Common use of Legend on Shares Clause in Contracts

Legend on Shares. Each certificate for Shares issued upon exercise of the Warrants shall bear the following legend: "The shares represented by this Certificate have not been registered under the Securities Act of 1933. The shares may not be sold, exchanged, hypothecated or transferred in any manner unless they are registered under said Act and applicable state law or an exemption from such registration is available. Any certificate issued at any time in exchange or substitution for any certificate bearing such legend (except a new certificate issued upon completion of a public distribution pursuant to a Registration Statement under the Act, of the securities represented thereby) shall also bear the above legend unless, in the opinion of the Company's counsel, the securities represented thereby need no longer be subject to such restrictions.

Legend on Shares. Each certificate for Shares issued upon exercise of the Warrants shall bear the following legend: "The shares represented by this Certificate have not been registered under the Securities Act of 1933. The shares may not be sold, exchanged, hypothecated or transferred in any manner unless they are registered under said Act and applicable state law or an exemption from such registration is available. Any certificate issued at any any, time in exchange or substitution for any certificate bearing such legend (except a new certificate issued upon completion of a public distribution pursuant to a Registration Statement under the Act, of the securities represented represented, thereby) shall also bear the above legend unless, in the opinion of the Company's counsel, the securities represented thereby need no longer be subject to such restrictions.