Common use of Securities Law Requirements Clause in Contracts

Securities Law Requirements. If at any time the Administrator determines that issuing shares of Stock pursuant to this Agreement would violate applicable securities laws, the Units will not be settled, and the Company will not be required to issue shares of Stock. The Administrator may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with the short-swing trading rules. As a condition to settlement of any Unit, the Company may require the Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

Securities Law Requirements. If at any time the Administrator determines that exercising the Option or issuing shares of Stock pursuant to this Agreement would violate applicable securities laws, the Units Option will not be settledexercisable, and the Company will not be required to issue shares of Stock. The Administrator may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with the short-swing trading rules. As a condition to settlement of any Unitexercise, the Company may require the Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.