Common use of Equity Assignment Clause in Contracts

Equity Assignment. 2.1 According to the provisions of this Agreement, the Seller agrees to assign the equity for the assignment held by the Seller to the Buyers as of the Equity Assignment Completion Date, as defined below, provided by this Agreement. Among others, the First Buyer shall be assigned with 90% of the equity of the Target Company, while the Second Buyer shall be assigned with 10% of the equity of the Target Company. 2.2 The Buyers agree to accept the equity assigned by the Seller according to the provisions of this Agreement. 2.3 As of the Equity Assignment Completion Date provided by this Agreement, the Buyers will become the legal owners of the equity for assignment according to this Agreement, enjoy and assume all the rights and obligations relating to the equity for assignment pro rata respectively, while the Seller will no longer enjoy any rights relating to the equity for assignment, nor assume and obligations or liabilities relating to the equity for assignment unless otherwise stated by this Agreement.