Common use of Unregistered Securities; Legend Clause in Contracts

Unregistered Securities; Legend. Such Investor understands that the ------------------------------- Shares have not been, and the Reserved Shares 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, and that they 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. Such Investor further understands that such exemption depends upon, among other things, the bona fide nature of such Investor's investment intent expressed herein. Such Investor acknowledges that the certificates for the Shares and the Reserved Shares shall bear a legend to such effect, and appropriate transfer instructions may be issued.

Unregistered Securities; Legend. Such Investor understands that ------------------------------- the ------------------------------- Shares and the Warrants have not been, and the Warrant Shares and Reserved Shares 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, and that they 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. Such Investor further understands that such exemption depends upon, among other things, the bona fide nature of such Investor's investment intent expressed ---- ---- herein. Such Investor acknowledges that the Warrants and the certificates for the Shares, the Warrant Shares and the Reserved Shares shall bear a legend to such effect, and appropriate transfer instructions may be issued.