Serruya Purchaser Transfer Sample Clauses

Serruya Purchaser Transfer. Prior to the Closing Date 1082272 Ontario Inc. shall transfer all of its rights under this Agreement to a newly-created entity at least 60% of which is beneficially owned by ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ and/or his “immediate family members” (as defined in the rules and regulations of the SEC), which entity shall be reasonably acceptable to the Company, shall have assumed each of the obligations of 1082272 Ontario Inc. under this Agreement and shall thereafter be the Serruya Purchaser.