Common use of Restriction on Issuance of Shares Clause in Contracts

Restriction on Issuance of Shares. The Grantor shall not be required to issue or deliver any certificate for shares of Common Stock purchased upon the exercise of any Incentive Stock Options granted hereunder unless (a) the issuance of such shares of Common Stock has been registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended, or counsel to the Grantor shall have given an opinion that such registration is not required; (b) approval, to the extent required, shall have been obtained from any state regulatory body having jurisdiction thereof; and (c) permission for the listing of such shares of Common Stock, if required, shall have been given by any national securities exchange on which the shares of Common Stock of the Grantor are at the time of issuance listed.

Restriction on Issuance of Shares. The Grantor shall not be required to issue or deliver any certificate for shares of its Common Stock purchased upon the exercise of any Incentive Stock Options granted hereunder the Option unless (a) the issuance of such shares of Common Stock has been registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended, or counsel to the Grantor shall have given an opinion that such registration is not required; (b) approval, to the extent required, shall have been obtained from any state regulatory body having jurisdiction thereof; , and (c) permission for the listing of such shares of Common Stock, if required, shall have been given by any national securities exchange on which the shares of Common Stock of the Grantor are is at the time of issuance listed.