Common use of Restrictions on Transfers of Shares Clause in Contracts

Restrictions on Transfers of Shares. Anything contained in this Agreement or elsewhere to the contrary not-withstanding, the Option may not be exercised if the COMPANY determines that the sale of Shares upon exercise of the Option may violate the Securities Act or any other law or requirement of any governmental authority. An appropriate restrictive legend shall be placed on certificates representing Shares acquired upon the exercise of the Option, unless the COMPANY determines, upon the advice of counsel to the COMPANY, that such legend is not required because of the existence of an effective registration statement registering the Shares under the Securities Act or because all applicable federal and state legal requirements have been satisfied.

Restrictions on Transfers of Shares. Anything contained in this Agreement or elsewhere to the contrary not-withstandingnotwithstanding, the Option OPTION may not be exercised if the COMPANY COMMITTEE determines that the sale of Shares SHARES upon exercise of the Option OPTION may violate the Securities Act or any other law or requirement of any governmental authority. An appropriate restrictive legend shall be placed on certificates representing Shares SHARES acquired upon the exercise of the OptionOPTION, unless the COMPANY COMMITTEE determines, upon the advice advise of counsel to the COMPANY, that such legend is not required because of the existence of an effective registration statement registering the Shares SHARES under the Securities Act or because all applicable federal and state legal requirements have been satisfied.

Restrictions on Transfers of Shares. Anything contained in this Agreement or elsewhere to the contrary not-withstandingnotwithstanding, the Option OPTION may not be exercised if the COMPANY COMMITTEE determines that the sale of Shares SHARES upon exercise of the Option OPTION may violate the Securities Act or any other law or requirement of any governmental authority. An appropriate restrictive legend shall be placed on certificates representing Shares SHARES acquired upon the exercise of the OptionOPTION, unless the COMPANY COMMITTEE determines, upon the advice of counsel to the COMPANY, that such legend is not required because of the existence of an effective registration statement registering the Shares SHARES under the Securities Act or because all applicable federal and state legal requirements have been satisfied.