CONVERSION OF PREFERRED STOCK TO COMMON STOCK Clause Samples

CONVERSION OF PREFERRED STOCK TO COMMON STOCK. Each share of Series B Preferred Stock shall be convertible, at the option of the owner thereof, at any time, upon surrender to the Company of the certificates for the shares to be converted, into fully paid and nonassessable shares of Common Stock of the Company, at the initial rate of one and one-third (1-1/3) shares of Common Stock for each share of Series B Preferred Stock ("CONVERSION RATE"). Conversion of Series B Preferred Stock into Common Stock shall be made pursuant to the following terms: