Common use of Exercise of Incentive Stock Option Clause in Contracts

Exercise of Incentive Stock Option. The Holder represents that the shares of Stock acquired upon exercise of this Incentive Stock Option shall be acquired for the Holder’s own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act of 1933, as amended (the “Act”), or other applicable federal or state securities laws. If the Administrator so determines, any stock certificates issued upon exercise of this Incentive Stock Option shall bear a legend to the effect that the shares have been so acquired. The Corporation may, but in no event shall be required to, bear any expenses of complying with the Act, other applicable securities laws, or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration, qualification or transfer, as the case may be, of any shares of Stock acquired upon the exercise of this Incentive Stock Option. The foregoing restrictions on the transfer of the shares of Stock shall be inoperative if (a) the Corporation has been previously furnished with an opinion of counsel, satisfactory to it, to the effect that such transfer will not involve any violation of the Act or other applicable federal or state securities laws, or (b) such transfer of the shares shall have been fully registered in compliance with the Act and other applicable securities laws.

Exercise of Incentive Stock Option. The Holder represents that the shares of Stock acquired upon exercise of this Incentive Stock Option shall be acquired for the Holder’s own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act of 1933, as amended (the “Act”), or other applicable federal or state securities laws. If the Administrator so determines, any stock certificates issued upon exercise of this Incentive Stock Option shall bear a legend to the effect that the shares have been so acquired. The Corporation may, but in no event shall be required to, bear any expenses of complying with the Act, other applicable securities laws, or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration, qualification or transfer, as the case may be, of any shares of Stock acquired upon the exercise of this Incentive Stock Option. The foregoing representation and restrictions on the transfer of the shares of Stock shall be inoperative if (a) the Corporation has been previously furnished with an opinion of counsel, satisfactory to it, to the effect that such transfer will not involve any violation of the Act or other applicable federal or state securities laws, or (b) such transfer of the shares shall have been fully registered in compliance with the Act and other applicable securities laws.