The rights, preference and privileges of the Preferred Stock are set forth in a
Certificate of Designation that is part of the company’s Certificate of
Incorporation filed with the Delaware Secretary of State. Under the
Certificate of Designation, the Preferred Stock has been convertible into
STAAR’s common stock at a 1:1 ratio at the option of the holders at any
time. STAAR has had the option to call the Preferred Stock at
$4.00 per share since December 29, 2008. The holders would have had
the right to require STAAR to redeem (to buy back) the Preferred Stock at $4.00
per share with 30 days’ notice beginning on December 29, 2010. As a result
of STAAR’s election to redeem the Preferred Stock on May 24, 2010, the holder’s
right to convert, which was never exercised, expired at the close of business on
May 17, 2010 (five business days before the redemption date).
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