Conversion Features. (A) Convertible into shares of common stock of Viking at a fixed conversion price equal to the volume weighted average price of Viking’s common stock during the period commencing on the date which the terms of the MIPA were disclosed by Viking through a Current Report on Form 8-K filed with the Securities and Exchange Commission and ending on the date that is the 10th business day following the Closing Date. (B) All conversions shall be subject to a 9.99% beneficial ownership limitation. (C) The conversion entitlement with respect to 40% of Stock Consideration shall not apply until the Commercial Operations Date.
Appears in 2 contracts
Sources: Membership Interest Purchase Agreement (Camber Energy, Inc.), Membership Interest Purchase Agreement (Viking Energy Group, Inc.)