When restricted shares are changed to free trading, a formal request, to accomplish that is proffered to the T/A.
The T/A then requests authorization from the CEO of the company to remove restrictions.
An example: A request by a service provider, holding restricted shares issued to him/her, for services to be provided. The request is made to the T/A to have restrictive legends removed. Authorization to do this is forwarded to the CEO. The CEO wants to know who or which service provider is making the request. Why? Well, the CEO must make sure that all services were provided to the requirements agreed upon between the service provider and the company. If not, the CEO refuses to remove the legends, until the services contracted for are fully provided. Or if all agreements have been fulfilled he will approve removal of restrictive legends.
To think a CEO just rubber stamps restrictive legend removals is absurd. If for no other reason than plain curiosity of who is asking for that approval. When a request for removal of restrictive legends is requested, there is only one motivation. The sale of those shares is imminent. Otherwise, why ask for removal of the legends?
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