CONVERTIBLE Definition

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CONVERTIBLE is a corporate security (usually bonds, notes or preferred stock) that can be exchanged for another form of security (usually common stock).

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SPIN-OFF RULING is a legally binding ruling by the Internal Revenue Service as to any aspect of a spin-off by a corporation. See also SPIN-OFF.

STOCK OPTION is a contractual right granted by a company to the named holder of the option the right to purchase the companys stock at a fixed price stated on the stock option within a specified period of time. If the stock option is not exercised within the specified period of time, then the contractual right lapses.

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