Restrictions on Sale of Common Shares. Optionee represents and agrees that upon his exercise of this Option, in whole or in part, unless there is in effect at that time under the Securities Act a registration statement relating to the Common Shares issued to him or an exemption from registration under the Federal securities laws, he will acquire the Common Shares issuable upon exercise of this Option for the purpose of investment and not with a view to their resale or further distribution, and that upon such exercise thereof he will furnish to the Company a written statement to such effect, satisfactory to the Company in form and substance. Optionee agrees that any certificates issued upon exercise of this Option may bear a legend indicating that their transferability is restricted in accordance with applicable state and federal securities law.
Appears in 4 contracts
Sources: Stock Option Agreement (Document Capture Technologies, Inc.), Stock Option Agreement (Document Capture Technologies, Inc.), Stock Option Agreement (Document Capture Technologies, Inc.)