Common use of Restrictions on Exercisability Clause in Contracts

Restrictions on Exercisability. The Option shall not be exercised in whole or in part and no related share certificates shall be delivered in the sole discretion of the Company: (i) if such exercise or delivery would constitute a violation of any provision of, or any regulation or order entered pursuant to, any law purporting to regulate wages, salaries or compensation; or (ii) if any requisite approval, consent, registration or other qualification of any stock exchange upon which the securities of the Company may then be listed, the Securities and Exchange Commission, the Canadian securities regulatory authorities or other governmental authority having jurisdiction over the exercise of the Option or the issuance of shares pursuant thereto, shall not have been secured.