Common use of Capitalization and Stock Ownership Clause in Contracts

Capitalization and Stock Ownership. WorldSpace Maryland’s authorized capital stock consists of 20,000,000 shares of common stock, par value $.01 per share, and 5,000,000 shares of Class A preferred stock, par value $.01 per share, of which of 9,255,789 shares of common stock are issued and outstanding as of the date of this Agreement. Of those shares, 1,795,000 shares are owned of record by ▇▇▇▇ ▇. ▇▇▇▇▇▇ and 3,000,000 shares are owned of record by TelUS Corp. All of the issued and outstanding Maryland Shares are duly authorized, validly issued, fully paid, nonassessable and free of all preemptive rights.