Plastic2Oil Inc (PTOI)

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It's simple

If the Whale wants to exercise the conversion to common before the mandatory date, it must be for all his preferred shares, 1 preferred for 7 common.

If the Whale transfers any portion of his preferred shares (which he is able to do upon notifying JBI, according to the agreement) to another party, that portion, when transferred, is automatically converted to common at the same 1 for 7 rate.