Common use of Purchaser Ownership of Common Stock Clause in Contracts

Purchaser Ownership of Common Stock. (a) Infinity may not use its ability to convert Shares hereunder or under the terms of the Certificates of Designation or to use its ability to acquire shares of Common Stock upon exercise of the Infinity Warrants and (b) Seacrest may not use its ability to convert the Seacrest C Preferred hereunder or under the terms of the Certificates of Designation, in each case of (a) and (b) above, to the extent that such conversion or exercise would result in such Purchaser beneficially owning (for purposes of Rule 13d-3 under the Exchange Act) more than 4.9% of the outstanding shares of the Common Stock. The Company shall, promptly upon its receipt of a Holder Conversion Notice tendered by a Purchaser (or its sole designee) under the Certificates of Designation, and upon its receipt of a notice of exercise under the terms of the Infinity Warrants, notify such Purchaser by telephone and by facsimile of the number of shares of Common Stock outstanding on such date and the number of Underlying Shares and Warrant Shares which would be issuable to such Purchaser (or its sole designee, as the case may be) if the conversion requested in such Conversion Notice or exercise requested in such exercise notice were effected in full, whereupon, notwithstanding anything to the contrary set forth in the Certificates of Designation or the Infinity Warrants, such Purchaser may within one Trading Day of its receipt of the Company notice required by this Section by telephone or by facsimile revoke such conversion or exercise to the extent (in whole or in part) that it determines that such conversion or exercise would result in such Purchaser beneficially owning (for purposes of Rule 13d-3 under the Exchange Act) in excess of 4.9% of such outstanding shares of Common Stock.

Appears in 2 contracts

Samples: Convertible Preferred Stock Purchase Agreement (Compression Labs Inc), Convertible Preferred Stock Purchase Agreement (Infinity Investors LTD)

AutoNDA by SimpleDocs

Purchaser Ownership of Common Stock. (a) Infinity The Purchaser may not use its ability to convert Shares hereunder or under the terms of the Vote Certificates of Designation or to use exercise its ability right to acquire shares of Common Stock upon exercise of the Infinity Warrants and (b) Seacrest may not use its ability to convert the Seacrest C Preferred hereunder or under the terms of the Certificates of Designation, in each case of (a) and (b) above, Warrants to the extent that such conversion or exercise would result in such the Purchaser beneficially owning (for purposes of Rule 13d-3 under the Exchange Act) more than 4.9% of the outstanding shares of the Common Stock. The Company shall, promptly upon its receipt of a Holder Conversion Notice tendered by a the Purchaser (or its sole designee) under the Certificates of DesignationVote Certificates, and upon its receipt of a notice of exercise under the terms of any of the Infinity Warrants, notify such the Purchaser by telephone and by facsimile of the number of shares of Common Stock outstanding on such date and the number of Underlying Shares and Warrant Shares which would be issuable to such the Purchaser (or its sole designee, as the case may be) if the conversion requested in such Conversion Notice or exercise requested in such exercise notice were effected in full, whereupon, notwithstanding anything to the contrary set forth in the Vote Certificates of Designation or the Infinity Warrants, such the Purchaser may within one Trading Day of its receipt of the Company notice required by this Section by telephone or by facsimile revoke such conversion or exercise to the extent (in whole or in part) that it determines that such conversion or exercise would result in such the Purchaser beneficially owning (for purposes of Rule 13d-3 under the Exchange Act) in excess of 4.9% of such outstanding shares of Common Stock.

Appears in 1 contract

Samples: Convertible Preferred Stock Purchase Agreement (Immunogen Inc)

AutoNDA by SimpleDocs

Purchaser Ownership of Common Stock. (a) Infinity The Purchaser may not use its ability to convert Shares hereunder or under the terms of the Certificates Statement of Designation Rights and Preferences or to use its ability to acquire shares Shares of Common Stock upon exercise of the Infinity Warrants and (b) Seacrest may not use its ability to convert the Seacrest C Preferred hereunder or under the terms of the Certificates of Designation, in each case of (a) and (b) above, to the extent that such conversion or exercise would result in such the Purchaser beneficially owning (for purposes of Rule 13d-3 under the Exchange Act) more than 4.9% of the outstanding shares of the Common Stock. The Company shall, promptly upon its receipt of a Holder Conversion Notice tendered by a the Purchaser (or its sole designee) under the Certificates Statement of DesignationRights and Preferences, and upon its receipt of a notice of exercise under the terms of the Infinity Warrants, Warrants notify such the Purchaser by telephone and by facsimile of the number of shares of Common Stock outstanding on such date and the number of Underlying Shares and Warrant Shares which would be issuable to such the Purchaser (or its sole designee, as the case may be) if the conversion requested in such Conversion Notice or and the exercise requested in such notice of exercise notice were effected in full, whereupon, notwithstanding anything to the contrary set forth in the Certificates Statement of Designation or Rights and Preferences, the Infinity Warrants, such Purchaser may within one Trading Day of its receipt of the Company notice required by this Section by telephone or by facsimile shall revoke such conversion or exercise to the extent (in whole or in part) that it determines that such conversion or exercise would result in such the Purchaser beneficially owning (for purposes of Rule 13d-3 under the Exchange Act) in excess of 4.9% of such outstanding shares of Common Stock.

Appears in 1 contract

Samples: Convertible Preferred Stock Purchase Agreement (Cayenne Software Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.