Common use of SECURITIES LAWS AND OTHER RESTRICTIONS Clause in Contracts

SECURITIES LAWS AND OTHER RESTRICTIONS. Notwithstanding any other provision hereof, the Company will not be required to issue any Option Shares, and Optionee may not sell, assign, transfer or otherwise dispose of any Option Shares issued upon exercise of the Option, unless (i) there is in effect with respect to such shares a registration statement under the Securities Act and any applicable state securities laws or an exemption from such registration under the Securities Act and applicable state securities laws, and (ii) there has been obtained any other consent, approval or permit from any other regulatory body which the Board, in its sole discretion, deems necessary or advisable. The Company may condition such issuance, sale or transfer upon the receipt of any representations or agreements from the parties involved, and the placement of any legends on certificates representing Option Shares, as may be deemed necessary or advisable by the Company in order to comply with such securities law or other restrictions.