Share Escrow. (a) Simultaneous with the execution of this Agreement, the Company agrees to deliver one hundred five million (105,000,000) shares of Common Stock to the Escrow Agent to be held in Escrow, pursuant to the terms of the Escrow Agreement. (b) Simultaneous with the effectiveness of the Registration Statement, the Company shall deliver to the Transfer Agent and the Escrow Agent, the notice of effectiveness of the Registration Statement. (c) The Common Stock shall be maintained with the Escrow Agent until the termination of Investor's obligations under this Agreement ("Escrow ------ Period"). At such time, the Escrow Agent, upon written notice from the ------ Company, shall release the unissued share certificates back to the Transfer Agent within five (5) Business Days thereafter.
Appears in 2 contracts
Sources: Common Stock Purchase Agreement (Econnect), Common Stock Purchase Agreement (Econnect)