Common use of Shares Not Registered Clause in Contracts

Shares Not Registered. Investor understands that the Shares ----------------------- have not been registered under the Act, or the securities laws of certain states, in reliance upon specific exemptions from registration thereunder, and he agrees that her Shares may not be sold, offered for sale, transferred, pledged, hypothecated or otherwise disposed of except pursuant to a registration in compliance with the Act and applicable state securities laws, pursuant to Rule 144 promulgated under the Act and similar provisions under applicable state securities laws, or pursuant to an exemption from registration.

Shares Not Registered. Investor understands that the Shares ----------------------- --------------------- have not been registered under the Act, Act or registered or qualified under the securities laws of certain states, in reliance upon specific exemptions from registration thereunder, any state and he agrees that her Shares Investor may not be sold, offered for sale, transferred, pledged, hypothecated or otherwise disposed of except pursuant to a registration in compliance with Transfer the Act and applicable state securities laws, pursuant to Rule 144 promulgated Shares unless they are subsequently registered under the Act and similar provisions registered or qualified under applicable state securities laws, or pursuant to unless an exemption from registrationis available which permits Transfers without such registration and qualification.