Common use of Issuance of Stock Certificate Clause in Contracts

Issuance of Stock Certificate. Corporation shall issue a certificate for the Shares to Employee. Corporation will not deliver shares of Common Stock being purchased upon any exercise of this option unless it has received payment for all applicable withholding taxes or arrangements satisfactory to Corporation for the payment thereof have been made. Unless otherwise determined by Corporation, such withholding taxes may be paid with outstanding shares of Common Stock (including, stock delivered upon exercise for this option) such stock being valued at the Stipulated Value on date of exercise. The Employee shall have no rights as a stockholder with respect to any shares covered by this option until the date of the issuance of the stock certificate for such shares.