Common use of Triangle Clause in Contracts

Triangle. Triangle has an authorized capital stock of 100,000,000 preferred shares, $.10 par value, none of which are issued or outstanding, and 800,000,000 common shares, no par value, of which 57,006,090 are issued and outstanding as of the date of this Agreement. There shall be not more than 60,000,000 shares of Common Stock of Triangle issued and outstanding as of the Closing Date. All issued and outstanding shares of Common Stock of Triangle have been duly authorized and validly issued and are fully paid and nonassessable. Triangle has reserved 10,000,000 shares of Common Stock for issuance under the Triangle Incentive Stock Option Plan; no options have been issued as of the date of this Agreement. Triangle has outstanding no bonds, debentures or other obligations the holders of which have any right to vote with the shareholders of Triangle on any matter. Triangle has issued and outstanding no bonds, debentures or other obligations which are convertible or exchangeable into or which are exercisable for securities of Triangle having the right to vote.