Common use of State Securities Qualification Clause in Contracts

State Securities Qualification. The sale of the securities which are the subject of this Agreement have not been qualified with the Department of Corporation of the State of California, and the issuance of such securities or the payment or receipt of any part of the consideration therefor prior to such qualification in unlawful, unless the sale of securities as exempt from the qualification. The rights of all parties to this Agreement are expressly conditioned upon such qualification being obtained, unless the sale is so exempt.

State Securities Qualification. The sale of the securities which are the subject of this Stock Option Agreement have not been qualified with the Department of Corporation Corporations of the State of California, California and the issuance of such securities or the payment or receipt of any part of the consideration therefor prior to such qualification in is unlawful, unless the sale of securities as is exempt from the qualification. The rights of all parties to this Stock Option Agreement are expressly conditioned upon such qualification being obtained, unless the sale is so exempt.