Amendment to Certificate of Designation of Series A Convertible Preferred Stock
Contract Categories:
Business Formation
›
Articles of Amendment
Summary
This amendment updates the terms for converting Series A Convertible Preferred Stock. It specifies that each share of Series A Preferred Stock can be converted into common stock at a price of $0.75 per share, subject to adjustments for events like stock splits or recapitalizations. The amendment also notes that the conversion price may be further adjusted under certain conditions described in other sections of the certificate. The amendment clarifies how the conversion ratio is calculated and ensures the terms reflect any future changes to the company's capital structure.
EX-4.1 2 v060927_ex4-1.htm
EXHIBIT 4.1
Amendment to Certificate of Designation of
Series A Convertible Preferred Stock
Section (f)(iii) of the Certificate of Designation of Series A Convertible Preferred Stock is hereby restated in its entirety to read as follows:
(iii)Conversion Price. The number of shares into which one share of Series A Preferred Stock shall be convertible shall be determined by dividing the Series A Purchase Price by the then existing Conversion Price (as set forth below) (the "Conversion Ratio"). The "Conversion Price" per share for the Series A Preferred Stock shall be equal to $0.75 (subject to appropriate adjustment for stock splits, stock dividends, combinations, recapitalizations or other recapitalization affecting the Series A Preferred Stock and as otherwise set forth herein). The Conversion Price shall be further adjusted upon the occurrence of any event in paragraph (f)(iv)-(vi) or (ix).
