Common use of Approval of Plan by Stockholders Clause in Contracts

Approval of Plan by Stockholders. The Plan will be submitted for the approval of the Company's stockholders within twelve months after the date of the Board's initial adoption of the Plan. Restricted Stock issued following the adoption of the Plan but prior to such stockholder approval shall not vest prior to the time when the Plan is approved by the stockholders; provided, that if such approval has not been obtained at the end of said twelve-month period, all Restricted Stock issued during such time period under the Agreement shall thereupon be cancelled and become null and void. The Company and the Employee shall take such action with respect to the Plan and this Agreement as may be necessary to satisfy the requirements of Rule 16b-3(b).

Approval of Plan by Stockholders. The Plan will be submitted for the approval of the Company's stockholders within twelve months after the date of the Board's initial adoption of the Plan. Restricted Stock issued following the adoption of the Plan but prior to such stockholder approval shall not vest prior to the time when the Plan is approved by the stockholders; provided, that if such approval has not been obtained at the end of said twelve-twelve- month period, all Restricted Stock issued during such time period under the Agreement shall thereupon be cancelled and become null and void. The Company and the Employee shall take such action with respect to the Plan and this Agreement as may be necessary to satisfy the requirements of Rule 16b-3(b).

Approval of Plan by Stockholders. The This Plan will shall be submitted for the approval of the Company's stockholders within twelve (12) months after the date of the Board's initial adoption of the this Plan. Restricted Stock issued following the adoption of the Plan but Options may be granted prior to such stockholder approval approval, provided that such Options shall not vest be exercisable prior to the time when the this Plan is approved by the stockholders; provided, and provided further that if such approval has not been obtained at the end of said twelve12-month period, all Restricted Stock issued during such time period Options previously granted under the Agreement this Plan shall thereupon be cancelled and become null and void. The Company and the Employee shall take such action actions with respect to the Plan and this Agreement as may be necessary to satisfy the requirements of Rule 16b-3(b)16b-3.