Common use of Registration or Exemption Clause in Contracts

Registration or Exemption. Notwithstanding anything to the contrary contained herein, the Shares may not be issued unless the Shares are registered pursuant to the Securities Act of 1933, as amended ("Act").

Registration or Exemption. Notwithstanding anything to the contrary --------------------------- contained herein, the Shares may not be issued upon exercise of the option, unless the Shares are registered pursuant to the Securities Act of 1933, as amended ("Act"), or an exemption from such registration is available.