A legend on a stock certificate is a statement setting forth any restrictions on the sale of the company's stock. While stock legends are usually established by the Securities and Exchange Commission (SEC) for unregistered or restricted securities, legends are also placed on stock certificates by management to control who can become a shareholder. This becomes particularly important when shareholders have entered into buy-sell agreements and want to limit how much stock can be sold during defined periods of time. For example, if a shareholder owns 10,000 shares, legends may limit sales to 1,000 shares per twelve month period as defined on the stock certificates.

Stock Swaps

Unregistered Securities - Stock

Non-voting Stock - Limited Voting Stock