Common use of Restrictions on Disposition Clause in Contracts

Restrictions on Disposition. All shares of Common Stock acquired by the Optionee or any Permitted Transferee pursuant to this Agreement shall be subject to the restrictions on sale, encumbrance and other disposition provided by Federal or state law. As a condition precedent to receiving the shares of Common Stock covered by this Agreement, the Optionee or any Permitted Transferee may be required by the Corporation to submit a letter to the Company stating that the shares of Common Stock are being acquired for investment and not with a view to the distribution thereof. The Company shall not be obligated to sell or issue any shares of Common Stock pursuant to this Agreement unless, on the date of sale and issuance thereof, the shares of Common Stock are either registered under the Securities Act and all applicable state securities laws, or are exempt from registration thereunder. All shares of Common Stock issued to the Optionee or any Permitted Transferee pursuant to this Agreement may bear a restrictive legend summarizing any restrictions on transferability applicable thereto, including those imposed by Federal and state securities laws.

Restrictions on Disposition. All shares of Common Stock acquired by the Optionee or any Permitted Transferee pursuant to this Agreement shall be subject to the restrictions on sale, encumbrance and other disposition provided by Federal or state law. As a condition precedent to receiving the shares of Common Stock covered by this Agreement, the Optionee or any Permitted Transferee may be required by the Corporation to submit a letter to the Company Corporation stating that the shares of Common Stock are being acquired for investment and not with a view to the distribution thereof. The Company Corporation shall not be obligated to sell or issue any shares of Common Stock pursuant to this Agreement unless, on the date of sale and issuance thereof, the shares of Common Stock are either registered under the Securities Act and all applicable state securities laws, or are exempt from registration thereunder. All shares of Common Stock issued to the Optionee or any Permitted Transferee pursuant to this Agreement may bear a restrictive legend summarizing any restrictions on transferability applicable thereto, including those imposed by Federal and state securities laws.

Restrictions on Disposition. All shares of Common Stock acquired by the Optionee or any Permitted Transferee transferee pursuant to this Agreement shall be subject to the restrictions on sale, encumbrance and other disposition provided by Federal or state lawsecurities laws. As a condition precedent to receiving the shares of Common Stock covered by this Agreement, the Optionee or any Permitted Transferee transferee may be required by the Corporation to submit a letter to the Company stating that the shares of Common Stock are being acquired for investment and not with a present view to the distribution thereof. The Company shall not be obligated to sell or issue any shares of Common Stock pursuant to this Agreement unless, on the date of sale and issuance thereof, the shares of Common Stock are either registered under the Securities Act and all applicable state securities laws, or are exempt from registration thereunder. All shares of Common Stock issued to the Optionee or any Permitted Transferee transferee pursuant to this Agreement may bear a restrictive legend summarizing any restrictions on transferability applicable thereto, including those imposed by Federal and state securities laws.