Common use of Securities Law and Other Restrictions Clause in Contracts

Securities Law and Other Restrictions. Notwithstanding any other provision of the Plan or this Agreement, the Optionee may not sell, assign, transfer or otherwise dispose of, any Option Shares unless (a) there is in effect with respect to the Option Shares a registration statement under the Securities Act and any applicable state or foreign securities laws or an exemption from such registration, and (b) there has been obtained any other consent, approval or permit from any other regulatory body that the Committee, in its sole discretion, deems necessary or advisable. The Company may condition a sale or transfer by Optionee upon the receipt of any representations or agreements from the parties involved, and the placement of any legends on certificates representing Option Shares, as may be deemed necessary by the Company in order to comply with such securities law or other restrictions.