Examples of Parent Class B Shares in a sentence
The authorized capital stock of Parent consists of 100,000,000 Parent Class A Shares of which 12,516,500 are outstanding, 10,000,000 Parent Class B Shares of which 3,018,750 are issued and outstanding, and 1,000,000 shares of preferred stock, par value $0.0001 per share (“ Parent Preferred Stock”), none of which are issued and outstanding.
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Any reference in this Agreement to Parent or Parent Class A Shares and Parent Class B Shares, collectively, for periods from and after the Domestication will be deemed to include Surviving Pubco and the Surviving Pubco Class A Shares, respectively.
Except for (1) the Parent Class B Shares, which are convertible under certain circumstances into Parent Ordinary Shares, and (2) the Parent Stock Options, there are no outstanding warrants, options, contracts, convertible or exchangeable securities or other commitments (other than this Agreement) pursuant to which Parent is obligated to issue, sell, purchase, return or redeem any shares of Capital Stock or other securities of Parent as of the date hereof.
Each Founder hereby (but subject to the consummation of the Merger) waives (for itself, for its successors, heirs and assigns), to the fullest extent permitted by law and the amended and restated certificate of incorporation of Parent (as may be amended from time to time, the “Certificate of Incorporation”), the provisions of Section 4.3(b)(i) of the Certificate of Incorporation to have the Parent Class B Shares convert to Parent Class A Shares at a ratio of greater than one-for-one.
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As of the date hereof, there are (i) 9,477,627 issued and outstanding Parent Class A Shares, (ii) 9,481,727.0871 issued and outstanding Parent Class B Shares, (iii) no Parent Ordinary Shares issued and outstanding and (iv) 634,496 Parent Class B Shares reserved for issuance upon the exercise of currently outstanding Parent Stock Options.
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At the Effective Time, (i) all Parent Class B Shares that are issued and outstanding as of such time shall automatically convert, on a one-to-one basis in accordance with the terms of the Parent Certificate of Incorporation, into Parent Class A Shares and (ii) all Parent Class A Shares issued and outstanding at such time (including those converted from Parent Class B Shares) shall be renamed as “Common Stock” for all purposes of the PubCo COI.
For the avoidance of doubt, all Parent Class B Shares converted into Parent Class A Shares shall no longer be outstanding and shall cease to exist, and each holder of Parent Class B Shares shall thereafter cease to have any rights with respect to such securities.