Common use of NEW ISSUE SECURITIES Clause in Contracts

NEW ISSUE SECURITIES. If, at any time after the Effective Date and prior to the 8th Anniversary, Metro One proposes to issue (or sell from treasury) for cash Common Stock, or securities convertible into or exchangeable for Common Stock, including debt or equity securities convertible into Common Stock or other equity securities of Metro One, but excluding (i) non-voting, non-convertible preferred stock and debt securities containing nominal equity features, (ii) equity securities issuable upon exercise or conversion of debt or equity securities, and (iii) equity securities issuable in connection with stock option or other employee benefit plans approved by the Board of Directors, Metro One shall provide Sonera notice (a "Preliminary Sale Notice") of the proposed issuance of such securities (the "New Issue Securities"), such notice to set out Metro One's good faith estimate as to the number of such securities proposed to be issued (including projected timing) and the price (or price range) and other material terms expected to be applicable thereto.