Preferred Stock Conversion Shares Sample Clauses
The Preferred Stock Conversion Shares clause defines the terms under which preferred stockholders can convert their preferred shares into common shares. Typically, this clause outlines the conversion ratio, any conditions or events that trigger conversion (such as an IPO or acquisition), and the process for exercising conversion rights. By specifying these details, the clause ensures that both the company and investors understand how and when preferred shares may be converted, providing clarity and predictability in the event of significant corporate changes.
Preferred Stock Conversion Shares. If any shares of Preferred Stock are converted into Common Stock at a time when there is an effective registration statement to cover the issuance of the Preferred Stock Conversion Shares or at a time when such shares of Preferred Stock Conversion Shares would be eligible for resale under Rule 144 by a non-affiliate of the Company, the Preferred Stock Conversion Shares issued pursuant to any such conversion shall be issued free of all restrictive legends. If at any time following the date hereof the Registration Statement (or any subsequent registration statement registering the sale or resale of the Preferred Stock Conversion Shares) is not effective or is not otherwise available for the sale of the Preferred Stock Conversion Shares, the Company shall immediately notify the holders of the Preferred Stock in writing that such registration statement is not then effective and thereafter shall promptly notify such holders when the registration statement is effective again and available for the sale of the Preferred Stock Conversion Shares (it being understood and agreed that the foregoing shall not limit the ability of the Company to issue, or any holder thereof to sell, any of the Preferred Stock Conversion Shares in compliance with applicable federal and state securities laws).
Preferred Stock Conversion Shares. Within 365 days after the Closing, Rx Medical shall take all steps necessary to list on the American Stock Exchange the Rx Medical Common Stock which is issuable upon conversion of the Rx Preferred Stock. In the event Rx Medical shall not have complied with this 4.2(b), Rx Medical shall pay, immediately after such 365th day against surrender of the Rx Preferred Stock, the following amounts to the former shareholders and optionees of CHC: CHC Amount Shareholder/Optionee Sam J. Lewis, Jr. $1,674,465 ▇. ▇. ▇▇▇▇▇▇▇ 144,255 ▇▇▇▇▇▇▇▇ ▇▇▇e 324,110 ▇▇▇▇▇▇▇▇▇ 3,001,350 ▇▇▇▇▇▇▇▇▇ies, Inc. Paul Black 71,420 ▇▇▇▇▇▇ ▇▇ters 71,420 ▇▇▇▇ ▇▇▇▇▇▇▇ 71,420 ▇▇▇▇▇▇▇ ▇▇▇dley 97,810 Total $ 5,456,250