Mandatory Conversion at the Corporation’s Option. (i) The Corporation shall have the right, at its option, at any time or from time to time to cause some or all of the Series A Preferred Stock to be converted into shares of Common Stock at the then Applicable Conversion Rate, plus cash in lieu of fractional shares, plus an amount equal to any accrued and unpaid dividends on the shares of Series A Preferred Stock so converted through the Mandatory Conversion Date, if, for 20 Trading Days during any period of 30 consecutive Trading Days (including the last Trading Day of such period), ending on the Trading Day preceding the date the Corporation delivers a Notice of Mandatory Conversion, the Closing Price of the Common Stock exceeds 136.94% of the then Applicable Conversion Price. (ii) If the Corporation elects to cause fewer than all of the shares of Series A Preferred Stock to be converted pursuant to this Subdivision 3(h), the Corporation shall select the Series A Preferred Stock to be converted on a pro rata basis or by another method the Board of Directors, in its sole discretion, considers fair to the Holders. If the Corporation selects a portion of a Holder’s Series A Preferred Stock for partial mandatory conversion and such Holder converts a portion of its shares of Series A Preferred Stock, the converted portion will be deemed to be from the portion selected for mandatory conversion under this Subdivision 3(h). (iii) If the Corporation elects to exercise the mandatory conversion right pursuant to this Subdivision 3(h), the Corporation shall provide notice of such conversion to each Holder (such notice, a “Notice of Mandatory Conversion”). The conversion date shall be a date selected by the Corporation (the “Mandatory Conversion Date”) and shall be no more than 7 days after the date on which the Corporation provides such Notice of Mandatory Conversion. In addition to any information required by applicable law or regulation, the Notice of Mandatory Conversion shall state, as appropriate: (A) the Mandatory Conversion Date; (B) the number of shares of Common Stock to be issued upon conversion of each share of Series A Preferred Stock; and (C) the number of shares of Series A Preferred Stock to be converted.
Appears in 2 contracts
Samples: Exchange Agreement (CONDUENT Inc), Exchange Agreement (Xerox Corp)
Mandatory Conversion at the Corporation’s Option. (i) The Corporation shall have the right, at its option, at any time or from time to time to cause some or all of the Series A B Preferred Stock to be converted into shares of Common Stock at the then Applicable Conversion Rate, plus cash in lieu of fractional shares, plus an amount equal to any accrued and unpaid dividends on the shares of Series A B Preferred Stock so converted through the Mandatory Conversion Date, if, for 20 Trading Days during any period of 30 consecutive Trading Days (including the last Trading Day of such period), ending on the Trading Day preceding the date the Corporation delivers a Notice of Mandatory Conversion, the Closing Price of the Common Stock exceeds 136.94146.07% of the then Applicable Conversion Price.
(ii) If the Corporation elects to cause fewer than all of the shares of Series A B Preferred Stock to be converted pursuant to this Subdivision 3(h14(h), the Corporation shall select the Series A B Preferred Stock to be converted on a pro rata basis or by another method the Board of Directors, in its sole discretion, considers fair to the Holders. If the Corporation selects a portion of a Holder’s Series A B Preferred Stock for partial mandatory conversion and such Holder converts a portion of its shares of Series A B Preferred Stock, the converted portion will be deemed to be from the portion selected for mandatory conversion under this Subdivision 3(h14(h).
(iii) If the Corporation elects to exercise the mandatory conversion right pursuant to this Subdivision 3(h14(h), the Corporation shall provide notice of such conversion to each Holder (such notice, a “Notice of Mandatory Conversion”). The conversion date shall be a date selected by the Corporation (the “Mandatory Conversion Date”) and shall be no more than 7 days after the date on which the Corporation provides such Notice of Mandatory Conversion. In addition to any information required by applicable law or regulation, the Notice of Mandatory Conversion shall state, as appropriate:
(A) the Mandatory Conversion Date;
(B) the number of shares of Common Stock to be issued upon conversion of each share of Series A B Preferred Stock; and
(C) the number of shares of Series A B Preferred Stock to be converted.
Appears in 2 contracts
Samples: Exchange Agreement (CONDUENT Inc), Exchange Agreement (Xerox Corp)
Mandatory Conversion at the Corporation’s Option. (ia) The On or after July 15, 2017, the Corporation shall have the right, at its option, at any time or from time to time time, to cause some or all of the Series A C Preferred Stock to be converted into shares of Common Stock (subject to Section 9(f)) at the then Applicable Conversion Rate, plus cash in lieu of fractional shares, plus an amount equal to any accrued and unpaid dividends on the shares of Series A Preferred Stock so converted through the Mandatory Conversion Date, Rate if, for 20 Trading Days during within any period of 30 consecutive Trading Days (including the last Trading Day of such period), ending on the Trading Day preceding the date on which the Corporation Corporation
delivers a Notice of Mandatory Conversion, the Closing Price of the Common Stock exceeds 136.94130% of the then Applicable Conversion PricePrice of the Series C Preferred Stock.
(iib) If the Corporation elects to cause fewer less than all of the shares of Series A C Preferred Stock to be converted pursuant to this Subdivision 3(hunder Section 10(a), the Corporation Conversion Agent shall select the Series A C Preferred Stock to be converted by lot, on a pro rata basis or by another method the Board of Directors, in its sole discretion, Conversion Agent considers fair to the Holdersand appropriate, including any method required by DTC or any successor Depositary. If the Corporation Conversion Agent selects a portion of a Holder’s 's Series A C Preferred Stock for partial mandatory conversion and such Holder converts a portion of its shares of Series A C Preferred Stock, the converted portion will be deemed to be from the portion selected for mandatory conversion under this Subdivision 3(h)Section 10.
(iiic) If the Corporation elects In order to exercise the mandatory conversion right pursuant to described in this Subdivision 3(h)Section 10, the Corporation shall provide notice of such conversion by first-class mail, postage prepaid, to each Holder the Holders as they appear in the records of the Corporation (such notice, a “"Notice of Mandatory Conversion”)") and issue a press release for publication and make this information available on its website, if any. The conversion date Conversion Date shall be a date selected by the Corporation (the “"Mandatory Conversion Date”") and shall be no more than 7 days 60 and not less than 45 Scheduled Trading Days after the date on which the Corporation provides such Notice of Mandatory ConversionConversion or issues such press release. In addition to any information required by applicable law or regulation, the Notice of Mandatory Conversion and press release shall state, as appropriate:
(Ai) the Mandatory Conversion Date;
(Bii) the number of shares of Common Stock to be issued upon conversion of each share of Series A C Preferred StockStock or, if applicable, the Settlement Method and the Specified Dollar Amount, if applicable; and
(Ciii) the number of shares of Series A C Preferred Stock to be converted.
Appears in 1 contract
Samples: Subscription Agreement (Oriental Financial Group Inc)
Mandatory Conversion at the Corporation’s Option. (ia) The Corporation shall have the right, at its option, at any time or from time to time to cause some or all of the Series A Preferred Stock to be converted into shares of Common Stock at the then Applicable Conversion Rate, plus cash in lieu of fractional shares, plus an amount equal to any accrued and unpaid dividends on the shares of Series A Preferred Stock so converted through the Mandatory Conversion Date, if, for 20 Trading Days during any period of 30 consecutive Trading Days (including the last Trading Day of such period), ending on the Trading Day preceding the date the Corporation delivers a Notice of Mandatory Conversion, the Closing Price of the Common Stock exceeds 136.94146.07 % of the then Applicable Conversion Price.
(iib) If the Corporation elects to cause fewer than all of the shares of Series A Preferred Stock to be converted pursuant to this Subdivision 3(h)8, the Corporation shall select the Series A Preferred Stock to be converted on a pro rata basis or by another method the Board of Directors, in its sole discretion, considers fair to the Holders. If the Corporation selects a portion of a Holder’s Series A Preferred Stock for partial mandatory conversion and such Holder converts a portion of its shares of Series A Preferred Stock, the converted portion will be deemed to be from the portion selected for mandatory conversion under this Subdivision 3(h)8.
(iiic) If the Corporation elects to exercise the mandatory conversion right pursuant to this Subdivision 3(h)8, the Corporation shall provide notice of such conversion to each Holder (such notice, a “Notice of Mandatory Conversion”). The conversion date shall be a date selected by the Corporation (the “Mandatory Conversion Date”) and shall be no more than 7 days after the date on which the Corporation provides such Notice of Mandatory Conversion. In addition to any information required by applicable law or regulation, the Notice of Mandatory Conversion shall state, as appropriate:
(Ai) the Mandatory Conversion Date;
(Bii) the number of shares of Common Stock to be issued upon conversion of each share of Series A Preferred Stock; and
(Ciii) the number of shares of Series A Preferred Stock to be converted.
Appears in 1 contract
Samples: Merger Agreement (Xerox Corp)
Mandatory Conversion at the Corporation’s Option. (i) The On or after the fifth anniversary of the Issue Date, the Corporation shall have the right, at its option, at any time or from time to time to cause some or all of the Series A Preferred Stock to be converted into shares of Common Stock at the then Applicable Conversion Rate, plus cash in lieu of fractional shares, plus an amount equal to any accrued and unpaid dividends on the shares of Series A Preferred Stock so converted through the Mandatory Conversion Date, if, for 20 Trading Days during any period of 30 consecutive Trading Days (including the last Trading Day of such period), ending on the Trading Day preceding the date the Corporation delivers a Notice of Mandatory Conversion, the Closing Price of the Common Stock exceeds 136.94130% of the then Applicable Conversion Price.. Table of Contents
(ii) If the Corporation elects to cause fewer than all of the shares of Series A Preferred Stock to be converted pursuant to this Subdivision 3(h13(h), the Corporation shall select the Series A Preferred Stock to be converted on a pro rata basis or by another method the Board of Directors, in its sole discretion, considers fair to the Holders. If the Corporation selects a portion of a Holder’s Series A Preferred Stock for partial mandatory conversion and such Holder converts a portion of its shares of Series A Preferred Stock, the converted portion will be deemed to be from the portion selected for mandatory conversion under this Subdivision 3(h13(h).
(iii) If the Corporation elects to exercise the mandatory conversion right pursuant to this Subdivision 3(h13(h), the Corporation shall provide notice of such conversion to each Holder (such notice, a “Notice of Mandatory Conversion”). The conversion date shall be a date selected by the Corporation (the “Mandatory Conversion Date”) and shall be no more than 7 days after the date on which the Corporation provides such Notice of Mandatory Conversion. In addition to any information required by applicable law or regulation, the Notice of Mandatory Conversion shall state, as appropriate:
(A) the Mandatory Conversion Date;
(B) the number of shares of Common Stock to be issued upon conversion of each share of Series A Preferred Stock; and
(C) the number of shares of Series A Preferred Stock to be converted.
Appears in 1 contract
Samples: Merger Agreement (Affiliated Computer Services Inc)