Common use of Maturity Conversion Clause in Contracts

Maturity Conversion. In the event that this Note remains outstanding on the Maturity Date, upon the written consent of the Majority Holders, in lieu of repayment of all outstanding amounts due, the outstanding principal and accrued but unpaid interest under this Note shall convert into shares of the Company’s Series A-1 Preferred Stock, at a price per share equal to $0.40 per share (as adjusted for any stock split, stock dividend, recapitalization, reorganization, or the like) (a “Maturity Conversion”). Holder hereby agrees that it shall, at the time of the Maturity Conversion and as a condition precedent thereto, execute and deliver to the Company all transaction documents reasonably requested by the Company, including a voting agreement and other ancillary agreements, with customary representations and warranties and transfer restrictions (including a lock-up agreement in connection with an IPO), and having the same terms as those agreements entered into by the other holders of preferred stock of the Company