Common use of Regulatory Approval and Compliance Clause in Contracts

Regulatory Approval and Compliance. The Company shall not be required to issue any certificate or certificates for shares of its Common Stock upon the exercise of an option granted hereunder, or record as a holder of record of such shares the name of the individual exercising any options granted hereby, without obtaining, to the reasonable satisfaction of the Committee, the approval of all regulatory bodies deemed necessary by the Committee, and without complying, to the Committee's complete satisfaction, with all rules and regulations, under federal, state or local law deemed applicable by the Committee.

Regulatory Approval and Compliance. The Company shall not be required to issue any certificate or certificates for shares of its Common Stock upon the exercise of an option granted hereunder, or record as a holder of record of such shares the name of the individual exercising any options granted hereby, without obtaining, to the reasonable complete satisfaction of the Committee, the approval of all regulatory bodies deemed necessary by the Committee, and without complying, to the Committee's complete satisfaction, with all rules and regulations, under federal, state or local law deemed applicable by the Committee.