Mandatory Conversion Upon IPO Clause Samples
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Mandatory Conversion Upon IPO. Immediately upon the closing of an initial public offering of the Company’s securities (an “IPO”) consummated on or prior to the Maturity Date and without any action on the part of the Holder, the outstanding principal amount of and accrued and unpaid interest on this Note shall be automatically converted into a number of shares of Common Stock equal to the quotient obtained by dividing (i) the outstanding principal amount of this Note plus the accrued and unpaid interest thereon, by (ii) a conversion price equal to seventy (70%) percent of the price at which the Company’s Common Stock is first offered to the public in an IPO. No fractional shares of Common Stock will be issued and any fractional share interest shall be rounded upward to the nearest whole share. The date on which such conversion occurs is referred to herein as the “Conversion Date.”
Mandatory Conversion Upon IPO. Subject to fulfilling the requirements set forth in Section 10.3, immediately prior to the initial public offering of the Company, all outstanding Preferred Interests shall convert into Common Interests (an “IPO Conversion”).
Mandatory Conversion Upon IPO. Immediately upon completion of an initial public offering of the Company’s securities (an “IPO”), the entire principal amount of and accrued interest on this Note shall be automatically converted into a number of shares of the Company’s Common Stock (the “Shares”) equal to the quotient obtained by dividing (i) the entire principal amount of this Note plus accrued interest, by (ii) a conversion price equal to seventy (70%) percent of the price at which the Company’s Common Stock is first issued to the public in an IPO.