NIC Shares definition
NIC Shares means 8,800,000 shares of common stock of NIC, par value of an amount determined by dividing the actual number of NIC Shares issued in connection with the Conversion into $2,600,000, which represent all of the duly authorized shares of common stock of NIC authorized to be issued on the Plan Effective Date upon the Conversion.
Examples of NIC Shares in a sentence
The RIVERAS' aggregate of 20,000 -----shares of common stock of SPECTRUM represent one-hundred percent (100%) of the issued and outstanding common stock of Spectrum (the "Spectrum Shares"); On November 1, 2005, NIC, SPECTRUM, and the RIVERAS entered into that certain Stock for Stock Agreement (the "Plan of Reorganization"), pursuant to which NIC agreed to exchange an aggregate of 18,567,639 shares of its common stock (the "NIC Shares") for the Spectrum Shares.