Common use of Restricted Stock Purchase Clause in Contracts

Restricted Stock Purchase. Contemporaneously with the execution of this Agreement, the Company will issue to Recipient 60,000 shares of Common Stock of the Company (the "Stock") for a consideration of $1.00 per share ("Purchase Price"). Payment of the aggregate Purchase Price of $60,000 for the Stock shall be made to the Company in cash. All shares of Stock issued hereunder shall be deemed issued to Recipient as fully paid and nonassessable shares, and Recipient shall have all rights of a stockholder with respect thereto, including the right to vote, receive dividends (including stock dividends), participate in stock splits or other recapitalizations, and exchange such shares in a merger, consolidation or other reorganization. The Company shall pay any applicable stock transfer taxes.