Common use of Compliance with Other Laws and Regulations Clause in Contracts

Compliance with Other Laws and Regulations. The grant of the Award and the obligation of IMCO to deliver shares of Common Stock hereunder, shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required. In the event it is determined that any such grant, issuance or delivery for any reason violates any law, rule or regulation, then the Award shall thereupon automatically convert to a phantom restricted stock award or other similar equivalent award, having a value substantially equivalent to the value of the Award, and payable in cash instead of Common Stock. Such award will be exercisable at any time the Executive may elect on or after the date such award becomes fully vested in accordance with the vesting terms applicable to the Award granted hereunder (but at any rate not more than three years after full vesting occurs.)