Common use of Closing Shares Clause in Contracts

Closing Shares. At Closing (as defined below), each Member shall receive (i) the number of shares of Company Common Stock equal to the product of (A) multiplied by (B), where (A) equals the percentage of such Member's current respective ownership interests of Sovereign as set forth on Schedule 4.2 (such ownership interest for each Member, the "Percentage Interest") and (B) equals 35,000,000 shares of Company Common Stock, and (ii) the number of shares of Company Convertible Preferred Stock equal to the product of (C) multiplied by (D) where (C) equals such Member's Percentage Interest and (D) equals 100,000 shares of Company Convertible Preferred Stock. The Company Common Stock and Company Convertible Preferred Stock to be issued at Closing pursuant to this Section 1.1(a) shall be referred to as the "Closing Shares."