Can there be no EXEC?

From my understanding of the specification there do not have to be an EXEC by default, can you confirm that this is correct?


_________                                     __   
\_   ___ \  __________________   ____   _____/  |_ 
/    \  \/ /  _ \_  __ \_  __ \_/ __ \_/ ___\   __\
\     \___(  <_> )  | \/|  | \/\  ___/\  \___|  |  
 \______  /\____/|__|   |__|    \___  >\___  >__|  
        \/                          \/     \/
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