The updated note conversion rate implies an IDCC common stock price of $93.75 ........[$72.12 X 130%] ............................. Conversion of Notes
SECTION 10.01. Right to Convert. Upon compliance with the provisions of this Article 10, a Holder may convert, at such Holder’s option, its Notes based on the Conversion Rate (the “Conversion Obligation”). Unless the Company has previously purchased the Notes, at any time prior to 5:00 p.m., New York City time, on the Business Day immediately preceding December 1, 2019, Holders shall have the right to convert any portion of the principal amount of any Notes that is an integral multiple of $1,000 only under the following circumstances:
(1) Conversion Based on Common Stock Price. On any date during any calendar quarter (and only during such calendar quarter) beginning after March 31, 2015, if theClosing Sale Price for the Common Stock was more than 130% of the applicable Conversion Price on each applicable Trading Day for at least 20 Trading Days (whether or not consecutive) in the period of the 30 consecutive Trading Days ending on the last Trading Day of the immediately preceding previous calendar quarter;