Common use of Exercise Date Clause in Contracts

Exercise Date. The obligation of the Company to deliver shares of Common Stock shall, however, be subject to the condition that if at any time the Committee shall determine in its sole discretion that the listing, registration, or qualification of the Stock Option or the Common Stock upon any securities exchange or under any state of federal law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the Stock Option or the issuance or purchase of shares of Common Stock thereunder, then the Stock 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 Committee. If Grantee fails to pay for any of the Common Stock specified in such notice or fail to accept delivery thereof, then your right to purchase such Common Stock may be terminated by the Company.