Pursuant to an agreement between the parties dated March 15, 1965, plaintiff issued and sold to defendant at par $125,000 principal amount of 8% debentures, due April 1, 1972, $78,750 thereof being convertible at defendant's option into shares of plaintiff's common stock. Section 9.10 of the agreement provides in pertinent part as follows: "In the event that any or all of the Convertible Debentures shall...
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