The Delaware Certificate of Designation, Preferences, and Rights of Series B Junior Cumulative Convertible Preference Stock of Onyx Energy Company outlines the specific terms, preferences, and rights associated with this particular class of stock issued by Onyx Energy Company. This Certificate ensures clarity and transparency regarding the rights and obligations of the Series B junior cumulative convertible preference stockholders. The Series B junior cumulative convertible preference stock is a unique type of equity security issued by Onyx Energy Company, possessing a distinct set of characteristics from other classes of stock offered by the corporation. It combines elements of both equity and debt instruments, offering investors certain preferences and rights in return for their investment. Key terms and features associated with the Delaware Certificate of Designation, Preferences, and Rights of Series B Junior Cumulative Convertible Preference Stock is as follows: 1. Designation: The stock being described is referred to as the Series B junior cumulative convertible preference stock. This designation helps identify this specific class of stock within Onyx Energy Company's capital structure. 2. Preferences: The Series B stockholders enjoy certain preferences over common stockholders. These preferences might include priority in dividend payments, priority in distribution of assets during liquidation, and priority in the event of any merger, acquisition, or other corporate restructuring. 3. Cumulative Dividends: The Series B stockholders are entitled to receive cumulative dividends, which means that if dividends are not paid in a particular period, they will accrue and must be paid before any dividends can be distributed to other classes of stock. 4. Convertibility: The Series B stockholders have the right to convert their shares into a predetermined number of common shares. The conversion ratio and terms are specified in the Certificate, allowing stockholders to participate in potential future increases in Onyx Energy Company's value. 5. Junior Status: The Series B stock is classified as junior stock, meaning it ranks lower in priority compared to senior securities such as bonds or preferred stock during bankruptcy or liquidation proceedings. Other types of Delaware Certificates of Designation, Preferences, and Rights may exist for different classes of stock within Onyx Energy Company. To be comprehensive, potential alternative series of preferred stock issued by the company might include Series A, Series C, Series D, and so on. Each series would have its own respective Certificate of Designation, Preferences, and Rights, tailored to outline the specific terms, preferences, and rights associated with that particular class of stock. It is important to note that the specific terms can vary significantly from company to company, and the above description is a general overview based on commonly included provisions.
Delaware Certificate of designation, preferences and rights of Series B junior cumulative convertible preference stock of Oryx Energy Company
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A certificate which contains a copy of the board resolution setting out the powers, designations, preferences or rights of a class or series of a class of stock of a corporation (typically a series of preferred stock) if they are not already contained in the certificate of incorporation of the corporation.
(b) ?Certificate of Designation? means this Certificate of Designation of the Series A Preferred Stock, as it may be amended from time to time. (such class or series of capital stock of the Corporation into which such stock is reclassified or reconstituted, ?Reclassified or Reconstituted Common Stock?).