Common use of NON-ISSUANCE Clause in Contracts

NON-ISSUANCE. The Company shall not be required to issue or deliver any Shares upon Employee's exercise of the Option: (a) Prior to the admission of such Shares to listing on any public exchange on which the Company's common stock may be listed; or (b) Prior to the completion of any proceedings under any applicable state or federal securities law, rule or regulation that the Company or its counsel determines to be necessary or advisable to the issuance of the Shares; or (c) Unless such issuance, in the opinion of the Company's counsel, is exempt from federal and state securities registration requirements. The Company may require Employee to represent and agree in writing that if such Shares are issuable under an exemption from registration requirements, the Shares will be "restricted". Employee shall not have the rights of a shareholder with respect to the Shares until certificates evidencing the Shares have been issued and delivered to Employee. While the Company will attempt to process the exercise of the Option as promptly as possible, it cannot guarantee a delivery date for the certificates.

NON-ISSUANCE. The Company shall not be required to issue or deliver any Shares upon Employee's exercise of the OptionParticipants Options: (a) Prior to the admission of such Shares to listing on any public exchange on which the Company's common stock may be listed; or (b) Prior to the completion of any proceedings under any applicable state or federal securities law, rule or regulation that the Company or its counsel determines to be necessary or advisable to the issuance of the Shares; or (c) Unless such issuance, in the opinion of the Company's counsel, is exempt from federal and state securities registration requirements. The Company may require Employee the holder to represent and agree in writing that if such Shares are issuable under an exemption from registration requirements, the Shares will be "restricted". Employee The holder shall not have the rights of a shareholder with respect to the Shares until certificates evidencing the Shares have been issued and delivered to Employeedelivered. While the Company will attempt to process the exercise of the Option Participants Options as promptly as possible, it cannot guarantee a delivery date for the certificates.