Generate a Windows EXE
This tool generates a Windows executable file containing the meterpreter agent. Set Template to an existing Windows executable to use as a skeleton for meterpreter. The generated executable will take on the application name and icon of the template executable.
For some Template applications, it's possible for meterpreter and the original application to co-exist. Check the Attempt to preserve template exe functionality box to see if this is possible. You should test the executable before you use it during an engagement though.
Set the Encoder and Iterations options to encode the generated executable a certain number of times. This will help the generated executable get past some anti-virus programs. To generate multiple samples of the executable, press Shift and click Generate. This will keep the dialog open so that you may quickly generate another executable with the same parameters.