Common use of Conditions for Exercise of Option Clause in Contracts

Conditions for Exercise of Option. Notwithstanding any other provision of this Agreement, no Option granted under this Agreement may be exercised in whole or in part: (a) Unless the shares being the subject of this Agreement are registered under the Securities Act of 1933 (the “Act”), or if such registration is not required, unless the Employee exercising the Option furnishes the Corporation with an opinion of counsel acceptable to the Corporation confirming that such registration is not required, provided, however, that the Corporation may waive the presentation of an opinion of counsel but may require a written statement signed by the Employee containing investment representations satisfactory to the Corporation and an agreement to accept such restrictions on transfer of the shares as the Corporation reasonably imposes so long as such shares have not been currently registered under the Act; (b) Until the shares subject to this Agreement are registered under any applicable blue sky laws; or (c) If the issuance of Common Stock of the Corporation upon such exercise would constitute a violation of any applicable federal or state securities or other law or valid regulation.

Conditions for Exercise of Option. Notwithstanding any other provision of this Agreement, no Option granted under this Agreement may be exercised in whole or in part: (a) Unless the shares being the subject of this Agreement are registered under the Securities Act of 1933 (the “Act”), or if such registration is not required, unless the Employee exercising the Option furnishes the Corporation with an opinion of counsel acceptable to the Corporation confirming that such registration is not required, provided, however, that the Corporation may waive the presentation of an opinion of counsel but may require a written statement signed by the Employee containing investment representations satisfactory to the Corporation and an agreement to accept such restrictions on transfer of the shares as the Corporation reasonably imposes so long as such shares have not been currently registered under the Act; (b) Until the shares subject to this Agreement are registered under any applicable blue sky laws; orlaws;or (c) If the issuance of Common Stock of the Corporation upon such exercise would constitute a violation of any applicable federal or state securities or other law or valid regulation.