Common use of Securities Exemption Clause in Contracts

Securities Exemption. The Company shall not be required to issue or deliver any certificates for shares of Common Stock purchased upon the exercise of an option (i) prior to the completion of any registration or other qualification of such shares under any state or federal laws or rulings or regulations of any government regulatory body, which the Company shall determine to be necessary or advisable or, (ii) prior to receiving an opinion of counsel, satisfactory to the Company that the sale or issuance of such shares is exempt from these registration or qualification requirements.

Securities Exemption. The Company shall not be required to issue or deliver any certificates for shares of Common Stock purchased upon the exercise of an option (i) prior to the completion of any registration or other qualification of such shares under any state or federal laws or rulings or regulations of any government regulatory body, which the Company shall determine to be necessary or advisable oradvisable, or (ii) prior to receiving an opinion of counsel, counsel satisfactory to the Company that the sale or issuance of such shares is exempt from these registration or qualification requirements.

Securities Exemption. The Company shall not be required to issue or deliver any book entries or certificates for shares of Common Stock purchased upon the exercise of an option the Option (i) prior to the completion of any registration or other qualification of such shares under any state or federal laws or rulings or regulations of any government regulatory body, which the Company shall determine to be necessary or advisable oradvisable, or (ii) prior to receiving an opinion of counsel, satisfactory to the Company Company, that the sale or issuance of such shares is exempt from these registration or qualification requirements.