A Florida Legend on a stock certificate is a notice of restriction on the transfer of the stock due to a stock redemption agreement. In the state of Florida, when a stockholder wishes to sell or transfer their shares, they are required to follow a specific process outlined in the stock redemption agreement. The Florida Legend on the stock certificate serves as a reminder to the stockholder and any potential buyers that there are restrictions on the transfer of the stock. It notifies that the stockholder must first make an offer to the corporation to redeem the shares before offering them to other stockholders or third parties. This restriction is put in place to give the corporation an opportunity to buy back the stock before it is sold to others. It helps to ensure that the corporation maintains control over its ownership structure and prevents unwanted individuals or entities from acquiring a significant stake in the company without the corporation's knowledge or approval. There may be variations of the Florida Legend depending on the specific terms and conditions in the stock redemption agreement. Some possible variations could include: 1. "Florida Legend on Stock Certificate — Redemption Agreement Requirement": This legend indicates that the stock is subject to a redemption agreement, and the stockholder needs to follow the prescribed procedure for offering the shares back to the corporation and other stockholders. 2. "Florida Legend on Stock Certificate — Right of First Offer": This legend signifies that the stockholder must offer the shares to the corporation first before offering them to other stockholders or outsiders. 3. "Florida Legend on Stock Certificate — Transfer Restriction": This legend emphasizes the restriction on the transfer of the stock and highlights the need for compliance with the stock redemption agreement. It is crucial for both existing and potential stockholders to be aware of the Florida Legend on the stock certificate and the underlying restrictions on the stock's transfer. Understanding these provisions ensures proper compliance with the stock redemption agreement and protects the interests of the corporation and its stockholders.
Florida Legend on Stock Certificate Giving Notice of Restriction on Transfer due to Stock Redemption Agreement Requiring First an Offer to the Corporation and then an Offer to other Stockholders
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