Reservation of Shares Clause Example from Business Contracts

This example Reservation of Shares clause appears in 2 contracts from 2 companies

Reservation of Shares. The Company shall at all times, so long as any principal amount of the Note is outstanding, reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the conversion of the Note, such number of shares of Common Stock as shall at all times be sufficient to effect the conversion of all of the principal amount, plus Interest and Default Interest, if any, of the Note then outstanding ("Share Reserve"). The initial number of shares of Com...mon Stock reserved for conversions of the Note shall be calculated as four times the number of shares necessary to convert the entire value of the Note on the day it was executed, unless the Holder stipulates otherwise in the "Irrevocable Letter of Instructions to the Transfer Agent." So long as this Note is outstanding, upon written request of the Holder or via telephonic communication, the Company's Transfer Agent shall furnish to the Holder the then-current number of common shares issued and outstanding, the then-current number of common shares authorized, the then-current number of unrestricted shares, and the then-current number of shares reserved for third parties. View More
Found in HYDROCARB ENERGY CORP contract
LIBERTY STAR URANIUM & METALS CORP. Contracts

12% Convertible Promissory Note issued by Liberty Star Uranium & Metals Corp. in favor of JSJ Investments, Inc. dated December 29, 2015 (Filed With SEC on January 7, 2016)

HYDROCARB ENERGY CORP Contracts

8% SHORT TERM CASH REDEEMABLE NOTE Maturity Date of November 9, 2016*the Maturity Date $350,000November 9, 2015*the Issuance Date (Filed With SEC on November 13, 2015)