Executone Stock Sample Clauses

Executone Stock. All of the issued and outstanding capital stock of Executone is, and the Common Stock and Preferred Stock to be received by the Shareholders in connection with the Merger (including, but not limited to, any Common Stock which may be issued upon conversion of the Preferred Stock or upon exercise of the options referred to in subparagraph 2.7 hereof, which shares of Common Stock have been duly reserved for issuance) will be, (a) duly and validly issued, (b) fully paid and nonasses- sable, and (c) free of preemptive rights and any personal liability.