Examples of Initial Capitalization in a sentence
The Initial Capitalization shall mean the first capitalization of the company in which the total capital contribution is at least two million dollars.
Initial Capitalization: - On July 20, 2009, the Company issued 9,000,000 shares of its common stock to Herman DeBoard III for a price of $9,000, including $800 cash and $8,100 of intellectual property, and 2,500,000 shares of common stock each to Raymond McElhaney and Bill Conrad for $2,500 cash each, or $0.001 per share.
Such amount shall be paid within thirty (30) days of the initial financing of OSIRIS, which financing shall be in an amount of at least $2,000,000, ("Initial Capitalization").
The Installment Sale Transaction and the Initial Capitalization Transaction shall have been consummated.
In the event that the Initial Capitalization is not fully funded within the requisite thirty (30) business day period, Executive shall have the right to terminate this Agreement, after which this Agreement shall be null and void, including Section 7.