Common use of Validly Issued Clause in Contracts

Validly Issued. The total authorized number of shares of capital stock which Lason, Inc. has authority to issue is 20,000,000 shares of Common Stock, par value of $0.01 per share, of which as of December 31, 1997, 11,637,640 shares are issued and outstanding, and 5,000,000 shares of preferred stock, par value $0.01 per share, of which as of December 31, 1997, no shares are issued and outstanding. Additionally, as of December 31, 1997, certain persons hold options to acquire approximately 868,828 shares of Lason Common Stock. When issued in accordance with the terms of this Agreement, the Lason Shares will be validly issued, fully paid and non-assessable. Except with respect to the foregoing and future acquisitions by Lason, Inc., at December 31, 1997, there are no other outstanding subscriptions, options, rights, warrants, convertible securities or other agreements or commitments obligating Lason, Inc. to issue any additional shares of its capital stock of any class. Notwithstanding the above, Lason, Inc. intends to issue additional securities in connection with, among others, future acquisitions and employee compensation

Validly Issued. The total authorized number of shares of capital stock which Lason, Inc. Buyer has authority to issue is 20,000,000 shares of Common Stock, par value of $0.01 per share, of which as of December 31, 1997, 11,637,640 637,640 shares are issued and outstanding, and 5,000,000 shares of preferred stock, par value $0.01 per share, of which as of December 31, 1997, no shares are issued and outstanding. Additionally, as of December 31, 1997, certain persons hold options to acquire approximately 868,828 shares of Lason Buyer's Common Stock. When issued in accordance with the terms of this Agreement, the Lason Shares being issued to Shareholders will be validly issued, fully paid and non-assessable. Except with respect to the foregoing and future acquisitions by Lason, Inc.Buyer, at December 31, 1997, there are no other outstanding subscriptions, options, rights, warrants, convertible securities or other agreements or commitments obligating Lason, Inc. Buyer to issue any additional shares of its capital stock of any class. Notwithstanding the above, Lason, Inc. Buyer intends to issue additional securities in connection with, among others, future acquisitions and employee compensation.

Validly Issued. The total authorized number of shares of capital stock which Lason, Inc. has authority to issue is 20,000,000 shares of Common Stock, par value of $0.01 per share, of which as of December October 31, 1997, 11,637,640 11,467,175 shares are issued and outstanding, and 5,000,000 shares of preferred stock, par value $0.01 per share, of which as of December October 31, 1997, no shares are issued and outstanding. Additionally, as of December October 31, 1997, certain persons hold options to acquire approximately 868,828 645,214 shares of Lason Common Stock. When issued in accordance with the terms of this Agreement, the Lason Shares Common Stock being issued to Shareholders will be validly issued, fully paid and non-assessable. Except with respect to the foregoing and future acquisitions by Lason, Inc., at December October 31, 1997, there are no other outstanding subscriptions, options, rights, warrants, convertible securities or other agreements or commitments obligating Lason, Inc. to issue any additional shares of its capital stock of any class. Notwithstanding the above, Lason, Inc. intends to issue additional securities in connection with, among others, future acquisitions and employee compensation

Validly Issued. The total authorized number of shares of capital stock which Lason, Inc. has authority to issue is 20,000,000 shares of Common Stock, par value of $0.01 per share, of which as of December October 31, 19971996, 11,637,640 8,610,246 shares are issued and outstanding, and 5,000,000 shares of preferred stock, par value $0.01 per share, of which as of December 31, 19971996, no shares are issued and outstanding. Additionally, as of December 31, 19971996, certain persons hold options to acquire approximately 868,828 789,769 shares of Lason Lason, Inc. Common Stock. When issued in accordance with the terms of this Agreement, the Lason Shares Common Stock of Lason, Inc. being issued to Shareholder will be validly issued, fully paid and non-assessable. Except with respect to the foregoing and future acquisitions by Lason, Inc.foregoing, at December 31, 19971996, there are no other outstanding subscriptions, options, rights, warrants, convertible securities or other agreements or commitments obligating Lason, Inc. to issue any additional shares of its capital stock of any class. Notwithstanding the above, Lason, Inc. intends to issue additional securities in connection with, among others, future acquisitions and employee compensationcompensation programs.