Common use of Change in Applicable Law Clause in Contracts

Change in Applicable Law. Notwithstanding any other provision contained in the Agreement, in the event of a change in any federal or state law, rule or regulation which would make the exercise of all or part of any previously granted Stock Option unlawful or subject the Corporation to any penalty, the Committee may restrict any such exercise without the consent of the Participant or other holder thereof in order to comply with any such law, rule or regulation or to avoid any such penalty.

Change in Applicable Law. Notwithstanding any other provision contained in the this Agreement, in the event of a change in any federal or state law, rule or regulation which would make the exercise of all or part of any previously granted Stock the Option unlawful or subject the Corporation or Bank to any penalty, the Committee may restrict any such exercise without the consent of the Participant Optionee or other holder thereof in order to comply with any such law, rule or regulation or to avoid any such penalty.

Change in Applicable Law. Notwithstanding any other provision contained in the AgreementPlan, in the event of a change in any federal Federal or state law, rule or regulation which would make the exercise of all or part of any previously granted Stock Option incentive and/or non-incentive stock option unlawful or subject the Corporation Company to any penalty, the Committee or the Board, as the case may be, may restrict any such exercise without the consent of the Participant or other holder thereof in order to comply with any such law, rule or regulation or to avoid any such penalty.