Common use of The Pledged Shares Clause in Contracts

The Pledged Shares. The Pledged Shares pledged pursuant to the Pledge Agreement are shares of Class B Common Stock. Each holder of Class B Common Stock has the right to convert each share of its Class B Common Stock into that number of shares of Common Stock determined by dividing the number of shares of Class B Common Stock being converted by a twenty percent (20%) discount of the lowest price that the Company had ever issued its Common Stock.

The Pledged Shares. The Pledged Shares pledged pursuant to the Pledge and Escrow Agreement are shares of Class B Common Stock. Each holder of Class B Common Stock has the right to convert each share of its Class B Common Stock into that number of shares of Common Stock determined by dividing the number of shares of Class B Common Stock being converted by a twenty percent (20%) discount of the lowest price that the Company had ever issued its Common Stock.