Common use of Shares Not Registered Clause in Contracts

Shares Not Registered. Purchaser understands that the Shares --------------------- have not been registered under the Act or registered or qualified under the securities laws of any state and that Purchaser may not Transfer the Shares unless they are subsequently registered under the Act and registered or qualified under applicable state securities laws, or unless an exemption is available which permits Transfers without such registration and qualification.

Shares Not Registered. Purchaser understands that the Shares --------------------- have not been registered under the Act or registered or qualified under the securities laws of any state and that Purchaser may not Transfer the Shares unless they are subsequently registered under the Act and registered or qualified under applicable state securities laws, or unless an exemption is available which permits Transfers without such registration and qualificationqualification and the Company receives an opinion from Purchaser's counsel to such effect, in form and substance reasonably satisfactory to the Company. Purchaser is an "accredited investor" as defined in Rule 501 of Regulation D of the Act.

Shares Not Registered. Purchaser understands that the Shares have --------------------- have not been registered under the Act or registered or qualified under the securities laws of any state and that Purchaser may not Transfer the Shares unless they are subsequently registered under the Act and registered or qualified under applicable state securities laws, or unless an exemption is available which permits Transfers without such registration and qualification.

Shares Not Registered. Purchaser Employee understands that the Shares have --------------------- have not been registered under the Act or registered or qualified under the securities laws of any state and that Purchaser Employee may not Transfer the Shares unless they are subsequently registered under the Act and registered or qualified under applicable state securities laws, or unless an exemption is available which permits Transfers without such registration and qualification.

Shares Not Registered. Purchaser understands that the --------------------- Shares --------------------- have not been registered under the Act or registered or qualified under the securities laws of any state and that Purchaser may not Transfer the Shares unless they are subsequently registered under the Act and registered or qualified under applicable state securities laws, or unless an exemption is available which permits Transfers without such registration and qualificationqualification and the Company receives an opinion from Purchaser's counsel to such effect, in form and substance reasonably satisfactory to the Company. Purchaser is an "accredited investor" as defined in Rule 501 of Regulation D of the Act.

Shares Not Registered. Purchaser understands that the --------------------- Shares --------------------- have not been registered under the Act or registered or qualified under the securities laws of any state and that Purchaser may not Transfer the Shares unless they are subsequently registered under the Act and registered or qualified under applicable state securities laws, or unless an exemption is available which permits Transfers without such registration and qualification.

Shares Not Registered. The Purchaser understands acknowledges that the Shares --------------------- have not been registered under the Securities Act or registered or qualified under the securities laws of any state or other jurisdiction and that Purchaser may cannot Transfer be Transferred unless the Shares unless they are subsequently registered under the Securities Act and registered or qualified under any applicable state securities laws, laws or unless an exemption is available which permits Transfers without from such registration is available. The Purchaser also acknowledges and qualificationagrees that he has no registration rights with respect to the Shares.

Shares Not Registered. The Purchaser understands that the Shares --------------------- have not been registered under the Securities Act or registered or qualified under the securities laws of any state and that Purchaser may not Transfer state, by reason of their issuance by the Shares unless they are subsequently registered under Company in a transaction exempt from the registration requirements of the Securities Act and registered or qualified under applicable state securities laws, and that the Shares must continue to be held by the Purchaser unless a subsequent disposition thereof is registered under the Securities Act or unless an exemption is available which permits Transfers without exempt from such registration and qualificationregistration.