Series C Preferred Stock Conversion Election Letter – SurgePays, Inc.
This letter is from a holder of Series C Convertible Preferred Stock of SurgePays, Inc., notifying the company's Board of Directors of their election to convert all their Series C Preferred Stock into common stock. The conversion is effective upon the closing of a public offering under the company's Form S-1 registration statement. The resulting common shares will be issued with a restrictive legend. The letter specifies the number of shares involved and references the terms in the Certificate of Designation for the preferred stock.
Exhibit 10.40
October __, 2020
To the Members of the Board of Directors of SurgePays, Inc.
I, _______, _________ of SurgePays, Inc. (the “(Company”), currently own _________ shares of Series C Convertible Preferred Stock of the Company, par value $0.001 per share (the “Series C Preferred Stock”). I understand my shares of Series C Preferred Stock are convertible into a total of _________ shares of common stock of the Company, par value $0.001 per share (the “Common Stock”), as adjusted on a post 1:50 reverse stock split basis, without further consideration being paid to the Company.
Effective upon the closing of the offering of the Company’s securities pursuant to the Company’s Registration Statement on Form S-1 (Registration No. 333-233726), I hereby elect to convert, pursuant to Section 4 of the Certificate of Designation for Series “C” Convertible Preferred Stock, as amended, all of my shares of Series C Preferred Stock into _________ shares of Common Stock. I understand the shares of Common Stock will be issued with a restrictive legend.
| Sincerely, | |
| _____________________________ | |
| Name: _________ | |
| Title: _________ |
