New Option. In the event that less than all of the ---------- Option Shares covered by this Option are purchased, the Company shall execute and mail, by first-class mail, and within 20 days of the Date of Exercise, to the Holder a new Option representing the right to purchase the number of Option Shares not purchased upon exercise of the surrendered Option. In no event shall a fraction of an Option Share be issued.
Appears in 2 contracts
Sources: Option Agreement (Laralev Inc), Stock Option Agreement (Laralev Inc)