Steps to Remove the Restrictive Legend from Your Shares of EXPI
The steps to remove the restrictive legend from your shares of EXPI are listed below.
1. Contact Island Stock Transfer to obtain an account statement, this will ensure the correct amount of shares are listed in the relevant legend removal documents.
Island Stock Transfer
727-289-0010 ext 249
Katie Messenger – Restricted Department
2. Contact Lance McKinlay at Enterprise Counsel Group to obtain a rule 144 legal opinion. Provide Mr. McKinlay a copy of your account holdings and completed 6 month shareholder representation letter for your holdings, download the letter template.
Lance A. McKinlay, Senior Counsel
Enterprise Counsel Group, A Law Corporation
Three Park Plaza, Suite 1400
Irvine, California 92614
Telephone: (949) 833-8550
Facsimile: (949) 833-8540
3. Submit to Island Stock Transfer the below documents:
- Original physical certificates if applicable, this includes certificates for DSET
- Legal opinion
- Completed shareholder representation letter
- Share delivery instructions: brief share delivery instruction letter, options below:
- DRS: electronic transfer into your brokerage account, a DRS statement is provided once the legend has been removed. Your broker will use the DRS statement to initiate the transfer into your account.
- Physical certificate: Please provide mailing address, package is sent via FedEx overnight, signature required. $45 USA, inquire about FedEx fee for other destinations.
- DWAC: similar to DRS, electronic transfer to brokerage account. Requires medallion guaranteed stock power to complete for US residents. Notarized stock power for non-US residents.
- Payment: fee can be paid via credit card or check made payable to Island Stock Transfer, download the credit card form.
- $3 cancellation per certificate or book entry
- $125 legend removal per registration name
- $45 Overnight FedEx US, if applicable
- $28 DRS/DWAC, if applicable
4. Notice of the legend removal request will be sent to the issuer, EXPI, once all items have been received in good form. EXPI then has 3 business days to review the request. The company can approve the request prior to expiration of the review period or if no response is received the request is assumed approved and processed at that time.
Feel free to contact Katie Messinger at Island Stock Transfer for clarification on any of the document requirements or the legend removal process. firstname.lastname@example.org, 727-289-0010 ext 249.
For further information on restricted securities please read the following publication from the Securities and Exchange Commission: https://www.sec.gov/investor/pubs/rule144.htm