Mandatory Conversions. In the event of mandatory conversion from Hourly Employee to Owner Operator, the parties agree that the prior articles on mandatory conversion shall be brought back and shall apply. All Hourly Rated Drivers with eleven (11) years of service as of January 1st, 1994, who choose to remain as Hourly Employees, will have their rate of pay and hours of work protected and further will be scheduled in shifts between 06:00 and 21:00, and shifts will be no greater than ten (10) hours and the splits will be no longer than two (2) hours in duration.
Mandatory Conversions. 6.1 The Company shall have the right, at its option, to cause all of the Outstanding Balance to be converted into Common Stock at the Conversion Rate then in effect, with the number of shares of Common Stock to be issued being equal to the Outstanding Balance divided by $1,000, and multiplied by the Conversion Rate, and with cash being paid in lieu of any fractional share pursuant to Section 13. The Company may exercise its right to cause a mandatory conversion pursuant to this Section 6 only if the Closing Sale Price of the Common Stock equals or exceeds 150% of the Conversion Price for at least 45 Trading Days (whether or not consecutive) in a period of 60 consecutive Trading Days, including the last Trading Day of such 60-day period, ending on, and including, the Trading Day immediately preceding the Business Day on which the Company issues a press release announcing the mandatory conversion as described in Section 6.2.
Mandatory Conversions. (i) If, at any time from and after the Closing Date, the Market Price of the Common Stock exceeds $10.00 per share (which amount shall be proportionately adjusted for any recapitalization, stock split, reverse stock split, stock dividend or similar event resulting in a change in the shares of Common Stock) on each of 60 consecutive trading days, then all Shares of the Series C Preferred then outstanding shall automatically be deemed to have been surrendered by the holders thereof for conversion (and shall be automatically converted) into shares of Common Stock as provided in the next following sentence effective as of the close of business on the last day of such 60-day period. Each holder's Shares of Series C Preferred shall be converted into a number of shares of Common Stock computed by dividing (x) the total amount of Liquidation Value (plus the aggregate accrued but unpaid dividends, if any) represented by such holder's Shares by (y) the Conversion Price in effect as of the close of business on the last day of such 60-day period.
Mandatory Conversions. Except with respect to any Shares for which requests for redemptions have been delivered pursuant to Section 4A hereof (in which event, (i) any such conversion shall be effected only upon the request of any such holder previously requesting redemption and (ii) notwithstanding any provision to the contrary contained in Section 4A hereof, any Shares which any holder has not elected to convert pursuant to the foregoing clause (i) shall be redeemed by the Corporation concurrently with the closing of such Qualified Public Offering), the Corporation may at any time require the conversion of all of the outstanding Preferred Stock if (x) the Corporation is at such time effecting a firm commitment underwritten Public Offering of shares of its Common Stock in which the per share price is at least $4.00, (y) the aggregate price paid by the public for the shares shall be at least $30 million (a "Qualified Public Offering") and (z) all of the Shares of Preferred Stock have been converted. Any such mandatory conversion shall only be effected at the time of and subject to the closing of the sale of such shares pursuant to such Public Offering and upon written notice of such mandatory conversion delivered to all holders of Preferred Stock at least ten (10) calendar days prior to such closing. In addition, the Corporation shall have the right (x) at any time after obtaining the written approval of the holders of not less than 60% of the then outstanding Shares of Series A Preferred to require the conversion of all outstanding Series A Preferred, (y) at any time after obtaining the written approval of the holders of not less than a majority of the then outstanding Shares of Series B Preferred to require the conversion of all outstanding Series B Preferred and (z) at any time after obtaining the written approval of the holders of not less than a majority of the then outstanding Shares of Series C Preferred to require the conversion of all outstanding Series C Preferred. Any such mandatory conversion shall only be effected upon written notice of such mandatory conversion delivered to all holders of all Preferred Stock by the Corporation at least ten (10) calendar days prior to such mandatory conversion.
Mandatory Conversions. Subject to Sections 3.1, 3.2 and 3.10 hereof, if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for five (5) consecutive trading days in any calendar month shall be greater than 115% of the Fixed Conversion Price, the Holder shall convert into shares of Common Stock such portion of the principal amount outstanding under this Note (together with accrued interest and fees in respect thereof) on such date equal to ten percent (10%) of the aggregate dollar trading volume of the Common Stock for the period of twenty-two (22) trading days preceding the date of the mandatory conversion. The Holder shall not be required under any circumstances to make more than one (1) mandatory conversion pursuant to this Section 3.1(b) in any calendar month. The shares of Common Stock to be issued upon such conversion are herein referred to as the "CONVERSION SHARES."
Mandatory Conversions. (a) Unless previously converted, redeemed, repurchased or otherwise cancelled, the Company may elect at its option to cause all the New Convertible Notes to be mandatorily converted (the “Mandatory Conversion”) into the number of shares of Common Stock set forth (or Warrants if required by Section 9.12) in Section 9.13(e) at any time following the Closing Date and prior to the close of business on the second Business Day immediately preceding the Maturity Date if:
Mandatory Conversions. In a mandatory conversion an hourly driver will have thirty (30)days to make intention known. Should they elect to become an Owner Operator, they will be afforded the following program: The new Owner Operator may purchase a Company vehicle of choice at less than fair market value. The loan, if desired, can be financed over a period of time acceptable to the Owner Operator and the Company, interest free. For the first six (6) months, the Company will agree to take the former Company vehicle back for any reason except negligence, in the event the Owner Operator decides not to continue for any reason. For any repairs during the trial period over three hundred dollars ($300.00).the Company will be liable for seventy percent (70%) net of tax. The newly converted Owner Operator will be afforded a credit limit of one thousand, two hundred dollars ($1200.00)to defray start up expenses, for maintenance costs, or as a contingency fund for the first four (4) months of business, to be paid back to the Company, within the first twelve (12) months of having received any monies, in payment installments to be arranged by the Owner Operator and the Company, interest free. The Company will reimburse the new Owner Operator up to two hundred and fifty dollars ($250.00)for financial counseling with an accountant of their choice. If the employee elects to become an Owner Operator, will be entitled to a six (6) month trial period as an Owner Operator. If at the end of the trial period, or the Company believes it will not work out, the following options apply:
