{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "right-to-convert", "type": "clause", "offset": [26, 42]}, {"key": "pursuant-to-section-4", "type": "clause", "offset": [74, 95]}, {"key": "to-the-extent", "type": "clause", "offset": [110, 123]}, {"key": "after-giving", "type": "clause", "offset": [129, 141]}, {"key": "person-or-entity", "type": "clause", "offset": [248, 264]}, {"key": "acting-as-a-group", "type": "definition", "offset": [265, 282]}, {"key": "beneficially-own", "type": "clause", "offset": [350, 366]}, {"key": "beneficial-ownership-limitation", "type": "definition", "offset": [384, 415]}, {"key": "for-purposes-of-this-section", "type": "clause", "offset": [436, 464]}, {"key": "in-accordance-with", "type": "clause", "offset": [506, 524]}, {"key": "the-exchange-act", "type": "definition", "offset": [542, 558]}, {"key": "rules-and-regulations", "type": "definition", "offset": [567, 588]}, {"key": "responsible-for", "type": "clause", "offset": [630, 645]}, {"key": "the-company-shall", "type": "clause", "offset": [706, 723]}, {"key": "to-verify", "type": "definition", "offset": [743, 752]}, {"key": "stock-shall", "type": "definition", "offset": [850, 861]}, {"key": "securities-of-the-company", "type": "definition", "offset": [929, 954]}, {"key": "by-the-holder", "type": "clause", "offset": [982, 995]}, {"key": "number-of-shares-of", "type": "clause", "offset": [1165, 1184]}, {"key": "common-stock-outstanding", "type": "definition", "offset": [1189, 1213]}, {"key": "the-issuance", "type": "clause", "offset": [1249, 1261]}, {"key": "common-stock-issuable-upon-exercise", "type": "clause", "offset": [1275, 1310]}, {"key": "notice-to-the-company", "type": "clause", "offset": [1376, 1397]}, {"key": "increase-or-decrease", "type": "clause", "offset": [1403, 1423]}, {"key": "provisions-of-this-section", "type": "clause", "offset": [1460, 1486]}, {"key": "provided-that", "type": "definition", "offset": [1493, 1506]}, {"key": "in-no-event", "type": "clause", "offset": [1543, 1554]}, {"key": "issuance-of-shares-of-common-stock-upon-exercise", "type": "clause", "offset": [1664, 1712]}, {"key": "the-provisions-of-this", "type": "clause", "offset": [1754, 1776]}, {"key": "to-apply", "type": "clause", "offset": [1805, 1813]}, {"key": "contained-in", "type": "definition", "offset": [1949, 1961]}, {"key": "successor-holder", "type": "clause", "offset": [1994, 2010]}], "size": 11, "snippet": "Holder shall not have the right to convert any portion of this Debenture, pursuant to Section 4 or otherwise, to the extent that after giving effect to such issuance after conversion the Holder (together with the Holder\u2019s Affiliates, and any other person or entity acting as a group together with the Holder or any of the Holder\u2019s Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of this Section beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. Holder is solely responsible for any schedules required to be filed in accordance therewith. The Company shall have no obligation to verify or confirm the accuracy of such filings. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Debenture, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The \u201cBeneficial Ownership Limitation\u201d shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Debenture. The Holder, upon not less than 61 days\u2019 prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 4(c), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Debenture held by the Holder and the provisions of this Section 4(c) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The limitations contained in this paragraph shall apply to a successor holder of this Debenture.", "samples": [{"hash": "j122ikbbPc9", "uri": "/contracts/j122ikbbPc9#conversion-limitations", "label": "Convertible Security Agreement (Protea Biosciences Group, Inc.)", "score": 28.6577682495, "published": true}, {"hash": "hkqW6KE0htC", "uri": "/contracts/hkqW6KE0htC#conversion-limitations", "label": "Convertible Security Agreement (Protea Biosciences Group, Inc.)", "score": 28.2826824188, "published": true}, {"hash": "bpDWsyGrZVR", "uri": "/contracts/bpDWsyGrZVR#conversion-limitations", "label": "Convertible Security Agreement (Protea Biosciences Group, Inc.)", "score": 27.8884334564, "published": true}], "hash": "d5ab77fba9152074522a400d9ad522ed", "id": 3}, {"snippet_links": [{"key": "to-convert", "type": "clause", "offset": [88, 98]}, {"key": "pursuant-to-the", "type": "definition", "offset": [99, 114]}, {"key": "number-of-shares-of-common-stock", "type": "clause", "offset": [168, 200]}, {"key": "outstanding-shares-of-common-stock", "type": "definition", "offset": [266, 300]}, {"key": "by-lender", "type": "definition", "offset": [361, 370]}, {"key": "purposes-of-the", "type": "clause", "offset": [405, 420]}, {"key": "beneficial-ownership", "type": "clause", "offset": [453, 473]}, {"key": "in-accordance-with", "type": "clause", "offset": [494, 512]}, {"key": "securities-exchange-act-of-1934", "type": "clause", "offset": [534, 565]}, {"key": "as-amended", "type": "definition", "offset": [567, 577]}, {"key": "lender-may", "type": "definition", "offset": [612, 622]}, {"key": "notice-to-the-company", "type": "clause", "offset": [668, 689]}, {"key": "notice-requirement", "type": "definition", "offset": [705, 723]}, {"key": "upon-an-event-of-default", "type": "clause", "offset": [724, 748]}, {"key": "in-the-event", "type": "clause", "offset": [750, 762]}], "size": 6, "snippet": "Notwithstanding anything contained herein to the contrary, Lender shall not be entitled to convert pursuant to the hereof an amount that would be convertible into that number of shares of Common Stock that would exceed the difference between 4.99% of the issued and outstanding shares of Common Stock and the number of shares of Common Stock beneficially owned by Lender (the \u201c4.99% Limitation\u201d). For the purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. Lender may void the 4.99% Limitation upon 75 days prior notice to the Company or without any notice requirement upon an Event of Default. In the event that Lender voids the 4.99% Limitation, Lender shall not be entitled to convert pursuant to the hereof an amount that would be convertible into that number of shares of Common Stock that would exceed the difference between 9.99% of the issued and outstanding shares of Common Stock and the number of shares of Common Stock beneficially owned by Lender (the \u201c9.99% Limitation\u201d). For the purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. Lender may void the 9.99% Limitation upon 75 days prior notice to the Company or without any notice requirement upon an Event of Default.", "samples": [{"hash": "lnGevaCWCqh", "uri": "/contracts/lnGevaCWCqh#conversion-limitations", "label": "Loan and Security Agreement (Emagin Corp)", "score": 21.0, "published": true}, {"hash": "k97kwOgRIej", "uri": "/contracts/k97kwOgRIej#conversion-limitations", "label": "Loan and Security Agreement (Emagin Corp)", "score": 21.0, "published": true}, {"hash": "d3sjamBha0y", "uri": "/contracts/d3sjamBha0y#conversion-limitations", "label": "Loan and Security Agreement (Emagin Corp)", "score": 21.0, "published": true}], "hash": "5cca5c3cabe5548334469a0fdd23b30f", "id": 6}, {"snippet_links": [], "size": 5, "snippet": "i. [RESERVED].", "samples": [{"hash": "hwwHRhbXnhN", "uri": "/contracts/hwwHRhbXnhN#conversion-limitations", "label": "Convertible Security Agreement (Brillian Corp)", "score": 21.0, "published": true}, {"hash": "etdK4bvVsOQ", "uri": "/contracts/etdK4bvVsOQ#conversion-limitations", "label": "Securities Purchase Agreement (China Expert Technology Inc)", "score": 21.0, "published": true}, {"hash": "74kWEZrJOsj", "uri": "/contracts/74kWEZrJOsj#conversion-limitations", "label": "Convertible Security Agreement (China Expert Technology Inc)", "score": 21.0, "published": true}], "hash": "061690b0d9e90cc0df638efe785122b7", "id": 7}, {"snippet_links": [{"key": "securities-holder", "type": "definition", "offset": [31, 48]}, {"key": "to-convert", "type": "clause", "offset": [67, 77]}, {"key": "the-board-of-directors", "type": "clause", "offset": [129, 151]}, {"key": "a-committee", "type": "clause", "offset": [156, 167]}, {"key": "officer-of-the-company", "type": "clause", "offset": [196, 218]}, {"key": "to-determine", "type": "definition", "offset": [219, 231]}, {"key": "conversion-limitation", "type": "clause", "offset": [239, 260]}, {"key": "class-a-common-shares", "type": "clause", "offset": [325, 346]}, {"key": "for-the-purposes-of", "type": "clause", "offset": [348, 367]}], "size": 5, "snippet": "Before any Class A Convertible Securities Holder shall be entitled to convert Class A Convertible Securities into Common Shares, the Board of Directors (or a committee thereof) shall designate an officer of the Company to determine if any Conversion Limitation set forth in this Section 27.6 shall apply to the conversion of Class A Common Shares. For the purposes of this Section 27.6, each of the following is a \u201cConversion Limitation\u201d:", "samples": [{"hash": "M5fPcBZ5hh", "uri": "/contracts/M5fPcBZ5hh#conversion-limitations", "label": "Share Exchange Agreement (Mystic Holdings Inc./Nv)", "score": 31.7433261871, "published": true}, {"hash": "2B6JDwLLJJq", "uri": "/contracts/2B6JDwLLJJq#conversion-limitations", "label": "Share Exchange Agreement", "score": 26.6317596436, "published": true}, {"hash": "1QkyOqm1lZO", "uri": "/contracts/1QkyOqm1lZO#conversion-limitations", "label": "Securities Exchange Agreement", "score": 25.3203277588, "published": true}], "hash": "8c00e329362dfe2f533198afc49ecdf1", "id": 9}, {"snippet_links": [{"key": "the-company-shall", "type": "clause", "offset": [0, 17]}, {"key": "conversion-of-this-debenture", "type": "clause", "offset": [33, 61]}, {"key": "a-holder", "type": "definition", "offset": [67, 75]}, {"key": "right-to-convert", "type": "clause", "offset": [95, 111]}, {"key": "to-the-extent", "type": "clause", "offset": [143, 156]}, {"key": "after-giving", "type": "clause", "offset": [162, 174]}, {"key": "the-conversion", "type": "clause", "offset": [185, 199]}, {"key": "notice-of-conversion", "type": "definition", "offset": [228, 248]}, {"key": "person-or-entity", "type": "clause", "offset": [315, 331]}, {"key": "acting-as-a-group", "type": "definition", "offset": [332, 349]}, {"key": "beneficial-ownership-limitation", "type": "definition", "offset": [450, 481]}, {"key": "the-foregoing", "type": "clause", "offset": [518, 531]}, {"key": "by-the-holder", "type": "clause", "offset": [598, 611]}, {"key": "common-stock-issuable-upon-conversion", "type": "clause", "offset": [669, 706]}, {"key": "with-respect-to", "type": "clause", "offset": [725, 740]}, {"key": "such-determination", "type": "definition", "offset": [747, 765]}, {"key": "principal-amount", "type": "definition", "offset": [905, 921]}, {"key": "exercise-or-conversion", "type": "clause", "offset": [1006, 1028]}, {"key": "unconverted-portion", "type": "definition", "offset": [1051, 1070]}, {"key": "securities-of-the-company", "type": "definition", "offset": [1084, 1109]}, {"key": "conversion-or-exercise", "type": "clause", "offset": [1137, 1159]}, {"key": "without-limitation", "type": "clause", "offset": [1217, 1235]}, {"key": "other-debentures", "type": "definition", "offset": [1241, 1257]}, {"key": "the-warrants", "type": "clause", "offset": [1261, 1273]}, {"key": "for-purposes-of-this-section", "type": "clause", "offset": [1381, 1409]}, {"key": "in-accordance-with", "type": "clause", "offset": [1457, 1475]}, {"key": "the-exchange-act", "type": "definition", "offset": [1493, 1509]}, {"key": "rules-and-regulations", "type": "definition", "offset": [1518, 1539]}, {"key": "contained-in", "type": "definition", "offset": [1598, 1610]}, {"key": "the-determination-of", "type": "definition", "offset": [1638, 1658]}, {"key": "in-relation-to", "type": "clause", "offset": [1698, 1712]}, {"key": "securities-owned", "type": "clause", "offset": [1719, 1735]}, {"key": "sole-discretion", "type": "clause", "offset": [1859, 1874]}, {"key": "submission-of", "type": "clause", "offset": [1898, 1911]}, {"key": "a-notice", "type": "definition", "offset": [1912, 1920]}, {"key": "each-case", "type": "definition", "offset": [2174, 2183]}, {"key": "subject-to-the", "type": "definition", "offset": [2184, 2198]}, {"key": "compliance-with", "type": "definition", "offset": [2242, 2257]}, {"key": "the-restrictions", "type": "clause", "offset": [2423, 2439]}, {"key": "and-the-company", "type": "clause", "offset": [2468, 2483]}, {"key": "to-verify", "type": "definition", "offset": [2509, 2518]}, {"key": "in-addition", "type": "clause", "offset": [2566, 2577]}, {"key": "group-status", "type": "definition", "offset": [2605, 2617]}, {"key": "number-of-outstanding-shares-of-common-stock", "type": "clause", "offset": [2821, 2865]}, {"key": "most-recent", "type": "definition", "offset": [2956, 2967]}, {"key": "annual-report", "type": "definition", "offset": [3028, 3041]}, {"key": "the-case", "type": "definition", "offset": [3046, 3054]}, {"key": "public-announcement", "type": "clause", "offset": [3081, 3100]}, {"key": "company-or-the-company", "type": "definition", "offset": [3152, 3174]}, {"key": "transfer-agent", "type": "clause", "offset": [3177, 3191]}, {"key": "shares-of-common-stock-outstanding", "type": "definition", "offset": [3220, 3254]}, {"key": "oral-request", "type": "definition", "offset": [3276, 3288]}, {"key": "trading-days", "type": "clause", "offset": [3331, 3343]}, {"key": "in-writing", "type": "definition", "offset": [3363, 3373]}, {"key": "stock-shall", "type": "definition", "offset": [3499, 3510]}, {"key": "exercise-of-securities", "type": "clause", "offset": [3566, 3588]}, {"key": "the-common-stock", "type": "clause", "offset": [3834, 3850]}, {"key": "issuance-of-shares-of-common-stock", "type": "clause", "offset": [3902, 3936]}, {"key": "notice-to-the-company", "type": "clause", "offset": [4046, 4067]}, {"key": "increase-or-decrease", "type": "clause", "offset": [4073, 4093]}, {"key": "provisions-of-this-section", "type": "clause", "offset": [4130, 4156]}, {"key": "provided-that", "type": "definition", "offset": [4163, 4176]}, {"key": "in-no-event", "type": "clause", "offset": [4213, 4224]}, {"key": "to-apply", "type": "clause", "offset": [4509, 4517]}, {"key": "conformity-with", "type": "clause", "offset": [4774, 4789]}, {"key": "terms-of", "type": "definition", "offset": [4794, 4802]}, {"key": "make-changes", "type": "clause", "offset": [4983, 4995]}, {"key": "give-effect-to", "type": "definition", "offset": [5046, 5060]}, {"key": "successor-holder", "type": "clause", "offset": [5139, 5155]}], "size": 142, "snippet": "The Company shall not effect any conversion of this Debenture, and a Holder shall not have the right to convert any portion of this Debenture, to the extent that after giving effect to the conversion set forth on the applicable Notice of Conversion, the Holder (together with the Holder\u2019s Affiliates, and any other person or entity acting as a group together with the Holder or any of the Holder\u2019s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon conversion of this Debenture with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (A) conversion of the remaining, unconverted principal amount of this Debenture beneficially owned by the Holder or any of its Affiliates and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including, without limitation, any other Debentures or the Warrants) beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 4(c), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section 4(c) applies, the determination of whether this Debenture is convertible (in relation to other securities owned by the Holder together with any Affiliates) and of which principal amount of this Debenture is convertible shall be in the sole discretion of the Holder, and the submission of a Notice of Conversion shall be deemed to be the Holder\u2019s determination of whether this Debenture may be converted (in relation to other securities owned by the Holder together with any Affiliates) and which principal amount of this Debenture is convertible, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent to the Company each time it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 4(c), in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (A) the Company\u2019s most recent periodic or annual report, as the case may be; (B) a more recent public announcement by the Company; or (C) a more recent notice by the Company or the Company\u2019s transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Debenture, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The \u201cBeneficial Ownership Limitation\u201d shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of this Debenture held by the Holder. The Holder, upon not less than 61 days\u2019 prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 4(c), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon conversion of this Debenture held by the Holder and the Beneficial Ownership Limitation provisions of this Section 4(c) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(c) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Debenture.", "samples": [{"hash": "hkf0vNBN3yv", "uri": "/contracts/hkf0vNBN3yv#conversion-limitations", "label": "Convertible Security Agreement (Adrenalina)", "score": 21.0, "published": true}, {"hash": "fUqsaqw3rh8", "uri": "/contracts/fUqsaqw3rh8#conversion-limitations", "label": "Convertible Security Agreement (Wave Uranium Holding)", "score": 21.0, "published": true}, {"hash": "copARlfrurZ", "uri": "/contracts/copARlfrurZ#conversion-limitations", "label": "Convertible Security Agreement (Advanced Cell Technology, Inc.)", "score": 21.0, "published": true}], "hash": "66842e509f8cede42e57371ccb1bbe2a", "id": 1}, {"snippet_links": [{"key": "the-certificate", "type": "clause", "offset": [66, 81]}, {"key": "the-company-shall", "type": "clause", "offset": [83, 100]}, {"key": "issue-to", "type": "definition", "offset": [105, 113]}, {"key": "the-purchaser", "type": "definition", "offset": [114, 127]}, 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"type": "definition", "offset": [1595, 1611]}, {"key": "rules-and-regulations", "type": "definition", "offset": [1620, 1641]}, {"key": "number-of-outstanding-shares-of-common-stock", "type": "clause", "offset": [1723, 1767]}, {"key": "purchaser-may-rely", "type": "clause", "offset": [1769, 1787]}, {"key": "most-recent", "type": "definition", "offset": [1874, 1885]}, {"key": "quarterly-report", "type": "definition", "offset": [1886, 1902]}, {"key": "form-10", "type": "definition", "offset": [1906, 1913]}, {"key": "annual-report", "type": "definition", "offset": [1919, 1932]}, {"key": "the-case", "type": "definition", "offset": [1950, 1958]}, {"key": "the-sec", "type": "definition", "offset": [1978, 1985]}, {"key": "public-announcement", "type": "clause", "offset": [2006, 2025]}, {"key": "company-or-the-company", "type": "definition", "offset": [2075, 2097]}, {"key": "transfer-agent", "type": "clause", "offset": [2100, 2114]}, {"key": "oral-request", "type": "definition", "offset": [2199, 2211]}, {"key": "business-days", "type": "definition", "offset": [2257, 2270]}, {"key": "in-writing", "type": "definition", "offset": [2290, 2300]}, {"key": "such-purchaser", "type": "definition", "offset": [2304, 2318]}, {"key": "conversion-of", "type": "clause", "offset": [2398, 2411]}, {"key": "series-c-preferred-stock", "type": "definition", "offset": [2416, 2440]}, {"key": "issuance-of-the-shares", "type": "clause", "offset": [2446, 2468]}, {"key": "and-the-company", "type": "clause", "offset": [2595, 2610]}, {"key": "at-the-time", "type": "clause", "offset": [2677, 2688]}, {"key": "use-reasonable-best-efforts", "type": "clause", "offset": [2959, 2986]}, {"key": "as-soon-as-practicable", "type": "definition", "offset": [2996, 3018]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [3056, 3082]}, {"key": "with-respect-to", "type": "clause", "offset": [3084, 3099]}, {"key": "stock-shall", "type": "definition", "offset": [3204, 3215]}], "size": 13, "snippet": "(a) Notwithstanding anything herein to the contrary, including in the Certificate, the Company shall not issue to the Purchaser any shares of Common Stock to the extent such shares after giving effect to a conversion would:\n(i) result in the Purchaser (together with the Purchaser\u2019s affiliates) (A) beneficially owning in excess of 19.99% of the number of shares of Common Stock outstanding immediately after giving effect to such issuance (the \u201cMaximum Aggregate Ownership Amount\u201d) or (B) controlling in excess of 19.99% of the total voting power of the Company\u2019s securities outstanding immediately after giving effect to such issuance that are entitled to vote on a matter being voted on by holders of the Common Stock (the \u201cMaximum Aggregate Voting Amount\u201d), unless and until the Company obtains the approval by the Company\u2019s stockholders (whether approved through a special meeting of the Company\u2019s stockholders or otherwise) in accordance with the stockholder approval requirements of Nasdaq Marketplace Rule 5635 (or any equivalent rule or requirement of the applicable exchange or automated quotation system on which the Common Stock is then listed or quoted) (the \u201cRequisite Stockholder Approval\u201d); and\n(ii) result in the aggregate number of shares of Common Stock issued exceeding 19.99% of the outstanding Common Stock as of the date immediately preceding the Effective Date (the \u201cIssuance Cap\u201d), unless and until the Company obtains the Requisite Stockholder Approval.\n(b) For purposes of this Article VII, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.\n(c) For purposes of this Article VII, in determining the number of outstanding shares of Common Stock, Purchaser may rely on the number of outstanding shares of Common Stock as reflected in (i) the Company\u2019s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as the case may be, filed with the SEC, (ii) a more recent public announcement by the Company, or (iii) any other notice by the Company or the Company\u2019s transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Purchaser, the Company shall within two Business Days confirm orally and in writing to such Purchaser the number of shares of Common Stock then outstanding.\n(d) If on any attempted conversion of the Series C Preferred Stock, the issuance of the shares of Common Stock would exceed the Maximum Aggregate Ownership Amount, the Maximum Aggregate Voting Amount or the Issuance Cap, and the Company shall not have previously obtained Requisite Stockholder Approval at the time of conversion, then the Company shall (i) issue to the Purchaser requesting conversion such number of shares of Common Stock as may be issued below the Maximum Aggregate Ownership Amount, Maximum Aggregate Voting Amount, or the Issuance Cap, as the case may be and (ii) use reasonable best efforts to seek, as soon as practicable, the Requisite Stockholder Approval. For the avoidance of doubt, with respect to the remainder of the aggregate number of shares of Common Stock not then issued, the Series C Preferred Stock shall not be convertible until and unless the Requisite Stockholder Approval has been obtained.", "samples": [{"hash": "bcwynZLI3Ch", "uri": "/contracts/bcwynZLI3Ch#conversion-limitations", "label": "Preferred Stock Purchase Agreement (Innventure, Inc.)", "score": 36.2279243469, "published": true}, {"hash": "bT26s1uc4bV", "uri": "/contracts/bT26s1uc4bV#conversion-limitations", "label": "Preferred Stock Purchase Agreement (Innventure, Inc.)", "score": 36.2279243469, "published": true}], "hash": "505e6c56ebbd80fa511ea18829dded85", "id": 2}, {"snippet_links": [{"key": "right-to-convert", "type": "clause", "offset": [26, 42]}, {"key": "this-note", "type": "clause", "offset": [58, 67]}, {"key": "pursuant-to-section-4", "type": "clause", "offset": [69, 90]}, {"key": "to-the-extent", "type": "clause", "offset": [105, 118]}, {"key": "after-giving", "type": "clause", "offset": [124, 136]}, {"key": "person-or-entity", "type": "clause", "offset": [243, 259]}, {"key": "acting-as-a-group", "type": "definition", "offset": [260, 277]}, {"key": "beneficially-own", "type": "clause", "offset": [345, 361]}, {"key": "beneficial-ownership-limitation", "type": "definition", "offset": [379, 410]}, {"key": "for-purposes-of-this-section", "type": "clause", "offset": [431, 459]}, {"key": "in-accordance-with", "type": "clause", "offset": [501, 519]}, {"key": "the-exchange-act", "type": "definition", "offset": [537, 553]}, {"key": "rules-and-regulations", "type": "definition", "offset": [562, 583]}, {"key": "responsible-for", "type": "clause", "offset": [625, 640]}, {"key": "the-issuer", "type": "clause", "offset": [701, 711]}, {"key": "to-verify", "type": "definition", "offset": [737, 746]}, {"key": "stock-shall", "type": "definition", "offset": [844, 855]}, {"key": "exercise-of-securities", "type": "clause", "offset": [911, 933]}, {"key": "by-the-holder", "type": "clause", "offset": [970, 983]}, {"key": "number-of-shares-of", "type": "clause", "offset": [1153, 1172]}, {"key": "common-stock-outstanding", "type": "definition", "offset": [1177, 1201]}, {"key": "common-stock-issuable-upon-exercise", "type": "clause", "offset": [1263, 1298]}, {"key": "contained-in", "type": "definition", "offset": [1329, 1341]}, {"key": "successor-holder", "type": "clause", "offset": [1374, 1390]}], "size": 9, "snippet": "Holder shall not have the right to convert any portion of this Note, pursuant to Section 4 or otherwise, to the extent that after giving effect to such issuance after Conversion the Holder (together with the Holder\u2019s Affiliates, and any other person or entity acting as a group together with the Holder or any of the Holder\u2019s Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of this Section beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. Holder is solely responsible for any schedules required to be filed in accordance therewith. The Issuer shall have no obligation to verify or confirm the accuracy of such filings. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the Conversion or exercise of securities of the Issuer, including this Note, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The \u201cBeneficial Ownership Limitation\u201d shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Note. The limitations contained in this paragraph shall apply to a successor holder of this Note.", "samples": [{"hash": "jJidwZLxmRr", "uri": "/contracts/jJidwZLxmRr#conversion-limitations", "label": "Convertible Note (Hightimes Holding Corp.)", "score": 30.5249824524, "published": true}, {"hash": "eRhho0Vv7MG", "uri": "/contracts/eRhho0Vv7MG#conversion-limitations", "label": "Convertible Note (Hightimes Holding Corp.)", "score": 30.3983573914, "published": true}, {"hash": "5OQo45sBxTa", "uri": "/contracts/5OQo45sBxTa#conversion-limitations", "label": "Convertible Note (Hightimes Holding Corp.)", "score": 29.6926765442, "published": true}], "hash": "fbe2843faa451d5228178abcd8425d8d", "id": 4}, {"snippet_links": [{"key": "multiple-voting-shares", "type": "definition", "offset": [21, 43]}, {"key": "to-convert", "type": "clause", "offset": [62, 72]}, {"key": "subordinate-voting-shares", "type": "definition", "offset": [87, 112]}, {"key": "the-board-of-directors", "type": "clause", "offset": [114, 136]}, {"key": "a-committee", "type": "clause", "offset": [141, 152]}, {"key": "an-officer-of-the-corporation", "type": "definition", "offset": [178, 207]}, {"key": "to-determine", "type": "definition", "offset": [208, 220]}, {"key": "conversion-limitation", "type": "clause", "offset": [228, 249]}, {"key": "conversion-of", "type": "clause", "offset": [299, 312]}], "size": 8, "snippet": "Before any holder of Multiple Voting Shares shall be entitled to convert the same into Subordinate Voting Shares, the Board of Directors (or a committee thereof) shall designate an officer of the Corporation to determine if any Conversion Limitation set forth in Section (g)(iii) shall apply to the conversion of Multiple Voting Shares.", "samples": [{"hash": "6X2MlJRykbS", "uri": "/contracts/6X2MlJRykbS#conversion-limitations", "label": "Merger Agreement (Trulieve Cannabis Corp.)", "score": 31.943189621, "published": true}, {"hash": "yIN7S5KEei", "uri": "/contracts/yIN7S5KEei#conversion-limitations", "label": "Merger Agreement", "score": 27.6297054291, "published": true}, {"hash": "hmmMsvI8fy", "uri": "/contracts/hmmMsvI8fy#conversion-limitations", "label": "Merger Agreement", "score": 25.3463382721, "published": true}], "hash": "e12dc7fb420492d3f13f2bd7c539c020", "id": 5}, {"snippet_links": [{"key": "in-order-to", "type": "clause", "offset": [0, 11]}, {"key": "multiple-voting-shares", "type": "definition", "offset": [66, 88]}, {"key": "subject-to-the", "type": "definition", "offset": [97, 111]}, {"key": "based-on", "type": "definition", "offset": [126, 134]}, {"key": "number-of", "type": "definition", "offset": [139, 148]}, {"key": "date-of", "type": "clause", "offset": [202, 209]}, {"key": "issuance-of-the", "type": "clause", "offset": [222, 237]}, {"key": "at-the-end-of", "type": "clause", "offset": [276, 289]}, {"key": "of-the-corporation", "type": "clause", "offset": [295, 313]}, {"key": "fiscal-quarters", "type": "definition", "offset": [327, 342]}, {"key": "determination-date", "type": "definition", "offset": [353, 371]}, {"key": "the-determination", "type": "clause", "offset": [435, 452]}], "size": 5, "snippet": "In order to effect the FPI Protection Restriction, each holder of Multiple Voting Shares will be subject to the 40% Threshold based on the number of Multiple Voting Shares held by such holder as of the date of the initial issuance of the Multiple Voting Shares and thereafter at the end of each of the Corporation\u2019s subsequent fiscal quarters (each, a \u201cDetermination Date\u201d), calculated as follows: X = [(A x 0.4) - B] x (C/D) Where on the Determination Date:", "samples": [{"hash": "6X2MlJRykbS", "uri": "/contracts/6X2MlJRykbS#conversion-limitations", "label": "Merger Agreement (Trulieve Cannabis Corp.)", "score": 31.943189621, "published": true}, {"hash": "yIN7S5KEei", "uri": "/contracts/yIN7S5KEei#conversion-limitations", "label": "Merger Agreement", "score": 27.6297054291, "published": true}, {"hash": "hmmMsvI8fy", "uri": "/contracts/hmmMsvI8fy#conversion-limitations", "label": "Merger Agreement", "score": 25.3463382721, "published": true}], "hash": "a863632d9c32a66e1370a139265ef2df", "id": 8}, {"snippet_links": [{"key": "the-company-has", "type": "clause", "offset": [56, 71]}, {"key": "shareholder-approval", "type": "definition", "offset": [85, 105]}, {"key": "required-by", "type": "definition", "offset": [129, 140]}, {"key": "applicable-rules-and-regulations", "type": "definition", "offset": [145, 177]}, {"key": "principal-market", "type": "definition", "offset": [185, 201]}, {"key": "successor-entity", "type": "definition", "offset": [210, 226]}, {"key": "conversion-of-the-debentures", "type": "clause", "offset": [265, 293]}, {"key": "in-the-aggregate", "type": "definition", "offset": [295, 311]}, {"key": "shares-outstanding", "type": "definition", "offset": [360, 378]}, {"key": "trading-day", "type": "definition", "offset": [386, 397]}, {"key": "original-issue-date", "type": "clause", "offset": [424, 443]}, {"key": "common-stock-issued", "type": "clause", "offset": [474, 493]}, {"key": "prior-to-the", "type": "clause", "offset": [494, 506]}, {"key": "applicable-conversion-date", "type": "definition", "offset": [507, 533]}, {"key": "exercise-of", "type": "clause", "offset": [539, 550]}, {"key": "pursuant-to-the-purchase-agreement", "type": "clause", "offset": [571, 605]}, {"key": "issuable-maximum", "type": "definition", "offset": [635, 651]}, {"key": "equal-to", "type": "definition", "offset": [722, 730]}, {"key": "aggregate-principal-amount", "type": "definition", "offset": [773, 799]}, {"key": "sold-to", "type": "clause", "offset": [831, 838]}, {"key": "by-the-company", "type": "clause", "offset": [950, 964]}, {"key": "remaining-portion", "type": "definition", "offset": [1065, 1082]}, {"key": "remaining-holders", "type": "definition", "offset": [1145, 1162]}, {"key": "set-price", "type": "definition", "offset": [1210, 1219]}, {"key": "in-effect", "type": "definition", "offset": [1225, 1234]}, {"key": "the-shares", "type": "clause", "offset": [1248, 1258]}, {"key": "aggregate-number", "type": "definition", "offset": [1330, 1346]}, {"key": "outstanding-debentures", "type": "clause", "offset": [1430, 1452]}, {"key": "transactions-contemplated", "type": "clause", "offset": [1562, 1587]}, {"key": "the-transaction-documents", "type": "clause", "offset": [1591, 1616]}, {"key": "the-applicable-law", "type": "clause", "offset": [1640, 1658]}, {"key": "the-company-shall", "type": "clause", "offset": [1788, 1805]}, {"key": "issue-to", "type": "definition", "offset": [1806, 1814]}, {"key": "a-number", "type": "definition", "offset": [1850, 1858]}, {"key": "rata-portion", "type": "definition", "offset": [1905, 1917]}, {"key": "pursuant-to-the-terms", "type": "clause", "offset": [1945, 1966]}, {"key": "with-respect-to", "type": "clause", "offset": [2004, 2019]}, {"key": "accrued-interest", "type": "clause", "offset": [2101, 2117]}, {"key": "in-accordance-with", "type": "clause", "offset": [2167, 2185]}, {"key": "applicable-conversion-price", "type": "definition", "offset": [2190, 2217]}, {"key": "issuance-of-ordinary-shares", "type": "clause", "offset": [2237, 2264]}, {"key": "excess-principal", "type": "definition", "offset": [2396, 2412]}, {"key": "notify-the", "type": "clause", "offset": [2497, 2507]}, {"key": "not-required", "type": "clause", "offset": [2682, 2694]}, {"key": "full-force-and-effect", "type": "clause", "offset": [2741, 2762]}, {"key": "conversion-of-this-debenture", "type": "clause", "offset": [2801, 2829]}, {"key": "right-to-convert", "type": "clause", "offset": [2865, 2881]}, {"key": "pursuant-to-section", "type": "definition", "offset": [2913, 2932]}, {"key": "to-the-extent", "type": "clause", "offset": [2955, 2968]}, {"key": "after-giving", "type": "clause", "offset": [2974, 2986]}, {"key": "notice-of-conversion", "type": "definition", "offset": [3097, 3117]}, {"key": "forced-conversion", "type": "clause", "offset": [3326, 3343]}, {"key": "the-foregoing", "type": "clause", "offset": [3389, 3402]}, {"key": "by-the-holder", "type": "clause", "offset": [3462, 3475]}, {"key": "shares-issuable-upon-conversion", "type": "clause", "offset": [3532, 3563]}, {"key": "the-determination-of", "type": "definition", "offset": [3604, 3624]}, {"key": "exercise-or-conversion", "type": "clause", "offset": [3869, 3891]}, {"key": "securities-of-the-company", "type": "definition", "offset": [3948, 3973]}, {"key": "without-limitation", "type": "clause", "offset": [3986, 4004]}, {"key": "other-debentures", "type": "definition", "offset": [4010, 4026]}, {"key": "the-warrants", "type": "clause", "offset": [4030, 4042]}, {"key": "subject-to", "type": "clause", "offset": [4044, 4054]}, {"key": "conversion-or-exercise", "type": "clause", "offset": [4071, 4093]}, {"key": "for-purposes-of-this-section", "type": "clause", "offset": [4245, 4273]}, {"key": "beneficial-ownership", "type": "clause", "offset": [4284, 4304]}, {"key": "the-exchange-act", "type": "definition", "offset": [4361, 4377]}, {"key": "contained-in", "type": "definition", "offset": [4413, 4425]}, {"key": "in-relation-to", "type": "clause", "offset": [4508, 4522]}, {"key": "securities-owned", "type": "clause", "offset": [4529, 4545]}, {"key": "sole-discretion", "type": "clause", "offset": [4633, 4648]}, {"key": "compliance-with", "type": "definition", "offset": [4675, 4690]}, {"key": "to-the-company", "type": "definition", "offset": [4748, 4762]}, {"key": "a-notice", "type": "definition", "offset": [4785, 4793]}, {"key": "the-restrictions", "type": "clause", "offset": [4856, 4872]}, {"key": "and-the-company", "type": "clause", "offset": [4901, 4916]}, {"key": "to-verify", "type": "definition", "offset": [4942, 4951]}], "size": 5, "snippet": "(A) Notwithstanding anything herein to the contrary, if the Company has not obtained Shareholder Approval (as defined below), if required by the applicable rules and regulations of the Principal Market (or any successor entity), then the Company may not issue upon conversion of the Debentures, in the aggregate, in excess of 19.999% of the number of Ordinary Shares outstanding on the Trading Day immediately preceding the Original Issue Date, less the number of shares of Common Stock issued prior to the applicable Conversion Date upon exercise of any Warrants issued pursuant to the Purchase Agreement (such number of shares, the \"Issuable Maximum\"). Each Holder shall be entitled to a portion of the Issuable Maximum equal to the quotient obtained by dividing (x) the aggregate principal amount of the Debenture(s) issued and sold to such Holder on the Original Issue Date by (y) the aggregate principal amount of all Debentures issued and sold by the Company on the Original Issue Date. If any Holder shall no longer hold the Debenture(s), then such Holder's remaining portion of the Issuable Maximum shall be allocated pro-rata among the remaining Holders. If on any Conversion Date: (1) the applicable Set Price then in effect is such that the shares issuable under this Debenture on any Conversion Date together with the aggregate number of Ordinary Shares that would then be issuable upon conversion in full of all then outstanding Debentures would exceed the Issuable Maximum, and (2) the Company's shareholders shall not have previously approved the transactions contemplated by the Transaction Documents, as may be required by the applicable law or applicable rules and regulations of the Principal Market (or any successor entity), if any (the \"Shareholder Approval\"), then the Company shall issue to the Holder requesting a conversion a number of Ordinary Shares equal to such Holder's pro-rata portion (which shall be calculated pursuant to the terms hereof) of the Issuable Maximum and, with respect to the remainder of the aggregate principal amount of the Debentures (including any accrued interest) then held by such Holder for which a conversion in accordance with the applicable conversion price would result in an issuance of Ordinary Shares in excess of such Holder's pro-rata portion (which shall be calculated pursuant to the terms hereof) of the Issuable Maximum (the \"Excess Principal\"), the Company shall be prohibited from converting such Excess Principal, and shall notify the Holder of the reason therefor. This Debenture shall thereafter be unconvertible to such extent until and unless Shareholder Approval is subsequently obtained or is otherwise not required, but this Debenture shall otherwise remain in full force and effect.\n(B) The Company shall not effect any conversion of this Debenture, and the Holder shall not have the right to convert any portion of this Debenture, pursuant to Section 4(a)(i) or otherwise, to the extent that after giving effect to such conversion, the Holder (together with the Holder's affiliates), as set forth on the applicable Notice of Conversion, would beneficially own in excess of 4.99% of the number of Ordinary Shares outstanding immediately after giving effect to such conversion; provided, however, such percentage shall be 9.99% for purposes of a Forced Conversion under Section 4(b)(iv) only. For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its affiliates shall include the number of Ordinary Shares issuable upon conversion of this Debenture with respect to which the determination of such sentence is being made, but shall exclude the number of Ordinary Shares which would be issuable upon (A) conversion of the remaining, nonconverted portion of this Debenture beneficially owned by the Holder or any of its affiliates and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Debentures or the Warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section 4(a)(ii), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. To the extent that the limitation contained in this section applies, the determination of whether this Debenture is convertible (in relation to other securities owned by the Holder) and of which a portion of this Debenture is convertible shall be in the sole discretion of such Holder. To ensure compliance with this restriction, the Holder will be deemed to represent to the Company each time it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such", "samples": [{"hash": "6w0zNCujGdy", "uri": "/contracts/6w0zNCujGdy#conversion-limitations", "label": "Securities Agreement (Bluephoenix Solutions LTD)", "score": 18.0, "published": true}], "hash": "dfe94778c5a92a56d00b2731015386d8", "id": 10}], "next_curs": "Cl8SWWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjsLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ih9jb252ZXJzaW9uLWxpbWl0YXRpb25zIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"children": [["holders-restriction-on-conversion", "Holder\u2019s Restriction on Conversion"], ["trading-market-limitations", "Trading Market Limitations"], ["issuance-limitations", "Issuance Limitations"], ["conversion-limitations", "Conversion Limitations"], ["foreign-private-issuer-protection-limitation", "Foreign Private Issuer Protection Limitation"]], "size": 382, "parents": [["conversion", "Conversion"], ["miscellaneous", "Miscellaneous"], ["conversion-rights", "Conversion Rights"], ["counterparts", "Counterparts"], ["conversion-limitations", "Conversion Limitations"]], "title": "Conversion Limitations", "id": "conversion-limitations", "related": [["conversion-limitation", "Conversion Limitation", "Conversion Limitation"], ["\u2587\u2587\u2587\u2587\u2587\u2587s-conversion-limitations", "\u2587\u2587\u2587\u2587\u2587\u2587\u2019s Conversion Limitations", "\u2587\u2587\u2587\u2587\u2587\u2587\u2019s <strong>Conversion Limitations</strong>"], ["h\u2587\u2587\u2587\u2587\u2587s-conversion-limitations", "H\u2587\u2587\u2587\u2587\u2587\u2019s Conversion Limitations", "H\u2587\u2587\u2587\u2587\u2587\u2019s <strong>Conversion Limitations</strong>"], ["automatic-conversion", "Automatic Conversion", "Automatic Conversion"], ["adjustment-of-conversion-rate", "Adjustment of Conversion Rate", "Adjustment of Conversion Rate"]], "related_snippets": [], "updated": "2026-04-19T05:56:40+00:00", "also_ask": ["What are the most effective negotiation levers for adjusting conversion caps or floors?", "Which drafting elements are essential to prevent ambiguity in conversion limitation clauses?", "What are the primary legal risks if conversion limitations are overly restrictive or vague?", "How do conversion limitation standards differ across key jurisdictions or deal types?", "What factors do courts consider when assessing the enforceability of conversion limitations?"], "drafting_tip": "Specify maximum and minimum conversion amounts to prevent disputes; define timeframes for conversions to ensure predictability; clarify any exceptions to avoid unintended obligations.", "explanation": "The Conversion Limitations clause sets boundaries on when and how certain securities or instruments can be converted into other forms, such as shares or equity. Typically, this clause may restrict conversions based on timing, ownership thresholds, or specific triggering events, and might prevent conversion if it would result in exceeding regulatory limits or diluting existing shareholders beyond an agreed percentage. Its core function is to protect the interests of the company and its stakeholders by preventing excessive or unintended conversions that could disrupt ownership structure or violate legal requirements."}, "json": true, "cursor": ""}}