Procedure for Redemption. In the event that fewer than all the outstanding shares of Convertible Preferred Stock are to be redeemed pursuant to paragraph II.H.1, the number of shares to be redeemed shall be determined by the Board of Directors and the shares so redeemed shall be selected pro rata (with any fractional shares being rounded to the nearest whole share) according to the number of whole shares held by each holder of Convertible Preferred Stock.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Kevco Inc), Securities Purchase Agreement (Kevco Partners Investment Trust)
Procedure for Redemption. A. In the event that fewer than all the outstanding shares of Convertible Series C Preferred Stock are to be redeemed pursuant to paragraph II.H.1redeemed, the number of shares to be redeemed shall be determined by the Board of Directors and the shares so to be redeemed shall be selected determined by lot or pro rata (with any fractional shares being rounded to as may be determined by the nearest whole share) according to the number Board of whole shares held by each holder of Convertible Preferred StockDirectors.
Appears in 1 contract
Samples: Stock Purchase Agreement (Unc Inc)
