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Wyoming Subscription Agreement - 6% Series G Convertible Preferred Stock - between ObjectSoft Corp. and Investors regarding issuance and sale of preferred stock

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6% Series G Convertible Preferred Stock Subscription Agreement between ObjectSoft Corporation and Investors wherein the company shall issue and sell to the Investors preferred stock and company agrees to purchase warrant shares dated December 30, 1999.

The Wyoming Subscription Agreement — 6% Series G Convertible Preferred Stock is a legally binding document that outlines the terms and conditions between Object Soft Corp. and Investors for the issuance and sale of preferred stock. This agreement serves as a crucial tool in facilitating the investment process and protecting the interests of both parties involved. Under this agreement, Object Soft Corp. agrees to offer a specific number of shares of 6% Series G Convertible Preferred Stock to the investors at a predetermined price. The investors, in turn, commit to purchasing the designated number of shares as outlined in the agreement. The preferred stock is called "convertible" because it allows investors the option to convert their holdings into common stock if certain conversion criteria are met. The key elements covered in this subscription agreement include the subscription price per share, the number of shares being offered, the payment terms and schedule, as well as any restrictions or conditions related to the preferred stock. Additionally, the agreement may outline the rights and privileges that come with the preferred stock, such as dividends, voting rights, liquidation preferences, and anti-dilution provisions. It is essential to note that there might be variations of the Wyoming Subscription Agreement — 6% Series G Convertible Preferred Stock, depending on the specific terms negotiated between Object Soft Corp. and the individual investors. These variations could include adjustments to the conversion ratio, different dividend rates, or additional protective provisions. Ultimately, the purpose of this agreement is to establish a clear understanding between Object Soft Corp. and its investors regarding the issuance, sale, and ownership rights associated with the 6% Series G Convertible Preferred Stock. By defining these terms and conditions, both parties can proceed with confidence and ensure the proper execution of the preferred stock offering.

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FAQ

If the holders of that series of preferred stock (such as Series A preferred stockholders) vote for it, all of the outstanding preferred stock of that series (Series A) will convert to common stock. The voting threshold for this can be a majority or some super-majority, such as a 2/3 vote.

The conversion of preferred stock into common stock is treated as a recapitalization for federal income tax purposes. [3] A single corporation recapitalization generally qualifies as a tax-free Type E reorganization (Section 368(a)(1)(E)).

Usually, convertible preference shares convert upon a liquidity event. A liquidity event is generally a share or business acquisition or an initial public offering (IPO). Preference shares usually convert into ordinary shares automatically on an IPO.

Conversion price can be calculated by dividing the convertible preferred stock's par value by the stipulated conversion ratio. Conversion premium: The dollar amount by which the market price of the convertible preferred stock exceeds the current market value of the common shares into which it may be converted.

The conversion of preferred stock into common requires that any excess of the par value of the common shares issued over the carrying amount of the preferred being converted should be: reflected currently in income, but not as an extraordinary item.

Some disadvantages of convertible preferred stocks are that they are riskier and become less profitable when transformed into common stock. In addition, an issuer's control of the company diminishes upon the transformation to common stock since they have voting rights.

What Are Convertible Preferred Shares? These shares are corporate fixed-income securities that the investor can choose to turn into a certain number of shares of the company's common stock after a predetermined time span or on a specific date.

Mandatory conversion rights require that debt or preferred stock be converted to the issuer's common stock upon the occurrence of certain events. The automatic conversion can be triggered when a company goes public through an IPO at a predetermined total value and a per share value.

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Wyoming Subscription Agreement - 6% Series G Convertible Preferred Stock - between ObjectSoft Corp. and Investors regarding issuance and sale of preferred stock