As I see it, there is no required time frame for conversion of the Preferred Share, as with stock options that demand a choice by a date for which they are fully vested. The conversion wording appears to offer a choice to Nasrat - He can decide not to convert (hoping for an even higher maturation rate) or he can convert after a certain date but he would need an increase in the Authorized Shares. And, as I have said, and Nasrat knows, there will be no increase in A/S...So, my thesis is that this is an action that takes Nasrat to the sale of the company, at which time the A/S is of no consequence.
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