Common use of Regulatory and Shareholder Approvals Clause in Contracts

Regulatory and Shareholder Approvals. This Agreement and any ------------------------------------ amendments hereto and the Options provided for herein are subject to the approval of the Vancouver Stock Exchange, and are further subject to the approval of the shareholders of the Company in a general meeting prior to any exercise of the Options as a result of the Director being considered to be an "insider" of the Company as that term is defined in the Securities Act (British Columbia). In addition, the Director acknowledges that there may be resale restrictions and reporting requirements imposed upon any or all of the Option Shares. The Director agrees to abide by any resale restrictions as may be imposed and any and all reporting requirements as prescribed by the Securities Act (British Columbia) and the rules and regulations pursuant thereto, and, if the Director is not a resident of British Columbia, further agrees to abide by all applicable securities laws (including, but not limited to such hold periods as may be applicable in respect of any resale of the Option Shares as a result of such securities laws) in the jurisdiction in which the Director is resident.

Regulatory and Shareholder Approvals. This Agreement and any amendments ------------------------------------ amendments hereto and the Options provided for herein are subject to the approval of the Vancouver Stock Exchange, and are further subject to the approval of the shareholders of the Company in a general meeting prior to any exercise of the Options as a result of in the Director being event the Employee is considered to be an "insider" of the Company as that term is defined in the Securities Act (British Columbia). In addition, the Director Employee acknowledges that there may be resale restrictions and reporting requirements imposed upon any or all of the Option Shares. The Director Employee agrees to abide by any resale restrictions as may be imposed and any and all reporting requirements as prescribed by the Securities Act (British Columbia) and the rules and regulations pursuant thereto, and, if the Director is not a resident of British Columbia, Employee further agrees to abide by all applicable securities laws (including, but not limited to such hold periods as may be applicable in respect of any resale of the Option Shares as a result of such securities laws) in the jurisdiction in which the Director Employee is resident.