Conversion of Preferred Clause Samples
The "Conversion of Preferred" clause defines the terms under which preferred shares can be converted into common shares. Typically, this clause outlines the conversion ratio, the process for initiating conversion (either at the option of the shareholder or automatically upon certain events), and any adjustments for stock splits or dividends. Its core practical function is to provide a clear mechanism for preferred shareholders to participate in the equity upside of the company, ensuring transparency and predictability in how and when preferred shares may be converted.
Conversion of Preferred. The holders of Target Preferred Stock shall have approved the conversion of their shares into shares of Target Common Stock by the requisite vote under applicable law and Target's Certificate of Incorporation.
Conversion of Preferred. All shares of Occam Preferred Stock shall have converted into Occam Common stock prior to the Effective Time.
Conversion of Preferred. (a) At the Closing and immediately prior to the Effective Time (as such terms are defined in the Merger Agreement), the G▇▇▇▇▇ ▇. Coors Trust shall convert all of the shares of Series B Preferred Stock held by such trust into shares of Common Stock in accordance with the terms of the Articles of Incorporation of the Company as amended by the Company’s Board of Directors on August 14, 2000 (the “Share Conversion”).
(b) In consideration of the Share Conversion, promptly after such conversion Riverwood shall pay by wire transfer, to an account or accounts specified by not less than three days’ notice from the Family Representative to Riverwood, funds in an amount equal to the present value, calculated using a discount rate of 8.5%, of the dividend payments payable to the Series B Preferred Stock from the Effective Time of the Merger through the first date as of which the Company may redeem the Series B Preferred Stock.
Conversion of Preferred. Stock The holders of Preferred Stock shall be entitled to convert the Preferred Stock into Shares in accordance with the terms set forth in the Certificate of Designation.
Conversion of Preferred. As of the date hereof, Southeast Texas represents to Texas Regional that the only outstanding series of preferred shares of Southeast Texas is the Series D 6% Preferred Stock of Southeast Texas (the “Series D Preferred Shares”). Southeast Texas shall take such action as may be required to cause all of the issued and outstanding shares of Series D Preferred Shares to be converted to Common Stock not less than thirty (30) days prior to the date of Closing. Southeast Texas shall provide evidence to Texas Regional that all shareholders holding shares of Series D Preferred Shares shall have elected to convert their Series D Preferred Shares to Southeast Texas Common Shares, under the terms of the Statement of Determination of Rights and Preferences of Series D 6% Preferred Stock of Southeast Texas Bancshares, Inc., in form and content reasonably satisfactory to Texas Regional.
Conversion of Preferred. Each of the Series A and Series B shares have preferences upon certain triggering events allowing total payment to the holders of approximately $3,000,000. As no triggering event is anticipated due to the subject Transaction, the holders of the XCR Series A and Series B shares are expected to convert their preferred shares to common and in doing so terminate their cash preferences.
Conversion of Preferred. EIL and ESL have facilitated the conversion by the holders of record of the Preferred Stock (the "Preferred Holders") of all outstanding shares of Preferred Stock into shares of Common Stock. Attached hereto as Annex A are accurate and complete copies of duly executed notices of conversion of Preferred Stock. Except as set forth in Section 5 hereof, MSI, EIL and ESL acknowledge and agree that (a) all of the Placement Agreements, together with each Investor Subscription Agreement executed in connection with the Placement Agreements, are hereby terminated in all respects and (b) the compliance with all terms and conditions thereof are hereby irrevocably waived in all respects. EIL and ESL each acknowledges and agrees that, from and after the date hereof, MSI shall have no duties, obligations or liabilities under or arising from such agreements.
Conversion of Preferred. The conversion of the Company's preferred stock held by Groot Kasteel to common stock of the Company as a one-for-one basis..
Conversion of Preferred. (a) At the Closing and immediately prior to the Effective Time (as such terms are defined in the Merger Agreement), the Grover C. Coors Trust shall convert all of the shares of Ser▇▇▇ ▇ ▇▇▇ferred Stock held by such trust into shares of Common Stock in accordance with the terms of the Articles of Incorporation of the Company as amended by the Company's Board of Directors on August 14, 2000 (the "SHARE Conversion").
(b) In consideration of the Share Conversion, promptly after such conversion Riverwood shall pay by wire transfer, to an account or accounts specified by not less than three days' notice from the Family Representative to Riverwood, funds in an amount equal to the present value, calculated using a discount rate of 8.5%, of the dividend payments payable to the Series B Preferred Stock from the Effective Time of the Merger through the first date as of which the Company may redeem the Series B Preferred Stock.