Purchase IRIS Securities Clause Samples

Purchase IRIS Securities. As compensation to IRIS for potentially missed business opportunities, CIL hereby sells to IRIS, and IRIS hereby purchases from CIL, the IRIS Shares for an aggregate price of $2,132,141 payable on or before December 31, 1996. CIL also hereby surrenders the IRIS Warrant unexercised for immediate cancellation. CIL represents and warrants that it owns the IRIS Shares and the IRIS Warrant free and clear of any liens, claims, options or other encumbrances of any kind.