Common use of Restrictions on Transfers of Stock Clause in Contracts

Restrictions on Transfers of Stock. It shall be a condition of the obligation of the Company to issue or transfer shares of Stock upon exercise of the Option, that the Participant (or his representatives or legatees) (a) execute and deliver to the Company such investment representations and warranties, and to take such other actions, as counsel for the Company determines may be necessary or appropriate for compliance with the Securities Act and any applicable securities laws; and (b) execute a restrictive stock transfer agreement in the form provided by the Company if so demanded by the Committee and agree that the shares received upon exercise of the Option will be subject to certain restrictions on sale or transfer as necessary to comply with applicable state and federal securities laws, as determined by the Committee. The Participant agrees that any certificate representing shares acquired upon exercise of the Option may bear a legend to such effect. If the Participant (or his representatives or legatees) fails to comply with this paragraph 9, the Company may refuse to issue or transfer shares of Stock upon exercise of the Option.

Restrictions on Transfers of Stock. It shall be a condition of the obligation of the Company to issue or transfer shares of Stock upon exercise of the Option, that the Participant (or his representatives or legatees) (a) execute and deliver to the Company such investment representations and warranties, and to take such other actions, as counsel for the Company determines may be necessary or appropriate for compliance with the Securities Act and any applicable securities laws; and (b) execute a restrictive stock transfer agreement in the form provided by the Company if so demanded by the Committee and agree that the shares received upon exercise of the Option will be subject to certain restrictions on sale or transfer as necessary to comply with applicable state and federal securities laws, as determined by the Committee. The Participant agrees that any certificate representing shares acquired upon exercise of the Option may bear a legend to such effect. If the Participant (or his representatives or legatees) fails to comply with this paragraph 98, the Company may refuse to issue or transfer shares of Stock upon exercise of the Option.