The Oklahoma Amendment of Terms of Class B Preferred Stock is a legal provision that governs the modification or alteration of the terms associated with Class B preferred stock in the state of Oklahoma. This amendment outlines the specific changes made to the original terms of this stock class, ensuring compliance with state laws and regulations while protecting the rights and interests of both the company and the stockholders. The Class B preferred stock is a specific type of equity security issued by a company, entitling the stockholders to certain preferences over common stockholders, such as priority in receiving dividends and liquidation proceeds. It is often considered to have a higher preference level compared to Class A preferred stock. There are various types of amendments that may be made to the terms of Class B preferred stock in Oklahoma, each addressing different aspects of the stockholders' rights and the company's obligations. These amendments may include: 1. Dividend Modifications: This type of amendment may change the method or rate at which dividends are calculated and distributed to Class B preferred stockholders. It might involve adjusting the frequency of dividend payments, establishing a new dividend formula, or specifying different dividend preferences. 2. Conversion Modifications: This amendment type may address changes related to the conversion rights of Class B preferred stockholders. It could introduce adjusted conversion ratios, modify conversion triggers, or alter any other conversion terms initially defined in the stock's original terms. 3. Voting Modifications: This amendment category may focus on modifying Class B preferred stockholders' voting rights. It might involve changes to the number of votes per share, altering voting thresholds needed to approve certain corporate actions, or adjusting other aspects related to stockholders' decision-making power. 4. Liquidation Modifications: This type of amendment may dictate alterations in the liquidation preferences accorded to Class B preferred stockholders. It could redefine the order of priority for distributing assets in the event of liquidation or change the terms and conditions under which the stockholders are entitled to receive liquidation proceeds. 5. Redemption Modifications: This amendment type may introduce changes to the company's right to redeem Class B preferred stock. It might specify new redemption prices, adjust redemption dates, or modify any other terms related to the stock's potential redemption by the company. Companies seeking to make amendments to the terms of Class B preferred stock in Oklahoma must generally comply with applicable state laws and often require the approval of the stockholders to implement these changes. This provision ensures transparency, protects the stockholders' rights, and safeguards the integrity of the stock market.
Oklahoma Amendment of terms of Class B preferred stock
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(1)the holders of every class or series of equity interest in the entity that are entitled to receive a distribution of any kind from the entity shall be entitled to vote on or consent to the action regardless of any otherwise applicable limitation on the voting or consent rights of any class or series, and.