Common use of Application of Securities Laws Clause in Contracts

Application of Securities Laws. (a) No shares of Common Stock may be purchased pursuant to the Option unless and until any then applicable requirements of the Securities and Exchange Commission and any other regulatory agencies, including any other state securities law commissioners having jurisdiction over SurfNet or such issuance, and any exchanges upon which the Common Stock may be listed, will have been fully satisfied. The Participant represents, agrees and certifies that if the Participant exercises the Option in whole or in part, the Participant will acquire the Common Stock issuable upon such exercise for the purpose of investment and not with a view to resale or distribution and that, as a condition to each such exercise, he will furnish to SurfNet a written statement to such effect, satisfactory in form and substance to SurfNet.