Common use of Non-registered Stock Clause in Contracts

Non-registered Stock. MEMBER ACKNOWLEDGES AND UNDERSTANDS THAT (i) THE SHARE REPRESENTED BY MEMBER’S STOCK CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE FEDERAL SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE, AND (ii) THE SHARE REPRESENTED BY MEMBER’S STOCK CERTIFICATE AND THE RIGHT TO TRANSFER SAID SHARE IS SUBJECT TO RESTRICTIONS ON TRANSFER CONTAINED IN THE BY-LAWS OF COMPANY AND THIS AGREEMENT AND IS NOT TRANSFERABLE EXCEPT AS PROVIDED IN SAID BY-LAWS AND THIS AGREEMENT. MEMBER FURTHER AGREES AND ACKNOWLEDGES THAT MEMBER’S SHARE OF STOCK CANNOT APPRECIATE IN VALUE.

Non-registered Stock. MEMBER ACKNOWLEDGES AND UNDERSTANDS THAT (i) THE SHARE REPRESENTED BY MEMBER’S 'S STOCK CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE FEDERAL SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE, AND (ii) THE SHARE REPRESENTED BY MEMBER’S 'S STOCK CERTIFICATE AND THE RIGHT TO TRANSFER SAID SHARE IS SUBJECT TO RESTRICTIONS ON TRANSFER CONTAINED IN THE BY-LAWS OF COMPANY AND THIS AGREEMENT AND IS NOT TRANSFERABLE EXCEPT AS PROVIDED IN SAID BY-LAWS AND THIS AGREEMENT. MEMBER FURTHER AGREES AND ACKNOWLEDGES THAT MEMBER’S SHARE OF STOCK CANNOT APPRECIATE IN VALUE.