Capitalization and Stock Ownership. The units of the LLC, being two (2) units, constituted all issued and outstanding securities of LLC. These two (2) units, along with the additional units to be issued upon Closing of the Contribution (collectively, the "LLC Units"), are (or will be) duly authorized, validly issued, fully paid and nonassessable, and are (or will be ) owned free and clear of any liens, charges, encumbrances, security interests, pledges or any other restrictions whatsoever. The LLC Units are not, and will not be, subject to preemptive or comparable rights. The LLC Units are and will be issued to Dynamic and ACS2 in accordance with all applicable federal and state securities laws, and will continue to be held solely by Dynamic and ACS2 through Closing.
Appears in 2 contracts
Sources: Capital Contribution Agreement (Dynamic Associates Inc), Capital Contribution Agreement (Dynamic Associates Inc)