Common use of Transfers at Closing Clause in Contracts

Transfers at Closing. At the Closing, Ricky's Shareholders shall transfer their share certificates in the Ricky's Group Corporations to Syprus and Syprus shall transfer certificates for 19,300,000 Shares of Syprus Common Stock plus 700,000 shares issued from the authorized capital stock of the corporation to Ricky's Shareholders in accordance with Section 1.01 above. At the Closing, Ricky's Shareholders shall deliver to Syprus such other documents as called for herein. Simultaneously at the closing, the Syprus shareholders shall deliver the shares described in Section 1.01 above to Syprus for redemption. Such shares shall thereafter be returned to authorized but unissued status.