Common use of Stock Fully Paid Clause in Contracts

Stock Fully Paid. The Issuer represents, warrants, covenants and agrees that all shares of Option Stock which may be issued upon the exercise of this Option or otherwise hereunder will, when issued in accordance with the terms of this Option, be duly authorized, validly issued, fully paid and non-assessable and free from all taxes, liens and charges created by or through the Issuer. The Issuer further covenants and agrees that during the period within which this Option may be exercised, the Issuer will at all times have authorized and reserved for the purpose of the issuance upon exercise of this Option a number of authorized but unissued shares of Common Stock equal to at least the number of shares of Common Stock issuable upon exercise of this Option without regard to any limitations on exercise.