Terms of Conversion. A. Following the awarding of any funds to me as a result of my participation in the MTI Scholarship Program, I understand and agree during the award terms to (i) remain enrolled on at least a half-time basis as an undergraduate or graduate student at a qualified Illinois postsecondary institution in a course of study which, upon completion, qualifies me to receive licensure as a preschool, elementary or secondary school teacher by ISBE, including alternative teacher licensure, (ii) earn a cumulative grade point average of 2.5 on a 4.0 scale throughout my postsecondary course of study; and (iii) maintain satisfactory academic progress toward graduation as determined by the postsecondary institution in which I am enrolled.
Terms of Conversion. A. Following the award of a tuition waiver to me as a result of my participation in the SETTW Program, I understand and agree during the terms for which I receive a waiver to (i) remain enrolled at an eligible Illinois postsecondary institution approved for participation in the SETTW Program; (ii) register and remain enrolled in a program leading to an initial professional educator license in special education at postsecondary institution within 10 days after the beginning of the term immediately following receipt of the tuition waiver; (iii) remain in attendance at the postsecondary institution on a continuous basis during the regular academic year (summer sessions optional) unless otherwise granted a leave of absence as described herein; and (iv) pursue a course of study leading to an initial professional educator license in special education.
Terms of Conversion. The principal balance of this Debenture shall be convertible by the Holder into shares of Common Stock as follows: 20% commencing on the original issuance date of this Debenture, and an additional 20% commencing every six months thereafter. For purposes of this Debenture and the Securities Purchase Agreement, the date upon which each such 20% of the principal balance of the Debenture becomes convertible shall be referred to as a "Vesting Date."
Terms of Conversion. The Debentures shall contain the following provisions in Section 3 thereof regarding the conversion of the Debentures: The Holder of this Debenture is entitled, at its option, at any time after 90 days after the Debenture Date until maturity hereof, to convert the principal amount of the Debenture or any portion of the principal amount hereof which is at least One Hundred Thousand Dollars ($100,000 U.S.) or, if at the time of such election to convert, the aggregate principal amount of all Debentures registered to the Holder is less than One Hundred Thousand Dollars ($100,000 U.S.), then the whole amount thereof, into Shares of Common Stock of the Company at a conversion price for each share of Common Stock equal to Eight Five Percent (85%) of the Market Price of the Company's Common Stock; provided that in any 30 day period the Holder of these Debentures (or its transferee) may convert no more than 33% (or 34% of the Debentures, in the last 30 day period available for conversion of the Debentures) of the Debentures purchased by the Holder, whether or not such Holder exercised its right to convert the Debenture after 90 days after the Debenture Date. If such conversion price on the date of conversion would be (x) less than or equal to $5.25 per share (the "Conversion Price Floor"), the Company shall have the right to redeem the Debentures within 30 days of the Notice of Conversion at the face amount of the Debentures plus accrued but unpaid interest, or (y) greater than $15 per share, the conversion price shall be equal to $15 per share (the "Conversion Price Ceiling). As used herein, the Market Price shall be the average closing bid price of the Common Stock over the ten (10) trading days immediately prior to the conversion date, as reported by the National Association of Securities Dealers Automated Quotation System ("NASDAQ"), or the closing bid price in the over-the-counter market or, in the event the Common Stock is listed on a stock exchange, the fair market value per Share shall be the closing price on the exchange, as reported in the Wall Street Journal, over such ten (10) day period. Such conversion shall be effectuated by surrendering the Debentures to be converted to the Company with the form of conversion notice attached hereto as Exhibit A, executed by the Holder of this Debenture evidencing such Holder's intention to convert this Debenture or a specified portion (as above provided) hereof, and accompanied, if required by the Company, by proper...
Terms of Conversion. If there is a Next Equity Financing before the termination of this instrument, the Company will automatically issue to the Holder a number of shares of Shadow Preferred Stock equal to the Conversion Amount divided by the Conversion Price.
Terms of Conversion. The conversion of the Convertible Preferred Stock shall be upon the following terms and conditions: (i)
Terms of Conversion. The Investment is convertible or redeemable on the following terms: (a) conversion or redemption will be: (i) automatic upon the Issuer closing aggregate equity financings of $2,000,000 or a greater amount within any 30 consecutive calendar days during the Term of the Investment; or, (ii) at the election of the Purchaser; and (b) Investment is convertible at $3.00 per share, adjusted for splits and common stock share issuances of greater than 10% of the number of outstanding shares of the Issuer at the closing of the Investment. For each common share issued, one 2-year common share purchase warrant will be issued. The warrant will be priced at $4.00 adjusted for splits and common stock share issuances of greater than 10% of the number of outstanding shares of the Issuer at the closing of the Investment.
Terms of Conversion. The shares of Series A Preferred Stock shall be convertible to Common Stock, at the times and places and in the manner referred to in this Section 5(A), at the election of the holders of the Series A Preferred Stock, provided the number of shares of Common Stock authorized but unissued under the Corporation's Certificate of Incorporation is sufficient to satisfy the number of shares of Series A Preferred Stock being converted at such time.
Terms of Conversion. Section 1.2(b)(iv) of the Agreement is hereby amended to read in its entirety as follows:
Terms of Conversion. The conversion rate of Class D Preferred shall be variable, contingent upon the market value of the Buyer's common stock at the time of conversion. Each 100,000 share block shall be valued at $1,000,000. The number of shares of common stock into which each 100,000 share block may be converted shall equal 1,000,000 divided by the market price of the Buyer's common stock at the time of conversion. The market price of the common stock shall be the ten day weighted average trading price of the Buyer's common stock, with a ceiling of $1.00 and a floor of $0.05 for the purposes of conversion."
