Common use of Investment Letter Clause in Contracts

Investment Letter. The Holder agrees that the Shares acquired on exercise of this SAR shall be acquired for his or her own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act, or other applicable securities laws. If the Board of Directors or Committee so determines, any stock certificates issued upon exercise of this SAR shall bear a legend to the effect that the shares have been so acquired. The Corporation may, but in no event shall be required to, bear any expenses of complying with the Securities Act, other applicable securities laws or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration, qualification, or transfer, as the case may be, of this SAR or any Shares acquired upon the exercise thereof. The foregoing restrictions on the transfer of the Shares shall be inoperative if (a) the Corporation previously shall have been furnished with an opinion of counsel, satisfactory to it, to the effect that such transfer will not involve any violation of the Securities Act or other applicable laws or (b) the Shares shall have been duly registered in compliance with the Securities Act and other applicable securities laws. If the Shares are registered under the Securities Act, the Holder agrees that he will not make a public offering of the said Shares except on a national securities exchange on which the Shares of the Corporation are then listed.

Investment Letter. The Holder agrees that the Shares acquired on exercise of this SAR Nonqualified Stock Option shall be acquired for his or her own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act, or other applicable securities laws. If the Board of Directors or Committee so determines, any stock certificates issued upon exercise of this SAR Nonqualified Stock Option shall bear a legend to the effect that the shares have been so acquired. The Corporation may, but in no event shall be required to, bear any expenses of complying with the Securities Act, other applicable securities laws or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration, qualification, or transfer, as the case may be, of this SAR Nonqualified Stock Option or any Shares acquired upon the exercise thereof. The foregoing restrictions on the transfer of the Shares shall be inoperative if (a) the Corporation previously shall have been furnished with an opinion of counsel, satisfactory to it, to the effect that such transfer will not involve any violation of the Securities Act or other applicable laws or (b) the Shares shall have been duly registered in compliance with the Securities Act and other applicable securities laws. If the Shares are this Nonqualified Stock Option is registered under the Securities Act, the Holder agrees that he will not make a public offering of the said Shares shares except on a national securities exchange on which the Shares of the Corporation are is then listed.

Investment Letter. The Holder agrees that the Shares acquired on exercise of this SAR Incentive Stock Option shall be acquired for his or her own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act, or other applicable securities laws. If the Board of Directors or Committee so determines, any stock certificates issued upon exercise of this SAR Incentive Stock Option shall bear a legend to the effect that the shares have been so acquired. The Corporation may, but in no event shall be required to, bear any expenses of complying with the Securities Act, Act other applicable securities laws or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration, qualification, or transfer, as the case may be, of this SAR Incentive Stock Option or any Shares acquired upon the exercise thereof. The foregoing restrictions on the transfer of the Shares shall be inoperative if (a) the Corporation previously shall have been furnished with an opinion of counsel, satisfactory to it, to the effect that such transfer will not involve any violation of the Securities Act or other applicable laws or (b) the Shares shall have been duly registered in compliance with the Securities Act and other applicable securities laws. If the Shares are this Incentive Stock Option is so registered under the Securities Act, the Holder agrees that he will not make a public offering of the said Shares shares except on a national securities exchange on which the Shares of the Corporation are then listed.

Investment Letter. The Holder agrees that the Shares shares of Stock acquired on exercise of this SAR Incentive Option shall be acquired for his or her own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act, Act or other applicable securities laws. If the Board of Directors or Committee so determines, any stock Stock certificates issued upon exercise of this SAR Incentive Option shall bear a legend to the effect that the shares have been so acquired. The Corporation may, but in no event shall be required to, bear any expenses of complying with the Securities Act, other applicable securities laws or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration, qualification, or transfer, as the case may be, of this SAR Incentive Option or any Shares shares of Stock acquired upon the exercise thereof. The foregoing restrictions on the transfer of the Shares shares of Stock shall be inoperative if (a) the Corporation previously shall have been furnished with an opinion of counsel, satisfactory to it, to the effect that such transfer will not involve any violation of require registration under the Securities Act or other applicable securities laws or (b) the Shares shares of Stock shall have been duly registered in compliance with the Securities Act and other applicable securities laws. If the Shares are registered under the Securities Act, the Holder agrees that he will not make a public offering of the said Shares except on a national securities exchange on which the Shares of the Corporation are then listed.

Investment Letter. The Holder agrees that the Shares shares of Stock acquired on exercise of this SAR Nonstatutory Option shall be acquired for his or her own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act, Act or other applicable securities laws. If the Board of Directors or Committee so determines, any stock Stock certificates issued upon exercise of this SAR Nonstatutory Option shall bear a legend to the effect that the shares have been so acquired. The Corporation may, but in no event shall be required to, bear any expenses of complying with the Securities Act, other applicable securities laws or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration, qualification, or transfer, as the case may be, of this SAR Nonstatutory Option or any Shares shares of Stock acquired upon the exercise thereofof this Nonstatutory Option. The foregoing restrictions on the transfer of the Shares shares of Stock shall be inoperative if (a) the Corporation previously shall have been furnished with an opinion of counsel, satisfactory to it, to the effect that such transfer will not involve any violation of require registration under the Securities Act or other applicable laws securities laws, or (b) the Shares shares of Stock shall have been duly registered in compliance with the Securities Act and other applicable securities laws. If the Shares are registered under the Securities Act, the Holder agrees that he will not make a public offering of the said Shares except on a national securities exchange on which the Shares of the Corporation are then listed.

Investment Letter. The Holder agrees that the Shares acquired on exercise of this SAR Nonqualified Stock Option shall be acquired for his or her own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), or other applicable securities laws. If the Board of Directors or Committee so determines, any stock certificates issued upon exercise of this SAR Nonqualified Stock Option shall bear a legend to the effect that the shares have been so acquired. The Corporation may, but in no event shall be required to, bear any expenses of complying with the Securities Act, other applicable securities laws or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration, qualification, or transfer, as the case may be, of this SAR Nonqualified Stock Option or any Shares acquired upon the exercise thereof. The foregoing restrictions on the transfer of the Shares shall be inoperative if (a) the Corporation previously shall have been furnished with an opinion of counsel, satisfactory to it, to the effect that such transfer will not involve any violation of the Securities Act or other applicable laws or (b) the Shares shall have been duly registered in compliance with the Securities Act and other applicable securities laws. If the Shares are this Nonqualified Stock Option is registered under the Securities Act, the Holder agrees that he will not make a public offering of the said Shares shares except on a national securities exchange on which the Shares of the Corporation are is then listed.

Investment Letter. The Holder Director agrees that the Shares shares of Stock acquired on exercise of this SAR Nonstatutory Option shall be acquired for his or her own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act, Act or other applicable securities laws. If the Board of Directors or Committee so determines, any stock Stock certificates issued upon exercise of this SAR Nonstatutory Option shall bear a legend to the effect that the shares have been so acquired. The Corporation may, but in no event shall be required to, bear any expenses of complying with the Securities Act, other applicable securities laws or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration, qualification, or transfer, as the case may be, of this SAR Nonstatutory Option or any Shares shares of Stock acquired upon the exercise thereof. The foregoing restrictions on the transfer of the Shares shares of Stock shall be inoperative if (a) the Corporation previously shall have been furnished with an opinion of counsel, satisfactory to it, to the effect that such transfer will not involve any violation of the Securities Act or other applicable securities laws or (b) the Shares shares of Stock shall have been duly registered in compliance with the Securities Act and other applicable securities laws. If this Nonstatutory Option, or the Shares shares of Stock subject to this Nonstatutory Option, are so registered under the Securities Act, the Holder Director agrees that he will not make a public offering of the said Shares shares except on a national securities exchange on which the Shares Stock of the Corporation are is then listed.