Common use of Stock Certificate Legends Clause in Contracts

Stock Certificate Legends. The certificates representing the Shares being purchased by the Subscriber hereunder shall bear the following legend: "THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS AND UNTIL REGISTERED UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR UNLESS IT IS ESTABLISHED TO THE SATISFACTION OF COUNSEL FOR THE ISSUER THAT SUCH OFFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION, TRANSFER OR OTHER DISPOSITION IS EXEMPT FROM REGISTRATION UNDER, OR IS OTHERWISE IN COMPLIANCE WITH, THE ACT AND ALL OTHER APPLICABLE SECURITIES LAWS.