Legend Removal Condition definition
Examples of Legend Removal Condition in a sentence
As a result, shares issued without legend may need to be returned to have such legend affixed to them in the event that the Registration Statement is not effective and the Company ceases to be subject to the reporting requirements of section 13 or 15(d) of the Exchange Act or fails to file a required report, subject to legend removal once a Legend Removal Condition has again been met.
Investor acknowledges the need to place such legend on any shares transferred by Investor otherwise than pursuant to an effective registration under the Securities Act or pursuant to Rule 144 and its agreement to do so pursuant to Section 2.5 hereof, subject to legend removal once a Legend Removal Condition has been met.
The Investor shall return any unlegended Put Shares, Commitment Shares or Fees Shares to the Company or its Transfer Agent to have a Legend placed upon them if the Company so requests the Investor in writing, and the Company certifies to the Investor in writing that no Legend Removal Condition then exists, after which the Company shall return such shares to the Investor with the required Legend.
The certificates for the Commitment Shares and for the Fee Shares shall bear a legend until such time as a Legend Removal Condition has been met and the Investor has requested removal of such legend.
If a Legend Removal Condition (as defined in Section 9.10(iii) hereof) has been met, the Company shall cause the Transfer Agent to issue such certificates without a Legend, and the Irrevocable Instructions to Transfer Agent shall so indicate.