Common use of EXCHANGE OF OPTION UPON A TRANSFER Clause in Contracts

EXCHANGE OF OPTION UPON A TRANSFER. On surrender of this Option for exchange, properly endorsed and subject to the provisions of this Option with respect to compliance with the Securities Act of 1933, as amended (the "Act"), and with the limitations on assignments and transfers contained in this Section 7, the Company at its expense shall issue to or on the order of the Optionee a new Option or Options of like tenor, in the name of the Optionee or as the Optionee (on payment by the Optionee of any applicable transfer taxes) may direct, for the number of shares of Common Stock issuable upon exercise hereof.