Convertible Preferred Shares. All shares of Cornerstone to be issued upon conversion of the Operating Partnership Units (as described more fully in the Limited Partnership Agreement) will, at the time of issuance, be duly authorized, validly issued, fully paid and non-assessable, and will be free and clear of any Liens or other encumbrances which would prevent or otherwise encumber the delivery of such shares to the owners of the Operating Partnership Units upon their conversion.
Convertible Preferred Shares. “CPS”). The Series A Preferred issued to Purchaser hereunder at Closing will, upon issuance, be validly issued, fully paid and non-assessable, free and clear of liens and restrictions. Assuming the truth and accuracy of the representations and warranties in Article III below, the issuance of the Shares hereunder will be exempt from registration under the Securities Act of 1933, as amended (the “Act”), and any applicable state securities laws.
Convertible Preferred Shares. Any shares of the Company’s Series A non-participating, voting, cumulative, convertible 7.0% preferred stock, par value $0.0001 per share.
Convertible Preferred Shares. If, in the case of any such consolidation, merger, sale, transfer or lease, the shares of stock or beneficial interest or other securities and property (including cash) receivable thereupon by a holder of the Common Shares includes shares of stock or beneficial interest or other securities and property of a corporation other than the successor or purchasing corporation, as the case may be, in such consolidation, merger, sale, transfer or lease, then the charter document of such other corporation shall contain such additional provisions to protect the interests of the holders of Series D Convertible Preferred Shares as the Board of Trustees shall reasonably consider necessary by reason of the foregoing. The provisions of this Section 13.4(7)(l) shall similarly apply to successive consolidations, mergers, sales, transfers or leases.
Convertible Preferred Shares. The Employee shall receive 225,000 shares of the Preferred Stock. Each share of Preferred Stock is convertible into one (1) share of the Company's Common Stock at a conversion value of $5.00 per share, provided, however, the shares may only be converted after five (5) years or sooner in the event the Company attains the following revenues and pre-tax earnings during the following time period or fiscal year after the completion of the proposed public offering, each share of Preferred Stock shall be convertible into the following number shares of Common Stock at the following conversion value per share at no cost to the employees: Number of Pre-Tax Conversion Common Incentive Period Revenues Earnings Value Shares ---------------- -------- -------- ---------- -------- 15 Months After Public Offering $20,000,000 $1,000,000 $2.50 2.0 shares Two Years After Public Offering $40,000,000 $2,000,000 $2.00 2.5 shares Three Years After Public Offering $75,000,000 $3,750,000 $1.50 3.3 shares Of the 700,000,000 shares of Preferred Stock to be issued to the Company's Officers and Directors, up to 233,333 shares of Preferred Stock are convertible upon achieving the performance goals in accordance with the aforesaid formula at the end of each Incentive Period. In the event the Company does not attain any of the aforesaid goals, each share of Preferred Stock then outstanding shall automatically convert, at no cost to the holder, into one (1) share of Common Stock five (5) years from the effective date of the registration statement relative to the proposed public offering. Each share of Preferred Stock will have the same voting rights as a share of Common Stock.
Convertible Preferred Shares. This performance-based contract allows the Company to implement its proprietary science and technology.
Convertible Preferred Shares. In case FHIF is required to convert the preference shares into ordinary shares it would offload the ordinary shares within a period of three months of the ordinary shares being issued. Total investment by FHIF in Convertible Preferred Shares will not exceed 15% of its Net Asset Value; • Certificates of Investment issued by financial institutions having a minimum of A- (minus) rating by a credit rating agency approved by the Commission or State Bank of Pakistan; • Bank deposits; • Reverse Repo Transactions; • 6 [ Delete] • 7 [ Any other mechanism that may replace CFS;] • Spread Transactions; FHIF will enter into transactions aimed at earning a spread in the price of shares resulting from the timing difference between ready and future settlements. FHIF will buy in the ready settlement market and sell in future settlement market. Both the transactions will be carried out simultaneously • so as to avoid any risk emanating from the movement in the prices of underlying shares; • Commercial Paper; • Derivative instruments as approved by the Commission; • Options; • Investment outside Pakistan - Total Investment by FHIF in overseas products/ instruments will be to the extent of 30% of Net Assets of the Fund subject to a cap of US$ 15 million. Overseas investments would be made according to the prescribed guidelines of SECP/ SBP and if guidelines are not available, specific approval from SECP/ SBP will be obtained The Fund Property will be invested in the International Market including the following with the permission of SECP/SBP: - International fixed profit bearing debt securities
Convertible Preferred Shares. Principal terms of the Convertible Preferred Shares are set out below: Number of Convertible Preferred Shares: 1,563,333,333 Par value: HK$0.005 Issue Price: HK$0.60 per Convertible Preferred Share Conversion rate for each Convertible Preferred Share: One to one (one Convertible Preferred Share can be converted into one ordinary Share) Conversion: The holders of the Convertible Preferred Shares shall have the right to convert the Convertible Preferred Shares, in whole or in part, at any time at the conversion rate set out above provided that:
Convertible Preferred Shares. 32 SECTION 5.6. Delivery of Certificates.....................................33 SECTION 5.7. Investment Purpose...........................................33 SECTION 5.8. Brokers......................................................33 ARTICLE VI. INDEMNIFICATION
Convertible Preferred Shares. A holder of Convertible Preferred Shares may give an effective conversion notice even if the Corporation has given notice of redemption under Section 10(c). The Corporation shall then promptly issue and deliver to such holder (x) a certificate or certificates for the number of shares of Common Stock to which such holder is entitled as a result of the conversion, (y) if fewer than all the Convertible Preferred Shares represented by any such surrendered certificate are converted, a new certificate representing the Convertible Preferred Shares which were not converted, and (z) any cash payment due to such holder pursuant to Section 8(a) or Section 8(c).
