Examples of Preferred Stock Share Price in a sentence
Any indemnity payment under this Section 8.2, except as otherwise provided in Section 6.11, shall be satisfied with Preferred Stock, at a valuation based upon the Preferred Stock Share Price, to the extent necessary to preserve the status of the transaction contemplated by this Agreement as a reorganization within the meaning of Section 368(a) of the Code.
The Company shall deliver an irrevocable written notice (the “Preferred Stock Notice”), the form of which is attached hereto as Exhibit F, to Investor stating that the Company has exercised its rights and stating the Company will sell the Preferred Shares to Investor at the Preferred Stock Share Price, and at the aggregate purchase equal to the Maximum Placement (the “Preferred Stock Purchase Price”).
For purposes hereof, the Preferred Stock Share Price is deemed to be $1,000 per share, and shall be subject to equitable adjustment whenever there shall occur a stock dividend, stock split, combination, reorganization, recapitalization, reclassification or other similar event involving a change in the capital structure of the authorized capital stock of the Corporation.
Holders of Preferred Stock shall be entitled to receive, out of funds legally available therefore, noncumulative dividends at the annual rate of up to six percent (6%) of the applicable Preferred Stock Share Price.
Redemption shall be at par value in the case of Common Stock, and at the Preferred Stock Share Price in the case of Preferred Stock, and in either case is subject to adjustment for credits and debits in the shareholder’s capital account, and to setofffor any obligations the shareholder may owe to the Corporation.
At any time, the Corporation may convert all outstanding Preferred Stock shares to Notes in the principal amount of the Preferred Stock Share Price, with interest rate of up to 6%, maturity date of December 1, 2021, interestonly payments until the maturity date without possibility of prepayment, and other commercially reasonable terms, as provided in the Bylaws of the Corporation.