Common use of Registration or Qualification of Shares Clause in Contracts

Registration or Qualification of Shares. The Options shall be subject to the requirement that, if at any time the Board shall determine, in its sole discretion, that the listing, registration or qualification of the Shares subject to the Options upon any securities exchange, inter-dealer quotation market system or under any state or federal law, including the Securities Act of 1933, as amended (the "Securities Act"), or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of the Options or the issue or purchase of Shares hereunder, then the Options 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. The Corporation may, in its sole discretion, at any time and from time to time, file (or maintain the effectiveness of) a registration statement under the Securities Act, and list, register or qualify under any other state or federal law, all or any portion of the Options and the Shares issuable upon the exercise thereof, but nothing set forth herein shall obligate the Corporation to file or effect any such registration under the Securities Act or listing or qualification upon any securities exchange, inter-dealer quotation market system or under any other federal or state securities law.

Registration or Qualification of Shares. The Options shall be subject to the requirement that, if at any time the Board shall determine, in its sole discretion, that the listing, registration or qualification of the Shares subject to the Options upon any securities exchange, inter-dealer quotation market system or under any state or federal law, including the Securities Act of 1933, as amended (the "Securities ActSECURITIES ACT"), or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of the Options or the issue or purchase of Shares hereunder, then the Options 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. The Corporation may, in its sole discretion, at any time and from time to time, file (or maintain the effectiveness of) a registration statement under the Securities Act, and list, register or qualify under any other state or federal law, all or any portion of the Options and the Shares issuable upon the exercise thereof, but nothing set forth herein shall obligate the Corporation to file or effect any such registration under the Securities Act or listing or qualification upon any securities exchange, inter-dealer quotation market system or under any other federal or state securities law.