Common use of Unregistered Securities; Legend Clause in Contracts

Unregistered Securities; Legend. Holder understands that the Warrants and the Shares have not been, and will not be, registered under the Securities Act or any state securities law, by reason of their issuance in a transaction exempt from the registration requirements of the Securities Act and such laws, that the Warrants and the Shares must be held indefinitely unless they are subsequently registered under the Securities Act and such laws or a subsequent disposition thereof is exempt from registration, that the Warrants and the Shares shall bear a legend to such effect, and that appropriate stop transfer instructions may be issued. Holder further understands that such exemption depends upon, among other things, the bona fide nature of Holder’s investment intent expressed herein.

Unregistered Securities; Legend. Holder The Subscriber understands that the Warrants and the Shares have not been, and will not be, registered under the Securities Act or any state securities law, by reason of their issuance in a transaction exempt from the registration requirements of the Securities Act and such lawsrules and regulations thereunder, that the Warrants and the Shares must be held indefinitely unless they are subsequently registered under the Securities Act and such state securities laws or a subsequent disposition thereof is exempt from registration, that the Warrants and the Shares shall bear a legend to such effectas set forth in Section 12, and that appropriate stop transfer instructions may be issued. Holder The Subscriber further understands that such exemption depends upon, among other things, the bona fide nature of Holderthe Subscriber’s investment intent expressed herein.