Common use of SEC Rules and Regulations Clause in Contracts

SEC Rules and Regulations. The Option granted to the Optionee, by the Board of Directors under this Agreement, is intended to meet the eligibility requirements of the Securities and Exchange Commission’s (“SEC”) proposed new Rule 16b-3 issued October 1995, entitled “Transactions Between an Issuer and its Directors or Officers”. Dependent upon future actions of the SEC, the Option may not be exempt under Rule 16b-3 and, therefore, may be subject to Rule 16b, the so-called “Short Swing Profit Rule”, which provides for the disgorgement of any profits realized by the Optionee, as an insider, from the purchase and sale (or sale and purchase) of any of the Corporation’s common stock within a six month period. The Corporation recommends that the Optionee consult with counsel prior to exercising an Option.

SEC Rules and Regulations. The Option granted to the Optionee, by the Board of Directors under this Agreement, is intended to meet the eligibility requirements of the Securities and Exchange Commission’s 's (“"SEC”") proposed new Rule 16b-3 issued October 1995, entitled “"Transactions Between an Issuer and its Directors or Officers”". Dependent upon future actions of the SEC, the Option may not be exempt under Rule 16b-3 and, therefore, may be subject to Rule 16b, the so-called “"Short Swing Profit Rule”", which provides for the disgorgement of any profits realized by the Optionee, as an insider, from the purchase and sale (or sale and purchase) of any of the Corporation’s 's common stock within a six month period. The Corporation recommends that the Optionee consult with counsel counsel, or M▇. ▇▇▇▇▇▇ C. ▇▇▇▇▇, III, or M▇. ▇▇▇▇▇▇ ▇. Ward of the Corporation, prior to exercising an Option.