Purchase of Shares Clause Example from Business Contracts

Purchase of Shares. 1.1 Subscription and Purchase of Shares. For the sum of $25,000 (the "Purchase Price"), which the Company acknowledges receiving from or on behalf of the Subscriber, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby subscribes for and purchases the Shares from the Company, 1,125,000 of which are subject to forfeiture, on the terms and subject to the conditions set forth in this Agreement. All references in this Agreement to shares of the Company being forfeited sh...all take effect as surrenders for no consideration of such shares as matter of Cayman Islands law. 1.2 Surrender of Class B Ordinary Share. Upon the issue of the Shares, the Subscriber hereby surrenders to the Company for no consideration the one Class B ordinary share held by the Subscriber following the incorporation of the Company. View More