Common use of Stock Restriction Agreements Clause in Contracts

Stock Restriction Agreements. Each person who, pursuant to any benefit, bonus or incentive plan of the Company, holds any currently outstanding shares of Common Stock or other securities of the Company or any option, warrant or right to acquire such shares or other securities, has entered into or is otherwise bound by, an agreement granting the Company (a) the right to repurchase the shares for the original purchase price, or to cancel the option, warrant or right, in the event the holder's employment or services with the Company terminate for any reason, subject to release of such repurchase or cancellation right on terms and conditions specified by the Board of Directors of the Company, and (b) a right of first refusal with respect to all such shares. All currently outstanding shares of Common Stock have been sold and issued for a cash purchase price of not less than $.001 per share.

Stock Restriction Agreements. Each person who, pursuant to any benefit, bonus or incentive plan of the Company, holds any currently outstanding shares of Common Stock common stock or other securities of the Company or any option, warrant or right to acquire such shares or other securities, has entered into or is otherwise bound by, an agreement granting the Company (a) the right to repurchase the shares for the original purchase price, or to cancel the option, warrant or right, in the event the holder's ’s employment or services with the Company terminate for any reason, subject to release of such repurchase or cancellation right on terms and conditions specified by the Board of Directors of the CompanyBoard, and (b) a right of first refusal with respect to all such shares. All currently outstanding shares The Company has made available to special counsel to the Investors true and complete copies of Common Stock have been sold and issued for a cash purchase price the forms of not less than $.001 per shareall such stock restriction agreements.