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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Zeev Hed who wrote (14236)9/3/1999 1:12:00 PM
From: Larry Brubaker  Read Replies (1) of 27311
 
Zeev, this is Section XI. E of the document titled, "Designations, Preferences, and Rights of Series B Convertible Preferred Stock"

This document is found in an 8-K filing issued December 21, 1998.

"
E. ISSUANCE OF OTHER SECURITIES. If, at any time after the Closing Date, the Company shall issue any securities which are convertible into or exchangeable for Common Stock ("CONVERTIBLE SECURITIES") either (i) at a conversion or exchange rate based on a discount from the market price of the Common Stock at the time of conversion or exercise or (ii) with a fixed conversion or exercise price less than the Fixed Conversion Price, then, at the Holder's option: (x) in the case of clause (i), the Variable Conversion Price in respect of any conversion of Preferred Stock after such issuance shall be calculated utilizing the greatest discount applicable to any such Convertible Securities; and (y) in the case of clause (ii), the Fixed Conversion Price shall be reduced to such lesser conversion or exercise price."
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