Common use of Restriction on Issuance of Shares Clause in Contracts

Restriction on Issuance of Shares. The Company shall not be required to issue or deliver any certificates for Shares purchased upon the exercise of an Option prior to: (i) the obtaining of any approval from any governmental agency which the Company shall, in its sole discretion, determine to be necessary or advisable; (ii) the completion of any registration or other qualification of such Shares under any state or federal law or ruling or regulation of any governmental body which the Company shall, in its sole discretion, determine to be necessary or advisable; and (iii) the determination by the Committee that the Optionee has tendered to the Company any federal, state or local tax owed by the Optionee as a result of exercising the Option when the Company has a legal liability to satisfy such tax. In addition, if the Stock reserved for issuance upon the exercise of Options shall not then be registered under the Securities Act, the Company may upon the Optionee's exercise of an Option, require the Optionee or his permitted transferee to represent in writing that the Shares being acquired are for investment and not with a view to distribution, and may xxxx the certificate for the Shares with a legend restricting transfer and may issue stop transfer orders relating to such certificate to the Company's transfer agent (if applicable). The issuance of Shares pursuant to the exercise of the Option is subject to Section 3 of the Plan.

Restriction on Issuance of Shares. The Company shall not be required to issue or deliver any certificates for Shares purchased upon the exercise of an Option prior to: (ia) the obtaining of any approval from any governmental agency which that the Company shall, in its sole discretion, determine to be necessary or advisable; (iib) the completion of any registration or other qualification of such Shares under any state or federal law or ruling or regulation of any governmental body which that the Company shall, in its sole discretion, determine to be necessary or advisable; and (iiic) the determination by the Committee that the Optionee has tendered to the Company any federal, state or local tax owed by the Optionee as a result of exercising the Option when the Company has a legal liability to satisfy such taxtax obligation. In addition, if the Common Stock reserved for issuance upon the exercise of Options shall not then be registered under the Securities Act, the Company may upon the Optionee's exercise of an Option, require the Optionee or his permitted transferee to represent in writing that the Shares being acquired are for investment and not with a view to distribution, and may xxxx the certificate for the Shares with a legend restricting transfer and may issue stop transfer orders relating to such certificate to the Company's transfer agent (if applicable). The issuance of Shares pursuant to the exercise of the Option is subject to Section 3 of the Plan.

Restriction on Issuance of Shares. The Company shall not be required to issue or deliver any certificates for Shares purchased upon the exercise of an Option prior to: (i) the obtaining of any approval from any governmental agency which the Company shall, in its sole discretion, determine to be necessary or advisable; (ii) the completion of any registration or other qualification of such Shares under any state or federal law or ruling or regulation of any governmental body which the Company shall, in its sole discretion, determine to be necessary or advisable; and (iii) the determination by the Committee that the Optionee has tendered to the Company any federal, state or local tax owed by the Optionee as a result of exercising the Option when the Company has a legal liability to satisfy such tax. In addition, if the Stock reserved for issuance upon the exercise of Options shall not then be registered under the Securities Act, the Company may upon the Optionee's exercise of an Option, require the Optionee or his permitted transferee to represent in writing that the Shares being acquired are for investment and not with a view to distribution, and may xxxx mark the certificate for the Shares with a legend restricting transfer and may issue stop transfer orders relating to such certificate to the Company's transfer agent (if applicable). The issuance of Shares pursuant to the exercise of the Option is subject to Section 3 of the Plan.

Restriction on Issuance of Shares. The Company shall not be required to issue or deliver any certificates for Shares purchased upon the exercise of an Option prior to: (i) the obtaining of any approval from any governmental agency which the Company shall, in its sole discretion, determine to be necessary or advisable; (ii) the completion of any registration or other qualification of such Shares under any state or federal law or ruling or regulation of any governmental body which the Company shall, in its sole discretion, determine to be necessary or advisable; and (iii) the determination by the Committee that the Optionee has tendered to the Company any federal, state or local tax owed by the Optionee as a result of exercising the Option when the Company has a legal liability to satisfy such tax. In addition, if the Common Stock reserved for issuance upon the exercise of Options shall not then be registered under the Securities ActAct of 1933, the Company may upon the Optionee's ’s exercise of an Option, require the Optionee or his permitted transferee to represent in writing that the Shares being acquired are for investment and not with a view to distribution, and may xxxx the certificate for the Shares with a legend restricting transfer and may issue stop transfer orders relating to such certificate to the Company's ’s transfer agent (if applicable). The issuance of Shares pursuant to the exercise of the Option is subject to Section 3 of the Plan.

Restriction on Issuance of Shares. The Company shall not be required to issue or deliver any certificates for Shares purchased upon the exercise of an Option prior to: (ia) the obtaining of any approval from any governmental agency which that the Company shall, in its sole discretion, determine to be necessary or advisable; (iib) the completion of any registration or other qualification of such Shares under any state or federal law or ruling or regulation of any governmental body which that the Company shall, in its sole discretion, determine to be necessary or advisable; and (iiic) the determination by the Committee that the Optionee has tendered to the Company any federal, state or local tax owed by the Optionee as a result of exercising the Option when the Company has a legal liability to satisfy such taxtax obligation. In addition, if the Common Stock reserved for issuance upon the exercise of Options shall not then be registered under the Securities Act, the Company may upon the Optionee's ’s exercise of an Option, require the Optionee or his permitted transferee to represent in writing that the Shares being acquired are for investment and not with a view to distribution, and may xxxx the certificate for the Shares with a legend restricting transfer and may issue stop transfer orders relating to such certificate to the Company's ’s transfer agent (if applicable). The issuance of Shares pursuant to the exercise of the Option is subject to Section 3 of the Plan.