Common use of Conversion calculations Clause in Contracts

Conversion calculations. Number of shares of Series A-[●] Preferred Stock owned prior to conversion: [_____] Number of shares of Series A-[●] Preferred Stock to be converted: [_____] Number of shares of Common Stock to be issued: [_____] [HOLDER] ​ By: ‌ Name: ‌ Title: ‌ ​ Date: ‌ ​ ​ ​ Battalion Oil Corporation, a Delaware corporation, hereby irrevocably elects to convert the number of shares of Series A-[●] Preferred Stock held by you indicated below into shares of Common Stock at the Conversion Ratio on the date set forth below pursuant to Section 7(b) of the Certificate of Designations. Capitalized terms utilized but not defined herein shall have the meaning ascribed to such terms in that certain Certificate of Designations of Series A-[●] Redeemable Convertible Preferred Stock, filed by Battalion Oil Corporation on [●], 202[●] (the “Certificate of Designations”).