Mandatory Conversion Event Clause Samples

Mandatory Conversion Event. Upon 30 days written notice from the Company to each holder of Series B Preferred Stock, each share of Series B Preferred Stock may be converted into fully paid and nonassessable shares of Common Stock at the option of the Company after the fifth anniversary of the Original Issue Date.

Mandatory Conversion Event. Subject to the terms of Section 13, on or after July 5, 2029, the Corporation may elect (the “Mandatory Conversion Right”), at any time the Closing Price per share of Common Stock has been at least 175% of the Conversion Price for at least twenty (20) Trading Days (whether or not consecutive) during any thirty (30) consecutive Trading Days (including the last day of such period), the last day of which shall be the Trading Day immediately preceding the date of the Mandatory Conversion Notice (defined below), to cause all (but not less than all) of the outstanding shares of Series B Preferred Stock to convert (such conversion, a “Mandatory Conversion”) into a number of shares of Common Stock per share of Series B Preferred Stock equal to (i) the Accrued Value divided by (ii) the applicable Conversion Price, on the 7th Business Day following the delivery of the Mandatory Conversion Notice (the “Mandatory Conversion Time”). For the avoidance of doubt, the Mandatory Conversion of the Series B Preferred Stock with a Mandatory Conversion Time prior to June 20, 2035 will constitute a Make-Whole Change in Control pursuant to clause (B) of the definition thereof.

Mandatory Conversion Event. The Company may, at its option, require all (and not less than all) holders of shares of Series A Preferred Stock then outstanding to convert their shares of Series A Preferred Stock into shares of Common Stock, at the then effective Conversion Price if the average daily trading volume of Common Stock for the 30 consecutive days of trading ending not more than 5 calendar days immediately preceding the date of the notice described in this subsection 10(a) equals or exceeds 16,500 shares (33,000 if the principal trading market for Common Stock is a NASDAQ or other over-the-counter market and such market includes, or "double counts," both buy and sell transactions with respect to the same shares in reporting volume) and the Company's Common Stock shall have had an average closing market price on the principal stock exchange on which it is listed (or, if not listed on any stock exchange, a last sale price on the NASDAQ National Market System, or if not listed or admitted to trading on such system, a closing bid price in the over-the-counter market) of not less than $5.50 (subject to appropriate adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization affecting such shares) on the same period of 30 consecutive trading days. All holders of record of shares of Series A Preferred Stock then outstanding will be given at least 10 days' prior written notice of the date fixed and the place designated for mandatory or special conversion of all such shares of Series A Preferred Stock pursuant to this Section 10.

Mandatory Conversion Event. (i) Notwithstanding anything to the contrary herein, upon the Mandatory Conversion Event, all outstanding shares of Parent Preferred Stock shall, mandatorily, be converted automatically into such number of shares of Parent Common Stock determined by the same method as a Discretionary Conversion.

Mandatory Conversion Event. (i) Notwithstanding anything to the contrary herein, upon the Mandatory Conversion Event, all outstanding shares of Series B Preferred shall, at the option of the Corporation, be converted automatically into such number of shares of Common Stock determined by the same method as a Discretionary Conversion.

Mandatory Conversion Event. Upon a Mandatory Conversion Event all Units shall be considered 100% vested. However, any Shares or Assets received thereon shall continue to be governed by these Terms. SEQ 4_1 \* Arabic \n10. Covenant Not To Compete. MIP Special Limited Partner agrees to conform to the following concerning non-competition. (a) Partnership undertakes to train MIP Special Limited Partner and to give MIP Special Limited Partner confidential information and knowledge about Partnership's business policies, accounts procedures and methods. For the purposes of this Agreement, the term "confidential information" shall include but is not limited to any list of suppliers, customers, investors, stockholders, including their names, addresses, phone numbers, amount of investments and similar information, and in addition, any operational information of Partnership , including but not limited to information on Partnership's methods of conducting business, profits and/or losses of Partnership, marketing material and any information that would reasonably be considered proprietary or confidential in nature. Partnership has established a valuable and extensive trade in its products and services, which business has been developed at a considerable expense to Partnership. The nature of the business is such that the relationship of its customers with Partnership must be maintained through the close personal contact of its employees. (b) MIP Special Limited Partner desires to enter into or continue in the employ of Partnership and by virtue of such employment by Partnership, MIP Special Limited Partner will become familiar with the manner, methods, secrets and confidential information pertaining to such business. During the term of such employment, MIP Special Limited Partner will continue to receive additional confidential information of the same kind. Through representatives of Partnership, MIP Special Limited Partner will become personally acquainted with the business of Partnership and its methods of operation. (c) In consideration of the employment or continued employment of MIP Special Limited Partner and the rights as herein provided, the training of MIP Special Limited Partner by Partnership, and the disclosure by Partnership to MIP Special Limited Partner of the knowledge and confidential information described above, Partnership requests and MIP Special Limited Partner makes the covenants hereinafter set forth. MIP Special Limited Partner understands and acknowledges that such covenan...