Common use of Restriction on Issuance of Shares Clause in Contracts

Restriction on Issuance of Shares. The Grantor shall not be required to issue or deliver any certificate for shares of its capital stock purchased upon the exercise of this option: (a) prior to the admission of such shares to listing on any stock market or exchange on which the stock may at that time be listed and, in the event of the exercise of this option with respect to any shares of stock subject hereto, the Grantor shall make prompt application for such listing; (b) unless the prior approval of such sale or issuance has been obtained from any state regulatory body having jurisdiction; or (c) unless the shares with respect to which the option is being exercised have been registered under the Securities Act of 1933, as amended, or are exempt from registration.

Restriction on Issuance of Shares. The Grantor shall not be required to issue or deliver any certificate for shares of its capital stock purchased upon the exercise of this option: (a) prior to the admission of such shares to listing on any stock market or exchange on which the stock may at that time be listed and, in the event of the exercise of this option with respect to any shares of stock subject hereto, the Grantor shall make prompt application for such listing; (b) unless the prior approval of such sale or issuance has been obtained from any state regulatory body having jurisdiction; or (c) unless the shares with respect to which the option is being exercised have been registered under the Securities Act of 1933, as amended, or are exempt from registration.

Restriction on Issuance of Shares. The Grantor shall not be required to issue or deliver any certificate for shares of its capital stock purchased upon the exercise of this option: (a) prior to the admission of such shares to listing on any stock market or exchange on which the stock may at that time be listed and, in the event of the exercise of this option with respect to any shares of stock subject hereto, which are not so listed, the Grantor shall make prompt application for such listing; (b) unless the prior approval of such sale or issuance has been obtained from any state regulatory body having jurisdiction; or (c) unless the shares with respect to which the option is being exercised have been registered under the Securities Act of 1933, as amended, or are exempt from registration.

Restriction on Issuance of Shares. The Grantor shall not be required to issue or deliver any certificate for shares of its capital stock purchased upon the exercise of this option: (a) prior to the admission of such shares to listing on any stock market or exchange on which the stock may at that time be listed and, in the event of the exercise of this option with respect to any shares of stock subject hereto, the Grantor shall make prompt application for such listing; (b) unless the prior approval of such sale or issuance has been obtained from any state regulatory body having jurisdiction; orand (c) unless the shares with respect to which the option is being exercised have been registered under the Securities Act of 1933, as amended, or are exempt from registration.