Examples of Tax-Free Spin-Off in a sentence
Following a Tax-Free Spin-Off, shares of Class B Common Stock shall no longer be convertible into shares of Class A Common Stock.
If such written advice of counsel is received, approval of such conversion shall be submitted to a vote of the holders of the Common Stock as soon as practicable after the fifth anniversary of the Tax-Free Spin-Off.
The Corporation shall at all times prior to a Tax-Free Spin-Off reserve and keep available, out of its authorized and unissued shares of Class A Common Stock, for the purposes of effecting conversions, such number of duly authorized shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of Class B Common Stock.
Prior to the date on which shares of Class B Common Stock are transferred to stockholders of Williams in a Tax-Free Spin-Off (as defined in paragraph (E) (3)(a) below), each share of Class B Common Stock shall be convertible, at the option of its record holder, into one validly issued, fully paid and non-assessable share of Class A Common Stock at any time.
For purposes of this paragraph (C)(6), a Tax-Free Spin-Off shall be deemed to have occurred at the time shares are first transferred to stockholders of the DuPont Company following receipt of an affidavit described in clause (iii) of the first sentence of paragraph (C)(6)(d) below.