Common use of Distribution of Common Shares; Reclassification; Subdivision; Combination Clause in Contracts

Distribution of Common Shares; Reclassification; Subdivision; Combination. In case the Company shall (1) pay a dividend payable in, effect a split up of, or make any other distribution in, Common Shares to holders of the Common Shares, (2) reclassify the outstanding Common Shares into Shares of some other class or series of Shares, (3) subdivide the outstanding Common Shares into a greater number of Common Shares or (4) combine the outstanding Common Shares into a smaller number of Common Shares, the conversion rate immediately prior to such action shall be adjusted so that the holder of any Series B-2 Preferred Shares thereafter surrendered for conversion shall be entitled to receive the number of Common Shares which he would have owned immediately following such action had such Series B-2 Preferred Shares been converted immediately prior thereto. An adjustment made pursuant to this Section 16.4(f)(i) shall become effective immediately after the record date in the case of a distribution and shall become effective immediately after the effective date in the case of a reclassification, subdivision or combination.

Appears in 2 contracts

Samples: Employment Agreement (Kranzco Realty Trust), Employment Agreement (Cv Reit Inc)

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Distribution of Common Shares; Reclassification; Subdivision; Combination. In case the Company shall (1) pay a dividend payable in, effect a split up of, or make any other distribution in, Common Shares to holders of the Common Shares, (2) reclassify the outstanding Common Shares into Shares of some other class or series of Shares, (3) subdivide the outstanding Common Shares into a greater number of Common Shares or (4) combine the outstanding Common Shares into a smaller number of Common Shares, the conversion rate immediately prior to such action shall be adjusted so that the holder of any Series B-2 B-1 Preferred Shares thereafter surrendered for conversion shall be entitled to receive the number of Common Shares which he would have owned immediately following such action had such Series B-2 B-1 Preferred Shares been converted immediately prior thereto. An adjustment made pursuant to this Section 16.4(f)(i15.4(f)(i) shall become effective immediately after the record date in the case of a distribution and shall become effective immediately after the effective date in the case of a reclassification, subdivision or combination.

Appears in 2 contracts

Samples: Employment Agreement (Cv Reit Inc), Employment Agreement (Kranzco Realty Trust)

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Distribution of Common Shares; Reclassification; Subdivision; Combination. In case the Company shall (1) pay a dividend payable in, effect a split up of, or make any other distribution in, Common Shares to holders of the Common Shares, (2) reclassify the outstanding Common Shares into Shares of some other class or series of Shares, (3) subdivide the outstanding Common Shares into a greater number of Common Shares or (4) combine the outstanding Common Shares into a smaller number of Common Shares, the conversion rate immediately prior to such action shall be adjusted so that the holder of any Series B-2 B Preferred Shares thereafter surrendered for conversion shall be entitled to receive the number of Common Shares which he would have owned immediately following such action had such Series B-2 B Preferred Shares been converted immediately prior thereto. An adjustment made pursuant to this Section 16.4(f)(iSubparagraph (D)(6)(i) shall become effective immediately after the record date in the case of a distribution and shall become effective immediately after the effective date in the case of a reclassification, subdivision or combination.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Union Property Investors Inc)

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