Purchase of Shares Clause Example from Business Contracts

Purchase of Shares. For the sum of $25,000 (the "Purchase Price"), which the Company acknowledges receiving in cash, the Company hereby sells and issues the Shares to the Subscriber, and the Subscriber hereby purchases and subscribes for the Shares from the Company, subject to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the Subscriber's execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Su...bscriber's name representing the Shares (the "Original Certificate") or effect such delivery in book-entry form. The Subscriber hereby irrevocably surrenders to the Company for cancellation and for nil consideration 1 ordinary share of $0.0001 par value standing in the Subscriber's name in the register of members of the Company. All references in this Agreement to shares of the Company being forfeited shall take effect as surrenders for no consideration of such shares as a matter of Cayman Islands law. View More