Common use of Conversion of Series A Preferred Stock Clause in Contracts

Conversion of Series A Preferred Stock. Any Holder (including its Affiliates) who converts more than 50% of the shares of Series A Preferred Stock (as adjusted for stock splits, stock combinations and the like) purchased by it pursuant to the Securities Purchase Agreement or Additional Purchase Agreement, as applicable, shall, at the written request of the Company, convert all of its remaining shares of Series A Preferred Stock, if any, within five (5) Business Days of receipt of such request, in accordance with Section 7(c) of the Certificate of Designations. Any transferee of a Holder (other than a Holder’s Affiliates) who converts more than 50% of the shares of Series A Preferred Stock transferred to it by a Holder shall, at the written request of the Company, convert all of its remaining shares of Series A Preferred Stock, if any, within five (5) Business Days of receipt of such request, in accordance with Section 7(c) of the Certificate of Designations.