Common use of Common Stock to be Issued Clause in Contracts

Common Stock to be Issued. Subject to the terms of this Option Agreement, upon notice of exercise any portion of the Option and payment of such Exercise Price as aforesaid, the Company shall promptly issue and cause to be delivered to the Grantee or to such person or persons as the Grantee may designate in writing, a certificate or certificates (in such name or names as the Grantee may designate in writing) for the number of duly authorized, fully paid and non-assessable whole Shares to be purchased upon the exercise of this Option, and shall deliver to the Grantee Common Stock. This Option shall be exercisable, at the sole election of the Grantee, either in full or from time to time in part and, in the event that any certificate evidencing this Option (or any portion thereof) is exercised prior to the Termination Date with respect to less than all of the Shares specified therein at any time prior to the Termination Date, a new certificate of like tenor evidencing the remaining portion of this Option shall be issued by the Company, if so requested by the Grantee.