Itc Common Stock. ITC shall issue in exchange for the Airtech Common Stock, 8,000,000 shares of registered ITC Common Stock. Each Airtech shareholder will receive their pro-rata percent of the of the ITC Common Stock (number of Shareholder's shares of Common Stock in Airtech / total issued and outstanding shares of Airtech Common Stock). Prior to the Closing, as defined herein and in the Escrow Agreement, ITC shall file a registration statement with the Securities and Exchange Commission to register the ITC Common Stock, Preferred Stock and Debentures under the Securities Act of 1933 and after the registration statement is declared effective file such post-effective amendments and such other documents as may be required to enable the Selling Shareholders to sell any such ITC Common Stock acquired by them pursuant to the provisions of this Stock Purchase Agreement. It is mutually agreed that ITC and Airtech shall work together in the preparation of the information required in the Registration Form and that Airtech shall be responsible for the cost associated with registering the shares for the Airtech Shareholders.
Itc Common Stock. 18 4.3 AUTHORIZATION; VALIDITY OF OBLIGATIONS.................................18 4.4 NO CONFLICTS...........................................................19 4.5 CAPITALIZATION OF ITC AND ITC AC AND OWNERSHIP OF ITC AND ITC AC STOCK...............................................................19 4.6
Itc Common Stock. The ITC Common Stock to be delivered to the Shareholders at the Closing Date will be duly authorized, validly issued shares of Common Stock of ITC, fully paid and non assessable.
Itc Common Stock
