Common use of Effect of Exercise Clause in Contracts

Effect of Exercise. Company agrees that the Holder hereof shall ------------------ be deemed the record owner of such Underlying Securities as of the close of business on the date on which this Option shall have been presented and payment made for such Underlying Securities as aforesaid. Certificates for the Underlying Securities so obtained shall be delivered to the Holder hereof within a reasonable time, not exceeding fourteen (14) days, after the rights represented by this Option shall have been so exercised. If this Option shall be exercised in part only or transferred in part by this Option for cancellation or partial transfer, upon request by the Holder the Company shall deliver a new Option evidencing the rights of the Holder hereof to purchase the balance of the Underlying Shares which such Holder is entitled to purchase hereunder. Exercise in full of the rights represented by this Option shall not extinguish any rights granted related to registration of the Underlying shares under the Securities Act of 1933, as amended (the "Act"), as may be set forth elsewhere herein.

Effect of Exercise. Company agrees that the Holder hereof shall ------------------ be deemed the record owner of such Underlying Securities as of the close of business on the date on which this Option Warrant shall have been presented and payment made for such Underlying Securities as aforesaid. Certificates for the Underlying Securities so obtained shall be delivered to the Holder hereof within a reasonable time, not exceeding fourteen (14) days, after the rights represented by this Option Warrant shall have been so exercised. If this Option Warrant shall be exercised in part only or transferred in part by this Option Warrant for cancellation or partial transfer, upon request by the Holder the Company shall deliver a new Option Warrant evidencing the rights of the Holder hereof to purchase the balance of the Underlying Shares which such Holder is entitled to purchase hereunder. Exercise in full of the rights represented by this Option Warrant shall not extinguish any rights granted related to registration of the Underlying shares under the Securities Act of 1933, as amended (the "Act"), as may be set forth elsewhere herein.