Common use of Compliance with Federal and State Law Clause in Contracts

Compliance with Federal and State Law. The Company may postpone issuing and delivering any Restricted Stock for so long as the Company reasonably determines to be necessary to satisfy the following: (i) its completing or amending any securities registration or qualification of the Restricted Stock or it or the Participant satisfying any exemption from registration under any federal or state law, rule, or regulation; (ii) the Participant complying with any federal, state, or local tax withholding obligations; and (iii) its deferring payment of any amount that it reasonably determines would not be deductible under Code Section 162(m) until the earlier of: (A) the earliest date on which the Company reasonably determines that the deductibility of the payment will not be limited; or (B) the year following the Participant’s termination of employment.

Compliance with Federal and State Law. The Company may postpone issuing and delivering any Restricted Stock for so long as the Company reasonably determines to be necessary to satisfy the following: (i) : its completing or amending any securities registration or qualification of the Restricted Stock or it or the Participant satisfying any exemption from registration under any federal or state law, rule, or regulation; (ii) ; the Participant complying with any federal, state, or local tax withholding obligations; and (iii) and its deferring payment of any amount that it reasonably determines would not be deductible under Code Section 162(m) until the earlier of: (A) the earliest date on which the Company reasonably determines that the deductibility of the payment will not be limited; or (B) the year following the Participant’s termination of employment.