000 and a per share price equal to or greater than $4.00 (as appropriately adjusted for stock splits and the like). In either case (each of which is sometimes hereinafter referred to as a "Conversion"), the number of shares of Series D E Preferred Stock to be issued upon such Conversion shall be determined by dividing the aggregate principal balance of the Convertible Debenture to then be converted by twenty-five hundredths (0.25). The Company is not required to issue issued fractional shares of Series D E Preferred Stock upon conversion of any Convertible Debenture and, in lieu thereof, will pay a cash adjustment.

Conversion Number. The holder of any Convertible Debenture, at its option, will be entitled at any time commencing three (3) Business Days after Stockholder Approval and ending on the close of business on the final maturity date of the Convertible Debentures to convert any Convertible Debentures, or portions thereof, into shares of Series D E Preferred Stock. The Convertible Debenture will automatically be converted into shares of Series D E Preferred Stock upon the closing of a firmly underwritten public offering of Common Stock on a Form S-1 S-l Registration Statement at an aggregate public offering price (after underwriting discounts and commissions) of at least $10,000,000 and a per share price equal to or greater than $4.00 (as appropriately adjusted for stock splits and the like). In either case (each of which is sometimes hereinafter referred to as a "Conversion"), the number of shares of Series D E Preferred Stock to be issued upon such Conversion shall be determined by dividing the aggregate principal balance of the Convertible Debenture to then be converted by twenty-five hundredths (0.25). The Company is not required to issue fractional shares of Series D E Preferred Stock upon conversion of any Convertible Debenture and, in lieu thereof, will pay a cash adjustment.