Common use of LEGALITY OF INITIAL ISSUANCE Clause in Contracts

LEGALITY OF INITIAL ISSUANCE. No Common Shares shall be issued upon the exercise of this Option unless and until the Company has determined that: (a) A registration statement for the Common Shares is effective under the Securities Act or an exemption from the registration requirements thereof has been perfected; (b) Any applicable listing requirement of any stock exchange on which Common Shares are listed has been satisfied; and (c) Any other applicable provisions of state or federal law have been satisfied.

LEGALITY OF INITIAL ISSUANCE. No Common Shares shall be issued upon the exercise of this Option option unless and until the Company has determined that: (a) A registration statement for a. It and the Optionee have taken any actions required to register the Common Shares is effective under the Securities Act or to perfect an exemption from the registration requirements thereof has been perfectedthereof; (b) b. Any applicable listing requirement of any stock exchange on which Common Shares are listed has been satisfied; and (c) c. Any other applicable provisions provision of state or federal law have has been satisfied.

LEGALITY OF INITIAL ISSUANCE. No Common Shares shall be issued upon the exercise of this Option option unless and until the Company has determined that: (a) A registration statement for It and the Optionee have taken any actions required to register the Common Shares is effective under the Securities Act of 1933, as amended (the “Securities Act”) or to perfect an exemption from the registration requirements thereof has been perfectedthereof; (b) Any applicable listing requirement of any stock exchange on which Common Shares are listed has been satisfied; and (c) Any other applicable provisions provision of state or federal law have has been satisfied.