Common use of Purchase and Sale of Executive Stock Clause in Contracts

Purchase and Sale of Executive Stock. (1) (i) Upon the date of the Initial Closing, Executive will purchase, and the Company will sell, 1,854,505 shares of Reserved Stock at a price of $0.10 per share. The Company will deliver to Executive the certificates representing such shares of Reserved Stock, and Executive will deliver to the Company (A) by cashier's or certified check or wire transfer of immediately available funds, cash in an amount equal to $1,855, (B) the Executive Note in the form of EXHIBIT A attached hereto in an initial principal amount of $183,596 and (C) pursuant to the Pledge Agreement (as defined below), certificates representing such shares of Reserved Stock. The "

Purchase and Sale of Executive Stock. (1) (i) Upon the date of the Initial Closing, Executive will purchase, and the Company will sell, 1,854,505 463,626 shares of Reserved Stock at a price of $0.10 per share. The Company will deliver to Executive the certificates representing such shares of Reserved Stock, and Executive will deliver to the Company (A) by cashier's or certified check or wire transfer of immediately available funds, cash in an amount equal to $1,855464, (B) the Executive Note in the form of EXHIBIT A attached hereto in an initial principal amount of $183,596 45,899 and (C) pursuant to the Pledge Agreement (as defined below), certificates representing such shares of Reserved Stock. The "