Common use of RESERVATION OF SHARES, ETC Clause in Contracts

RESERVATION OF SHARES, ETC. The Company will at all times reserve and keep available out of its authorized Common Stock, solely for the purpose of issue upon exercise of this Option as herein provided, such number of shares of Common Stock as shall then be issuable upon exercise of this Option in full. The Company covenants that all shares of Common Stock that shall be so issuable shall be duly and validly issued and fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof; and without limiting the generality of the foregoing, the Company covenants that it will from time to time take all such action as may be required to ensure that the par value, if any, per share of the Common Stock will at all times be equal to or less than the then effective Purchase Price.