Common use of Qualified Public Offering Conversion Clause in Contracts

Qualified Public Offering Conversion. Upon and immediately prior to the consummation of a Qualified Public Offering, all outstanding Series B Preferred Units shall automatically be converted into fully paid and nonassessable (except to the extent specified in the Act) cash and/or Common Units in accordance with subparagraph 4(b), without any further act of the Company or any holders of Series B Preferred Units, it being understood that, in connection with a Qualified Public Offering, all outstanding Series B Preferred Units will be converted in the IPO Conversion into shares of series B preferred stock of the IPO Corporation, and that, upon conversion of such shares of series B preferred stock by the holders thereof, such holders will receive shares of common stock of the IPO Corporation rather than Common Units.

Qualified Public Offering Conversion. Upon and immediately prior to the consummation of a Qualified Public Offering, all outstanding Series B A Preferred Units shall automatically be converted into fully paid and nonassessable (except to the extent specified in the Act) cash and/or Common Units in accordance with subparagraph 4(b), without any further act of the Company or any holders of Series B A Preferred Units, it being understood that, in connection with a Qualified Public Offering, all outstanding Series B A Preferred Units will be converted in the IPO Conversion into shares of series B A preferred stock of the IPO Corporation, Corporation and that, upon conversion of such shares of series B A preferred stock by the holders thereof, such holders will receive shares of common stock of the IPO 1PO Corporation rather than Common Units.

Qualified Public Offering Conversion. Upon and immediately prior to the consummation of a Qualified Public Offering, all outstanding Series B A Preferred Units shall automatically be converted into fully paid and nonassessable (except to the extent specified in the Act) cash and/or Common Units in accordance with subparagraph 4(b), without any further act of the Company or any holders of Series B A Preferred Units, it being understood that, in connection with a Qualified Public Offering, all outstanding Series B A Preferred Units will be converted in the IPO Conversion into shares of series B A preferred stock of the IPO Corporation, Corporation and that, upon conversion of such shares of series B A preferred stock by the holders thereof, such holders will receive shares of common stock of the IPO Corporation rather than Common Units.

Qualified Public Offering Conversion. Upon and immediately prior to the consummation of a Qualified Public Offering, all outstanding Series B C Preferred Units shall automatically be converted into fully paid and nonassessable (except to the extent specified in the Act) cash and/or Common Units in accordance with subparagraph 4(b), without any further act of the Company or any holders of Series B C Preferred Units, it being understood that, in connection with a Qualified Public Offering, all outstanding Series B C Preferred Units will be converted in the IPO Conversion into shares of series B C preferred stock of the IPO Corporation, Corporation and that, upon conversion of such shares of series B C preferred stock by the holders thereof, such holders will receive shares of common stock of the IPO Corporation rather than Common Units.

Qualified Public Offering Conversion. Upon and immediately prior to the consummation of a Qualified Public Offering, all outstanding Series B Preferred Units shall automatically be converted into fully paid and nonassessable (except to the extent specified in the Act) cash and/or Common Units in accordance with subparagraph 4(b), without any further act of the Company or any holders of Series B Preferred Units, it being understood that, in connection with a Qualified Public Offering, all outstanding Series B Preferred Units will be converted in the IPO Conversion into shares of series B preferred stock of the IPO Corporation, Corporation and that, upon conversion of such shares of series B preferred stock by the holders thereof, such holders will receive shares of common stock of the IPO Corporation rather than Common Units.

Qualified Public Offering Conversion. Upon and immediately prior to the consummation of a Qualified Public Offering, all outstanding Series B C Preferred Units shall automatically be converted into fully paid and nonassessable (except to the extent specified in the Act) cash and/or Common Units in accordance with subparagraph 4(b), without any further act of the Company or any holders of Series B C Preferred Units, it being understood that, in connection with a Qualified Public Offering, all outstanding Series B C Preferred Units will be converted in the IPO Conversion into shares of series B C preferred stock of the IPO Corporation, Corporation and that, upon conversion of such shares of series B C preferred stock by the holders thereof, such holders will receive shares of common stock of the IPO Corporation rather than Common Units.