Mandatory Conversion Event. On or after the third anniversary of the Initial Issue Date, if at any time (i) the Daily VWAP of the Common Stock has been at least 200% of the Conversion Price for at least twenty (20) Trading Days (whether or not consecutive) during any thirty (30) consecutive Trading Days (including the last day of such period) and (ii) the Common Stock Liquidity Conditions are satisfied, then the Corporation shall have the right (the “Mandatory Conversion Right”), exercisable at its election, to cause all or any portion of the outstanding shares of Series A Convertible Preferred Stock to convert into Common Stock on the 10th Business Day following the delivery of the Mandatory Conversion Notice, at the effective applicable Conversion Price on such 10th Business Day in accordance with Section 7 (such conversion, a “Mandatory Conversion”); provided that, the Corporation shall pay an additional amount per share of Series A Convertible Preferred Stock (payable in cash, shares of Common Stock valued based on the Relevant Price (with the number of shares of Common Stock rounded up to the nearest whole share of Common Stock) or a combination thereof, at the Corporation’s election) equal to the greater of (x) the difference between (i) the Minimum Consideration as of the Relevant Date and (ii) the value (based on the Relevant Price) of the shares of Common Stock to be delivered upon such Mandatory Conversion without regard to this proviso and (y) zero.
Mandatory Conversion Event. Upon 30 days written notice from the Company to each holder of Series B Preferred Stock, each share of Series B Preferred Stock may be converted into fully paid and nonassessable shares of Common Stock at the option of the Company after the fifth anniversary of the Original Issue Date.
Mandatory Conversion Event. The Company may, at its option, require all (and not less than all) holders of shares of Series A Preferred Stock then outstanding to convert their shares of Series A Preferred Stock into shares of Common Stock, at the then effective Conversion Price if the average daily trading volume of Common Stock for the 30 consecutive days of trading ending not more than 5 calendar days immediately preceding the date of the notice described in this subsection 10(a) equals or exceeds 16,500 shares (33,000 if the principal trading market for Common Stock is a NASDAQ or other over-the-counter market and such market includes, or "double counts," both buy and sell transactions with respect to the same shares in reporting volume) and the Company's Common Stock shall have had an average closing market price on the principal stock exchange on which it is listed (or, if not listed on any stock exchange, a last sale price on the NASDAQ National Market System, or if not listed or admitted to trading on such system, a closing bid price in the over-the-counter market) of not less than $5.50 (subject to appropriate adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization affecting such shares) on the same period of 30 consecutive trading days. All holders of record of shares of Series A Preferred Stock then outstanding will be given at least 10 days' prior written notice of the date fixed and the place designated for mandatory or special conversion of all such shares of Series A Preferred Stock pursuant to this Section 10.2. Such notice will be sent by first class or registered mail, postage prepaid, to each record holder of Series A Preferred Stock at such holder's address last shown on the records of the Company.
Mandatory Conversion Event. Upon a Mandatory Conversion Event all Units shall be considered 100% vested. However, any Shares or Assets received thereon shall continue to be governed by these Terms. SEQ 4_1 \* Arabic \n10. Covenant Not To Compete. MIP Special Limited Partner agrees to conform to the following concerning non-competition.
Mandatory Conversion Event. (i) Notwithstanding anything to the contrary herein, upon the Mandatory Conversion Event, all outstanding shares of Parent Preferred Stock shall, mandatorily, be converted automatically into such number of shares of Parent Common Stock determined by the same method as a Discretionary Conversion.
Mandatory Conversion Event. (i) Notwithstanding anything to the contrary herein, upon the Mandatory Conversion Event, all outstanding shares of Series B Preferred shall, at the option of the Corporation, be converted automatically into such number of shares of Common Stock determined by the same method as a Discretionary Conversion.
