ISSUE OF STOCK. 2.01 The Company agrees to issue to Turino and Hall 27,500,000 shares of Company stock each. The shares are restricted stock under the terms of Rule 144, issued under Rule 506, Regulation D, promulgated under the Securities Act of 1933 ("Shares"). The Executives understand that transfer of the Shares is restricted for two years and agree that the Shares will not be registered for offering during the first year "lock-up period." The Executives acknowledge that the book value of the Shares is currently negative and that there is no market for the stock, nor ascertainable value.
Appears in 4 contracts
Samples: Employment Agreement (Pinnacle Business Management Inc), Agreement and Release (Pinnacle Business Management Inc), Agreement and Release (Pinnacle Business Management Inc)
