Common use of Issuance of Option Shares Clause in Contracts

Issuance of Option Shares. Upon a valid exercise of this Option, the Company shall, or shall direct its transfer agent to, make delivery of the Option Shares as soon as reasonably possible; provided, however, that the Company shall not be required to issue or deliver any certificates for Option Shares pursuant to this Option prior to (a) the completion of any registration or qualification of such shares under any federal or state law, or any ruling or regulation of any governmental body which the Board shall, in its sole discretion, determine to be necessary or advisable, and/or (b) the Optionee making at the time of exercise any reasonable representations and warranties requested by the Company in order to qualify the issuance of the Option Shares for exemptions from registration under state or federal securities laws. The Option Shares issued on the exercise of this Option, when paid for as herein provided, will be fully paid and non-assessable.