Common use of Convertible Clause in Contracts

Convertible. All the Preferred Shares shall be converted into Common Shares upon the occurrence of the earlier of the following events or dates: (i) the Supply Agreement is terminated in accordance with the terms thereof or (ii) the end of the thirteenth (13th) fiscal year of the JVC. For the purpose of this Agreement, the period from the incorporation of the JVC to the last day prior to such conversion shall be referred to as the “Preferred Dividend Term".

Convertible. All the Preferred Shares shall be converted into Common Shares upon the occurrence of the earlier of the following events or dates: (i) the Supply Agreement entered into by and between the Company and VaxGen, Inc. is terminated in accordance with the terms thereof thereof, or (ii) the end of the thirteenth (13th) fiscal year of the JVC. For the purpose of this Agreement, the period from the incorporation of the JVC to the last day prior to such conversion shall be referred to as the “Preferred Dividend Term".