Common use of Status of Holder Clause in Contracts

Status of Holder. This Agreement is not a contract of employment and the terms of the Holder's employment shall not be affected hereby or by any agreement referred to herein except to the extent specifically so provided herein or therein. Nothing herein shall be construed to impose any obligation on the Corporation to continue the Holder's employment. The Holder shall not be deemed a stockholder of Holdings with respect to any of the shares of Stock subject to this Option, except to the extent that such shares shall have been purchased and issued. Holdings shall not be required to issue or transfer any certificates for shares of Stock purchased upon exercise of this Option until there is compliance with all applicable requirements of law and this Agreement.