Reserved Stock Clause Samples

Reserved Stock. The Company shall reserve and keep available at all times solely for the purpose of providing for the exercise of the Warrants the maximum number of shares of Common Stock as to which the Warrants may then be exercised. All such shares of Common Stock shall be duly authorized and, when issued upon such exercise, shall be validly issued, fully paid and non-assessable. In addition, all such shares of Common Stock shall be free from all taxes, liens, charges, encumbrances, security interests and restrictions on transfer (other than as described herein or as required by applicable law) and shall be free of pre-emptive or similar rights (whether arising under applicable law, the Company’s organizational documents or any agreement or instrument to which the Company is a party). The Company agrees that its issuance of the Warrants shall constitute the full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Shares upon the exercise of the Warrants.

Reserved Stock. The Company shall reserve and keep available at all times solely for the purpose of providing for the exercise of the Warrants the maximum number of shares of Common Stock as to which the Warrants may then be exercised. All such shares of Common Stock shall be duly authorized and, when issued upon such exercise, shall be validly issued, fully paid and non-assessable. In addition, all such shares of Common Stock shall be free from all taxes, liens, charges, encumbrances, security interests and restrictions on transfer (other than as described herein or as required by applicable law) and shall be free of pre-emptive or similar rights (whether arising under applicable law, the Company’s organizational documents or any agreement or instrument to which the Company is a party).

Reserved Stock. The Company has reserved 560,000 shares of Common Stock for issuance pursuant to outstanding stock options, and has obligations for issuance of an as yet unspecified number of options to acquire shares of Common Stock under the terms of Consulting Agreements entered into by the Company.

Reserved Stock. Pursuant to the provisions of Section 2 of the AppNet Senior Management Agreement, Executive purchased, and the Company sold, 3,566,000 shares of the Reserved Stock at a price of $0.1055 per share.

Reserved Stock. SPI has reserved an aggregate of 500,000 shares of common stock which were to be issued to ▇▇▇▇ Renewables Consulting, Inc., (“DRCI”) in connection with the merger with DRCI and SPI. Although, no shares of common stock were issued to DRCI in connection with the merger, SPI may issue such shares prior to the Effective Time of Merger. Any and all stock issuances will be reflected in the Merger Certificate to be delivered at the Closing.

Reserved Stock. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of issuance upon any exercise of the Warrants, such number of shares of Common Stock as are issuable upon the exercise of the Warrants. All shares of Common Stock which are so issuable shall, when issued, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens, charges and encumbrances. The Company shall take all such actions as may be necessary to assure that all such shares of Common Stock may be so issued without violation of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which shares of Common Stock may be listed.