Letter of Representations (LOR)

Definition:

See DTC Letter of Representations (LOR).

Shares that are not yet fully transferable, but will become so once certain conditions are met. Also known as Restricted Securities. For example, shares granted by a company to an employee as a form of compensation when the employee must remain employed for a period of time and/or certain performance milestones must be achieved for the shares to vest and become transferable.

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