Common use of Issuance of Shares upon Exercise Clause in Contracts

Issuance of Shares upon Exercise. Upon exercise of the Option and payment of the Exercise Price, the Corporation shall issue to Grantee the number of Shares so paid for, in the form of fully paid and nonassessable Common Stock. If the Common Stock is not yet registered under Section 12 of the Securities Exchange Act of 1934, as amended, the Grantee shall be required to execute and deliver, as a condition precedent to the exercise of the option and the issuance of the Shares to the Grantee, a stockholder agreement and/or stock restriction agreement which shall contain certain stock restrictions, including but not limited to a waiver of inspection rights, proxy voting, limitations on transfer and other restrictions. The Grantee’s stock certificates shall be held in escrow by the Corporation during the period that the shares are subject to restriction. The stock certificates for any Shares issued hereunder shall, unless such Shares are registered, bear a legend restricting transferability of such Shares and referencing the stockholder agreement and stock restriction agreement.

Issuance of Shares upon Exercise. Upon exercise of the Option and payment of the Exercise Price, the Corporation shall issue to Grantee the number of Shares so paid for, in the form of fully paid and nonassessable Common Stock. If the Common Stock is not yet registered under Section 12 of the Securities Exchange Act of 1934, as amended, the Grantee shall be required to execute and deliver, as a condition precedent to the exercise of the option and the issuance of the Shares to the Grantee, a stockholder agreement and/or stock restriction agreement which shall contain certain stock restrictions, including but not limited to a waiver of inspection rights, proxy voting, limitations on transfer and other restrictions. The Grantee’s 's stock certificates shall be held in escrow by the Corporation during the period that the shares are subject to restriction. The stock certificates for any Shares issued hereunder shall, unless such Shares are registered, bear a legend restricting transferability of such Shares and referencing the stockholder agreement and stock restriction agreement.

Issuance of Shares upon Exercise. Upon exercise of the Option and payment of the Exercise Price, the Corporation shall issue to Grantee the number of Shares so paid for, in the form of fully paid and nonassessable Common Stock. If the Common Stock is not yet registered under Section 12 of the Securities Exchange Act of 1934, as amended, the Grantee shall be required to execute and deliver, as a condition precedent to the exercise of the option and the issuance of the Shares to the Grantee, a stockholder agreement and/or stock restriction agreement which shall contain certain stock restrictions, including but not limited to a waiver of inspection rights, proxy voting, limitations on transfer and other restrictions. The Grantee’s 's stock certificates shall be held in escrow by the Corporation during the period that the shares are subject to restriction. The stock certificates for any Shares issued hereunder shall, unless such Shares shares are registered, bear a legend restricting transferability of such Shares and referencing the stockholder agreement and stock restriction agreement.