Common use of Conditions to Issuance of Stock Clause in Contracts

Conditions to Issuance of Stock. Certificates -------------------------------------------- The shares of stock deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but unissued shares or issued shares which have then been reacquired by the Company. Such shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any certificate or certificates for shares of stock purchased upon the exercise of the Option or portion thereof prior to fulfillment of all of the following conditions: (a) The obtaining of any approval or other clearance from any state or federal governmental agency which the Company shall, in its absolute discretion, determine to be necessary or advisable; and (b) The payment to the Company (or other employer corporation) of all amounts which, under federal, state or local tax law, it is required to withhold upon exercise of the Option; and (c) The lapse of such reasonable period of time following the exercise of the Option as the Company may from time to time establish for reasons of administrative convenience.

Conditions to Issuance of Stock. Certificates ---- -------------------------------------------- The shares of stock deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but unissued shares or issued shares which have then been reacquired by the Company. Such shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any certificate or certificates for shares of stock purchased upon the exercise of the Option or portion thereof prior to fulfillment of all of the following conditions: (a) The obtaining of any approval or other clearance from any state or federal governmental agency which the Company Administrator shall, in its absolute discretion, determine to be necessary or advisable; and (b) The payment to the Company (or other employer corporation) of all amounts which, under federal, state or local tax law, it is required to withhold upon exercise of the Option; and (c) The lapse of such reasonable period of time following the exercise of the Option as the Company Administrator may from time to time establish for reasons of administrative convenience.

Conditions to Issuance of Stock. Certificates -------------------------------------------- ------------ ------------------------------------------------- The shares of stock deliverable upon the exercise of the an Option, or any portion thereof, may be either previously authorized but unissued shares or issued shares which have then been reacquired by the Company. Such shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any certificate or certificates for shares of stock purchased upon the exercise of the an Option or portion thereof prior to fulfillment of all of the following conditions: (a) The obtaining of any approval or other clearance from any state or federal governmental agency which the Company Committee shall, in its absolute discretion, determine to be necessary or advisable; and (b) The payment to the Company (or other employer corporation) of all amounts which, under federal, state or local tax law, it is required to withhold upon exercise of the Option; and (c) The lapse of such reasonable period of time following the exercise of the Option as the Company Committee may from time to time establish for reasons of administrative convenience. (c) The execution by the Optionee of a Management Stockholder's Agreement and Sale Participation Agreement.