Common use of Pro-rata Conversion and Redemption Clause in Contracts

Pro-rata Conversion and Redemption. In the event the Company receives a Conversion Notice from more than one holder of Series C Preferred Stock on the same day and the Company can convert and redeem some, but not all, of the Series C Preferred Stock pursuant to this Section 9, the Company shall convert and redeem from each holder of Series C Preferred Stock electing to have Series C Preferred Stock converted and redeemed at such time an amount equal to such holder’s pro-rata amount (based on the number shares of Series C Preferred Stock held by such holder relative to the number shares of Series C Preferred Stock outstanding) of all shares of Series C Preferred Stock being converted and redeemed at such time.

Pro-rata Conversion and Redemption. In the event the Company receives a Conversion Notice from more than one holder of Series C CC Preferred Stock on the same day and the Company can convert and redeem some, but not all, of the Series C CC Preferred Stock pursuant to this Section 9, the Company shall convert and redeem from each holder of Series C CC Preferred Stock electing to have Series C CC Preferred Stock converted and redeemed at such time an amount equal to such holder’s pro-rata amount (based on the number shares of Series C CC Preferred Stock held by such holder relative to the number shares of Series C CC Preferred Stock outstanding) of all shares of Series C CC Preferred Stock being converted and redeemed at such time.