CONVERSION/ REDEMPTION OF CONVERTIBLE NOTES. After the second Anniversary Date, the percentage obtained by dividing (a) the aggregate principal amount of Convertible Notes converted by the holders thereof and redeemed by the Company pursuant to Section 8 thereof by (b) the original principal amount of the Convertible Notes shall be the Converted/Redeemed Percentage (the "Converted/Redeemed Percentage"). The percentage of Restricted Shares no longer subject to the Transfer Restriction shall be equal to the Converted/Redeemed Percentage and such percentage of Restricted Shares shall cease to be subject to this Agreement. For example, if $30 million out of an aggregate $60 million in principal amount of Convertible Notes is converted and $15 million in principal amount of Convertible Notes is redeemed, then seventy-five (75%) percent of the Restricted Shares shall cease to be subject to the Transfer Restriction.
Appears in 4 contracts
Samples: Lockup Agreement (Aerobic Creations, Inc.), Lockup Agreement (Aerobic Creations, Inc.), Lockup Agreement (Aerobic Creations, Inc.)
