Common use of Exchange of Notes for Common Stock Clause in Contracts

Exchange of Notes for Common Stock. As of the date of this agreement, Xxxxx shall surrender to the principal office of the Company (or such other office or agency of the Company as the Company may designate by notice in writing to the holder or holders of the Common Stock of the Company) all certificates representing all shares of Common Stock which have been issued by the Company to Xxxxxxx X. Xxxxx, his heirs, successors or assigns which correspond or were issued in connection or association with the schedule of notes attached hereto as Exhibit 1, as well as shares issued on the date of reorganization as consideration and shares issued for salary and shall have the right to exchange without further cost all notes and shares of Common Stock issued as consideration for any of the notes listed in Exhibit 1, as well as shares issued as in lieu of salary for 3,584,151 shares of Common Stock of the Company and 101,551 shares of Preferred Stock. This agreement does not contemplate the surrender of any shares of stock which are held by Xxxxx and which were not a part of any transactions between Xxxxx and the Company, and which shares are held by Xxxxx as either restricted or unrestricted shares of Common Stock.

Exchange of Notes for Common Stock. As of the date of this agreement, Xxxxx Xxxxxx shall surrender to the principal office of the Company (or such other office or agency of the Company as the Company may designate by notice in writing to the holder or holders of the Common Stock of the Company) all certificates representing all shares of Common Stock which have been issued by the Company to Xxxxxxx X. XxxxxXxxxxx, his heirs, successors or assigns which correspond or were issued in connection or association with the schedule of notes attached hereto as Exhibit 1, as well as shares issued on the date of reorganization as consideration and shares issued for salary and shall have the right to exchange without further cost all notes and shares of Common Stock issued as consideration for any of the notes listed in Exhibit 1, as well as shares issued on the date of reorganization as in lieu of salary consideration and shares issued for 3,584,151 services for 886,380 shares of Common Stock of the Company and 101,551 25,114.1 shares of Preferred Stock. This agreement does not contemplate the surrender of any shares of stock which are held by Xxxxx Xxxxxx and which were not a part of any transactions between Xxxxx Xxxxxx and the Company, and which shares are held by Xxxxx Xxxxxx as either restricted or unrestricted shares of Common Stock.