Liability of Company. (a) If the Option Shares exceed, as of the Grant Date, the number of shares that may without shareholder approval be issued under the Plan, then this option will be void with respect to such excess shares unless shareholder approval of an amendment sufficiently increasing the number of shares issuable under the Plan is obtained in accordance with the provisions of the Plan. (b) The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and sale of any common stock pursuant to this option will relieve the Company of any liability with respect to the non-issuance or sale of the common stock as to which such approval is not obtained.
Appears in 6 contracts
Samples: Employee Incentive Stock Option Grant Agreement (Cephalon Inc), Non Qualified Stock Option Grant Agreement (Cephalon Inc), Incentive Stock Option Agreement (Cephalon Inc)
Liability of Company. (a) If the Option Shares exceed, as of the Grant Date, Date the Shares exceed the number of shares that may without shareholder stockholder approval be issued under the Plan, then this option Option will be void with respect to such excess shares unless shareholder stockholder approval of an amendment sufficiently increasing the number of shares issuable under the Plan is obtained in accordance with the provisions of the Plan.
(b) The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and sale of any common stock Shares pursuant to this option Option will relieve the Company of any liability with respect to the non-issuance or sale of the common stock Shares as to which such approval is not obtained.
Appears in 5 contracts
Samples: Stock Option Agreement (Adolor Corp), Employee Stock Option Agreement (Adolor Corp), Stock Option Agreement (Adolor Corp)
Liability of Company. (a) If the Option Shares exceed, as of the Grant Date, the number of shares that may without shareholder stockholder approval be issued under the Plan, then this option will be void with respect to such excess shares unless shareholder stockholder approval of an amendment sufficiently increasing the number of shares issuable under the Plan is obtained in accordance with the provisions of the Plan.
(b) The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and sale of any common stock pursuant to this option will relieve the Company of any liability with respect to the non-issuance or sale of the common stock as to which such approval is not obtained.
Appears in 2 contracts
Samples: Non Employee Director Non Qualified Stock Option Grant Agreement (Cephalon Inc), Non Employee Director Non Qualified Stock Option Grant Agreement (Cephalon Inc)
