Securities Law Compliance Clause Example from Business Contracts

Securities Law Compliance. Each Award Agreement shall provide that no shares of Common Stock may be purchased or sold thereunder unless and until (a) any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered to the Company a letter of investment intent in such form and containing such provisions as the Committee may require. If, aft...er reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency having jurisdiction over the Plan or the issuance of Awards under the Plan the authorization which counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Awards unless and until such authorization is obtained. View More