Common use of Ownership of Preferred Stock Clause in Contracts

Ownership of Preferred Stock. The 109,687 shares of Preferred Stock owned by Seller are owned free and clear of all liens, pledges, security interests, claims or encumbrances of any kind. The 109,687 shares of Preferred Stock owned by the Seller have been duly authorized and validly issued and are fully paid and non-assessable. There are no outstanding preemptive, conversion or other rights, options, warrants or agreements granted or issued by or binding upon the Seller for the purchase or acquisition of any shares of the Preferred Stock.