definiens: within the meaning of Regula(ion f ) " nder ( h~ Act . TTL the absence of an cfl'<cctivc registration of such securities 01 ' an exemption from such registration any cGrtificatcs ( or SllCh sccllrities 8hall bcar thc legcnd set forth on the first page of this Option . The Hohler \In(krslwu!s thai it must bear ( he economic risk orits investment in this Option and any securities obtainable upon exercise of this Option f()r an im!efini ( e p ~ ri(lL ! ( ) r limc, as ( his Option and such s.ccuritics havc not been rcgistered under Federal or state securities laws and ( heTefore cannol be sold LLnless ~Llb,;eq\Lently registered under such laws, unless as cxemption from such registration is available