Common use of Deferral of Exercise Clause in Contracts

Deferral of Exercise. If at any time the Board of Directors of the Company shall determine, in its discretion, that the listing, registration, or qualification of securities upon any securities exchange or under any state or federal law, or the consent or approval of any government regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of this Option or the issue or purchase of securities hereunder, this Option may not be exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Board. In particular, without limitation, although the Company intends to exert its best efforts so that the shares purchasable upon the exercise of the Option will be registered under, or exempt from the registration requirements of, the federal Securities Act of 1933 (the "Act") and any applicable state securities law, if the exercise of this Option or any part of it would otherwise result in the violation by the Company of any provision of the Act or of any state securities law, the Company may require that such exercise be deferred until the Company has taken appropriate action to avoid any such violation.

Deferral of Exercise. If at any time the Board of Directors of the Company shall determine, in its discretion, that the listing, registration, or qualification of securities upon any securities exchange or under any state or federal law, or the consent or approval of any government regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of this Option or the issue or purchase of securities hereunder, this Option may not be exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Board. In particular, without limitation, although the Company intends to exert its best efforts so that the shares purchasable upon the exercise of the Option will be registered under, or exempt from the registration requirements of, the federal Securities Act of 1933 (the "“Act"”) and any applicable state securities law, if the exercise of this Option or any part of it would otherwise result in the violation by the Company of any provision of the Act or of any state securities law, the Company may require that such exercise be deferred until the Company has taken appropriate action to avoid any such violation.