CONVERSION OF LOAN UNITS. As of the date of this Agreement, as set forth on SCHEDULE 1.3(B), there are currently outstanding loan units convertible into an aggregate of 4,500 MailKey Ordinary Shares (collectively, the "MAILKEY LOAN UNITS"). At the Effective Time, holders of the MailKey Loan Units (the "MAILKEY LOAN UNIT HOLDERS") shall be entitled to receive, in exchange therefore, loan units (the "ACQUIROR LOAN UNITS"; together with the Acquiror Capital Stock, Acquiror Warrants, and Acquiror Options, the "ACQUIROR SECURITIES") convertible into shares of Acquiror Common Stock, substantially on the terms of the Form of Loan Unit attached hereto as EXHIBIT 1.2(E). Immediately prior to the Effective Time, each MailKey Loan Unit Holder shall surrender to Acquiror for cancellation all certificates or agreements evidencing a MailKey Loan Unit and receive in exchange therefore the Acquiror Loan Units.
Appears in 6 contracts
Samples: Agreement and Plan of Merger (IElement CORP), Agreement and Plan of Merger (IElement CORP), Agreement and Plan of Merger (IElement CORP)
