Common use of Conversion Event Clause in Contracts

Conversion Event. If the Last Reported Sale Price of the Common Stock for at least 20 Trading Days in a period of 30 consecutive Trading Days equals or exceeds 150% of the Conversion Price (a “Conversion Event”), the Issuer may, at its option, deliver or cause to be delivered to all Holders of the Notes at their address shown in the register for the Notes, a notice as set forth below (the “Conversion Event Notice”) with respect to such Conversion Event at any time within 20 Business Days of such Conversion Event. The Issuer shall also deliver a copy of the Conversion Event Notice to the Trustee, the Conversion Agent and the Paying Agent at such time as is mailed to Holders of Notes. Simultaneously with providing such Conversion Event Notice, the Issuer shall publicly announce the relevant information through a reputable national newswire in the United States, file such press release with the SEC on Form 8-K and make such information available on the Issuer’s website. No failure of the Issuer to deliver the foregoing notices and no defect therein shall limit a Holders rights hereunder or affect the validity of the proceedings pursuant to this Section 5.08.