Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: voyagers_stocktips who wrote (1210)	7/17/2000 10:23:16 PM
From: Rajiv	of 1438

Floorless Convertible from Pilot Network (Nasdaq : PILT) finance.yahoo.com Press Release about the financing biz.yahoo.com Link to 8-k filing (contains terms of convertible) edgar-online.com Conversion Terms from 8-k filing - ------------------------------------------------------------------------------------- "Conversion Price" on any day means the lesser of the Fixed Conversion ---------------- Price and the Market Conversion Price on such day, provided, however that (i) -------- ------- during the ninety (90) day period beginning on the Issue Date, unless there has occurred a Change of Control Transaction, Conversions may be effected only at the Fixed Conversion Price and (ii) if on any day (x) the Market Price for the Common Stock is greater than 200% of the Fixed Conversion Price, and (y) the Registration Statement is effective on such day and on each day occurring during the period in which such Market Price is determined, then "Conversion Price" shall mean, for all Conversion Notices delivered after such day, the Fixed Conversion Price. "Effective Date" means the day on which the Registration Statement (as -------------- defined in the Registration Rights Agreement) is declared effective by the Securities and Exchange Commission. "Fixed Conversion Price" means $18.266 (subject to adjustment for the ---------------------- events specified in Section 6 below). "Market Price" on any day means the average Closing Bid Price for the ------------ Common Stock during the period of five (5) consecutive Trading Days immediately preceding (but not including) such day. "Market Conversion Price" on any day means 101% of the average of the ----------------------- three lowest Closing Bid Prices for the Common Stock occurring during the period of ten (10) consecutive Trading Days immediately preceding (but not including) such day. "Trading Day" means any day on which the Common Stock is purchased and ----------- sold on the principal securities exchange or market on which the Common Stock is then listed or traded. --------------------------------------------------------------------------------- Regards, Rajiv

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