Common use of Initial Subscription Clause in Contracts

Initial Subscription. The Initial Stockholders hereby agree to purchase, and the Company hereby agrees to sell, Shares of the Common Stock for the subscription price of one ▇▇▇▇▇ ($.01) per Share, to each of the Stockholders, as listed in Schedule 1 attached hereto and in the amounts indicated thereon. Upon execution of this Agreement and payment of the subscription price and contribution to capital as herein above set forth, the Company shall issue fully paid and nonassessable Shares to the Initial Stockholders as set forth in Schedule 1.