Satisfaction of the Conversion Obligation by the Company. (a) The Person designated in the Conversion Notice as the Person in whose name the Ordinary Shares are to be issued upon such optional conversion, or the Person designated in a written notice, in substantially the form set forth on the reverse of the certificate evidencing such Series A Convertible Preference Shares in whose name the Ordinary Shares are to be issued upon a Mandatory Conversion, is to be registered as the holder of record of the number of Ordinary Shares to be issued in respect of the Series A Convertible Preference Shares being converted as of the Close of Business on the Conversion Date (disregarding any retroactive adjustment of the Conversion Rate referred to in Section 10 prior to the time such retroactive adjustment shall have become effective), and at such time as a Holder of the Series A Convertible Preference Shares deposits Series A Convertible Preference Shares for conversion, the rights of such optional converting Holder of Series A Convertible Preference Shares shall cease; provided, however, that in the event the written notice does not designate a Person in whose name the Ordinary Shares are to be issued upon such conversion, or in the event a Holder does not submit a Conversion Notice upon a Mandatory Conversion designating another Person in whose name the Ordinary Shares are to be issued upon such Mandatory Conversion, the Company shall be entitled to register such Ordinary Shares in the name of the Holder of Series A Convertible Preference Shares being converted as shown in the Register.
