Conversion of Class B Common Stock. On the Business Day immediately prior to the Effective Time, each share of Class B Common Stock then issued and outstanding shall be automatically converted into shares of Class A Common Stock in accordance with the terms of, and subject to the limitations set forth in, the Company Certificate (such automatic conversion, the “Class B Common Stock Conversion”), and upon such conversion, each such share of Class B Common Stock shall automatically be canceled and retired and shall cease to exist, and each former holder of Class B Common Stock shall thereafter cease to have any rights with respect to such securities.
Appears in 2 contracts
Sources: Merger Agreement (Altus Power, Inc.), Merger Agreement (Altus Power, Inc.)